SHANGHAI GOLD (USD) FUTURES – QUOTES

Last Updated 05 Jun 2024 06:24:51 AM CT.

Market data is delayed by at least 10 minutes.

MONTH	LAST	CHANGE	PRIOR SETTLE	OPEN	HIGH	LOW	VOLUME	UPDATED
JUN 2024 SGUM4	–	–	2362.4	–	–	–	0	21:30:01 CT 04 Jun 2024
JUL 2024 SGUN4	–	–	2376.5	–	–	–	0	21:30:01 CT 04 Jun 2024
AUG 2024 SGUQ4	2384.1	+7.4 (+0.31%)	2376.7	2377.3	2392.0	2377.0	434	01:59:51 CT 05 Jun 2024
OCT 2024 SGUV4	–	–	2401.0	–	–	–	0	21:30:01 CT 04 Jun 2024
DEC 2024 SGUZ4	–	–	2413.5	–	–	–	0	21:30:01 CT 04 Jun 2024
FEB 2025 SGUG5	–	–	2414.1	–	–	–	0	21:30:01 CT 04 Jun 2024
APR 2025 SGUJ5	–	–	2414.7	–	–	–	0	21:30:01 CT 04 Jun 2024

About this Report

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

4: 15 PM ACCESS

*CANADIAN GOLD: $3222.09 UP 37.17 CDN dollars per oz( * NEW ALL TIME HIGH 3,305.30 CDN DOLLARS PER OZ//MAY 20 2024)

*BRITISH GOLD: 1840,25 UP 17.14 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024

*EURO GOLD: 2165.25 UP 25.17 Euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)

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EXCH: COMEX

EXCHANGE: COMEX
CONTRACT: JUNE 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,325.500000000 USD
INTENT DATE: 06/04/2024 DELIVERY DATE: 06/06/2024
FIRM ORG FIRM NAME ISSUED STOPPED

099 H DB AG 42
323 C HSBC 1
363 H WELLS FARGO SEC 4
435 H SCOTIA CAPITAL 21
657 C MORGAN STANLEY 9
661 C JP MORGAN 76
661 H JP MORGAN 113
686 C STONEX FINANCIA 11
686 H STONEX FINANCIA 40
690 C ABN AMRO 42 6
732 C RBC CAP MARKETS 5
737 C ADVANTAGE 1
880 H CITIGROUP 379 121
905 C ADM 3

TOTAL: 437 437
MONTH TO DATE: 27,918

JPMorgan stopped 113/437

FOR JUNE 2024

GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 437 NOTICES FOR 43,700 OZ or 1.3592 TONNES

total notices so far: 27,918 contracts for 2,791,800 Oz (86.876 tonnes)

FOR JUNE:

SILVER NOTICES: 30 NOTICE(S) FILED FOR 150,000 OZ/

total number of notices filed so far this month : 905 for 4.525 million oz

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GLD/

BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL

THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.

WITH GOLD UP $32.75

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

NO CHANGES IN GOLD INVENTORY AT THE GLD:

/ /INVENTORY RESTS AT 832.21TONNES

INVENTORY RESTS AT 832.21 TONNES

SLV//

WITH NO SILVER AROUND AND SILVER UP $0.38 AT THE SLV//

HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.52 MILLION OZ INTO THE SLV

// INVENTORY INCREASES TO 415.295 MILLION OZ/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 415.295 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A HUGE SIZED 2044 CONTRACTS TO 179,854 AND STALLING ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR LOSS OF $1.08 IN SILVER PRICING AT THE COMEX ON TUESDAY’S TRADING ON SILVER. WE HAD SOME LONG LIQUIDATION AS WE HAD A NET LOSS OF 711 CONTRACTS ON OUR TWO EXCHANGES. WE, AGAIN HAD SHORT COVERING BY OUR SPECS WITH THE LOSS IN PRICE AS WELL AS MASSIVE T.A.S. LIQUIDATION. WE HAD ANOTHER MEGA– HUGE SIZED 1719 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 AS IN YESTERDAY

CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON TUESDAY NIGHT: 1719 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 TRADING.

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 $1.08) AND WERE UNSUCCESSFUL IN KNOCKING SOME SILVER LONGS FROM THEIR PERCH AS WE DID HAVE A HUGE SIZED LOSS OF 873 CONTRACTS ON OUR TWO EXCHANGES WITH THE HUGE LOSS IN PRICE OF $1.08

WE MUST HAVE HAD:

A HUGE SIZED 1171 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.830MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 130,000 OZ QUEUE JUMP

//NEW STANDING FOR SILVER//JUNE IS THUS 4.815 MILLION OZ

WE HAD:

/ HUGE SIZED COMEX OI LOSS //HUGE SIZED EFP ISSUANCE/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 1719 CONTRACTS)/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL ADDED A 102 CONTRACTS //

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JUNE ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JUNE

TOTAL CONTRACTS for 3 DAYS, total 2979 contracts: OR 14.895 MILLION OZ (993 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 14.895 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 14.895 MILLION OZ

RESULT: WE HAD A HUMONGOUS SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2044 CONTRACTS WITH OUR LOSS IN PRICE OF SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 1171 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 FOLLOWED BY TODAY’S 130,000 OZ QUEUE JUMP

//NEW TOTAL STANDING FOR JUNE 4.815 MILLION OZ

WE HAVE A HUGE SIZED LOSS OF 873 OI CONTRACTS ON THE TWO EXCHANGES WITH THE GAIN IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A MEGA HUGE SIZED 1719 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND SOME LIQUIDATION OF LONGS.

THE NEW TAS ISSUANCE TUESDAY NIGHT (1719) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .

WE HAD 30 NOTICE(S) FILED TODAY FOR 150,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A STRONG SIZED 7598 OI CONTRACTS TO 448,650 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 1162 CONTRACTS

WE HAD A STRONG SIZED DECREASE IN COMEX OI (7598 CONTRACTS) OCCURRED WITH OUR LOSS OF $20.40 IN PRICE/TUESDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER. WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNE AT 89.804 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 40,300 OZ QUEUE JUMP AS BANKERS SCOUR THE PLANET LOOKING FOR GOLD ON THIS SIDE OF THE POND

NEW STANDING 90.127 TONNES// ALL OF THIS HAPPENED WITH OUR $20.40 LOSS IN PRICE WITH RESPECT TO TUESDAY’S TRADING. WE HAD A GOOD SIZED LOSS OF 5808 OI CONTRACTS (18.06 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1798 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 447,488

IN ESSENCE WE HAVE A GOOD SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5808 CONTRACTS WITH 7598 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 1798 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 5808 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 911 CONTRACTS,,

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1798 CONTRACTS) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI OF 7598 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 5808 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 88.761 TONNES FOLLWED BY TODAY’S QUEUE JUMP OF 1.2534 TONNES

//NEW STANDING /JUNE 90.127 TONNES.

/ 3) STRONG LIQUIDATION OF CONTRACTS MOSTLY DUE TO TAS ALONG WITH SOME LONG SPECS BEING CLIPPED,

// 4) STRONG SIZED COMEX OPEN INTEREST LOSS 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 911 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 JUNE. :

TOTAL EFP CONTRACTS ISSUED: 9303 CONTRACTS OR 930,300 OZ OR 28.936 TONNES IN 3 TRADING DAY(S) AND THUS AVERAGING: 3101 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 3 TRADING DAY(S) IN TONNES 28.936 TONNES

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

THUS EFP TRANSFERS REPRESENTS 28.936 DIVIDED BY 3550 x 100% TONNES = 0.817% 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.

JUNE 28.936 tonnes HEADING FOR A STRONG MONTH

SPREADING OPERATIONS

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

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

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

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

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

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

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

1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUMONGOUS SIZED 2044 CONTRACTS OI TO 179,854 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE 1171 CONTRACTS

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

JULY 1171 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1171 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 2044 CONTRACTS AND ADD TO THE 1171 E.FP. ISSUED

WE OBTAIN A HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 873 CONTRACTS

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 4.365 MILLION OZ

OCCURRED WITH OUR $1.08 LOSS IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

WEDNESDAY MORNING/TUESDAY NIGHT

SHANGHAI CLOSED DOWN 25.90 PTS OR 0.83% //Hang Seng CLOSED DOWN 19.15 PTS OR 0.10%// Nikkei CLOSED DOWN 347.29 OR 0.89%//Australia’s all ordinaries CLOSED UP .35%///Chinese yuan (ONSHORE) closed DOWN TO 7,2470 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2550/ Oil UP TO 73.44 dollars per barrel for WTI and BRENT DOWN AT 77.77 /Stocks in Europe OPENED ALL GREEN

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

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3 CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A GOOD SIZED 7598 CONTRACTS TO 447,488 WITH OUR HUGE LOSS IN PRICE OF $20.60 WITH RESPECT TO TUESDAY TRADING. WE HAD CONSIDERABLE T.A.S. LIQUIDATION ON TUESDAY WITH SOME 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 FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS A FAIR SIZED 1798 EFP CONTRACTS WERE ISSUED: : AUGUST 1798 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1798 CONTRACTS.

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED TOTAL OF 5808 CONTRACTS IN THAT 1798 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A STRONG SIZED LOSS OF 7598 COMEX CONTRACTS..AND THIS STRONG LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR HUGE LOSS IN PRICE OF $20.60// TUESDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR TUESDAY NIGHT WAS A SMALL SIZED 911 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 RAID

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JUNE (90.127 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; 90.127 TONNES. THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $20.60 //// AND WERE SUCCESSFUL IN KNOCKING SOME SPECULATOR LONGS AS WE HAD A GOOD SIZED LOSS OF 5808 CONTRACTS ON TUESDAY WITH OUR TWO EXCHANGES WITH THE HUGE LOSS IN PRICE. THE T.A.S. ISSUED ON TUESDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE LOST A TOTAL OI OF 14.42 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JUNE (89.804 TONNES) ON FIRST DAY NOTICE FOLLoWED BY TODAY’S QUEUE JUMP OF 403 CONTRACTS OR 40300 OZ (1.2534 TONNES)

NEW STANDING FOR JUNE: 88.712 TONNES

ALL OF THIS WAS ACCOMPLISHED WITH OUR HUGE LOSS IN PRICE TO THE TUNE OF $20.40

WE HAVE REMOVED 1162 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL

NET LOSS ON THE TWO EXCHANGES 5808 CONTRACTS OR 580,800 (18.06 TONNES)

confirmed volume TUESDAY 180,431 contracts// poor

//speculators have left the gold arena

JUNE 5 JUNE GOLD CONTRACT

/ /// THE JUNE 2024 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	NIL oz .
Deposit to the Dealer* Inventory in oz*	0 oz
Deposits to the Customer* Inventory, in oz*	nil OZ
No of oz served (contracts) today	437 notice(s) 43700 OZ 1.3592 TONNES
No of oz to be served (notices)	995 contracts 99,500 OZ 3.094 TONNES
Total monthly oz gold served (contracts) so far this month	27981 notices 2,798,100 oz 86.836 TONNES
Total accumulative withdrawals of gold from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of gold from the Customer* inventory this month*	x

0 dealer deposits:

total dealer deposits: NIL oz

we have 0 customer deposit:

total deposit nil oz

total customer withdrawals: 0

TOTAL WITHDRAWALS nil 0z

Adjustments: 1

dealer to customer JPMorgan 3279.402 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE

For the front month of JUNE we have an oi of 1432 contracts having LOST 217 contracts. We had 620 contracts served on Tuesday so we gained a whopping 403 contracts or 40,300 oz additional oz will stand for gold at the comex as a queue jump. (1,2534 tonnes)

JULY LOST 18 CONTRACTS TO STAND AT 2065

AUGUST LOST 7741 CONTRACTS DOWN TO 371,717 CONTRACTS

We had 437 contracts filed for today representing 43,700 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 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 437 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 113 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 (27,918) x 100 oz ) to which we add the difference between the open interest for the front month of JUNE (1432 CONTRACTS) minus the number of notices served upon today (437 x 100 oz per contract( equals 2,897,600 OZ OR 90.127 TONNES.

thus the INITIAL standings for gold for the JUNE contract month: No of notices filed so far (27,918 x 100 oz +we add the difference for front month of June (1432 OI} minus the number of notices served upon today (437) x 100 oz which equals 2,897,600 oz (90.127 TONNES)

TOTAL COMEX GOLD STANDING FOR JUNE: 90.127 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. FROM THIS POINT WE WILL GAIN IN GOLD TONNAGE WILLING TO STAND AT THE COMEX

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: 17,673,584.310 OZ

TOTAL REGISTERED GOLD 7,964,753.946 ( 247.73 tonnes).

TOTAL OF ALL ELIGIBLE GOLD: 9,708,830,394 OZ

REGISTERED GOLD THAT CAN BE SERVED UPON: 6,406.266 oz (REG GOLD- PLEDGED GOLD)= 199.26 tonnes //

END

SILVER/COMEX

JUN 5/2024

INITIAL

//2024// THE JUNE 2024 SILVER CONTRACT//INITIAL

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	881,630.807 oz cnt delaware HSBC .
Deposits to the Dealer* Inventory*	nil OZ
Deposits to the Customer Inventory	nil oz
No of oz served today (contracts)	30 CONTRACT(S) (150,000 OZ)
No of oz to be served (notices)	58 contracts (0.290 million oz)
Total monthly oz silver served (contracts)	905 Contracts (4.525 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 0 deposits customer account:

total customer deposit nil oz

JPMorgan has a total silver weight: 128.997million oz/297.285 million or 43.43%

adjustment: 0//

Comex withdrawals: 3

i) out of CNt 208,475.900 oz

ii) out of Delaware: 592m562,987 oz

iii) Out of HSBC 80,591,920 oz

total withdrawal: 881,630.807 oz 0z

TOTAL REGISTERED SILVER: 62.494MILLION OZ//.TOTAL REG + ELIGIBLE. 297,285

million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE:

silver open interest data:

FRONT MONTH OF JUNE/2024 OI: 88 CONTRACTS HAVING LOST 94 CONTRACT(S).

WE HAD 120 NOTICES SERVED UP ON TUESDAY, SO WE GAINED 26 CONTRACTS OR AN ADDITIONAL 130,000 OZ WILL STAND AT THE COMEX VIA A QUEUE JUMP

JULY SAW A LOSS OF 5229 CONTRACTS DOWN TO 130,489

AUG, SAW A GAIN OF 14 CONTRACTS TO 67

SEPT SAW A GAIN OF 3165 CONTRACTS TO 33,613.

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 30 for 150,000 oz

CONFIRMED volume; ON TUESDAY 93,525 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 905 x 5,000 oz = 4.525 MILLION oz

to which we add the difference between the open interest for the front month of JUNE ((88) and the number of notices served upon today 30 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the JUNE/2024 contract month: 905 notices served so far) x 5000 oz + OI for the front month of JUNE (88)x number of notices served upon today minus (30)x 5000 oz of silver standing for the JUNE contract month equates to 4.815 MILLION OZ.

New total standing: 4.815 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!

JUNE 5 WITH GOLD UP $32.75 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: / //NEW TOTAL TONIGHT 832.21 TONNES

JUNE 4 WITH GOLD DOWN $20.60 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: / //NEW TOTAL TONIGHT 832.21 TONNES

JUNE 3 WITH GOLD UP $22.85 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: / //NEW TOTAL TONIGHT 832.21 TONNES

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

JUNE 5 WITH SILVER UP 0.38 TODAY: HUGE CHANGES IN SILVER INVENTORY: //A HUGE DEPOSIT OF 1.52 MILLION OZ INTO THE SLV// INVENTORY INCREASES TO 415.295 MILLION OZ

415.295 MILLION OZ

JUNE 4 WITH SILVER DOWN $1.08 TODAY: NO CHANGES IN SILVER INVENTORY: //INVENTORY REMAINS AT 413.775 MILLION OZ

JUNE 3 WITH SILVER UP $0.35 TODAY: NO CHANGES IN SILVER INVENTORY: //INVENTORY REMAINS AT 413.775 MILLION OZ

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 415.295 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1.PETER SCHIFF SCHIFF GOLD/MIKE MAHARRAY

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

ALASDAIR MACLEOD…

A Keynesian window for gold buyers

A realisation that the US economy is sliding into recession persuades mainstream economists that prices, interest rates, and bond yields will fall after all. They ignore instability in the dollar

MACLEODFINANCEJUN 5∙PAID

READ IN APP

The quality of mainstream economic analysis is extremely poor, evidenced by its consistent failures. The latest evidence of this paucity is a growing realisation that the US economy is in recession, particularly as yesterday’s job opening numbers (JOLTS) hit the lowest level since February 2021. Wake up folks!

Anyone who understands that a GDP number driven by government deficit spending is not economic growth is either ignorant or being informed by personal bias. But it is thinking of this ultra-low quality which dominates financial markets today.

There’s little doubt that the fall in Treasury yields is down to this hopium:

And the fall in oil prices in thin volatile paper markets is driven by the same story:

Now that there is an awakening to recession, mainstream analysts seize the opportunity to talk rates down: “Citigroup says that the Fed will have to cut interest rates in July and at every meeting until mid-2025” (Ambrose Evans-Pritchard, today’s Daily Telegraph). And others are talking of reducing exposure to equities in favour of bonds.

The simple assumption is that a recession is a period of falling demand and unsold goods. This is half true in that there is falling demand. But the error is to assume that supply won’t decline as well. In fact, supply declines first, as foretold by the JOLTS number. A recession leads to a drop in employment first, and therefore total consumer spending second.

An even more significant error is to assume that for the purpose of economic forecasting the purchasing power of the currency remains constant. If the currency was bound to gold, this would be broadly true. But today’s currencies are valued and therefore their purchasing power is determined by faith in them purely as credit.

Among America’s foreign creditors, this faith is plainly waning, though the useful idiots in America’s financial mainstream simply don’t understand the danger this presents. While domestic users of the dollar are generally clueless, it is foreign holders who will set the dollar’s value, not so much against other currencies, but in terms of its purchasing power measured in commodities.

