GOLD PRICE CLOSED DOWN $64.35 TO $2307.80
SILVER PRICE DOWN 1.93 TO 29.34
Gold ACCESS CLOSED $2288,60
Silver ACCESS CLOSED: $29.17
Bitcoin morning price:$71,566 UP 916 DOLLARS.
Bitcoin: afternoon price: $69070 DOWN 1580 dollars
Platinum price closing DOWN $40.25 TO $969.75
Palladium price; DOWN $19.25 AT $915.75
END
SHANGHAI GOLD PREMIUM 100 DOLLARS/COMEX GOLD//JULY TO JULY
SHANGHAI GOLD
SHANGHAI GOLD (USD) FUTURES – QUOTES
Last Updated 07 Jun 2024 01:54:43 PM CT.
Market data is delayed by at least 10 minutes.
I will now provide gold in Canadian dollars, British pounds and Euros
4: 15 PM ACCESS
*CANADIAN GOLD: $3148.65 DOWN 99.90 CDN dollars per oz( * NEW ALL TIME HIGH 3,305.30 CDN DOLLARS PER OZ//MAY 20 2024)
*BRITISH GOLD: 1798.62 DOWN 59.73 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024
*EURO GOLD: 2116.90 DOWN 64.14 Euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)
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END
EXCH: COMEX
EXCHANGE: COMEX
CONTRACT: JUNE 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,370.300000000 USD
INTENT DATE: 06/06/2024 DELIVERY DATE: 06/10/2024
FIRM ORG FIRM NAME ISSUED STOPPED
099 H DB AG 11
363 H WELLS FARGO SEC 25
624 H BOFA SECURITIES 1
657 C MORGAN STANLEY 1 1
661 C JP MORGAN 25 8
661 H JP MORGAN 29
686 H STONEX FINANCIA 10
732 C RBC CAP MARKETS 2 1
737 C ADVANTAGE 4 6
880 H CITIGROUP 88 30
TOTAL: 121 121
MONTH TO DATE: 28,501
JPMorgan stopped 8/121
FOR JUNE 2024
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 121 NOTICES FOR 12,100 OZ or 0.3763 TONNES
total notices so far: 28,501 contracts for 2,850,100 Oz (88.65 tonnes)
FOR JUNE:
SILVER NOTICES: 200 NOTICE(S) FILED FOR 1.0 MILLION OZ/
total number of notices filed so far this month :1105 for 5.525 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $64.35
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ :
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.56 TONNES OF GOLD INTO THE GLD
/ /INVENTORY RESTS AT 833.55TONNES
INVENTORY RESTS AT 833.55 TONNES
SLV//
WITH NO SILVER AROUND AND SILVER DOWN $1.93 AT THE SLV//
NO CHANGES IN SILVER INVENTORY AT THE SLV:
// INVENTORY REMAINS AT 417.944 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 417.944 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUGE SIZED 595 CONTRACTS TO 180,588 AND CONTINUING ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS SMALL SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR GAIN OF $1.27 IN SILVER PRICING AT THE COMEX ON THURSDAY’S TRADING ON SILVER. WE HAD SOME ZERO LIQUIDATION AS WE HAD A NET GAIN OF 1694 CONTRACTS ON OUR TWO EXCHANGES. WE, AGAIN HAD SHORT COVERING BY OUR SPECS WITH THE HUGE GAIN IN PRICE AS WELL AS MASSIVE T.A.S. LIQUIDATION. WE HAD ANOTHER HUGE SIZED 1405 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 WHAT HAPPENED ON TUESDAY
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON THURSDAY NIGHT: 1405 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 UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $1.27) AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS FROM THEIR PERCH AS WE DID HAVE A HUGE SIZED GAIN OF 1585 CONTRACTS ON OUR TWO EXCHANGES WITH THE GAIN IN PRICE OF $1.27
.
WE MUST HAVE HAD:
A HUGE SIZED 990 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 1.26 MILLION OZ QUEUE JUMP
//NEW STANDING FOR SILVER//JUNE IS THUS 6.14 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI GAIN //HUGE SIZED EFP ISSUANCE/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 1405 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED 109 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 5 DAYS, total 4544 contracts: OR 22.720 MILLION OZ (909 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 22.72 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 22.72 MILLION OZ
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 595 CONTRACTS WITH OUR GAIN IN PRICE OF SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 990 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 1.27 MILLION OZ QUEUE JUMP
//NEW TOTAL STANDING FOR JUNE 6.14 MILLION OZ
WE HAVE A HUMONGOUS SIZED GAIN OF 1585 OI CONTRACTS ON THE TWO EXCHANGES WITH THE GAIN IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE SIZED 1405 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE THURSDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND ZERO LIQUIDATION OF LONGS.
THE NEW TAS ISSUANCE THURSDAY NIGHT (1405) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .
WE HAD 200 NOTICE(S) FILED TODAY FOR 1.0 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A GOOD SIZED 2945 OI CONTRACTS TO 456,354 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,733 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW MUCH FURTHER FROM OUR ALL TIME LOW OF 390,000 CONTRACTS.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 975 CONTRACTS
WE HAD A GOOD SIZED INCREASE IN COMEX OI (2945 CONTRACTS) OCCURRED WITH OUR GAIN OF $16.25 IN PRICE/THURSDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER. WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNE AT 89.94 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 2300 OZ QUEUE JUMP AS BANKERS SCOUR THE PLANET LOOKING FOR GOLD ON THE THIS SIDE OF THE POND
NEW STANDING 89.94 TONNES// ALL OF THIS HAPPENED WITH OUR $16.25 GAIN IN PRICE WITH RESPECT TO THURSDAY’S TRADING. WE HAD A STRONG SIZED GAIN OF 7883 OI CONTRACTS (24.51 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 3963 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 456,354
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6908 CONTRACTS WITH 2945 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 3963 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 6908 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED 2399 CONTRACTS,,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3963 CONTRACTS) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI OF 2945 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 6908 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 FOLLOWED BY TODAY’S QUEUE JUMP TO OF 0.0715 TONNES
//NEW STANDING /JUNE 89.94 TONNES.
/ 3) SOME T.A.S. LIQUIDATION OF CONTRACTS WITH ZERO LONG SPECS BEING CLIPPED,
.
// 4) GOOD SIZED COMEX OPEN INTEREST GAIN 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///STRONG T.A.S. ISSUANCE: 2399 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: 14,918 CONTRACTS OR 1,491,800 OZ OR 46.40 TONNES IN 5 TRADING DAY(S) AND THUS AVERAGING: 2738 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 5 TRADING DAY(S) IN TONNES 46.40 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 46.40 DIVIDED BY 3550 x 100% TONNES = 1.30% 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 46.40 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 ROSE BY A STRONG SIZED 595 CONTRACTS OI TO 180,585 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 990 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 990 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 990 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 595 CONTRACTS AND ADD TO THE 990 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1585 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 7.925 MILLION OZ
OCCURRED WITH OUR $1.27 GAIN IN PRICE …..
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
FRIDAY MORNING/THURSDAY NIGHT
SHANGHAI CLOSED UP 2.49 PTS OR 0.08% //Hang Seng CLOSED DOWN 109.85 PTS OR 0.59%// Nikkei CLOSED DOWN 19.58 OR 0.05%//Australia’s all ordinaries CLOSED UP .48%///Chinese yuan (ONSHORE) closed UP TO 7,2415 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2498/ Oil UP TO 76.08 dollars per barrel for WTI and BRENT UP AT 80.32 /Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD SIZED 2945 CONTRACTS TO 456,354 WITH OUR HUGE GAIN IN PRICE OF $16.25 WITH RESPECT TO THURSDAY TRADING. WE HAD CONSIDERABLE T.A.S. LIQUIDATION ON THURSDAY WITH ZERO LONGS BEING CLIPPED.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF JUNE.… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A STRONG SIZED 3963 EFP CONTRACTS WERE ISSUED: : AUGUST 3963 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3963 CONTRACTS.
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 6908 CONTRACTS IN THAT 3963 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A GOOD SIZED GAIN OF 2945 COMEX CONTRACTS..AND THIS STRONG GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $16.25// THURSDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR THURSDAY NIGHT WAS A GOOD SIZED 2399 CONTRACTS. MOST OF THE TRADING AND SUPPLY OF CONTRACTS WAS ORCHESTRATED BY GOVERNMENT (FEDERAL RESERVE BANK OF NEW YORK)
THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//. IT SEEMS THAT OUR CROOKS ARE HAVING A HARD TIME TRYING TO CONTROL THE PRICE OF GOLD AND THUS THE NEED FOR STRONG T.A.S. ISSUANCE. THE USE OF T.A.S. TODAY IS OF EXTREME IMPORTANCE TO OUR CROOKS IN YESTERDAY’S TRADING
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JUNE (89.94 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 42 MONTHS OF 2021-2024:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022:
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/PRIOR= 11.9325
JUNE; 89.866 TONNES. THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $16.25 //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A STRONG SIZED GAIN OF 6908 CONTRACTS ON THURSDAY WITH OUR TWO EXCHANGES WITH THE HUGE GAIN IN PRICE. THE T.A.S. ISSUED ON THURSDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 21.48 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JUNE (89.94 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 23 CONTRACTS OR 2300 OZ (0.0715 TONNES)
NEW STANDING FOR JUNE: 89.94 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR HUGE GAIN IN PRICE TO THE TUNE OF $16.25
WE HAVE REMOVED 975 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET GAIN ON THE TWO EXCHANGES 6908 CONTRACTS OR 690800 (21.48 TONNES)
confirmed volume THURSDAY 179,077 contracts// poor and volumes have been dropping
//speculators have left the gold arena
JUNE 7 JUNE GOLD CONTRACT
/ /// THE JUNE 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 9806.05 oz BRINKS 305 KILOBARS . |
| Deposit to the Dealer Inventory in oz | 0 oz |
| Deposits to the Customer Inventory, in oz | 0 OZ//BRINKS |
| No of oz served (contracts) today | 121 notice(s) 12100 OZ 0.37763 TONNES |
| No of oz to be served (notices) | 416 contracts 41,600 OZ 1.2939 TONNES |
| Total monthly oz gold served (contracts) so far this month | 28,501 notices 2,850,100 oz 88.650 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
customer withdrawals: 1
BRINKS; 9806.05 oz (305 kilobars)
this is a paper transfer out of the comex and onto London
TOTAL WITHDRAWALS 9806.05 0z
Adjustments: 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE
For the front month of JUNE we have an oi of 537 contracts having LOST 439 contracts. We had 462 contracts served on Thursday so we gained a small 23 contracts or 2300 oz additional oz will stand for gold at the comex as they underwent a queue jump to take delivery on this side of the pond.. We saw 0 gold leaving the comex despite the high 90 tonnes standing for delivery.
JULY LOST 27 CONTRACTS TO STAND AT 1995
AUGUST GAINED 3084 CONTRACTS UP TO 380,079 CONTRACTS
We had 121 contracts filed for today representing 12100 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 25 notices were issued from their client or customer account. The total of all issuance by all participants equate to 121 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 8 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 (28,501) x 100 oz ) to which we add the difference between the open interest for the front month of JUNE (537 CONTRACTS) minus the number of notices served upon today (121 x 100 oz per contract( equals 2,891,700 OZ OR 89.94 TONNES.
thus the INITIAL standings for gold for the JUNE contract month: No of notices filed so far (28,501 x 100 oz +we add the difference for front month of June (537 OI} minus the number of notices served upon today (121) x 100 oz which equals 2,891,700 oz (89.94 TONNES)
TOTAL COMEX GOLD STANDING FOR JUNE: 89.94 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: 1,652,260.493 51.39 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,666,253.917 OZ
TOTAL REGISTERED GOLD 7,989,995 ( 242.58 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,676,258.868OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,337,735 oz (REG GOLD- PLEDGED GOLD)= 197.13 tonnes //
END
SILVER/COMEX
JUN 7/2024
INITIAL
//2024// THE JUNE 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1,186,759.200 oz Brinks HSBC JPMorgan . |
| Deposits to the Dealer Inventory | nil OZ |
| Deposits to the Customer Inventory | 608,857.990 oz Delaware Loomis |
| No of oz served today (contracts) | 200 CONTRACT(S) (1.0 MILLION OZ) |
| No of oz to be served (notices) | 123 contracts (0.615 million oz) |
| Total monthly oz silver served (contracts) | 1105 Contracts (5.525 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 2 deposits customer account:
i)Into Delaware: 1006.990 oz
ii) into Loomis: 607,851.00 oz
total customer deposit 608,857.990 oz
JPMorgan has a total silver weight: 128.416million oz/295.631million or 48.34%
adjustment: 0//
Comex withdrawals: 3
i) out of Brinks 2978/100 oz
ii) out of JPMorgan: 580,672/400 oz
iii) Out of HSBC 603,108.700 oz
total withdrawal: 1,579,765.094 0z
TOTAL REGISTERED SILVER: 62.494MILLION OZ//.TOTAL REG + ELIGIBLE. 295.630
million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE:
silver open interest data:
FRONT MONTH OF JUNE/2024 OI: 323 CONTRACTS HAVING GAINED 252 CONTRACT(S).
WE HAD 0 NOTICES SERVED UP ON THURSDAY, SO WE GAINED 252 CONTRACTS OR AN ADDITIONAL 1.2600 MILLION OZ WILL STAND AT THE COMEX VIA A MASSIVE QUEUE JUMP
JULY SAW A LOSS OF 1760 CONTRACTS DOWN TO 126,719
AUG, SAW A GAIN OF 91 CONTRACTS TO 191
SEPT SAW A GAIN OF 1535 CONTRACTS TO 36,989.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 200 for 1.0 MILLION oz
CONFIRMED volume; ON THURSDAY 108,030 MEGA GIGANTIC
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 1105 x 5,000 oz = 5.525 MILLION oz
to which we add the difference between the open interest for the front month of JUNE ((323) and the number of notices served upon today 200 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JUNE/2024 contract month: 1105 notices served so far) x 5000 oz + OI for the front month of JUNE (323)x number of notices served upon today minus (200)x 5000 oz of silver standing for the JUNE contract month equates to 6.140 MILLION OZ.
New total standing: 4.880 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 7 WITH GOLD DOWN $64.35 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 3.56 TONNES OF GOLD INTO THE GLD//: / //NEW TOTAL TONIGHT 837.11 TONNES
JUNE 6 WITH GOLD UP $16.25 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 1.34 TONNES OF GOLD INTO THE GLD//: / //NEW TOTAL TONIGHT 833.55 TONNES
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: 837.11 TONNES, TONIGHTS TOTAL
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
JUNE 7 WITH SILVER DOWN $1.93 TODAY: NO CHANGES IN SILVER INVENTORY: //A HUGE DEPOSIT OF 2.649 MILLION OZ INTO THE SLV// INVENTORY AT 417.944 MILLION OZ
JUNE 6 WITH SILVER UP $1.27 TODAY: HUGE CHANGES IN SILVER INVENTORY: //A HUGE DEPOSIT OF 2.649 MILLION OZ INTO THE SLV// INVENTORY INCREASES TO 417.944 MILLION OZ
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
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 417.944 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
JAN NIEUWENHUIJS
Gold Overtakes Euro in Global International Reserves
FRIDAY, JUN 07, 2024 – 06:30 AM
ByJan Nieuwenhuijs of Gainesville Coins
Sturdy central bank gold buying since 2009 and a rising gold price has grown the precious metal’s share of global international reserves to the detriment of fiat currencies. By the end of 2023 gold surpassed the euro and the next fiat currency to be challenged is the US dollar.
Often when financial analysts draw charts on the distribution of international reserves they focus on foreign exchange (omit gold) and start when the euro was introduced in 1999. Based on such charts the dollar’s share of total reserves appears to be falling slowly, from a peak of 72% in 2001 to 58% in 2023. In addition, it seems there is not one specific currency that is competing with the dollar.
But why not include gold and look back as far as possible? By combining multiple sources, we get a glimpse of the dissemination of reserve currencies from 1899 until 1935 (both fiat and gold), and a full picture starting from 1950.
This paints a whole different story. Instead of showing only the demise of the dollar at snail pace, the historic balance between gold and fiat currencies is revealed. It’s not the dollar that normally backs the international monetary system, it’s gold. Gold used to make up the majority of international reserves, even when sterling was said to be the world reserve currency before the dollar. In a chart covering more years but only gold and the dollar, the latter’s reign becomes even more relative.
The above chart displays that the dollar’s share of total reserves has fallen to 48% in 2023—caused by a declining trust in “credit assets” (fiat currencies), due to worrying asset bubbles, escalating wars, and fear of inflation—while gold is making ground.
