JUNE 10//BLOG//GOLD CLOSED UP $2.00 TO $2309.80/SILVER CLOSED UP $0.30 TO $29.74/PLATINUM CLOSED UP $3.70 TO $973.45/WHILE PALLADIUM CLOSED DOWN $11.30 TO $904.45/GOLD COMMENTARIES TODAY FROM ALASDAIR MACLEOD AND JIM RICKARDS//PODCAST WITH ANDREW MAGUIRE AND BILL HOLTER//EUROPE TURNS TO THE RIGHT IN EUROPEAN ELECTIONS//FRANCE’S MACRON DISSOLVES PARLIAMENT AND CALLS FOR NEW ELECTIONS//GERMANY SET TO DEPORT CRIMINAL MIGRANTS//ISRAEL VS HAMAS//ISRAEL RESCUES 4 HOSTAGES AS 250 CIVILIANS ARE KILLED//COVID UPDATES/VACCINE INJURY REPORT//DR PAUL ALEXANDER./SLAY NEWS ETC/USA NEWS: 10,000 CALIFORNIA WORKERS FIRED WITH THE NEW $20 WAGE//
099 H DB AG 3 190 H BMO CAPITAL 54 363 H WELLS FARGO SEC 12 15 435 H SCOTIA CAPITAL 35 657 C MORGAN STANLEY 1 661 C JP MORGAN 1 661 H JP MORGAN 7 686 H STONEX FINANCIA 2 737 C ADVANTAGE 5 2 880 H CITIGROUP 7 905 C ADM 2
TOTAL: 73 73 MONTH TO DATE: 28,574
JPMorgan stopped 9/73
FOR JUNE 2024
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 73 NOTICES FOR 7300 OZ or 0.2270 TONNES
total notices so far: 28,574 contracts for 2,857,400 Oz (88.887 tonnes)
FOR JUNE:
SILVER NOTICES: 8 NOTICE(S) FILED FOR 40,000
OZ/
total number of notices filed so far this month :1113 for 5.565 million oz
XXXXXXXXXXXXXXXXXX
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
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 UP $2,00
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ :
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.44 TONNES OF GOLD INTO THE GLD
/ /INVENTORY RESTS AT 835.67TONNES
INVENTORY RESTS AT 835.67 TONNES
SLV//
WITH NO SILVER AROUND AND SILVER UP $.30 AT THE SLV//
HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 3.198 MILLION OZ INTO THE SLV
// INVENTORY INCREASES TO 421.142 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 421.142 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A HUGE SIZED 1943 CONTRACTS TO 178,643 AND CONTINUING ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR HUMONGOUS LOSS OF $1.93 IN SILVER PRICING AT THE COMEX ON FRIDAY’S TRADING ON SILVER. WE HAD ZERO LIQUIDATION AS WE HAD A NET GAIN OF CONTRACTS ON OUR TWO EXCHANGES. WE, AGAIN HAD SHORT COVERING BY OUR SPECS WITH THE HUGE LOSS IN PRICE AS WELL AS MASSIVE T.A.S. LIQUIDATION. WE HAD ANOTHER MEGAHUMONGOUS SIZED 9059 T.A.S ISSUANCE, THE HIGHEST EVER RECORDED FOR SILVER, 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 AND AGAIN ON FRIDAY.
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 FRIDAY NIGHT: 9059 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND TODAY;S TRADING.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $1.93) BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS FROM THEIR PERCH AS WE DID HAVE A SMALL SIZED GAIN OF 132 CONTRACTS ON OUR TWO EXCHANGES DESPITE THE HUGE LOSS IN PRICE OF $1.93
.
WE MUST HAVE HAD:
A HUGE SIZED 2075 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 10,000 OZ QUEUE JUMP
//NEW STANDING FOR SILVER//JUNE IS THUS 6.15 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI LOSS //HUGE SIZED EFP ISSUANCE/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 9059 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED 405 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 6 DAYS, total 6619 contracts: OR 33.095 MILLION OZ (1103 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 33.095 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 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 33.095 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1943 CONTRACTS WITH OUR HUGE LOSS IN PRICE OF SILVER PRICING AT THE COMEX//FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 2075 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 10,000 OZ QUEUE JUMP
//NEW TOTAL STANDING FOR JUNE 6.15 MILLION OZ
WE HAVE A SSMALL SIZED GAIN OF 132 OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE HUGE LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A MEGA HUMONGOUS SIZED 9059 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE FRIDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND ZERO NET LIQUIDATION OF LONGS.
THE NEW TAS ISSUANCE FRIDAY NIGHT (9059) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .
WE HAD 8 NOTICE(S) FILED TODAY FOR 40,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A HUGE SIZED 14,546 OI CONTRACTS TO 441,808 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 708 CONTRACTS
WE HAD A HUGE SIZED DECREASE IN COMEX OI (14,546 CONTRACTS) OCCURRED WITH OUR HUGE LOSS OF $64.35 IN PRICE/FRIDAY. 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 13,700 OZ QUEUE JUMP AS BANKERS SCOUR THE PLANET LOOKING FOR GOLD ON THE THIS SIDE OF THE POND
NEW STANDING 90.370 TONNES// ALL OF THIS HAPPENED WITH OUR $64.35 LOSS IN PRICE WITH RESPECT TO FRIDAY’S TRADING. WE HAD A GOOD SIZED LOSS OF 5189 OI CONTRACTS (16.13 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A HUMONGOUS SIZED 9357 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 441,808
IN ESSENCE WE HAVE A GOOD SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5189 CONTRACTS WITH 14,546 CONTRACTS DECREASED AT THE COMEX// AND A HUGE SIZED 9037 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 5189 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE SIZED 3072 CONTRACTS,,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A HUGE SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (9357 CONTRACTS) ACCOMPANYING THE HUGE SIZED LOSS IN COMEX OI OF 14,546 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 4481 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 0.4261 TONNES
//NEW STANDING /JUNE 89.94 TONNES.
/ 3) HUGE T.A.S. LIQUIDATION OF CONTRACTS WITH SOME LONG SPECS BEING CLIPPED,
.
// 4) HUGE SIZED COMEX OPEN INTEREST LOSS 5) HUGE ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///HUGE T.A.S. ISSUANCE: 3072 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: 24,275 CONTRACTS OR 2,427,500 OZ OR 75.505 TONNES IN 6 TRADING DAY(S) AND THUS AVERAGING: 4043 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 6 TRADING DAY(S) IN TONNES 75.505 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 75.505 DIVIDED BY 3550 x 100% TONNES = 2.11% OF GLOBAL ANNUAL PRODUCTION
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 75.505 tonnes HEADING FOR A STRONG MONTH
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF JUNE. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (APRIL), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUMONGOUS SIZED 1943 CONTRACTS OI TO 179,050 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 2075 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 2075 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2075 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 1943 CONTRACTS AND ADD TO THE 2075 E.FP. ISSUED
WE OBTAIN A SMALL SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 132 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 0.660 MILLION OZ
OCCURRED DESPITE OUR HUMONGOUS $1.93 LOSS IN PRICE …..
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//
MONDAY MORNING/SUNDAY 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. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A HUGE SIZED 14,546 CONTRACTS TO 441,808 WITH OUR HUGE LOSS IN PRICE OF $64.35 WITH RESPECT TO FRIDAY’S MASSIVE RAID/ TRADING. WE HAD HUGE T.A.S. LIQUIDATION ON FRIDAY WITH CONSIDERABLE 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 HUMONGOUS SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A MASSIVE SIZED 9357 EFP CONTRACTS WERE ISSUED: : AUGUST9357 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 9357 CONTRACTS.
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED TOTAL OF 5189 CONTRACTS IN THAT 9357 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A HUGE SIZED LOSS OF 14,546 COMEX CONTRACTS..AND THIS GOOD SIZED LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR HUMONGOUS LOSS IN PRICE OF $64.35// FRIDAY 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 FRIDAY NIGHT WAS A STRONG SIZED 3072 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. FRIDAY IS OF EXTREME IMPORTANCE TO OUR CROOKS IN YESTERDAY’S RAID
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JUNE (90.370 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
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: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/PRIOR= 11.9325
JUNE; 90.370 TONNES. THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $64.35 //// AND WERE SUCCESSFUL IN KNOCKING SOME SPECULATOR LONGS AS WE HAD A GOOD SIZED LOSS OF 5189 CONTRACTS ON FRIDAY WITH OUR TWO EXCHANGES WITH THE HUGE LOSS IN PRICE. THE T.A.S. ISSUED ON FRIDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE LOST A TOTAL OI OF 16.13 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 137 CONTRACTS OR 13700 OZ (0.4261 TONNES)
NEW STANDING FOR JUNE: 90.370 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR HUGE LOSSIN PRICE TO THE TUNE OF $64.35
WE HAVE REMOVED 708 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET LOSS ON THE TWO EXCHANGES 5189 CONTRACTS OR 518,900 (16.13 TONNES)
Total monthly oz gold served (contracts) so far this month
28,574 notices 2,857,400 oz 88.877 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
JPMORGAN; 3279.402 oz (102 kilobars)
this is a paper transfer out of the comex and onto London
TOTAL WITHDRAWALS 3279.402 0z
Adjustments: 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE
For the front month of JUNE we have an oi of 553 contracts having GAINED 16 contracts. We had 121 contracts served on Friday so we gained a huge 137 contracts or 13700 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 a dubious small kilobar entry gold leaving the comex on Friday. Thus despite the huge 90 tonnes of gold standing at the comex little gold is arriving and hardly any gold is leaving.
JULY GAINED 171 CONTRACTS TO STAND AT 2166
AUGUST LOST 15,037 CONTRACTS DOWN TO 365,042 CONTRACTS
We had 73 contracts filed for today representing 7300 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 (28,574) x 100 oz ) to which we add the difference between the open interest for the front month of JUNE (553 CONTRACTS) minus the number of notices served upon today (73 x 100 oz per contract( equals 2,905,400 OZ OR 90.370 TONNES.
thus the INITIAL standings for gold for the JUNE contract month: No of notices filed so far (28,574 x 100 oz +we add the difference for front month of June (553 OI} minus the number of notices served upon today (73) x 100 oz which equals 2,905,400 oz (90.370 TONNES)
TOTAL COMEX GOLD STANDING FOR JUNE: 90.370 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
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,662,974.515 OZ
TOTAL REGISTERED GOLD 7,989,995 ( 242.58 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,672,979.466OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,337,735 oz (REG GOLD- PLEDGED GOLD)= 197.13 tonnes //
END
SILVER/COMEX
JUN 10/2024
INITIAL
//2024// THE JUNE 2024 SILVER CONTRACT//INITIAL
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
858,102.984 oz
CNT LOOMIS
.
Deposits to the Dealer Inventory
nil OZ
Deposits to the Customer Inventory
598,979.010 oz
Loomis
No of oz served today (contracts)
8 CONTRACT(S) (40,000 OZ)
No of oz to be served (notices)
117 contracts (0.585 million oz)
Total monthly oz silver served (contracts)
1113 Contracts (5.565 MILLION oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
i) 0 dealer deposit
total dealer deposit : nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 1 deposits customer account:
i) into Loomis: 598,979.010 oz
total customer deposit 598.979.010 oz
JPMorgan has a total silver weight: 128.416million oz/295.578million or 48.34%
adjustment: 0//
Comex withdrawals: 2
i) out of CNT 258,083.244 OZ
ii) out of Loomis 600,019.240
total withdrawal: 858,102.984 0z
TOTAL REGISTERED SILVER: 62.494MILLION OZ//.TOTAL REG + ELIGIBLE. 295.371
million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE:
silver open interest data:
FRONT MONTH OF JUNE/2024 OI: 125 CONTRACTS HAVING LOST 198 CONTRACT(S).
WE HAD 200 NOTICES SERVED UP ON FRIDAY, SO WE GAINED 2 CONTRACTS OR AN ADDITIONAL 10,000 OZ WILL STAND AT THE COMEX VIA A SMALL QUEUE JUMP
JULY SAW A LOSS OF 7148 CONTRACTS DOWN TO 119,571
AUG, SAW A GAIN OF 4 CONTRACTS TO 195
SEPT SAW A GAIN OF 4816 CONTRACTS TO 41,805.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 200 for 1.0 MILLION oz
CONFIRMED volume; ON FRIDAY 169,845 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 1113 x 5,000 oz = 5.565 MILLION oz
to which we add the difference between the open interest for the front month of JUNE ((125) and the number of notices served upon today 8i x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JUNE/2024 contract month: 1113 notices served so far) x 5000 oz + OI for the front month of JUNE (125)x number of notices served upon today minus (8)x 5000 oz of silver standing for the JUNE contract month equates to 6.150 MILLION OZ.
New total standing: 6.150 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 10 WITH GOLD UP $2,00 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 1.44 TONNES OF GOLD FROM THE GLD//: / //NEW TOTAL TONIGHT 835.67 TONNES
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: 835.67 TONNES, TONIGHTS TOTAL
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
JUNE 10 WITH SILVER UP $0.30 TODAY: HUGE CHANGES IN SILVER INVENTORY: //A HUGE DEPOSIT OF 3.198 MILLION OZ INTO THE SLV// INVENTORY RISES TO ; 421.142 MILLION OZ
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 421.142 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
Admittedly, the Commitment of Traders’ position was before Friday’s smackdown, but the Swaps silver bear position is likely to be even worse, which is immensely bullish for the price.
The COT figures for last Tuesday showed that the Swaps’ (mainly bullion bank trading desks) net short position had deteriorated by 846 contracts. And the Managed Money category had reduced its net long exposure by 3,424 contracts. But these reductions had fed mostly into the Other and Non-Reportable categories, which rose to a combined record net long 47,189 contracts. The chart is below:
The problem for the Swaps is that these categories are buying futures with a view to taking delivery. In other words, they are not acting like normal speculators, vulnerable to being shaken out of long positions the way hedge fund traders can be spooked. It is a “reserve of illiquidity” which is difficult for Swaps to unlock. The next chart is of the Swaps’ net shorts, confirming their deteriorating position:
A further problem for the Swaps is that vault liquidity is being drained in both Comex and London. It would appear therefore that it is becoming impossible for the Swaps to reduce their shorts materially and that they will be badly exposed to a short squeeze in the coming weeks, if the silver price resumes its rise driven by Asian demand
Gold is looking bullish for similar reasons but the squeeze on the Swaps is different. In silver, the mines sell forward because most silver is a byproduct of other metals, or smaller mines need the cashflow and their bankers cover their loan exposure by selling forward. This doesn’t appear to be happening in gold. The Producers’ net short position is next:
I’ve taken this chart back to 2006 to show how unusual it is for the Producers to not hedge much of their production at high prices. For example, in late-2012 when gold first breached the $1900 level, they were net short over 200,000 contracts: today the figure is less than 50,000.
This leaves the Swaps carrying the burden of the short side of the gold contract to an uncomfortable extent, and their net short position is the last chart:
Back in 2012 when gold was hitting records, they had a broadly even book. Today their short position is out of their control. It is the makings of a crisis for the bullion banking establishment, and so far as we can see there’s not much they can do about it, with the Chinese savers having up to $6 trillion equivalent to invest.
Not all of that can be expected to go into gold and silver, but with property and the stock market unattractive to them, rising precious metal prices could become the most attractive alternative to bank deposits. Friday’s engineered sell-off appears to have been an opportunistic attempt to take out the weak long positions. It will have failed, exposing paper gold traders to a Chinese squeeze, which we can expect to resume shortly.
I’m sure you recall the banking crisis of March to May 2023.
It began with the collapse of the little-known Silvergate Bank on March 8. This was followed the next day by the collapse of the much larger Silicon Valley Bank (SVB) on March 9. SVB had over $120 billion in uninsured deposits.
Bank deposits over $250,000 each are not covered by FDIC insurance. Those depositors stood to lose all their money over the insured amount. This would have led to the collapse of hundreds of startup tech businesses in Silicon Valley that had placed their working capital on deposit at SVB.
There were also much larger businesses such as Cisco and at least one large cryptocurrency exchange that had billions of dollars on deposit there. Those businesses would have taken huge write-downs based on the size of their uninsured deposits.
On March 9, the FDIC said that indeed the excess deposits were uninsured, and depositors would get “receivership certificates” of uncertain value and zero liquidity instead.
By March 11, the FDIC reversed course and said all deposits would be insured. The Federal Reserve intervened and said they would take any U.S. Treasury securities from member banks in exchange for par value in cash even if the bonds were only worth 80% of par (which most were).
The Mother of All Bailouts
That Sunday night they also closed Signature Bank, a New York-based bank with crypto links. The damage wasn’t done. On March 19, the Swiss National Bank forced a merge of UBS and Credit Suisse, one of the largest banks in the world. Credit Suisse was on the edge of insolvency.
Finally, on May 1, First Republic Bank, with over $225 billion in assets, was ordered closed by the government and sold to JPMorgan.
It was the mother of all bailouts and seemed to leave stock market investors unfazed. The issue was, and is: Once you’ve guaranteed every deposit and agreed to finance every bond at par value, what’s left in your bag of tricks? What can you do in the next crisis that you haven’t already done — except nationalize the banks?
After five bank failures in two months and a trillion-dollar bailout by the government, the crisis seemed over. But that was false comfort. I wrote at the time that the crisis wasn’t over, that it was just halftime.
Investors are relaxed because they believe the banking crisis is over.
That’s a huge mistake.
History shows that major financial crises unfold in stages and have a quiet period between the initial stage and the critical stage.
When Slow-Motion Crisis Turns Real-Time
This happened in 1994 when the spring bond market massacre seemed contained in the summer only to explode into the Mexican Tequila Crisis in December.
It happened in 1997–98 when the Asian financial crisis calmed down in the winter of 1998 only to explode into the Russia-LTCM crisis the following August and September.
It happened during the Global Financial Crisis when the original distress in August 2007 that seemed contained was followed by the failures of Bear Stearns, Fannie Mae, Freddie Mac and Lehman Bros. from March to September 2008.
The average duration of these financial crises is about 20 months. This new crisis began 15 months ago. It could have five more months to run, if not longer.
On the other hand, this crisis could reach the acute stage faster. That’s because of technology that makes a bank run move at the speed of light. With an iPhone you can initiate a $1 billion wire transfer from a failing bank while you’re waiting in line at McDonald’s. No need to line up around the block in the rain waiting your turn.
In other words, the second stage of the crisis could erupt in even more dramatic fashion sooner than later. This slow-motion crisis can become a real-time crisis very quickly.
The Dollar Itself Is at Stake
In addition, the regulatory response is faster because they’ve seen this movie before. That begs the question of whether regulators are out of bullets because they’ve already guaranteed almost everything so they don’t have more rabbits to pull out of the hat.
This could be the crisis where the panic moves from the banks to the dollar itself. If savers lose confidence in the Fed (we’re almost there) not only will the banks collapse, but the dollar will collapse also. At that point, the only solution is gold bullion.
It’s also important to distinguish between individual bank failures and a systemic banking crisis. When individual banks fail, the depositors and creditors are usually protected but stockholders can get wiped out.
In a systemic banking crisis, the contagion goes from bank to bank quickly, and the entire system has to be rescued with some combination of blanket deposit guarantees and unlimited QE.
In the worst case, you either have to shut the banks (which FDR did in 1933) or nationalize them which some countries have done from time to time.
Is Stage II Here?
Either a single bank failure or a systemic crisis could happen at any moment. The actual trigger is a bit mysterious and mostly psychological because the fundamental problems have been there all along.
Well, it seems that the quiet period is over and we are entering Stage II of the banking meltdown.
According to the latest data from the FDIC, many banks could be at risk of failure as unrealized losses reached $517 billion in the first quarter of 2024, up from $478 billion in the last quarter of 2023. 40 banks with over $1 billion in assets have already reported unrealized losses higher than 50% of their equity capital. Over 200 smaller banks with lesser assets have issued the same reports.
The bottom line is Stage II of the crisis is here, and the effects will be devastating to financial institutions and the stock market as a whole.
We may not be able to prevent the crisis, but we can see it coming and prepare accordingly to preserve our wealth. Step one is to get gold. That will see you through the storm.
3. CHRIS POWELL//GATA DISPATCHES
CHRIS POWELL…
Robert Lambourne: BIS gold swaps rose substantially in May
Submitted by admin on Sun, 2024-06-09 11:37 Section: Daily Dispatches
By Robert Lambourne Sunday, June 9, 2024
Gold swaps undertaken by the Bank for International Settlements, the central bank of the world’s central banks, rose by a substantial 31 tonnes in May over the 78 tonnes reported in April, reaching 109 tonnes, an increase of 40%.
The bank’s statement of account of May, from which the gold swaps can be estimated, was published last week:
Table 1 below sets out the historical level of monthly gold swaps estimated since August 2018. There is still a considerable level of gold being traded via these swaps. The swaps are down sharply from the 501 tonnes estimated in January 2022 but they seem to remain quite volatile, suggesting that they are being used to cover short-term trading requirements by central banks and bullion banks.
While the BIS long has refused to explain what it is doing in the gold market and for whom, it seems that the swaps are undertaken by the BIS for one or more of its central bank members, with the swapped gold being accounted for as being held in a BIS-registered sight account at a central bank. In any case the swaps represent surreptitious central bank intervention in the gold market.
Given what is happening in the gold market generally, it appears reasonable to assume that the U.S. Federal Reserve is the BIS member instigating these transactions. The evidence strongly suggests that the gold involved in the swaps comes from bullion banks and is registered as being held by gold exchange-traded funds.
That is, investors who buy claims on gold through ETFs may actually be assisting central bank efforts to control the monetary metal’s price.
GATA published a more detailed report on the use of gold swaps to cover the BIS’ December 2023 swap transactions:
* The estimate originally reported by GATA was 78 tonnes, but the BIS annual report states 77 tonnes. It is believed that slightly different gold prices account for the difference.
+ The estimate originally reported by GATA was 487 tonnes, but the BIS annual report states 490 tonnes, It is believed that slightly different gold prices account for the difference.
** The estimate originally reported by GATA was 332 tonnes, but the BIS annual report states 326 tonnes. It is believed that slightly different gold prices account for the difference.
GATA uses gold prices quoted by USAGold.com to estimate the level of gold swaps held by the BIS at month-ends.
—–
Robert Lambourne is a retired business executive in the United Kingdom who consults for GATA about the involvement of the Bank for International Settlements in the gold market and U.S. government debt.
* * *
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS/LIVE FROM THE VAULT 176
youtube.com/watch?v=w_5A3BdUbQQ&feature=youtu.be
LIVE FROM THE VAULT: EPISODE 176The Financial Reset Feat. Bill Holter
With our special guest…
Bill HolterFinancial Commentator &Miles Franklin contributor “Silver is the Achilles’ heel to gold, and gold is the Achilles’ heel to western currencies.
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT//
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 SETTINGSMONDAY 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
Futures Drop Ahead Of CPI, FOMC; Euro Slumps After Weekend Election Shock
MONDAY, JUN 10, 2024 – 08:09 AM
US equities were poised for modest losses to start the week after underlying indexes hit a new all time high on Friday, as focus shifted to Wednesday’s CPI data and Thursday’s Fed meeting. As of 8:10am, both S&P 500 and Nasdaq futures slid about 0.1%, rebounding from session lows hit shortly after Europe opened following a weekend trouncing of establishment parties in the European Parliament elections. The VIX Index rose, but remained well below its average over the past 12 months. The yield curve is twisting steeper, and the USD starts the week stronger. Cmdtys are mixed with strength in metals, weakness in Ags, and Energy flattish. AAPL and AMZN kick off today, with AAPL’s focused on AI. Today’s macro data focus is on NY Fed’s 1-year inflation expectations print; prior level was 3.26%.
In premarket trading, weakness in semis and AAPL is leading the Mag7 names, which are mostly lower. Despite mixed sentiment, Southwest Airlines jumped 6.9% after the Wall Street Journal reported that activist shareholder Elliott Investment Management has built an almost $2 billion stake in the carrier. Here are some other notable premarket movers:
Advanced Micro Devices slips 2% after Morgan Stanley downgrades the chipmaker to equal-weight, saying investor expectations for AI business “seem too high.”
CrowdStrike, GoDaddy and KKR are all up more than 3% as the stocks will join the S&P 500 Index in the latest quarterly weighting change.
Diamond Offshore rises 6% after agreeing to be purchased by Noble Corp.
GameStop gains 7%, putting the video-game retailer’s stock on track to recoup some of Friday’s 39% losses. Shares tumbled Friday after the highly-anticipated return of Keith Gill to YouTube, as well as the retailer unexpectedly releasing earnings.
Perion drops 22% after the company cut its revenue guidance for the second quarter.
ProKidney rises 5% after saying interim results of REGEN-007 Phase 2 trial show stabilization of kidney function for 18 months.
American stocks rose to all-time highs last Friday as stronger-than-expected jobs data bodes well for corporate earnings even as it suggests monetary policy will be on hold for longer, thwarting rate-cut bets. On Wednesday, investors will parse consumer-inflation data for May and tune in to a Fed meeting for any clues about the likely timing and pace of interest-rate cuts.
“The Fed should give a hawkish tilt to its stance, without dismissing a start of rate cuts in the second half,” said Paolo Zanghieri, senior economist at Generali Investments. “Our base case remains two rate cuts, in September and December, with just one cut as the second most likely scenario.”
Meanwhile, in Europe, the euro fell to its lowest in a more than a month after French President Emmanuel Macron dissolved parliament and called a shock snap election in the wake of a crushing defeat in the European Parliament elections. The common currency dropped 0.6% to a one month low, and was already on the back foot after suffering its biggest loss in almost two months on Friday as stronger-than-expected US jobs figures lifted the dollar. Yields on France’s 10-year government bonds hit their highest level this year.
The Euro retreated alongside European equities, with BNP Paribas SA and Societe Generale SA tumbling more than 8% as banks led losses among stocks in Paris.
The fallout from the European elections also weighed on stocks, with the Stoxx 600 falling 0.5% with declines led by French banks after President Emmanuel Macron called a snap ballot following a defeat in the European Parliament election on Sunday. French construction and materials stocks also retreat. Here are the most notable European movers:
Givaudan shares rise as much as 1.9% as Barclays upgrades the Swiss scent manufacturer to equal weight saying the outlook for fine fragrances is better than they had feared.
BE Semiconductor shares gain 1.7% after being raised to hold from sell by Deutsche Bank, which said main negative catalysts on the stock, such as high expectations on hybrid bonding have played out.
M&G shares rise as much as 1.9% after an upgrade at JPMorgan. The investment advisory services firm also announced develeraging actions totaling up to £450 million.
Navigator Co shares gain as much as 5.1% after analysts at Oddo BHF upgraded the pulp and paper mill operator to neutral, arguing the risk-reward proposition has improved.
Cancom shares jump as much as 7.4% after it was upgraded to buy, with analysts at Deutsche Bank opening a catalyst call on the IT services provider, arguing headwinds are overstated.
Shares of oil producers operating in Kurdistan are climbing after Iraq said it expects to soon reach a final agreement with the semi-autonomous region and oil companies there to restart oil exports.
PostNL shares rise as much as 9.3%, the steepest gain since August 2023, after analysts at ING Bank upgraded the Dutch postal group to buy from hold.
French banks BNP Paribas and Societe Generale tumble, leading losses on the Paris market, after President Emmanuel Macron called a snap election following a drubbing for his group in weekend European parliamentary voting.