Furthermore, foreign interests have been relied upon to be not only buyers of dollars, but buyers of US debt as well. They increasingly see the US as being ensnared in a debt trap and have begun to back off from further involvement with the dollar and its federal debt. Inevitably, there is a funding crisis looming for the US Government, which will drive bond yields higher, not lower.

The advice to invest in bonds is badly misplaced. Citibank’s reported advice that the Fed will reduce interest rates effectively to the zero bound is irresponsible.

Without massive cuts in government spending (dream on!), the dollar and its global fiat currency regime is in the early stages of a titanic decline. That’s why gold and silver as the monetary representatives of the entire commodity complex appear to be rising. But in the kingdom of the blind…

The Chinese and other Asians are not taking chances and their demand for physical metal is bound to accelerate. Meanwhile, paper gold in the west is on pause, but for how long only time will reveal. Doubtless, anyone who doesn’t take the opportunity to escape from the collapsing mountains of increasingly dodgy credit by buying gold at any price will end up kicking himself.

END

3. CHRIS POWELL//GATA DISPATCHES

CHRIS POWELL…

INTERESTING!

Customers crowd Vietnamese banks to buy gold

Submitted by admin on Tue, 2024-06-04 15:32 Section: Daily Dispatches

By Quynh Tran and Giang Huy
VN Express, Hanoi
Monday, June 3, 2024

Banks in Hanoi and Ho Chi Minh City saw up to 50 customers queuing at a time Monday to buy gold, which the banks are selling at below market rates.

At 2 p.m. an Agribank branch in HCMC’s District 1 saw dozens of customers queuing in the basement to await their turn to buy.

The bank, along with Vietcombank, VietinBank, and BIDV, bought gold from the State Bank of Vietnam at VND78.98 million ($3,107.00) per tael and sold it at no more than VND79.98 million to retail customers, 1.2% lower than market prices.

This is the latest effort of the central bank to narrow the gap between domestic and global gold prices. …

… For the remainder of the report:

https://e.vnexpress.net/photo/business/customers-fill-up-banks-to-buy-gold-4754029.html

* * *

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS/

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

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

END

ASIA TRADING//WEDNESDAY MORNING/TUESDAY NIGHT

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

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

ONSHORE YUAN: CLOSED DOWN TO 7.2470

OFFSHORE YUAN: DOWN TO 7.2550

SHANGHAI CLOSED DOWN 25.80 PTS OR 0.83 %

HANG SENG CLOSED DOWN 19.15 PTS OR 0.10%

2. Nikkei closed DOWN 347.29 PTS OR 0.89 %

3. Europe stocks SO FAR: ALL GREEN

USA dollar INDEX UP TO 104.33 EURO FALLS TO 1.0862 DOWN 20 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +0.999 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 156.15 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 DOWN TO +2.5250/Italian 10 Yr bond yield DOWN to 3.843 SPAIN 10 YR BOND YIELD DOWN TO 3.257%

3i Greek 10 year bond yield DOWN TO 3.547

3j Gold at $2334.55//Silver at: 29.61 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble UP 0 AND 9/ 100 roubles/dollar; ROUBLE AT 88.70

3m oil into the 73 dollar handle for WTI and 77 handle for Brent/

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

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 156.15/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.9999% 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 0.8925 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9695 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: 4.341 UP 1 BASIS PTS…

USA 30 YR BOND YIELD: 4.481 DOWN 1 BASIS PTS/

USA 2 YR BOND YIELD: 4.789 UP 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 32.49…

10 YR UK BOND YIELD: 4.2400 UP 2 PTS

2a New York OPENING REPORT

Futures Gain With Fresh S&P All-Time High Less Than 1% Away

WEDNESDAY, JUN 05, 2024 – 08:10 AM

US equity futures edged higher and were again on pace to reclaim all time highs (which again is less than 1% away away) on expectations that a slew of labor-market readings this week may support the Federal Reserve’s policy easing. As of 7:40am ET, S&P futures rose 0.25% and were at session highs with tech outperforming and small-caps keeping pace; Nasdaq futs were up 0.4% as all the Mag7 names were higher with Semis outperforming. AMD, INTC, MU, and NVDA all up at least 1% premarket. The S&P had seen three straight days of sliding in overnight trading, to then drift higher post EU close and close unchanged or green; today we start in the green so it will be interesting if in a mirror image we close red. Treasury yields were steady after their largest two-day drop for 2024, erasing an earlier yield gain of 2bps, and potentially aiding USD strength. Commodities are finally rebounding with strength in Energy, Ags, and precious metals. Oil was little changed and Bitcoin topped $70,000. In corporate news, Intel agreed to sell a stake in a venture that controls a plant in Ireland to Apollo Global for $11 billion, while activist investor Elliott is pushing SoftBank to launch a $15 billion buyback. Today’s macro data focus is ISM-Services and ADP.

In premarket trading, Hewlett Packard Enterprise and Crowdstrike were among the best performers after better-than-expected results. Meanwhile, chipmakers Intel, Nvidia and AMD were all quoted up more than 1%. Here are all the notable premarket movers:

3D Systems rises 15% after the 3D printing company won an orthodontics contract.
ASML ADRs rises 3% after the semiconductor firm confirmed it will ship its latest chipmaking machine to TSMC and Samsung this year.
CrowdStrike climbs 11% after the security software company raised its year forecast.
Dollar Tree slips 2% after the retailer reported weaker-than-expected comparable sales for its first quarter and cut its annual EPS forecast.
Hewlett Packard Enterprise surges 14% after the company reported revenue that beat analysts’ estimates on a big jump in sales of servers built to handle artificial intelligence work.
Psychedelic stocks fall after the drug MDMA failed to get backing from US regulatory advisers to treat post-traumatic stress disorder.

Besides the barrage of labor market indicators which saw a disappointing JOLTS report yesterday, the ADP print and ISM Service employment today and the jobs report on Friday, investors will be focused on central banks: the ECB is expected to kick off an interest-rate cutting cycle Thursday, leapfrogging past the Fed; the Bank of Canada is likewise expected to cut rates. Meanwhile, expectations for the Fed’s first full 25 basis-point rate cut are now tilting toward November, a month ahead of earlier expectations, after the Fed’s preferred inflation gauge held steady and measures of manufacturing and spending came in softer than expected.

“We are starting to see labor market slackness, which gives the Fed more flexibility,” Justin Onuekwusi, chief investment officer at St James’s Place Management, said in an interview. “Given we have seen weakaness in labor market data this past week, all eyes will be on this number,” he said of the payrolls data.

European shares also rise a day before the European Central Bank is expected to deliver a 25bps interest-rate cut. Tech, telecom and retailers led the advance in Europe, as Zara owner Inditex SA delivered a stronger-than-expected trading update while banks and food beverages are the biggest laggards. Here are the biggest movers Wednesday:

Inditex shares rise as much as 5.5%, the biggest advance among members of the Europe 600 Index, after the parent of Zara reported better-than-expected first-quarter earnings and offered a trading update for the current period that Jefferies says is “amply ahead”
Voestalpine gains as much as 5.3%, the most in almost six months, with the steel producer’s solid fourth-quarter results and positive guidance outweighing a dividend miss
Smith & Nephew shares rise as much as 4.8%, the most since Feb. 27, after UBS upgraded the medical devices company to buy from neutral, saying the stock is now “cheap and no longer a value trap”
WH Smith shares rise as much as 3.3% after the retailer delivered sales growth in line with expectations, with analysts at RBC pointing to a “reassuring” acceleration in North America that could help improve investor sentiment toward the stock
Clas Ohlson gains as much as 18%, the most since December, after the Swedish retail group’s fourth-quarter earnings impressed, with operating profits well ahead of expectations
Xior Student Housing gains as much as 6.6% after Morgan Stanley starts coverage with an overweight recommendation, describing the company as a “high risk, high reward play” on the student housing sector
Bayer shares rise as much as 2.9% after the company said a $2.25 billion Roundup verdict was reduced to $400 million by a US judge
Centrica’s shares fall as much as 4.6% after the British energy supplier gave a trading update ahead of its AGM, saying that its performance so far has been in line with expectations
Elekta drops as much as 16%, the most since Nov. 2019, after the Swedish medical equipment firm’s results came in below expectations, with Morgan Stanley saying that guidance suggests significant downgrades to consensus
Lectra shares fall as much as 7.7% after American Industrial Partners sold its entire stake in the French company, which makes software and equipment used in the clothing and auto industries for cutting fabric

Earlier, Asian stocks were mixed with Indian equities leading gains in the region, while the markets in Japan and Indonesia slid. Indian stocks outperformed as an alliance partner of Prime Minister Narendra Modi’s party affirmed support to form a coalition government. The Nifty 50 Index rose more than 2%, recouping some of Tuesday’s loss when the gauge fell the most in four years. As a result, the MSCI Asia Pacific Index pared most of its losses after dropping as much as 0.5%. TSMC, Tencent and Samsung provided main support, while Toyota and Hitachi were among the biggest drags on the gauge.

In FX, the Bloomberg Dollar Spot Index is little changed while the yen was the worst-performing currency as it tumbles, falling 0.8% against the greenback toward 156.20, as carry trades reassert themselves and after a surprisingly weak print in Japanese wage growth prompted fears the BOJ may not get to further tightening of monetary conditions. The Swiss franc is also slightly lower.

USD/JPY rose as much as 0.9% to 156.30; yen led G-10 losses against the dollar after a key measure of Japanese wage growth rose less than forecast
USD/CAD inched up 0.1% to as high as 1.3691 ahead of the Bank of Canada’s rate decision; most analysts anticipate a cut and traders are bracing for further weakness in the Canadian dollar

In rates, treasuries gain, extending some of Tuesday’s post-JOLTS rally, with US 10-year yields dropping 1bp to 4.32%. Gilts underperform bunds and Treasuries across the curve.

Oil prices hold losses near a four-month low with WTI near $73.30 as oil halts the recent slide, rising around 0.3%. Spot gold rises $6 to around $2,333/oz. Most base metals trade in the red.

Bitcoin continues to gain and currently holds above USD 70k as Bitcoin ETF’s continue to take focus.

Looking at today’s US calendar, economic data includes May ADP employment change (8:15am), S&P Global services PMI (9:45am) and ISM services index (10am), Fed officials remain in blackout ahead of the June 12 FOMC policy announcement. Finally, we will have earnings from Dollar Tree and Lululemon.

Market Snapshot

S&P 500 futures up 0.1% to 5,310.00
STOXX Europe 600 up 0.5% to 519.53
MXAP little changed at 178.67
MXAPJ up 1.1% to 556.50
Nikkei down 0.9% to 38,490.17
Topix down 1.4% to 2,748.22
Hang Seng Index down 0.1% to 18,424.96
Shanghai Composite down 0.8% to 3,065.40
Sensex up 2.8% to 74,071.83
Australia S&P/ASX 200 up 0.4% to 7,769.00
Kospi up 1.0% to 2,689.50
German 10Y yield little changed at 2.54%
Euro little changed at $1.0874
Brent Futures up 0.3% to $77.73/bbl
Gold spot up 0.3% to $2,333.82
US Dollar Index up 0.17% to 104.29

Top Overnight News

Treasury Secretary Yellen said the Treasury never tries to time the market in debt management. She added the issuance of Treasury Bills is in line with historical averages. Market participants believe that short-term rates will come down. She said short-term bill issuance is in line with recommendations from the TBAC. Yellen said there is nothing about issuing short-term debt that creates a ‘sugar high’ for the economy, according to Reuters.
A group backed by BlackRock (BLK) and Citadel Securities is planning to start a new national stock exchange in Texas, according to WSJ.
Nike has cut staff in its European HQ as part of a multiyear cost-cutting plan, according to Bloomberg.
Bridgewater’s Dalio says Chinese assets are attractively priced, Bridgewater has done well operating in the region over the past five years.
Dollar Tree (DLTR) is exploring the sale of Family Dollar, according to WSJ
Bond traders are tilting dovish again, piling into wagers that would benefit from a faster pace of Federal Reserve interest rate cuts as Treasuries rally.
Japanese workers’ base pay jumped by the largest margin since 1994 in a sign that corporate pledges to offer wage increases are starting to take effect, though market players appeared unconvinced over the strength of the trend.
Donald Trump asked the New York judge presiding over his hush-money trial to lift his gag order in the case, arguing that the basis for limiting what the former president could say “no longer exists” after the jury convicted him of 34 felonies last week.
Hedge funds are backpedaling on yen option trades with a sudden spate of bullish bets on the currency, according to market participants.
Indian Prime Minister Narendra Modi is gearing up for coalition talks after his party lost its majority in parliament, forcing him to rely on allies to form a government for the first time since he stormed to power a decade ago.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mixed as the cautious mood from Wall Street reverberated into Asia-Pacific, with macro newsflow overnight on the lighter side. ASX 200 was modestly firmer with defensive sectors among the better performers, whilst lagging sectors include gold names, mining stocks, and energy companies. Little immediate reaction was seen on commentary from RBA Governor Bullock and the softer-than-expected Q1 GDP report. Nikkei 225 was the regional laggard and dipped under the 38,500 mark with mining and industrial firms among the losers, whilst autos continued to feel the woes of the latest safety scandal in the country. Hang Seng and Shanghai Comp varied with the former propped up by auto stocks after some firms were permitted to test out advanced levels of autonomous driving. Mainland markets shrugged off the improvement in Caixin Services PMI which also noted “China’s economy is generally stable and remains on the road to recovery.”

Top Asian News

Some Chinese AI chip firms are reportedly designing less powerful processors to retain access to TSMC (TSM /2330 TT) production in the face of US sanctions, according to Reuters sources.
RBA Governor Bullock expected Q1 GDP growth to be quite low; the economy is weak and that is showing up in consumption; not ruling anything in or out on policy. Looking for a soft landing for the economy. Inflation is coming down but only slowly. The board won’t hesitate to act on rates if inflation does not come down as expected. Still judges inflation risks as balanced. Q2 inflation data will be important for monetary policy, not the single most important thing.
PBoC injected CNY 2bln via 7-day reverse repos with the rate at 1.80%.
Fitch affirmed India at BBB-, outlook Stable.
Fitch lowers 2024 China new home sales forecast, expects it to decline by 15-20% to CNY 8.3-8.8tln.
Foxconn (2317 TT) May Revenue +22.1%; due to higher than expected demand from AI servers, current visibility for Q2 is expected to beat expectations.
China May Retail Car Sales -3% Y/Y, via PCA cited by Bloomberg

European bourses, Stoxx600 (+0.4%) are modestly firmer across the board, attempting to reclaim some of the losses seen in the prior session. European sectors hold a strong positive bias, with Tech topping the index alongside Retail, with the latter lifted by post-earning strength in Inditex (+5.5%). Banks are slightly in the red. US Equity Futures (ES +0.1%, NQ +0.3%, RTY +0.2%) are very modestly firmer and contained within a tight range ahead of US ADP and ISM Services. Barclays European Equity Strategy: Upgrades Consumer Staples to Marketweight from Overweight Upgrades Real Estate to Overweight. Upgrades Retail to Overweight. Cuts Energy to Underweight. Cuts Autos to Underweight.

Top European News

ECB’s Kazimir says inflation is on a good trajectory and the ECB is approaching its first interest rate cut. Note, these comments are being made in the ECB’s quiet period.
YouGov/Sky News Snap Debate Poll: PM Sunak won the first head-to-head election debate (Sunak 51%, Starmer 49%). Snap YouGov poll of 1,657 viewers reveals how people feel each party leader performed, and who they think came across best.

DXY is continuing to inch higher after briefly printing a 103 handle on Tuesday. 104.32 is the high watermark for today which is in close proximity to Tuesday’s 104.33 peak.
EUR/USD is back on a 1.08 handle after venturing as high as 1.0916 yesterday. For now, the pair is managing to hold above Tuesday’s 1.0858 low with ING of the view that the pair’s “neutral range” could be between 1.0850-1.09.
GBP is marginally firmer vs. the USD and EUR in quiet newsflow with last night’s general election debate not having any follow-through given it is unlikely to reverse the polls. Cable remains tucked within Tuesday’s 1.2743-1.2818 range.
USD/JPY is markedly higher and reversing a bulk of Tuesday’s selling which brought the pair as low as 154.44. Next upside level for the pair is Tuesday’s best at 156.48.
Antipodeans remain resilient amid the recent Dollar advances helped by the recovery in risk sentiment. AUD has shrugged off the disappointing growth figures overnight. NZD/USD also firmer but ran into resistance just below the 0.62 mark.
CAD is steady vs. the USD ahead of an expected rate reduction by the BoC (market pricing 77% probability of a cut). USD/CAD is currently tucked within yesterday’s 1.3619-99 range.
PBoC set USD/CNY mid-point at 7.1097 vs exp. 7.2418 (prev. 7.1083)

Fixed Income

USTs are slightly softer in a breather from this week’s upside ahead of US ISM Services and ADP National Employment. Treasuries are currently holding around the low of 109-26+ with no follow-through from the morning’s European/UK data points.
Bunds are also incrementally softer and holding around the 131.00 mark. There was no real follow-through from the PMIs despite final EZ figure showing a slight easing of inflationary pressures in the service sector; fleeting upside on a robust 2030 tap.
Gilt price action is in-fitting with peers, though has pulled back slightly more than EGBs. PMIs passed without reaction and was little changed to a well received UK auction; currently holding around 97.33.
UK sells GBP 4bln 3.75% 2027 Gilt: b/c 3.27x (prev. 3.68x), average yield 4.505% (prev. 4.204%) & tail 0.6bps (prev. 0.3bps)
Germany sells EUR 2.442bln vs exp. EUR 3bln 2.40% 2030 Bund: b/c 2.6x (prev. 2.10x), average yield 2.55% (prev. 2.30%) & retention 18.6% (prev. 18.00%)

Commodities

Crude is modestly firmer in what has been a choppy session for the complex; initially taking a breather from the hefty WTD pressure post-OPEC/demand concerns but with price action choppy at times. Brent currently holding around USD 77.60/bbl.
Precious metals are essentially flat, though have been attempting to nudge into the green but not making any real ground as the USD picks up and yields have an upward bias.
Base metals are mixed, continuing the similar price action seen in APAC trade overnight.
US Private Energy Inventory Data: Crude +4.05mln (exp. -2.3mln), Cushing +0.983mln, Distillates +4.03mln (exp. +2.5mln), Gasoline +1.98mln (exp. +2mln).
US Energy Secretary Granholm said the global oil market is well stocked and feels comfortable that there will be no huge increase in oil and gas prices in the ‘next short while’. The US could boost the rate of replenishing the Strategic Petroleum Reserve as maintenance work at two sites winds down. Work at SPR will be finished by the end of year. Creating a Strategic Resilience Reserve for stockpiles of critical minerals with allies to help energy transition is a good idea. US talking with allies on critical minerals production, stockpile goals, could release details ‘soon’. Granholm said even OPEC countries recognize there is only so much they can do to manipulate oil prices. Granholm said ‘We should all be concerned’ about oil industry consolidation. The US aims to complete the LNG export review in Q1 2025. She doesn’t expect permitting a pause to damage US competitiveness in the global LNG market.
UAE’s ADNOC set July Murban crude OSP at USD 83.93/bbl (prev. USD 89.14/bbl in June).
Aluminium name Novelis has postponed its IPO due to market conditions; Novelis will continue to evaluate the timing of the offering in the future, according to PR Newswire.