Based on personal calculations of official gold reserves that include covert acquisitions, for example by the Chinese central bank, gold’s percentage of total reserves reached 18% in 2023, up from 11% in 2008. Gold has currently surpassed the euro, which got stuck at 16%. As the problems haunting fiat currencies won’t fade anytime soon it’s possible gold will overtake the dollar as well in the decade ahead (explained more detailed here).
Be sure not to miss the X-post below that includes a video illustrating the development of reserve assets since 1950 in a bar chart race!
Gold overtakes the euro in global international reserves. In our annual update of the chart below on global international reserves, it shows gold has a greater share than the euro since late 2023. We are of the opinion that gold is at the start of a multi-year bull market because there currently is too much confidence in “credit assets,” which will result in capital flowing from national currencies, bonds, and stocks into gold (as we explained here: https://shorturl.at/xQfzQ). Gold’s rising share in international reserves is a reflection of this trend—although we are just at the beginning. Kindly note, we calculate world official gold reserves differently than the IMF, as we take into account “unreported” purchases by China, Saudi Arabia, and other countries (more here: https://shorturl.at/U4IV1).
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ALASDAIR MACLEOD…
Chinese demand is driving gold and silver
Despite continuing efforts by the paper establishment in western capital markets to shake out weak gold and silver holders, they are being swamped by Chinese physical demand.
| MACLEODFINANCEJUN 7 |
This week has seen underlying firmness in gold and silver markets, with gold trading at $2351 in European trade this morning, up $25, and silver at $30.82, up 45 cents. Silver was especially volatile, falling sharply mid-week before rallying over 4% yesterday. Being Friday and China off for the weekend, the shorts are taking the opportunity to unwind some of yesterday’s rise.
Having had such strong rises since mid-February, technical analysts have been calling for more consolidation before a resumption of this bull phase. The position for gold is shown next:
So far, gold has reacted to find support at the 55-day moving average, but the longer-term 12-month average is still below $2100, suggesting that a deeper correction is possible. The technical chart for silver is next
Technicians would argue that the silver price is still too far above its moving averages for comfort. It would be wrong to dismiss these concerns out of hand, but there are more important forces at play.
The next chart shows that gold is closer to being oversold than most analysts think:
Why have I taken Comex’s open interest as the indicator? Because it encapsulates the combined positions of all categories on Comex. The solid line at 450,000 contracts clearly indicates an oversold market, strongly suggesting that we are near to a price bottom.
But the clincher is the rate at which physical metal is draining from western vaults. According to Doug Casey’s Substack latest post, huge premiums in Shanghai are draining western vaults, with LBMA’s vaulted silver stocks falling 60% this year so far, and Comex’s falling by 46%. Gold’s drain has been less dramatic perhaps, but recent days have seen record stand-for-deliveries. In the last eight trading sessions, nearly 90 tonnes of gold have been stood for delivery taking the total so far to 253 tonnes, a rate which easily exceeds this year’s US gold mine annual output estimated by Metal Focus at 166 tonnes.
In previous postings, I have pointed out that it is massive Chinese household savings with unattractive alternatives driving demand, and this was evidenced yesterday (Thursday). Changing the pattern of recent trading sessions, gold and silver prices opened higher indicating overnight demand had returned. It was less in evidence this morning, but then on a Friday Chinese futures speculators (yes, there are some!) were probably closing positions before the weekend.
In other news, the ECB lowered its benchmark deposit rate by ¼% from 4%, the first of the majors to do so. Markets are buzzing with hope that the Fed and others will follow suite. But with budget deficits continuing to run high, inflation is far from over, and in the next few months we will see how funding them progresses, bearing in mind that immediate liquidity is drying up reflected in the US’s Reverse Repo position:
Most of this has gone into T-bills, funding the deficit and being spent on non-production. Liquidity is clearly running dry and higher borrowing costs beckon.
3. CHRIS POWELL//GATA DISPATCHES
CHRIS POWELL…
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//FRIDAY MORNING/THURSDAY NIGHT
SHANGHAI CLOSED UP 2.49 PTS OR 0.08% //Hang Seng CLOSED DOWN 109.85 PTS OR 0.59%// Nikkei CLOSED DOWN 19.58 OR 0.05%//Australia’s all ordinaries CLOSED UP .48%///Chinese yuan (ONSHORE) closed UP TO 7,2415 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2498/ Oil UP TO 76.08 dollars per barrel for WTI and BRENT UP AT 80.32 /Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.2415
OFFSHORE YUAN: UP TO 7.2494
SHANGHAI CLOSED UP 2.49 PTS OR 0.08 %
HANG SENG CLOSED DOWN 109.85 PTS OR 0.59%
2. Nikkei closed DOWN 19.58 PTS OR 0.05 %
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX DOWN TO 104.00 EURO RISES TO 1.0896 UP 5 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +0.994 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 DOWN /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.5740/Italian 10 Yr bond yield UP to 3.907 SPAIN 10 YR BOND YIELD TO 3.355%
3i Greek 10 year bond yield UP TO 3.617
3j Gold at $2336.70//Silver at: 30.35 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 19/ 100 roubles/dollar; ROUBLE AT 88.60
3m oil into the 76 dollar handle for WTI and 80 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 155.61/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.994% STILL ON CENTRAL BANK (JAPAN) INTERVENTION
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8896 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: 4.298 UP 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.447 UP 2 BASIS PTS/
USA 2 YR BOND YIELD: 4.748 UP 3 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.27…
10 YR UK BOND YIELD: 4.224 UP 4 PTS
2a New York OPENING REPORT
Global Rally Sputters With US Futures Flat Ahead Of Payrolls
BY TYLER DURDEN
FRIDAY, JUN 07, 2024 – 08:10 AM
The global stock rally faltered as US equity futures were unchanged for the second day in a row this morning and trading right on top of the “gamma gravity” level of 5350, where as discussed yesterday there is a record $10 billion dealer long gamma pile up which has made the market “stuck” at the strike price.
As of 7:30am ET, S&P futures are down -0.1%, at session lows after trading in a narrow range all night. Nasdaq futures are a mirror image, trading about 0.1% higher as Mega tech names outperform: GOOGL +27bp, NVDA +13bp, AAPL +12bps. Bond yields are 1-2bp higher this morning, with the OIS forwards sees ~60% prob. of first cut in September. Commodities are mixed: oil/ags are slightly higher this morning reversing an earlier loss. The Bloomberg dollar gauge eased. All eyes on NFP today (preview here): both Goldman (165K) and JPM (150k) are below the Street median estimate of 180k, which suggests we beat.
In premarket trading, GameStop tumbled after surging as high as $67.5 after hours yesterday when the company confirmed that the latest meltup was another manipulative grift when it filed to sell up to 75 million shares. Tech names outperformed: Micron and Intel rose while tech giants gained (GOOGL +27bp, NVDA +13bp, AAPL +12bps). Here are some other notable premarket movers:
- Biomea Fusion shares plunge 61% after the biotech said the FDA had placed a clinical hold on its ongoing Phase I/II trials of BMF-219 in type 1 and type 2 diabetes. Analysts slashed their price targets on the stock.
- Braze shares jump 14% after the cloud-based software company boosted its revenue guidance for the full year; the guidance beat the average analyst estimate.
- Concrete Pumping shares slide 13%. William Blair analysts cut the rating on the stock to market perform from outperform.
- DocuSign shares are down 8.4% after the e-signature company forecast billings for the second quarter that fell short of the average analyst estimate.
- Geron shares rise 16% after the biopharmaceutical company secured approval for its blood disorder drug named Rytelo from the FDA.
- Lyft shares gain 3.5% after Loop Capital lifted its rating on the ride-hailing firm, citing a positive investor day and recent stock retreat.
- Samsara shares fall 6.2% despite the application software company reporting first-quarter results that beat expectations and raising its full-year forecast.
- Vail Resorts shares slump 8.5% after the ski resort operator cut its full-year Ebitda outlook. The guidance missed the average analyst estimate.
With traders wary of placing big bets either way ahead of the payrolls report, global stocks are on track to snap a two-week losing stretch. Rate-cut expectations have escalated in the past week, encouraged by a slew of weaker-than-forecast US data, as well as easing by the Bank of Canada and ECB. A Bloomberg gauge of global government bonds posted its longest rising streak since November.
“All focus on the payrolls and the potential aftermath,” said Michael Brown, senior strategist at Pepperstone Group Ltd. “A number that’s bang in line with expectations will reaffirm where current market pricing is for Fed cuts and could give the market the fuel it needs to keep moving higher.”
As previewed earlier, Friday’s report is expected to show the US added 180,000 jobs in May, slightly more than in April, with the unemployment rate seen holding steady. Swap markets are pricing a full Fed rate cut by November, with a strong likelihood of one in September. In its preview, Goldman’s trading desk wrote that the set up into the print remains favorable for stocks (“I have goldilocks zone in the low 100s as stocks continue to cheer for a palatable slowdown”), and provided the following trading framework:
- <50k S&P + 50bps
- 50k – 100k S&P +75 – 100bps
- 100k – 150k S&P +100bps
- 150k – 200k S&P + / – 50bps
- 200k – 250k S&P -50bps
- 250k – 300k S&P -75bps
- >300k S&P sells off more than 100bps
Meanwhile, as bond yields drop and as rate-cut bets build, investors are pouring money into stocks, with US equity funds getting $4.6 billion in a seventh week of inflows, BofA’s Michael Hartnett said, although the strategist warned a Fed rate cut may not be entirely good news, calling it the “first hint of trouble.” Chances of a hard landing could increase if the market grows more confident of lower borrowing costs, he added.
European stocks and bonds fall after several ECB policymakers offered wary assessments of the possibility of future interest-rate cuts. The move lower extended after the ECB’s preferred measure of pay showed acceleration at the start of 2024. The Stoxx 600 is down 0.4% with technology and retail stocks the biggest outperformers, while property and insurance stocks lagged, given the ECB’s signal that it wouldn’t rush additional rate cuts. Here are the biggest movers Friday;
- ING Groep NV shares rise as much as 1.5% after Barclays upgrades the Dutch lender to overweight from equal-weight, with models pointing to €7.5 billion more in buybacks before the end of next year
- Bellway shares rise as much as 2.1% after it delivered an upbeat trading update that shows the UK housebuilder on track to build 7,500 homes this year at a higher selling price than previously expected
- Tecnicas Reunidas climbed as much as 8.9% after Oddo BHF raised the recommendation on the Spanish company to outperform from neutral as risk/reward profile seen attractive.
- Daimler Truck drops as much as 2.5%, Volvo -2.4% after Citi says it has been a “roller coaster” for truck stocks this year, as it opens 90-day downside catalyst watches on the two companies with likely weaker orders and margins set to drive downgrades
- Rexel shares fall as much as 3.4% to hit a one-month low after the French provider of electrical supplies released new and upgraded medium-term financial targets ahead of a capital markets day on Friday
- Arcadis NV shares slip as much as 3.5% after the Dutch engineering firm is downgraded to accumulate from buy at KBC Securities, which highlights an absence of “substantial” short-term triggers for the stock
- Burckhardt Compression declines as much as 6.1%, snapping four days of gains, as Baader Helvea downgrades to reduce from add, saying it’s time to take profits with shares of the piston compressor manufacturer having surged to record highs
- C&C shares fall as much as 13% after the UK alcoholic beverage manufacturer announced an €150 million impairment charge and as CEO Patrick McMahon has resigned due to previously disclosed accounting adjustments.
Earlier, Asian stocks gained, set for their best week in three weeks, as a rally in South Korean shares tempered losses in most other markets. The MSCI Asia Pacific Index rose as much as 0.4%. South Korean equities were among the biggest advancers on the regional gauge after the market reopened from a holiday. The country’s stock markets were supported by foreign buying of local chipmakers. Indian shares also climbed, as the central bank held its benchmark interest rate while tweaking growth projection higher. Chinese stocks declined for the third straight session, with stronger-than-expected exports for May failing to boost sentiment. There are also concerns that a growing backlash among trade partners would dent overseas demand even as consumer spending remained weak at home.
While “we are constructive on Asia markets,” the second half has risks including a stronger dollar, geopolitical uncertainty and possible volatility around the US elections, Timothy Moe, an Asia equity strategist at Goldman Sachs Group Inc., told Bloomberg TV.
In FX, the Bloomberg Dollar Spot Index was little changed with focus on the US non-farm payrolls data, which is expected to show a steady unemployment rate and 180k jobs added in May, according to a Bloomberg survey of economists
- USD/JPY dropped as much as 0.3% before paring to trade unchanged at 155.59; Japanese Minister of Finance Shunichi Suzuki said authorities should resort to currency intervention only on a limited basis
- GBP/USD steadied around 1.28; Data showed the UK housing market extended its stagnation in May, a measure of property values fell 0.1% after no change the month before
- EUR/USD was little changed at 1.09; The ECB’s preferred measure of euro-zone pay showed acceleration at the start of 2024
In rates, Treasuries dipped ahead of the jobs report, with US 10-year yields rising 1bps to 4.30%. German 10-year yields rise 3bps to 2.58%.
In commodity markets, gold prices fell after the People’s Bank of China said it hadn’t added to its bullion holdings last month, pausing an 18-month long buying spree that lifted the precious metal to record highs. Brent crude futures edged up, but were set for a third weekly loss. Spot gold fell ~$37 to around $2,338 after data showed the Chinese central bank halted gold purchases in May.
Today’s focus will be on the payrolls report at 8:30am; data also includes April wholesale trade sales (10am), 1Q household change in net worth (12pm) and April consumer credit (3pm). Fed officials are expected to refrain from commenting until after their June 12 policy announcement
Market Snapshot
- S&P 500 futures little changed at 5,366.75
- STOXX Europe 600 down 0.1% to 523.93
- MXAP up 0.3% to 180.71
- MXAPJ up 0.3% to 563.66
- Nikkei little changed at 38,683.93
- Topix little changed at 2,755.03
- Hang Seng Index down 0.6% to 18,366.95
- Shanghai Composite little changed at 3,051.28
- Sensex up 1.8% to 76,403.28
- Australia S&P/ASX 200 up 0.5% to 7,860.02
- Kospi up 1.2% to 2,722.67
- German 10Y yield little changed at 2.56%
- Euro little changed at $1.0890
- Brent Futures down 0.4% to $79.59/bbl
- Gold spot down 1.0% to $2,351.54
- US Dollar Index little changed at 104.10
Top Overnight News
- Japan’s largest banks plan to sell 1.32 trillion yen ($8.5 billion) of Toyota shares, people familiar said, the strongest sign yet that the country’s big businesses are serious about unwinding their cross-shareholdings. BBG
- China’s May exports beat expectations, climbing 7.6% in dollar terms from a year earlier. Still, Bloomberg Economics said the lift from firmer overseas demand probably won’t be enough to offset domestic weakness, which showed through in May’s unexpectedly weak import growth of 1.8%. BBG
- China halts its 18-month gold purchase spree (the PBOC didn’t purchase any gold last month, the first time it hasn’t done so since Oct ’22). BBG
- The ECB’s preferred measure of euro-zone pay showed acceleration at the start of 2024, in the latest sign that price pressures in the region are proving stubborn. Compensation per employee rose by 5.1% from a year ago in the first quarter, up from a revised 4.9% in the previous three months, ECB data showed Friday. That exceeded a Bloomberg Economics forecast of 4.6%. BBG
- The European Commission has recommended that the EU start accession talks with Ukraine this month, in an effort to signal support to the war-torn country before Budapest takes over the rotating presidency of the bloc, according to people familiar with the matter. FT
- The estimated $4.6 trillion cost of extending expiring portions of Donald Trump’s 2017 tax cuts isn’t damping Republican enthusiasm for renewal next year. However, this time the nation’s debt load and interest costs are heavier burdens, requiring unprecedented budget pain to offset the lost revenue. BBG
- Moody’s warns 6 regional banks, including FRME (First Merchants), FNB (F.N.B Corp.), FULT (Fulton Financial), ONB (Old National), PGC (Peapack-Gladstone), and WAFD (WaFd), are at risk of being downgraded over their CRE exposure. BBG
- A risky style of trading is roaring back in popularity, driven by amateur traders who call themselves “degens” and pile into long-shot trades that proudly have nothing to do with conventional ways of assessing investments. Some are flinging cash at specific stocks or cryptocurrencies just to be part of a movement. Others are sticking around for the jokes and memes. Degens are part of the fuel for meme-stock mania, like the logic-defying action in GameStop shares in recent weeks. When these internet-fueled traders stick together, they have the potential to spark wild swings in assets. All it takes is for a meme to catch fire. WSJ
- A federal judge in San Francisco dismissed a proposed class action against Google (GOOG), which had alleged the company misused personal and copyrighted data to train its AI systems, including its Bard chatbot, according to Reuters.