Neoen shares slip as much as 1.7% after the French energy company was downgraded at Barclays, who argue the stock has reached full value in wake of news that Brookfield is in exclusive talks to acquire a majority stake.
DS Smith shares fall as much as 2% after Brazilian pulp producer Suzano sees room to take on substantial debt as it weighs a new bid for International Paper, Bloomberg News reported.
ECB speakers largely went under the radar, including Government Council member Peter Kazimir, who said the September meeting will be key to determine whether to cut interest rates again.
Earlier in the session, Asian stocks traded in a narrow range as declines in South Korea and elsewhere offset advances in Japan. The MSCI Asia Pacific Index swung between a loss of 0.2% and gain of 0.1%. Samsung Electronics was the biggest drag as lowered bets on US interest rate cuts weighed on Korean shares. Japanese stocks gained as rising bond yields lifted financials while yen weakness supported exporters. Indian fluctuated after their post-election rally. China, Hong Kong, Taiwan and Australia were closed for holidays. The regional benchmark is coming off its first weekly gain in three. India was among the world’s top performers last week in whipsaw trading following parliamentary voting. South Korea and Taiwan followed close behind, lifted by tech optimism.
In FX, the Bloomberg Dollar Spot Index rose 0.3%, hitting its highest since May 1; the US currency extended gains after Friday’s blowout jobs number undercut the case for an early US rate cut; focus now shifts to the release of US inflation data and FOMC decision due later this week, Meanwhile, the euro declined against most of its Group-of-10 peers as investors weighed the fallout from the European Parliament elections. EUR/USD fell as much as 0.5% to 1.0748, the lowest in a month, after French President Emmanuel Macron and German Chancellor Olaf Scholz suffered defeats in the polls. The outcome led Macron to call a snap legislative ballot in a desperate bid to stop the rise of his far-right rival, Marine Le Pen. “Election risk remains fluid,” said Christopher Wong, strategist at Oversea-Chinese Banking Corp., referring to the European polls. It “deserves a close watch as the past decade has shown that a rise in far-right sentiment in Europe can undermine the euro”
In rates, treasuries are cheaper, with the curve steeper as Friday’s selloff extends and US yields follow wider moves seen across European government debt after Sunday’s European Parliament elections. French bonds notably underperform as French President Emmanuel Macron calls a snap legislative ballot after his party trailed far-right National Rally. US yields are cheaper by up to 3bps across long end of the curve with 2s10s, 5s30s spreads steeper by 2.5bp and 1bp on the day. US 10-year yields trade around 4.46% with French bonds lagging by additional 6.5bp in the sector and bunds by 1bp. US session focus includes 3-year note auction, with this week’s highlights coming Wednesday with both CPI and Fed policy announcement due. Treasury coupon auctions resume with $58b 3-year note sale at 1pm New York, followed by $39b 10-year Tuesday and $22b 30-year bonds Thursday. The WI 3-year at ~4.65% is around 4.5bp cheaper than May’s stop-out, which traded 0.3bp through the WI level.
In commodities, oil prices are little changed, with WTI trading near $75.50. Spot gold is steady around $2,296/oz. Bitcoin is flat and holds around $69K, whilst Ethereum drops below $3.7K.
On today’s US economic calendar, we get the May NY Fed 1-year inflation expectations at 11am. This week also includes CPI, PPI and University of Michigan sentiment. Fed officials are expected to refrain from commenting until after their June 12 policy announcement
Market Snapshot
S&P 500 futures down 0.1% to 5,348.00
STOXX Europe 600 down 0.5% to 520.92
MXAP little changed at 180.12
MXAPJ down 0.3% to 561.09
Nikkei up 0.9% to 39,038.16
Topix up 1.0% to 2,782.49
Hang Seng Index down 0.6% to 18,366.95
Shanghai Composite little changed at 3,051.28
Sensex up 0.3% to 76,895.70
Australia S&P/ASX 200 up 0.5% to 7,860.02
Kospi down 0.8% to 2,701.17
German 10Y yield little changed at 2.65%
Euro down 0.4% to $1.0760
Brent Futures up 0.2% to $79.77/bbl
Gold spot up 0.1% to $2,295.68
US Dollar Index up 0.31% to 105.21
Top Overnight News
After a crushing defeat in the European Parliament election on Sunday, President Emmanuel Macron plunged France into political uncertainty with a snap legislative ballot that re-stages his perennial battle with far-right rival, Marine Le Pen.
The euro fell to its lowest in a month after French President Emmanuel Macron called a legislative vote in the wake of suffering a crushing defeat in the European Parliament elections.
The European Central Bank may not cut interest rates again for a while as it watches to see how quickly inflation recedes to its 2% target, according to Governing Council member Joachim Nagel.
German Chancellor Olaf Scholz’s ruling coalition is on course for another drubbing when three eastern German regions where the far-right Alternative for Germany is the strongest party hold elections in September.
Nvidia will trade with its 10-to-1 stock-split price today
A more detailed look at global markets courtesy of Newsquawk
APAC stocks began mixed ahead of key events including the FOMC and BoJ policy decisions, as well as US and Chinese CPI data, while it was a holiday-thinned start to the week with markets in Australia, China, Hong Kong and Taiwan all closed for holiday. Nikkei 225 advanced on the back of recent currency weakness and after revised GDP data showed a slightly narrower annualised contraction in Japan’s economy than initially reported. KOSPI traded subdued amid ongoing geopolitical tensions after South Korea restarted loudspeaker broadcasts and North Korea sent another round of waste balloons and warned of new responses.
Top Asian News
China and Pakistan agreed to strengthen mining development and industrial cooperation, while they are willing to actively promote investment and cooperation between Chinese firms in the mining industry in Pakistan and jointly strengthen the planning of mining industry parks including deep processing of ores.
BoJ is expected to consider whether to scale back its roughly JPY 6tln in monthly government bond purchases at the upcoming meeting as it moves toward policy normalisation, according to a report in Nikkei on Friday.
Japan’s government said in a draft economic blueprint that it will work closely with the BoJ and guide policy ‘flexibly’ as monetary policy has entered a new stage, while it added that consumption is lacking momentum and the price outlook is uncertain due partly to the declines of the yen.
European bourses, Stoxx 600** (-1.2%), sank at the open and resides at lows amid the political uncertainty in Europe whereby the centre-right strengthened its majority although the far-right made gains – this prompted French President Macron to announce a snap election, which has resulted in the CAC 40 (-1.8%) underperforming. European sectors are entirely in the red. Construction & Materials are found at the bottom of the pile, alongside Autos and Banks, largely dragged down by significant losses in French stocks. US equity futures (ES -0.3%, NQ -0.3%, RTY -0.8%) are entirely in the red, in tandem with broader sentiment in Europe, albeit to a lesser magnitude; the RTY underperforms, continuing the post-NFP downside seen on Friday.
Top European News
UK PM Sunak is set to promise another 2p cut to national insurance in the Conservative manifesto, according to The Sunday Times.
Transatlantic trade association BritishAmerican Business chief said US companies are worried the costs of operating in the UK would increase under a Labour government, making the country a less attractive place to invest, according to FT.
Deltapoll survey showed UK opposition Labour Party with 46% of support (-2) vs the ruling Conservative Party at 21% (-4) with the Labour Party set to gain a 416 majority.
The centre-right European People’s Party is set to hold the most seats in the European Parliament with 189 seats, according to the latest EU-wide projections cited by Reuters. However, far-right parties made significant gains as they performed well in Germany and comfortably won in France which prompted French President Macon to dissolve parliament and announce snap elections to be held on June 30th and July 7th. Furthermore, Belgian PM Alexander De Croo announced his resignation after the defeat of his party in the European elections, according to APA.
EU’s von der Leyen said there remains a majority in the centre for a strong Europe and the centre is holding but added that extremes on the left and right have gained support, while she is confident she can win a new mandate as EU Commission President.
ECB’s Holzmann said the ECB can declare victory on inflation when it is at 2%, while he added that they are on the path to an economic recovery.
ECB’s Kazaks said future rate cuts depend on economic outlook; too early to make a definite statement about the future of rate cuts, via Econostream.
ECB’s Kazimir said should not rush into another rate cut and should sit out the summer; September will be a pivotal month as a lot of new data are published by then. Inflation beast not broken yet and price pressures can resurface. Disinflation will be bumpy but confident ECB is moving towards target.
European Commission this week is expected to disclose the tariff rate for Chinese EVs amid “excessive subsidies”, according to Reuters.
FX
USD is extending on Friday’s post-NFP gains with a softer EUR helping boost DXY to a 105.30 high (highest since May 14th). Macro focus for the US this week falls on CPI and FOMC both due on Wednesday.
EUR is the standout laggard across the majors following the EU parliamentary elections which have stoked uncertainty across the bloc, particularly in France. EUR/USD gapped lower and slipped beneath its 100 and 200DMAs with the current low at 1.0748. In terms of notable OpEx, there are also some large near-the-money clips due to roll-off.
GBP is softer vs the Dollar though is holding up better than peers due to cross-related selling in EUR/GBP which sits at its lowest level since August’22 (0.8454 is the current session low). Cable currently holding just above 1.27.
JPY is losing ground to the broadly firmer USD in what is a big week for the pair with rate decisions from the FOMC and BoJ. In recent trade, the USD/JPY has dipped below 157.00, and currently holds around 156.80.
Antipodeans are both holding up relatively well vs. the USD despite the flimsy risk sentiment in the market. Performance is likely due to the particularly bruising session on Friday post-NFP which sent AUD/USD down as low as 0.6577 vs. an opening price of 0.6664.
Fixed Income
USTs are currently immune to the downbeat mood in European fixed income markets; drivers this week for US paper include US CPI, FOMC alongside dot plots and a heavy supply slate. Sept’24 UST currently holding above the 109 mark, with the current low at 109.02.
European bonds are pressured given the political events over the weekend, which saw the centre-right hold at an EU level, and a strong performance for the far-right. As it stands, Bunds have dipped below 130.00 and looking to test the trough from 3rd June at 129.83; OATs underperform, after French President Macron dissolved the French parliament and announced a snap election.
Gilts are on the backfoot, in tandem with European peers, albeit to a lesser extent. The Sep’24 Gilt contract has slipped further on a 96 handle with 96.37 the current session low.
DE/IT 10yr spread is wider by 7.5bps with the Italian 10yr yield at its highest level since December. DE/FR 10yr spread is wider by 5.6bps with the French 10yr yield at its highest level since May 31st.
Commodities
Crude was firmer for a large part of the European morning, before succumbing to some selling pressure in tandem with the risk sentiment and stronger Dollar. Geopolitics over the weekend has not seen any major escalation. Brent Aug currently trading in a USD 79.34-80.14/bbl parameter.
Upward tilt in spot gold and spot palladium but spot silver majorly outperform following the hefty post-NFP slump on Friday which took the metal from USD 31.50/oz highs to USD 29.10/oz lows.
Base metals are modestly firmer as the complex attempts a recovery from the post-NFP slump on Friday, in which the pushback in US rate cut expectations hit the economy-linked base metals, whilst traders look ahead to China’s inflation numbers before US CPI and FOMC on Wednesday.
Iraq set the July Basrah medium crude official selling price to Asia at plus USD 0.60/bbl vs Oman/Dubai average and to Europe at minus USD 2.85/bbl vs dated Brent, while it set the OSP to North and South America at minus USD 0.65/bbl vs ASCI, according to SOMO.
Iraqi Oil Minister said there was progress in talks held on Sunday with Kurdish regional government officials regarding resuming northern oil exports, according to Reuters.
Citi on gold: Thinks support (May low and double top neckline) at USD 2,277/oz will hold short-term; if weekly close is below USD 2,277/oz, it would initiate a double top formation and could see further losses. Citi retains long-term bullish view between USD 2,500-2,523/oz.
Geopolitics: Middle East
Gaza health ministry said 274 Palestinians were killed and 698 were injured during an Israeli offensive on a Nuseirat camp, while a Palestinian Islamic Jihad official said Israel’s offensive at Nuseirat will not affect the prisoners/hostages swap deal.
Hamas chief Haniyeh said Israel cannot force its choices on them and they won’t accept any deal that doesn’t achieve security for their people. It was also reported that the Hamas armed wing said three Israeli hostages were killed including a US citizen during an Israeli hostage-freeing operation in Gaza.
Israeli minister Gantz resigned from the emergency government and called for early elections, while he accused PM Netanyahu of mishandling Israel’s war in Gaza, according to FT.
US circulated a new draft UN Security Council resolution calling on Hamas to accept the hostage and ceasefire deal, while a vote is expected on Monday, according to two sources with direct knowledge cited by Axios’ Ravid.
Hezbollah said it fired a salvo of Falaq 2 rockets at Israel for the first time.
Yemen’s Houthis said they targeted a British destroyer and two related ships in the Red Sea with ballistic missiles, although the UK Defence Ministry said assertions by Houthis that they attacked a British destroyer in the Red Sea are false.
UKMTO said a vessel was hit by an unknown projectile 70 NM southwest of Yemen’s Aden which resulted in a fire although no casualties were reported.
“The Biden administration discussed the possibility of negotiating a unilateral deal with Hamas independently of Israel to release American hostages through Qatari mediators”, via Sky News Arabia citing NBC
Geopolitics: Others
Russian forces appeared to have made headway in the key Ukrainian town of Chasiv Yar, according to sources cited by Reuters.
Senior Russian Lawmaker says F-16 jets and their bases beyond Ukraine will be legitimate goals for Russian forces if they take part in combat missions
US National Security Advisor said the Ukrainian army carried out strikes with US weapons on targets in Russian territory, according to Asharq News.
US President Biden and French President Macron committed to supporting efforts to bring forward extraordinary profits from immobilised Russian sovereign assets for the benefit of Ukraine. Furthermore, they expressed strong concern about transfers of weapons especially from Iran and North Korea, as well as dual-use materials from China to support Russia’s war against Ukraine, while they support actions to curtail access to US and French financial systems for such transfers.
G7 plans to warn small Chinese banks over helping Russia evade Western sanctions, according to sources cited by Reuters.
South Korea restarted loudspeaker broadcasts in response to North Korea’s sewage balloons, according to Asahi. It was separately reported that North Korean leader Kim’s sister warned of new responses against South Korea’s loudspeaker broadcasts and leafleting, while she called for South Korea to stop dangerous acts. Furthermore, the South Korean military later announced that North Korea sent around 310 trash-carrying balloons in its latest launch, according to Yonhap.
Philippines National Security Adviser said they reaffirmed a commitment to uphold their sovereign rights and jurisdiction over the second Thomas Shoal, while they will continue to maintain and supply their outposts in the South China Sea without seeking permission from any other nation.
US Event Calendar
11:00: May NY Fed 1-Yr Inflation Expectat, prior 3.26%
DB’s Jim Reid concludes the overnight wrap
For this week the whole financial world will be focused on Wednesday with three huge events occurring. The latest US CPI, the FOMC, oh and my 50th birthday. We’ll preview the first two below but other events this week include NY Fed 1-yr inflation expectations today, UK employment data, US small business optimism and a 10yr UST auction tomorrow, China CPI and Japanese PPI on Wednesday, waking up to a mid-life crisis on Thursday alongside US PPI and a 30yr UST auction, with the BoJ decision and the US UoM consumer sentiment on Friday.
Before we delve deeper, it’ll be fascinating to see the reaction of French bond markets this morning (likely negative) after the surprise news last night that Macron has called for snap legislative elections which will take place in two rounds on June 30th and July 7th. This is after his party trailed with 15% in the European Parliamentary (EP) elections with Le Pen’s National Rally (RN) winning 32%. Although this was broadly in line with expectations, Macron is likely hoping to win back some momentum and hope a notable part of the EP results were a protest vote and also encourage other centrist parties to help rally round to limit the charge of Le Pen. His other hope would be that if RN have a bigger part in government, their appeal may diminish before the next Presidential elections in 2027. So a big gamble.
In terms of the wider EP elections the main takeaway is that even with the uncomfortable results in France and Germany, the centrist majority is holding as the far-right didn’t outperform expectations in aggregate. See DB Marion Muehlberger’s initial reaction piece here published in the early hours of this morning for more, and the implications. As the results have started to materialise the Euro is -0.44% lower as I type, at 1.0753 against the dollar, its weakest level in nearly a month.
Moving forward, let’s preview the main events of the week in more detail now. It’s not very often you have a US CPI released on the same day as a FOMC meeting and the former will certainly factor into the latest Fed Summary of Economic Projections (SEP). On Friday, a few US houses who were expecting summer Fed cuts pushed back their projections after the strong payroll number and this release will also influence the tone of the meeting. Our economists believe the new SEP forecasts are likely to revise core PCE inflation higher this year (2.8%), and move the median dot from three rate cuts to two with a desire for optionality for September perhaps the only thing preventing this moving nearer to DB’s long standing expectation of a cut only arriving in December. Our econ team also expect the 2025 median dot to move up by 25bps as well and the long-run dot to 2.75% (with risks it moves even higher). Powell’s press conference will no doubt offer nuances around any changes and will have the ability to put a dovish or hawkish spin on them. At this stage optionality will likely be preferred with little specific guidance.
May’s CPI release hours earlier will cast a long shadow over the meeting (see May CPI preview & webinar registration from our economists). Our team expect headline CPI (+0.12% forecast vs. +0.31% previously) to come in softer than core (+0.27% vs. +0.29%), helped by declining gas prices last month. This would reduce the core YoY rate by a tenth to 3.5%, with the headline remaining steady at 3.4% (in-line with consensus). Under these forecasts the three-month annualised core rate would fall three-tenths to 3.8%, while the six-month annualised rate would remain at 4.0%. Obviously as ever rents will get a lot of attention to see if they are falling as the models suggest they should be and then for PPI on Thursday, the components that feed directly into core PCE (namely health care services, domestic airfares, and portfolio management) will be the main thing to watch.
For the Fed to cut rates in September (unlikely in our eyes), or earlier (only in an imminent crisis), inflation must fall sharply, or employment needs to weaken considerably. For the latter, Friday’s payroll suggested that this will be tough to see in the data quickly enough. May’s headline (+272k) and private (+229k) payroll gains were well above the +180k and +165k expected respectively with a 0.4% gain in average hourly earnings a tenth higher than expected. The diffusion index (63.4) was the highest level since January 2023 which shows that job growth has broadened out after narrow gains for a lot of the last year.
The household survey did contain a surprise tenth of a percent increase in the unemployment rate to 4.0%, the highest since November 2021 (4.1%). It’s possible that this survey isn’t capturing the surge in immigration our economists discussed in How large was the inflation mitigation from immigration?, so for now the establishment survey might be the more reliable although such a big difference between the surveys does keep you vigilant. For a deeper take on the data, see our US economists’ chart book here.
The other two big events of the week are probably Chinese inflation and the BoJ. For the former, current median estimates on Bloomberg suggest the CPI may improve to +0.4% YoY in May from +0.3% in April, with the PPI also coming in higher relative to the previous reading (-1.5% vs -2.5% in April). For the latter, our Chief Japan economist expects the target short-term interest rate to remain unchanged but highlights that the focus will be on guidance for JGB purchases. He sees changes including a reduction of the central bank’s purchases from the current 6tn yen per month to 5tn yen. His detailed forecasts are in the meeting preview here.
Asian equity markets have little overall direction this morning in a holiday thinned session with China, HK and Australian markets closed. The Nikkei (+0.49%) is higher whilst the KOSPI (-0.71%) is lower. US equity futures are flat. 10yr USTs yields (+1.4bps) are edging up to trade at 4.447%.
Early morning data showed that the Japanese economy shrank slightly less than initially estimated in Q1 on upward revisions to capital spending and inventory data. GDP contracted -1.8% y/y in the three months to March as against a revised decline of -2.0% in the initial estimate. On a q/q basis, GDP fell -0.5% in the first quarter, the same as initially estimated, after rising +0.1% in Q4.
Recapping last week, fixed income markets were roiling on Friday after the substantial upside surprise to the May nonfarm payrolls we discussed above. The amount of Fed cuts priced in by December fell -12.8bps on Friday to 37bps, almost exactly reversing their rise earlier in the week following downside surprises in other US data. This saw Treasuries post their biggest daily loss in nearly two months. 2yr yields rose +16.2bps on Friday, leaving them +1.4bps higher on the week at 4.89%. Similarly, 10yr yields gained +14.6bps on Friday to 4.43%, though they were still -6.6bps lower on the week. The dollar index also rose on Friday, up +0.75%, and +0.20% over the week.
Over in Europe, it was also a tale of two halves for bonds. The strong US payrolls saw 10yr German bund yields rise +7.0bps on Friday, adding to the +3.7bps rise on Thursday following the hawkish rate cut by the ECB. However, this was insufficient to retrace gains from the rally earlier in the week, with yields down -4.5bps.
The rise in yields saw the equity rally run out of steam on Friday. The S&P 500 edged -0.11% lower, though it was still +1.32% higher on the week having posted a new record high on Wednesday. Tech outperformed as the NASDAQ rose +2.38% (-0.23% on Friday) in its largest weekly rise since April. On the other hand, the Russell 2000 slipped -2.10% (and -1.12% on Friday) and the equal-weighted S&P 500 was also down -0.77% (-0.35% Friday). So the rally in US equities was far from broad based. Over the Atlantic, the STOXX 600 also notched another record high following the ECB cut but traded modestly down on Friday (-0.22%), leaving it with a +1.04% weekly gain.
Finally in commodities, oil had a tough week after OPEC+ announced its intention to start rolling back its voluntary supply cuts starting in October. Brent crude fell -2.45% (-0.31% on Friday) to $79.62/bbl, and WTI by -1.90% to $75.53/bbl (-0.03% on Friday).
2B EUROPE OPENING/TRADING
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
Japan’s Population Crisis Just Got Even Worse
Published Jun 07, 2024 at 9:33 AM EDTUpdated Jun 07, 2024 at 9:41 AM EDT01:03
South Korea’s Ambitious Plan To Rescue Its Population
Japan’s birth rate fell for the eighth year in 2023, deepening a population crisis that has confounded policymakers and threatens the viability of the world’s fourth-largest economy.
The fertility rate, or the number of births a woman can be expected to have in her lifetime, stood at 1.2 last year, according to figures from the Japanese Health Ministry, down 0.25 percent from 2015 and far below the replacement rate of 2.1.
Japan is not alone as it faces a population crisis by its plummeting number of births. East Asia is at the bottom, with China (1.0 births per person), Taiwan (0.85), and South Korea (0.72) all struggling to reverse the trend.
Combined with a rapidly greying workforce and relatively low immigration, these populations face higher dependency ratios and increasing pressure on public services and pension systems, straining their economies.
Only 727,277 children were born in Japan last year. This was a drop of 43,482 since 2022 and the lowest figure since Japan started recording statistics in 1899, according to local news agency NHK.
Japan’s Health Ministry called the situation “critical” and warned the country has until the 2030s, when the youth population experiences a steep drop, to boost its births.
The fertility rate in the Japanese capital of Tokyo was even lower at 0.99 births per woman. The next lowest was the northernmost prefecture of Hokkaido (1.06) and Miyagi prefecture in the northeast (1.07). Okinawa prefecture had the highest fertility rate, posting 1.60.
France moves to the right. Macron dissolves Parliament
(zerohedge)
Right-Wing Tsunami: France “Stunned” After Macron Announces Snap Elections Following Crushing Defeat In European Parliament Vote
SUNDAY, JUN 09, 2024 – 04:25 PM
Update (4:20pm ET):
Following a historic loss to Marine Le Pen’s right-wing party in European elections on Sunday, French President Emmanuel Macron said he is dissolving the French parliament.
Macron said France will hold new elections on June 30 and July 7, a high-stakes maneuver that the WSJ said “stunned” the nation after projections based on early ballot counts came in for Sunday’s elections for the European Parliament. The projections showed National Rally garnering around 31% of the vote, twice the support for Macron’s Renew Party.
Results in France look as bad as had been forecast, per exit polls. Macon’s party barely gets 2nd place – and less than half the 31.5% of the National Rally of Marine Le Pen. Will have consequences in France, but also Europe.
·
511.4K Views
Results in France look as bad as had been forecast, per exit polls. Macon's party barely gets 2nd place – and less than half the 31.5% of the National Rally of Marine Le Pen.
“This is a serious, weighty decision, but above all it’s an act of trust,” Macron said. “Confidence in you, confidence in the ability of the French people to make the right choice for themselves and for future generations.”
Bardella and Le Pen humiliate Macron in European elections. Macron dissolves National Assembly and calls new elections in a month. Putin laughs.
National Rally leader Jordan Bardella said Sunday’s results marked an “unprecedented rout for the powers that be,” adding that it was “day-one of the post-Macron era.”
Macron’s decision to call parliamentary elections opens the door for his party, which is deeply unpopular at the moment, to shed even more seats to rival parties in France’s National Assembly, the country’s lower house of Parliament.
If that occurs, Macron could be forced to appoint a prime minister from another party, such as the center-right Les Républicains, in a power-sharing arrangement known in France as a “cohabitation.”
“A dissolution means a cohabitation,” said Alain Duhamel, a prominent political analyst.
Bardella and Le Pen humiliate Macron in European elections. Macron dissolves National Assembly and calls new elections in a month.
·
183.2K Views
X.com/RadioGenoa/status/1799890556757115293
The shocking news in France comes after Europe’s right wing parties put on a show of strength in this weekend’s EU elections, which also reinforced German Chancellor Olaf Scholz’s position lagging two rival parties.
Sunday’s results still appeared to leave the mainstream pro-EU parties with a lock on power in Brussels, if only for the time being. The center-right EU political grouping that now leads the bloc looked set to win the most seats in the European Parliament, boosting European Commission President Ursula von der Leyen’s hopes of keeping her job for a second term. She has forged a close working relationship with the Biden administration.
Still, France’s far-right opposition party National Rally looked set to be among the pan-European election’s biggest winners. Marine Le Pen’s party is on target to become the largest single party in the European Parliament. Projections based on early ballot counts on Sunday evening suggested National Rally had gained roughly 31% of the vote, twice the support for Macron’s Renew Party.
After the French results, Macron announced he was dissolving parliament to call fresh elections. His party already lacked a majority in the National Assembly. The first round of the elections will take place June 30, followed by a second on July 7, Macron said.
As reported earlier, the Social Democratic Party of German chancellor Scholz also apparently faced a drubbing. According to national exit polls, it was running third behind the far-right Alternative for Germany and the clear winner, Germany’s opposition center-right alliance.
The elections, held from Thursday through Sunday, were for the 720 members of the European Parliament. Up to 370 million voters were eligible according to EU figures, although turnout in the elections is usually modest. While the European Parliament’s main powers are to approve or amend EU rules, laws and trade deals, the twice-decade vote offers a potent indicator of Europe’s political mood. The legislature also gets to approve the EU’s new leadership team.
As the WSJ notes, “Sunday’s results point to trouble for the EU leadership’s ability to pursue its environmental goals and indicate that pressure will mount to tighten migration rules under right-wing pressure. The vote is also likely to give a greater voice—at least within the parliament—to nationalist and left-wing critics of EU support for Ukraine.”
Despite pro-EU parties’ setbacks, they appeared to hold enough seats to cobble together a majority of lawmakers to approve their priorities. An assessment from exit poll-aggregator Europe Elects suggested that center-right, centrist and center-left political blocs would secure 413 seats in the new parliament, a clear majority. Right-wing nationalist parties look set to secure at least 160 votes.