Geopolitics: Middle East

Israeli military chief of staff said Israel is prepared to shift offense along the Northern border with Lebanon, nearing a decision point.
“Israeli tanks penetrate downtown Rafah for the first time since the start of the Israeli invasion of the area”, according to Sky News Arabia.
Israel Ministry of Defense said it has signed an agreement with the US government for a third squadron of F-35 stealth aircraft for the Israeli Air Force, according to Reuters.
US military said in the past 24 hours, Iranian-backed Houthis launched two anti-ship ballistic missiles (ASBM) from Houthi-controlled areas of Yemen into the Red Sea

Geopolitics: Other

White House said US President Biden will attend the G7 leaders summit in Apulia, Italy on June 13-14. They will advance efforts to make use of Russia’s immobilised sovereign assets to help Ukraine.
Taiwan Defence Ministry said in the past 24 hours, 26 Chinese Air Force planes were detected operating around Taiwan.
China Maritime Safety Administration said they are to shut an area in the Northern Yellow Sea from June 5-7 due to planned live firing.

US Event Calendar

07:00: May MBA Mortgage Applications -5.2%, prior -5.7%
08:15: May ADP Employment Change, est. 175,000, prior 192,000
09:45: May S&P Global US Services PMI, est. 54.8, prior 54.8
- May S&P Global US Composite PMI, est. 54.2, prior 54.4
10:00: May ISM Services Index, est. 51.0, prior 49.4
- May ISM Services New Orders, est. 53.2, prior 52.2
- May ISM Services Employment, est. 47.2, prior 45.9
- May ISM Services Prices Paid, est. 59.0, prior 59.2

DB’s Jim Reid concludes the overnight wrap

The last week has proved to be a real challenge for markets to work out whether weaker US data is good or bad news for equities. This marks a bit of a change as in recent months both good and bad data were used as a justification for a rally. It does seem we’ve moved to a more nuanced debate. However before we get too excited about a possible change in emphasis, the S&P 500 is only down -0.25% since returning to trading after Memorial Day last Monday and keeps on bouncing off the weaker data inspired intra-day lows of the last week.

This trend continued yesterday following the April JOLTS report which encouraged another notable fixed income rally with 10yr Treasury yields (-6.3bps) falling for a fourth consecutive session. The combined -28.6bp drop over that time period is the largest such fall in yields since Mid-December. Until the last 100 minutes of US trading equities were lower but another late rally helped edge the S&P 500 (+0.15 %) higher.

In terms of the details of the JOLTS report, the openings rate came in beneath expectations at 8.06mn (vs 8.35mn expected), falling to its lowest level since February 2021. So a clear indicator of a cooling US labour market, with labour demand continuing to moderate. This also follows on from a series of generally weaker US data over the past few days.

Elsewhere in the report, the ratio of openings to unemployed workers fell to its lowest level since July 2021, to 1.2, as the labour market slackened further in April. The private sector quits rate, which measures the number of people who voluntarily leave their job, came in at 2.4%, with the previous month also revised up to 2.4%. The revision confirms the series has been flatlining since the end of 2023, at its lowest level since 2020. In terms of other data, we also had US factory orders for April, which surprised a little to the upside at 0.7% (vs 0.6% expected). But this still marked a deceleration from 1.6% last month.

Against this backdrop, markets raised their expectations for Fed rate cuts this year. For example, the number of Fed cuts expected by year-end rose for the fifth consecutive day, up +3.9bps. Supporting the prospect of more rate cuts was another fall in oil prices, which brought further relief to inflation fears. Brent crude fell -1.07% to $77.52/bbl, the 5th consecutive decline in prices and the lowest level since February. WTI crude similarly fell -1.31% to $73.25/bbl. In turn, the chance of additional rate cuts supported US Treasuries, as 2yr yields fell -3.8bps, whilst the 10yr yield slipped -6.3bps to 4.326% (4.34% overnight). From here, the next major catalyst will be the US employment report on Friday.

In Europe, the major data point of the day was German unemployment, which jumped +25k (vs +7k expected). The increase helped contribute to investors dialling up the expected number of ECB cuts through to year-end by +2.6bps. Off the back of this, German 10yr bunds rallied, with yields falling -4.6bps. Yields on OATs (-3.9bps) and BTPs (-1.3bps) also declined.

Moving on to more details on equities, the -0.5% mid-session decline followed by a late rally was typical of the last few days with the index closing +0.15% higher. The underperformers were largely the energy (-0.97%) and materials (-1.22%) sectors driven by lower commodity prices. The rebound was led by Telecoms (+1.89%), Real Estate (+0.95%) and Consumer Staples (+0.93%). The NASDAQ likewise rebounded to finish at +0.17%. The second half bounce back was not that broad-based, as the Russell 2000 index of small cap stocks underperformed, falling -1.25%. Elsewhere, other global equities were generally on the backfoot. The STOXX 600 retreated -0.54%, whilst the MSCI EM index underperformed after falling -0.66%.

Not helping sentiment was a dramatic turnaround in India as Exit Polls over the weekend proved to be very inaccurate. They suggested Modi’s NDA coalition would get 355-380 out of the 543 seats with his own BJP party on course for around 327 seats. 272 is needed for a majority. The final count is that his party looks set for 240 seats (losing their own majority from 2019’s 303 seats) and the coalition 292 (down from 353 in 2019). While Modi can still form the government if his alliance sticks together, it provides a much more uncertain environment than was anticipated as we woke up on Monday. As a result Indian equities had their worst performance in 4 years with the Nifty 50 falling -5.93% yesterday after bouncing +3.25% to an all-time high on Monday. This morning it is slightly higher as I type early in the session. Last night our economist published an initial reaction (see here) to the surprise result, one that he doesn’t see derailing India’s impressive growth prospects.

Elsewhere in Asia, there is a divergent trend in equities this morning. As I check my screens, the KOSPI (+1.08%) is leading gains across the region with the Hang Seng (+0.34%) and the S&P/ASX 200 (+0.36%) also edging higher. Chinese stocks are mixed though with the CSI (+0.03%) swinging between gains and losses while the Shanghai Composite (-0.30%) is lower. However, the Nikkei (-0.80%) is bucking the regional trend albeit trimming its opening losses as stronger wage data spurred fears of tighter monetary policy from the BoJ. S&P 500 (+0.18%) and NASDAQ 100 (+0.31%) futures are higher.

Early morning data showed that China’s Caixin services PMI accelerated at the fastest pace in 10 months jumping from 52.5 in April to 54.0 in May on improving local and overseas demand. However, the private survey data contrasted with official PMI data released last week, which showed that services sector activity grew at a slower pace in May than April. Moving to Japan, real cash earnings declined -0.7% y/y in April (v/s -0.9% expected), notching a record streak of 25 consecutive monthly declines. It followed a revised -2.1% drop in the preceding month. On the brighter side, labour cash earnings rose at the fastest pace in 10 months, increasing +2.1% y/y in April (v/s +1.8% expected) as against an upwardly revised +1.0% rise in March.

Elsewhere Australia’s first quarter 2024 GDP growth slowed to just +0.1% (v/s +0.2% expected) and slower than the revised +0.3% pace for the final three months of 2023. On an annual basis, the economy expanded +1.1% with markets expecting it to slow to +1.2% from a growth of +1.5% in the December quarter. Yields on 10yr Australian government bonds initially fell -9.76bps (half domestic and half a global story) before settling -6.7bps lower at 4.23% as we go to print.

It’s a huge week (past and present) for elections and tomorrow the European Parliamentary Elections start. We’ll preview the implications later in the week. Also of note was the -6.01% fall in the Mexican index on Monday that was followed by a +3.24% rebound yesterday. The peso fell -3.82% on Monday and then fell a further -0.97% yesterday. The overall decline is on concerns that the landslide victory for the ruling party may increase state influence on the economy. See DB’s review of the implications from the election results here.

Briefly back on commodities, oil prices were not alone in recording a fall yesterday. Copper prices pulled back -2.80% to $453.70/lb, and now officially erasing all its May gains (-11.4% from the peak). The fall comes as global inventories rise, with the Shanghai Futures Exchange recording its highest level of stockpiles since 2020. Elsewhere after a +5.23% surge on Monday following disruption to Norwegian supply, European natural gas retreated yesterday, falling -6.16% to EUR33.80/MWh following reports the outage is expected to be short-lived.

Now to the day ahead, and data releases include the US May ADP report and ISM services, the UK May new car registrations, official reserves changes, France April industrial production, Italy May services PMI, Eurozone April PPI, Canada Q1 labour productivity and the May services PMI. In terms of central banks, we have the Bank of Canada decision. Finally, we will have earnings from Dollar Tree and Lululemon.

2B EUROPE OPENING/TRADING

Mixed/cautious trade ahead of US data & the BoC – Newsquawk Europe Market Open

WEDNESDAY, JUN 05, 2024 – 01:25 AM

APAC stocks traded mixed as the cautious mood from Wall Street reverberated into Asia-Pacific, with macro newsflow overnight on the lighter side; Tokyo underperformed.
DXY was caged in a tight range as traders look ahead to the US ISM Services data for impetus following Monday’s dovish Manufacturing print.
YouGov/Sky News Snap Debate Poll: PM Sunak won the first head-to-head election debate [Sunak 51%, Starmer 49%].
European equity futures are indicative of a firmer cash open with the Euro Stoxx 50 future +0.5% after cash closed -1.0% on Tuesday.
Looking ahead, highlights include EZ, UK, Canadian & US Services & Composite PMIs, US ADP National Employment, US ISM Services, NBP and BoC Policy Announcement, BoC’s Macklem & Rogers, and Supply from the UK and Germany.

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US TRADE

EQUITIES

US stocks closed mixed in overall contained trade. The risk tone throughout the session was cautious. Cash equities opened with a soft bias, and after some fleeting choppiness post-JOLTs data, resumed to the downside as growth concerns continued to weigh on traders’ minds.
SPX +0.15% at 5,291, NDX +0.29% at 18,655, DJIA +0.36% at 38,711, RUT -1.25% at 2,034
Click here for a detailed summary.

NOTABLE HEADLINES

Treasury Secretary Yellen said the Treasury never tries to time the market in debt management. She added the issuance of Treasury Bills is in line with historical averages. Market participants believe that short-term rates will come down. She said short-term bill issuance is in line with recommendations from the TBAC. Yellen said there is nothing about issuing short-term debt that creates a ‘sugar high’ for the economy, according to Reuters.
A group backed by BlackRock (BLK) and Citadel Securities is planning to start a new national stock exchange in Texas, according to WSJ.
Tesla (TSLA) CEO Musk said his current best guess for Nvidia (NVDA) purchases by Tesla is USD 3-4bln this year, via a post on X.
Nike (NKE) has cut staff in its European HQ as part of a multiyear cost-cutting plan, according to Bloomberg.

APAC TRADE

EQUITIES

APAC stocks traded mixed as the cautious mood from Wall Street reverberated into Asia-Pacific, with macro newsflow overnight on the lighter side.
ASX 200 was modestly firmer with defensive sectors among the better performers, whilst lagging sectors include gold names, mining stocks, and energy companies. Little immediate reaction was seen on commentary from RBA Governor Bullock and the softer-than-expected Q1 GDP report.
Nikkei 225 was the regional laggard and dipped under the 38,500 mark with mining and industrial firms among the losers, whilst autos continued to feel the woes of the latest safety scandal in the country.
Hang Seng and Shanghai Comp varied with the former propped up by auto stocks after some firms were permitted to test out advanced levels of autonomous driving. Mainland markets shrugged off the improvement in Caixin Services PMI which also noted “China’s economy is generally stable and remains on the road to recovery.”
US equity futures held a modest upward bias (ES +0.2%) following the prior day’s cautious trade as participants look ahead to the US ADP and ISM Service today ahead of Friday’s US jobs report.
European equity futures are indicative of a firmer cash open with the Euro Stoxx 50 future +0.5% after cash closed -1.0% on Tuesday.

FX

DXY was caged in a tight 104.12-22 APAC range amid a lack of catalysts and within yesterday’s 103.99-104.33 range. Traders look ahead to the US ISM Services data for impetus following Monday’s price action to the dovish ISM Manufacturing print.
EUR/USD was uneventful in a 1.0877-85 range with EUR/GBP also trading sideways as participants gear up for Thursday’s ECB announcement.
GBP/USD traded horizontally in a 1.2766-80 range with no action seen during the UK election debate, which offered little in the way of fresh updates but a snap debate poll saw PM Sunak as the better performer – albeit only just.
USD/JPY gradually inched higher and back above the 155.50 mark as the pair outperformed following the underperformance during the Tuesday European and US sessions and as JGB yields were on the back foot.
Antipodeans were both modestly firmer following a data deluge for Australia and New Zealand, although only the improvement in Chinese Caixin Services PMI provided some impetus to the pairs.
PBoC set USD/CNY mid-point at 7.1097 vs exp. 7.2418 (prev. 7.1083)

FIXED INCOME

10-year UST futures saw sideways trade overnight and consolidation after yesterday’s bid sparked by the soft JOLTS report which printed at the lowest since February 2021.
Bund futures were uneventful and holding a 130.30-41 range vs yesterday’s 129.81-130.78 parameter as European players look ahead to Final PMIs and a 2030 Bund auction.
10-year JGB futures were firmer and playing catch-up to the price action in Western peers after the complex was lifted by the soft US JOLTS metrics ahead of the US jobs report on Friday.

COMMODITIES

Crude futures traded flat with a soft bias as the crude continued to digest the OPEC+ meeting during Tuesday’s session before encountering a surprise build in private stockpiles.
Spot gold saw horizontal trade for most of the session but then drifted higher after breaching overnight resistance around USD 2,330/oz as it tested its 50 DMA (USD 2,336.64/oz) to the upside.
Copper futures consolidated after the prior day’s retreat which saw 3M LME copper fall back under the USD 10,000 level.
US Private Energy Inventory Data: Crude +4.05mln (exp. -2.3mln), Cushing +0.983mln, Distillates +4.03mln (exp. +2.5mln), Gasoline +1.98mln (exp. +2mln).
A group of US representatives ask the DoJ to probe potential antitrust conspiracies among US oil producers, OPEC and OPEC+, according to a statement.
US Energy Secretary Granholm said the global oil market is well stocked and feels comfortable that there will be no huge increase in oil and gas prices in the ‘next short while’. The US could boost the rate of replenishing the Strategic Petroleum Reserve as maintenance work at two sites winds down. Work at SPR will be finished by the end of year. Creating a Strategic Resilience Reserve for stockpiles of critical minerals with allies to help energy transition is a good idea. US talking with allies on critical minerals production, stockpile goals, could release details ‘soon’. Granholm said even OPEC countries recognize there is only so much they can do to manipulate oil prices. Granholm said ‘We should all be concerned’ about oil industry consolidation. The US aims to complete the LNG export review in Q1 2025. She doesn’t expect permitting a pause to damage US competitiveness in the global LNG market.
UAE’s ADNOC set July Murban crude OSP at USD 83.93/bbl (prev. USD 89.14/bbl in June).
Aluminium name Novelis has postponed its IPO due to market conditions; Novelis will continue to evaluate the timing of the offering in the future, according to PR Newswire.

CRYPTO

Bitcoin held a modestly firmer bias and traded on either side of the USD 71,000 level.

NOTABLE ASIA-PAC HEADLINES

Some Chinese AI chip firms are reportedly designing less powerful processors to retain access to TSMC (TSM /2330 TT) production in the face of US sanctions, according to Reuters sources.
RBA Governor Bullock expected Q1 GDP growth to be quite low; the economy is weak and that is showing up in consumption; not ruling anything in or out on policy. Looking for a soft landing for the economy. Inflation is coming down but only slowly. The board won’t hesitate to act on rates if inflation does not come down as expected. Still judges inflation risks as balanced. Q2 inflation data will be important for monetary policy, not the single most important thing.
PBoC injected CNY 2bln via 7-day reverse repos with the rate at 1.80%.
Fitch affirmed India at BBB-, outlook Stable.