- South African ANC Leader Ramaphosa said they have agreed that they will invite parties to form a government of national unity, according to Reuters.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed in cautious and tentative trade and macro newsflow on the quieter side ahead of the US jobs report. ASX 200 was kept afloat by gains in gold miners, alongside Resources and Materials names. while Real Estate and Healthcare lagged. Nikkei 225 was subdued following softer-than-expected household spending data. On an index level, gains in Pharma and Mining failed to counter the downside from Banking and Autos, with the latter continuing to feel the woes from its domestic safety scandal. Hang Seng and Shanghai Comp both dipped into the red after opening modestly firmer, whilst CATL shares tumbled some 7% after US lawmakers said Chinese EV battery manufacturers rely on forced labour and should be blocked from importing goods into the US. No reaction was seen on the Chinese trade data.
Top Asian News
- Japanese Foreign Reserves USD 1.2316tln at end-May (vs USD 1.2790tln at end-April), according to MOF. “Japan’s holdings of foreign securities dropped sharply in May, indicating that the government likely financed most of its recent record currency market intervention by selling Treasuries and other foreign securities and still has ample firepower to step into markets again.” – via Bloomberg.
- Japanese Finance Minister Suzuki said the drop in Japan’s foreign reserves as of end-May partially reflects FX intervention; and will take action against excessive forex moves. Forex intervention was conducted to address excessive moves. Forex intervention should be done in a restrained manner. Not taking into account the limit to reserves for forex intervention.
- BoJ offered to buy JPY 150bln in up to 1yr JGBs, JPY 375bln in 1-3yr JGBs, JPY 425bln in 5-10yr JGBs and JPY 150bln in 10yr-25yr JGBs; all unchanged.
- PBoC injected CNY 2bln via 7-day reverse repos with the rate at 1.80%.
- RBI maintained its Repo Rate at 6.50% as expected and maintained its policy stance as expected. FY25 real GDP growth was upgraded to 7.2% vs 7% previously. RBI Chief said risks to growth and inflation are evenly balanced and the RBI will remain resolute in commitment to aligning inflation to target.
- TSMC (TSM / 2330 TT) May Sales TWD 229.6bln, +30.06% Y/Y
- BoJ may drop clue on bond tapering plans next week, via Reuters citing sources; there is no consensus yet. Could trim monthly purchases or clarify plans to proceed with a slow but steady taper, according to the sources.The decision could be delayed if the bond market becomes too volatile. Focus would be to avoid abut spikes in yields.
- China extends anti-dumping duties on the imports of some chemicals from India for a five-year period as of 8th June.
European bourses, Stoxx 600 (-0.2%) began the session on a tentative footing, in what was initially directionless trade. However, as the morning progressed, sentiment quickly waned and stocks trundled lower to session lows, where they currently reside. European sectors hold a negative bias, and with the breadth of the market fairly narrow. Tech takes the spot, continuing to build on the past week’s outperformance. Real Estate is found at the foot of the pile after Morgan Stanley downgraded Vonovia (-3.7%) and Leg Immobilien (-3.8%). US Equity Futures (ES U/C, NQ +0.1%, RTY U/C) are mixed and with trade tentative ahead of today’s US employment report, where expectations are for the headline to tick higher to 185k from 175k.
Top European News
- German Economy Minister says if things go well will have 1-1.5% growth next year.
ECB Speakers
- ECB’s Kazaks says victory over inflation is not yet on hand; any further rate cuts should be gradual; the next steps are data dependent and will be meeting by meeting, via Bloomberg.
- ECB’s Muller says they need to be cautious when making decisions and should not be in a rush to cut.
- ECB’s Nagel says ECB policy is not on auto pilot when it comes to rate cuts; inflation is proving to be stubborn, especially in the case of services. Negotiated wages are expected to rise particularly sharply this year and continue to see strong growth thereafter. The decision to cut was logical, tendency is there that inflation is going down. Decision to cut was not premature. Still acting restrictively despite lowered rates. Not on autopilot, will look at the data and make a decision at each meeting. Says “well on the way” when it comes to the balance sheet reduction
- ECB’s Vasle says cannot predetermine path of ECB interest rates.
- ECB’s Simkus says more than one cut this year is a possibility. Data clearly show disinflation and inflation returning to target but the road is bumpy.
- ECB’s de Guindos says inflation will be around 2% next year, sees huge uncertainties on the economy.
- ECB’s Rehn says inflation will continue to decline, rate cuts will also bolster the economies recovery.
- ECB’s de Guindos says sometimes in order to attain cross-border merger, need to engage with national consolidation first.
- ECB’s Makhlouf says unsure how fast the ECB will carry on with rate reductions, or if at all.
- ECB’s Schanbel says the lack of fiscal consolidation, despite high debt levels may impede monetary policy and heighten the risk of fiscal dominance.
- ECB’s Holzmann says “my decision on rates was based on the latest data and forecasts; fight against inflation is not over yet”. “Currently I see little risk of a second inflation wave but inflation is stickier than expected”.
FX
- USD is steady vs. peers ahead of the crucial jobs report due at 13:30BST. Levels to the downside for DXY include; 103.99 a double bottom from overnight and Tuesday. To the upside, focus remains on whether the index can move beyond its 200 and 100DMAs at 104.40 and 104.43 respectively.
- EUR is flat vs. the USD as the dust settles on yesterday’s ECB rate cut, and unreactive to the slew of ECB speakers today. As it stands, the next 25bps reduction is not fully priced in until December. Upside for EUR/USD sees the 1.09 mark.
- GBP is flat against both USD and EUR. Cable remains within yesterday’s 1.2763-1.2809 range, which could be tested by the upcoming NFP release. Tuesday’s 1.2818 high was the highest since March 14th.
- JPY is the marginal outperformer vs the Dollar, currently within a 155.13-93 range. NFP could prove an inflection point for the pair ahead of BoJ next week.
- Antipodeans are both steady vs. the USD in quiet newsflow with not much follow-through from Chinese trade data overnight. AUD/USD for now is contained within yesterday’s 0.6633-83 range with the pair having traded on a 0.66 handle all week.
- PBoC sets USD/CNY mid-point at 7.1106 vs exp. 7.2430 (prev. 7.1108)
Fixed Income
- USTs are marginally in the red, with no real reaction to the morning’s data points or extensive ECB speak. Focus entirely on payrolls before CPI and the FOMC next Wednesday; USTs in narrow 110-06 to 110-10 bounds which are entirely contained by Thursday’s 110-03 to 110-13 parameters.
- Bunds is softer, weighed on by the softer than expected German Industrial Output data, though were unreactive to the extensive number of ECB officials this morning; speak for the most part stuck with the party script of meeting-by-meeting and data-dependency; Bunds were essentially unchanged and at the top-end of initial 130.78-131.05 parameters but dipped to a 130.65 base on the latest EZ Q1 wage number; ECB’s Q1 Key wage indicator accelerated to 5.1% Y/Y vs. prev. 4.9% (Q4’23)
- Gilts are rangebound and unreactive to the morning’s Halifax House Price data which unexpectedly declined on the month, though the note described this as essentially unchanged.
Commodities
- Crude benchmarks are marginally in the red but have essentially been pivoting the unchanged mark in limited APAC/European trade ahead of the NFP print. Brent currently around USD 79.80/bbl.
- Precious metals were relatively contained but tumbled on the release of China’s monthly gold reserves which showed they were maintained at 72.8mln/oz. XAU slipped from USD 2373/oz to USD 2358/oz over the course of five minutes; thereafter, tumbled further to a USD 2342/oz fresh low for the session.
- Base metals are entirely in the red, with sentiment hit following the Chinese gold reserves headline.
- Chinese gold reserves 72.8mln/oz vs. prev. 72.8mln/oz; The maintained figure for the China gold reserves seemingly breaks the 18-month streak of purchases for the yellow metal.
- Chinese May iron ore imports 102.03mln tons (vs 101.82mln tons in April) Jan-May iron ore imports +7% Y/Y.
- Chinese May crude oil imports 46.97mln metric tons (vs 44.72mln tons in April); Jan-May crude oil imports -0.4% Y/Y.
- SPDR Gold Trust GLD reports holdings up 0.4% to 837.10 tonnes by June 6th.
- Chile’s state-run Codelco is said to be looking for partners on a major new lithium project slated to begin production in 2030, according to documents cited by Reuters.
- Goldman Sachs said, “Even assuming comfortable European end-October 2024 storage, we still see winter global gas price risks skewed to the upside, led by TTF.”
- Natural gas flow has restarted from the UK to Norway via Langeled pipeline, according to UK national gas data.
Geopolitics
- Hamas reportedly said that it will reject the Israeli ceasefire proposal, arguing that the proposal does not ensure a permanent end to hostilities. Hamas will continue to reject proposals until it secures a “permanent ceasefire”, via Critical Threat on X
- Israeli PM Netanhayu is to address US Congress on July 24th, according to Punchbowl’s Sherman. However, Times of Israel sources suggested July 27th.
- US military said it destroyed eight Houthi drones and two Houthi uncrewed surface vessels in the Red Sea, according to Reuters.
- Philippine Coast Guard reports that the Chinese Coast Guard intentionally rammed a Philippine Navy rubber boat transporting sick personnel, according to Reuters.
US Event Calendar
- 08:30: May Change in Nonfarm Payrolls, est. 180,000, prior 175,000
- May Change in Private Payrolls, est. 165,000, prior 167,000
- May Change in Manufact. Payrolls, est. 5,000, prior 8,000
- May Unemployment Rate, est. 3.9%, prior 3.9%
- May Underemployment Rate, prior 7.4%
- May Labor Force Participation Rate, est. 62.7%, prior 62.7%
- May Average Hourly Earnings MoM, est. 0.3%, prior 0.2%
- May Average Hourly Earnings YoY, est. 3.9%, prior 3.9%
- May Average Weekly Hours All Emplo, est. 34.3, prior 34.3
- 10:00: April Wholesale Trade Sales MoM, est. 0.5%, prior -1.3%
- April Wholesale Inventories MoM, est. 0.2%, prior 0.2%
- 12:00: 1Q US Household Change in Net Wor, prior $4.84t
- 15:00: April Consumer Credit, est. $10b, prior $6.27b
DB’s Jim Reid concludes the overnight wrap
For markets, it was another day of milestones yesterday, with the ECB becoming the latest central bank to cut rates this cycle. They announced a 25bp cut in their deposit rate to 3.75%, which is the first cut they’ve delivered since 2019. And even though the tone was a bit hawkish in several respects, it now makes them the fourth G10 central bank to have cut rates, after Canada, Sweden and Switzerland . In turn, the move has cemented the idea that the global monetary policy cycle is moving towards an easing mode, with investors expecting further cuts on the horizon. So it marks a big shift from much of the last couple of years, when central banks were rapidly hiking rates to try to bring down inflation.
In terms of the ECB’s decision, the rate cut itself was widely expected, so didn’t come as much surprise to markets. But there were several aspects of the decision that leant in a hawkish direction. For instance, they took out the line from the last statement that “ it would be appropriate to reduce the current level of monetary policy restriction ” if their confidence grew that inflation was returning to target. Moreover, they actually upgraded their inflation forecasts, with 2024 revised up by two-tenths to 2.5%, and 2025 also up two-tenths to 2.2%. On top of that, in the press conference President Lagarde said, “Are we today moving into a dialing back phase? I wouldn’t volunteer that”. So investors grew more sceptical that this would kick off a rapid series of rate cuts.
The rate cut was supported by all but one of the ECB’s Governing Council and our European economists observe that garnering the support of most hawks came at the cost of a clear signal on the direction of travel. An implicit easing bias persists, but recent data did not give the ECB the collective confidence to present the move as the first in a series of cuts. Our economists maintain a baseline view of two more rate cuts this year (in September and December), but with a September cut not being a done deal. See their full reaction here.
This hawkish leaning was echoed in markets, and sovereign bond yields rose across the Euro Area after yesterday’s decision. By the close, yields on 10yr bunds (+3.8bps), OATs (+4.3bps) and BTPs (+4.7bps) had all moved higher, and the Euro also strengthened after the decision, ending the day up +0.17% at $1.088. Looking forward, overnight index swaps see a July cut as in the balance, with a 38% chance of a cut priced in as we go to press this morning. But a cut by September is still seen as more likely than not, with the chance of a cut by that meeting at 91%.
Looking forward, attention will now turn to the US jobs report for May, which comes at an important point ahead of the Fed’s decision on Wednesday. This report could see an important milestone, as i f the unemployment rate stays beneath 4%, then it would mark the longest stretch of sub-4% unemployment for the US since the early 1950s, at 28 months. Indeed, we pointed out several parallels with the early 1950s earlier this week (link here), including a strong performance for risk assets, a temporary burst of inflation, and heightened geopolitical risks.
When it comes to today’s report, our US economists are looking for nonfarm payrolls to come in at +200k, which would be an uptick from April, when nonfarm payrolls growth was at a 6-month low of +175k. Otherwise, they see the unemployment rate holding steady at 3.9%, and average hourly earnings ticking back up a tenth to +0.3%. See their full preview and how to sign up to their webinar afterwards here.
Ahead of the jobs report, the US weekly initial jobless claims were a bit weaker than expected yesterday, rising to 229k over the week ending June 1 (vs. 220k expected). That’s a 4-week high, but some of the other economic news was more positive. Indeed, the Atlanta Fed’s GDPNow estimate for Q2 was upgraded again to an annualised rate of 2.6%. We also had data yesterday showing the US trade deficit was a bit smaller than expected in April, at $74.6bn (vs. $76.5bn expected), even if the number was still the highest since October 2022.
US equities saw little change against that backdrop, with the S&P 500 (-0.02%) narrowly ending a run of four consecutive gains and coming off of its record high the previous day. Small-caps underperformed, with the Russell 2000 down -0.70%, whereas the Magnificent 7 saw a slight gain (+0.19%) that left it at another all-time high. European equities posted a relatively stronger performance though, with the STOXX 600 (+0.66%) closing just shy of its record high from mid-May. In the meantime, US Treasuries posted marginal losses with the 10yr yield up +1.2bps to 4.29%, whilst the 10yr real yield (+2.9bps) ticked back up above 2% again. Overnight that trend has continued, with the 10yr Treasury yield up a further +1.0bps to 4.30% as we go to press.
In the commodity space, oil prices continued to recover some of the c. 5% decline seen earlier in the week after the weekend’s OPEC+ agreement to begin phasing out production cuts from October. Brent crude was up +1.86% to $79.87/bbl, its largest daily advance since March, supported by comments from OPEC+ ministers that production changes could be paused or reversed if needed. That trend has continued overnight, with Brent crude up another +0.20% to $80.03/bbl.
Overnight in Asia, equity markets have put in a mixed performance as investors focus on the upcoming US jobs report. Several indices have lost ground, including the Nikkei (-0.19%), the Shanghai Comp (-0.23%), the Hang Seng (-0.42%), and the CSI 300 (-0.72%). However, the KOSPI (+0.94%) has advanced after returning from a public holiday, and US equity futures are also pointing in a positive direction, with those on the S&P 500 up +0.10%. Separately, data showed that China’s exports grew by more than expected in May, with a year-on-year increase of +7.6% (vs. +5.7% expected). Imports also grew by less than expected, with a year-on-year growth increase of +1.8% (vs. +4.3% expected).
To the day ahead now, and data releases include the US jobs report for May and German industrial production for April. From central banks, we’ll hear from ECB President Lagarde, and the ECB’s Nagel, Simkus, Holzmann, Schnabel and Centeno, along with the Fed’s Cook.
2B EUROPE OPENING/TRADING
Tentative trade across the markets ahead of today’s US Employment report; ECB’s Schnabel due – Newsquawk Europe Market Open
FRIDAY, JUN 07, 2024 – 01:39 AM
- APAC stocks traded mixed in cautious and tentative trade and macro newsflow on the quieter side ahead of the US jobs report
- European equity futures are indicative of a flat open with the Euro Stoxx 50 future unchanged after cash closed +0.7% on Thursday
- DXY traded flat in a narrow range, EUR & GBP contained; USD/JPY inched higher
- Fixed income rangebound but with a softer bias, little reaction to the latest BoJ Rinban announcement
- Commodities rangebound but with a firmer bias, relatively unreactive to Chinese trade and geopols
- Highlights include German Industrial Output, UK Halifax House Prices, EZ GDP (R), US NFP, Canadian Employment, US Wholesale Sales, ECB’s Schnabel; Lagarde; Fed’s Cook.
- Click here for the Newsquawk Week Ahead.
- Click here for the Newsquawk NFP Preview.
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US TRADE
EQUITIES
- US stocks were choppy and closed mixed as Wall Street looks to Friday’s Non-Farm payrolls report ahead of the US CPI and FOMC next Wednesday.
- SPX flat at 5,353, NDX flat at 19,021, DJI +0.20% at 38,886, RUT -0.70% at 2,049.
- Click here for a detailed summary.