While the results push European politics to the right, divisions among the nationalist and far-right EU parties are likely to blunt the impact of their gains. Some right-wing leaders have called for an alliance across the movement, but that appears unlikely.
* * *
As we await the results from the European Parliament vote (previewed here), the exit polls from Germany are already in and they are a disaster for both the alliance of French president Macron, who was steamrolled by Marine Le Pen, and for German Chancellor Olaf Scholz’s Social Democrats, which crashed to their worst-ever result in European Parliament elections Sunday, as conservative and right-wing parties soared across the old continent, a result which will help tilt the European parliament further towards a more anti-immigration and anti-green stance.
According to preliminary results from five countries, right-wing parties are estimated to have won at least 33 of the 174 seats available in Austria, Cyprus, Germany, Greece and the Netherlands, according to official exit polls from those countries, up from 19 seats at the last election in 2019. And – as the ultraliberal FT admits – “the surge, at the expense of liberal and Green parties, would complicate European commission president Ursula von der Leyen’s bid for a second term as head of the EU’s executive.”
In Germany, Chancellor Scholz’s Social Democrats crashed to their worst-ever result, falling to third place with 14% of the vote behind the populist and nationalist Alternative for Germany, which has become the second-largest German party in the European Parliament with 16.4%. The conservative CDU/CSU alliance was on course for a comfortable win with 29.6%, according to an exit poll Sunday from public broadcaster ARD. The other two parties in Scholz’s ruling alliance — the Greens and the Free Democrats — got 12% and 5% respectively.
As reported overnight, the German exit polls are among the first results from the European election, which started Thursday and culminates Sunday, and will determine the make-up of the bloc’s legislative assembly. The outcome will establish which leaders have the most leverage to claim the EU’s top jobs, including the presidents of the European Commission and the European Council.
The catastrophic showing for Scholz’s coalition underscores the increasing difficulty the German government faces in leading European policy. Support for Scholz’s ruling alliance in Berlin has dropped to record lows in recent months, with the three parties’ combined support currently around 35%, down from more than 50% in the 2021 federal election.
As Bloomberg reports, CDU General Secretary Carsten Linnemann questioned whether Scholz retains the authority to lead the country and blamed the ruling coalition’s policies for the rise of the AfD. “He was the one on the election posters so really he should submit to a vote of confidence,” Linnemann said.
The AfD managed to post substantial gains despite experiencing a series of setbacks in recent weeks involving bribery and spying scandals. The Alliance Sahra Wagenknecht, or BSW, which she co-founded in January after splitting from the Left party, got 5.7%.
Kevin Kuehnert, the SPD general secretary, said the party won’t be seeking “scapegoats” and insisted that it had been the right decision to make Scholz a central figure in the election campaign despite his relatively low approval rating.
“For us this is an extremely bitter result,” Kuehnert said in an interview with ARD. “We will have to look at where we weren’t good in our mobilization,” he added. “The promise now is that we’ll fight back from this.”
Kuehnert said the priority for the coalition in coming weeks is to broker an agreement on next year’s budget, which has been another source of infighting in the three-party alliance.
Amid continued losses for the establishment, right-wing and conservative parties in Europe are slated to pick up more seats compared with the last election five years ago, as migration swings to the top of the political agenda, while the EU’s ambitious climate goals may face greater hurdles.
Still, at the EU level, centrist parties on the left and right are due to maintain their grip on the majority. That means a degree of continuity on key policies at a time of immense geopolitical uncertainty with Russia’s war on Ukraine raging to the east and China becoming ever more assertive.
As further discussed overnight, the EU is also confronting challenges including how to maintain fiscal sustainability while investing in a greener future, boosting the competitiveness of European manufacturing and strengthening defense capabilities amid the prospect of Donald Trump’s return to the US presidency, which could impact everything from trade to environment policy.
Germany’s next national vote is due in the fall of next year. The ruling parties are expected to fare just as poorly in their next major electoral test — three regional ballots in September in the eastern states of Thuringia, Saxony and Brandenburg with the AfD is leading in the polls in the three states, but is unlikely to get into government as all other parties have ruled out joining it in coalition.
In the Netherlands, Dutch conservative Geert Wilders notched significant gains on Thursday, though fell short of winning the most Dutch seats in the European Parliament. That victory was claimed by a coalition of left-wing parties.
In perhaps the biggest shock of all, however, the French right-wing has inflicted a staggering defeat on the Macron alliance: with Le Pen’s gathering 32-33% of the vote to Macron group’s 15% according to pollsters.
Finally in Spain, more of the same anti-establishment, anti-liberal, anti-immigrant tsunami:
*SPAIN’S OPPOSITION CONSERVATIVES LEAD IN EU VOTE: EXIT POLL
About 360 million people are eligible to vote for the 720 lawmakers who will serve in the EU assembly for the next five years, 96 of them from Germany. A majority of the 27 member nations are holding their ballots on Sunday, with results due to trickle in throughout the evening. Results from France are due after 8 p.m. local time.
END
GERMANY
Germany reads the tea leaves and now will start to forcibly deporting dangerous migrants
(zerohedge)
“Zero Tolerance”: Germany To Start Forcibly Deporting Dangerous Migrants After Cop Dies In Stabbing
SUNDAY, JUN 09, 2024 – 07:35 AM
In response to last weekend’s terrorist stabbing at a counter-Jihad meeting in Mannheim which left one officer dead – and a second stabbing of an AfD politician in the same city, (and not years of terrorist attacks, having to close public pools and double-digit increases in crime among non-Germans), Chancellor Olaf Scholz – a leftwing social democrat, announced a new ‘zero tolerance’ program which will deport criminal migrants or those “who venerate them.”
“Anyone who threatens our freedom and disturbs our peace should be afraid,” Scholz said in in a Thursday speech at the Bundestag, where he announced that foreigners who commit serious crimes in Germany are no longer welcome – regardless of whether they’re refugees or seeking asylum, The Spectator reports.
The Chancellor announced that the German Ministry of the Interior is drawing up plans to make it easier to deport foreign-born dangerous individuals and serious criminals to their home countries, even if they come from warzones or countries controlled by authoritarian regimes such as Afghanistan and Syria. ‘Such criminals should be deported – even if they come from Syria and Afghanistan,’ Scholz confirmed.
“In such cases, Germany’s security interests outweigh the interest of protecting the perpetrator,” Scholz declared, adding “Anyone who takes advantage of our protection, like the perpetrator in Mannheim, has forfeited our protection. There is zero tolerance for that’. They must ‘feel the full force of the law.”
What’s more, Scholz added that “Anyone who glorifies terrorism is going against all of our values and should be deported.”
Of course, in January Scholz slammed an alleged suggestion by an Austrian politician at an AfD meeting that Germany should deport “unassimilated” migrants (which AfD has made clear is not party policy),” calling it a “diabolical plan,” and saying “The thought of it sends shivers down one’s spine.”
Germany’s new policy echoes that of British Prime Minister Rishi Sunak’s deportation scheme which will send Rwandan asylum seekers back to their country to have their claims processed. While Sunak’s plan is aimed to broadly deter migrants from Rwanda, Scholz is only focusing on migrants who have, or want to, or support committing crimes.
Meanwhile, after the Biden administration welcomed what’s estimated to be in the tens of millions of illegal migrants into the United States, former President Trump says that if he wins the November election, he’ll begin mass deportations – including those trying to “bring jihadism or anti-Americanism or antisemitism to campuses,”
TRUMP: I’LL DEPORT EVERYONE I CAN!“As soon as I take the oath of office, I’ll terminate every open border policy of the Biden administration and begin the largest deportation operation in American history.” Source: RSBN
0:06
·
455.8K Views
🇺🇸TRUMP: I'LL DEPORT EVERYONE I CAN!
“As soon as I take the oath of office, I'll terminate every open border policy of the Biden administration and begin the largest deportation operation in American history.”
Trump promises to “immediately deport” foreign students participating in anti-Israel protests. “If you come here from another country and try to bring Jihadism or anti-Americanism or antisemitism to campuses we will immediately deport you.
·
2.3M Views
Trump promises to “immediately deport” foreign students participating in anti-Israel protests.
“If you come here from another country and try to bring Jihadism or anti-Americanism or antisemitism to campuses we will immediately deport you. pic.twitter.com/JlkMlNXqT9
That said, according to Sen. Lindsey Graham (R-SC), Trump will “deport hundreds of thousands of people” living illegally in the United States.
The cartels will keep coming until they see people leaving. The only real way to fix this problem is mass deportations. Any other “solution” is a bandaid on a much larger wound.
According to The Spectator, Scholz’ policy has been in the works since at least early 2023 following a terror incident in Brokstedt, North Germany in which a Palestinian man attacked passengers on a train in Brokstedt, northern Germany, killing two teenagers and injuring several others.
Germany spox Maximilian Kall went further into detail on the new policy, saying that there are currently 480 individuals classified as ‘dangerous’ by the German government who would be eligible for deportation. He did not elaborate on how many criminals will now fall under the new policy at this stage.
Kall clarified that it would not be a case of deciding whether to either deport or imprison criminals of foreign nationality in Germany. These individuals would still be required to serve most of their sentences in Germany first before being deported.
Scholz’s policies will reverse current German law which, in line with the Geneva convention on human rights, prohibits the deportation of individuals to their home countries if they are warzones or if they are at risk of death, torture or inhumane treatment upon their return. Germany ceased deportations to Afghanistan in 2021 following the Taliban’s take-over of the country. -The Spectator
According to the report, Scholz’s new plan will take some time to implement (shocker!), because among other things, it will ‘require the cooperation of foreign governments and regimes such as the Taliban to accept their nationals back.’
What’s more, Scholz did not elaborate on the logistics of his plan when pressed by the Green party.
end
SLOVAKIA/UKRAINE
Fico believes assassination attempt on his life was due to his hatred of the Ukraine /Russian war and the use of European weapons to aid Ukraine
(zero hedge)
Slovakia’s Fico Blames Assassination Attempt On ‘Hateful’ Opposition & Its International Backers
SATURDAY, JUN 08, 2024 – 03:45 PM
This week Slovak Prime Minister Robert Fico appeared in a video message while still recovering from the May 15 assassination attempt which saw him shot multiple times at close range in broad daylight. In the video originally published to Facebook, he uttered his first official televised statements since the ordeal which very nearly took his life.
The video was recorded at his home in Bratislava, which suggests he’s nearly made a full recovery and is quickly returning to political life in the country’s top office. He said he has forgiven his attacker, identified officially by authorities as 71-year-old “Juraj C”, who had been tackled to the ground and immediately taken into custody after the shots rang out.
But Fico used the opportunity to put the opposition on notice, saying the shooter was an “activist of the Slovak opposition.” In the searing remarks, Fico called the man a “messenger of the evil and political hatred” who was motivated and whipped up by Slovakia’s “unsuccessful and frustrated” opposition. Amazingly, he at one point in the address – released days ago – made some indirect connections to his firm foreign policy stances and the attempt on his life (policies which have resisted Western hegemony as well as the rush to escalate involvement in Ukraine). Watch the remarkable speech below:
Slovakia’s PM Robert Fico speaks for the first time since surviving an assassination attempt. In his 15-minute video, he said: “Not all major democracies were happy when I rejected the bombing of Belgrade or withdrew our troops from Iraq.”
🇸🇰Slovakia's PM Robert Fico speaks for the first time since surviving an assassination attempt.
In his 15-minute video, he said: "Not all major democracies were happy when I rejected the bombing of Belgrade or withdrew our troops from Iraq."pic.twitter.com/W0TxVMAQpu
In the video he also addressed the Ukraine situation and his ‘controversial’ stance in opposition to NATO escalation head-on: “The situation in the relations between my political representation and partners in the EU and NATO escalated after the Russian attack on Ukraine, where we refused to provide Ukraine with any military aid from state stocks, except for humanitarian aid, and where we continue to fundamentally prefer peace to war.”
“The reluctance of some large democracies to respect the concept of a sovereign and self-confident Slovak foreign policy became grist to the mill of the Slovak opposition,” he continued.
The BBC has noted that “Opposition parties – in particular the liberal Progressive Slovakia, which is neck-and-neck with Mr Fico’s left-populist Smer party ahead of the European Parliament elections – have condemned the shooting and have categorically rejected all links with the attacker.”
However, in Fico’s talk he made a direct link, saying further:
The opposition was unable to assess, because no one forced them to do so, where their aggressive and hateful politics had led a section of the society and it was only a matter of time before a tragedy would occur.
“People could see with their own eyes what horror can happen if someone is not able to democratically compete and respect other opinions,” he said.
He has also committed to the following: “As the Prime Minister of Slovakia, I will not drag the country into such military adventures and, within the framework of our small Slovak capabilities, I will do everything to ensure that peace has priority over war.”
On May 15, Slovak Prime Minister Robert Fico was almost murdered in broad daylight. While shaking hands with supporters during a public appearance, a gunman shot him twice in the abdomen and once in the shoulder. The attack left him fighting for his life while authorities raced for clues, and many observers at home and abroad puzzled about the would-be assassin’s motives and whether foreign actors were in some way responsible for the attack. And despite the shooter’s instantaneous arrest, those questions still linger weeks later.
Fico, a veteran Slovak political figure, was re-elected in September 2023 amid a wave of public resentment over the proxy war in Ukraine, pledging to end arms supplies to Kiev and anti-Russian sanctions. On the campaign trail, Western leaders, journalists and pundits aggressively stoked fears of the “pro-Putin,” “populist” candidate returning to office. Ukraine’s Western-backed “Center for Countering Disinformation” publicly accused him of spreading “infoterror” back in April 2022.
But many Slovakians see it differently. They say Fico is merely committed to defending Slovakia’s sovereignty, and governing in his nation’s interests, not those of Brussels, Kiev, London, and Washington. For Western politicians, his victory came at a highly inopportune time, with public and political consensus on the proxy war in Ukraine rapidly fraying across Europe.
Since Fico’s election, media outlets like Germany’s state broadcaster, Deutsche Welle, have branded him a “threat” to the EU and NATO. His declaration that Kiev must cede territory to Russia to end the war was not well-received in Western capitals. In April, the premier seemingly predicted his own shooting, warning that the virulent political climate in Bratislava could result in politicians getting killed.
Domestically, a number of foreign-funded media assets and NGOs have relentlessly targeted Fico for pursuing neutrality in the conflict. But over two years after Russia’s intervention, local polling indicates just 40% of the population blame Moscow for the proxy war, and 50% consider the US to be a threat to national security. Meanwhile, 69% of Slovakians believe by continuing to arm Ukraine, the West is “provoking Russia and bringing itself closer to the war” and 66% agreed that “the US is dragging [their] country into a war with Russia because it is profiting from it.”
When Fico was re-elected in September 2023, this journalist speculated that a color revolution could soon be impending in Slovakia. We are now left to ponder whether the Prime Minister’s attempted assassination was a Western-directed plot to remove his troublesome government from office. Even though he is finally on the road to recovery, the threat of an overseas-orchestrated coup remains. A vast US-sponsored opposition political and media infrastructure is causing havoc in Bratislava, and this could easily escalate further.
Slovakia has since the end of the Cold War stood apart from its neighbors. Folding the country into the EU and NATO and neutralizing its rebellious politics and population has required an enormous investment in time and money by Brussels and Washington, and relentless meddling in the country’s internal affairs by foreign-funded organizations and actors. Fico’s return to power threatened to not only derail that project, but create a regional contagion effect. Disinfecting the country therefore became of the utmost urgency for the West.
Facebook purge suggests shooter was a no ‘lone wolf’
Fico’s shooter, 71-year-old Juraj Cintula, is among the Slovaks who do not support Fico’s positions. A discrepant picture of the man has emerged since his arrest. Some acquaintances describe him as “weird and angry,” and “against everything.” Others report he was meek and mild-mannered, a far from obvious candidate to attempt a high-level political assassination. Cintula, an avowed Kiev ultra, claims he acted alone, his actions motivated by a desire to replace Fico’s government with a pro-Ukrainian administration. Slovakian court documents state that Cintula “wants military aid to be provided to Ukraine and considers the current government to be Judas towards the European Union,” and say this perception is why the would-be assassin “decided to act.”
The mainstream media has made much of Cintula’s background as a dissident poet and writer, in a seeming effort to humanize the would-be killer. By contrast, Aaron Bushnell, who in February self-immolated in protest of Washington’s facilitation of the Gaza genocide, was widely tarred by journalists as a maladjusted, mentally unwell outcast. Unmentioned by any Western outlet is that during the 1980s, Cintula was under surveillance by Czechoslovak security services.
The reason for the Czechs’ interest is unclear, although it may have been due to anti-Communist actions, or foreign contacts. Whether Cintula had seditious confederates within or without Slovakia is a key line of inquiry for police. That all traces of the shooter’s Facebook profile were comprehensively scrubbed from the internet two hours after the shooting, before investigators could access the information, is also source of intense suspicion.
While it is customary for the social network to purge the profiles of “dangerous individuals” – a fate this journalist has suffered for investigative reporting – following such incidents, in Bratislava Facebook relies on cooperating local individuals and organizations to police content. Apparently, Cintula’s profile was wipedbefore his identity had been reported in local media. Slovak authorities must now rely on the FBI to secure and provide the deleted information. Whether whatever is turned over will be unexpurgated is an open question.
Another disturbing feature of mainstream reporting on the shooting is ubiquitous, persistent reference to Slovakia’s unstable politics. According to this narrative, Fico’s anti-Western policies have fueled the chaotic state of affairs, provoking the assassination attempt and making him ultimately responsible for the attempt on his life. In the days following the shooting, the BBC, Financial Times, New York Times and Germany’s esteemed Der Spiegel pinned the blame on Slovakia’s alleged “toxic” political culture. The latter revised its wording after significant public backlash.
One could be forgiven for concluding Western journalists take it as self-evident that defying EU/US will provides legitimate grounds for getting shot. Western politicians clearly do. On May 23rd, Georgian prime minister Irakli Kobakhidze revealed that EU commissioner Oliver Varhelyi warned him he could suffer the same fate as Fico, if his government didn’t drop a highly controversial “foreign influence transparency” law, which would compel local NGOs to disclose their sources of income.
After listing the various ways the EU could retaliate against Georgia in a phone call with Kobakhidze, Varhelyi allegedly stated: “Look what happened to Fico, you should be very careful.”
Varhelyi has since confirmed that he cited Fico’s fate in private conversations with Kobakhidze, but claimed he was merely concerned with “dissuading the Georgian political leadership” from adopting restrictions on foreign-funded NGOs. Varhelyi insisted in a written statement that he simply “felt the need” to caution the Prime Minister “not to enflame [sic] further the already fragile situation,” arguing that he only mentioned “the latest tragic event in Slovakia… as an example and as a reference to where such high levels of polarisation can lead in a society.”
Public records show the US government regime change specialists at the National Endowment for Democracy (NED) have pumped millions into NGOs and media outlets in Slovakia under the aegis of mundane-sounding initiatives such as “strengthening civil society” and “promoting democratic values among youth.” Similar language is used to describe the purpose of Endowment grants in Georgia, financing groups at the forefront of recent violent unrest on the streets of Tbilisi, as The Grayzone has documented. Perhaps unsurprisingly, NED grantees are unanimous in their opposition to Fico.
Anyone searching for the source of Slovakia’s “toxic” politics need not look further than these US-backed organizations. Washington has stirred this cauldron for almost three decades, and with all sides of the Slovakian political class blaming one another the rising tide of hatred, it is hoping the pot will finally boil over.
Regime change blueprint honed in Slovakia
The NED-organized overthrow of Slobodan Milosevic in Yugoslavia in 2000 established an insurrectionary blueprint which was subsequently exported in the form of color revolutions. But throughout the 1990s, Slovakian activists honed the tactics which would eventually be deployed by US regime change operatives across the Soviet sphere.
At the time, Bratislava was one of the only post-Communist countries that neither adopted ruinous neoliberal political and economic reforms, nor pursued EU or NATO membership. Slovakia’s then-Prime Minister Vladimir Meciar paid a harsh price for his independent stance. Relentlessly slandered by US and European leaders as a Russian pawn, he quickly became a target for regime change.
In 1997, then-Secretary of State Madeleine Albright publicly described Slovakia as “a black hole in the heart of Europe,” formally marking him for removal. So it was that NED funded the creation of Civic Campaign 98 (OK’98), a coalition of 11 anti-government NGOs.
Explicitly modeled on an earlier NED-funded effort in Bulgaria, concerned with “creating chaos” after the Socialist Party won the 1990 election, many of the individuals involved had been part of Cold War-era Czechoslovak anti-Communist dissident groups. OK’98 was publicly framed as a non-partisan get-out-the-vote campaign, but its vast resources were explicitly deployed for anti-government purposes. Its activities included rock concerts, short films, and TV infomercials in which Slovak celebrities urged young people to vote.
Meciar emerged with the most votes in the 1998 election, but the opposition gained enough seats to form a government. The NED assets who powered them to victory went on to give practical training to NED-supported pro-Western agitators like Pora, which ignited Kiev’s 2004 “Orange Revolution.” The insurrectionist youth group successfully overturned the re-election of President Viktor Yanukovych that year, installing the US-backed neoliberal Viktor Yushchenko in his place.
The return of Robert Fico represented a significant broadside against ongoing US “democratization” of the former Soviet sphere. It opened up the prospect of further anti-NATO candidates and governments gaining office elsewhere in Europe, at the most inconvenient juncture imaginable for Brussels and Washington.
Not coincidentally, it was at this time polling for Germany’s upstart Alternative für Deutschland became turbocharged. The Euroskeptic party’s standing has soared in recent months, eliciting mainstream calls to ban it outright. And in North Macedonia just one week prior to Fico’s shooting, the anti-establishment VMRO-DPMNE party returned to power, overturning a NATO-fuelled color revolution that removed the party from office almost a decade earlier.
As the anti-Western backlash gained steam, a decision may have been made to draw a bloody red line in Slovakia.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS.
ISRAEL HAMAS/RAFAH
IDF rescues 4 hostages
(Jerusalem post)
IDF rescues hostages Noa Argamani, Andrey Kozlov, Shlomi Ziv, and Almog Meir in daring Gaza op
The hostages were rescued by Shin Bet and Yamam fighters from two different locations in an operation in the heart of Nuseirat.
The IDF released the following statement on Saturday:
“It has been cleared for publication that in a complex operation by the IDF, Shin Bet, and the Yamam unit of the Israel police four Israeli hostages were rescued this morning (Saturday). The hostages, Noa Argamani (25), Almog Meir (21), Andrey Kozlov (27), and Shlomi Ziv (40), were kidnapped by Hamas to the Gaza Strip from the ‘Nova’ party on October 7th.
The hostages were rescued by Shin Bet and Yamam fighters from two different locations in an operation in the heart of Nuseirat.
Their medical condition is stable, and they have been transferred for further medical examinations at the ‘Sheba’ Medical Center in Tel HaShomer.
Security forces will continue to make every effort to bring back the hostages.”
Later, in a televised statement, IDF Spokesperson Rear Admiral Daniel Hagari spoke on the heroic operation, saying:
“The IDF and Yamam infiltrated two facilities while under fire by Hamas terrorists. A Yamam soldier was seriously injured in the operation and has just reached the hospital. We pray for his well-being.
This operation was a success in rescuing and returning four hostages.
We will continue to do everything to return the 120 hostages still held in Gaza. We are confident that we will reach you, and this operation will not end until you are returned home.We will not give up on a single hostage. I want to say, it is a great pride seeing the security forces working together, shoulder to shoulder, in a vital operation: returning the hostages home.
When the operation reached this level of intelligence and was approved [by the relevant bodies]… only then were we permitted to proceed.
Hamas intentionally hides the hostages in civilian neighborhoods.”
When asked by KAN 11 if there were other hostages with them:”we cannot answer this intelligence questions about other hostages. we must be careful with information security.
This operation could have ended very differently.”
Earlier in the day, the IDF made an announcement that it was attacking terrorist structures in Nuseirat in the Gaza Strip. At least 50 Palestinians were killed during that attack, a health official in the Hamas-run enclave told Reuters on Saturday.
This is a developing story
end
These are the four hostages rescued in daring IDF Gaza operation
On June 8, the IDF, Shin Bet, and Yamam unit of the Israel police resuced four hostages from Hamas captivity during a daring raid under fire in the Nuseirat area of the Gaza Strip.
Shlomi Ziv, an Israeli hostage who was kidnapped in the deadly October 7 attack by Hamas, is pictured in this undated handout photo.(photo credit: BRING THEM HOME NOW/REUTERS)
Shlomi Ziv, 41 years old, is one of four hostages who were rescued on Saturday in a complex joint operation by the IDF, Shin Bet, and the Israel Police.
People gather around released hostage Almog Meir Jan on Saturday, in Ramat Gan, Israel June 8, 2024(photo credit: REUTERS/MARKO DJURICA)
Almog Meir Jan, a 21-year-old Israeli taken hostage by Hamas terrorists in the Nova festival massacre on October 7, was rescued in an IDF, Shin Bet and Border Police operation in Nuseirat, in the Gaza Strip on Saturday.
Andrey Kozlov, an Israeli hostage who was kidnapped in the deadly October 7 attack by Hamas, is pictured in this undated handout photo(photo credit: BRING THEM HOME NOW/REUTERS)
The IDF announced on Saturday that they had rescued Andrey Kozlov in an IDF operation in the heart of Nuseirat, in the Gaza Strip
The IDF has begun securing the coastal area of the US military’s Joint Logistics Over-the-Shore (JLOTS) pier in Gaza, the IDF announced on Saturday.
The pier’s reestablishment is expected to allow the continued delivery of humanitarian aid to the people of Gaza in the coming days.
Soldiers of the 162nd Division continued intelligence-based, targeted operations in the Rafah area, locating large amounts of weaponry and terror tunnel shafts.
In one operation, soldiers from the 401st Brigade conducted a targeted raid on a military compound used by the Tal as-Sultan Battalion to train Hamas terrorists. During this raid, the troops killed terrorists who posed a threat to them and discovered substantial caches of weaponry and terror tunnel shafts.
The IDF’s 98th Division maintained operational activity in eastern Deir al Balah and eastern Bureij. Over the past day, Israel Air Force (IAF) aircraft and IDF ground troops struck dozens of terrorist cells and infrastructures, including an underground terror tunnel concealed within a civilian structure. The strike resulted in secondary explosions, indicating the presence of a large amount of weaponry in the structure.
IDF soldiers operate in the Gaza Strip, June 8, 2024 (credit: IDF SPOKESPERSON’S UNIT)
Rocket launcher chain reaction
Additionally, the troops struck terrorists near a terror tunnel shaft, leading to the unintended launch and subsequent fall of ready-to-use rockets near another terror tunnel shaft within the Gaza Strip. No IDF injuries were reported during these operations.
In central Gaza Strip, during IDF activity, IAF fighter jets eliminated a terrorist cell that had been firing mortars at the troops in the area over the past week. This operation also concluded without any reported injuries to IDF personnel.
end
Zero hedge discusses the rescue to the hostages
(zerohedge)
IDF Frees 4 Hostages In Biggest Gaza Rescue Op Since War Began
SATURDAY, JUN 08, 2024 – 01:25 PM
Four hostages have been recovered alive in what’s being widely described as the Israel Defense Forces’ biggest rescue operation in the Gaza Strip since the war began.