DATA RECAP

Chinese Caixin Services PMI (May) 54.0 (Prev. 52.5); “China’s economy is generally stable and remains on the road to recovery.”
Australian Real GDP QQ SA (Q1) 0.1% vs. Exp. 0.2% (Prev. 0.2%, Rev. 0.3%)
Australian Real GDP YY SA (Q1) 1.1% vs. Exp. 1.2% (Prev. 1.5%, Rev. 1.6%)
Australian GDP Chain Price Index (Q1) 0.8% (Prev. 2.0%)
Australian Final Consumption Exp QQ SA (Q1) 0.6% (Prev. 0.2%)
Australian Gross Fixed Capital Exp SA (Q1) -0.9% (Prev. -0.2%)
Australian Judo Bank Composite PMI Final (May) 52.1 (Prev. 52.6)
Australian Judo Bank Services PMI Final (May) 52.5 (Prev. 53.1)
Australian AIG Manufacturing Index (May) -31.1 (Prev. -13.9)
Australian AIG Construction Index (May) -68.1 (Prev. -25.6)
New Zealand Export Prices SA (Q1) -0.3% vs. Exp. 1.5% (Prev. -4.2%)
New Zealand Terms of Trade QQ (Q1) 5.1% vs. Exp. 1.6% (Prev. -7.8%)
New Zealand Import Prices SA (Q1) -5.1% vs. Exp. -1.0% (Prev. 3.8%)
New Zealand Export Volumes SA (Q1) 6.3% (Prev. 2.6%)
South Korean GDP Growth QQ Revised (Q1) 1.3% (Prev. 1.3%)
South Korean GDP Growth YY Revised (Q1) 3.3% (Prev. 3.4%)
Japanese JibunBK Services PMI Final SA (May) 53.8 (Prev. 53.6)
Japanese JibunBK Composite Op Final SA (May) 52.6 (Prev. 52.4)
Japanese Overall Lab Cash Earnings (Apr) -2.1% (Prev. 0.6%, Rev. 1.0%)
Japanese Overtime Pay* (Apr) -0.6% (Prev. -1.5%, Rev. -0.5%)

GEOPOLITICS

MIDDLE EAST

US State Department said Israel is ready to implement a ceasefire deal, according to Bloomberg.
Israeli military chief of staff said Israel is prepared to shift offense along the Northern border with Lebanon, nearing a decision point.
“Israeli tanks penetrate downtown Rafah for the first time since the start of the Israeli invasion of the area”, according to Sky News Arabia.
Hamas said it cannot agree to an agreement that does not secure a final ceasefire and Israeli withdrawal, according to Al Jazeera.
Israel Ministry of Defense said it has signed an agreement with the US government for a third squadron of F-35 stealth aircraft for the Israeli Air Force, according to Reuters.
US military said in the past 24 hours, Iranian-backed Houthis launched two anti-ship ballistic missiles (ASBM) from Houthi-controlled areas of Yemen into the Red Sea

OTHERS

White House said US President Biden will attend the G7 leaders summit in Apulia, Italy on June 13-14. They will advance efforts to make use of Russia’s immobilised sovereign assets to help Ukraine.
Taiwan Defence Ministry said in the past 24 hours, 26 Chinese Air Force planes were detected operating around Taiwan.
China Maritime Safety Administration said they are to shut an area in the Northern Yellow Sea from June 5-7 due to planned live firing.

EU/UK

NOTABLE HEADLINES

YouGov/Sky News Snap Debate Poll: PM Sunak won the first head-to-head election debate [Sunak 51%, Starmer 49%]. Snap YouGov poll of 1,657 viewers reveals how people feel each party leader performed, and who they think came across best.

NORTH KOREA/SOUTH KOREA

END

2e) JAPAN

3 CHINA

CHINA/USA

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

EUROPE/NATO/RUSSIA

USA develops land corridors in the event of a ground war with Russia

(zero hedge/Douglas MacGregor)

Report Details US Troop ‘Land Corridors’ In Event Of European Ground War With Russia

TUESDAY, JUN 04, 2024 – 07:56 PM

NATO has a plan in place for rapid deployment of its forces in the scenario of a future Russian attack on Europe. It includes the development of “land corridors” which can be used to rush some 300,000 troops — mostly American soldiers — to front line positions in order to defend against a Russian invasion.

High-ranking British military sources described to the Telegraph that the plan entails troops landing at key European ports whereupon they would move east along pre-planned routes to counter potential Russian attacks.

Lt. Gen. Alexander Sollfrank, chief of NATO’s Joint Support and Enabling Command (JSEC), described to the UK publication, “Huge logistics bases, as we know them from Afghanistan and Iraq, are no longer possible because they will be attacked and destroyed very early on in a conflict situation.”

The logistics and troop transport corridors would originate in places like Greece, Italy, Turkey, The Netherlands, Norway – and the port of Rotterdam, a key northern European hub, is specifically named. Lines like the Germany-Poland railway are also mentioned in the report – all of which would theoretically allow rapid deployment of US forces to any NATO territory being threatened (based on Article 5 common defense).

Separate alarmist reports in UK media have been warning that the West should prepare for war with Russia at some point in the next two decades, connected with ongoing conflict in Ukraine.

For example, a prior March report in The Telegraph claimed that President Putin has a “paranoid obsession” with stoking conflict and provoking Western allies.

“Now that Russian President Vladimir Putin has secured his historic fifth term in office, it is patently clear that he will devote his next six-year spell at the Kremlin to pursuing his paranoid obsession of confronting the West,” that prior stated.

As for the Telegraph’s latest Tuesday revelation of the NATO land corridors — with the somewhat loud and sensationalist headline of “Nato land corridors could rush US troops to front line in event of European war” — the reality is that big picture contingency plans like this have been on US and NATO planners’ shelves since the Cold War.

But without doubt they are getting dusted off amid the continued escalation of the Ukraine proxy war…

Douglas Macgregor

@DougAMacgregor

BREAKING: NATO now planning to get US troops to the front-line to fight RUSSIA.. What are they thinking? NATO has disclosed its preparations to deploy American troops to the European frontlines in the event of a full-scale conflict with Russia. Innovative ‘land corridors’ are being established to expedite the movement of soldiers through central Europe, bypassing local bureaucratic hurdles. This strategic setup enables NATO forces to swiftly react should Putin’s aggressive actions in Ukraine extend westward. Reports suggest that these plans also encompass provisions for potential Russian attacks. In such scenarios, troops could mobilize through corridors in Italy, Greece, and Turkey to reach the Balkans, or alternatively, advance towards Russia’s northern border via Scandinavia. These details were shared by officials with The Telegraph.

9:44 AM · Jun 4, 2024

3.9M Views

BREAKING: NATO now planning to get US troops to the front-line to fight RUSSIA..

What are they thinking?

NATO has disclosed its preparations to deploy American troops to the European frontlines in the event of a full-scale conflict with Russia.

Innovative 'land corridors'… pic.twitter.com/vmuMG1nCVH
— Douglas Macgregor (@DougAMacgregor) June 4, 2024

According to some of the further planning details laid out by The Telegraph and its military sources:

If Nato forces entering from the Netherlands are hit by Russian bombardment, or northern European ports destroyed, the alliance is set to shift focus to ports in Italy, Greece and Turkey. From Italian ports, US troops could be carried via land through Slovenia, Croatia to Hungary, which shares a border with Ukraine.

Similar plans exist to transport forces from Turkish and Greek ports through Bulgaria and Romania to reach the alliance’s eastern flank. Plans are also being drawn up to transport troops via ports in the Balkans, as well as through Norway, Sweden and Finland.

Lt Gen Sollfrank was further quoted as saying, “Ukraine suffers very much from these Russian long-range missile attacks on the logistic systems” – underscoring the importance of troop movements which would be out of reach of Russian systems.

The report includes visuals tracking ‘land corridors’ for Western troops en route to confront Russian forces in a future scenario…

In the wake of the Telegraph report some pundits are saying this means WW3 is “starting now”… and while indeed at this point the world could already be witnessing the beginning phases (especially when historians look back), there’s yet some escalatory steps remaining before missiles start flying over Europe. Hopefully saner minds prevail, even if at the last minute (though we don’t have a lot of faith in this).

5. RUSSIA AND MIDDLE EASTERN AFFAIRS.

ISRAEL/HEZBOLLAH

Israel Says Fires Under Control After Nearly 2,500 Acres Scorched By Hezbollah Attacks

TUESDAY, JUN 04, 2024 – 05:00 PM

Via The Cradle

Fires continued to blaze across Israel’s north on Tuesday as a result of Hezbollah rockets and drones fired at the Galilee and Golan Heights over the past few days. Israeli firefighting services said on Tuesday morning that most of the large fires were under control but that teams were still battling the flames.

The Israeli fire department said its firefighters were “working hard to protect communities and property,” adding that there was no threat to lives or infrastructure at the current time.

Over 30 firefighting teams were deployed to extinguish the flames. As a result of the fires, major roads in the Galilee remain shuttered.

The fire service also said nearly 990 acres of land were burned near Amiad. Israel’s Ziv Medical Center said early Tuesday in the northern city of Safad said it treated six reserve soldiers and five settlers for injuries and smoke inhalation.

The fires burned across Mount Adir, Kfar Giladi, Kiryat Shmona, and other areas. The fire service said it was still working to contain flames in Keren Naftali, which had broken out the day before.

The city of Katzrin, known as the Israeli capital of the occupied Golan Heights, was also subjected to intense flames.

New satellite imagery from the European Commission’s Sentinel-2 satellite showed a massive swathe of scorched land just south of Katzrin. Hezbollah had targeted the Katzrin area with a rocket barrage on Sunday.

Satellite Imagery of Fires in Northern Israel – Golan – Katzrin Satellite images from yesterday morning show the aftermath of massive fires in northern Israel caused by rocket and mortar attacks by Hezbollah targeting communities along the confrontation line, the Upper Galilee, and the Golan Heights. There are no images yet from last night’s events yet.

@ItayBlumental

3:38 AM · Jun 4, 2024

16.3K Views

## Satellite Imagery of Fires in Northern Israel – Golan – Katzrin

Satellite images from yesterday morning show the aftermath of massive fires in northern Israel caused by rocket and mortar attacks by Hezbollah targeting communities along the confrontation line, the Upper… pic.twitter.com/vgWPcF9bJF
— Open Source Intel (@Osint613) June 4, 2024

On Monday, fires that initially broke out as a result of Hezbollah attacks over the weekend spread rapidly across the Israeli north. Hezbollah launched several more attacks on Monday and Tuesday.

Footage from Monday evening showed several areas in the north engulfed in flames and firefighters struggling to contain their spread.

Middle East Eye meanwhile writes:

The far-right Israel Finance Minister Bezalel Smotrich, which is also a member of Prime Minister Benjamin Netanyahu’s security cabinet, said on Monday that Israel should set up a security zone that extends into southern Lebanon.

Writing on social media site X, Smotrich said that “the new strategy being spearheaded by the war cabinet is going up in flames for hours and blowing up in our faces. A year ago, the defense minister said that we will send Lebanon back to the Stone Age. Mr. Prime Minister, Mr. Defense Minister, Mr. Chief of Staff: That time has come“.

Over 2,470 acres (over 10 square kilometers) of land have been scorched as a result of Hezbollah’s recent attacks, the Israel Nature and Parks Authority said on 3 June.

END

ISRAEL HEZBOLLAH

Netanyahu warns: We’re ready with ‘extremely powerful’ response to Hezbollah attacks

Visiting north after fires, PM says Israel won’t ‘sit on its hands’ amid ongoing barrages; ‘suspicious aerial target’ intercepted over Metula; army gets OK for more troops for Gaza

By EMANUEL FABIAN, FOLLOW
LAZAR BERMAN FOLLOW
and TOI STAFFToday, 1:59 pm

Prime Minister Benjamin Netanyahu (second right) visits Kiryat Shmona on the border with Lebanon, June 5, 2024. (Amos Ben Gershom/GPO)

Prime Minister Benjamin Netanyahu warned on Wednesday that Israel was prepared with an “extremely powerful” response to attacks from Hezbollah in Lebanon, which have escalated significantly in recent days.

“Anyone who thinks that they can harm us and we will sit on our hands is sorely mistaken,” Netanyahu during a visit to the northern city of Kiryat Shmona, which has been largely evacuated since the Lebanon-based terror group began attacking Israeli communities and military posts along the border on a near-daily basis on October 8.

His comments came after Israel Defense Forces Chief of Staff Lt. Gen. Herzi Halevi said on Tuesday that Israel was close to making a decision on how to address Hezbollah’s daily attacks, which the terror group says are to support Palestinians in Gaza amid Israel’s ongoing war against Hamas in the wake of the terror group’s shock October 7 onslaught.

The prime minister visited the area hours after after firefighters confirmed that they had gained control of a series of major blazes in northern Israel sparked by Hezbollah rocket and drone attacks, following some 48 hours of intense firefighting efforts.

“The ground burned yesterday and I am happy you put it out,” Netanyahu told firefighters, “but the ground also burned in Lebanon.”

During the visit, he also met with troops from the IDF’s 769th “Hiram” Regional Brigade to discuss operations against Hezbollah.

The remains of a large fire caused from rockets fired from Lebanon burns near a home in the northern Israeli town of Kiryat Shmona, June 4, 2024. (Ayal Margolin/Flash90)

The large blazes prompted a spike in calls for military action by some northern residents and members of the coalition and increased concerns that Israel may soon find itself engaged in ground operations on two fronts.

Around 60,000 residents of towns and villages along Israel’s northern border have been displaced from their homes since October due to to the near-daily cross-border rocket and anti-tank missile attacks by Hezbollah and other terrorists in southern Lebanon.

Earlier on Wednesday, the government raised the number of reservists the IDF is authorized to call up if needed from 300,000 to 350,000, though military sources told The Times of Israel that the move was related to expanded operations in the Gaza Strip, rather than the northern front.

The IDF said that the cap was increased due to ongoing operations in Gaza’s southernmost city of Rafah, which has taken more additional personnel than initially planned.

Amid the war in Gaza, the IDF called up a total of 287,000 reservists, although many of them have already been released from duty for now. It marked the largest-ever call-up of reservists in Israel’s history.

The cap was initially set at 300,000, before being raised to 360,000 in the early weeks of the war. It was then dropped back to 300,000, and has now been expanded to 350,000.

Israeli artillery unit firing shells near the Israeli border with Lebanon, northern Israel, January 15, 2024. (Yonatan Sindel/Flash90)

Meanwhile, the IDF said that a “suspicious aerial target” that entered Israeli airspace from Lebanon, thought to be a drone, was intercepted by air defenses over Metula on Wednesday morning, while an interceptor was launched at a second target a short while later.

There were no reports of damage or injuries in either incident.

In addition, the IDF said that two Hezbollah rocket launchers in southern Lebanon’s Zibqin and Ayta ash-Shab were struck by fighter jets, along with three buildings used by the terror group in Odaisseh, Blida, and Markaba.

Also on Wednesday morning, the IDF announced that drone alert sirens that sounded in Kiryat Shmona and a number of Upper Galilee communities near the Lebanon border were false alarms.

The IDF chief told military officials and Fire Commissioner Eyal Caspi on Tuesday that Israel was approaching the point where a decision will have to be made, and the IDF was prepared for it.

“We have been attacking for eight months, and Hezbollah is paying a very, very high price. It has increased its strengths in recent days and we are prepared after a very good process of training… to move to an attack in the north,” he said at an IDF base in Kiryat Shmona.

“[We have] strong defense, readiness to attack, [and] we are approaching a decision point,” he added.

On Tuesday night, the war cabinet met to discuss the latest developments along the border with Lebanon amid criticism of the government for failing to bring security to the region after months of conflict.

IDF Chief of Staff Lt. Gen. Herzi Halevi (right) meets with Fire and Rescue Service Commissioner Eyal Caspi at the Gibor Camp in Kiryat Shmona, June 4, 2024. (Israel Defense Forces)

The skirmishes on the northern border since October 8 have resulted in 10 civilian deaths on the Israeli side, as well as the deaths of 14 IDF soldiers and reservists. There have also been several attacks from Syria, without any injuries.

Hezbollah has named 329 members who have been killed by Israel during the ongoing skirmishes, mostly in Lebanon but some also in Syria. In Lebanon, another 62 operatives from other terror groups, a Lebanese soldier, and dozens of civilians have been killed.

Israel has expressed openness to a diplomatic solution to the conflict, but has also threatened to go to war against Hezbollah to restore security to the north of Israel if needed.

Agencies contributed to this report.

ISRAEL/HAMAS

The Green Prince: ‘Palestine depends on the destruction of Israel’

Mossab Hassan Yousef, son of a Hamas co-founder, argues that Palestine’s existence depends on Israel’s destruction and criticizes the Palestinian Authority’s threat to Israel.

By JERUSALEM POST STAFFJUNE 4, 2024 23:10Updated: JUNE 5, 2024 00:07

Museb Hassan Yousef, also known as the Green Prince, seen at the Jerusalem Post Annual Conference in New York on June 3, 2024 (photo credit: MARC ISRAEL SELLEM) — Museb Hassan Yousef, also known as the Green Prince, seen at the Jerusalem Post Annual Conference in New York on June 3, 2024(photo credit: MARC ISRAEL SELLEM)

“Palestine depends on the destruction of Israel. If there is any definition of Palestine, it means the absence of Israel,” Mossab Hassan Yousef, otherwise known as the Green Prince, told Dr. Dan Diker, The Jerusalem Center for Foreign Affairs President at The Jerusalem Post Annual Conference on Tuesday.

Yousef is the son of Hamas co-founder Sheikh Hassan Yousef. A Palestinian ex-terrorist, he defected to Israel in 1997 and worked as a spy for the Shin Bet until he moved to the United States in 2007.

The Green Prince said that you have to ask, “What is Palestine? Is it an ethnic group? A religion? A distinct language? Do you have scripture? Are you a nation? Were you a country? None of that. So what is Palestine? What is the purpose of Palestine?” he asked the audience at the conference rhetorically.

Yousef voiced his opposition to a two-state solution with a Palestinian State led by the Palestinian Authority (PA.) “For those representing a two state solution, they either want Israel to cease to exist, or they are not aware of this existential threat,” he declared. He added that in his opinion, the Palestinian Authority is an even greater threat than Hamas.

“All this global chaos is managed by the PA, by the Palestinian Liberation Organization (PLO,) it’s not Hamas propaganda. It’s the ones who sit in Ramallah, who pays all the advocates worldwide through their embassies, those are the ones fighting against Israel and its legitimacy.”