NOTABLE HEADLINES
- A federal judge in San Francisco dismissed a proposed class action against Google (GOOG), which had alleged the company misused personal and copyrighted data to train its AI systems, including its Bard chatbot, according to Reuters.
- US 30yr fixed rate mortgages at 6.99% in June 6th week (prev. 7.03% W/W), via Freddie Mac.
APAC TRADE
EQUITIES
- APAC stocks traded mixed in cautious and tentative trade and macro newsflow on the quieter side ahead of the US jobs report.
- ASX 200 was kept afloat by gains in gold miners, alongside Resources and Materials names. while Real Estate and Healthcare lagged.
- Nikkei 225 was subdued following softer-than-expected household spending data. On an index level, gains in Pharma and Mining failed to counter the downside from Banking and Autos, with the latter continuing to feel the woes from its domestic safety scandal.
- Hang Seng and Shanghai Comp both dipped into the red after opening modestly firmer, whilst CATL shares tumbled some 7% after US lawmakers said Chinese EV battery manufacturers rely on forced labour and should be blocked from importing goods into the US. No reaction was seen on the Chinese trade data.
- US equity futures traded a modest upward tilt in the run-up to the US jobs report, where analysts expect the rate of monthly payroll additions to tick up slightly in May, although remained beneath recent trend rates, whilst wage growth is seen accelerating slightly on a monthly basis, but is likely to be unchanged on an annualised basis.
- European equity futures are indicative of a flat open with the Euro Stoxx 50 future unchanged after cash closed +0.7% on Thursday.
FX
- DXY traded flat intraday within a narrow 104.05-104.16 range as the Dollar gears up for the US jobs report. In terms of nearby levels, the 100 and 200 DMAs reside at 104.43 and 104.40 respectively while yesterday’s range was 104.04-37.
- EUR/USD saw little action in APAC hours in the aftermath of the ECB’s confab and ahead of tier 1 US data. EUR/USD holds within a 1.0888-97 range.
- GBP/USD was similarly uneventful awaiting the next catalyst with Cable within a 1.2784-94 parameter whilst EUR/GBP just about held above 0.8500.
- USD/JPY was initially modestly firmer as US yields inched higher, whilst BoJ maintained its bond-buying sizes in its latest rinban operations. No notable action was seen to the commentary from Japanese Finance Minister Suzuki.
- Antipodeans saw little action amid a lack of notable catalysts and with the Chinese yuan fixing stable overnight. No reaction was seen on the Chinese trade data.
- PBoC sets USD/CNY mid-point at 7.1106 vs exp. 7.2430 (prev. 7.1108)
FIXED INCOME
- 10-year UST futures traded within recent ranges but with a modestly softer APAC bias following the prior day’s choppiness which ultimately saw futures little changed heading into the close.
- Bund futures were modestly subdued on either side of 131.00 in a 130.88-131.05 APAC parameter vs yesterday’s 130.66-131.51 range.
- 10-year JGB futures were softer on either side of 144 with little reaction seen to the BoJ Rinban announcement (which maintained bond purchase amounts) and the softer-than-expected Household Spending data. Meanwhile. Bloomberg reported that the Japanese government likely financed most of its recent currency market intervention by selling Treasuries and other securities.
COMMODITIES
- Crude futures tilted modestly higher but within recent ranges amid a lack of catalysts and with geopolitics also quiet in APAC hours, although there were reports Hamas is said to be looking to reject the Israeli ceasefire proposal.
- Spot gold also edged higher in late APAC trade to top yesterday’s USD 2,378.36/oz high and inch above the 23rd May high at USD 2,383.69/oz.
- Copper futures saw a modestly softer bias with 3M LME copper briefly dipping under USD 10,000/t, whilst no reaction was seen to the Chinese trade data.
- Chinese May iron ore imports 102.03mln tons (vs 101.82mln tons in April) Jan-May iron ore imports +7% Y/Y.
- Chinese May crude oil imports 46.97mln metric tons (vs 44.72mln tons in April); Jan-May crude oil imports -0.4% Y/Y.
- SPDR Gold Trust GLD reports holdings up 0.4% to 837.10 tonnes by June 6th.
- Chile’s state-run Codelco is said to be looking for partners on a major new lithium project slated to begin production in 2030, according to documents cited by Reuters.
- Goldman Sachs said, “Even assuming comfortable European end-October 2024 storage, we still see winter global gas price risks skewed to the upside, led by TTF.”
- Natural gas flow has restarted from the UK to Norway via Langeled pipeline, according to UK national gas data.
CRYPTO
- Bitcoin recovered to levels closer to USD 71,000 after dipping to a low near USD 70,000 earlier in the APAC session.
- Kraken is reportedly said to be in talks for a pre-IPO funding raising round, according to Bloomberg.
NOTABLE ASIA-PAC HEADLINES
- Japanese Foreign Reserves USD 1.2316tln at end-May (vs USD 1.2790tln at end-April), according to MOF. *”Japan’s holdings of foreign securities dropped sharply in May, indicating that the government likely financed most of its recent record currency market intervention by selling Treasuries and other foreign securities and still has ample firepower to step into markets again.” – via Bloomberg.*
- Japanese Finance Minister Suzuki said the drop in Japan’s foreign reserves as of end-May partially reflects FX intervention; and will take action against excessive forex moves. Forex intervention was conducted to address excessive moves. Forex intervention should be done in a restrained manner. Not taking into account the limit to reserves for forex intervention.
- BoJ offered to buy JPY 150bln in up to 1yr JGBs, JPY 375bln in 1-3yr JGBs, JPY 425bln in 5-10yr JGBs and JPY 150bln in 10yr-25yr JGBs; all unchanged.
- PBoC injected CNY 2bln via 7-day reverse repos with the rate at 1.80%.
- RBI maintained its Repo Rate at 6.50% as expected and maintained its policy stance as expected. FY25 real GDP growth was upgraded to 7.2% vs 7% previously. RBI Chief said risks to growth and inflation are evenly balanced and the RBI will remain resolute in commitment to aligning inflation to target.
DATA RECAP
- Chinese Trade Balance USD (May) 82.62B vs. Exp. 73.0B (Prev. 72.35B)
- Chinese Imports YY (May) 1.8% vs. Exp. 4.2% (Prev. 8.4%); Exports YY (May) 7.6% vs. Exp. 6.0% (Prev. 1.5%)
- Chinese May trade surplus with the US at USD 30.8bln (vs USD 27.24bln in April), according to customs data
- New Zealand Manufacturing Sales (Q1) -0.4% (Prev. -0.6%)
- Japanese All Household Spending MM* (Apr) -1.2% vs. Exp. 0.2% (Prev. 1.2%)
- Japanese All Household Spending YY* (Apr) 0.5% vs. Exp. 0.6% (Prev. -1.2%)
GEOPOLITICAL
MIDDLE EAST
- Hamas reportedly said that it will reject the Israeli ceasefire proposal, arguing that the proposal does not ensure a permanent end to hostilities. Hamas will continue to reject proposals until it secures a “permanent ceasefire”, via Critical Threat on X
- Qatari Foreign Ministry spokesperson said Hamas has not yet handed to mediators its response to the latest ceasefire proposal and is still studying the proposal, according to Reuters.
- Israel’s Gantz’s State Camp party met to discuss leaving Netanyahu’s coalition; Gantz is expected to announce he will leave the government unless there is a surprise, according to Israel Broadcasting Corp. The US administration asked Gantz to reconsider his expected withdrawal from the emergency government.
- Israeli PM Netanhayu is to address US Congress on July 24th, according to Punchbowl’s Sherman. However, Times of Israel sources suggested July 27th.
- US military said it destroyed eight Houthi drones and two Houthi uncrewed surface vessels in the Red Sea, according to Reuters.
OTHERS
- China, Russia and Iran called on the West to take the necessary steps to revive the Iranian nuclear agreement, and “we are ready for that”, according to a statement cited by Al Jazeera.
- Philippine Coast Guard reports that the Chinese Coast Guard intentionally rammed a Philippine Navy rubber boat transporting sick personnel, according to Reuters.
EU/UK
ECB SOURCES
- Some ECB hawks reportedly argued that committing to the June rate cut too early was a mistake, a few hawks said they might have supported holding rates if there had not been a commitment, according to Reuters citing sources. “The sources, all with direct knowledge of the discussion, said that around a half dozen conservatives noted that this recent run of data may not be consistent with a rate cut, so the move was more a judgment.” “A smaller number even said that their final decision might have been different without the pre-commitment.” “But other than Holzmann, all agreed that backing out of the commitment would be a mistake and deeply divisive.”
- ECB governors see a further interest-rate cut in July as unlikely after some stronger-than-expected economic data, with the focus now on their September meeting, according to sources via Reuters. “One source said a rate cut would be warranted in September if the ECB’s inflation forecast for the last quarter of 2025 remained where it has been for some time, that is at 1.9%-2.0%.”
NOTABLE HEADLINES
- EU Election exit poll reveals nationalist Wilders PVV party and Labour/Green combination seen tied for first place in the Netherlands.
- Credit Suisse AT1 bondholders have filed a suit against Switzerland in New York, according to a statement.
EMERGING MARKETS
- Mexican assets tumble on reports that the Morena leader in Congress has confirmed the 18 constitutional reforms proposed by AMLO will be voted on in September under the new configuration of Congress.
- South African ANC Leader Ramaphosa said they have agreed that they will invite parties to form a government of national unity, according to Reuters.
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
3 CHINA
CHINA/SAUDI ARABIA
China strengthening ties with Saudi Arabia
(zerohedge)
China’s Sinopec To Build Gas Pipelines For Saudi Aramco In $1-Billion Deal
BY TYLER DURDEN
FRIDAY, JUN 07, 2024 – 05:00 AM
By Tsvetana Paraskova of OilPrice.com
A subsidiary of China’s energy giant Sinopec has signed a $1.3-billion deal with Saudi Aramco to procure and build pipelines for an expansion of the Kingdom’s natural gas distribution network, the Chinese firm said on Thursday.
Under the turn-key fixed-price contract worth $1.3 billion (5.17 billion Saudi riyals), Sinopec International Petroleum Services Corporation, a wholly-owned subsidiary of Sinopec Oilfield Service Corporation, will be responsible for the in-country procurement and construction of Packages 6 and 7 of the Phase 3 Pipeline Project Clusters of the Master Gas System.
Mechanical completion of the project is expected by May 31, 2027, under the contract, Sinopec said in a filing with the Hong Kong Stock Exchange.
The project, Phase 3 Pipeline Project Clusters of Saudi Aramco MGS, is the third phase of the development of Aramco’s commodity natural gas pipeline project, Sinopec says.
The Saudi oil giant has in recent years expressed its intention to boost its natural gas production and sales in the Kingdom, to deliver gas to more customers and replace part of the crude that is currently being burnt for power generation in Saudi Arabia.
After scrapping oil capacity expansion plans earlier this year, the Saudi state oil giant Aramco is now poised to boost natural gas output by 60% by 2030, executives said earlier this year.
In the third quarter of last year, Saudi Arabia made two significant natural gas discoveries in two fields in the Empty Quarter, along with the discovery of five reservoirs in previously discovered fields.
Demand for gas is seen increasing significantly amid a global energy transition, which has prompted Saudi Arabia to move more quickly to open up the development of unconventional natural gas fields. Global LNG demand is expected to grow by 50% by 2030.
Aramco has also entered the international LNG market and is reportedly in discussions with U.S. LNG developers to buy a stake in one planned project and sign a long-term LNG offtake deal from another proposed export facility.
end
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
SWEDEN/MIGRANTS
END
FRANCE
END
GERMANY
5. RUSSIA AND MIDDLE EASTERN AFFAIRS.
ISRAEL/USA
END
ISRAEL HAMAS/RAFAH
WATCH: IAF targets booby-trapped building, kills terrorists in Rafah
In one strike, the IAF killed the commander of a rocket and mortar fire terrorist cell and an additional terrorist who fired at the troops.
By JERUSALEM POST STAFFJUNE 7, 2024 11:35
Jpost.com/israel-hamas-war/article-805352
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In Rafah, over the past day, IDF soldiers located tunnel shafts and numerous weapons, including grenades, vests, cartridges, and more, the IDF announced Friday morning.
During one of the strikes in the area, an Israel Air Force (IAF) fighter jet eliminated an armed terrorist who was located inside a booby-trapped building.
IDF operates in central Gaza
IDF soldiers killed dozens of terrorists, located tunnel shafts, and destroyed terrorist infrastructure in the area of eastern Bureij and eastern Deir al Balah.
In one strike, the IAF killed the commander of a rocket and mortar fire terrorist cell and an additional terrorist who fired at the troops.
The IDF also announced that over the past day, the Paratroopers Brigade has joined the operational activity and is now operating against Hamas terror targets in central Gaza.
The IDF is continuing to destroy terrorist infrastructure and kill terrorists in the area.
ISRAEL/HAMAS/QATAR
Qatar to Hamas: Accept deal or face expulsion from Doha – report
The US has for months been pressuring Qatar to announce that it will expel Hamas if they don’t accept the ceasefire deal.
By JERUSALEM POST STAFFJUNE 7, 2024 02:25Updated: JUNE 7, 2024 03:45
Qatar has given Hamas an ultimatum to accept the ceasefire deal proposed by the US and Israel or face expulsion from Doha, according to a report by CNN.
As part of the US’s diplomatic campaign to achieve a ceasefire, it has been putting intense pressure on members of the Israeli government to accept the deal.
CNN revealed that it has been putting a similar amount of pressure on Qatar to achieve results from the negotiations.
The US has for months been pressuring Qatar to announce that it will expel Hamas if they don’t accept the ceasefire deal.
According to CNN, this threat has been issued, with Qatar making clear to Hamas that failure to achieve a ceasefire would lead to their expulsion from Qatar.
Hamas have been cagey with their response, having only said that they have neither accepted nor rejected the proposal as of Thursday night.
Hamas’s demand for a total withdrawal of Israeli troops from all of Gaza before accepting the current ceasefire deal has been causing delays in the deal.
Pressure on Egypt
The US has also stepped up its pressure on Egypt to authorize the closure of access to Gaza through Egyptian territory if Hamas refuses the ceasefire deal.
US officials told CNN that the diplomatic campaign was working and that Egypt had increased its pressure on Hamas.
There’s no exact confirmation on how effective the pressure has been, as Egypt has been reticent to publicize its dialogue with Hamas.
RUSSIA UKRAINE/USA
False Flag On The Horizon? The Strange Case Of The Destroyed Russian Nuclear Radar
BY TYLER DURDEN
THURSDAY, JUN 06, 2024 – 10:30 PM
Authored by Brandon Smith via Alt-Market.us,
If we accept the fundamental truth that Ukraine is nothing more than a proxy battleground between Russia and the west, then you might say WWIII has already begun. The powers-that-be have been content to keep the situation contained primarily to Ukraine so far, but a recent event suggests things are about to change. There’s something very strange happening on the nuclear front between NATO and Russia and I believe it might be time to consider the possibility that a false flag threat is in the works.
In the past two weeks Ukraine has taken credit for at least two separate strikes on peculiar targets – Russian “over the horizon” radar stations using drones with an impressive flight range of at least 1200 miles. Until this point, long range attacks into Russian territory have been exceedingly rare. So, why these specifics radar stations?
The Voronezh-DM stations were positioned outside the city of Orsk and the region of Krasnodar (Armavir); far away from the front lines in Ukraine. The strikes are being hailed as the furthest Ukraine has attacked into the heart of Russia, but the corporate media has ignored the wider implications of the situation.
It is likely that the drones used were of US or European origin. NATO has (until the past couple of days) enforced tight restrictions on how their weapons can be used by Ukraine. Long range drones and cruise missiles hitting targets deep in Russia invites major blowback, including the threat of a nuclear response.
That said, it’s not so much the weapons used that concerns me, it’s the specific targets that Ukraine supposedly chose.
Russia’s over-the-horizon radar systems have a detection range of at least 6000 miles (the real range is classified) and scan specifically for high altitude ballistic missiles. They are not designed to detect lower flying medium range cruise missiles (ATACMS) and drones. Meaning, the two stations destroyed by Ukrainian weapons are meant to act as an early warning system for nuclear attack.
The Ukrainians supposedly defied NATO restrictions, not once, but twice, to target radar systems that have nothing to do with them. In fact, the arrays sit in permanently fixed positions and neither array was actually aimed at Ukraine, they were aimed to the North and Southwest of Russia. The Armavir radar was constructed in 2009 to close a gap created by the loss of radars in Ukraine, and was also meant to replace an older Daryal radar in Gabala. Interestingly, Armavir and Orsk “search fans” watches the skies primarily above the Middle East, including Israel, and a large chunk of Europe including Switzerland.
Instead of attacking vital strategic resources like oil refineries or ammo depots, Russia’s nuclear defenses are being systematically hobbled. Why?