All of them had been initially kidnapped by Hamas from the Nova music festival on October 7 and they are: Noa Argamani, 25, Almong Meir Jan, 21, Andrey Kozlov, 27 and Shlomi Ziv, 40. Authorities have confirmed they are in good medical condition and they underwent evaluations at Tel Aviv’s largest hospital.
In total hundreds of soldiers participated in the high-risk operation, but which was spearheaded by the police’s elite Yamam counter-terrorism unit and Shin Bet agents.
These units raided a pair of Hamas buildings in central Gaza’s Nuseirat where the captives were being held, with the operation done “under fire”. One officer of the counter-terror unit, identified as Chief Inspector Arnon Zamora, was critically wounded in the assault and later died at a hospital.
At least 50 Palestinians were killed in the major operation, Israeli media reports, however the military hasn’t specified how many were combatants. Some regional reports say that as many as 200 Palestinians, among them many civilians, were killed in related strikes and operations in central Gaza on Saturday.
IDF spokesman Rear Adm. Daniel Hagari said that “During the operation, we struck… threats to our forces in the area. These threats were struck from the land, air, and sea… for us to extract our forces [and the hostages].” The freed Israelis had been in captivity for eight months.
Footage shows one of the hostages (presumably Noa Argamani) being extracted from the Gaza Strip in a helicopter after being rescued from Hamas captivity in Nuseirat.
0:04 / 1:01
0:56
·
81K Views
Footage shows one of the hostages (presumably Noa Argamani) being extracted from the Gaza Strip in a helicopter after being rescued from Hamas captivity in Nuseirat. pic.twitter.com/sa6JtTy892
— Emanuel (Mannie) Fabian (@manniefabian) June 8, 2024
Hagari further said that the intelligence for the operation was “very complex to obtain” – having been prepared for “many weeks,” with “quality intelligence and complex operational planning.”
Prime Minister Benjamin Netanyahu in a statement said, “Once again you have proven that Israel does not surrender to terrorism and acts with creativity and boldness that knows no bounds, to bring home our hostages.” He added: “We are committed to doing so in the future as well. We will not let up until we complete the mission and return all our hostages home – both the living and the dead.”
Terrifying images of Noa Argamani being whisked away by Hamas on a motorcycle had gone viral on Oct.7…
For Netanyahu this is also a big boost politically as he’s been widely accused of not prioritizing the rescue of the hostages, and large-scale protests have demanded that more be done to free them through negotiations. Some 120 hostages remain unaccounted for, and Israel has recently said it believes 40 among these could be dead.
The IDF pointed out Noa and the other freed hostages were held by Hamas in the terrifying ordeal for 245 days.
However, some new allegations are emerging surrounding IDF tactics in the operation and the potential US role.
ISRAEL HAMAS
the USA had a hand in the Israeli operation to rescue 4 hostagess
(zerohedge)
US Admits Role In Israeli Rescue Operation That Killed Over 200 Palestinians
SUNDAY, JUN 09, 2024 – 11:40 AM
The United States has denied ongoing allegations that it was militarily involved in Israel’s Saturday raid on a central Gaza Hamas stronghold which returned alive four hostages who had been kidnapped on Oct.7.
“Well, the one thing I can say is that there were no U.S. forces, no U.S. boots on the ground involved in this operation. We did not participate militarily in this operation,” US National Security advisor Jake Sullivan said in a CNN interview on Sunday. There have been widespread claims that US special forces advisers were on the ground in some capacity, but this hasn’t been met with confirmation.
However, it has been reported that “A U.S. official told Axios the U.S. hostage cell in Israel supported the effort to rescue the four hostages.” The precise level of ‘support’ and details of this involvement hasn’t been revealed, but The New York Times has so far described that US officials in Israel had been “providing intelligence and other logistical support.”
Despite the freeing of the four hostages being a clearly big ‘win’ and victory for Israel, which the White House also congratulated, it quickly emerged that the refugee camp at Nuseirat suffered a massacre during the operation.
The Palestinian side is saying that at least 274 people were killed, mostly civilians, in the large-scale attacks which reportedly paved the way for the elite counterterror team to go in and rescue the captives while under heavy fire. Israel launched significant strikes on the surrounding area to protect the Israeli elite hostage rescue team.
Sullivan confirmed during the same CNN interview that “innocent people were killed” in the Israeli military operation to free the group of hostages. He didn’t say how many civilian casualties there were, however. “We, the United States, are not in a position today to make a definitive statement about that. The Israeli defense forces have put out one number. The Hamas-run Gaza Health Ministry has put out another number,” Sullivan said.
“But we do know this, Dana. Innocent people were tragically killed in this operation. The exact number we don’t know, but innocent people were killed. And that is heartbreaking. That is tragic,” he added. He then followed by saying something which can be seen as an indirect criticism of Netanyahu’s decision-making. He stressed that Biden “thinks the best way to get all of the hostages home is in a deal where they’re brought out diplomatically, where there’s no need for military operations to get every last hostage out.”
“In the absence of that, without Hamas saying yes to the deal, unfortunately, we are going to continue to see ongoing conflict and military operations in which Israel makes efforts to recover its citizens and, frankly, to recover American citizens. What we would much prefer to see is a cease-fire where the hostages come out peacefully,” he added.
One big claim that neither the US nor Israeli side has acknowledged is that the Israelis transported an elite counter-terror troops into central Gaza by using a humanitarian aid truck from the US-constructed pier as a decoy. Some videos have circulated which purport to show this, but there’s yet to be substantial evidence proving it. But there is some video evidence that the Pentagon’s humanitarian pier location was used by Israel forces, at least as a staging ground area…
A video circulating on Hebrew social media claims a helicopter rescued four captives from central Gaza on Saturday, confirming Israel’s use of the American temporary pier. This operation resulted in the killing of over 210 Palestinians.
0:55
Helicopter claimed to be used in operation in Nuseirat
A video circulating on Hebrew social media claims a helicopter rescued four captives from central Gaza on Saturday, confirming Israel's use of the American temporary pier.
Citing a source familiar with the matter, CNN reported that there were “no US boots on the ground,” adding that the American cell has been in place since 7 October, supporting Israel with information gathering.
However, videos circulating online on Saturday showed a helicopter taking off from the beach in Gaza with the US pier in the backdrop.
Two US officials told CBS News that the pier was not used in the operation and in a series of statements released later on Saturday, US Central Command (Centcom) said that the “pier facility, including its equipment, personnel, and assets were not used in the operation to rescue hostages today in Gaza.”
Importantly, on Saturday The Times of Israel’s chief military correspondent Emanuel Fabian confirmed that the video showed an IDF helicopter extracting a hostage: “Footage shows one of the hostages (presumably Noa Argamani) being extracted from the Gaza Strip in a helicopter after being rescued from Hamas captivity in Nuseirat,” he wrote on X. One initial commenter picked up on what can clearly be seen in the immediate background, “Right next to the US pier?”
US Central Command (CENTCOM) attempted to address allegations that the Gaza pier was used in Saturday’s Israeli military operation:
On Sunday, Hamas’ armed wing is claiming that three Israeli hostages killed, including a US citizen (dual national), during the Israel rescue raid in Gaza. Hamas also says the whole operation resulted in a civilian massacre of the area, and especially in a refugee camp. One eyewitness account is as follows:
“The occupation has annihilated the Nuseirat refugee camp. Innocent and unarmed civilian were bombed in their homes. I’ve never seen anything like this. It’s a catastrophe,” local resident Nidal Abdo told Middle East Eye.
“I came from the camp to here in the hospital on foot. I can’t describe how we fled. I saw dead children and body parts strewn all over as we fled. No one was able to assist them. I saw an elderly man killed on a animal-drawn cart.
“Nuseirat was being annihilated. It was hell.”
Meanwhile, some pundits are asserting that all of this makes the Pentagon complicit in the massive casualties in central Gaza that resulted from the IDF rescue op. They are pointing out that hundreds were killed and wounded in order to rescue four Israelis.
Some of us predicted months ago that Biden’s fake aid pier would provide cover for disastrous military operations engaging US forces more directly than ever in Israel’s genocidal rampage. We’ve been proven right: no aid ever reached starving Palestinians from this pier. Instead, Israel and the US cynically used an aid truck as a Trojan Horse for a botched operation which required seven bombings of a densely packed market, slaughtering hundreds, to extract the special forces team and the four living hostages, while other hostages were killed. The blood is directly on Biden’s hands, as are the bleak prospects for further humanitarian aid, the lives of remaining hostages, and the possibility of a ceasefire. What a monumental crime.
Quote
Afshin Rattansi
@afshinrattansi
·
Jun 8
How the Nuseirat Massacre unfolded: Israel used the US-built ‘humanitarian pier’ to sneak in a unit of Israeli soldiers, and reportedly American soldiers. The soldiers boarded a humanitarian aid truck and drove to Nuseirat refugee camp. Once inside, they were discovered by
Some of us predicted months ago that Biden’s fake aid pier would provide cover for disastrous military operations engaging US forces more directly than ever in Israel’s genocidal rampage.
We’ve been proven right: no aid ever reached starving Palestinians from this pier. Instead,… https://t.co/DhCKFHTKcL
These critics are alleging that the US aid pier is really all about providing “cover” for a deepening US military role in the conflict. Already, US anti-air systems have been spotted on the pier, and US troops overseeing its operations have been given a ‘right to return fire’ order if fired upon.
END
ISRAEL/HOUTHIS/RED SEA
“Damage Control Underway”: Cargo Ship Hit By Missile In Gulf Of Aden In Suspected Attack By Houthi Rebels
SUNDAY, JUN 09, 2024 – 09:55 AM
More than six months since the Biden administration launched Operation Prosperity Guardian to defend the critical maritime chokepoint Bab al-Mandab Strait from Iran-backed Houthis and ensure freedom of navigation in the Red Sea, we’re witnessing yet another alarming development. Late Saturday, rebels targeted a Western-linked cargo ship with missiles. This underscores the ongoing threat to the shipping lane and the utter failure of Biden’s disastrous foreign policies.
AP News cites a report from private security firm Ambrey, which said the Antigua and Barbuda-flagged cargo ship in the Gulf of Aden was struck by a missile on its forward station, sparking a fire. A second missile missed the vessel, and rebels “on board small boats in the vicinity opened fire on the ship during the incident,” the security firm said, adding no crew on the vessel was hurt in the attack.
“The Master reports that the vessel was hit by an unknown projectile on the aft section, which resulted in a fire. Damage control is underway, the Master reports no casualties and the vessel is proceeding to its next port of call,” the British military’s United Kingdom Maritime Trade Operations wrote on X.
AP notes, “Suspicion for the attack immediately fell on the Houthis. The rebels did not immediately claim the assault, though it can sometimes take hours or even days for them to acknowledge their attacks.”
In the global economy, the continued Red Sea disruption is generating a supply shock. Containerized shipping costs for several major shipping lanes are exploding.
Meanwhile, Houthis continue to claim a successful attack on the USS Dwight D. Eisenhower Nimitz-class supercarrier in the Red Sea last week despite US CENTCOM denying any such attack.
Houthis also mentioned that their attack coverage expanded into the Mediterranean Sea. The terror group claimed a successful attack last month on an Israeli-linked ship in the Mediterranean area.
And there’s news just days ago from AP that Houthis unveiled a solid-fuel missile that “resembles aspects of one earlier displayed by Iran that Tehran described as flying at hypersonic speeds.”
With Israel recently mentioning the war against Hamas could last another seven months, there’s reason to believe the Red Sea area will become hotter. What’s also concerning was Biden’s ‘greenlighting’ of Ukraine to attack Russian territory with US-made weapons.
All of this is a sign that the world continues to fracture into a multipolar state, full of conflict and danger. The investment theme in this period is defense.
END
ISRAEL
Israel’s Gantz Quits Coalition Government, Charges Netanyahu With Making “Total Victory Impossible”
SUNDAY, JUN 09, 2024 – 03:45 PM
Israeli opposition leader Benny Gantz on Sunday announced that he is quitting Israel’s emergency government under Prime Minister Benjamin Netanyahu.
In a statement he blamed Netanyahu for making “total victory impossible” and further accused him of neglecting achieving the release of the remaining hostages. Gantz blasted Netanyahu and urged him to prioritize returning the hostages above his own “political survival”. Netanyahu’s coalition still holds a 64-member majority in the Knesset, and won’t immediately fall apart, but this is expected to unleash destabilization toward an unclear outcome.
Gantz was initially expected to announce his departure Saturday, but postponed it amid news of the successful IDF hostage recovery operation in central Gaza, which resulted in the return of four Israelis in good health.
Below are Gantz’s words wherein he called on other coalition leaders as well as members of the Knesset to join him in forming a new government, and to hold new future elections:
Exiting the coalition, National Unity chairman Benny Gantz calls on all members of the Knesset “who understand where we are going” to join forces with him and “obey the command of your conscience,” particularly Defense Minister Yoav Gallant.
“Yoav, we have known each other for many years. Even when there were tensions between us, I always respected and appreciated you. In this war – I learned to appreciate you even more,” he says of his now-erstwhile war cabinet colleague.
“You are a brave and determined leader and above all – a patriot. At this time, leadership and courage are not only saying what is right – but doing what is right,” he adds.
He tells the nation he is not a conman and nor is he a politician who will put his political career above the needs of the state. “I will promise you one thing: I’m prepared to die for your children,” he says. “My colleagues and will always stand up and be counted when the country needs us… at any political price. I risked my life for the state in the line of fire dozens of times,” he says, and vows he won’t be deterred by political risk.
Gantz also apologizes to the families of the hostages for failing to save their loved ones. “We did a lot [but] failed when it came to results,” he says. “We haven’t been able to get many of them back home yet. The responsibility is also mine.”
Gantz has also previously punched hard against the more extreme members of Netanyahu’s coalition, calling them “fanatics”…”If you choose the path of fanatics and lead the entire nation to the abyss — we will be forced to quit the government,” he has warned in prior weeks leading up to Sunday.
The centrist politician had already previously verbalized a plan to hold new elections by October, and three weeks ago he demanded in a provocative ultimatum that Netanyahu had until June 8 to present a clear strategic plan for the Gaza war.
Gantz hopes to inspire a domino effect of departures, eventually collapsing the Netanyahu war government…
Four resignations in less than an hour, Like dominos they fall one after the other. Benny Gantz resigned. Gadi Eisenkot resigned. Avi Rosenfeld resigned. Hili tropper resigned. The israeli entity is crumbling.
·
88.5K Views
Huge anti-Netanyahu protests have continued in Tel Aviv and in front of government buildings and even Netanyahu’s residence, and have been led by hostage victims’ families. They are outraged there’s been lack of clarity or prioritization of getting the rest of the hostages home, also as truce negotiations with Hamas have all but collapsed.
Gantz’s Tamano-Shata party has previously stated that “The 7th of October is a disaster that requires us to go back in order to receive the public’s trust, to establish a broad and stable unity government that can lead us safely in the face of the enormous challenges in security, the economy and, above all, in Israeli society. Submitting the bill now will allow us to bring it up in the current session.”
RUSSIA UKRAINE/USA
Putin Calls ‘Bulls**t’ On ‘Plans’ To Attack NATO, Says He’s Not Brandishing Nuclear Arms
SATURDAY, JUN 08, 2024 – 07:35 AM
President Vladimir Putin has continued to address some trends out of the West related to Ukraine… and specifically the way European and US leaders have reacted to the recent escalation in Kharkiv oblast and in the east. Officials in the UK, Germany, and France have of late signaled to their populations that Europe must be ‘war ready’ and on a war footing.
Some have even claimed that Russia is readying to attack NATO countries and that it seeks to expand the conflict beyond Ukraine. For example, on Wednesday German Defense Minister Boris Pistorius claimed that “Putin won’t stop at Ukraine’s borders Russia is a threat to Georgia, Moldova & ultimately to NATO.”
He claimed in an address before German parliament: “Putin’s war economy is working towards another conflict. We must be ready for war by 2029.”
On Friday during a lengthy, wide-ranging discussion panel at the St. Petersburg International Economic Forum (SPIEF), Putin responded to these statements which say he’s looking to attack a NATO country.
“Look, someone has imagined that Russia wants to attack NATO. Have you gone completely insane? Are you as thick as a plank? Who came up with this nonsense, this bulls**t?“ Putin said, as translated by Russian media.
He then explained that Western officials need to keep up the hype and false optimism surrounding their support to Kiev, in order to keep up sentiment among Western populations:
“Why is this being done, really? To maintain their own position of greatness, that’s why. There’s nothing to these scary stories, intended for the townsfolk in Germany and France and elsewhere in Europe,” Putin explained. “In Ukraine, we’re just protecting ourselves.”
“Don’t make up things and then form opinions about Russia on the basis of them,” he added. “You only hurt yourselves this way.”
He also took the opportunity to address headlines suggesting that Russia is ready to use nukes.
He explained that nothing has changed in Russia’s nuclear doctrine, saying that nuclear weapons usage is only possible in “exceptional cases”. He then emphasized that he does not believe “such a case has arisen” and that he is not brandishing nuclear arms.
He further repeated in response to the US having greenlighted Kiev’s usage of Western-supplied missiles against Russian territory, “If they supply (weapons) to the combat zone and call for using these weapons against our territory, why don’t we have the right to do the same?”
Putin added, “But I’m not ready to say that we will be doing it tomorrow, either” – while not naming countries which theoretically could receive Russia’s weapons.
He was also asked by journalists about the end game in Ukraine, and concerning whether truce negotiations could be on the horizon. “All negotiations are based on either military defeat, or military victory. Of course, we will win,” he said confidently.
end
UKRAINE/RUSSIA
Ukraine Claims First-Ever Fighter Jet Strike On Russian Territory
MONDAY, JUN 10, 2024 – 11:05 AM
Ukraine is touting that it has launched a successful airstrike by fighter jet inside Russian territory, Sky News is reporting, which is a significant first of the conflict. An unidentified Ukrainian military source described to the UK outlet that an air-launched missile strike was conducted inside Russia’s Belgorod region Sunday, hitting a “Russian command node”.
Sky News raised the likelihood that a Western-supplied missile was used in the attack, highlighting that it comes soon after Western allies including the US greenlighted Kiev’s use of NATO-supplied munitions to attack inside Russia.
“It was not immediately clear what type of munition was used in the attack, including whether or not it had been a Western weapon,” the report said.
The Ukrainian military source told Sky: “A Ukrainian Air Force (UAF) mission has struck a Russian command node in Belgorod.”
“Whilst damage assessment is still occurring, it is confirmed as a direct hit,” the statement added. “This is the first UAF air-delivered munition delivered against a target within Russia.”
Cross-border drone attacks have become commonplace at this point, but never has there been a report of a fighter jet attacking a location inside Russia’s borders.
While there is as yet no indication that Ukraine actually used a Western fighter jet to attack Russia, which would be a massive escalation leaving Kiev open to huge retaliatory strikes, Ukraine forces are expected to receive their first F-16s this summer. However there has been ‘frustration’ building among allies:
Ukraine wants more of its military pilots trained on the F-16 but its Western allies are unable to fill the demand, according to a report by Politico, citing three unnamed sources.
Ukrainian officials are reportedly pressing the US and its international partners to free up seats at their F-16 training facilities to accommodate more Ukrainian pilots.
There are 30 Ukrainian pilots who are now eligible to receive training, but the F-16 school in Tucson, Arizona, can at most accept 12 additional trainees.
The fact that Ukraine military officials are now boasting to UK outlets of having attacked Russian territory with air-launched missiles is perhaps a way of keeping up the pressure on partners and allies.
But Russian media has taken note, with RT commenting: “Russia has air superiority on the front line and an extensive network of air defenses, which makes it highly risky for Ukraine to operate its remaining air force assets. However, it has conducted strikes inside Russia using small, hard-to-detect kamikaze drones.”
The state media report added, “The Russian Defense Ministry has not commented on the Sky News claim, but it has reported that on Sunday morning, a Ukrainian Neptun-MD anti-ship missile was intercepted over Belgorod Region.”
COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES
Law Professor Dr. Francis Boyle, Who Drafted the 1989 Biological Weapons and Antiterrorism Act, Claims COVID-19 mRNA Injections are Weapons of Mass Destruction in New Affidavit
Dr. Francis Boyle, a Harvard-trained professor and the architect of the 1989 Biological Weapons Anti-Terrorism Act, which was unanimously approved by both Houses of the U.S. Congress and signed into law by President George H.W. Bush, has issued an affidavit declaring COVID-19 mRNA vaccines as biological weapons and weapons of mass destruction, Dr. Joseph Sansone first reported.
Dr. Boyle’s affidavit, which was submitted as part of an emergency petition for a writ of mandamus in Florida, argues that the distribution of COVID-19 vaccines violates several statutes, including the U.S. Code on Biological Weapons and Florida’s statutes on weapons and firearms.
This petition, aimed squarely at Governor Ron DeSantis and Attorney General Ashley Moody, calls for an immediate halt to the distribution of these injections in Florida and demands the confiscation of existing vaccine supplies.
According to Dr. Joseph Sansone, the original Emergency Petition for a Writ of Mandamus was filed on March 3rd, 2024, in the Florida Supreme Court. It was later transferred to the Circuit Court in Leon County on March 20th, 2024. After the Circuit Court dismissed the case on April 9th, 2024, it moved to the appellate court. The Appellate Brief was filed on Memorial Day, May 27th, 2024.
Dr. Boyle, one of the world’s leading legal experts on biological weapons, has added considerable weight to the case with his affidavit. The case already boasts a substantial body of evidence provided in the writ of mandamus, including affidavits from med-legal advisor and biotech analyst Karen Kingston and Ana Mihalcea, M.D., PhD.
Accessory After the Fact § 777.03 Fla. Stat. (2023);
and Florida Medical Consent Law § 766.103 Fla Stat. (2023).
Dr. Boyle’s signed affidavit reads:
Pursuant to 28 USC 1746, I, Francis A. Boyle declare under penalty of perjury that the statements contained herein are true and correct to the best of my knowledge.
I am Francis A. Boyle, a professor of international law at the University of Illinois College of Law. I received an AB (1971) in Political Science from the University of Chicago, then a JD degree magna cum laude from Harvard Law School, and AM and PhD degrees in Political Science from Harvard University.
I have advised numerous international bodies in the areas of human rights, war crimes and genocide, nuclear policy, and bio-warfare. In 1985 | publicly called for and then drafted the U.S. domestic implementing legislation for the Biological Weapons Convention, known as the Biological Weapons Anti-Terrorism Act of 1989, that was approved unanimously by both Houses of the U.S. Congress and signed into law by President George H.W. Bush with the approval of the United States Department of Justice. See my book Biowarfare and Terrorism (Clarity Press: 2005).
It is my expert opinion that, ‘COVID-19 nanoparticle injections’ or ‘mRNA nanoparticle injections’ or ‘COVID-19 injections meet the criteria of biological weapons and weapons of mass destruction according to Biological Weapons 18 USC § 175; Weapons and Firearms § 790.166 Fla.Stat. (2023).
Dr. Francis Boyle’s affidavit (Source: Dr. Joseph Sansone)
In 2022, The Gateway Pundit reported that the Florida Supreme Court approved Governor Ron DeSantis’ request to impanel a grand jury to investigate Covid vaccine manufacturers.
The order read:
“1. A statewide grand jury shall be promptly impaneled for a term of twelve calendar months, to run from the date of impanelment, with jurisdiction throughout the State of Florida, to investigate crime, return indictments, make presentments, and otherwise perform all functions of a grand jury with regard to the offenses stated herein.
2. The statewide grand jury shall be drawn from the certified jury lists submitted by the chief judges of the Fifth, Sixth, Tenth, Twelfth, and Thirteenth Judicial Circuits.” the order read.
3. The Honorable Ronald Ficarrotta, Chief Judge in and for the Thirteenth Judicial Circuit, is designated as presiding judge over the statewide grand jury. In his capacity as the presiding judge, the Honorable Ronald Ficarrotta shall maintain judicial supervision of the statewide grand jury, and all indictments, presentments, and formal returns of any kind made by such grand jury shall be returned to the presiding judge. The presiding judge may designate an alternate presiding judge in the event of calendar conflicts or otherwise and to assist in the administrative process of the statewide grand jury.
4. John A. Tomasino, Clerk of the Supreme Court of Florida, is hereby designated clerk of this statewide grand jury and is empowered to deputize any clerk of a circuit court or any deputy clerk of a circuit court to issue necessary process and to carry out the administrative functions of the statewide grand jury.”
“Today I’m announcing a petition with the Supreme Court of Florida to impanel a statewide grand jury to investigate any and all wrongdoing in Florida with respect to COVID vaccines,” DeSantis said during a COVID vaccine accountability roundtable.
Governor Ron DeSantis’ move to launch a statewide grand jury investigation into injuries associated with the Covid vaccine follows an announcement from Florida Surgeon General Joseph Ladapo. The Surgeon General declared that his office is beginning a study into instances of myocarditis in individuals who have received the shot.
“We are initiating a program here in Florida where we will be studying the incidence in surveillance of myocarditis within a few weeks of Covid-19 vaccination for people who died,” Dr. Joseph Ladapo said.
“This is going to be a surveillance study using, working with some of our medical examiners in Florida. We’re also going to be working with the University of Florida so there will be a component that has more of a research or research forum to it, but we will answer this question,” he said.
“It is a question that I’m sure keeps the CEOs of Pfizer and Moderna up late at night hoping no one ever looks, but we’re going to look here in Florida.”
Actress Keltie Knight has microcytic anemia; rugby great Alun Wyn Jones, 38, has heart surgery; prisoner Danny Weatherson diagnosed with Parkinson’s; Tyrone footballer Feargal Logan has a stroke; more
When Calls the Heart’s Mamie Laverock, 19, “Doing well” after extensive surgeries following fall, family says
May 30, 2024
Some hopeful news for When Calls the Heart actress Mamie Laverock. In an update on Laverock’s GoFundMe campaign, her parents say the 19-year-old Laverock is “out of her big surgeries”. They also shared that doctors now say she is “doing well.” Laverock was on life support after falling five stories from balcony walkway while under treatment at a Vancouver, BC hospital following an earlier “medical emergency”. You can read details below. Laverock was first taken to a Winnipeg hospital on May 11 by her mother for what was described as a “medical emergency”, according to a GoFundMe campaign created by her parents Rob and Nicole Compton. At that time, her parents wrote that “her recovery is unclear at this time but she is alive and is showing signs of improvement.” She was later transferred to a Vancouver hospital for follow-up treatment. In a recent update on her GoFundMe page, her parents wrote, “We are deeply saddened to report that on May 26th, Mamie, who has been in intensive treatment for the past two weeks, was escorted out of a secure unit of the hospital and taken up to a balcony walkway from which she fell five stories.”
Tiger Woods’ appearance at charity poker event leaves fans concerned
June 5, 2024
Tiger Woods has sparked worry among his fans has following a social media video featuring him.
In the video, Woods is seen telling Hellmuth about his fulfilling project, explaining that the most rewarding aspects of his foundation are the personal narratives shared by kids after they’ve been given an education through his project.
Hellmuth uploaded the video of himself speaking with Woods and gaming streamer Ninja. Lauding the five-time Masters champion, the poker pro thanked Woods for organizing the event before he praised his TGR project.
However, the video caused confusion among his fans, with some questioning if Woods had been enjoying a few drinks, or if he was just not feeling well as he slurred his words. A golf fan’s account posted: “Can we be real for a second here? Is there nobody close enough to him in his camp that can step in and get him some real help? Somebody in his family? Anyone? No one wants to see him like this. It sucks.”