Museb Hassan Yousef, also known as the Green Prince, seen at the Jerusalem Post Annual Conference in New York on June 3, 2024 (credit: MARC ISRAEL SELLEM)

Yousef said that it is too costly to institute a hostile Palestinian state. “You cannot give them Judea Samaria, the mountains, the valley, this is a defense line,” he resolutely explained.

Yousef told the audience that the PA is part of the same terrorism as Hamas or any other group that originated with the Muslim Brotherhood.

He brought up Yasser Arafat, former chairman of the PLO, which later became the PA. “I was in his meeting when he gave my father the authority to blow up markets, buses, beaches during the Second Intifada.”

A condemnation of the anti-Jewish ideology in Islam

At the beginning of the discussion, Yusef brought up the history of the “slaughter of Jews by the hands of Muslims for approximately 14 centuries.” He criticized the Jewish people for being in denial of that fact. “I understand why. If the Jewish people acknowledge this fact, they will have to confront a majority of Muslims.”

He told the audience that Muslims believe that Allah hates the Jewish people, and “why would you be against the belief of one you pray five times a day to?”

This is why there has been so much propaganda against the Jewish state across social media, he said. When people see it a thousand times a day, they start believing it.

“Hundreds of millions of people out there want us dead,” he told the audience.

“If we don’t fight Islam the world is in danger,” the Green Prince warned. “We have a big problem. We need to wake up. And if we keep ignoring and denying the existential threat, we will have to face it when it is too late.”

At the end of the conversation, Yousef spoke of potential solutions to the conflict. He believes that “Arabs [should] rule Arabs.” He told the audience that maybe Arabs should be drafted to the IDF and be responsible for ruling over the West Bank. He also floated an idea of Egyptian and Jordanian intelligence looking over the Palestinians.

He also believes that mandatory Holocaust education across the Arab world should be part of the solution, as well as teaching that “to be a victim and stay in victimhood is unacceptable.”

However, he believes allowing the PA to rule over a Palestinian state would be the destruction of Israel. “You give them east Jerusalem tomorrow, and they will want West Jerusalem next. If you give them 1967 [borders,] they will say they want the whole thing.”

END

SAUDI ARABIA/HOUTHIS?

Merchant Ship Off Saudi Coast Reports “Significant Explosion” A “Short Distance” From Port Side

BY TYLER DURDEN

WEDNESDAY, JUN 05, 2024 – 11:10 AM

UK Maritime Trade Operations (UKMTO) reports a commercial vessel experienced a “significant explosion … a short distance from the port side of the vessel.” The incident occurred 50 nautical miles southwest of Al Shuqaiq, Saudi Arabia, in the southern Red Sea.

“On inspection, no damage was found, vessel and crew are reported safe and is continuing to its next port of call,” UKMTO wrote in an advisory on X.

Bloomberg said, “There was no immediate claim for the blast but Houthi fighters based in Yemen have carried out multiple attacks on vessels in the Red Sea and have escalated such incidents since the Israel-Hamas war broke out last October.”

The Houthi’s latest attack was on a bulk carrier last week near the Bab al-Mandab Strait. Also, the Houthis have downed six US MQ-9 Reaper drones.

The ongoing chaos in the Red Sea comes as the Iranian-backed terror group vowed it will continue its operations until the war in Gaza is brought to an end.

One significant consequence of turmoil in the region is soaring containerized freight costs as capacity is stretched thin worldwide. A.P. Moller-Maersk A/S warned about this on Tuesday.

*Developing…

RUSSIA UKRAINE/USA

END

COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES

WORLD EVENTS NOTEWORTHY

END

WORLD HEALTH ISSUES

MARK CRISPIN MILLER

In memory of those who “died suddenly” in the United States and worldwide, May 27-June 3, 2024

“Vaxxidents” in US (10), Mexico (2), Brazil, Bel., Holland, Germ., Austria, Denmark, Italy (8),Turkey, India, NZ (8); musicians in US (6), Canada, Brazil, Argentina, Germ., Finland, China, NZ; & more

MARK CRISPIN MILLER

JUN 05, 2024

United States

Canada

Mexico, Costa Rica, Saint Lucia, Saint Vincent, Peru, Suriname, Brazil, Paraguay and Argentina

Mexico:

Cinta amarilla delimitando el área donde está una camioneta que manejaba un hombre que murió tras un presunto infarto y chocar contra una luminaria en Culiacán

Brazil:

United Kingdom and Ireland

France, Belgium, Holland, Germany, Austria, Switzerland, Norway, Finland, Denmark, Hungary, Serbia and Spain

Netherlands:

Germany:

Italy

Morocco, Nigeria, Kenya, Zimbabwe, Turkey, India, China, Vietnam, Singapore, S. Korea, Japan, Philippines, Malaysia, Australia and NZ

DR PAUL ALEXANDER

So illegal (crossed into US via Eagle Pass) shoots 2 police in New York, and what is the Biden administration, or Hochul going to do about it? word is as soon as the FBI gets back from the GAY Pride

parade they will offer him a job teaching new recruits how to shoot. FBI says don’t fuss, they will tend to this illegal & national crime, just bear with them a bit as they get their GAY PRIDE on

DR. PAUL ALEXANDERJUN 5

READ IN APP

‘Two cops were shot by a 19-year-old Venezuelan migrant early Monday when they tried to stop him as he was riding a motorized scooter — with one of the injured officers rendering aid to his partner since he was “more concerned” about him, according to police and sources.

The officers had tried to pull over the teen, identified as Bernardo Castro Mata, after spotting him driving the wrong way down a street at 89th Street and 23rd Avenue in Elmhurst at about 1:40 a.m., police said.

The suspect quickly ditched the moped and fled on foot for several blocks, according to cops.’

SLAY NEWS

he latest reports from Slay News

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Trump Connects with Black Voters after Conviction, Says He Understands Unfair Justice System President Donald Trump is now making a deeper connection with black voters following his conviction in the Democrats’ so-called “hush money” case.READ MORE

Supreme Court Will Consider Doctrine Case That Could Defang the Deep State The Supreme Court has taken on a potential landmark case regarding the Chevron deference doctrine.READ MORE

Kansas Supreme Court Backs Voter Verification Requirements for Elections The Kansas Supreme Court has backed measures that seek to ensure that voters are who they say they are when casting a ballot in America’s elections.READ MORE

Trump: ‘Hush Money’ Trial Was ‘Very Hard’ on Melania President Donald Trump shared his wife Melania’s reaction to his so-called “hush money” trial in New York.READ MORE

Meghan Markle Would End Up with Bizarre New Name If Royal Family Removes Current Title If Meghan Markle and her husband Prince Harry lose their coveted royal titles, she would end up with a bizarre new name.READ MORE

Maxine Waters: Trump Supporters Must Be Investigated for ‘Preparing a Civil War’Rep. Maxine Waters (D-CA) has claimed President Donald Trump’s supporters are “domestic terrorists” who must be investigated. READ MORE

Trump Vows to Release All Files on Jeffrey Epstein, Including ‘Client List’President Donald Trump has vowed to release to the public all sealed files related to deceased child trafficker Jeffrey Epstein.READ MORE

MTG Annihilates ‘Evil’ Fauci during Covid Hearing: ‘You Belong in Prison’ for ‘Crimes Against Humanity’Republican Rep. Marjorie Taylor Greene (R-GA) savagely ripped into Dr. Anthony Fauci during Monday’s congressional hearing on America’s Covid response.READ MORE

Half of American Voters Say Trump’s ‘Hush Money’ Trial Was Politically Motivated Almost half of the American voters believe that President Donald Trump’s trial in New York on so-called “hush money” charges was politically motivated.READ MORE

EVOL NEWS

Meghan Markle Would End Up with Bizarre New Name If Royal Family Removes Current Title – EVOL READ MORE…

LATEST NEWS:

NEWS ADDICTS

LATEST REPORTS FOR NEWS JUNKIES

Oxford University: Covid Shots Are Killing Children Scientists at the world-renowned Oxford University are raising the alarm after discovering that Covid mRNA shots have triggered a shocking number of heart attacks and sudden deaths in children.READ THE FULL REPORT

Fauci SQUIRMS After Congress Plays Smoking Gun Evidence During a hearing on Monday, Republican Representative Rich McCormick of Georgia presented audio evidence of Dr. Anthony Fauci expressing support for measures that would make it challenging for individuals to refuse vaccination.READ THE FULL REPORT

Trump Makes Heartbreaking Family Announcement Donald Trump, the ex-President, has discussed his future plans following the guilty verdicts in Manhattan, New York, and the effects of the trial on his family. “We’re going to be appealing this scam. We’re going to be appealing it on many different things. He wouldn’t allow us to have witnesses, he wouldn’t allow us to talk, he wouldn’t allow us …READ THE FULL REPORT

Volodymyr Zelensky: ‘Trump Would Be a Loser President if He Forces a Peace Deal Between Ukraine and Russia’Ukrainian President Volodymyr Zelensky has asserted that if Donald Trump attempts to pressure Kyiv into accepting a peace agreement with Russia, he would be deemed a “loser” president and would risk igniting a Third World War. While asserting that he has “no strategy yet” if former President Trump returns to the White House, Zelensky appeared to set out his opening …READ THE FULL REPORT

Judge Cannon Addresses Jack Smith’s Second Gag Order Request Against Trump On Sunday, Judge Aileen Cannon responded to Special Counsel Jack Smith’s second request for a gag order against former President Donald Trump. Judge Cannon ordered former President Donald Trump to respond to Special Counsel Smith’s second motion for a gag order by June 14. Special Counsel Jack Smith is required to respond to Trump’s filing by June 21. In another …READ THE FULL REPORT

LATEST REPORTS FOR NEWS JUNKIES

end

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

END

7.OIL PRICES/GAS PRICES/OIL ISSUES

For Second Time, Maersk Lifts Guidance As Red Sea Crisis Sends Container Freight Rates Soaring

WEDNESDAY, JUN 05, 2024 – 05:45 AM

A.P. Moller-Maersk A/S has raised its full-year guidance for the second time in a month. This upward adjustment comes as strong demand for containerized shipping, along with disruptions in the Red Sea, has led to a surge in the cost of shipping a 40-foot container on major shipping routes.

The Denmark-based shipper, a bellwether for global trade, wrote in a press release Monday, “On the back of continued strong container market demand and the disruption caused by the ongoing crisis in the Red Sea, A.P. Moller – Maersk A/S (Maersk) now also sees signs of further port congestions, especially in Asia and the Middle East, and additional increase in container freight rates.”

Maersk pointed out, “This development is gradually building up and is expected to contribute to a stronger financial performance in the second half of 2024.” Higher container costs allowed for a second upward revision in its annual outlook in a month. The shipper now expects earnings before interest, tax, depreciation, and amortization of $7 billion to $9 billion, up from its earlier estimate of $4 billion to $6 billion.

However, the shipper noted, “Trading conditions remain subject to higher-than-normal volatility given the unpredictability of the Red Sea situation and the lack of clarity of future supply and demand.”

The Red Sea crisis has had a profound impact on containerized shipping, with Bloomberg Intelligence estimating an 80% reduction in container sails through the Suez Canal. This has forced ships to take longer routes, such as sailing around the Cape of Good Hope, adding at least a week to their total travel time. As a result, global fleet capacity has been reduced, leading to a significant boost in containerized freight rates.

We covered this dynamic in a note last week titled “Supply Shock: Shipping Container Costs Top $10,000 Amid Red Sea Turmoil Thinning Global Capacity,” showing how major shipping lines, from Shanghai to Los Angeles, Shanghai to Rotterdam, Shanghai to Genoa, and Shanghai to New York are experiencing a sizeable price jump to ship 40-foot containers.

“Earnings expectations will need to move higher for Maersk and the broader liner market amid a surge in freight rates from increased port congestion and an earlier start to peak demand from the dislocation created by the Red Sea crisis. Strong pricing will remain as long as ships can’t safely traverse the Suez Canal,” Bloomberg Intelligence’s Lee Klaskow wrote in a note.

Morgan Stanley analysts says, “Structural oversupply in container shipping remains, Red Sea disruptions provide only temporary respite.”

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

CANADA

FIRST MAJOR CENTRAL BANK TOI CUT RATES

(zerohedge)

Bank of Canada Cuts Rates By 25bps As Expected, First G7 Central Bank To Launch Easing Cycle

WEDNESDAY, JUN 05, 2024 – 09:58 AM

As widely expected after significant dovish commentary in recent months, moments ago the Bank of Canada cut rates by 25bps from 5.00% to 4.75% as a majority of economists expected, and signaled that it is “reasonable to expect further cuts” if inflation eases.

The 25bps cut, which comes just under a year since its last 25bps rate hike in July 2023, means that Canada is the first G7-member central bank to launch an easing cycle.

In the drafted opening remarks of Governor Tiff Macklem wrote that: “If inflation continues to ease, and our confidence that inflation is headed sustainably to the 2% target continues to increase, it is reasonable to expect further cuts to our policy interest rate. But we are taking our interest rate decisions one meeting at a time.”

Here is the balance of his commentary:

“Further progress in bringing down inflation is likely to be uneven and risks remain.”
“If inflation continues to ease, and our confidence that inflation is headed sustainably to the 2% target continues to increase, it is reasonable to expect further cuts to our policy interest rate.”
“But total consumer price index (CPI) inflation has declined consistently over the course of this year, and indicators of underlying inflation increasingly point to a sustained easing” “Inflation could be higher if global tensions escalate, if house prices in Canada rise faster than expected, or if wage growth remains high relative to productivity.”
“With the economy in excess supply, there is room for growth even as inflation continues to recede.”
“Although Q1 growth was weaken than bank forecast, consumption growth was solid while business investment and housing activity also increased.”

Taking a closer look at the BOC statement we find the following highlights:

With continued evidence that underlying inflation is easing, Governing Council agreed that monetary policy no longer needs to be as restrictive and reduced the policy interest rate by 25 basis points.
Recent data has increased our confidence that inflation will continue to move towards the 2% target. Nonetheless, risks to the inflation outlook remain. Governing Council is closely watching the evolution of core inflation and remains particularly focused on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behaviour.
The Bank remains resolute in its commitment to restoring price stability for Canadians.
Three month measures of core inflation suggest continued downward momentum in CPI

While the decision was largely expected, Canadian stocks are enjoying a broad-based rally on the central bank’s interest rate cut and dovish tone. All 11 S&P/TSX Composite Sectors are green at 9:52 a.m. in Toronto, led by interest-rate sensitive utilities. At the moment, 168 index members rising, 47 falling and 7 unchanged. In FX, the USDCAD rose 0.2% after the decision while Canada 2y yield dips 4bp.

END

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

EURO VS USA DOLLAR: 1.0862 DOWN .0020

USA/ YEN 156.15 UP 1.033 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2768 DOWN .0004

USA/CAN DOLLAR: 1.3680 UP .0004 (CDN DOLLAR DOWN 4 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED DOWN 25.80 PTS OR 0.83%

Hang Seng CLOSED DOWN 19.15 PTS OR 0.10%

AUSTRALIA CLOSED UP .35 %

// EUROPEAN BOURSE: ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 19.15 OR 0.10%

/SHANGHAI CLOSED DOWN 25.90 PTS OR 0.83%

AUSTRALIA BOURSE CLOSED UP .35%

(Nikkei (Japan) CLOSED DOWN 347.29 PTS OR 0.89%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 2333.50

silver:$29.59

USA dollar index early WEDNESDAY morning: 104.33 UP 6 BASIS POINTS FROM TUESDAY’s CLOSE.

WEDNESDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing WEDNESDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.104% DOWN 2 in basis point(s) yield

JAPANESE BOND YIELD: +0.996% DOWN 0 AND 9/ 100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.249 UP 1 in basis points yield

ITALIAN 10 YR BOND YIELD 3.816 DOWN 5 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.5115 DOWN 2 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY

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

Euro/USA 1.0879 DOWN 0.0003 OR 3 basis points

USA/Japan: 156.23 UP 1.066 OR YEN IS DOWN 107 BASIS PTS

Great Britain 10 YR RATE 4.2400 UP 2 BASIS POINTS //

Canadian dollar DOWN .0035 OR 35 BASIS pts to 1.3712

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.2474 (ON SHORE)

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2561)

TURKISH LIRA: 32.35 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield at +0.996…

Your closing 10 yr US bond yield DOWN 3 in basis points from TUESDAY at 4.313% //trading well ABOVE the resistance level of 2.27-2.32%)

USA 30 yr bond yield 4.458 DOWN 4 in basis points /12.00 PM

USA 2 YR BOND YIELD: 4.758 DOWN 2 BASIS PTS.

GOLD AT 11;30 AM 2348.95

SILVER AT 11;30: 29.74

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

London: CLOSED UP 23.50 PTS OR 0.29%

German Dax : CLOSED UP 164.65 PTS OR 0.89%

Paris CAC CLOSED UP 68.07 PTS OR 0.26 %

Spain IBEX CLOSED UP 57.70 OR 0.51%

Italian MIB: CLOSED UP 233.02 PTS OR 0.68%

PTS

WTI Oil price 73.79 12EST/

Brent Oil: 77.71 12:00 EST

USA /RUSSIAN ROUBLE /// AT: 88.82 ROUBLE UP 0 AND 3/100

GERMAN 10 YR BOND YIELD; +2.5115 DOWN 2 BASIS PTS.