It’s important to understand that a strike of this kind deep into the center of Russia requires complex planning and logistics. It cannot be achieved without covert intel on the ground as well as aid from satellite surveillance. Ukraine relies completely on NATO satellites and intel; no such strike would ever be possible without NATO involvement. Furthermore, the drones used would need to have the ability to evade early detection systems and remain hidden for thousands of miles. This kind of technology comes mainly from the west.
In other words, there’s no way that these attacks were accomplished by Ukraine without extensive help and approval from the US or European command. I question the notion that a Ukrainian pilot was even remotely flying the drones. We’re talking about some of the most closely defended radar stations in the whole of Russia.
Why does any of this matter?
Let’s consider the ugly realities…
First, the targeting of Russian nuclear defenses might make the Kremlin believe they are being prepped for a nuclear strike. Why else would their ballistic radar be singled out? This means they will be on high alert for a possible nuclear exchange. Not good.
Second, the Voronezh-DM stations are used to identify FALSE POSITIVE alerts of nuclear attack. Meaning, if there a weapon is used against Russia that mimics a high altitude ballistic missile, their ability to detect that it’s NOT a nuke has been reduced. They might launch their own warheads in response to a non-nuclear strike (a fake strike or false flag).
Third, Armavir and other stations could be used to record ballistic missile activity well outside Russian air space (in places like the Middle East). It’s possible these strikes were meant to blind Russia and stop them from detecting missile events that are unrelated to the Ukraine war.
Fourth, it’s possible that NATO and Ukraine believe dismantling the radar sends a message that if Russia threatens nuclear attack, they might be hit first. All this means is that Russia won’t give a warning, they’ll simply launch.
Fifth, the attack on Armavir alone meets the conditions the Russian government laid out publicly in 2020 for actions that could trigger a nuclear retaliatory strike. Russia’s early warning network is part of the country’s broader nuclear deterrent posture.
“The conditions specifying the possibility of nuclear weapons use by the Russian Federation” include any “attack by an adversary against critical governmental or military sites of the Russian Federation, disruption of which would undermine nuclear forces response actions,” according to the Basic Principles of State Policy of the Russian Federation on Nuclear Deterrence the Kremlin published in 2020.
So far there has been no indication on how Russia will retaliate, but let’s consider the circumstances at the front right now. Ukrainian defenses are thin and they lack the manpower needed to maintain the most rudimentary of strong points. As I noted last month, Ukraine’s front line is about to be overrun, likely this summer, with Russia opening a new offensive push in the north near Kharkiv.
NATO countries are now say they support Ukraine’s use of long range weapons inside Russia. This means major metropolitan areas of Ukraine will be on the the table for Russia’s own long range strikes, a measure which they have avoided for the most part. Also watch for the potential use of thermobaric bombs (vacuum bombs) by Russia; these are massively destructive weapons that have so far been absent from the battlefield (aside from unverified reports).
The west is sending Russia the message that they will not allow Ukraine to lose, they will not pursue diplomatic solutions and if Russia begins gaining significant ground, anything goes. Does this include nukes? It’s hard to say.
My suspicion is that the establishment wants to create a scenario in which Russia is led to overreact to an event, or, the public is led to believe Russia is a legitimate nuclear threat to the west. There is also the outside possibility that Russia is being blocked from monitoring a future ballistic incident in the Middle East.
The timing of the radar attacks comes only weeks before the planned Ukraine “peace conference” in Switzerland on June 15th. Although major leaders from the US, China, and Europe will not be attending (and Russia isn’t invited), the summit is still a juicy target for a false flag and thus unification of western interests around a larger war with Russia. I’m not saying the conference itself will be attacked, necessarily, but a major attack during the conference could be used to sell the idea of total NATO intervention.
If the goal is to expand the war then any perceived hostilities aimed at the conference could also be used as an excuse to rally popular support. The fact that so many world leaders including Biden refuse to show up makes it even more dubious.
I highly doubt the establishment wants to trigger a global nuclear war. They have everything to lose and very little to gain. They just spent the better part of the last century building up one of the most intricate economic and political control grids in the history of humanity. I don’t think they would be happy to see it all vaporized in the blink of an eye. That said, a limited nuclear event might serve their interests well.
As I write this multiple governments including the French government are calling for European troops to be deployed to Ukraine. Some political leaders want them to go as “advisers” and trainers. This is exactly what the US did right before it deployed extensive military forces to Vietnam. Remember the false flag Gulf of Tonkin incident?
Something very odd is going on here. I have no doubt that WWIII is the intended outcome of the confrontation between NATO and Russia in Ukraine. The question is, how do they plan to arrange that outcome while convincing the American and European public to join the war effort? They need a serious false flag.
END
Ukraine Has Requested NATO Military Instructors On Its Soil, Macron Says
THURSDAY, JUN 06, 2024 – 09:00 PM
French President Emmanuel Macron used the occasion of D-Day memorial events in France on Thursday to make some big announcements on Ukraine. This after President Biden focused much of his speech on ‘defeating Russia’ – as opposed to remembrance of WWII and those who perished on the beaches of Normandy.
For the first time Macron said that there’s been a specific request from the Zelensky government to send French troops to Ukrainian soil in order to train forces there, amid a growing manpower shortage and severe lag in adequate training.
“There is a challenge in capacity. That is why the Ukrainian president and his minister of defence asked all the allies — 48 hours ago in an official letter — saying ‘we need you to train us quicker and that you do this on our soil’,” Macron said in a live interview on French television, translated by AFP.
While stopping short of committing to sending troops (given there’s been no consensus reached by NATO allies yet), Macron did indicate the French military will equip and train an entire brigade of 4,500 Ukrainian soldiers – but crucially this training is being conducted outside Ukraine.
Macron also announced readiness to transfer Mirage-2000 fighter jets to Ukraine, and to train their pilots on the aircraft, while not specifying the number of jets to be sent.
“Tomorrow we will launch a new cooperation and announce the transfer of Mirage 2000-5,” Macron indicated in the interview, referencing the fighter made by French manufacturer Dassault.
The pilot training program will kick off this summer, and the details will reportedly be hashed out when Macron meets Ukrainian President Volodymyr Zelensky at the Elysee Palace in Paris on Friday.
“You need normally between five-six months. So by the end of the year there will be pilots. The pilots will be trained in France,” he continued.
As for sending Western troops directly into Ukraine, Macron cautioned, “We are working with our partners and we will act on the basis of a collective decision.”
But at this point in the conflict this is a losing proposition and the West knows it, even if officials don’t admit it openly. There’s huge risk and only downside. President Putin and top Kremlin officials have repeatedly vowed they will attack any foreign troops found on Ukraine soil.
Journalist and national security commentator Andrew Cockburn summed up the situation as follows: “As Russian forces steadily advance in the Kharkiv region, it is becoming ever more clear that the Ukraine war has been a disaster for the U.S. defense machine, and not just because our aid has failed to save Ukraine from retreat and possible defeat. More importantly, the war has pitilessly exposed our defense system’s deep, underlying, faults.”
COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES
WORLD EVENTS NOTEWORTHY
END
WORLD HEALTH ISSUES
Springsteen postpones tour; Neil Young postpones show; Black Keys cancel tour; Matt Rife cancels show; Carly Pearce has pericarditis; “Mike Tyson falls ill in plane”
The Great Gatsby’s Sara Chase has tubal cancer; Dance Moms’ star Kelly Hyland has “fast-moving” breast cancer; three sports announcers—Sean McDonough, Jim Ross, Brandi Rhodes—out with illness
| MARK CRISPIN MILLERJUN 6 |
UNITED STATES
Bruce Springsteen forced to postpone tour due to health issue
May 27, 2024
Bruce Springsteen has canceled several dates of his tour due to “vocal issues”. ‘The Boss’ shared the news on Instagram and explained he and The E Street Band were postponing Prague and Milan under doctor’s orders. “Following yesterday’s postponement in Marseille due to vocal issues, further examination and consulting has led doctors to determine that Bruce should not perform for the next ten days,” the statement read. “With this in mind, additional postponements are required for Airport Letnany in Prague (originally scheduled for May 28) and San Siro Stadium in Milan (originally scheduled for June 1 and 3).
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Neil Young’s Chicago show postponed at last minute ‘due to illness’
May 23, 2024
Neil Young’s sold-out concert at Chicago’s Huntington Bank Pavilion was postponed Thursday, just hours before showtime. A statement on the Northerly Island venue’s X page said the show, part of a tour with Young’s band Crazy Horse, was postponed “due to illness.” There were no details about who was ill. “This show will be rescheduled,” the tweet said. “Hold on to your tickets and stay tuned for more information.
The Black Keys quietly cancel entire North American arena tour
May 25, 2024
Last month, the Black Keys shared Ohio Players, their 12th studio album. The rock band was slated to start a North American arena tour in September, but the run has been canceled. All of the dates have disappeared from the Black Keys’ website, aside from a performance at a NASCAR race. Ticketmaster also has the tour dates listed as canceled. Fans are speculating the cancelation is due to low ticket sales, but it’s unconfirmed and the band has not commented or announced the cancelation. The Black Keys have even limited comments on their most recent Instagram post as fans demand an explanation. Stereogum has reached out to the band for comment.
Matt Rife abruptly cancels shows due to medical emergency
May 30, 2024
Fans were left hanging after comedian Matt Rife suddenly canceled two shows on Wednesday night, just around 20 minutes before the show was supposed to start. And although he has not elaborated on why he suddenly had to cancel, the 28-year-old is citing a “medical emergency” of some kind.
Carly Pearce opens up about recent health diagnosis, making shows ‘look a little different’
May 30, 2024
Northern Kentucky country music artist Carly Pearce gave her fans an important update regarding her health on Thursday. Pearce, 34, announced on Instagram that she had been diagnosed with pericarditis, a condition that causes swelling and irritation to the heart’s already-thin saclike tissue. The musician says she has been talking about her health and the future of her shows with doctors and a cardiologist. As a result of the new development, Pearce says some things will unfortunately have to change from what she normally brings to the stage. “I still wanna be out on the road, it’s really important to me, but we have all decided that it is in my best interest as I’m healing to alter my shows a little bit, so if my shows look a little bit different just know it’s because I have to keep my heart rate under control right now,” she explained. “That doesn’t mean I’m not gonna be completely fine, it just means right now I really need to take this seriously…” The 34-year-old from Taylor Mill, Kentucky, warns her fans to take care of themselves and to trust their intuition if they feel something is wrong. “I’m a young, healthy person that really watches what I eat and exercises, and this happened to me, so I just want to use my platform to tell you to take care of your body and listen to it, and just know that if it’s trying to tell you something, it’s gonna tell you,” she said.
Former boxing champion Tyson falls ill on plane
May 28, 2024
Mike Tyson [57], the former heavyweight champion boxer, experienced a moment of great concern during a flight from Miami to Los Angeles. “Kid Dynamite” suffered a sudden illness that required the intervention of doctors once he landed at the airport. The symptoms, described as dizziness, nausea and a severe headache, alerted the cabin crew of American Airlines Flight 1815 who provided first aid to Tyson. The news quickly spread across the international media. A spokesperson for the boxer reported that Tyson is currently recovering and that the symptoms were the result of an ulcer. Once landed, medical and paramedical staff boarded the flight to provide further assistance, monitoring Tyson’s condition for more than 25 minutes before transferring him to a medical facility for further assessment. Tyson’s entourage subsequently announced that the champion is well and thanked the medical staff for the prompt intervention.
Tyson was “vaccinated”:
The Great Gatsby’s Sara Chase speaks out about cancer diagnosis: ‘I’m living my greatest dream and my nightmare’
May 30, 2024
“When my doctor told me the diagnosis, I said, ‘I promise you if I get through this, I will speak about it.’” Sara Chase is already making good on that promise—a show of faith that her doctor will hold up the other end of the bargain. The diagnosis she’s referring to is tubal cancer, or cancer of the fallopian tubes—a piece of news the Great Gatsby performer kept to her inner personal and professional circles before deciding to share it publicly in an interview with Broadway.com Managing Editor Beth Stevens on The Broadway Show.
No age reported.
Dance Moms star Kelly Hyland, 53, reveals she has been diagnosed with ‘fast-moving’ breast cancer
May 29, 2024
Dance Moms star Kelly Hyland, 53, has revealed that she has been diagnosed with ‘fast-moving’ breast cancer – just months after she had a ‘clean mammogram.’ Kelly, who appeared in Dance Moms with her daughters, Brooke and Paige, from 2011 until 2014, shared the heartbreaking news with E! News on Wednesday morning. In late March, the mom-of-three said she noticed a lump in her breast and decided to get it checked – despite having had a mammogram just eight months prior. ‘I went from clean results to a malignant mass in eight months,’ the reality star said. ‘I was shocked that it had grown that quickly and scared of the battle I knew I was about to face.’
ESPN announcer out with illness
May 24, 2024
Due to illness, ESPN’s Sean McDonough will not be on the call for Friday night’s Eastern Conference Finals Game 2 between the New York Rangers and Florida Panthers. ESPN announced the news on Friday afternoon. McDonough is still scheduled to return and call Game 3, per ESPN’s PR site. No details have been provided regarding the illness.
No age reported.
Two pro wresting announcers in the hospital:
Jim Ross admitted to emergency room this morning due to shortness of breath
May 23, 2024
Jim Ross is going through it again. On Thursday, the WWE Hall of Fame legend and AEW commentator surfaced on social media with some unfortunate news about his health. “Unexpected trip to ER in Norman this morning,” Ross wrote of his trip to the emergency room earlier today. “Shortness of the breath.” That’s all for now.
No age reported.
Brandi Rhodes diagnosed with stage 4 endometriosis, undergoes successful surgery
May 21, 2024
Brandi Rhodes [40] has opened up about her health discovery and treatment. She has confirmed that she was diagnosed with Stage 4 Endometriosis and has gone through successful surgery. Rhodes writes on her social media: “3 years of pain with no answers. @MaryseMizanin ‘s story encouraged me to press on. Many appts later, we found the answer. Stage 4 endometriosis. Successful surgery today.”
DR PAUL ALEXANDER
I guarantee, Biden is not on the ballot in November 2024, today looks like he soiled himself on world stage at D-Day event in France with President Macron. Biden is demented, senile, severe cognitive
decline & it is disastrous for the USA to be in this situation and the left continue covering for this situation; Speaker Johnson must invoke 25th now! he tried to sit with no chair, FLOTUS had to go
| DR. PAUL ALEXANDERJUN 7 |
Jill Biden had to hurry him out for things were bad bad bad…Biden was lost, look at him at the SUV, not even my grand father at 90 looked so lost…this is not embarrassing, it is dangerous now and they are abusing him as he and they abuse America…I do not wish to say anything disrespectful now but he gots to go, he is not able to carry out his duties as POTUS and by tomorrow the democrats best have a replacement…
Roll tape:
Alexander COVID News_a PCR manufactured fake COVID pandemic is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Scene 1:
Gunther Eagleman™ on X: “No way he makes it to the election… https://t.co/vYPjLhOVq0” / X
Scene 2 (you can see FLOTUS telling him stand to hell up, there is no chair and telling him ok, looks like you soiled yourself, we will leave:
Scene 3 (FLOTUS leaving fast):
Scene 4 (now tell me, does this person look like someone you will let near the nuclear codes, seriously, forget the other frames, just this one and you get scared, we have a serious problem, poor man was lost, you could see he is saying in his mind, para ‘where the fuck am I, what is going on, why all these people, where am I???:
SLAY NEWS
| The latest reports from Slay News |
| Study Finds Country’s ‘Unprecedented’ Deaths Caused by Covid ShotsYet another damning study has confirmed that Covid mRNA shots are the “unambiguous” cause of an “unprecedented” surge in excess deaths. Top British and American scientists from the University of Liverpool and Harvard University teamed up with researchers in Cyprus to analyze the island nation’s “substantial, statistically significant,” increase in mortality from all causes in late 2021 and early 2022. …READ MORE |
| WHO Demands Governments Get ‘More Aggressive’ with ‘Anti-Vaxxers’ as Deaths Surge Among VaxxedThe World Health Organization (WHO) has issued a warning to United Nations (UN) member states that governments must “be more aggressive” in cracking down on “anti-vaxxers.”READ MORE |
| Gavin Newsom Calls for Defunding Police & Prisons to Fight ‘Climate Change’Democrat Governor Gavin Newsom has issued a proposal that seeks to defund California’s police and prisons in an effort to tackle “climate change.”READ MORE |
| Supreme Court Sends ‘Racial Gerrymandering’ Case Back to ArkansasThe United States Supreme Court has decided not to rule on a dispute over alleged “racial gerrymandering” in Arkansas.READ MORE |
| Biden’s AG Merrick Garland Grilled over Jack Smith’s AppointmentAttorney General Merrick Garland angrily rejected claims that Democrat President Joe Biden’s Department of Justice has been weaponized during a congressional hearing.READ MORE |
| Marjorie Taylor Greene Calls to ‘Defund New York’ over Trump ConvictionRepublican Rep. Marjorie Taylor Greene (R-GA) is calling for Congress to “defund” the state of New York for its politically motivated conviction of President Donald Trump. READ MORE |
| Michigan Supreme Court Rules against $15 Minimum Wage Hike Appearing on November’s BallotThe Michigan Supreme Court has ruled against adding a measure to increase the state’s minimum wage on November’s ballot.READ MORE |
| Andy Kim Secures Upset Democrat Senate Primary Win in Bid to Unseat ‘Gold Bar Bob’ MenendezUnderdog candidate Rep. Andy Kim (D-NJ) has clinched the Democrat primary to run against incumbent and alleged criminal Sen. Bob Menendez (I-NJ) for his New Jersey Senate seat.READ MORE |
| Trans Athlete Complains about Lack of ‘Sportsmanship’ after He ‘Wins’ Female ChampionshipA male high school athlete is complaining about the lack of “sportsmanship” from his female competitors after he “won” an event in the girls’ championship.READ MORE |
| New Job Numbers Plummet in May, Way Below ExpectationsAmerican businesses added far fewer new jobs in May than expected, making the month the worst of the year so far, a new report shows.READ MORE |
| Mandisa’s Sudden Death at 47 Blamed on ‘Obesity’“American Idol” star Mandisa died suddenly of “natural causes” that were blamed on “obesity,” according to the autopsy report.READ MORE |
| House Committees Send Criminal Referrals to DOJ for Hunter & James Biden over ‘False Statements to Congress’Three House committees have just sent criminal referrals to the U.S. Department of Justice (DOJ) for members of Democrat President Joe Biden’s family.READ MORE |
| Tucker Carlson Describes Meeting ‘Elderly Idiot’ Klaus Schwab: ‘Totally Unimpressive’Tucker Carlson has blasted World Economic Forum (WEF) founder Klaus Schwab as an “elderly idiot” while describing meeting “weak” globalist “elites,” whom he asserts are actually “buffoons.”READ MORE |
EVOL NEWS
| LATEST NEWS: |
NEWS ADDICTS
LATEST REPORTS FOR NEWS JUNKIES
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
END
7.OIL PRICES/GAS PRICES/OIL ISSUES
Russia Says It Continues To Cut Oil Production Under OPEC+ Deal
FRIDAY, JUN 07, 2024 – 02:00 AM
By Charles Kennedy of OilPrice.com
Russia continued to cut its oil production in May per the OPEC+ agreements, Russian Deputy Prime Minister Alexander Novak said on Thursday, in another attempt to reassure the market that OPEC+ producers are committed to the pact and to stabilizing the oil market.