Martin Lawrence gives health update after concern from fans
June 5, 2024
Martin Lawrence has insisted he’s “healthy as hell” despite concern over his wellbeing.
The 59-year-old actor has responded to fans’ fears after plenty of speculation over a clip of him at the ‘Bad Boys: Ride or Die’ premiere.
In footage from the screening last month, his co-star Will Smith appeared to help him to his feet before Martin looked at the crowd, with many interpreting his expressed as confused.
Speaking on Hot 97’s ‘Erbo in the Morning’ this week, he said: “I’m fine. I’m in God’s hands. I’m blessed.
Kansas City Chiefs Cancel Practice Amid Medical Emergency, Leaving NFL Fans Concerned
June 6, 2024
The Kansas City Chiefs had a scary morning at their OTAs, ultimately canceling their practice after a medical emergency for one of the players on the field.
According to NFL Network’s Tom Pelissero, a backup defensive lineman had a seizure and went into cardiac arrest on the field. The player was later identified as BJ Thompson, a backup defensive end who was selected in the fifth round of the 2023 NFL Draft.
Pelissero reported that Thompson was taken from the field in an ambulance, but was in stable condition when he left.
All planned media availability for Thursday have been moved to Friday in the wake of the incident.
for the complete population, I argued there be NO vaccine for NO one, as Redfield was battling the CDC malfeasants, NIH, FDA; but Redfield was FLAT wrong, 100% wrong saying it saved lives, then & NOW!
So, I continue to have serious respect for Redfield, he is a good man IMO, yet flat wrong on the vaccine and makes some dangerous statements here and Fredo Cuomo is inept and not a proper interviewer, he should have had a proper scientific person who could have pressed him and fleshed out on some of the things he Redfield, said was WRONG…, I have a lot of respect for him…I would ask him to show me and anyone the data, the clinical evidence, the medical evidence where it worked for serious illness…where? saying it does not make it so…
point: this vaccine never worked, never, was ineffective day one and there is no evidence it worked, and it was deadly…Redfield tried to fight them at CDC and in the Task Force but he was weak at CDC and overall on Task Force, on vaccinating the entire population as he felt it could be focused to high-risk people, and he did try to argue for the role of natural immunity, a greater role, over vaccine…but he was weak and had no power at CDC etc. so Redfield is wrong to say what he did and has misled people here! He has continued the deception about the mRNA vaccine.
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.
The evidence that has accumulated now across 3 years post vaccine roll-out shows it never worked so I have no idea what Robert is saying and again, Cuomo is a light weight and has no idea what Redfield is saying. So could not question him properly. How could Redfield say this vaccine saved lives? Where is the evidence? Many people who were elderly and high-risk died after the vaccine. Many obese. It did not work. And Cuomo shilled and pushed the vaccine with his brother Governor ‘Nipples’ Cuomo and many people died as a result, he insulted, attacked, smeared good people who chose to be unvaccinated. Many died!
Redfield said he still uses the vaccine in his practice? Is he insane? Based on what? Does he explain the benefits and risks?
Redfield was wrong here to defend Fauci.
He Redfield is now crying that the vaccine is harmful, IMO, too little, too late Robert. I have to say. He is saying the vaccine should have NEVER been mandated. Brilliant! Too late though…It did not stop infection. Yes Robert….And Robert, it did not stop transmission. So, it was moot to mandate. Now he is saying lockdowns were wrong, school closures were wrong. Thank you Robert, brave of you….I would say he is not lying, but too little too late….should have fought harder, should have stood up on that podium and say NO lockdowns or school closures…but you did not….he Robert, was focused on the initial 15 days to bend the curve but not more…so he was on the right page…he fought against closing schools, but he was very weak…was over-ruled by the top brass at CDC…they hated him…CDC top brass fucked Redfield daily…and he did try but a baby in the bunch…was not aggressive enough…Very correct NOW, Robert, but you did not fight hard enough…on that….People died. I like Redfield, he is a good man, God fearing, but the wrong person at CDC, they rolled him. He was the best person at CDC at the top. But incompetent IMO. Not someone I would prosecute…for he did try, but was inept in all of this, the wrong leader of COVID response Task Force.
He should have stepped away…he could not handle it.
But I like him, he means well…he does not have a bad bone, just incompetent. Others involved were malfeasant. Like our medical doctors. Like brass at CDC, NIH, FDA etc.
He gained respect from me as a doctor for most doctors still think COVID or whatever that this was, is a respiratory illness when in fact it is a blood clotting illness, and they need anti-coagulants. It is a blood clotting disorder. Needs blood thinners etc.
Then he said he got the COVID vaccine 8 times, and wife. Is he serious? Why would he say that? He said Pfizer’s Paxlovid works? Is Redfield serious? Does he know the data on Paxlovid? And Fredo Cuomo sits there as he talks this crap and cannot push back or challenge Redfield for he is not the right interviewing person, and this is why Redfield went there. He had to be interviewed by an idiot.
Top Trump Ally Sentenced To PRISONSteve Bannon, a former top advisor to Donald Trump, has been instructed by a federal judge to surrender himself to prison by July 1 in order to commence serving his four-month sentence for contempt of Congress. Bannon, aged 70, was found guilty of contempt in July 2022 for refusing to comply with a subpoena to testify before the congressional committee …READ THE FULL REPORT
Fox News Anchor Hits BACK Over Blatant Biden LieFox News anchor John Roberts responded on Wednesday by providing evidence to support his position in the ongoing dispute with the Biden campaign regarding their statements advocating for a cap on insulin prices. The exchange of comments began when Roberts questioned the Biden campaign’s promotion of an insulin price cap on Monday, stating that he believed it had already been …READ THE FULL REPORT
Biden IGNORES Veterans, Uses D-Day Speech to Attack PutinPresident Joe Biden utilized his address during the 80th anniversary of D-Day in Normandy, France, to denounce Russian President Vladimir Putin as a “tyrant” and to call on the global community to “defend democracy in our era.” This particular declaration echoed Biden’s rhetoric from his campaign, where he portrayed former President Donald Trump as a threat to democracy. During his …READ THE FULL REPORT
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
“Time For Some 3D Chess”: Here’s Why A Battered Macron Just Called Snap Elections
BY TYLER DURDEN
MONDAY, JUN 10, 2024 – 10:45 AM
By Stefan Koopman, Senior macro strategist at Rabobank
The European elections saw the centre hold its ground, albeit narrowly. The European People’s Party is poised to secure 184 seats in the new 720-seat Parliament, with the Socialists and the centrist Renew obtaining 139 and 80 seats respectively. This totals 403 seats for the grand coalition, a decrease from their current 417 seats in the old 705-seat Parliament. The hard-right ECR alliance of Giorga Meloni’s Fratelli d’Italia and the Polish nationalists are projected to rank fourth, with 73 seats, while the far-right Identity & Democracy group is expected to gain 58 seats. The Greens suffered a significant loss, dropping to sixth place with 52 seats, with the Left following at 36 seats, a slight decrease. There are also 45 seats for non-attached members, and 53 newly elected members that are not allied to any of the political groups yet. The overall left-right balance aligns with projections that indicated a lean but not a lurch to the right.
The coming weeks will see national parties formally choosing their European groups and this may alter the seat numbers. The battle for top positions commences at this week’s G7. The most coveted roles are the presidencies of the European Commission, European Council, European Parliament, and the EU Foreign Affairs Chief. The first EU summit of government leaders will be on June 27 and 28, where they will seek to nominate the new president of the European Commission. Nominations for the new European Commissioners will follow after the summer, with all nominees appearing at hearings in the European Parliament in the autumn. The new European Commission then begins on December 1, if everything goes according to plan.
So there’s still a long road ahead, but the implications are clear. Despite the center maintaining the majority, this is the most right-wing European Parliament ever elected. The results signal a European shift towards conservative and radical-right policies and away from progressive and green politics. The center will have to accommodate this shift over the coming years and will sometimes have to lean right to maintain a majority. It means that internal EPP politics will be a major factor in the direction of European policy, being both the median and the largest party in this parliament. We discussed our take on this here.
The Sunday Surprise was in Paris, not Brussels. Following a drubbing in the European election, French President Macron decided it was time to play some 3D Chess and to call a snap parliamentary election for June 30 and July 7, just a fortnight before the start of the Olympics. With this bold move he is putting Le Pen’s Rassemblement National, which dominated yesterday’s election by securing 31.5% of the votes, to the test. The two-round system often presents difficulties for populist parties, making it possible that the far-right may not achieve an outright majority. However, even if they triumph and RN’s Bardella does assume the role of Prime Minister, Macron’s calculation appears to be based on the assumption that if they underperform, they’ll be in a much weaker position for the 2027 presidential election. He also seems intent on compelling the Socialists and the Republicans to join the majority, which would likewise put them at a disadvantage in the 2027 election. This particularly places Melenchon, who aims to consolidate the entire left ahead of that election, in a difficult position. His courage is undeniable, we’d give him that, but it seems like doubling down on a bet after a poor performance.
Investors don’t share Macron’s risk appetite. The euro is the worst performing G10 currency this morning, trading at 1.075 at the time of writing. The CAC 40 is down 1.5%, dragging the Euro Stoxx 50 lower towards a -1.2% loss. Yields on EGBs are rising, with spreads widening, including France’s. The 10-year note now yields 3.17%, up 8 basis points on Friday’s close.
This follows the losses suffered by the EUR on Friday afternoon, after a ‘hot’ NFP report indicated that the US economy added 272,000 jobs in May, surpassing the consensus forecast once again. The unemployment rate slightly increased to 4.0%, and average hourly earnings rose by 0.4% monthly, to an annual rate of 4.1%.
It was one of those reports that serves as a reminder that the Employment Report is based on two separate surveys, with a lot of noise in the establishment survey and even more noise in the household survey. They now present two different perspectives on the labor market: one suggests steady, broad-based, and solid hiring, while the other indicates a sharp slowdown in hiring over the past year, with unemployment and underemployment ticking higher. Throwing last week’s JOLTS report in the mix too, the overall picture is of a solid labor market that is showing signs of loosening, appearing increasingly more ‘pre-pandemic’ than ‘post-pandemic’. It also implies that the US needs a higher rate of job growth to maintain the unemployment rate, possibly due to the surge in immigration. The ‘breakeven pace’ of monthly job growth may be significantly higher than the generally assumed 100-150k. The upshot is that the labor market may not be as hot as the headline NFP’s suggest.
END
7.OIL PRICES/GAS PRICES/OIL ISSUES
Russia’s Oil & Gas Revenues Surged By 73.5% In January-May
Russia’s budget revenues from oil and gas soared by 73.5% in January-May of 2024 compared to the first five months of 2023, according to data from Russia’s finance ministry released on Monday.
Between January and May 2024, the revenues for the Russian federal budget from oil and gas hit $55.7 billion (4.95 trillion Russian rubles), per the data reported by Russian news agency TASS.
“In line with parameters of the socioeconomic outlook, a steady surplus of oil and gas revenues above their base level is also expected in months to come,” TASS quoted a statement from the ministry as saying.
Non-oil and gas revenues also rose, by 34% in January-May 2024 compared to the same period last year.
Russian oil revenues have been rising in recent months compared to the year-ago levels as Moscow is increasingly finding ways to circumvent sanctions and find buyers willing to risk purchasing its crude and refined petroleum products.
In April 2024, for example, Russia’s oil and gas revenues hit $13.5 billion (1.23 trillion Russian rubles), Russian finance ministry data showed in early May. The Kremlin received nearly double the oil income for the budget than it did in the same month of 2023.
The weaker Russian ruble and the higher price of Russia’s flagship Urals crude amid higher international oil prices contributed to higher revenues from oil-related taxes and from all total oil and gas sales, according to estimates by Bloomberg.
The doubled revenues from oil for Russia highlight the difficulties of the Western countries to reduce Putin’s income from oil, despite the price cap on Russia’s oil and the ramp-up of the sanctions enforcement in recent months.
Then in May 2024, Russia’s oil proceeds increased by almost 50% from a year ago, as Moscow continues to manage to circumvent sanctions and get a higher price for its crude.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//INDIA
INDIA
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY 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 MONDAY morning: 104.00 DOWN 6 BASIS POINTS FROM FRIDAY’s CLOSE.
The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.2477 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2682)
TURKISH LIRA: 32.41 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +1.023…
Your closing 10 yr US bond yield UP 3 in basis points from FRIDAY at 4.455% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.588 UP 4 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.874 UP 1 BASIS PTS.
GOLD AT 11;30 AM 2303.90
SILVER AT 11;30: 29.49
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: MONDAY CLOSING TIME 12:00 PM//
London: CLOSED DOWN 16.89 PTS OR 0.20%
German Dax : CLOSED DOWN 62.38 PTS OR 0.34%
Paris CAC CLOSED DOWN 107.82 PTS OR 1.35 %
Spain IBEX CLOSED DOWN 47.70 OR 0.42%
Italian MIB: CLOSED DOWN 118.37 PTS OR 0.34% PTS
WTI Oil price 76.26 12EST/
Brent Oil: 80,30 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 88.76 ROUBLE UP 0 AND 58/100
GERMAN 10 YR BOND YIELD; +2.6725 UP 5 BASIS PTS.
UK 10 YR YIELD: 4.3595 UP 5 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0765 DOWN 0.0032 OR 32 BASIS POINTS
British Pound: 1.2735 UP 0.0026 OR 26 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.365 UP 4 BASIS PTS//
JAPAN 10 YR YIELD: 1.023%
USA dollar vs Japanese Yen: 157.06 UP 0.050/ YEN DOWN 5 BASIS PTS//
USA dollar vs Canadian dollar: 1.3758 UP 0004 //CDN dollar DOWN 87 BASIS PTS
West Texas intermediate oil: 7792
Brent OIL: 81.77
USA 10 yr bond yield UP 4 BASIS pts to 4.469
USA 30 yr bond yield UP 5 BASIS PTS to 4.594%
USA 2 YR BOND: UP 0 PTS AT 4.883
USA dollar index: 104.78 DOWN 12 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32.36 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 88.58 UP 0 AND 80//100 roubles
GOLD 2,311.50 3:30 PM
SILVER: 29.74 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 69.65 PTS OR 0.18 %
NASDAQ UP 72.16 PTS OR 0.38 %
VOLATILITY INDEX: 12.78 UP .50 PTS OR 4.04%
GLD: $213.54 UP 1.94 OR 0.92%
SLV/ $27.12 UP 0.45 . OR 1.69%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Bitcoin, Bullion, & Black Gold Bid As Stocks & Bonds Shrug Off EU Elections
BY TYLER DURDEN
MONDAY, JUN 10, 2024 – 04:00 PM
US stocks shrugged off early weakness driven by the right-regime-shift in European elections, treading water on Monday, at least on the surface, following Friday’s strong Payrolls report and ahead of a big macro Wednesday, featuring both the May CPI reading and the scheduled June FOMC meeting.
Small Caps had a wild day, swinging from considerable losses at the cash open to modest gains by the close. All the majors ended slightly higher on the day (with a new ATH for the S&P 500…
Goldman’s trading desk notes that overall activity levels are up +13% vs. the trailing 2 weeks with market volumes down -11% vs the 10dma. Our floor tilts +2% better to buy, largely driven by LOs as they continue to show up on the bid in our flows
LOs are +12% better to buy… this would be 6 straight sessions of net demand from this group. Demand fairly broad-based with Tech, Indust & HCare leading the charge. Just Comm Svcs, Staples & ETFs are net for sale
HFs are -3% better for sale. Supply is very concentrated in Tech with net supply here nearly 10x the net supply in Energy (2nd largest sector net for sale). Also selling HCare, REITs, Utes while Buying Fins, Indust & Cons Disc.
JPM’s forecast of gloom ensured the new ATH…
new ATH any second
Quote
zerohedge
@zerohedge
·
4h
JPMorgan Warns of a Shock to Stock Market’s Calm From CPI, Fed: BBG x.com/zerohedge/stat…
AAPL’s big AI announcement at its WWDC was a bit of a flop…
Source: Bloomberg
MAG7 stocks went sideways again (admittedly at record highs)…
Source: Bloomberg
Treasury yields modestly extended Friday’s payrolls spike higher with the long-end underperforming (30Y +4bps, 2Y unch on the day) which eft the yield curve (2s30s) unch from pre-payrolls…
Source: Bloomberg
The dollar ended marginally higher, but gave back most of the day’s overnight gains during the US day session…
Source: Bloomberg
Despite the dollar’s modest gains, gold recovered some of Friday’s losses…
Source: Bloomberg
Bitcoin surged up above $70,000, but then was summarily slapped back down to unchanged…
Source: Bloomberg
Crude prices extended their most recent gains, with WTI rising to $78…
Source: Bloomberg
Finally, as we noted earlier, while the indices looks calm, under the surface things are not going great at all…
Source: Bloomberg
This is the biggest gap between the equal- and cap-weighted S&P indices since the peak in 2008/9.
MORNING TRADING//
END
AFTERNOON TRADING
II USA DATA
III USA ECONOMIC COMMENTARIES
this is what happens when you raise the minimum wage to $20 dollars…many are fired.
(zerohedge)
10,000 California Fast Food Workers McFired Thanks To $20 Minimum Wage: Report
SUNDAY, JUN 09, 2024 – 11:05 AM
Nearly 10,000 California fast food workers have been fired thanks to the state’s new $20 minimum wage, according to the California Business and Industrial Alliance (CABIA), which slammed Governor Gavin Newsom for the law which went into effect April 1.
“California businesses have been under total attack and total assault for years,” said Tom Manzo, CABIA president and founder in a statement to Fox Business, adding “It’s just another law that puts businesses in further jeopardy.”
According to Manzo, nearly 10,000 fast food jobs have been cut across the state since Newsom signed Assembly Bill 1287 into law last year.
“You can only raise prices so much,” he said. “And you’re seeing it. People are not going to pay $20 for a Big Mac. It’s not going to happen.“\
CAIOBA took out this full page ad in Thursday’s USA Today which includes mock “obituaries” of various fast food chains.
As we noted in April, thanks to the combination of inflation and minimum wage hikes driving up operational costs for businesses across the US, Larger chains raised prices but have also been forced to reduce employees and labor costs through automation, but the layoffs are just getting started.
“Restaurants are struggling to stay above water, and Democrats just threw them an anvil,” California Assembly Republican leader James Gallagher told FOX Business. “We warned Democrats this new mandate would cost jobs. They ignored us, and here we are with the highest unemployment rate in the country poised to get even worse.”
The “digital options” that many fast food franchises are referring to are automated ordering systems as well as robot workers which are slowly but surely becoming more cost effective than human laborers. At least one fast food location in California is testing a fully robotic restaurant with no human workers.
On the other side of the window, fast food has gone up an absurd amount. As FinanceBuzz noted recently:
From 2014 to 2024, average menu prices have risen between 39% and 100% — all increases that outpace inflation during the given time period (31%).
McDonald’s menu prices have doubled (100% increase) since 2014 across popular items — the highest of any chain we analyzed.
Popeyes follows McDonald’s with an 86% increase, and Taco Bell is third at +81%.
Menu prices at Subway and Starbucks have risen by “just” 39% since 2014 — the lowest among chains we studied. These are also the only restaurants where prices have risen by less than 50%.
McDevastating.
END
PHILADELPHIA//CRE
Office Building In Philadelphia’s Popular Old City Section Sells For 38% Discount To Assessed Value
MONDAY, JUN 10, 2024 – 02:05 PM
As the commercial real estate market continues to crumble before the eyes of market participants who have been employing every trick in the book to put a rosier polish on their marks for one more quarter, obvious examples of a disappearing bid for office space continue to pop up.
The latest was in Philadelphia, according to the Philadelphia Business Journal, where developer Ori Feibush is now claiming the CRE market “has presented the best real estate opportunities we’ve seen in our professional lives.”
He just purchased a 30% occupied building in Philadelphia’s Old City section and says he’s going to keep it for office use.
PBJ reports that Feibush acquired the 136,000-square-foot building at 399 Market St. from Colonial Penn Life Insurance for $14 million. This price is 38% lower than its assessed value of $22.6 million. He estimates that the building would have been valued at around $40 million before the office market downturn in 2020.
He said: “It’s atypical for us to buy office, but that is where the greatest opportunity is, because there’s obviously a lot of duress and noise in the market. We jumped on the opportunity to buy something at a huge discount to what it would have traded for just a few years ago.”
“We’re the least expensive Class B building in Philadelphia,” he added.
Over the past four months, the occupancy rate at a building under contract has increased to 45% due to new leases.
The building, which predominantly houses tenants requiring 3,000 to 14,000 square feet, sits in a market where office vacancies in Philadelphia hit 19.6% in the first quarter. This trend reflects a broader move towards downsizing office space by 20% to 40%, affecting older buildings’ values across the city and nation.
Purchased at a discount, 399 Market St. now offers rents ranging from the low- to mid-$20 per square foot, below the first quarter’s average of $29 for Class B office spaces.
The building’s tenants include a TD Bank branch, several nonprofits, an architectural firm, a logistics firm, and a new national daycare center. It also features a 72-space underground parking garage and is positioned in a prime Old City location that could attract more tenants seeking moderately sized spaces.
“It’s just the perfect time to buy office. I suspect any real estate professional who is not jumping into the office world is going to be kicking themselves in a couple years,” Feibush told Philadelphia Business Journal.
Feibush concluded: “There’s no explanation for why discounts of office rents of 20-25% is creating an environment where office is trading at 70-75% less than it was just a few years ago. There is fear in the market, and that has created exceptional opportunities.”
There may be some reason…
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM
END
iiiC USA COVID //VACCINE ISSUES/IMPORTANT MEDICAL ISSUES
news is getting out on the origin of the Covid virus
For The New York Times, which started this whole fiasco dating from Feb. 27, 2020, with a podcast designed to drum up disease panic, it’s been a drip, drip, drip of truthiness ever since.
A fortnight ago, the paper finally decided to report on vaccine injury from shots that vast majorities never needed and that stop neither infection nor transmission. And now, as of June 3, we have as decisive an article as one can imagine that shows that “a laboratory accident is the most parsimonious explanation of how the pandemic began.”
“Whether the pandemic started on a lab bench or in a market stall, it is undeniable that U.S. federal funding helped to build an unprecedented collection of SARS-like viruses at the Wuhan institute, as well as contributing to research that enhanced them,” the article reads.
“Advocates and funders of the institute’s research, including Dr. Fauci, should cooperate with the investigation to help identify and close the loopholes that allowed such dangerous work to occur. The world must not continue to bear the intolerable risks of research with the potential to cause pandemics.”
The author is scientist Alina Chan of the Massachusetts Institute of Technology. For purposes of documentation, let’s go through the points she makes.
1. The SARS-like virus that caused the pandemic emerged in Wuhan, Hubei Province, the Chinese city where the world’s foremost research lab for SARS-like viruses is located.
2. The year before the outbreak, the Wuhan Institute, working with U.S. partners, had proposed creating viruses with SARS‑CoV‑2’s defining feature.
3. The Wuhan lab pursued this type of work under low biosafety conditions that could not have contained an airborne virus as infectious as SARS‑CoV‑2.
4. The hypothesis that COVID-19 came from an animal at the Huanan Seafood Market in Wuhan is not supported by strong evidence.
5. Key evidence that would be expected if the virus had emerged from the wildlife trade is still missing.
Keep in mind that people saying exactly this from the very outset of the crisis were censored by social media at the behest of government agencies. Media personalities ridiculed this view. It was called a wild conspiracy theory, unworthy of any respectable and responsible person. This went on for three years, with brutal results. People lost large channels and social media followers and accounts. This ruined whole livelihoods.
Now, here we are four years later, and we have the paper of record willing to admit that it was true all along.
Yes, it is infuriating.
Why does this matter? Because it is the turning point in the history of modern civilization. All the top public health officials had suspicions of this from the very outset. We know this from their own writings.
Instead of opening a clear and open investigation, they pursued a different path: Deny the leak, roll out the supposed antidote (vaccine), use experimental technology, and lock down the world’s population to stop the spread so that the vaccine would get the credit for ending the pandemic.
That’s the summary of what happened, based on my four years of research into this. In other words, to deflect blame, these people hatched an audacious plot to wreck rights and liberties the world over, in a futile attempt to prohibit natural exposure from ending the pathogenic wave (as always happened before). Instead, they would use the crisis to shove through approval of a technology that had never before received regulatory approval.
This explains the disparagement of natural immunity, the absence of seroprevalence tests, the removal of repurposed generics from the market that could have helped people, the rise of censorship of any dissident scientists, and the complete absence of any serious research into early spread in the last quarter of 2019. It’s quite simply an astonishing plot of immense importance to the whole of the world, all stemming from an attempt to cover up a lab leak.
That’s why the topic is important. This is not just a technical point. It is the first chapter of a wild and seemingly fictional novel of apocalyptic implications. The House subcommittee now investigating the public health response is barely scratching the surface in public, but behind the scenes, there is plenty of knowledge among investigators that there is much more going on.
Here’s the key point. The national media does not want this discussed. The agencies don’t want this investigated. The tech companies that censored people all along do not want this considered. The Democrats certainly don’t want this subject pursued. Many Republicans don’t want to examine this in any detail.
There is only one force at work that is pushing any of this forward, and that is public opinion, which, in turn, is fed by the handful of writers, researchers, scientists, moms, and many other grassroots people who correctly refuse to let this go.
This is the only reason these hearings are happening. It is the only path to getting the truth.
Of this, I’m thoroughly convinced. If we think the American people have already lost trust in public health and government, we haven’t seen anything yet. Once the whole story is out in the open, and we are headed in this direction, we’ll see a collapse without precedent.
The timeline is going far too slowly. There is no excuse for why we are only getting clarity on the basics fully four years later. Meanwhile, there is absolutely no basis for approving any more funding for these agencies or biodefense research and no basis for approving any new treaties or agreements from the World Health Organization (WHO).
Let’s not forget that it was the WHO that pushed hard for the world to copy the Chinese Communist Party in its crazy virus-control methods of violating human rights on a scale that should never have been tolerated in the West. And yet based on that advice, the United States, the UK, the European Union, and nearly every nation in the world adopted these policies, in contradiction to all laws and human rights.
Out of nowhere, our Constitution and Bill of Rights were overridden by bureaucracies about which most Americans knew absolutely nothing.
It boggles the mind that this happened, and we are still paying an egregious price in terms of inflation, learning loss, excess death, collapse of public health, expansion of government, pervasive censorship, and much more.
It felt like martial law at the time, and it is not clear that this ever went away. We absolutely must know the truth. More than that, we need to repudiate every bit of the COVID-19 response, including the mandates to get a vaccine that was, in fact, never proven to be safe or effective.
So yes, it matters that this virus likely leaked from a U.S.-funded lab. That was the beginning of the story. There is much more to it.
END
FREIGHT ISSUES/USA
END
VICTOR DAVIS HANSON OR NEWT GINGRICH
END
SWAMP NEWS
KING REPORT
GOLD PRICE CLOSED UP $2.00 TO $2309.80
SILVER PRICE UP 0.30 TO 29.74
Gold ACCESS CLOSED $2309.20
Silver ACCESS CLOSED: $29.68
Bitcoin morning price:$71,566 UP 916 DOLLARS.
Bitcoin: afternoon price: $69,624 DOWN 1026 dollars
Platinum price closing UP $3.70 TO $973.45
Palladium price; DOWN $11.30 AT $904.45
The fun begins tomorrow asa huge percentage of the bought contracts will be exercised for physical.