UK 10 YR YIELD: 4.2400 UP 2 BASIS POINTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0874 DOWN 0.0008 OR 8 BASIS POINTS

British Pound: 1.2791 UP 0.0019 OR 19 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.2215 UP 1 BASIS PTS//

JAPAN 10 YR YIELD: 1.005%

USA dollar vs Japanese Yen: 156.08 UP .974/ YEN DOWN 97 BASIS PTS//

USA dollar vs Canadian dollar: 1.3680 UP 00012 //CDN dollar DOWN 12 BASIS PTS

West Texas intermediate oil: 74.14

Brent OIL: 78.41

USA 10 yr bond yield DOWN 5 BASIS pts to 4.294

USA 30 yr bond yield DOWN 4 BASIS PTS to 4.4441%

USA 2 YR BOND: DOWN 4 PTS AT 4.731

USA dollar index: 104.21 UP 16 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 32.25 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 88.76 UP 0 AND 3//100 roubles

GOLD 2,353.40 3:30 PM

SILVER: 29,99 3;30 PM

DOW JONES INDUSTRIAL AVERAGE: UP 96.10 PTS OR 0.25 %

NASDAQ UP 378.25 PTS OR 2.03 %

VOLATILITY INDEX: 12.77 UP .38 PTS OR 1.44%

GLD: $217.82 UP 2.55 OR 1.18%

SLV/ $27.40 UP . OR 3.12%

end

USA AFFAIRS

TODAY’S TRADING IN GRAPH FORM

MORNING TRADING//

AFTERNOON TRADING/FOMC MINUTES

II USA DATA

If the private ADP payrolls is bad, then the payroll numbers will be really bad on Friday. ADP is always very bullish even in bad times

(ADP)

ADP Payrolls Unexpectedly Tumble To Lowest Since January As Wage Growth Continues Slowing

WEDNESDAY, JUN 05, 2024 – 09:06 AM

Extending the recent trend of unexpectedly weak labor market indicators, moments ago ADP reported that in May, the US added just 152K Private Payrolls, a 36K drop from the March (downward revised) number of 188K (originally 192K) to the lowest number since the 111K reported in January…

… and far below the median consensus of 175k.

Under the hood, unlike last month when practically everything was solid, there were multiple weak spots, with manufacturing and mining jobs seeing a sharp drop in jobs in the goods-producing category, coupled with further job losses in highly paid information and professional services. Meanwhile, the biggest gains were once again in the lowest paid education/health services. Additionally, there were job losses in the Pacific West and among small companies (between 20 and 49 workers).

Confirming the slowdown, ADP’s chief economist Nela Richardson, said that “Job gains and pay growth are slowing going into the second half of the year,” adding that “the labor market is solid, but we’re monitoring notable pockets of weakness tied to both producers and consumers.”

Wage growth continue to slow for Job-Changers, who saw a 7.8% increase in pay in May, down from 8.0% in April, while Job-Stayers’ wage growth remained unchanged at 5.00% for the 3rd month.

Finally, as a reminder ADP headline data had under-estmated the BLS magical print for eight straight months until today’s report saw a modest beat, which comes two days ahead of Friday’s BLS data.

And as we now wait for Friday’s jobs report and next week’s FOMC decision and Powell presser, the market’s reaction was an extension of the dovish sentiment observed, which sent yields to session lows just above 4.30%, which is odd since there has traditionally been very little signaling power from ADP for Friday’s more significant nonfarm payrolls number. And yet the market is starting to think that Friday we get a big downside surprise, one which may put September or even July rate cuts back on the table

end

this number is quite surprising given that ISM manufacturing tumbled. Service ISM was a 4 sigma beat

(zerohedge)

Services ISM Unexpectedly Surges Out Of Contraction, Prints At 53.8, Above All Estimates

WEDNESDAY, JUN 05, 2024 – 10:24 AM

After the Manufacturing ISM unexpectedly tumbled to the lowest level since February (led by a collapse in New Orders which tumbled at the fastest rate since Dec 2023), markets were expecting today’s Services ISM to come in well below estimates and to be generally ugly. And, as always happens, when Wall Street expects something, the opposite happens and moments ago the Institute for Supply Management reported that the May ISM Services index unexpectedly jumped from a contractionary print of 49.4 in April to a 53.8 in May, which was not only the highest print since August 2023…

… but was also above the highest Wall Street estimate of 52.5 (from Dai-Ichi) and was a 4-sigma beat to the median estimate of 51.0.

What is perhaps more important is that unlike the Manucaturing ISM print which saw New Orders collapse to 45.4 and prompted rumbling of a recession, the ISM Service New Orders actually jumped to 54.1, from 52.2, pushing the spread between the two New Orders series to 8.7, the widest since last October.

Also of note, the closely watched Employment and Prices Paid indexes also moved in the right direction: Prices Paid dipped from 59.2 to 58.1, below the 59.0 expected (meaning less latent inflation),and further away from stagflationary territory while Employment remained contractionary but rebounded from last month’s 45.9 print to 47.1 (if just below the 47.2 exp).

Here is the full breakdown:

Commenting on the report, Anthony Nieves, Chair of the ISM, said the following: “In May, the Services PMI registered 53.8 percent, 4.4 percentage points higher than April’s reading of 49.4 percent. The contraction in April ended a string of 15 months of services sector growth following a composite index reading of 49 percent in December 2022; the last contraction before that was in May 2020 (45.4 percent). The Business Activity Index registered 61.2 percent in May, which is 10.3 percentage points higher than the 50.9 percent recorded in April. The New Orders Index expanded in May for the 17th consecutive month after contracting in December 2022 for the first time since May 2020; the figure of 54.1 percent is 1.9 percentage points higher than the April reading of 52.2 percent. The Employment Index contracted for the fifth time in six months, though at a slower rate in May with a reading of 47.1 percent, a 1.2-percentage point increase compared to the 45.9 percent recorded in April.

“The Supplier Deliveries Index registered 52.7 percent, 4.2 percentage points higher than the 48.5 percent recorded in April. The index went into expansion territory — indicating slower supplier delivery performance — in May for the first time since January.”

Nieves concluded “The increase in the composite index in May is a result of notably higher business activity, faster new orders growth, slower supplier deliveries and despite the continued contraction in employment. Survey respondents indicated that overall business is increasing, with growth rates continuing to vary by company and industry. Employment challenges remain, primarily attributed to difficulties in backfilling positions and controlling labor expenses. The majority of respondents indicate that inflation and the current interest rates are an impediment to improving business conditions.”

While not nearly as candid and open as the Dallas Fed Survey respondents, comments from ISM respondents were not as promising as the data suggests. People are worrying about tariffs, high interest rates and the upcoming US election.

“The last month has brought a level of stability not seen is some time. Recent news of the Biden administration’s tariff actions is of high concern on disruption, with little information on the exclusion process when it comes to which materials and products will actually be impacted.” [Accommodation & Food Services]
“Higher interest rates are reducing capital investment and slowing down major facility upgrades.” [Agriculture, Forestry, Fishing & Hunting]
“Residential construction continues to struggle, with high mortgage rates on the for-sale side. Higher interest rates are driving up the cost of capital and making ‘build to rent’ projects harder to pencil. Building season is getting into full swing, but higher lumber prices — especially oriented strand board (OSB) panels — have pinched margins.” [Construction]
“Some items continue to be hard to keep at proper levels in inventory: syringes, sterile water and normal saline. Some paper towels for dispensers are even being back-ordered.” [Health Care & Social Assistance]
“Companies in most industries continue to be deliberate with employee and nonemployee labor hiring decisions. Concerns about the upcoming election loom large, as well as uncertainty around the current economic climate, particularly inflation.” [Management of Companies & Support Services]
“General uncertainty regarding the U.S. Federal Reserve’s position on future interest rates and the current political environment is affecting consumer sentiment.” [Professional, Scientific & Technical Services]
“Continuing apprehension regarding construction contractors’ capacity and increasing price of projects. Often, bid prices are exceeding engineer and budget estimates.” [Public Administration]
“Slowdown in economy being felt.” [Retail Trade]
“In general, business has been steady. Hiring is slowing and prices are slightly climbing.” [Transportation & Warehousing]
“We are making adjustments to our employment level, capital investing strategies, and managing borrowed debt to achieve our 2024 financial goals.” [Utilities]
“High food costs having an impact on customer demand and resulting in flat business overall. Business activity stable. Supplier costs continue to soften.” [Wholesale Trade]

In kneejerk response, US 2y yield is rising slightly 1bp after the data (I would expect a bigger move), EURUSD is down about 0.1%, while the USDJPY surged to 156.40, with the yen dropping as much as 1% against the dollar as the market is once again whiplashed in its rate cut expectations.

III USA ECONOMIC COMMENTARIES

THIS is a huge problem for the USA and they do not know how to solve this!

(Moran/EpochTimes)

Number Of ‘Problem Banks’ Climbs In 1st Quarter, New FDIC Report Finds

WEDNESDAY, JUN 05, 2024 – 10:50 AM

Authored by Andrew Moran via The Epoch Times,

It has been more than a year since the regional banking crisis exposed vulnerabilities in the financial system. A new Federal Deposit Insurance Corporation (FDIC) report discovered that the banking sector is still grappling with ballooning unrealized losses, a high number of “problem” banks, and various challenges that could worsen from high inflation and interest rates.

The U.S. financial regulator released the findings of the “FDIC Quarterly Banking Profile First Quarter 2024” report on May 29. Officials confirmed that unrealized losses on available-for-sale and held-to-maturity securities rose by $39 billion to $517 billion. This, the report noted, represented the ninth consecutive quarter of “unusually high unrealized losses” since the Federal Reserve started raising interest rates in March 2022.

An increase in unrealized losses on residential mortgage-backed securities accounted for most of the January-March jump.

The FDIC report further revealed that the number of problem banks totaled 63 in the first quarter, up from 52 in the fourth quarter of 2023. They represented 1.4 percent of total U.S. banks, “which was within the normal range for non-crisis periods of one or two percent of all banks.”

These banks appeared on the “Problem Bank List” because they contained a CAMELS (Capital adequacy, Assets, Management capability, Earnings, Liquidity, Sensitivity) composite rating of “4” or “5.”

CAMELS is the FDIC’s 1-5 rating system, which assesses a financial institution’s performance, risk management practices, and degree of supervisory concern.

Despite the banking system’s “resilience” in the first three months of 2024, the FDIC warned that the finance industry “still faces significant downside risks” from high inflation, geopolitical uncertainty, and volatility in market interest rates.

“These issues could cause credit quality, earnings, and liquidity challenges for the industry,” the report stated. “In addition, deterioration in certain loan portfolios, particularly office properties and credit card loans, continues to warrant monitoring.”

More Turbulence Ahead, Experts Warn

U.S. officials, be it at the Federal Reserve or the Treasury Department, have repeatedly assured the public that the banking system is safe, sound, resilient, and highly liquid.

However, a wave of reports suggests that there could be more turbulence ahead, especially concerning commercial real estate (CRE).

New data analysis from Florida Atlantic University discovered that 67 U.S. banks are at a high risk of failure due to their exposure to CRE.

The more than five dozen entities possess exposure to CRE greater than 300 percent of their total equity, the study found.

“This is a very serious development for our banking system as commercial real estate loans are repricing in a high interest-rate environment,” said Rebel Cole, Ph.D., a Lynn Eminent Scholar Chaired Professor of Finance at Florida Atlantic University’s College of Business.

“With commercial properties selling at serious discounts in the current market, banks eventually are going to be forced by regulators to write down those exposures.”

Another study found that large U.S. banks might have more CRE exposure than financial regulators think because of credit lines and term loans given to real estate investment trusts (REITs).

Commercial real estate properties sit on the market in Costa Mesa, Calif., on April 9, 2021. (John Fredricks/The Epoch Times)

Researchers, including former Reserve Bank of India’s deputy governor, Viral Acharya, purported that big banks’ CRE lending exposure balloons by approximately 40 percent when indirect lending to REITs is factored in.

In February, the Mortgage Bankers Association (MBA) projected that 20 percent, or $929 billion, of the $4.7 trillion outstanding commercial mortgages held by investors and lenders will mature this year. This is a 28 percent increase from the $729 billion that matured in 2023.

“The lack of transactions and other activity last year, coupled with built-in extension options and lender and servicer flexibility, has meant that many loans that were set to mature in 2023 have been extended or otherwise modified and will now mature in 2024, 2026, 2028 or in other coming years,” Jamie Woodwell, head of commercial real estate research at MBA, said. “These extensions and modifications have pushed the amount of CRE mortgages maturing this year from $659 billion to $929 billion.”

Fitch Ratings analysts asserted in March that “current trends in office property values suggest further declines” that mirror what occurred during the global financial crisis.

The Federal Reserve’s Bank Term Funding Program, an emergency lending facility for financial institutions facing fiscal pressures launched in the fallout of the regional banking meltdown, expired in March.

State of Deposits

While total commercial bank deposits are still below the April 2022 all-time high of $18.2 trillion, they have been steadily climbing since the Silicon Valley Bank and Signature Bank failures, totaling roughly $17.6 trillion.

Deposits at large commercial banks were $10.84 trillion in April 2023. By comparison, deposits at small domestic chartered commercial banks are at a record high of $5.402 trillion.

In recent years, there has been a notable trend of deposit concentration as the five biggest banks control about one-third of all U.S. deposits. JPMorgan Chase leads the industry.

According to a Securities and Exchange Commission (SEC) filing, the bank has roughly 14 percent of all U.S. deposits, totaling $2.4 trillion.

The total number of FDIC-insured commercial banks has been steadily declining since the 1984 peak of 14,469.

In 2023, FDIC data show there were 4,036 banks as more institutions have merged over the years.

Student Debt Cancellation Is Extremely Unfair – Here Are 10 Reasons Why…

TUESDAY, JUN 04, 2024 – 10:50 PM

Authored by Mike Shedlock via MishTalk.com,

A recent Tweet by Elizabeth Warren and a short rebuttal to her inspired this post. Let’s take a look at the Tweet and my 10 reasons.

Deeply Unfair

Michelle Tandler

@michelletandler

There is something about this “cancel” student debt bill that just feels *deeply* unfair to me. Why have taxes from plumbers & electricians go towards paying the unpaid bills of college & masters grads? I wish we were building a safety net for ppl in poverty with the $167B.

Thanks to the Biden-Harris administration approving $167 billion of student debt cancellation, 4.75 million Americans can keep money in their pockets to save up for a home, or save for retirement, or start a family. That’s life-changing. And more relief is on the way.

4:47 PM · May 28, 2024

234.4K Views

https://twitter.com/michelletandler/status/179555751928209416

10 Reasons Why Student Debt Cancellation is Unfair

It is unfair to those who sacrificed to pay off their student loans and it’s unfair to those who foot the bill.
It is an upward transfer of wealth. The plumber pays for someone else’s college education.
It encourages going to college when there might be better choices such as learning a trade. And It creates incentive to take on new student loans.
It is blatant election year bribe to college students and college graduates.
It creates creates a moral hazard for college administrators to sell useless degrees creating another overhang of new student debt.
It creates a moral hazard for students who might feel that their debt should be forgiven in the future
It subsidizes poor decision-making such as majoring in useless degrees including gender studies, anthropology, archeology, art history, music, culinary arts, fashion design, philosophy, etc.
The president has no power to forgive student loans. Doing so creates another precedent for presidential rule by decree. This is too big a financial decision not to involve Congress. The current student loan program was authorized by Congress and contains no such authority to the president.
Biden is openly flouting the Supreme court, another dangerous precedent.
Free money is highly inflationary.

Laughable Explanations to Difficult Question

Everything this president does is inflationary. Yet, Biden and economists refuse to admit this.

January 11, 2024: Is Inflation Down? That’s What President Biden Says

February 20, 2024: The CBO Revised the Cost of Biden’s Energy Policies Up by $466 Billion

April 12, 2024: How the Inflation Reduction Act Failed to Reduced Electricity Costs in Pictures

May 11, 2024: What’s the Inflation Rate Under Biden vs 7 Previous Presidents?

Any Questions?

Addendum

I left out a key point.

As a Senator Biden sponsored a law that made it so student debt could not be discharged in bankruptcy.

Then he was buying donations from the big banks who run their credit card operations out of Delaware.

Now he is buying votes.

END

the apartment construction boom is over

(zerohedge)

The Apartment Construction Boom Ends, Major Economic Impact Ahead

TUESDAY, JUN 04, 2024 – 07:30 PM

By Mish Shedlock of Mishtalk

Interest rates are too high for many projects to start. Some started projects are in trouble. Let’s discuss the ramifications.

The Wall Street Journal reports Developers Sit on Empty Lots After Historic Apartment Boom

During the biggest apartment construction boom in decades, a growing number of developers can’t make the numbers work to get started on their project, or can’t get the money to complete them. Higher interest rates, tighter lending conditions and flattening rents in parts of the country have left property companies from California to Florida waiting for financing that might not come soon.

The amount of time the average apartment project spends between construction authorization and when construction begins has risen to nearly 500 days, a 45% increase from 2019, according to property data firm Yardi Matrix.

“We certainly are seeing a decline in construction,” said Robert Dietz, chief economist at the National Association of Home Builders. “Deals and financing have dried up.”

Some decline was inevitable. About half a million new apartments opened in 2023, the most in 40 years. Based on what is already under construction, analysts expect a similar number to be completed in 2024.

But banks have other issues that keep them from lending as much to apartment builders this year. Many regional banks are souring on the commercial real-estate loans already on their books.

“Their current portfolios are getting marked down and they don’t have that much to lend,” said David Frosh, chief executive of Fidelity Bancorp Funding, a California real-estate lender.

That means developers need to raise more cash from investors to build. But many investors are more cautious today, as rent growth flattens and new projects look less profitable at today’s higher interest rates and construction costs.

“The numbers don’t add up,” Frosh said.

Housing Starts vs Completions Looks Ominous for the Economy

On May 16, 2024, I commented Housing Starts vs Completions Looks Ominous for the Economy

Housing completions have surpassed housing starts. History suggests bad things follow. But what’s happening this time?

Starts Minus Completions

Whether it’s all completions or just multi-family that matters the most, it doesn’t look very good either way.

Economic Ramifications

Slowdown in construction employment.
Slowdown in loans.
Writeoffs on struggling projects. The WSJ mentioned several. There will be many.
Apartment construction loans will add to the misery of regional banks suffering on commercial real estate loans.
Huge slowdown in durable goods needs coming up: Appliances, furniture, light fixtures, etc.

This is happening as a major slowdown in EVs is also underway.

ISM Manufacturing New Orders and Backlogs in Steep Contraction

Yesterday, I noted ISM Manufacturing New Orders and Backlogs in Steep Contraction

The Manufacturing ISM was in contraction for 16 months went positive for a month and is contracting again for two months with order backlogs falling for 20 months.