“Our reduction against April continued in accordance with our OPEC+ agreements,” Novak told reporters on the sidelines of the St. Petersburg International Economic Forum, as quoted by Russian news agency TASS.
Asked about exact numbers for the May oil production, Novak said that the scale of the output cut would become clear in about a week.
When the OPEC+ members announced in early March their intentions to extend the cuts into the second quarter, Russia changed its production/export cut plan and said that it would reduce supply by 471,000 bpd in the second quarter in the form of cuts to oil production and exports.
In April, Russia pledged to reduce production by 350,000 bpd and exports by 121,000 bpd. In May, the 471,000 bpd reduction would be in the form of a 400,000-bpd cut to production and 71,000 bpd cut to exports, and in June the Russian supply cut would be 471,000 bpd entirely from production reductions.
Output cuts were to account for most of the extra Russian supply cut this quarter, and they could be the result of reduced refining capacity with maintenance in Q2 and refinery rates estimated to have slumped due to Ukrainian drone attacks on Russian refineries.
Last month, Russia said that it had “slightly exceeded” in April its oil output target under the OPEC+ pact and that it would compensate for the overproduction.
The Russian Energy Ministry said in a statement that the overproduction in April was “due to technical difficulties of cutting production in a large amount.”
“Russia is fully committed to the OPEC+ agreements, plans to compensate for shortfalls in production plans, and will soon submit to the OPEC Secretariat its plan to offset small variations from voluntary production levels,” the ministry said at the end of May.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//INDIA
INDIA
Modi’s BJP Loses Parliament Majority
THURSDAY, JUN 06, 2024 – 08:10 PM
Despite exit polls and projections suggesting otherwise, Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP) took a considerable hit at the election for the 18th Lok Sabha, India’s lower house voted on by the country’s citizens. Compared to 2019, the BJP lost 63 seats and was 32 seats shy of the 272-seat majority. For the first time since 2014, Modi will have to rely on other parties to secure a BJP-led government. However, if alliance allegiance holds, a coalition led by Modi’s party is bound to stay in power for five more years.
As Statista’s Florian Zandt shows in the chart below, based on data from the Election Commission of India, Modi’s National Democratic Alliance (NDA) comprised of a variety of conservative and nationalist parties won a combined 293 seats in this year’s election. Its rival, the Indian National Developmental Inclusive Alliance (INDIA), scored 234 seats. INDIA is led by the center-left Indian National Congress, which won 99 seats and whose tally was up 47 seats compared to 2019. Until the official formation of a new government, Modi has resigned as Prime Minister and will reportedly continue as a “caretaker”.
You will find more infographics at Statista
As of the time of writing, no official coalition talks have started, even though it is likely that both the BJP and INDIA will try to secure political parties not necessarily completely aligned with their views as kingmakers. Candidates include Janata Dal (United), which won 12 seats and is part of the NDA but has switched allegiance many times in the past, or the Telugu Desam Party, which can be seen as economically liberal and politically nationalist and regionalist and has won 16 seats in the election.
The election for the 18th Lok Sabha is said to be the largest election ever worldwide. It took place over 44 days and brought out 642 million Indians to the polls, 312 million of which were women, according to Chief Election Commissioner Rajiv Kumar cited in The Hindu. Overall, 969 million citizens were registered to vote, creating a turnout of roughly 66 percent.
END
AUSTRALIA
Good for him: Musk is fighting for freedom of speech
(zerohedge)
Aussie Government Fails To Force Elon Musk’s X To Censor Content
BY TYLER DURDEN
FRIDAY, JUN 07, 2024 – 08:20 AM
Authored by Steve Watson via Modernity.news.
The Australian government has abruptly dropped its efforts to force Elon Musk’s X to remove footage from April of an Islamist violently attacking a Christian Bishop.
As we previously highlighted, Australian Prime Minister Anthony Albanese and his government went to war with Musk, after the X owner refused demands to remove all copies of a video of Bishop Mar Mari Emmanuel being stabbed during a live streamed mass.
Australia’s so called ‘eSafety Commissioner’ Julie Inman-Grant, an unelected official, ordered X to remove footage of the attack under the Online Safety Act, passed in 2021, which empowers the eSafety department to demand the removal of so-called ‘class 1 material’.
In response, Musk urged that “no president, prime minister or judge has authority over all of Earth! This platform adheres to the laws of countries in those countries, but it would be improper to extend one country’s rulings to other countries. If [Albanese wants] to censor things in other countries, he should bring a legal action to bear in those countries.”
Other government officials even called for Musk to be thrown in prison over the incident:
Australian Senator Says Elon Musk Should “Be In Jail And The Key Be Thrown Away”
Albanese appeared to call for a ban on memes, with his government having also proposed a so-called misinformation bill, released as a draft last year, which would empower the Australian Communications and Media Authority to require online platforms to remove or restrict content considered “false, misleading or deceptive, and where the provision of that content on the service is reasonably likely to cause or contribute to serious harm,” according to the wording of the draft legislation.
Australian Prime Minister Calls For Ban On Memes
Now, however, Australia’s so called ‘eSafety Commissioner’ has declared that the Federal Court case is to be abandoned owing to legal red tape and the expiration of a temporary order to conceal the video.
“After weighing multiple considerations, including litigation across multiple cases, I have considered this option likely to achieve the most positive outcome for the online safety of all Australians, especially children,” said Commissioner Julie Inman-Grant.
She further claimed “Our sole goal and focus in issuing our removal notice was to prevent this extremely violent footage from going viral, potentially inciting further violence and inflicting more harm on the Australian community and I stand by my investigators and the decisions eSafety made.”
Grant didn’t go after the scores of mainstream news websites or YouTube for also carrying the footage, but rather focused on social media, and X in particular.
Reportedly, every other social media platform complied with the request to remove the footage. Only X stood its ground.
Freedom of speech is worth fighting for
Quote
DogeDesigner
@cb_doge
·
Jun 5
The Australian eSafety Commissioner revealed that other social media platforms including Meta, Microsoft, Google, Snap, TikTok, Reddit, & Telegram, complied with their requests and removal notices. Only 𝕏 took a stand against censorship.
·
36.7M Views
“Through this process, eSafety has also welcomed the opportunity to test its novel regulatory powers — set out under Australia’s Online Safety Act — to protect Australians from online harm,” The Commissioner added.
In other words, they were testing out what level of censorship they could get away with.
X responded to the development in a statement, noting “We welcome the news that the eSafety Commissioner is no longer pursuing legal action against X seeking the global removal of content that does not violate X’s rules.”
It continued, “This case has raised important questions on how legal powers can be used to threaten global censorship of speech, and we are heartened to see that freedom of speech has prevailed.”
Inman Grant claims that she has received death threats and been doxxed following Musk labelling her the “censorship commissar.”
Grant charged that Musk “issued a dog whistle to 181 million users around the globe, which resulted in death threats directed at me, which resulted in doxxing of my family members, including my three children, so I think with great power comes with great responsibility.”
She further asserted that “Targeting a regulator who is here to protect the citizens of Australia is really beyond the pale, but it’s not surprising.”
Bishop Emmanuel has recovered from the attack and says he has forgiven his attacker, calling for his supporters not to retaliate over the attack but to behave “Christlike.”
No one asked him for his opinion on whether people should be allowed to see the footage.
As we highlighted at the time, the reaction to the video of the attack was almost as revolting as the incident itself.
* * *
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0898 UP .0005
USA/ YEN 155.15 UP 0.069 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2804 UP .0011
USA/CAN DOLLAR: 1.3671 UP .0002 (CDN DOLLAR DOWN 2 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 2.49 PTS OR 0.08%
Hang Seng CLOSED DOWN 109.85 PTS OR 0.59%
AUSTRALIA CLOSED UP .48 %
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 109.85 OR 0.59%
/SHANGHAI CLOSED UP 2.49 PTS OR 0.09%
AUSTRALIA BOURSE CLOSED UP .48%
(Nikkei (Japan) CLOSED DOWN 109.85 PTS OR 0.59%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2336.00
silver:$30.47
USA dollar index early FRIDAY morning: 104.00 DOWN 6 BASIS POINTS FROM THURSDAY’s CLOSE.
FRIDAY MORNING NUMBERS ENDS
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And now your closing FRIDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.217% UP 6 in basis point(s) yield
JAPANESE BOND YIELD: +0.964% UP 0 AND 1/ 100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.388 UP 10 in basis points yield
ITALIAN 10 YR BOND YIELD 3.957 UP 7 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6225 UP 7 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0819 DOWN 0.0073 OR 73 basis points
USA/Japan: 156.85 UP 1.186 OR YEN IS DOWN 119 BASIS PTS
Great Britain 10 YR RATE 4.300 UP 12 BASIS POINTS //
Canadian dollar DOWN .0063 OR 63 BASIS pts to 1.3732
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The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.2460 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2652)
TURKISH LIRA: 32.29 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.964…
Your closing 10 yr US bond yield UP 11 in basis points from THURSDAY at 4.423% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.543 UP 11 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.851 UP 13 BASIS PTS.
GOLD AT 11;30 AM 2317.25
SILVER AT 11;30: 29.70
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: FRIDAY CLOSING TIME 12:00 PM//
London: CLOSED DOWN 39/97 PTS OR 0.46%
German Dax : CLOSED DOWN 95.40 PTS OR 0.51%
Paris CAC CLOSED DOWN 38.32 PTS OR 0.48 %
Spain IBEX CLOSED DOWN 39.10 OR 0.34%
Italian MIB: CLOSED DOWN 173.92 PTS OR 0.50%
PTS
WTI Oil price 75.96 12EST/
Brent Oil: 79.84 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 89.28 ROUBLE DOWN 0 AND 47/100
GERMAN 10 YR BOND YIELD; +2.6225 UP 7 BASIS PTS.
UK 10 YR YIELD: 4.3000 UP 12 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0800 DOWN 0.0092 OR 92 BASIS POINTS
British Pound: 1.2720 DOWN 0.0073 OR 73 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.294 UP 7 BASIS PTS//
JAPAN 10 YR YIELD: 0.966%
USA dollar vs Japanese Yen: 156.64 UP 0.996/ YEN DOWN 100 BASIS PTS//
USA dollar vs Canadian dollar: 1.3755 UP 00087 //CDN dollar DOWN 87 BASIS PTS
West Texas intermediate oil: 75.24
Brent OIL: 79.32
USA 10 yr bond yield UP 16 BASIS pts to 4.434
USA 30 yr bond yield UP 11 BASIS PTS to 4.548%
USA 2 YR BOND: UP 12 PTS AT 4.880
USA dollar index: 104.89 UP 83 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32.38 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 89.34 DOWN 0 AND 30//100 roubles
GOLD 2,294.95 3:30 PM
SILVER: 29.189 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: DOWN 87.18 PTS OR 0.22 %
NASDAQ DOWN 20.14 PTS OR 0.11 %
VOLATILITY INDEX: 12.55 DOWN .33 PTS OR 2.62%
GLD: $211.60 DOWN 7.83 OR 3.37%
SLV/ $26.54 DOWN 1.86 . OR 7.00%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Payrolls Malarkey & Pussy Meltdown Prompts Market Mayhem
FRIDAY, JUN 07, 2024 – 04:00 PM
Just when you thought you had the trend all figured out, “the most ridiculous payrolls report in years” combined with a “roaring kitty“ sparked utter mayhem across all asset classes.
A week of weaker than expected data was met with a barrel of bullshit from the BLS with payrolls beating but unemployment rising as part time jobs soared )for illegal immigrants) and full time jobs plunged leaving the US Macro Surprise Index back at its lowest since Bidenomics was unleashed (with the unemployment rate at 4% for the first time in 3 years)….
Source: Bloomberg
And that sent rate-cut expectations (hawkishly) lower – after a week of dovish exuberance…
Source: Bloomberg
Aside from the macro meltdown, “Roaring Kitty” sparked chaos amid a bizarre live stream that prompted a 40%-plus collapse in GameStop’s share price…
Source: Bloomberg
All of which left Small Caps down on the day and the res of the majors unchanged…
Source: Bloomberg
But on the week, Nasdaq outperformed strongly as Small Caps were slammed…
Source: Bloomberg
Nasdaq outperformed the Russell 2000 every day this week for its best relative weekly performance in seven months…
Source: Bloomberg
Most Shorted stocks tumbled today, going red on the week…
Source: Bloomberg
But MAG7 stocks soared for the 6th week in the last 7 (and the best week in the last 7)…
Source: Bloomberg
The gap between Nasdaq and the 10Y yield is becoming silly…
Source: Bloomberg
But there really was no reason for today’s bond market meltdown a (yield melt-up) as the underlying report was ugly as hell. 2Y Yield ended the week higher (after underperforming today +15bps) but the long-end remained down 10bps on the week (even after an 11bps spike today)…
Source: Bloomberg
The dollar spike to one-month highs…
Source: Bloomberg
Gold was clubbed like a baby seal as the dollar spiked, trading back at one- monthly lows..
Source: Bloomberg
Crypto was also ugly with Bitcoin testing $72,000 and then puking down to find support at $69,000…
Source: Bloomberg
Even though BTC ETFs have seen 18 straight day s on net inflows…
Source: Bloomberg
Oil prices ended lower o the week but bounced back stromgly in the last three days
Source: Bloomberg
Finally, someone is going to be very wrong here…
Source: Bloomberg
Who is your money on?
Because Central Bank liquidity sure ain’t supporting it anymore…
Source: Bloomberg
This won’t end well.
MORNING TRADING//NON FARM PAYROLLS
May Payrolls Soar 272K, Above Highest Estimate, As Wages Come In Red Hot
FRIDAY, JUN 07, 2024 – 08:44 AM
Ahead of the payrolls report, we commented that with both of the two largest banks – Goldman and JPMorgan – expecting a miss, it was only logical to expect a big beat…
Goldman (165K) and JPM (150k) are below the median NPF estimate of 180k. It will beat.
·
101.1K Views
… and sure enough moments ago the BLS reported that in May, the US added a whopping 272K jobs…
… up sharply from the (downward revised of course) April print of 165K (from 175), and not only a 4-sigma beat to the 180K median estimate..