END
SHANGHAI GOLD PREMIUM 110 DOLLARS/COMEX GOLD//JULY TO JULY
SHANGHAI GOLD
SHANGHAI GOLD (USD) FUTURES – QUOTES
Last Updated 10 Jun 2024 01:24:42 PM CT.
Market data is delayed by at least 10 minutes.
MONTH
CHART
LAST
CHANGE
PRIOR SETTLE
OPEN
HIGH
LOW
VOLUME
UPDATED
JUN 2024 SGUM4
–
–
2410.2
–
–
–
0
12:30:17 CT 10 Jun 2024
JUL 2024 SGUN4
–
–
2424.3
–
–
–
0
12:30:17 CT 10 Jun 2024
AUG 2024 SGUQ4
–
–
2424.5
–
–
–
0
12:30:17 CT 10 Jun 2024
OCT 2024 SGUV4
–
–
2448.8
–
–
–
0
12:30:17 CT 10 Jun 2024
DEC 2024 SGUZ4
–
–
2461.3
–
–
–
0
12:30:17 CT 10 Jun 2024
FEB 2025 SGUG5
–
–
2461.9
–
–
–
0
12:30:17 CT 10 Jun 2024
APR 2025 SGUJ5
–
–
2462.5
–
–
–
0
12:30:17 CT 10 Jun 2024
I will now provide gold in Canadian dollars, British pounds and Euros
4: 15 PM ACCESS
*CANADIAN GOLD: $3177.77 UP 10.71 CDN dollars per oz( * NEW ALL TIME HIGH 3,305.30 CDN DOLLARS PER OZ//MAY 20 2024)
*BRITISH GOLD: 1813.80 UP 10.71 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024
*EURO GOLD: 2145.66 UP 22.52 Euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)
DONATE
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
099 H DB AG 3 190 H BMO CAPITAL 54 363 H WELLS FARGO SEC 12 15 435 H SCOTIA CAPITAL 35 657 C MORGAN STANLEY 1 661 C JP MORGAN 1 661 H JP MORGAN 7 686 H STONEX FINANCIA 2 737 C ADVANTAGE 5 2 880 H CITIGROUP 7 905 C ADM 2
TOTAL: 73 73 MONTH TO DATE: 28,574
JPMorgan stopped 9/73
FOR JUNE 2024
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 73 NOTICES FOR 7300 OZ or 0.2270 TONNES
total notices so far: 28,574 contracts for 2,857,400 Oz (88.887 tonnes)
FOR JUNE:
SILVER NOTICES: 8 NOTICE(S) FILED FOR 40,000
OZ/
total number of notices filed so far this month :1113 for 5.565 million oz
XXXXXXXXXXXXXXXXXX
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
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 UP $2,00
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ :
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.44 TONNES OF GOLD INTO THE GLD
/ /INVENTORY RESTS AT 835.67TONNES
INVENTORY RESTS AT 835.67 TONNES
SLV//
WITH NO SILVER AROUND AND SILVER UP $.30 AT THE SLV//
HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 3.198 MILLION OZ INTO THE SLV
// INVENTORY INCREASES TO 421.142 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 421.142 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A HUGE SIZED 1943 CONTRACTS TO 178,643 AND CONTINUING ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR HUMONGOUS LOSS OF $1.93 IN SILVER PRICING AT THE COMEX ON FRIDAY’S TRADING ON SILVER. WE HAD ZERO LIQUIDATION AS WE HAD A NET GAIN OF CONTRACTS ON OUR TWO EXCHANGES. WE, AGAIN HAD SHORT COVERING BY OUR SPECS WITH THE HUGE LOSS IN PRICE AS WELL AS MASSIVE T.A.S. LIQUIDATION. WE HAD ANOTHER MEGAHUMONGOUS SIZED 9059 T.A.S ISSUANCE, THE HIGHEST EVER RECORDED FOR SILVER, 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 AND AGAIN ON FRIDAY.
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 FRIDAY NIGHT: 9059 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND TODAY;S TRADING.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $1.93) BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS FROM THEIR PERCH AS WE DID HAVE A SMALL SIZED GAIN OF 132 CONTRACTS ON OUR TWO EXCHANGES DESPITE THE HUGE LOSS IN PRICE OF $1.93
.
WE MUST HAVE HAD:
A HUGE SIZED 2075 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 10,000 OZ QUEUE JUMP
//NEW STANDING FOR SILVER//JUNE IS THUS 6.15 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI LOSS //HUGE SIZED EFP ISSUANCE/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 9059 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED 405 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 6 DAYS, total 6619 contracts: OR 33.095 MILLION OZ (1103 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 33.095 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 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 33.095 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1943 CONTRACTS WITH OUR HUGE LOSS IN PRICE OF SILVER PRICING AT THE COMEX//FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 2075 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 10,000 OZ QUEUE JUMP
//NEW TOTAL STANDING FOR JUNE 6.15 MILLION OZ
WE HAVE A SSMALL SIZED GAIN OF 132 OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE HUGE LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A MEGA HUMONGOUS SIZED 9059 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE FRIDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND ZERO NET LIQUIDATION OF LONGS.
THE NEW TAS ISSUANCE FRIDAY NIGHT (9059) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .
WE HAD 8 NOTICE(S) FILED TODAY FOR 40,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A HUGE SIZED 14,546 OI CONTRACTS TO 441,808 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 708 CONTRACTS
WE HAD A HUGE SIZED DECREASE IN COMEX OI (14,546 CONTRACTS) OCCURRED WITH OUR HUGE LOSS OF $64.35 IN PRICE/FRIDAY. 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 13,700 OZ QUEUE JUMP AS BANKERS SCOUR THE PLANET LOOKING FOR GOLD ON THE THIS SIDE OF THE POND
NEW STANDING 90.370 TONNES// ALL OF THIS HAPPENED WITH OUR $64.35 LOSS IN PRICE WITH RESPECT TO FRIDAY’S TRADING. WE HAD A GOOD SIZED LOSS OF 5189 OI CONTRACTS (16.13 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A HUMONGOUS SIZED 9357 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 441,808
IN ESSENCE WE HAVE A GOOD SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5189 CONTRACTS WITH 14,546 CONTRACTS DECREASED AT THE COMEX// AND A HUGE SIZED 9037 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 5189 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE SIZED 3072 CONTRACTS,,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A HUGE SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (9357 CONTRACTS) ACCOMPANYING THE HUGE SIZED LOSS IN COMEX OI OF 14,546 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 4481 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 0.4261 TONNES
//NEW STANDING /JUNE 89.94 TONNES.
/ 3) HUGE T.A.S. LIQUIDATION OF CONTRACTS WITH SOME LONG SPECS BEING CLIPPED,
.
// 4) HUGE SIZED COMEX OPEN INTEREST LOSS 5) HUGE ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///HUGE T.A.S. ISSUANCE: 3072 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: 24,275 CONTRACTS OR 2,427,500 OZ OR 75.505 TONNES IN 6 TRADING DAY(S) AND THUS AVERAGING: 4043 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 6 TRADING DAY(S) IN TONNES 75.505 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 75.505 DIVIDED BY 3550 x 100% TONNES = 2.11% OF GLOBAL ANNUAL PRODUCTION
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 75.505 tonnes HEADING FOR A STRONG MONTH
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF JUNE. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (APRIL), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUMONGOUS SIZED 1943 CONTRACTS OI TO 179,050 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 2075 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 2075 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2075 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 1943 CONTRACTS AND ADD TO THE 2075 E.FP. ISSUED
WE OBTAIN A SMALL SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 132 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 0.660 MILLION OZ
OCCURRED DESPITE OUR HUMONGOUS $1.93 LOSS IN PRICE …..
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//
MONDAY MORNING/SUNDAY 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. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A HUGE SIZED 14,546 CONTRACTS TO 441,808 WITH OUR HUGE LOSS IN PRICE OF $64.35 WITH RESPECT TO FRIDAY’S MASSIVE RAID/ TRADING. WE HAD HUGE T.A.S. LIQUIDATION ON FRIDAY WITH CONSIDERABLE 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 HUMONGOUS SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A MASSIVE SIZED 9357 EFP CONTRACTS WERE ISSUED: : AUGUST9357 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 9357 CONTRACTS.
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED TOTAL OF 5189 CONTRACTS IN THAT 9357 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A HUGE SIZED LOSS OF 14,546 COMEX CONTRACTS..AND THIS GOOD SIZED LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR HUMONGOUS LOSS IN PRICE OF $64.35// FRIDAY 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 FRIDAY NIGHT WAS A STRONG SIZED 3072 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. FRIDAY IS OF EXTREME IMPORTANCE TO OUR CROOKS IN YESTERDAY’S RAID
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JUNE (90.370 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
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: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/PRIOR= 11.9325
JUNE; 90.370 TONNES. THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $64.35 //// AND WERE SUCCESSFUL IN KNOCKING SOME SPECULATOR LONGS AS WE HAD A GOOD SIZED LOSS OF 5189 CONTRACTS ON FRIDAY WITH OUR TWO EXCHANGES WITH THE HUGE LOSS IN PRICE. THE T.A.S. ISSUED ON FRIDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE LOST A TOTAL OI OF 16.13 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 137 CONTRACTS OR 13700 OZ (0.4261 TONNES)
NEW STANDING FOR JUNE: 90.370 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR HUGE LOSSIN PRICE TO THE TUNE OF $64.35
WE HAVE REMOVED 708 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET LOSS ON THE TWO EXCHANGES 5189 CONTRACTS OR 518,900 (16.13 TONNES)
Total monthly oz gold served (contracts) so far this month
28,574 notices 2,857,400 oz 88.877 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
JPMORGAN; 3279.402 oz (102 kilobars)
this is a paper transfer out of the comex and onto London
TOTAL WITHDRAWALS 3279.402 0z
Adjustments: 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE
For the front month of JUNE we have an oi of 553 contracts having GAINED 16 contracts. We had 121 contracts served on Friday so we gained a huge 137 contracts or 13700 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 a dubious small kilobar entry gold leaving the comex on Friday. Thus despite the huge 90 tonnes of gold standing at the comex little gold is arriving and hardly any gold is leaving.
JULY GAINED 171 CONTRACTS TO STAND AT 2166
AUGUST LOST 15,037 CONTRACTS DOWN TO 365,042 CONTRACTS
We had 73 contracts filed for today representing 7300 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 (28,574) x 100 oz ) to which we add the difference between the open interest for the front month of JUNE (553 CONTRACTS) minus the number of notices served upon today (73 x 100 oz per contract( equals 2,905,400 OZ OR 90.370 TONNES.
thus the INITIAL standings for gold for the JUNE contract month: No of notices filed so far (28,574 x 100 oz +we add the difference for front month of June (553 OI} minus the number of notices served upon today (73) x 100 oz which equals 2,905,400 oz (90.370 TONNES)
TOTAL COMEX GOLD STANDING FOR JUNE: 90.370 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
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,662,974.515 OZ
TOTAL REGISTERED GOLD 7,989,995 ( 242.58 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,672,979.466OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,337,735 oz (REG GOLD- PLEDGED GOLD)= 197.13 tonnes //
END
SILVER/COMEX
JUN 10/2024
INITIAL
//2024// THE JUNE 2024 SILVER CONTRACT//INITIAL
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
858,102.984 oz
CNT LOOMIS
.
Deposits to the Dealer Inventory
nil OZ
Deposits to the Customer Inventory
598,979.010 oz
Loomis
No of oz served today (contracts)
8 CONTRACT(S) (40,000 OZ)
No of oz to be served (notices)
117 contracts (0.585 million oz)
Total monthly oz silver served (contracts)
1113 Contracts (5.565 MILLION oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
i) 0 dealer deposit
total dealer deposit : nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 1 deposits customer account:
i) into Loomis: 598,979.010 oz
total customer deposit 598.979.010 oz
JPMorgan has a total silver weight: 128.416million oz/295.578million or 48.34%
adjustment: 0//
Comex withdrawals: 2
i) out of CNT 258,083.244 OZ
ii) out of Loomis 600,019.240
total withdrawal: 858,102.984 0z
TOTAL REGISTERED SILVER: 62.494MILLION OZ//.TOTAL REG + ELIGIBLE. 295.371
million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE:
silver open interest data:
FRONT MONTH OF JUNE/2024 OI: 125 CONTRACTS HAVING LOST 198 CONTRACT(S).
WE HAD 200 NOTICES SERVED UP ON FRIDAY, SO WE GAINED 2 CONTRACTS OR AN ADDITIONAL 10,000 OZ WILL STAND AT THE COMEX VIA A SMALL QUEUE JUMP
JULY SAW A LOSS OF 7148 CONTRACTS DOWN TO 119,571
AUG, SAW A GAIN OF 4 CONTRACTS TO 195
SEPT SAW A GAIN OF 4816 CONTRACTS TO 41,805.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 200 for 1.0 MILLION oz
CONFIRMED volume; ON FRIDAY 169,845 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 1113 x 5,000 oz = 5.565 MILLION oz
to which we add the difference between the open interest for the front month of JUNE ((125) and the number of notices served upon today 8i x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JUNE/2024 contract month: 1113 notices served so far) x 5000 oz + OI for the front month of JUNE (125)x number of notices served upon today minus (8)x 5000 oz of silver standing for the JUNE contract month equates to 6.150 MILLION OZ.
New total standing: 6.150 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 10 WITH GOLD UP $2,00 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 1.44 TONNES OF GOLD FROM THE GLD//: / //NEW TOTAL TONIGHT 835.67 TONNES
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: 835.67 TONNES, TONIGHTS TOTAL
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
JUNE 10 WITH SILVER UP $0.30 TODAY: HUGE CHANGES IN SILVER INVENTORY: //A HUGE DEPOSIT OF 3.198 MILLION OZ INTO THE SLV// INVENTORY RISES TO ; 421.142 MILLION OZ
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 421.142 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
Admittedly, the Commitment of Traders’ position was before Friday’s smackdown, but the Swaps silver bear position is likely to be even worse, which is immensely bullish for the price.
The COT figures for last Tuesday showed that the Swaps’ (mainly bullion bank trading desks) net short position had deteriorated by 846 contracts. And the Managed Money category had reduced its net long exposure by 3,424 contracts. But these reductions had fed mostly into the Other and Non-Reportable categories, which rose to a combined record net long 47,189 contracts. The chart is below:
The problem for the Swaps is that these categories are buying futures with a view to taking delivery. In other words, they are not acting like normal speculators, vulnerable to being shaken out of long positions the way hedge fund traders can be spooked. It is a “reserve of illiquidity” which is difficult for Swaps to unlock. The next chart is of the Swaps’ net shorts, confirming their deteriorating position:
A further problem for the Swaps is that vault liquidity is being drained in both Comex and London. It would appear therefore that it is becoming impossible for the Swaps to reduce their shorts materially and that they will be badly exposed to a short squeeze in the coming weeks, if the silver price resumes its rise driven by Asian demand
Gold is looking bullish for similar reasons but the squeeze on the Swaps is different. In silver, the mines sell forward because most silver is a byproduct of other metals, or smaller mines need the cashflow and their bankers cover their loan exposure by selling forward. This doesn’t appear to be happening in gold. The Producers’ net short position is next:
I’ve taken this chart back to 2006 to show how unusual it is for the Producers to not hedge much of their production at high prices. For example, in late-2012 when gold first breached the $1900 level, they were net short over 200,000 contracts: today the figure is less than 50,000.
This leaves the Swaps carrying the burden of the short side of the gold contract to an uncomfortable extent, and their net short position is the last chart:
Back in 2012 when gold was hitting records, they had a broadly even book. Today their short position is out of their control. It is the makings of a crisis for the bullion banking establishment, and so far as we can see there’s not much they can do about it, with the Chinese savers having up to $6 trillion equivalent to invest.
Not all of that can be expected to go into gold and silver, but with property and the stock market unattractive to them, rising precious metal prices could become the most attractive alternative to bank deposits. Friday’s engineered sell-off appears to have been an opportunistic attempt to take out the weak long positions. It will have failed, exposing paper gold traders to a Chinese squeeze, which we can expect to resume shortly.
I’m sure you recall the banking crisis of March to May 2023.
It began with the collapse of the little-known Silvergate Bank on March 8. This was followed the next day by the collapse of the much larger Silicon Valley Bank (SVB) on March 9. SVB had over $120 billion in uninsured deposits.
Bank deposits over $250,000 each are not covered by FDIC insurance. Those depositors stood to lose all their money over the insured amount. This would have led to the collapse of hundreds of startup tech businesses in Silicon Valley that had placed their working capital on deposit at SVB.
There were also much larger businesses such as Cisco and at least one large cryptocurrency exchange that had billions of dollars on deposit there. Those businesses would have taken huge write-downs based on the size of their uninsured deposits.
On March 9, the FDIC said that indeed the excess deposits were uninsured, and depositors would get “receivership certificates” of uncertain value and zero liquidity instead.
By March 11, the FDIC reversed course and said all deposits would be insured. The Federal Reserve intervened and said they would take any U.S. Treasury securities from member banks in exchange for par value in cash even if the bonds were only worth 80% of par (which most were).
The Mother of All Bailouts
That Sunday night they also closed Signature Bank, a New York-based bank with crypto links. The damage wasn’t done. On March 19, the Swiss National Bank forced a merge of UBS and Credit Suisse, one of the largest banks in the world. Credit Suisse was on the edge of insolvency.
Finally, on May 1, First Republic Bank, with over $225 billion in assets, was ordered closed by the government and sold to JPMorgan.
It was the mother of all bailouts and seemed to leave stock market investors unfazed. The issue was, and is: Once you’ve guaranteed every deposit and agreed to finance every bond at par value, what’s left in your bag of tricks? What can you do in the next crisis that you haven’t already done — except nationalize the banks?
After five bank failures in two months and a trillion-dollar bailout by the government, the crisis seemed over. But that was false comfort. I wrote at the time that the crisis wasn’t over, that it was just halftime.
Investors are relaxed because they believe the banking crisis is over.
That’s a huge mistake.
History shows that major financial crises unfold in stages and have a quiet period between the initial stage and the critical stage.
When Slow-Motion Crisis Turns Real-Time
This happened in 1994 when the spring bond market massacre seemed contained in the summer only to explode into the Mexican Tequila Crisis in December.
It happened in 1997–98 when the Asian financial crisis calmed down in the winter of 1998 only to explode into the Russia-LTCM crisis the following August and September.
It happened during the Global Financial Crisis when the original distress in August 2007 that seemed contained was followed by the failures of Bear Stearns, Fannie Mae, Freddie Mac and Lehman Bros. from March to September 2008.
The average duration of these financial crises is about 20 months. This new crisis began 15 months ago. It could have five more months to run, if not longer.
On the other hand, this crisis could reach the acute stage faster. That’s because of technology that makes a bank run move at the speed of light. With an iPhone you can initiate a $1 billion wire transfer from a failing bank while you’re waiting in line at McDonald’s. No need to line up around the block in the rain waiting your turn.
In other words, the second stage of the crisis could erupt in even more dramatic fashion sooner than later. This slow-motion crisis can become a real-time crisis very quickly.
The Dollar Itself Is at Stake
In addition, the regulatory response is faster because they’ve seen this movie before. That begs the question of whether regulators are out of bullets because they’ve already guaranteed almost everything so they don’t have more rabbits to pull out of the hat.
This could be the crisis where the panic moves from the banks to the dollar itself. If savers lose confidence in the Fed (we’re almost there) not only will the banks collapse, but the dollar will collapse also. At that point, the only solution is gold bullion.
It’s also important to distinguish between individual bank failures and a systemic banking crisis. When individual banks fail, the depositors and creditors are usually protected but stockholders can get wiped out.
In a systemic banking crisis, the contagion goes from bank to bank quickly, and the entire system has to be rescued with some combination of blanket deposit guarantees and unlimited QE.
In the worst case, you either have to shut the banks (which FDR did in 1933) or nationalize them which some countries have done from time to time.
Is Stage II Here?
Either a single bank failure or a systemic crisis could happen at any moment. The actual trigger is a bit mysterious and mostly psychological because the fundamental problems have been there all along.
Well, it seems that the quiet period is over and we are entering Stage II of the banking meltdown.
According to the latest data from the FDIC, many banks could be at risk of failure as unrealized losses reached $517 billion in the first quarter of 2024, up from $478 billion in the last quarter of 2023. 40 banks with over $1 billion in assets have already reported unrealized losses higher than 50% of their equity capital. Over 200 smaller banks with lesser assets have issued the same reports.
The bottom line is Stage II of the crisis is here, and the effects will be devastating to financial institutions and the stock market as a whole.
We may not be able to prevent the crisis, but we can see it coming and prepare accordingly to preserve our wealth. Step one is to get gold. That will see you through the storm.
3. CHRIS POWELL//GATA DISPATCHES
CHRIS POWELL…
Robert Lambourne: BIS gold swaps rose substantially in May
Submitted by admin on Sun, 2024-06-09 11:37 Section: Daily Dispatches
By Robert Lambourne Sunday, June 9, 2024
Gold swaps undertaken by the Bank for International Settlements, the central bank of the world’s central banks, rose by a substantial 31 tonnes in May over the 78 tonnes reported in April, reaching 109 tonnes, an increase of 40%.
The bank’s statement of account of May, from which the gold swaps can be estimated, was published last week:
Table 1 below sets out the historical level of monthly gold swaps estimated since August 2018. There is still a considerable level of gold being traded via these swaps. The swaps are down sharply from the 501 tonnes estimated in January 2022 but they seem to remain quite volatile, suggesting that they are being used to cover short-term trading requirements by central banks and bullion banks.
While the BIS long has refused to explain what it is doing in the gold market and for whom, it seems that the swaps are undertaken by the BIS for one or more of its central bank members, with the swapped gold being accounted for as being held in a BIS-registered sight account at a central bank. In any case the swaps represent surreptitious central bank intervention in the gold market.
Given what is happening in the gold market generally, it appears reasonable to assume that the U.S. Federal Reserve is the BIS member instigating these transactions. The evidence strongly suggests that the gold involved in the swaps comes from bullion banks and is registered as being held by gold exchange-traded funds.
That is, investors who buy claims on gold through ETFs may actually be assisting central bank efforts to control the monetary metal’s price.
GATA published a more detailed report on the use of gold swaps to cover the BIS’ December 2023 swap transactions:
* The estimate originally reported by GATA was 78 tonnes, but the BIS annual report states 77 tonnes. It is believed that slightly different gold prices account for the difference.
+ The estimate originally reported by GATA was 487 tonnes, but the BIS annual report states 490 tonnes, It is believed that slightly different gold prices account for the difference.
** The estimate originally reported by GATA was 332 tonnes, but the BIS annual report states 326 tonnes. It is believed that slightly different gold prices account for the difference.
GATA uses gold prices quoted by USAGold.com to estimate the level of gold swaps held by the BIS at month-ends.
—–
Robert Lambourne is a retired business executive in the United Kingdom who consults for GATA about the involvement of the Bank for International Settlements in the gold market and U.S. government debt.
* * *
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS/LIVE FROM THE VAULT 176
youtube.com/watch?v=w_5A3BdUbQQ&feature=youtu.be
LIVE FROM THE VAULT: EPISODE 176The Financial Reset Feat. Bill Holter
With our special guest…
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT//
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 SETTINGSMONDAY 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
Futures Drop Ahead Of CPI, FOMC; Euro Slumps After Weekend Election Shock
MONDAY, JUN 10, 2024 – 08:09 AM
US equities were poised for modest losses to start the week after underlying indexes hit a new all time high on Friday, as focus shifted to Wednesday’s CPI data and Thursday’s Fed meeting. As of 8:10am, both S&P 500 and Nasdaq futures slid about 0.1%, rebounding from session lows hit shortly after Europe opened following a weekend trouncing of establishment parties in the European Parliament elections. The VIX Index rose, but remained well below its average over the past 12 months. The yield curve is twisting steeper, and the USD starts the week stronger. Cmdtys are mixed with strength in metals, weakness in Ags, and Energy flattish. AAPL and AMZN kick off today, with AAPL’s focused on AI. Today’s macro data focus is on NY Fed’s 1-year inflation expectations print; prior level was 3.26%.
In premarket trading, weakness in semis and AAPL is leading the Mag7 names, which are mostly lower. Despite mixed sentiment, Southwest Airlines jumped 6.9% after the Wall Street Journal reported that activist shareholder Elliott Investment Management has built an almost $2 billion stake in the carrier. Here are some other notable premarket movers:
Advanced Micro Devices slips 2% after Morgan Stanley downgrades the chipmaker to equal-weight, saying investor expectations for AI business “seem too high.”
CrowdStrike, GoDaddy and KKR are all up more than 3% as the stocks will join the S&P 500 Index in the latest quarterly weighting change.
Diamond Offshore rises 6% after agreeing to be purchased by Noble Corp.
GameStop gains 7%, putting the video-game retailer’s stock on track to recoup some of Friday’s 39% losses. Shares tumbled Friday after the highly-anticipated return of Keith Gill to YouTube, as well as the retailer unexpectedly releasing earnings.
Perion drops 22% after the company cut its revenue guidance for the second quarter.
ProKidney rises 5% after saying interim results of REGEN-007 Phase 2 trial show stabilization of kidney function for 18 months.
American stocks rose to all-time highs last Friday as stronger-than-expected jobs data bodes well for corporate earnings even as it suggests monetary policy will be on hold for longer, thwarting rate-cut bets. On Wednesday, investors will parse consumer-inflation data for May and tune in to a Fed meeting for any clues about the likely timing and pace of interest-rate cuts.
“The Fed should give a hawkish tilt to its stance, without dismissing a start of rate cuts in the second half,” said Paolo Zanghieri, senior economist at Generali Investments. “Our base case remains two rate cuts, in September and December, with just one cut as the second most likely scenario.”
Meanwhile, in Europe, the euro fell to its lowest in a more than a month after French President Emmanuel Macron dissolved parliament and called a shock snap election in the wake of a crushing defeat in the European Parliament elections. The common currency dropped 0.6% to a one month low, and was already on the back foot after suffering its biggest loss in almost two months on Friday as stronger-than-expected US jobs figures lifted the dollar. Yields on France’s 10-year government bonds hit their highest level this year.
The Euro retreated alongside European equities, with BNP Paribas SA and Societe Generale SA tumbling more than 8% as banks led losses among stocks in Paris.
The fallout from the European elections also weighed on stocks, with the Stoxx 600 falling 0.5% with declines led by French banks after President Emmanuel Macron called a snap ballot following a defeat in the European Parliament election on Sunday. French construction and materials stocks also retreat. Here are the most notable European movers:
Givaudan shares rise as much as 1.9% as Barclays upgrades the Swiss scent manufacturer to equal weight saying the outlook for fine fragrances is better than they had feared.
BE Semiconductor shares gain 1.7% after being raised to hold from sell by Deutsche Bank, which said main negative catalysts on the stock, such as high expectations on hybrid bonding have played out.
M&G shares rise as much as 1.9% after an upgrade at JPMorgan. The investment advisory services firm also announced develeraging actions totaling up to £450 million.
Navigator Co shares gain as much as 5.1% after analysts at Oddo BHF upgraded the pulp and paper mill operator to neutral, arguing the risk-reward proposition has improved.
Cancom shares jump as much as 7.4% after it was upgraded to buy, with analysts at Deutsche Bank opening a catalyst call on the IT services provider, arguing headwinds are overstated.