Order backlogs have plunged. New orders are sinking. This will impact employment. The economy is now struggling on multiple fronts simultaneously.

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

END

Shantytowns now springing up in large numbers

(zerohedge)

During The Great Depression They Were Called “Hoovervilles”, But Today America’s Shantytowns Are Called…

WEDNESDAY, JUN 05, 2024 – 07:20 AM

Authored by Michael Snyder via The Economic Collapse blog,

To those at the bottom of America’s economic pyramid, it feels like the economy has already collapsed.

When you can’t afford to put a roof over your head and you barely have enough food to eat, nothing else really matters.

During the Great Depression of the 1930s, millions of homeless Americans created large shantytowns known as “Hoovervilles” all over America.

Unfortunately, we are witnessing the same thing today. Our homeless population is rapidly exploding, and those that have nowhere to live are creating shelters for themselves out of wood, cardboard boxes, tents, tarps, construction materials and whatever else they can find. In some cases, very large shantytown communities are being established, and they are primarily populated by our young adults…

During the Great Depression (1929 to 1933), 48 percent of the nation was homeless, living with relatives or in “shantytowns,” “Hoovervilles.” Today, between 47 and 52 percent of young adults are homeless, living with parents or shelters, a direct result of Biden’s radical overspending, energy and immigration policies, inflation, and high interest, turning America into a giant “Bidenville.”

One “Bidenville” that has been getting a lot of attention recently is located in Oakland, California.

A video of that “Bidenville” that was posted on social media on May 31st shows “massive temporary houses built along service roads”…

Shocking footage has emerged showing a gigantic ‘shantytown’ that has sprung up in Oakland, as the California city’s slide into crime-ravaged squalor continues.

Michael Oxford, the host of CaliBased, posted a video on May 31 of massive temporary houses built along service roads that open up into main roads in Hooverville, Oakland.

The footage showed trash strewn around scores of houses that were built of wood, tarp and other discarded materials.

I write about this stuff all the time, but it is still hard to believe that so many people are living in third world conditions in the United States of America in 2024.

Parts of Oakland are worse than a third world country. They just allow people to live in absolute squalor, wherever they choose. This looks like Hooverville during the great depression. Welcome to Oakland’s very own Gavinville.

8:01 PM · May 31, 2024

29.4K Views

https://twitter.com/SCMountainGoat/status/179669349013252098

The man that shot the video, Michael Oxford, used the term “absolute squalor” to describe the conditions that he witnessed…

Particularly shocking was just how large the ‘shantytown’ is, with a lengthy stretch of road in the Bay Area city covered with the makeshift dwellings.

Oxford could be heard calling the area a ‘shantytown’ that is ‘absolutely mindboggling,’ as he remarked how ‘insane it is that [city officials] allow this.’

He captioned the video, ‘Parts of Oakland are worse than a third world country. They just allow people to live in absolute squalor, wherever they choose.

If you live in “wealthy America”, you may never even drive into areas where people are living like this.

Your reality may be filled with tree-lined streets and rich people sipping coffee.

But in the worst areas of Oakland, the lawlessness never ends.

In fact, authorities in Oakland recently removed traffic lights at one major intersection and replaced them with stop signs because thieves were constantly stealing copper wire from the electrical boxes…

The city of Oakland recently removed traffic lights from one busy intersection and replaced them with stop signs after the electrical boxes that controlled the traffic lights were repeatedly tampered with and copper from them was stolen.

Local residents and those who own businesses in the area say the issue with the traffic lights stems from the nearby homeless encampment, which has grown over the years.

The owner of a vehicle repair shop on the corner of the intersection, Tam Le, said the city is signaling that it is ‘giving up on us,’ by installing the stop signs.

If you want someone to blame for this mess, you can blame the politicians in Washington.

Thanks to the horrific inflation that they have created, approximately a quarter of the population in California is either living in poverty or is very close to living in poverty…

Biden needn’t worry about losing California to Trump, but it has one of the nation’s highest rates of inflation, according to Moody’s Analytics, worsening its already outlandishly high costs of housing and other living expenses. It’s the biggest factor in California having the highest level of functional poverty of any state, 13.2% according to the U.S. Census Bureau, about 50% higher than the national rate.

The Public Policy Institute of California, using similar statistical methodology, has found that a quarter of Californians are either living in poverty or financially close. More recently, the PPIC has explored the impact of inflation, especially on California families which struggle to pay for housing, food and other necessities.

Sadly, this is just the beginning, because our economy is going downhill really fast.

In May, pending home sales plunged to a depressingly low level…

Well, the analysts had the direction right but magnitude was way off as pending home sales plunged 7.7% MoM – the biggest drop since Feb 2021 (and below the lowest estimate), leaving sales down 0.7% YoY…

This is the 29th straight month of YoY declines for non-seasonally-adjusted pending home sales.

This MoM decline pushed the Pending Home Sales Index back to record lows…

Meanwhile, Zero Hedge reported that the Chicago PMI index fell so low in May that it suggested that “the economy is in a depression”…

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.

I would agree with that assessment.

Things are getting really bad out there.

To top everything off, in May the Dallas Fed Services Sector survey was in contraction territory for the 24th month in a row…

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

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

But if you live in “wealthy America”, you may not care about these numbers because you still live in a nice home and you still have plenty of nice things.

Unfortunately, the number of people that can afford to live in “wealthy America” is shrinking with each passing day.

And the gap between the wealthy and the rest of us just continues to get larger and larger.

Ultimately, the stage is being set for a societal meltdown of absolutely epic proportions.

The bottom 50 percent of the population only owns just 2.6 percent of all the wealth, and they are becoming very restless.

When people have nothing left to lose, they become very desperate, and very desperate people do very desperate things.

* * *

Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

iiiC USA COVID //VACCINE ISSUES

Fauci is going to be charged with orchestrating this massive crime on humanity

(Watson/Modernity News)

This Guy Encapsulates How Everyone Feels When Fauci Complains About Being Harassed

TUESDAY, JUN 04, 2024 – 06:40 PM

Authored by Steve Watson via modernity.news,

Anthony Fauci got the verbal smacking of his life in Congress Monday from several GOP representatives on the COVID Select Subcommittee, but there was one guy who out did them all with some epic trolling while sitting directly behind him.

Brandon Fellows encapsulated how everyone else reacted when Fauci began complaining about the harassment he has received by letters, email and texts for his role and actions during the pandemic.

Fauci claimed he has received “credible death threats” and that they increase every time someone claims he is responsible for the death of people all over the world.

He also claimed that it requires him to have “protective services.”

While Fauci complained, Fellows pulled ‘boo boo’ faces behind him.

Watch:

NEW: Dr. Fauci breaks down into tears discussing personal death threats. He says, “Every time someone gets up and says, I’m responsible for the death of people throughout the world, the death threats go up.” REP DINGELL: How do you feel? FAUCI: “Terrible.” REP DINGELL: “Do you continue to receive threats today?” FAUCI: “Yes, I do. Every time someone gets up and says, I’m responsible for the death of people throughout the world, the death threats go up.”

0:05 / 1:14

12:06 PM · Jun 3, 2024

6.4M Views

https://x.com/VigilantFox/status/1797661236231803020

Fellows sat for some time behind Fauci before he was asked to leave the hearing, prompting Fellows to tell Fauci that he belongs in prison.

Fellows subsequently posted about the incident on Facebook:

It turns out that Fellows was convicted earlier this year to three years in prison for entering the Capitol on January 6, 2021, and was on supervised release.

This made leftists freak out even more.

Fauci himself addressed Fellows’ presence at the hearing during a softball fawning interview with CNN host Kaitlin Collins. Fauci exclaimed “What’s somebody like that doing at a hearing about COVID?”

He also complained about the “vitriol” directed his way during the hearing, particularly from Rep. Majorie Taylor Greene, which we highlighted earlier.

https://youtube.com/watch?v=KxwcdiX9dPI%3Fsi%3DkyRewMkY4dwSRIxY

During the hearing, Fauci was also subjected to a six minute berating by former White House physician Dr. Ronny Jackson.

he fall of Fauci. Covid-19 is officially exposed as a US Govt project. A virus engineered by US scientists using a bio lab in China for cover. The biggest crime against humanity killed more victims than the Nazi holocaust against the Jews. Demand Justice.

From

Mario Nawfal

2:33 PM · Jun 3, 2024

7M Views

The fall of Fauci. Covid-19 is officially exposed as a US Govt project. A virus engineered by US scientists using a bio lab in China for cover. The biggest crime against humanity killed more victims than the Nazi holocaust against the Jews. Demand Justice. pic.twitter.com/xsFdNQiR0F
— Kim Dotcom (@KimDotcom) June 3, 2024

The verbal lectures didn’t deter Fauci from declaring that the unvaccinated are “responsible” for an “additional 200,000 to 300,000 deaths” from COVID in the U.S.

Fauci is still on with this garbage! He says the unvaccinated were responsible for 200,000 – 300,000 additional COVID deaths. This is patently insane on many levels but it’s pure DC swamp creature behavior. He’s continuing the coverup rather than telling Americans the truth. His lies about the vax, his obfuscation, his enabling for gain of function snakes like Peter Daszak, his advocating for masks, lockdowns, and school closures contributed to the deaths and injuries of more Americans than any singular individual in American history. What an absolute criminal.

Last edited12:51 PM · Jun 3, 2024

590K Views

Fauci is still on with this garbage! He says the unvaccinated were responsible for 200,000 – 300,000 additional COVID deaths. This is patently insane on many levels but it's pure DC swamp creature behavior. He's continuing the coverup rather than telling Americans the truth. His… pic.twitter.com/0PO91VWd0r
— Charlie Kirk (@charliekirk11) June 3, 2024

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VICTOR DAVIS HANSON OR NEWT GINGRICH

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SWAMP NEWS

Plurality Of Americans Believe Trump Trial Was Politically Motivated; New Poll Finds

WEDNESDAY, JUN 05, 2024 – 08:30 AM

Authored by Eric Lundrum via American Greatness,

A new poll shows that a sizable plurality of the American people believe that the New York trial of former President Donald Trump was a politically-motivated show trial.

As the Daily Caller reports, the ABC News/Ipsos poll shows that 47% of Americans believe the trial was indeed a political hit job, while 38% say that the trial was legitimate and fair.

On the question of the “guilty” verdict, 50% of respondents believe the verdict was correct; by contrast, just 27% believe the verdict was wrong, while the remaining 23% said they “don’t know” what to believe with regards to the verdict.

Among those who claimed to have followed the case closely, 55% say the verdict was correct while 35% say it was incorrect; another 8% said they “don’t know.”

After the verdict was announced, 49% of respondents said that Trump should end his campaign for re-election.

Among partisan lines, just 16% of Republicans said Trump should drop out while 75% want him to continue his candidacy. Among Democrats, 79% want Trump to drop out now, while 52% of independents say the same thing.

The same poll also showed that the trial and its outcome have had virtually no effect on Trump’s approval ratings, and may have even led to a slight increase. While the former president had a 29% favorability in March, his favorability currently sits at 31%. Biden’s favorability is at 32%, a slight decrease from 33% in March.

The poll featured a sample size of 781 American adults, and was conducted from May 31st to June 1st. The margin of error is 3.7%.

end

BALTIMORE

only in America….

(zerohedge)

“This Is Horrifying”: Baltimore County Releases Illegal Alien Sex Offender, Defying DHS’ Detainer Request

TUESDAY, JUN 04, 2024 – 09:35 PM

Local media outlet Fox 45 News revealed a convicted sex offender and illegal alien was released by Baltimore County officials, blatantly ignoring the federal government’s request to keep the criminal in jail. This stunning act of defiance in the progressive-controlled Baltimore metro area raises serious questions about their commitment to public safety, upholding law and order, and adherence to the federal government.

Fox 45 spoke with the US Department of Homeland Security about 25-year-old Raul Calderon-Interiano, who was convicted of a fourth-degree sex offense and second-degree assault in April by a Baltimore County judge.

The illegal alien was sentenced to six years in prison, but the judge suspended all of his prison time.

Despite federal immigration officials filing a “detainer” for the officials in the county to keep the illegal alien in custody, the Baltimore County Detention Center released him anyway after his prison sentence was suspended.

US Immigration and Customs Enforcement (ICE) told Fox 45 News in a statement, “Calderon-Interiano will remain in ICE custody pending his removal from the United States.”

A separate Fox 45 investigation found that Baltimore County officials regularly ignore detainer requests from the federal government to keep illegal aliens in custody.

ICE data shows the county ignored about 70% of detainers in 2023.

Del. Nino Mangione, R-Baltimore County, responded to the Fox 45 report, saying, “This is a horrifying, disgusting and outrageous story about how flawed our immigration system is.”

Mangione continued:

“This is yet another example of a question being asked too often, why in the hell is a person like this in our county and how did they get into our country to begin with? And the irresponsible action of the Office of Refugee Resettlement is mind blowing to me.

“What we need at ICE is an Office of Immediate and Permanent Deportation to remove these people from our country permanently.

“We have a liberal Democrat crisis that has been created by those who have no respect for the rule of law, border security, human decency, or the safety and security of American citizens. Yet, the Democrats sit on their hands, make excuses, and do nothing year after year.

This is their fault and their fault alone!”

There is absolutely no logical reason for the progressive county to let this illegal alien. Not one.

END

Dershowitz: Trump Could Fast-Track His Appeal To Supreme Court

TUESDAY, JUN 04, 2024 – 07:05 PM

Retired Harvard Law Professor and Jeffrey Epstein’s former attorney Alan Dershowitz thinks that former President Trump has a path to expedite his conviction to the US Supreme Court before the November presidential election.

Trump was found guilty of 34 counts of falsifying business records in order to conceal ‘hush money’ payments to porn star Stormy Daniels before the 2016 presidential election.

In a Friday interview with Megyn Kelly, Dershowitz suggested that Trump’s legal team should immediately push to get their appeal heard before the New York Court of Appeals, asking them to bypass the Appellate Division – which, Dershowitz suggested, are elected and more likely to work against Trump.

“The Appellate Division or Manhattan judges are elected and they don’t want to have to face their families and say you were the judge who allowed Trump to become the next President of the United States. They don’t want to be Dershowitz’ed,” he said, referring to the fact that he defended Trump during his first impeachment trial in the Senate.

“They don’t want to be treated in New York, the way I have been treated in Martha’s Vineyard and Harvard and New York because I defended Donald Trump, so they should skip the Appellate Division.”

https://youtube.com/watch?v=EuRw6aanFTk%3Fsi%3DReyuj0kyE5F0bf9x

And so, to avoid the politicized Appellate Division, Trump’s attorneys should ask the Court of Appeals for an expedited appeal while preparing to argue in front of the US Supreme Court that the Manhattan case was rushed to try and get a verdict before the election.

Dershowitz further suggested that the Supreme Court has an obligation to review the case before the election so that the American public has resolution.

As Tom Ozimek of the Epoch Times notes further, Dershowitz has in the past accused Manhattan District Attorney Alvin Bragg of unfairly building the case against the former president by using a novel legal theory to elevate misdemeanor business falsification charges into a felony by alleging that the records fraud was carried out to conceal an underlying crime. In the Trump case, the underlying crime that was alleged was seeking to interfere in the 2016 election by using non-disclosure agreements to prevent unfavorable media coverage about an alleged affair with adult film actress Stormy Daniels that the former president has denied.

Mr. Dershowitz said that Trump attorneys should consider supporting their petition to the New York Court of Appeals by highlighting two issues, with the first relating to the fact that the state’s highest court recently reversed Harvey Weinstein’s rape conviction because the trial judge prejudicially allowed testimony on allegations unrelated to the case.

The retired law professor alleged that Judge Juan Merchan “improperly” allowed irrelevant salacious details of President Trump’s alleged tryst with Ms. Daniels to be admitted into the record, while also raising the so-called “missing witness” issue.

The second point that Mr. Dershowitz said would bolster a petition for an expedited review to the New York Court of Appeals is that the judge allegedly didn’t instruct the jury properly on why prosecutors didn’t call former Trump Organization CFO Alan Weisselberg to testify in the case. The judge was open to having Mr. Weisselberg testify but the prosecution didn’t call him, framing him as an unreliable witness due to earlier perjury charges in an unrelated case, while the defense also didn’t call him, citing the fact that prosecutors had undermined his credibility.

Mr. Dershowitz argued that failure to call Mr. Weisselberg left a hole in proving the case because it was expected that his testimony would have undermined some of the claims from another witness, former Trump attorney Michael Cohen, who testified against the former president.

“Number two, I think would be the failure to give an instruction on the missing witness,” Mr. Dershowitz said. “The way the judge and the prosecution handled Allen Weisselberg really denied the defendant the right to a presumption that the only reason he wasn’t called was because he would not have corroborated the very important testimony, lying testimony of Michael Cohen.”

Mr. Dershowitz said those two issues are what Trump attorneys should highlight in their request for an expedited appeal.

“This is a winnable appeal,” he insisted.

The Epoch Times was unable to reach Trump counsel for comment on Mr. Dershowitz’s remarks.

The guilty verdict made President Trump the first former president in U.S. history to be convicted of a crime.

Other Legal Experts Weigh In

Hans von Spakovsky, senior legal fellow at The Heritage Foundation’s Edwin Meese III Center for Legal and Judicial Studies, told The Epoch Times that he shares frustration expressed by critics of the verdict, including the House speaker, at what he described as an obvious “miscarriage of justice.”

Mr. von Spakovsky said that the prospect of the Supreme Court getting before the appeals process plays out in New York state courts is not realistic.

“There are certainly issues that give the Supreme Court jurisdiction over the state court conviction, given the fundamental violation of Donald Trump’s substantive due process rights under the U.S. Constitution in the way the trial judge and prosecution mishandled the case,” he said. “But I don’t believe the Supreme Court will take the case until the state appeals process is exhausted.”