… but also above the highest Wall street estimate which was 258K courtesy of Regions Bank, and which was 14K below the actual print.
Not surprisingly historical data was – as always – revised lower: March was revised down by 5,000, from +315,000 to +310,000, and the change for April was revised down by 10,000, from +175,000 to +165,000. With these revisions, employment in March and April combined is 15,000 lower than previously reported.
developing.
END
The real story…. the phony B/D added 231,000 fake jobs
what an absolute joke!
(Peter Tchir)
Payrolls Instant Reaction: A Schizophrenic Report
FRIDAY, JUN 07, 2024 – 09:47 AM
By Peter Tchir of Academy Securities
It Was the Best of Times, It Was the Worst of Times
Why do we both having both an establishment survey and household survey if we cherry pick the data to look at?
The headline number was simply awesome. 272k jobs, 229k in the private sector, both beating expectations (and an even lower “whisper” number). “Only 15k of downward revisions to the prior month. Unequivocally strong headline jobs.
Monthly and annual earnings ticked higher and were above expectations, and last month’s annual level was also bumped up. Signals potential inflationary pressures remain and may even be rebounding.
Then things get “weird”. The unemployment rate ticked up to 4%. That occurred as the participation rate slipped back to 62.5% (tied for the lowest level since February of last year). That is because the household survey showed a job loss of 408k. A difference of almost 700k between the two versions of this report. I still struggle to understand why we use the household for the unemployment rate, and treat that as valid, while ignoring the actual number of jobs created or lost in this report.
While not quite as extreme as last month, the birth/death model added 231k, Basically all of the private payroll jobs were created by the birth/death model which has been an increasingly large part of the report – we touched on this last month in Jobs “Exceptionalism”.
The other part of the household survey showed 625k full time jobs lost, while 286k part time jobs were added. Another issue we’ve been struggling with (and mentioned in that earlier “exceptionalism” report) has been that so many of the jobs, according to the household report, have been part-time, and that trend continued.
The establishment survey makes it look like an incredibly strong and healthy labor market.
The household survey makes it look like a very weak labor market.
If we pick and choose the data to look at, it is the best of times (which seems in line with the stock market). If we look at other data, it is the worst of times (which seems to line up with sentiment surveys).
The establishment data was so strong, and the wages were so hot, that July is off the table. I still think September is too treacherous for the Fed to cut (with the election looming). I think the path to higher yields has now been paved and we will follow it to higher yields, especially at the longer end. See Updated Rates Outlook, from earlier this week.
I hope you live in the “establishment” world, because that “household” world seems pretty darn bleak!
END
AND NOW ZEROHEDGE WITH A THOROUGH ANALYSIS ON THE JOBS REPORT
(zerohedge)
Inside The Most Ridiculous Jobs Report In Years
FRIDAY, JUN 07, 2024 – 11:12 AM
On the surface, it was a blockbuster jobs report, certainly one which nobody expected, with the two largest US banks – JPMorgan and JPM – both expecting a below-consensus print at 150K and 165K, respectively (well we did, and we said that the jobs print “will beat” shortly before it was published)
Starting at the top, the BLS reported that in May the US unexpectedly added a whopping 272K payrolls, not workers since the establishment survey double-counts multiple jobs even if held by the same employee, which was 50% higher than the consensus forecast of 180K and 14K more than the highest Wall Street estimate (258K from Regions Bank).
In fact, this was a 4-sigma beat to estimate, unheard of in the past year.
And while the hourly earnings data showed an unexpected increase, with both the monthly and annual prints coming in hotter than expected…
… this is where things quickly took a turn for the bizarre because while the headline payrolls number was clearly – and purposefully – stellar, the unemployment unexpectedly increased from 3.9% to 4.0%.
How is this possible? Simple: as we explained earlier, it had to do with the staggering divergence between the Establishment and Household Surveys, with the former surging 272K while the latter tumbling 408K…
…. … which means that the gap between the always upward sloping (and market moving) Establishment Survey and the flatlined Household Survey, which hasn’t made a new high since late 2023 and is back to where it was last summer, is now a stunning 9 million, the biggest on record!
Bloomberg’s chief economist Anna Wong agreed, and not only that, but she also agreed with our recurring contention that the Household Survey is far more accurate…
“May’s jobs report presented contradictory views of the labor market, as we expected. The establishment survey shows robust gains in nonfarm payrolls — yet the unemployment rate rose to 4.0%. We believe the latter currently offers a closer approximation of reality than payrolls, as BLS’ model for estimating business births and deaths – which added 231,000 jobs to the nonfarm-payrolls print in May – is lagging the reality of surging establishment closures and falling business formation. We think the underlying pace of current job gains is likely less than 100,000 per month.”
… not least of all because it accounts for the grotesque data manipulation by the BLS in the form of the ridiculous monthly Birth/ Death adjustments, which even Bloomberg now admits are artificially inflating the monthly jobs print by about 100K. To get a sense of just how unprecedented this statistically manipulation is, consider that the birth-death model has added 1.9 million jobs since last April, or a whopping 56% of all payrolls added during this period. This means that more than half of all “job gains” in the past year are from an excel spreadsheet which assumes that 1.9 million new jobs were created from new businesses.
But, as usual, there’s much more: shifting from a quantitative to a qualitative assessment, reveals just how ugly the composition of “new jobs” has been. Consider this: the BLS reports that in May 2024, the US had 133.3 million full-time jobs and 28.0 million part-time jobs. Well, that’s great… until you look back one year and find that in May 2023 the US had 134.4 million full-time jobs, or more than a million jobs than it does one year later! And yes, all the job growth since then has been in part-time jobs, which have increased by more than 1.5 million since May 2023 (from 26.493 million to 28.004 million).
Here is another visualization of the labor composition in the past year: 1.2 million full-time jobs have been lost, replaced by 1.5 million part time jobs!
And here is just May: more of the same as 625K full-time jobs were lost in one month, replaced by 286K part-time.
But wait there’s even more, because with the first debate between “felon” Donald Trump and “senile geriatric” Joe Biden in just three weeks, and in the context of the immigration crisis created intentionally by the Biden administration which is hoping to import millions of new Democratic voters (maybe the US can hold the presidential election in Honduras or Guatemala, after all it is their citizens that will be illegally casting the key votes in November), what we find is that in May the number of native-born worker tumbled again, sliding by a massive 663K to just 130.445 million, while foreign-born workers (mostly illegal aliens as Standard Chartered calculated earlier this week), surged by 414K.
Said otherwise, not only has all job creation in the past 4 years has been exclusively for foreign-born workers, but there has been negative job-creation for native born workers since December 2019!
Looking at just the past year, it’s even worse: native-born workers have lost 668K jobs while foreign-born workers (mostly illegals as we now know for a fact) have gained 934K jobs.
This is a huge issue – especially at a time of an illegal alien flood at the border…
… and is about to become a huge political scandal, because once the inevitable recession finally hits, there will be millions of furious unemployed Americans demanding an explanation for what happened – i.e., the illegal immigration floodgates that were opened by the Biden admin.
Which is also why the Biden admin will do everything in his power to insure there is no official recession before November… and is why after the election is over, all economic hell will finally break loose. Until then, however, expect the jobs numbers to get more and more ridiculous.
Finally, to this point, we are delighted to observe that after everyone had been ignoring what we have been saying for the past year, namely that all job growth has gone to illegals…
How is this not the biggest political talking point right now: since October 2019, native-born US workers have lost 1.4 million jobs; over the same period foreign-born workers have gained 3 million jobs.
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1.8M Views
… earlier this week none other than Standard Chartered’s chief macro economist Steven Englander admitted that not only has all job growth in recent years gone to illegal immigrants, but that America is now being invaded. We can only hope that whoever is doing Trump’s debate prep for him will make this the one – and only – issue that will be hammered on the upcoming debate against Biden, because just this alone, even ignoring the galloping inflation unleashed by Biden’s policies, exposes Bidenomics for the hollow fraud it has been from day one.
AFTERNOON TRADING
II USA DATA
Consumer has now hit the proverbial wall. They have run out of cash
(zerohedge
Shock Decline In Credit Card Debt Is First Since Covid Crash, As Card APRs Hit New All Time High
FRIDAY, JUN 07, 2024 – 03:29 PM
On a day when the jobs report was a “pick your adventure” in economic analysis, and signaled either a very strong job market (if you looked at the Establishment survey) or a dire one (if you looked at the Household survey and peaked even a bit below the surface), moments ago we got the tie-breaker in the form of the latest Consumer credit data, and it confirmed our fears: the consumer has hit a brick wall.
According to the Federal Reserve’s monthly consumer credit report, in April total consumer credit rose $6.4 billion, far below the median estimate of $10 billion, but more notably, the March number was shocking revised from $6.3BN to a negative $1.1BN, the biggest drop since last August when Biden enacted his unconstitutional student debt relief.
And while the reason behind the dramatic revision to the March print was due to a plunge in non-revolving credit, the result of even more student debt cancellations which however were only apparent in retrospect, with April reverting somewhat back to normal at $6.9 billion, if well below the recent monthly average of $12 billion…
… what was the real shocker in today’s print was the April revolving credit print, i.e., credit card debt. At -$0.5BN, it followed last month’s puny $1.7BN, and was the first negative number since the covid crisis!
To get a sense just how rare it is to get a negative credit card debt monthly change, consider that in the six years prior to the covid crash, the US had recorded just 5 months of negative prints, and all tended to precede major drawdowns in the economy. We expect no less this time.
Of course with the Fed refusing to cut rates – for good reason – the brutal slowdown in new credit card debt is hardly a surprise because in Q1 the average rate across all commercial banks on all credit card amounts just hit a new record high of 21.59%, which is a vivid reminder that while banks are happy to hike credit card rates, they rarely if ever cut them, and it’s also one of the main reasons why Goldman’s trading desk just went bearish on US consumers.
Yet with consumers ever more strapped for actual cash and equity, as the personal savings rate in the US has collapsed from over 5% to 3.6% – the lowest since 2022 – in just a few months…
… there is only so much more credit card maxing out that can take place before reality finally sets in, as can be seen in the next and perhaps most striking chart yet: total credit card debt is record high while the personal savings rate is record low!
Then again, with an election on the horizon – one which ensures that any credit-card fueled spending must be encouraged – don’t be surprised if the White House instructs banks to just ignore soaring delinquency and charge-off rates…
… as discussed previously in “These Are The 5 Charts The FDIC Does Not Want You Paying Attention To”, only for the hammer to fall on the first day of Trump’s new presidency.
III USA ECONOMIC COMMENTARIES
Overwhelming Majority Of Small Business Owners Afraid Of Biden’s Economy; New Poll Finds
THURSDAY, JUN 06, 2024 – 06:55 PM
Authored by Eric Lundrum via American Greatness,
A new survey reveals that over two-thirds of small business owners are terrified of the state of the economy under Joe Biden’s watch, fearing that current conditions and ongoing downward trends will lead to them having to close their businesses.
As reported by the Daily Caller, the poll from the Job Creators Network Foundation (JCNF) shows that 67% of small business owners maintain such fears about the economy as it stands today, marking a 10-point increase from sentiments two years ago. In the same poll, participants’ perceptions of economic conditions for their own businesses fell from 70.2 to 68.1. Perception of national conditions fell even more drastically, from 53.2 to 50.4.
In addition to the ongoing economic woes, small business owners also feel overwhelmingly impacted by the rise of crime. In the same survey, 44% of business owners say that crime has gone up in their area. The respondents who were most likely to say crime has increased in their area are the business owners generating less than $100,000 per year, at 55%. Those who generate over $1 million in revenue were less likely to say crime has increased.
Inflation also remains a top concern for business owners, with 49% ranking inflation as the top issue in May, compared to 48% in March. Overall inflation remains stubbornly high, coming in at 3.4% in April. The inflation rate has consistently remained above 3% since Joe Biden first took office.
“Small businesses are more vulnerable to high taxes and costly regulatory environments compared to their large corporate counterparts,” said Elaine Parker, president of the JCNF.
“That’s why it’s no surprise that 26% of small businesses say they’ve considered relocating to a different state or city to chase more favorable tax rates and escape government red tape. This is an opportunity for free-market minded governors to continue making their states stand out from the crowd by implementing pro-growth policy reforms that will ignite Main Street.”
Forbes estimates that at least 46% of all employees in the United States, around 61.6 million people in total, are employed by small businesses.
end
Retail Bloodbath: More Than 2,600 Store Closings Have Been Announced So Far In 2024
FRIDAY, JUN 07, 2024 – 12:45 PM
Authored by Michael Snyder via The Economic Collapse blog,
Retail stores are being shut down at a staggering rate all over the country. If we stay on the pace that we are on, the total number of stores closed in 2024 will be nearly 40 percent higher than the total number of stores closed in 2023. That is what you call a crisis! Meanwhile, banks are shuttering hundreds of branches from coast to coast, and a “restaurant apocalypse” is sweeping across the nation. Everywhere around us, “space available” signs are going up on buildings that were once considered to be prime commercial real estate. If someone tries to convince you that the U.S. economy is in good shape, just show them this article and ask them why so many once prosperous businesses are closing. Needless to say, they will not be able to win the argument after that.
According to the Daily Mail, nearly 2,600 store closings were announced during the first four months of 2024…
US retailers have announced the closure of almost 2,600 stores in 2024 – just four months into the year.
Big names including Macy’s, Walmart, Walgreens, Foot Locker and 7-Eleven have all said they are closing shops.
But discount stores like Family Dollar and bankrupt 99 Cents Only have been worst hit, as have drugstores like CVS and Rite Aid.
If the U.S. economy is heading in the right direction, why are many of the largest retail chains in the U.S. shutting down stores?
That wouldn’t make any sense at all.
If this pace remains constant throughout the rest of this year, we would hit a grand total of approximately 7,800 store closing announcements by the end of 2024…
If the closures were to continue at the same rate for the rest of the year they would total 7,800 in 2024 – almost 40 percent more than the total in 2023.
When the number of retail stores shutting down goes up by 40 percent in a single year, that is a sign that your economy is really “booming”, eh?
Sadly, we are losing more stores with each passing day.
On Thursday, we learned that a major convenience store chain in Wisconsin has decided to close down all of their locations…
Wisconsin convenience store and gas station chain The Store is being forced to close all of its 25 locations.
The Store, established in 1976, will shutter its businesses at the end of July. It also has locations in Michigan.
In some cases, stores are being closed down due to rapidly slowing economic conditions.
But in other cases, stores are being permanently shuttered due to the unprecedented wave of retail theft that never seems to end.
Earlier this week, I was intrigued by an article that was cleverly titled “Lego thefts across Southern California leave police trying to piece together clues”…
Believe it or not, the Lego sets and figurines collecting dust in your childhood bedroom could fetch a pretty penny.
So pretty, in fact, that two suspects have allegedly stolen more than $100,000 in Lego merchandise from six Bricks & Minifigs stores across Southern California.
The Lego reseller, which stocks mini figures, accessories and bricks, has more than 100 outlets across the U.S.
The Riverside store was the first one burglarized, with the suspects hitting it April 3, followed by Ontario on April 12, Whittier on May 3, Irvine on May 9 and the Costa Mesa and Fullerton locations on June 1, Whittier store owner Katie Leuschner said.
“Shrink” is costing U.S. retailers more than 100 billion dollars a year at this point.
In this sort of an environment, it is difficult for any retailers to be profitable, and that is especially true in our major cities.
Meanwhile, our banks are shutting down branches at a feverish rate.
So far this year, more than 400 locations have been permanently closed…
US banks closed 79 branches in just six weeks – as the industry increasingly offers services online.
The figures suggest the axing of costly bricks-and-mortar locations will continue, with total closures so far for 2024 above 400.
California is worst affected by the recent closures with 20 registered shutterings between April 20 and June 1.
When banks get into trouble, they get really tight with their money, they fire workers, and they close branches.
So expect to see a lot more branches get shuttered during the months ahead.
We are also in the midst of a “restaurant apocalypse”, and that is very bad news if you like to eat out a lot.
For example, Red Lobster recently closed 93 locations earlier this year, and now we have learned that 135 more are on the brink of being canned if they continue to lose money…
Red Lobster is ready to close another batch of more than 100 restaurants if it is unable to renegotiate cheaper rent with its landlords.
The seafood chain abruptly closed 93 of its 700-odd restaurants on May 13 – and the next week filed for Chapter 11 bankruptcy in the hope it can restructure its debts.
New court documents reveal that there are another 135 restaurants that bosses say will keep losing money if leases stay as they are, Restaurant Business reported. The option is for the company to pay less rent or shut them.
If I owned a restaurant chain, a bank, or a major retailer, I would be trimming locations too.
Economic conditions are horrible, theft is absolutely rampant, and the violence in our streets is rapidly approaching levels only seen in the most dangerous areas of the planet.