Shares of oil producers operating in Kurdistan are climbing after Iraq said it expects to soon reach a final agreement with the semi-autonomous region and oil companies there to restart oil exports.
PostNL shares rise as much as 9.3%, the steepest gain since August 2023, after analysts at ING Bank upgraded the Dutch postal group to buy from hold.
French banks BNP Paribas and Societe Generale tumble, leading losses on the Paris market, after President Emmanuel Macron called a snap election following a drubbing for his group in weekend European parliamentary voting.
Neoen shares slip as much as 1.7% after the French energy company was downgraded at Barclays, who argue the stock has reached full value in wake of news that Brookfield is in exclusive talks to acquire a majority stake.
DS Smith shares fall as much as 2% after Brazilian pulp producer Suzano sees room to take on substantial debt as it weighs a new bid for International Paper, Bloomberg News reported.
ECB speakers largely went under the radar, including Government Council member Peter Kazimir, who said the September meeting will be key to determine whether to cut interest rates again.
Earlier in the session, Asian stocks traded in a narrow range as declines in South Korea and elsewhere offset advances in Japan. The MSCI Asia Pacific Index swung between a loss of 0.2% and gain of 0.1%. Samsung Electronics was the biggest drag as lowered bets on US interest rate cuts weighed on Korean shares. Japanese stocks gained as rising bond yields lifted financials while yen weakness supported exporters. Indian fluctuated after their post-election rally. China, Hong Kong, Taiwan and Australia were closed for holidays. The regional benchmark is coming off its first weekly gain in three. India was among the world’s top performers last week in whipsaw trading following parliamentary voting. South Korea and Taiwan followed close behind, lifted by tech optimism.
In FX, the Bloomberg Dollar Spot Index rose 0.3%, hitting its highest since May 1; the US currency extended gains after Friday’s blowout jobs number undercut the case for an early US rate cut; focus now shifts to the release of US inflation data and FOMC decision due later this week, Meanwhile, the euro declined against most of its Group-of-10 peers as investors weighed the fallout from the European Parliament elections. EUR/USD fell as much as 0.5% to 1.0748, the lowest in a month, after French President Emmanuel Macron and German Chancellor Olaf Scholz suffered defeats in the polls. The outcome led Macron to call a snap legislative ballot in a desperate bid to stop the rise of his far-right rival, Marine Le Pen. “Election risk remains fluid,” said Christopher Wong, strategist at Oversea-Chinese Banking Corp., referring to the European polls. It “deserves a close watch as the past decade has shown that a rise in far-right sentiment in Europe can undermine the euro”
In rates, treasuries are cheaper, with the curve steeper as Friday’s selloff extends and US yields follow wider moves seen across European government debt after Sunday’s European Parliament elections. French bonds notably underperform as French President Emmanuel Macron calls a snap legislative ballot after his party trailed far-right National Rally. US yields are cheaper by up to 3bps across long end of the curve with 2s10s, 5s30s spreads steeper by 2.5bp and 1bp on the day. US 10-year yields trade around 4.46% with French bonds lagging by additional 6.5bp in the sector and bunds by 1bp. US session focus includes 3-year note auction, with this week’s highlights coming Wednesday with both CPI and Fed policy announcement due. Treasury coupon auctions resume with $58b 3-year note sale at 1pm New York, followed by $39b 10-year Tuesday and $22b 30-year bonds Thursday. The WI 3-year at ~4.65% is around 4.5bp cheaper than May’s stop-out, which traded 0.3bp through the WI level.
In commodities, oil prices are little changed, with WTI trading near $75.50. Spot gold is steady around $2,296/oz. Bitcoin is flat and holds around $69K, whilst Ethereum drops below $3.7K.
On today’s US economic calendar, we get the May NY Fed 1-year inflation expectations at 11am. This week also includes CPI, PPI and University of Michigan sentiment. Fed officials are expected to refrain from commenting until after their June 12 policy announcement
Market Snapshot
S&P 500 futures down 0.1% to 5,348.00
STOXX Europe 600 down 0.5% to 520.92
MXAP little changed at 180.12
MXAPJ down 0.3% to 561.09
Nikkei up 0.9% to 39,038.16
Topix up 1.0% to 2,782.49
Hang Seng Index down 0.6% to 18,366.95
Shanghai Composite little changed at 3,051.28
Sensex up 0.3% to 76,895.70
Australia S&P/ASX 200 up 0.5% to 7,860.02
Kospi down 0.8% to 2,701.17
German 10Y yield little changed at 2.65%
Euro down 0.4% to $1.0760
Brent Futures up 0.2% to $79.77/bbl
Gold spot up 0.1% to $2,295.68
US Dollar Index up 0.31% to 105.21
Top Overnight News
After a crushing defeat in the European Parliament election on Sunday, President Emmanuel Macron plunged France into political uncertainty with a snap legislative ballot that re-stages his perennial battle with far-right rival, Marine Le Pen.
The euro fell to its lowest in a month after French President Emmanuel Macron called a legislative vote in the wake of suffering a crushing defeat in the European Parliament elections.
The European Central Bank may not cut interest rates again for a while as it watches to see how quickly inflation recedes to its 2% target, according to Governing Council member Joachim Nagel.
German Chancellor Olaf Scholz’s ruling coalition is on course for another drubbing when three eastern German regions where the far-right Alternative for Germany is the strongest party hold elections in September.
Nvidia will trade with its 10-to-1 stock-split price today
A more detailed look at global markets courtesy of Newsquawk
APAC stocks began mixed ahead of key events including the FOMC and BoJ policy decisions, as well as US and Chinese CPI data, while it was a holiday-thinned start to the week with markets in Australia, China, Hong Kong and Taiwan all closed for holiday. Nikkei 225 advanced on the back of recent currency weakness and after revised GDP data showed a slightly narrower annualised contraction in Japan’s economy than initially reported. KOSPI traded subdued amid ongoing geopolitical tensions after South Korea restarted loudspeaker broadcasts and North Korea sent another round of waste balloons and warned of new responses.
Top Asian News
China and Pakistan agreed to strengthen mining development and industrial cooperation, while they are willing to actively promote investment and cooperation between Chinese firms in the mining industry in Pakistan and jointly strengthen the planning of mining industry parks including deep processing of ores.
BoJ is expected to consider whether to scale back its roughly JPY 6tln in monthly government bond purchases at the upcoming meeting as it moves toward policy normalisation, according to a report in Nikkei on Friday.
Japan’s government said in a draft economic blueprint that it will work closely with the BoJ and guide policy ‘flexibly’ as monetary policy has entered a new stage, while it added that consumption is lacking momentum and the price outlook is uncertain due partly to the declines of the yen.
European bourses, Stoxx 600** (-1.2%), sank at the open and resides at lows amid the political uncertainty in Europe whereby the centre-right strengthened its majority although the far-right made gains – this prompted French President Macron to announce a snap election, which has resulted in the CAC 40 (-1.8%) underperforming. European sectors are entirely in the red. Construction & Materials are found at the bottom of the pile, alongside Autos and Banks, largely dragged down by significant losses in French stocks. US equity futures (ES -0.3%, NQ -0.3%, RTY -0.8%) are entirely in the red, in tandem with broader sentiment in Europe, albeit to a lesser magnitude; the RTY underperforms, continuing the post-NFP downside seen on Friday.
Top European News
UK PM Sunak is set to promise another 2p cut to national insurance in the Conservative manifesto, according to The Sunday Times.
Transatlantic trade association BritishAmerican Business chief said US companies are worried the costs of operating in the UK would increase under a Labour government, making the country a less attractive place to invest, according to FT.
Deltapoll survey showed UK opposition Labour Party with 46% of support (-2) vs the ruling Conservative Party at 21% (-4) with the Labour Party set to gain a 416 majority.
The centre-right European People’s Party is set to hold the most seats in the European Parliament with 189 seats, according to the latest EU-wide projections cited by Reuters. However, far-right parties made significant gains as they performed well in Germany and comfortably won in France which prompted French President Macon to dissolve parliament and announce snap elections to be held on June 30th and July 7th. Furthermore, Belgian PM Alexander De Croo announced his resignation after the defeat of his party in the European elections, according to APA.
EU’s von der Leyen said there remains a majority in the centre for a strong Europe and the centre is holding but added that extremes on the left and right have gained support, while she is confident she can win a new mandate as EU Commission President.
ECB’s Holzmann said the ECB can declare victory on inflation when it is at 2%, while he added that they are on the path to an economic recovery.
ECB’s Kazaks said future rate cuts depend on economic outlook; too early to make a definite statement about the future of rate cuts, via Econostream.
ECB’s Kazimir said should not rush into another rate cut and should sit out the summer; September will be a pivotal month as a lot of new data are published by then. Inflation beast not broken yet and price pressures can resurface. Disinflation will be bumpy but confident ECB is moving towards target.
European Commission this week is expected to disclose the tariff rate for Chinese EVs amid “excessive subsidies”, according to Reuters.
FX
USD is extending on Friday’s post-NFP gains with a softer EUR helping boost DXY to a 105.30 high (highest since May 14th). Macro focus for the US this week falls on CPI and FOMC both due on Wednesday.
EUR is the standout laggard across the majors following the EU parliamentary elections which have stoked uncertainty across the bloc, particularly in France. EUR/USD gapped lower and slipped beneath its 100 and 200DMAs with the current low at 1.0748. In terms of notable OpEx, there are also some large near-the-money clips due to roll-off.
GBP is softer vs the Dollar though is holding up better than peers due to cross-related selling in EUR/GBP which sits at its lowest level since August’22 (0.8454 is the current session low). Cable currently holding just above 1.27.
JPY is losing ground to the broadly firmer USD in what is a big week for the pair with rate decisions from the FOMC and BoJ. In recent trade, the USD/JPY has dipped below 157.00, and currently holds around 156.80.
Antipodeans are both holding up relatively well vs. the USD despite the flimsy risk sentiment in the market. Performance is likely due to the particularly bruising session on Friday post-NFP which sent AUD/USD down as low as 0.6577 vs. an opening price of 0.6664.
Fixed Income
USTs are currently immune to the downbeat mood in European fixed income markets; drivers this week for US paper include US CPI, FOMC alongside dot plots and a heavy supply slate. Sept’24 UST currently holding above the 109 mark, with the current low at 109.02.
European bonds are pressured given the political events over the weekend, which saw the centre-right hold at an EU level, and a strong performance for the far-right. As it stands, Bunds have dipped below 130.00 and looking to test the trough from 3rd June at 129.83; OATs underperform, after French President Macron dissolved the French parliament and announced a snap election.
Gilts are on the backfoot, in tandem with European peers, albeit to a lesser extent. The Sep’24 Gilt contract has slipped further on a 96 handle with 96.37 the current session low.
DE/IT 10yr spread is wider by 7.5bps with the Italian 10yr yield at its highest level since December. DE/FR 10yr spread is wider by 5.6bps with the French 10yr yield at its highest level since May 31st.
Commodities
Crude was firmer for a large part of the European morning, before succumbing to some selling pressure in tandem with the risk sentiment and stronger Dollar. Geopolitics over the weekend has not seen any major escalation. Brent Aug currently trading in a USD 79.34-80.14/bbl parameter.
Upward tilt in spot gold and spot palladium but spot silver majorly outperform following the hefty post-NFP slump on Friday which took the metal from USD 31.50/oz highs to USD 29.10/oz lows.
Base metals are modestly firmer as the complex attempts a recovery from the post-NFP slump on Friday, in which the pushback in US rate cut expectations hit the economy-linked base metals, whilst traders look ahead to China’s inflation numbers before US CPI and FOMC on Wednesday.
Iraq set the July Basrah medium crude official selling price to Asia at plus USD 0.60/bbl vs Oman/Dubai average and to Europe at minus USD 2.85/bbl vs dated Brent, while it set the OSP to North and South America at minus USD 0.65/bbl vs ASCI, according to SOMO.
Iraqi Oil Minister said there was progress in talks held on Sunday with Kurdish regional government officials regarding resuming northern oil exports, according to Reuters.
Citi on gold: Thinks support (May low and double top neckline) at USD 2,277/oz will hold short-term; if weekly close is below USD 2,277/oz, it would initiate a double top formation and could see further losses. Citi retains long-term bullish view between USD 2,500-2,523/oz.
Geopolitics: Middle East
Gaza health ministry said 274 Palestinians were killed and 698 were injured during an Israeli offensive on a Nuseirat camp, while a Palestinian Islamic Jihad official said Israel’s offensive at Nuseirat will not affect the prisoners/hostages swap deal.
Hamas chief Haniyeh said Israel cannot force its choices on them and they won’t accept any deal that doesn’t achieve security for their people. It was also reported that the Hamas armed wing said three Israeli hostages were killed including a US citizen during an Israeli hostage-freeing operation in Gaza.
Israeli minister Gantz resigned from the emergency government and called for early elections, while he accused PM Netanyahu of mishandling Israel’s war in Gaza, according to FT.
US circulated a new draft UN Security Council resolution calling on Hamas to accept the hostage and ceasefire deal, while a vote is expected on Monday, according to two sources with direct knowledge cited by Axios’ Ravid.
Hezbollah said it fired a salvo of Falaq 2 rockets at Israel for the first time.
Yemen’s Houthis said they targeted a British destroyer and two related ships in the Red Sea with ballistic missiles, although the UK Defence Ministry said assertions by Houthis that they attacked a British destroyer in the Red Sea are false.
UKMTO said a vessel was hit by an unknown projectile 70 NM southwest of Yemen’s Aden which resulted in a fire although no casualties were reported.
“The Biden administration discussed the possibility of negotiating a unilateral deal with Hamas independently of Israel to release American hostages through Qatari mediators”, via Sky News Arabia citing NBC
Geopolitics: Others
Russian forces appeared to have made headway in the key Ukrainian town of Chasiv Yar, according to sources cited by Reuters.
Senior Russian Lawmaker says F-16 jets and their bases beyond Ukraine will be legitimate goals for Russian forces if they take part in combat missions
US National Security Advisor said the Ukrainian army carried out strikes with US weapons on targets in Russian territory, according to Asharq News.
US President Biden and French President Macron committed to supporting efforts to bring forward extraordinary profits from immobilised Russian sovereign assets for the benefit of Ukraine. Furthermore, they expressed strong concern about transfers of weapons especially from Iran and North Korea, as well as dual-use materials from China to support Russia’s war against Ukraine, while they support actions to curtail access to US and French financial systems for such transfers.
G7 plans to warn small Chinese banks over helping Russia evade Western sanctions, according to sources cited by Reuters.
South Korea restarted loudspeaker broadcasts in response to North Korea’s sewage balloons, according to Asahi. It was separately reported that North Korean leader Kim’s sister warned of new responses against South Korea’s loudspeaker broadcasts and leafleting, while she called for South Korea to stop dangerous acts. Furthermore, the South Korean military later announced that North Korea sent around 310 trash-carrying balloons in its latest launch, according to Yonhap.
Philippines National Security Adviser said they reaffirmed a commitment to uphold their sovereign rights and jurisdiction over the second Thomas Shoal, while they will continue to maintain and supply their outposts in the South China Sea without seeking permission from any other nation.
US Event Calendar
11:00: May NY Fed 1-Yr Inflation Expectat, prior 3.26%
DB’s Jim Reid concludes the overnight wrap
For this week the whole financial world will be focused on Wednesday with three huge events occurring. The latest US CPI, the FOMC, oh and my 50th birthday. We’ll preview the first two below but other events this week include NY Fed 1-yr inflation expectations today, UK employment data, US small business optimism and a 10yr UST auction tomorrow, China CPI and Japanese PPI on Wednesday, waking up to a mid-life crisis on Thursday alongside US PPI and a 30yr UST auction, with the BoJ decision and the US UoM consumer sentiment on Friday.
Before we delve deeper, it’ll be fascinating to see the reaction of French bond markets this morning (likely negative) after the surprise news last night that Macron has called for snap legislative elections which will take place in two rounds on June 30th and July 7th. This is after his party trailed with 15% in the European Parliamentary (EP) elections with Le Pen’s National Rally (RN) winning 32%. Although this was broadly in line with expectations, Macron is likely hoping to win back some momentum and hope a notable part of the EP results were a protest vote and also encourage other centrist parties to help rally round to limit the charge of Le Pen. His other hope would be that if RN have a bigger part in government, their appeal may diminish before the next Presidential elections in 2027. So a big gamble.
In terms of the wider EP elections the main takeaway is that even with the uncomfortable results in France and Germany, the centrist majority is holding as the far-right didn’t outperform expectations in aggregate. See DB Marion Muehlberger’s initial reaction piece here published in the early hours of this morning for more, and the implications. As the results have started to materialise the Euro is -0.44% lower as I type, at 1.0753 against the dollar, its weakest level in nearly a month.
Moving forward, let’s preview the main events of the week in more detail now. It’s not very often you have a US CPI released on the same day as a FOMC meeting and the former will certainly factor into the latest Fed Summary of Economic Projections (SEP). On Friday, a few US houses who were expecting summer Fed cuts pushed back their projections after the strong payroll number and this release will also influence the tone of the meeting. Our economists believe the new SEP forecasts are likely to revise core PCE inflation higher this year (2.8%), and move the median dot from three rate cuts to two with a desire for optionality for September perhaps the only thing preventing this moving nearer to DB’s long standing expectation of a cut only arriving in December. Our econ team also expect the 2025 median dot to move up by 25bps as well and the long-run dot to 2.75% (with risks it moves even higher). Powell’s press conference will no doubt offer nuances around any changes and will have the ability to put a dovish or hawkish spin on them. At this stage optionality will likely be preferred with little specific guidance.
May’s CPI release hours earlier will cast a long shadow over the meeting (see May CPI preview & webinar registration from our economists). Our team expect headline CPI (+0.12% forecast vs. +0.31% previously) to come in softer than core (+0.27% vs. +0.29%), helped by declining gas prices last month. This would reduce the core YoY rate by a tenth to 3.5%, with the headline remaining steady at 3.4% (in-line with consensus). Under these forecasts the three-month annualised core rate would fall three-tenths to 3.8%, while the six-month annualised rate would remain at 4.0%. Obviously as ever rents will get a lot of attention to see if they are falling as the models suggest they should be and then for PPI on Thursday, the components that feed directly into core PCE (namely health care services, domestic airfares, and portfolio management) will be the main thing to watch.
For the Fed to cut rates in September (unlikely in our eyes), or earlier (only in an imminent crisis), inflation must fall sharply, or employment needs to weaken considerably. For the latter, Friday’s payroll suggested that this will be tough to see in the data quickly enough. May’s headline (+272k) and private (+229k) payroll gains were well above the +180k and +165k expected respectively with a 0.4% gain in average hourly earnings a tenth higher than expected. The diffusion index (63.4) was the highest level since January 2023 which shows that job growth has broadened out after narrow gains for a lot of the last year.
The household survey did contain a surprise tenth of a percent increase in the unemployment rate to 4.0%, the highest since November 2021 (4.1%). It’s possible that this survey isn’t capturing the surge in immigration our economists discussed in How large was the inflation mitigation from immigration?, so for now the establishment survey might be the more reliable although such a big difference between the surveys does keep you vigilant. For a deeper take on the data, see our US economists’ chart book here.
The other two big events of the week are probably Chinese inflation and the BoJ. For the former, current median estimates on Bloomberg suggest the CPI may improve to +0.4% YoY in May from +0.3% in April, with the PPI also coming in higher relative to the previous reading (-1.5% vs -2.5% in April). For the latter, our Chief Japan economist expects the target short-term interest rate to remain unchanged but highlights that the focus will be on guidance for JGB purchases. He sees changes including a reduction of the central bank’s purchases from the current 6tn yen per month to 5tn yen. His detailed forecasts are in the meeting preview here.
Asian equity markets have little overall direction this morning in a holiday thinned session with China, HK and Australian markets closed. The Nikkei (+0.49%) is higher whilst the KOSPI (-0.71%) is lower. US equity futures are flat. 10yr USTs yields (+1.4bps) are edging up to trade at 4.447%.
Early morning data showed that the Japanese economy shrank slightly less than initially estimated in Q1 on upward revisions to capital spending and inventory data. GDP contracted -1.8% y/y in the three months to March as against a revised decline of -2.0% in the initial estimate. On a q/q basis, GDP fell -0.5% in the first quarter, the same as initially estimated, after rising +0.1% in Q4.
Recapping last week, fixed income markets were roiling on Friday after the substantial upside surprise to the May nonfarm payrolls we discussed above. The amount of Fed cuts priced in by December fell -12.8bps on Friday to 37bps, almost exactly reversing their rise earlier in the week following downside surprises in other US data. This saw Treasuries post their biggest daily loss in nearly two months. 2yr yields rose +16.2bps on Friday, leaving them +1.4bps higher on the week at 4.89%. Similarly, 10yr yields gained +14.6bps on Friday to 4.43%, though they were still -6.6bps lower on the week. The dollar index also rose on Friday, up +0.75%, and +0.20% over the week.
Over in Europe, it was also a tale of two halves for bonds. The strong US payrolls saw 10yr German bund yields rise +7.0bps on Friday, adding to the +3.7bps rise on Thursday following the hawkish rate cut by the ECB. However, this was insufficient to retrace gains from the rally earlier in the week, with yields down -4.5bps.
The rise in yields saw the equity rally run out of steam on Friday. The S&P 500 edged -0.11% lower, though it was still +1.32% higher on the week having posted a new record high on Wednesday. Tech outperformed as the NASDAQ rose +2.38% (-0.23% on Friday) in its largest weekly rise since April. On the other hand, the Russell 2000 slipped -2.10% (and -1.12% on Friday) and the equal-weighted S&P 500 was also down -0.77% (-0.35% Friday). So the rally in US equities was far from broad based. Over the Atlantic, the STOXX 600 also notched another record high following the ECB cut but traded modestly down on Friday (-0.22%), leaving it with a +1.04% weekly gain.
Finally in commodities, oil had a tough week after OPEC+ announced its intention to start rolling back its voluntary supply cuts starting in October. Brent crude fell -2.45% (-0.31% on Friday) to $79.62/bbl, and WTI by -1.90% to $75.53/bbl (-0.03% on Friday).
2B EUROPE OPENING/TRADING
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
Japan’s Population Crisis Just Got Even Worse
Published Jun 07, 2024 at 9:33 AM EDTUpdated Jun 07, 2024 at 9:41 AM EDT01:03
South Korea’s Ambitious Plan To Rescue Its Population
Japan’s birth rate fell for the eighth year in 2023, deepening a population crisis that has confounded policymakers and threatens the viability of the world’s fourth-largest economy.
The fertility rate, or the number of births a woman can be expected to have in her lifetime, stood at 1.2 last year, according to figures from the Japanese Health Ministry, down 0.25 percent from 2015 and far below the replacement rate of 2.1.
Japan is not alone as it faces a population crisis by its plummeting number of births. East Asia is at the bottom, with China (1.0 births per person), Taiwan (0.85), and South Korea (0.72) all struggling to reverse the trend.
Combined with a rapidly greying workforce and relatively low immigration, these populations face higher dependency ratios and increasing pressure on public services and pension systems, straining their economies.
Only 727,277 children were born in Japan last year. This was a drop of 43,482 since 2022 and the lowest figure since Japan started recording statistics in 1899, according to local news agency NHK.
Japan’s Health Ministry called the situation “critical” and warned the country has until the 2030s, when the youth population experiences a steep drop, to boost its births.
The fertility rate in the Japanese capital of Tokyo was even lower at 0.99 births per woman. The next lowest was the northernmost prefecture of Hokkaido (1.06) and Miyagi prefecture in the northeast (1.07). Okinawa prefecture had the highest fertility rate, posting 1.60.
France moves to the right. Macron dissolves Parliament
(zerohedge)
Right-Wing Tsunami: France “Stunned” After Macron Announces Snap Elections Following Crushing Defeat In European Parliament Vote
SUNDAY, JUN 09, 2024 – 04:25 PM
Update (4:20pm ET):
Following a historic loss to Marine Le Pen’s right-wing party in European elections on Sunday, French President Emmanuel Macron said he is dissolving the French parliament.
Macron said France will hold new elections on June 30 and July 7, a high-stakes maneuver that the WSJ said “stunned” the nation after projections based on early ballot counts came in for Sunday’s elections for the European Parliament. The projections showed National Rally garnering around 31% of the vote, twice the support for Macron’s Renew Party.
Results in France look as bad as had been forecast, per exit polls. Macon’s party barely gets 2nd place – and less than half the 31.5% of the National Rally of Marine Le Pen. Will have consequences in France, but also Europe.
“This is a serious, weighty decision, but above all it’s an act of trust,” Macron said. “Confidence in you, confidence in the ability of the French people to make the right choice for themselves and for future generations.”
Bardella and Le Pen humiliate Macron in European elections. Macron dissolves National Assembly and calls new elections in a month. Putin laughs.
National Rally leader Jordan Bardella said Sunday’s results marked an “unprecedented rout for the powers that be,” adding that it was “day-one of the post-Macron era.”
Macron’s decision to call parliamentary elections opens the door for his party, which is deeply unpopular at the moment, to shed even more seats to rival parties in France’s National Assembly, the country’s lower house of Parliament.
If that occurs, Macron could be forced to appoint a prime minister from another party, such as the center-right Les Républicains, in a power-sharing arrangement known in France as a “cohabitation.”
“A dissolution means a cohabitation,” said Alain Duhamel, a prominent political analyst.
Bardella and Le Pen humiliate Macron in European elections. Macron dissolves National Assembly and calls new elections in a month.
·
183.2K Views
X.com/RadioGenoa/status/1799890556757115293
The shocking news in France comes after Europe’s right wing parties put on a show of strength in this weekend’s EU elections, which also reinforced German Chancellor Olaf Scholz’s position lagging two rival parties.
Sunday’s results still appeared to leave the mainstream pro-EU parties with a lock on power in Brussels, if only for the time being. The center-right EU political grouping that now leads the bloc looked set to win the most seats in the European Parliament, boosting European Commission President Ursula von der Leyen’s hopes of keeping her job for a second term. She has forged a close working relationship with the Biden administration.
Still, France’s far-right opposition party National Rally looked set to be among the pan-European election’s biggest winners. Marine Le Pen’s party is on target to become the largest single party in the European Parliament. Projections based on early ballot counts on Sunday evening suggested National Rally had gained roughly 31% of the vote, twice the support for Macron’s Renew Party.
After the French results, Macron announced he was dissolving parliament to call fresh elections. His party already lacked a majority in the National Assembly. The first round of the elections will take place June 30, followed by a second on July 7, Macron said.
As reported earlier, the Social Democratic Party of German chancellor Scholz also apparently faced a drubbing. According to national exit polls, it was running third behind the far-right Alternative for Germany and the clear winner, Germany’s opposition center-right alliance.
The elections, held from Thursday through Sunday, were for the 720 members of the European Parliament. Up to 370 million voters were eligible according to EU figures, although turnout in the elections is usually modest. While the European Parliament’s main powers are to approve or amend EU rules, laws and trade deals, the twice-decade vote offers a potent indicator of Europe’s political mood. The legislature also gets to approve the EU’s new leadership team.
As the WSJ notes, “Sunday’s results point to trouble for the EU leadership’s ability to pursue its environmental goals and indicate that pressure will mount to tighten migration rules under right-wing pressure. The vote is also likely to give a greater voice—at least within the parliament—to nationalist and left-wing critics of EU support for Ukraine.”