Jonathan Emord, a constitutional law and litigation expert, told The Epoch Times that he believes that the trial violated President Trump’s due process rights and was “riddled with bias” but that he, too, sees little hope for Supreme Court intervention until the New York Court of Appeals has weighed in.

“The fact of the matter is that a trial violated President Trump’s due process rights and was riddled with bias, evidentiary rulings that deprive him of a full and fair opportunity to present his case,” he said.

“On the merits, there really is no foundation for a legal basis for decision because it’s a novel theory of law that’s been applied,” Mr. Emord said of the way the case was brought by Mr. Bragg.

Asked why Mr. Johnson suggested that the Supreme Court should step in at an earlier-than-normal stage of the appeals process, Mr. Emord suggested it’s because of “exceptional circumstances.”

“He’s arguing that there are exceptional circumstances that would warrant the Supreme Court to intervene and while there certainly are exceptional circumstances, I suspect that the Supreme Court would not intervene in the first instance, but would allow an appellate court in New York to issue a determination,” he said.

Short of a successful appeal, President Trump could now be facing such penalties as jail time, probation, or fines.

Sentencing in the case has been set for July 11, just four days before the Republican National Convention where President Trump will be formally designated as the Republican presidential nominee.

While there are no laws barring President Trump from running for the White House as a convicted felon, an overturned verdict before Election Day would likely boost his chances of victory.

KING REPORT

The King Report June 4, 2024 Issue 7257

Independent View of the News

FDIC Quarterly Banking Profile First Quarter 2024
The number of banks on the Problem Bank List, those with a CAMELS composite rating of “4” or “5,” increased from 52 in fourth quarter 2023 to 63 in first quarter 2024…
    Unrealized losses on available-for-sale and held-to-maturity securities increased by $39 billion to $517 billion in the first quarter. Higher unrealized losses on residential mortgage-backed securities, resulting from higher mortgage rates in the first quarter, drove the overall increase. This is the ninth straight quarter of unusually high unrealized losses since the Federal Reserve began to raise interest rates in first quarter 2022… https://www.fdic.gov/news/speeches/fdic-quarterly-banking-profile-first-quarter-2024

U.S. Diesel Demand Hits 26-Year Seasonal Low Amid Economic Slowdown
According to the US Energy Information Administration (EIA), the product supplied of distillate fuel, essential for trucking, heating, and heavy industry, fell to 3.67 million barrels per day. This figure marks a downward revision from previous estimates, highlighting the severity of the economic deceleration…
     “It’s a function of the slowing economies in Asia and the US, and how inflation is tightening consumer spending habits,” Kissler told Bloomberg…
https://oilprice.com/Latest-Energy-News/World-News/US-Diesel-Demand-Hits-26-Year-Seasonal-Low-Amid-Economic-Slowdown.html

Majority of Middle-Class Americans Say They Struggle Financially
    Majority of people feel financially insecure in survey
    A third of respondents feel ‘extreme stress’ about paying debt
Almost two-thirds of Americans considered middle class said they are facing economic hardship and don’t anticipate a change for the rest of their lives, according to a poll commissioned by the National True Cost of Living Coalition…
https://www.bloomberg.com/news/articles/2024-06-04/two-thirds-of-middle-class-americans-face-hardship-in-poll

Fed president: People would rather have recession than high inflation
Minneapolis Fed chief Neel Kashkari says pain of inflation greater than recession for many workers
    “The American people… really hate high inflation,” Kashkari told the Financial Times podcast “The Economics Show with Soumaya Keynes” last week. “I mean, really, viscerally hate high inflation.”
     “She said to me, ‘Inflation is worse than a recession,’” Kashkari recalled. “That is contrary to conventional economic thinking. And I said, ‘I don’t understand that. How can inflation be worse than a recession? In a recession, you lose your job. Inflation is paying higher prices, [but] you still have a job.'”
    Kashkari said the labor leader told him that her members were used to dealing with recessions, and the way they get through a recession is by relying on friends and family…
    But high inflation affects everybody, she told the Fed president. Meaning, there is no one in her members’ networks that they can lean on for help because everyone they know is experiencing the same thing… “That was a profound comment for me to hear,”… He said that comment led him and the economists at the Minneapolis Fed to debate it a lot because the labor leader “was on to something.”… https://www.foxbusiness.com/economy/fed-president-people-rather-have-recession-than-high-inflation

@Geiger_Capital: Fed President Neel Kashkari just learned that normal Americans prefer a recession over high inflation… “I don’t understand. How can inflation be worse than a recession? In a recession you lose your job. Inflation is paying higher prices, but you still have a job.”  God help us.

ESMs traded sideways, but mostly positive, from the Nikkei opening until they broke down after 2:17 ET. ESMs tumbled, with one moderate rally, until they hit a daily low of 5262.00 at 5 ET.

A methodical rally then commenced that took ESMs to 5298.00 at 10:00 ET. The dump then appeared. The decline was exacerbated by defensive asset allocators. Commodities were down sharply at the time.

After the usual rally for early NYSE trading, ESMs hit a peak of 5298.00 at 10:00 ET. After a sharp decline to 5269.50 at 12:08 ET, a Noon Balloon and the afternoon rally appeared. ESMs hit a daily high of 5312.25 at 14:36 ET. But there is a new dynamic, recession angst, in the market.

So, ESMs sank to 5286.50 at 15:07 ET. The late manipulation took ESMs to 5306.50 at 15:51 ET. ESMs then eased a tad lower into the NYSE close.

USMs hit a daily high of 118 23/32, +25/32, at 10:00 ET. They then sank to 118 4/32 at 10:17 ET. Buyers returned; USMs rallied to 118 28/32 at 13:36 ET. After 13 minutes of trying to break USMs above 188 28/32, traders threw in the towel. USMs fell to 118 17/32 at 14:47 ET.

The DJTA was up sharply in early NYSE trading due to the decline and trend change in oil. After hitting a high of 15,196.92 at 10:17 ET, non-mono factor traders realized that an ebbing economy would do more harm to EPS than reduced energy costs benefits. The DJTA sank to 14,948.81 at 15:07 ET.

Long-time readers might recall that we have opined in the past that the most dangerous environment for stocks occurs in the late stages of a protracted bull market when the economy is rolling over and a significant number of equity traders and investors pour into equities on the notion that the softening economy will induce the Fed to cut rates. We are now in that dynamic. (Similar to DJTA today)

In this environment, stocks get very volatile on the yin/yang of investors selling on recession angst and other buying on expectations of more Fed largesse. The current environment is complicated due to the inflation genie. Also, this dynamic occurs regularly during late spring and summer months.

Positive aspects of previous session
The DJTA rallied moderately; the late manipulation occurred, again.

Negative aspects of previous session
Big negative reversal in the DJTA

Ambiguous aspects of previous session
Bonds rallied and commodities sank on recession angst.
How long can equities rally on recession angst?

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

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5282.59
Previous session S&P 500 Index High/Low: 5298.80, 5257.63

In National IQ Test, Biden Does ‘We Gotta Secure the Border!’ Routine
President Ron Burgundy read what is perhaps the most audacious attempt to trick Americans into believing the exact opposite of reality – namely, that he didn’t cause the border crisis, Republicans are the reason it isn’t fixed, and he’s here to save the day. A national IQ test, if you will…
     Biden: “I’ve come here today to do what the Republican Congress refuses to do: take the necessary steps to secure our border… because Donald Trump told then to do (refuse Biden’s border deal)…”
    The EO would slash asylum claims by roughly two-thirds of where they stand today – and would cap the number of daily encounters at an average of 2,500 crossings per day (or 912k per year), however Biden would allow mass asylum claims to resume once border encounters fall to around 1,500 per day…
https://www.zerohedge.com/political/biden-finally-sign-executive-order-limiting-border-crossings

@HomelandGOP: The exceptions to Biden’s new EO are broad enough to drive a truck through.
They include “any noncitizen who is permitted to enter…based on the totality of the circumstances…”
Look at that list of “circumstances.” They are the same reasons as for CBP One, CHNV, etc.
https://x.com/HomelandGOP/status/1798078127123709995

@RNCResearch: CNN: Immigration and border security went from the 15th most important issue to voters in 2020 — to the second most important issue to voters today. Which is exactly why Biden is faking action on border security. https://x.com/RNCResearch/status/1798070559726817381

WSJ Editorial Board: Who’s Really Prolonging the Gaza War?
Biden blames Israel, but his own policies have dragged out the fighting.
https://www.wsj.com/articles/joe-biden-time-interview-israel-hamas-gaza-benjamin-netanyahu-a600870a

@WallStreetSilv: Why is China selling its US Treasury debt so rapidly and buying up as much Gold as they can? It might make one think they don’t feel safe holding US assets. (Chart at link)
https://x.com/WallStreetSilv/status/1798073191820325333

@sentimentrader: The Risk-Off Composite Model issued a warning, marking its first alert since December 2021 and the 20th occurrence since 1955.  https://x.com/sentimentrader/status/1797978560897958179

Today – Despite the presence of recession angst, the usual suspects will remain extremely bullish on the expectation of an ECB rate cut tomorrow and the hope of a Fed rate cut in July. As we warned above, the volatility in equities should continue, if not increase, due to the yin/yang of recession angst versus Fed rate cut hope & hype – plus markets are thin and will thin further for the summer.

Expected economic data: May ADP Employment Change 175k; May S&P Global US Services PMI 54.8, Composite PMI 54.2; May ISM Services Index 51, Prices Paid 59, Employment 47.2, New Orders 53.2

NQMs are +39.00; ESMs are +7.50; USMs are +1/32 at 20:30 ET. Traders are exceedingly bullish!

S&P Index 50-day MA: 5183; 100-day MA: 5096; 150-day MA: 4923; 200-day MA: 4783
DJIA 50-day MA: 38,822; 100-day MA: 38,696; 150-day MA: 37,775; 200-day MA: 36,824
(Green is positive slope; Red is negative slope)

S&P 500 Index (5291.34 close) – BBG trading model Trender and MACD for key time frames
Monthly: Trender and MACD are positive – a close below 4670.23 triggers a sell signal
Weekly: Trender is positive; MACD is negative – a close below 5071.73 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 positive – a close below 5241.70 triggers a sell signal

Dems in tight races spurn Biden border event
The White House invited all Democratic senators to join Biden at an event announcing the new executive actions. But at least Sens. Jon Tester (D-Mont.), Tammy Baldwin (D-Wisc.), Jacky Rosen (D-Nevada) and Bob Casey (D-Penn.) — all of whom are seeking re-election in battleground states — will not attend…
https://www.axios.com/2024/06/03/dems-in-tight-races-spurn-biden-border-event

@RNCResearch: Biden confused Putin and Xi Jinping in his TIME interview — yikes!
https://x.com/RNCResearch/status/1797998241688289656

When the Time reporter asked The Big Guy is he was too old to run, Joe said, “I can do it better than anyone you know. You’re looking at me; I can take you too…” (Dementia can cause aggressiveness)

@AZachParkinson: In Time interview, Biden – who was in the Senate for nearly half the Cold War and at one point chaired the Foreign Relations Committee – could not remember the name of the Warsaw Pact.

Read the Full Transcript of President Joe Biden’s Interview With TIME
https://time.com/6984968/joe-biden-transcript-2024-interview/

@RNCResearch: Biden’s brain malfunctions in real time (again)
https://x.com/RNCResearch/status/1798133237811675306

Republicans Vow to Scorch the Earth After Trump Conviction
Spurred by the volcanic temper of their base, Republicans are now preparing to scorch the earth in the wake of former President Donald Trump’s conviction, potentially setting off a chain reaction that could fundamentally alter the American political system entirely. No one knows exactly how far they will go in their response… (If Republicans acted instead of just talking, it would be a miraculous change.)
    “The good guys must be as tough as the villains or freedom is doomed,” senior Trump advisor Stephen Miller told RealClearPolitics without offering exact details. Rep. Mike Collins, meanwhile, was explicit. “Time for Red State AGs and DAs to get busy,” the Georgia Republican said Thursday, floating the idea that Republicans should begin using the courts to pursue their political enemies…
https://realclearwire.com/articles/2024/05/31/republicans_vow_to_scorch_the_earth_after_trump_conviction__151038.html

@WSJopinion: The stretching of the law in Trump’s cases will forever taint them as political efforts to keep a candidate out of the White House. It will also create legal precedents that will plague the nation for decades, writes @HASilverglate.  https://www.wsj.com/articles/donald-trump-the-devil-and-thomas-more-justice-rule-of-law-trial-election-f729c40e?mod=e2tw

@JudiciaryGOP: COVER UP? Merrick Garland refuses to say whether his office is coordinating with Alvin Bragg, Fani Willis, and Letitia James. What is he hiding?
https://x.com/JudiciaryGOP/status/1798001885611184179

Former Black Panther Leader Explains Why He Supports Trump For President
He referred to Trump as a “friend to African Americans” and a “decent man” who financially supported his organization…  https://dailycaller.com/2024/06/04/black-panther-leader-david-hilliard-donald-trump-2024/

Chicago leader to stop sharing crime alerts with constituents because they create bad ‘perception’
https://www.foxnews.com/us/blue-city-leader-stop-sharing-crime-alerts-constituents-because-create-bad-perception

Germany’s social order is falling apart
Wherever you go, there seem to be angry political rallies and street protests. The news is full of violent attacks on politicians and activists… Germany has undergone drastic social change over the last few years with mass immigration, Covid and economic uncertainty chipping away at its fragile sense of stability and cohesion. Instead of attempting to ban the symptoms of this shattering of certainties, politicians should be thinking about their causes. What Germany needs right now isn’t moral outrage but level-headed pragmatism.  https://thespectator.com/topic/social-cohesion-falling-germany/

@EdConwaySky: The chart I can’t quite get out of my head is this one: Population-adjusted net migration [UK] since 1855(!). We’ve NEVER seen net migration flows like this before. Whether you put it down to post-Brexit migration rules, post-Covid shifts or something else, it’s an ENORMOUS shift…
https://x.com/EdConwaySky/status/1798005486169837593?t=CFUWgEsBr0ylYBaWvpQV_A
     I’m quite surprised the issue isn’t even bigger this election. Perhaps it’s because it takes a while for data trends to become a cultural issue… Cumulative immigration to UK since 2021:

India: 670k
Nigeria: 310k
China: 274k
Pakistan: 166k
HK: 131k
Ukraine: 108k

Even if u subtract students you’re talking abt 301k from India & 103k from Nigeria.

GREG HUNTER

END

SEE YOU ON THURSDAY

SHANGHAI GOLD (USD) FUTURES – QUOTES

GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 437 NOTICES FOR 43,700 OZ or 1.3592 TONNES

total notices so far: 27,918 contracts for 2,791,800 Oz (86.876 tonnes)

FOR JUNE:

SILVER NOTICES: 30 NOTICE(S) FILED FOR 150,000 OZ/

total number of notices filed so far this month : 905 for 4.525 million oz

A realisation that the US economy is sliding into recession persuades mainstream economists that prices, interest rates, and bond yields will fall after all. They ignore instability in the dollar

Futures Gain With Fresh S&P All-Time High Less Than 1% Away

Mixed/cautious trade ahead of US data & the BoC – Newsquawk Europe Market Open

US TRADE

EQUITIES

APAC TRADE

EQUITIES

FX

FIXED INCOME

COMMODITIES

CRYPTO

GEOPOLITICS

EU/UK

Report Details US Troop ‘Land Corridors’ In Event Of European Ground War With Russia

Israel Says Fires Under Control After Nearly 2,500 Acres Scorched By Hezbollah Attacks

Netanyahu warns: We’re ready with ‘extremely powerful’ response to Hezbollah attacks

Visiting north after fires, PM says Israel won’t ‘sit on its hands’ amid ongoing barrages; ‘suspicious aerial target’ intercepted over Metula; army gets OK for more troops for Gaza

The Green Prince: ‘Palestine depends on the destruction of Israel’

Mossab Hassan Yousef, son of a Hamas co-founder, argues that Palestine’s existence depends on Israel’s destruction and criticizes the Palestinian Authority’s threat to Israel.

A condemnation of the anti-Jewish ideology in Islam

Merchant Ship Off Saudi Coast Reports “Significant Explosion” A “Short Distance” From Port Side

In memory of those who “died suddenly” in the United States and worldwide, May 27-June 3, 2024

“Vaxxidents” in US (10), Mexico (2), Brazil, Bel., Holland, Germ., Austria, Denmark, Italy (8),Turkey, India, NZ (8); musicians in US (6), Canada, Brazil, Argentina, Germ., Finland, China, NZ; & more

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

parade they will offer him a job teaching new recruits how to shoot. FBI says don’t fuss, they will tend to this illegal & national crime, just bear with them a bit as they get their GAY PRIDE on

For Second Time, Maersk Lifts Guidance As Red Sea Crisis Sends Container Freight Rates Soaring

Bank of Canada Cuts Rates By 25bps As Expected, First G7 Central Bank To Launch Easing Cycle

ADP Payrolls Unexpectedly Tumble To Lowest Since January As Wage Growth Continues Slowing

Services ISM Unexpectedly Surges Out Of Contraction, Prints At 53.8, Above All Estimates

Number Of ‘Problem Banks’ Climbs In 1st Quarter, New FDIC Report Finds

More Turbulence Ahead, Experts Warn

State of Deposits

Student Debt Cancellation Is Extremely Unfair – Here Are 10 Reasons Why…

Deeply Unfair

10 Reasons Why Student Debt Cancellation is Unfair

Laughable Explanations to Difficult Question

Addendum

The Apartment Construction Boom Ends, Major Economic Impact Ahead

During The Great Depression They Were Called “Hoovervilles”, But Today America’s Shantytowns Are Called…

This Guy Encapsulates How Everyone Feels When Fauci Complains About Being Harassed

Plurality Of Americans Believe Trump Trial Was Politically Motivated; New Poll Finds

“This Is Horrifying”: Baltimore County Releases Illegal Alien Sex Offender, Defying DHS’ Detainer Request

Dershowitz: Trump Could Fast-Track His Appeal To Supreme Court

Other Legal Experts Weigh In

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