Earlier this week, Collin Rugg posted an account of a particularly alarming incident that just happened in Chicago…
A woman identified as ‘Nina’ says she was walking down the street when she got surrounded by teens who assaulted her.
Her crime? Walking down the wrong street.
“We own the street, we own the street. You can’t just walk around prancing in your little dress,” the gang of about 10 said.
They then held her husband back as they beat her, ripped out her hair, pepper sprayed her face and kicked her in the stomach.
“First someone approached him and hit his head, punched him in the head, and he looked back and he looked at me and told me ‘run’.”
“Another lady came to me and dragged me with my hair on the ground.”
“I started screaming she started pepper-spraying me right in the face, in the eyes.”
“Another person starts stomping all over me, and my husband ran towards me to save me and over 10 people held him.”
She lost her baby hours later.
For a long time, I have been warning that “chaos” would be coming to the streets of America.
Now it is here.
And it is getting worse every single day.
Unfortunately, most Americans still don’t understand the fundamental transformation that is happening to our society and they still believe that our leaders will be able to return things to “normal” eventually.
* * *
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.
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM
END
iiiC USA COVID //VACCINE ISSUES/IMPORTANT MEDICAL ISSUES
END
FREIGHT ISSUES/USA
END
VICTOR DAVIS HANSON OR NEWT GINGRICH
END
SWAMP NEWS
LOS ANGELES
“It’s Mind-Boggling”: Los Angeles Hit With Surge Of Fire Hydrant Thefts
THURSDAY, JUN 06, 2024 – 04:50 PM
Just when you think the Democrats’ socialist utopia state of California can’t possibly sink any higher (sic), it does just that: first it was catalytic converters, now it’s fire hydrants.
According to CBS News, a California state water company has responded to a growing frenzy of fire hydrant thefts in Los Angeles by installing locked shields to cover the bolts on hydrants to stop thieves.
Golden State Water Company, which owns and operates the fire hydrants, says thefts now happen daily, especially in South Los Angeles, which is one of the impoverished communities where thefts are extremely high, with two of the most recent believed to have happened last Thursday without neighbors even realizing it.
“It’s mind-boggling that someone would just come into a neighborhood and just steal a fire hydrant,” neighbor Krystail Cousins said. “You’re now putting a whole neighborhood in danger.”
And yet that is precisely what Krystail’s predominantly minority neighbors have been engaged in.
The water company’s Southwest District general manager, Kate Nutting, said as the hydrants are made of iron and brass, she believes they are being sold on the black market for scrap metal.
“Since the beginning of 2023, we’ve had over 300 hydrants stolen, and it’s been ramping up in 2024 which is why we’ve been taking even more aggressive measures to try to stop it”, Nutting said. “We’re really alarmed about this happening. It is a big public safety issue.”
The measures the company has taken include welding hydrants to block access to the bolts, Nutting said. But thieves have continued, with methods including ramming hydrants with vehicles or using specialized tools to remove metal parts.
“In some cases, they are very persistent in getting those parts out,” Nutting said.
Many of the thefts have occurred in the communities of Florence-Graham, Willowbrook and West Rancho Dominguez, as well as eastern Gardena near the 110 Freeway.
Sometimes, thieves have unscrewed bolts to remove hydrants. Other times, they’ve used a vehicle to knock the hydrant loose. Those targeting the hydrants have often used a shutoff valve before dislodging them. But on several occasions, they’ve left water gushing.
The company has been sending out replacements typically the same day they are reported stolen, each one costing about $3,500. It’s not clear what their value is on the black market. The total cost of all the stolen hydrants has amounted to over a $1.2 million loss, the company said.
Missing hydrants are also a safety risk, as it impedes fire-fighting capabilities and the water company said it can potentially compromise the water system’s ability to deliver safe and reliable drinking water. The L.A. County Fire Department said the thefts pose a threat to public safety.
“Fire hydrants are crucial in providing a reliable water source for firefighting operations, and their absence can hamper rescue efforts and lead to delays extinguishing fires,” the department said in an email.
Experts agree that small delays in fighting fires can be pivotal. Venkatesh Kodur, a professor and director of Michigan State University’s Center on Structural Fire Engineering and Diagnostics, said the best opportunity to knock down a blaze, particularly a house fire, is within the first five to 10 minutes, when damage is still minimal.
Typically after 15 minutes, he said, “the damage and the fire grows almost exponentially … and every second is important.”
Kodur said if the work of fighting a fire is hindered by a missing hydrant, the flames can spread more easily. And although the thieves may be lured by the payday, Kodur said, the fact is that brass, copper and steel don’t fetch very much money.
“These are people selling these metals to scrap dealers for peanuts,” Kodur said.
Yet “peanuts” is precisely what the desperate locals will do anything for at a time when the scourge that is “Bidenomics” has left them beyond broke.
Golden State Water wants to remind thieves that tampering with fire hydrants is a federal crime; then again gun sales in Chicago are “illegal” which has shockingly failed to stop local minorities from mass exterminating each other at a record pace in recent years.
KING REPORT
| The King Report June 7 2024 Issue 7259 | Independent View of the News |
| @NBCNewsWorld: The European Central Bank on Thursday confirmed a widely anticipated reduction in interest rates at its meeting in Frankfurt, Germany, despite lingering inflationary pressures in the 20-nation euro zone. It takes the central bank’s key rate to 3.75%, down from a record 4% where it has been since September 2023… ECB staff raised their annual average headline inflation outlook for 2024 to 2.5% from 2.3% previously. It likewise lifted its 2025 forecast to 2.2% from 2%. The 2026 projection remained at 1.9%… Markets have only fully priced one further reduction this year… https://www.nbcnews.com/business/economy/european-central-bank-cuts-interest-rates-first-time-2019-live-updates-rcna155816 LAGARDE: ECB DECISION WAS UNANIMOUS EXCEPT FOR ONE GOVERNOR – BBG (Unanimous except for one? Where do they get these people?) ECB’s Holzmann (Austria) Dissented on Rate-Cut Vote Because of Data -BBG Holzmann says data-driven decisions should be driven by data https://finance.yahoo.com/news/ecb-holzmann-dissented-rate-cut-144928551.html Euro Jumps as Traders Pare Wagers on Further ECB Rate Cuts — BBG Next interest-rate reduction is only fully priced by December Bonds extended losses, 10-year yield 6bps higher at 2.57% ESMs traded mostly positive but sideways from the Nikkei opening until they broke lower after the ECB communiqué. ESMs fell to a daily low of 5358.50 at 8:38 ET. The usual suspects then aggressively bought for the NYSE pump & dump and the expected daily rally. After hitting a daily high of 5373.25 at 9:45 ET, the dump commenced. ESMs sank to 5351.25 at 12:36 ET. A Noon Balloon pushed ESMs to 5363.50 at 13:36 ET. Aggressive selling then appeared; ESMs tumbled to a new daily low of 5345.25 at 14:07 ET. The afternoon rally then commenced. ESMs exploded to 5365.25 at 15:07 ET. ESMs then traded sideways into the close. No late manipulation! GameStop soared 47.17% on Thursday because Roaring Kitty (Keith Gill) said he will return to YouTube today. Yet Powell doesn’t or won’t see the egregious speculation or the stagflation! BOJ chief Ueda reaffirms resolve to trim bond buyingUeda says ‘appropriate’ to taper bond buying in process of exitUeda says BOJ will move ‘cautiously’ in gauging rate hike timingNakamura warns of sluggish consumption, slowing global growthNakamura says premature to raise rates, mixed on bond taperhttps://www.reuters.com/markets/asia/japan-may-miss-bojs-price-target-2025-says-policymaker-nakamura-2024-06-06/ Positive aspects of previous session The DJIA rallied 0.2%; the S&P and Nasdaq hit new highs; USMs were +4/32 at the NYSE close. Negative aspects of previous session Precious metals rallied sharply (Cryptos sank); energy and industrial commodities rallied smartly. Equity indices, ex-the DJIA, declined on post-ECB communique liquidation (as we warned). No late upward manipulation Ambiguous aspects of previous session What will burst the NVDA/Mag 7 Bubble? Is bubble inflation transitory? 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]: 5350.22 Previous session S&P 500 Index High/Low: 5362.35, 5335.36 COVID vaccines may have helped fuel rise in excess deaths since pandemic https://trib.al/1lB6B0u @PeterSweden7: Turns out that the man that WHO claimed died from bird flu in Mexico was confined to a bed with type 2 diabetes and kidney failure. This is the same hoax they did during covid. https://abcnews.go.com/Health/1st-fatal-human-case-bird-flu-subtype-confirmed/story?id=110875384 @alx: Donald Trump says his campaign has now raised almost $400 million after being convicted in New York. https://x.com/alx/status/1798837980284768608 Fed Balance Sheet: -$28.632B, US Treasuries -$28.208B; Reserves at Fed: -$1.032B Today – Bulls and Bubblemeisters want a soft May NFP; Team Obama-Biden need a strong report. As always, check the NFP seasonal adjustments and the Household Survey “Employed” to verify NFP. The usual suspects want to play for the Friday Rally, especially in the thin, summertime market. Expected economic data: May NFP 185k (Whisper # 165k), Mfg. 5k, Rate 3.9%, Wagers 0.3% m/m & 3.9% y/y, Workweek 34.3, Labor Force Participation Rate 62.7%; Apr Consumer Credit $10.0B NQMs are +11.75; ESMs are +0.25; USMs are -4/32; and gold is +5.60 at 20:23 ET. S&P Index 50-day MA: 5189; 100-day MA: 5108; 150-day MA: 4939; 200-day MA: 4793 DJIA 50-day MA: 38,804; 100-day MA: 38,720; 150-day MA: 37,853; 200-day MA: 36,868 (Green is positive slope; Red is negative slope) S&P 500 Index (5352.96 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 and MACD are positive – a close below 5232.86 triggers a sell signal Hourly: Trender and MACD are positive – a close below 5327.21 triggers a sell signal Things did NOT go well for The Big Guy in Normandy for the D-Day celebration and memorial. @RNCResearch: Biden arrives at Omaha Beach in his perpetual state of confusion. https://x.com/RNCResearch/status/1798727506238845136 @RNCResearch: HANDLER: “Sir…” BIDEN: “I know, I gotta…” HANDLER: “This way, sir…” *shuffles away* https://x.com/RNCResearch/status/1798755543122850168 Biden slowly goes to sit, holds a crouch; Jill tells him to stand. Scatological comments appear. https://x.com/RNCResearch/status/1798685173216927843 @TheBabylonBee: Biden Drops First Bomb on Normandy in 80 Years https://buff.ly/3RfRRI5 Awkward moment Jill Biden appears to tell President not to sit at D-Day ceremony, but he does anyway https://t.co/4bLsU6mZg3 @JackPosobiec: Jill Biden just pulled Joe out of the Normandy event, Macron staying behind with the veterans. What’s going on? (More scatological quips) https://x.com/JackPosobiec/status/1798702436225544416 @BillAckman: How can @DrBiden allow this to continue? The world has become a much more dangerous place in the last three and a half years because our enemies see our effete leadership. We should all be embarrassed as Americans that this is the candidate that the Democratic Party has chosen as its candidate to lead the free world for four more years. Pathetic, and dangerous for all of us. @nicksortor: Joe Biden is… SLEEPING through the D-Day event at Omaha Beach https://x.com/nicksortor/status/1798751570781250000 @kylenabecker: Joe Biden just compared the Normandy invasion to the fight over Ukraine. These are pathetic people for whom nothing is sacred. https://t.co/qOTmMSiuLe @RNCResearch: Biden uses his D-Day address in Normandy to talk about how many Russians have been killed in Ukraine. https://x.com/RNCResearch/status/1798694616092549422 Biden claims he’s ‘known’ Russia’s Vladimir Putin ‘for over 40 years’ — even when he was undercover KGB agent https://nypost.com/2024/06/06/us-news/biden-claims-hes-known-russias-vladimir-putin-for-over-40-years-even-when-he-was-undercover-kgb-agent/ @kylenabecker: President Biden (feebly) admits he authorized Ukraine to use American weapons to attack Russia, but it’s okay because he didn’t authorize them to attack Moscow. Voting for Biden is literally voting for WW3 at this point. https://x.com/kylenabecker/status/1798695389497065654 @RNCResearch: Biden Secretary of State Antony Blinken on D-Day: “The same resolve that the extraordinary men and women that we’re celebrating today showed then, [Biden] is showing now. https://x.com/RNCResearch/status/1798723805889876421 102-year-old WWII vet from New York dies traveling to France for D-Day commemoration https://trib.al/3sL6Dim @marklevinshow: Laptop is real, as we always knew. Therefore, Biden and Blinken should be indicted under NY precedent if, God willing, Trump becomes president, as they planted the Intel letter to prevent the emails from being used to link Joe to Hunter’s corrupt business activities in violation of federal campaign laws. In fact, Biden referred to the bogus letter in the last presidential debate. @CollinRugg: In 2020, ‘journalist’ Lesley Stahl shamed Trump & cut him off during an interview for citing the Hunter Biden laptop. Today, FBI agent Erika Jensen said during Hunter’s trial that there is no evidence the laptop was tampered with, like many in the media claimed… During the interview, Stahl refused to let Trump talk about the laptop. She said it couldn’t be “verified” and pretended like Trump was crazy for even mentioning it. Trump ended up walking out of the interview and the media lost their minds. The media was handed an entire laptop into the life of Hunter Biden and what did they do? They not only ignored it but they claimed it was fake… https://x.com/CollinRugg/status/1798434927580729655 @alx: Andrew McCabe says employees of the FBI are worried about Trump jailing them and are thinking of fleeing the country. (Is McCabe projecting?) https://x.com/alx/status/1798578100709871891 @RNCResearch: 1. ICC issues arrest warrant for Netanyahu — led by Amal Clooney. 2. George Clooney — husband of Amal — calls top Biden aides. 3. Biden suddenly reverses position, opposes House effort to sanction ICC. Clooney is hosting a Biden fundraiser later this month. QUID PRO QUO? Newsom proposes defunding law enforcement, prisons, public safety as California faces massive deficit ($27.6 billion) – ‘They’re in a panic. They’re in a freefall,’ Florida’s CFO told Fox News https://www.foxnews.com/media/newsom-proposes-defunding-law-enforcement-prisons-public-safety-panic-california-faces-massive-deficit Outrage mounts as Hochul pushes last-minute NYC tax hike to replace congestion tolls: ‘Insulting joke’ https://trib.al/McBoS6w Briahna Joy Gray fired from The Hill days after rolling her eyes at sister of Oct. 7 victim during interview https://trib.al/qfJaYke @TheBabylonBee: Antifa Member Lectures D-Day Veteran on How to Fight Fascism https://t.co/xZIYOq9epW | |
GREG HUNTER
Russia Warns, Trump Wave & CV19 Vax Atrocities Continue
By Greg Hunter
On June 7, 2024 In Weekly News Wrap-Ups 4 Comments
END
By Greg Hunter’s USAWatchdog.com (WNW 637 6.7.24)
War is getting closer as Russia is warning NATO and the US of a “fatal miscalculation” in Ukraine. This comes after the Biden Administration gives the okay to fire US made missiles into Russia. The New York Times has already confirmed missile strikes in Russia with US missiles. Russia is now threatening to give its long-range missiles to enemies of the US and the West. The Russian Navy will be conducting war games in the Caribbean and plans to port in Cuba and Venezuela. Might Russia be offloading some long-range missiles that can hit America?
A Trump wave is getting stronger as his legal cases implode. He’s raised more than $400 million since his 34 count NY felony conviction. The latest Trump case to crater is the Georgia so-called RICO case. The Georgia Court of Appeals has indefinitely paused the case against Donald Trump. I think prosecutor Fani Willis and her case are finished. The other three cases against Trump are also grinding to a halt. What if the US Supreme Court decides Donald Trump does indeed have immunity to all these lawfare cases? I think Donald Trump could be back on the campaign trail as Biden hits a new low with his real job approval rating now at 7% down from 8%.
Another young athlete suffers from a seizure and cardiac arrest in Kansas City. This happened to BJ Thompson while having a Chiefs team meeting. The NFL bragged about getting their players CV19 vaxed at a rate of 93%. With 700 million CV19 bioweapon injections in the USA alone and 14 billion globally, this is far from over. The shots kill and disable at different rates for different people. Christine Anderson, a German MEP in the EU, recently said, “The CV19 vax will be known as the biggest crime to ever have been committed on mankind.” Meanwhile, the FDA unanimously approved yet another CV19 bioweapon kill shot for fall. Never give up the con and keep on killing FDA!!!
There is much more in the 52-minute newscast.
There is an 8-minute video to explain how easy it is to ride out any terror attack or extreme storm.
You can get more information at Sat123.com or BeReady123.com.
Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 6.7.24.
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