Despite pro-EU parties’ setbacks, they appeared to hold enough seats to cobble together a majority of lawmakers to approve their priorities. An assessment from exit poll-aggregator Europe Elects suggested that center-right, centrist and center-left political blocs would secure 413 seats in the new parliament, a clear majority. Right-wing nationalist parties look set to secure at least 160 votes.
While the results push European politics to the right, divisions among the nationalist and far-right EU parties are likely to blunt the impact of their gains. Some right-wing leaders have called for an alliance across the movement, but that appears unlikely.
* * *
As we await the results from the European Parliament vote (previewed here), the exit polls from Germany are already in and they are a disaster for both the alliance of French president Macron, who was steamrolled by Marine Le Pen, and for German Chancellor Olaf Scholz’s Social Democrats, which crashed to their worst-ever result in European Parliament elections Sunday, as conservative and right-wing parties soared across the old continent, a result which will help tilt the European parliament further towards a more anti-immigration and anti-green stance.
According to preliminary results from five countries, right-wing parties are estimated to have won at least 33 of the 174 seats available in Austria, Cyprus, Germany, Greece and the Netherlands, according to official exit polls from those countries, up from 19 seats at the last election in 2019. And – as the ultraliberal FT admits – “the surge, at the expense of liberal and Green parties, would complicate European commission president Ursula von der Leyen’s bid for a second term as head of the EU’s executive.”
In Germany, Chancellor Scholz’s Social Democrats crashed to their worst-ever result, falling to third place with 14% of the vote behind the populist and nationalist Alternative for Germany, which has become the second-largest German party in the European Parliament with 16.4%. The conservative CDU/CSU alliance was on course for a comfortable win with 29.6%, according to an exit poll Sunday from public broadcaster ARD. The other two parties in Scholz’s ruling alliance — the Greens and the Free Democrats — got 12% and 5% respectively.
As reported overnight, the German exit polls are among the first results from the European election, which started Thursday and culminates Sunday, and will determine the make-up of the bloc’s legislative assembly. The outcome will establish which leaders have the most leverage to claim the EU’s top jobs, including the presidents of the European Commission and the European Council.
The catastrophic showing for Scholz’s coalition underscores the increasing difficulty the German government faces in leading European policy. Support for Scholz’s ruling alliance in Berlin has dropped to record lows in recent months, with the three parties’ combined support currently around 35%, down from more than 50% in the 2021 federal election.
As Bloomberg reports, CDU General Secretary Carsten Linnemann questioned whether Scholz retains the authority to lead the country and blamed the ruling coalition’s policies for the rise of the AfD. “He was the one on the election posters so really he should submit to a vote of confidence,” Linnemann said.
The AfD managed to post substantial gains despite experiencing a series of setbacks in recent weeks involving bribery and spying scandals. The Alliance Sahra Wagenknecht, or BSW, which she co-founded in January after splitting from the Left party, got 5.7%.
Kevin Kuehnert, the SPD general secretary, said the party won’t be seeking “scapegoats” and insisted that it had been the right decision to make Scholz a central figure in the election campaign despite his relatively low approval rating.
“For us this is an extremely bitter result,” Kuehnert said in an interview with ARD. “We will have to look at where we weren’t good in our mobilization,” he added. “The promise now is that we’ll fight back from this.”
Kuehnert said the priority for the coalition in coming weeks is to broker an agreement on next year’s budget, which has been another source of infighting in the three-party alliance.
Amid continued losses for the establishment, right-wing and conservative parties in Europe are slated to pick up more seats compared with the last election five years ago, as migration swings to the top of the political agenda, while the EU’s ambitious climate goals may face greater hurdles.
Still, at the EU level, centrist parties on the left and right are due to maintain their grip on the majority. That means a degree of continuity on key policies at a time of immense geopolitical uncertainty with Russia’s war on Ukraine raging to the east and China becoming ever more assertive.
As further discussed overnight, the EU is also confronting challenges including how to maintain fiscal sustainability while investing in a greener future, boosting the competitiveness of European manufacturing and strengthening defense capabilities amid the prospect of Donald Trump’s return to the US presidency, which could impact everything from trade to environment policy.
Germany’s next national vote is due in the fall of next year. The ruling parties are expected to fare just as poorly in their next major electoral test — three regional ballots in September in the eastern states of Thuringia, Saxony and Brandenburg with the AfD is leading in the polls in the three states, but is unlikely to get into government as all other parties have ruled out joining it in coalition.
In the Netherlands, Dutch conservative Geert Wilders notched significant gains on Thursday, though fell short of winning the most Dutch seats in the European Parliament. That victory was claimed by a coalition of left-wing parties.
In perhaps the biggest shock of all, however, the French right-wing has inflicted a staggering defeat on the Macron alliance: with Le Pen’s gathering 32-33% of the vote to Macron group’s 15% according to pollsters.
Finally in Spain, more of the same anti-establishment, anti-liberal, anti-immigrant tsunami:
*SPAIN’S OPPOSITION CONSERVATIVES LEAD IN EU VOTE: EXIT POLL
About 360 million people are eligible to vote for the 720 lawmakers who will serve in the EU assembly for the next five years, 96 of them from Germany. A majority of the 27 member nations are holding their ballots on Sunday, with results due to trickle in throughout the evening. Results from France are due after 8 p.m. local time.
END
GERMANY
Germany reads the tea leaves and now will start to forcibly deporting dangerous migrants
(zerohedge)
“Zero Tolerance”: Germany To Start Forcibly Deporting Dangerous Migrants After Cop Dies In Stabbing
SUNDAY, JUN 09, 2024 – 07:35 AM
In response to last weekend’s terrorist stabbing at a counter-Jihad meeting in Mannheim which left one officer dead – and a second stabbing of an AfD politician in the same city, (and not years of terrorist attacks, having to close public pools and double-digit increases in crime among non-Germans), Chancellor Olaf Scholz – a leftwing social democrat, announced a new ‘zero tolerance’ program which will deport criminal migrants or those “who venerate them.”
“Anyone who threatens our freedom and disturbs our peace should be afraid,” Scholz said in in a Thursday speech at the Bundestag, where he announced that foreigners who commit serious crimes in Germany are no longer welcome – regardless of whether they’re refugees or seeking asylum, The Spectator reports.
The Chancellor announced that the German Ministry of the Interior is drawing up plans to make it easier to deport foreign-born dangerous individuals and serious criminals to their home countries, even if they come from warzones or countries controlled by authoritarian regimes such as Afghanistan and Syria. ‘Such criminals should be deported – even if they come from Syria and Afghanistan,’ Scholz confirmed.
“In such cases, Germany’s security interests outweigh the interest of protecting the perpetrator,” Scholz declared, adding “Anyone who takes advantage of our protection, like the perpetrator in Mannheim, has forfeited our protection. There is zero tolerance for that’. They must ‘feel the full force of the law.”
What’s more, Scholz added that “Anyone who glorifies terrorism is going against all of our values and should be deported.”
Of course, in January Scholz slammed an alleged suggestion by an Austrian politician at an AfD meeting that Germany should deport “unassimilated” migrants (which AfD has made clear is not party policy),” calling it a “diabolical plan,” and saying “The thought of it sends shivers down one’s spine.”
Germany’s new policy echoes that of British Prime Minister Rishi Sunak’s deportation scheme which will send Rwandan asylum seekers back to their country to have their claims processed. While Sunak’s plan is aimed to broadly deter migrants from Rwanda, Scholz is only focusing on migrants who have, or want to, or support committing crimes.
Meanwhile, after the Biden administration welcomed what’s estimated to be in the tens of millions of illegal migrants into the United States, former President Trump says that if he wins the November election, he’ll begin mass deportations – including those trying to “bring jihadism or anti-Americanism or antisemitism to campuses,”
TRUMP: I’LL DEPORT EVERYONE I CAN!“As soon as I take the oath of office, I’ll terminate every open border policy of the Biden administration and begin the largest deportation operation in American history.” Source: RSBN
Trump promises to “immediately deport” foreign students participating in anti-Israel protests. “If you come here from another country and try to bring Jihadism or anti-Americanism or antisemitism to campuses we will immediately deport you.
That said, according to Sen. Lindsey Graham (R-SC), Trump will “deport hundreds of thousands of people” living illegally in the United States.
The cartels will keep coming until they see people leaving. The only real way to fix this problem is mass deportations. Any other “solution” is a bandaid on a much larger wound.
According to The Spectator, Scholz’ policy has been in the works since at least early 2023 following a terror incident in Brokstedt, North Germany in which a Palestinian man attacked passengers on a train in Brokstedt, northern Germany, killing two teenagers and injuring several others.
Germany spox Maximilian Kall went further into detail on the new policy, saying that there are currently 480 individuals classified as ‘dangerous’ by the German government who would be eligible for deportation. He did not elaborate on how many criminals will now fall under the new policy at this stage.
Kall clarified that it would not be a case of deciding whether to either deport or imprison criminals of foreign nationality in Germany. These individuals would still be required to serve most of their sentences in Germany first before being deported.
Scholz’s policies will reverse current German law which, in line with the Geneva convention on human rights, prohibits the deportation of individuals to their home countries if they are warzones or if they are at risk of death, torture or inhumane treatment upon their return. Germany ceased deportations to Afghanistan in 2021 following the Taliban’s take-over of the country. -The Spectator
According to the report, Scholz’s new plan will take some time to implement (shocker!), because among other things, it will ‘require the cooperation of foreign governments and regimes such as the Taliban to accept their nationals back.’
What’s more, Scholz did not elaborate on the logistics of his plan when pressed by the Green party.
end
SLOVAKIA/UKRAINE
Fico believes assassination attempt on his life was due to his hatred of the Ukraine /Russian war and the use of European weapons to aid Ukraine
(zero hedge)
Slovakia’s Fico Blames Assassination Attempt On ‘Hateful’ Opposition & Its International Backers
SATURDAY, JUN 08, 2024 – 03:45 PM
This week Slovak Prime Minister Robert Fico appeared in a video message while still recovering from the May 15 assassination attempt which saw him shot multiple times at close range in broad daylight. In the video originally published to Facebook, he uttered his first official televised statements since the ordeal which very nearly took his life.
The video was recorded at his home in Bratislava, which suggests he’s nearly made a full recovery and is quickly returning to political life in the country’s top office. He said he has forgiven his attacker, identified officially by authorities as 71-year-old “Juraj C”, who had been tackled to the ground and immediately taken into custody after the shots rang out.
But Fico used the opportunity to put the opposition on notice, saying the shooter was an “activist of the Slovak opposition.” In the searing remarks, Fico called the man a “messenger of the evil and political hatred” who was motivated and whipped up by Slovakia’s “unsuccessful and frustrated” opposition. Amazingly, he at one point in the address – released days ago – made some indirect connections to his firm foreign policy stances and the attempt on his life (policies which have resisted Western hegemony as well as the rush to escalate involvement in Ukraine). Watch the remarkable speech below:
Slovakia’s PM Robert Fico speaks for the first time since surviving an assassination attempt. In his 15-minute video, he said: “Not all major democracies were happy when I rejected the bombing of Belgrade or withdrew our troops from Iraq.”
In the video he also addressed the Ukraine situation and his ‘controversial’ stance in opposition to NATO escalation head-on: “The situation in the relations between my political representation and partners in the EU and NATO escalated after the Russian attack on Ukraine, where we refused to provide Ukraine with any military aid from state stocks, except for humanitarian aid, and where we continue to fundamentally prefer peace to war.”
“The reluctance of some large democracies to respect the concept of a sovereign and self-confident Slovak foreign policy became grist to the mill of the Slovak opposition,” he continued.
The BBC has noted that “Opposition parties – in particular the liberal Progressive Slovakia, which is neck-and-neck with Mr Fico’s left-populist Smer party ahead of the European Parliament elections – have condemned the shooting and have categorically rejected all links with the attacker.”
However, in Fico’s talk he made a direct link, saying further:
The opposition was unable to assess, because no one forced them to do so, where their aggressive and hateful politics had led a section of the society and it was only a matter of time before a tragedy would occur.
“People could see with their own eyes what horror can happen if someone is not able to democratically compete and respect other opinions,” he said.
He has also committed to the following: “As the Prime Minister of Slovakia, I will not drag the country into such military adventures and, within the framework of our small Slovak capabilities, I will do everything to ensure that peace has priority over war.”
On May 15, Slovak Prime Minister Robert Fico was almost murdered in broad daylight. While shaking hands with supporters during a public appearance, a gunman shot him twice in the abdomen and once in the shoulder. The attack left him fighting for his life while authorities raced for clues, and many observers at home and abroad puzzled about the would-be assassin’s motives and whether foreign actors were in some way responsible for the attack. And despite the shooter’s instantaneous arrest, those questions still linger weeks later.
Fico, a veteran Slovak political figure, was re-elected in September 2023 amid a wave of public resentment over the proxy war in Ukraine, pledging to end arms supplies to Kiev and anti-Russian sanctions. On the campaign trail, Western leaders, journalists and pundits aggressively stoked fears of the “pro-Putin,” “populist” candidate returning to office. Ukraine’s Western-backed “Center for Countering Disinformation” publicly accused him of spreading “infoterror” back in April 2022.
But many Slovakians see it differently. They say Fico is merely committed to defending Slovakia’s sovereignty, and governing in his nation’s interests, not those of Brussels, Kiev, London, and Washington. For Western politicians, his victory came at a highly inopportune time, with public and political consensus on the proxy war in Ukraine rapidly fraying across Europe.
Since Fico’s election, media outlets like Germany’s state broadcaster, Deutsche Welle, have branded him a “threat” to the EU and NATO. His declaration that Kiev must cede territory to Russia to end the war was not well-received in Western capitals. In April, the premier seemingly predicted his own shooting, warning that the virulent political climate in Bratislava could result in politicians getting killed.
Domestically, a number of foreign-funded media assets and NGOs have relentlessly targeted Fico for pursuing neutrality in the conflict. But over two years after Russia’s intervention, local polling indicates just 40% of the population blame Moscow for the proxy war, and 50% consider the US to be a threat to national security. Meanwhile, 69% of Slovakians believe by continuing to arm Ukraine, the West is “provoking Russia and bringing itself closer to the war” and 66% agreed that “the US is dragging [their] country into a war with Russia because it is profiting from it.”
When Fico was re-elected in September 2023, this journalist speculated that a color revolution could soon be impending in Slovakia. We are now left to ponder whether the Prime Minister’s attempted assassination was a Western-directed plot to remove his troublesome government from office. Even though he is finally on the road to recovery, the threat of an overseas-orchestrated coup remains. A vast US-sponsored opposition political and media infrastructure is causing havoc in Bratislava, and this could easily escalate further.
Slovakia has since the end of the Cold War stood apart from its neighbors. Folding the country into the EU and NATO and neutralizing its rebellious politics and population has required an enormous investment in time and money by Brussels and Washington, and relentless meddling in the country’s internal affairs by foreign-funded organizations and actors. Fico’s return to power threatened to not only derail that project, but create a regional contagion effect. Disinfecting the country therefore became of the utmost urgency for the West.
Facebook purge suggests shooter was a no ‘lone wolf’
Fico’s shooter, 71-year-old Juraj Cintula, is among the Slovaks who do not support Fico’s positions. A discrepant picture of the man has emerged since his arrest. Some acquaintances describe him as “weird and angry,” and “against everything.” Others report he was meek and mild-mannered, a far from obvious candidate to attempt a high-level political assassination. Cintula, an avowed Kiev ultra, claims he acted alone, his actions motivated by a desire to replace Fico’s government with a pro-Ukrainian administration. Slovakian court documents state that Cintula “wants military aid to be provided to Ukraine and considers the current government to be Judas towards the European Union,” and say this perception is why the would-be assassin “decided to act.”
The mainstream media has made much of Cintula’s background as a dissident poet and writer, in a seeming effort to humanize the would-be killer. By contrast, Aaron Bushnell, who in February self-immolated in protest of Washington’s facilitation of the Gaza genocide, was widely tarred by journalists as a maladjusted, mentally unwell outcast. Unmentioned by any Western outlet is that during the 1980s, Cintula was under surveillance by Czechoslovak security services.
The reason for the Czechs’ interest is unclear, although it may have been due to anti-Communist actions, or foreign contacts. Whether Cintula had seditious confederates within or without Slovakia is a key line of inquiry for police. That all traces of the shooter’s Facebook profile were comprehensively scrubbed from the internet two hours after the shooting, before investigators could access the information, is also source of intense suspicion.
While it is customary for the social network to purge the profiles of “dangerous individuals” – a fate this journalist has suffered for investigative reporting – following such incidents, in Bratislava Facebook relies on cooperating local individuals and organizations to police content. Apparently, Cintula’s profile was wipedbefore his identity had been reported in local media. Slovak authorities must now rely on the FBI to secure and provide the deleted information. Whether whatever is turned over will be unexpurgated is an open question.
Another disturbing feature of mainstream reporting on the shooting is ubiquitous, persistent reference to Slovakia’s unstable politics. According to this narrative, Fico’s anti-Western policies have fueled the chaotic state of affairs, provoking the assassination attempt and making him ultimately responsible for the attempt on his life. In the days following the shooting, the BBC, Financial Times, New York Times and Germany’s esteemed Der Spiegel pinned the blame on Slovakia’s alleged “toxic” political culture. The latter revised its wording after significant public backlash.
One could be forgiven for concluding Western journalists take it as self-evident that defying EU/US will provides legitimate grounds for getting shot. Western politicians clearly do. On May 23rd, Georgian prime minister Irakli Kobakhidze revealed that EU commissioner Oliver Varhelyi warned him he could suffer the same fate as Fico, if his government didn’t drop a highly controversial “foreign influence transparency” law, which would compel local NGOs to disclose their sources of income.
After listing the various ways the EU could retaliate against Georgia in a phone call with Kobakhidze, Varhelyi allegedly stated: “Look what happened to Fico, you should be very careful.”
Varhelyi has since confirmed that he cited Fico’s fate in private conversations with Kobakhidze, but claimed he was merely concerned with “dissuading the Georgian political leadership” from adopting restrictions on foreign-funded NGOs. Varhelyi insisted in a written statement that he simply “felt the need” to caution the Prime Minister “not to enflame [sic] further the already fragile situation,” arguing that he only mentioned “the latest tragic event in Slovakia… as an example and as a reference to where such high levels of polarisation can lead in a society.”
Public records show the US government regime change specialists at the National Endowment for Democracy (NED) have pumped millions into NGOs and media outlets in Slovakia under the aegis of mundane-sounding initiatives such as “strengthening civil society” and “promoting democratic values among youth.” Similar language is used to describe the purpose of Endowment grants in Georgia, financing groups at the forefront of recent violent unrest on the streets of Tbilisi, as The Grayzone has documented. Perhaps unsurprisingly, NED grantees are unanimous in their opposition to Fico.
Anyone searching for the source of Slovakia’s “toxic” politics need not look further than these US-backed organizations. Washington has stirred this cauldron for almost three decades, and with all sides of the Slovakian political class blaming one another the rising tide of hatred, it is hoping the pot will finally boil over.
Regime change blueprint honed in Slovakia
The NED-organized overthrow of Slobodan Milosevic in Yugoslavia in 2000 established an insurrectionary blueprint which was subsequently exported in the form of color revolutions. But throughout the 1990s, Slovakian activists honed the tactics which would eventually be deployed by US regime change operatives across the Soviet sphere.
At the time, Bratislava was one of the only post-Communist countries that neither adopted ruinous neoliberal political and economic reforms, nor pursued EU or NATO membership. Slovakia’s then-Prime Minister Vladimir Meciar paid a harsh price for his independent stance. Relentlessly slandered by US and European leaders as a Russian pawn, he quickly became a target for regime change.
In 1997, then-Secretary of State Madeleine Albright publicly described Slovakia as “a black hole in the heart of Europe,” formally marking him for removal. So it was that NED funded the creation of Civic Campaign 98 (OK’98), a coalition of 11 anti-government NGOs.
Explicitly modeled on an earlier NED-funded effort in Bulgaria, concerned with “creating chaos” after the Socialist Party won the 1990 election, many of the individuals involved had been part of Cold War-era Czechoslovak anti-Communist dissident groups. OK’98 was publicly framed as a non-partisan get-out-the-vote campaign, but its vast resources were explicitly deployed for anti-government purposes. Its activities included rock concerts, short films, and TV infomercials in which Slovak celebrities urged young people to vote.
Meciar emerged with the most votes in the 1998 election, but the opposition gained enough seats to form a government. The NED assets who powered them to victory went on to give practical training to NED-supported pro-Western agitators like Pora, which ignited Kiev’s 2004 “Orange Revolution.” The insurrectionist youth group successfully overturned the re-election of President Viktor Yanukovych that year, installing the US-backed neoliberal Viktor Yushchenko in his place.
The return of Robert Fico represented a significant broadside against ongoing US “democratization” of the former Soviet sphere. It opened up the prospect of further anti-NATO candidates and governments gaining office elsewhere in Europe, at the most inconvenient juncture imaginable for Brussels and Washington.
Not coincidentally, it was at this time polling for Germany’s upstart Alternative für Deutschland became turbocharged. The Euroskeptic party’s standing has soared in recent months, eliciting mainstream calls to ban it outright. And in North Macedonia just one week prior to Fico’s shooting, the anti-establishment VMRO-DPMNE party returned to power, overturning a NATO-fuelled color revolution that removed the party from office almost a decade earlier.
As the anti-Western backlash gained steam, a decision may have been made to draw a bloody red line in Slovakia.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS.
ISRAEL HAMAS/RAFAH
IDF rescues 4 hostages
(Jerusalem post)
IDF rescues hostages Noa Argamani, Andrey Kozlov, Shlomi Ziv, and Almog Meir in daring Gaza op
The hostages were rescued by Shin Bet and Yamam fighters from two different locations in an operation in the heart of Nuseirat.
The IDF released the following statement on Saturday:
“It has been cleared for publication that in a complex operation by the IDF, Shin Bet, and the Yamam unit of the Israel police four Israeli hostages were rescued this morning (Saturday). The hostages, Noa Argamani (25), Almog Meir (21), Andrey Kozlov (27), and Shlomi Ziv (40), were kidnapped by Hamas to the Gaza Strip from the ‘Nova’ party on October 7th.
The hostages were rescued by Shin Bet and Yamam fighters from two different locations in an operation in the heart of Nuseirat.
Their medical condition is stable, and they have been transferred for further medical examinations at the ‘Sheba’ Medical Center in Tel HaShomer.
Security forces will continue to make every effort to bring back the hostages.”
Later, in a televised statement, IDF Spokesperson Rear Admiral Daniel Hagari spoke on the heroic operation, saying:
“The IDF and Yamam infiltrated two facilities while under fire by Hamas terrorists. A Yamam soldier was seriously injured in the operation and has just reached the hospital. We pray for his well-being.
This operation was a success in rescuing and returning four hostages.
We will continue to do everything to return the 120 hostages still held in Gaza. We are confident that we will reach you, and this operation will not end until you are returned home.We will not give up on a single hostage. I want to say, it is a great pride seeing the security forces working together, shoulder to shoulder, in a vital operation: returning the hostages home.
When the operation reached this level of intelligence and was approved [by the relevant bodies]… only then were we permitted to proceed.
Hamas intentionally hides the hostages in civilian neighborhoods.”
When asked by KAN 11 if there were other hostages with them:”we cannot answer this intelligence questions about other hostages. we must be careful with information security.
This operation could have ended very differently.”
Earlier in the day, the IDF made an announcement that it was attacking terrorist structures in Nuseirat in the Gaza Strip. At least 50 Palestinians were killed during that attack, a health official in the Hamas-run enclave told Reuters on Saturday.
This is a developing story
end
These are the four hostages rescued in daring IDF Gaza operation
On June 8, the IDF, Shin Bet, and Yamam unit of the Israel police resuced four hostages from Hamas captivity during a daring raid under fire in the Nuseirat area of the Gaza Strip.
Shlomi Ziv, an Israeli hostage who was kidnapped in the deadly October 7 attack by Hamas, is pictured in this undated handout photo.(photo credit: BRING THEM HOME NOW/REUTERS)
Shlomi Ziv, 41 years old, is one of four hostages who were rescued on Saturday in a complex joint operation by the IDF, Shin Bet, and the Israel Police.
People gather around released hostage Almog Meir Jan on Saturday, in Ramat Gan, Israel June 8, 2024(photo credit: REUTERS/MARKO DJURICA)
Almog Meir Jan, a 21-year-old Israeli taken hostage by Hamas terrorists in the Nova festival massacre on October 7, was rescued in an IDF, Shin Bet and Border Police operation in Nuseirat, in the Gaza Strip on Saturday.
Andrey Kozlov, an Israeli hostage who was kidnapped in the deadly October 7 attack by Hamas, is pictured in this undated handout photo(photo credit: BRING THEM HOME NOW/REUTERS)
The IDF announced on Saturday that they had rescued Andrey Kozlov in an IDF operation in the heart of Nuseirat, in the Gaza Strip
The IDF has begun securing the coastal area of the US military’s Joint Logistics Over-the-Shore (JLOTS) pier in Gaza, the IDF announced on Saturday.
The pier’s reestablishment is expected to allow the continued delivery of humanitarian aid to the people of Gaza in the coming days.
Soldiers of the 162nd Division continued intelligence-based, targeted operations in the Rafah area, locating large amounts of weaponry and terror tunnel shafts.
In one operation, soldiers from the 401st Brigade conducted a targeted raid on a military compound used by the Tal as-Sultan Battalion to train Hamas terrorists. During this raid, the troops killed terrorists who posed a threat to them and discovered substantial caches of weaponry and terror tunnel shafts.
The IDF’s 98th Division maintained operational activity in eastern Deir al Balah and eastern Bureij. Over the past day, Israel Air Force (IAF) aircraft and IDF ground troops struck dozens of terrorist cells and infrastructures, including an underground terror tunnel concealed within a civilian structure. The strike resulted in secondary explosions, indicating the presence of a large amount of weaponry in the structure.
IDF soldiers operate in the Gaza Strip, June 8, 2024 (credit: IDF SPOKESPERSON’S UNIT)
Rocket launcher chain reaction
Additionally, the troops struck terrorists near a terror tunnel shaft, leading to the unintended launch and subsequent fall of ready-to-use rockets near another terror tunnel shaft within the Gaza Strip. No IDF injuries were reported during these operations.
In central Gaza Strip, during IDF activity, IAF fighter jets eliminated a terrorist cell that had been firing mortars at the troops in the area over the past week. This operation also concluded without any reported injuries to IDF personnel.
end
Zero hedge discusses the rescue to the hostages
(zerohedge)
IDF Frees 4 Hostages In Biggest Gaza Rescue Op Since War Began
SATURDAY, JUN 08, 2024 – 01:25 PM
Four hostages have been recovered alive in what’s being widely described as the Israel Defense Forces’ biggest rescue operation in the Gaza Strip since the war began.
All of them had been initially kidnapped by Hamas from the Nova music festival on October 7 and they are: Noa Argamani, 25, Almong Meir Jan, 21, Andrey Kozlov, 27 and Shlomi Ziv, 40. Authorities have confirmed they are in good medical condition and they underwent evaluations at Tel Aviv’s largest hospital.
In total hundreds of soldiers participated in the high-risk operation, but which was spearheaded by the police’s elite Yamam counter-terrorism unit and Shin Bet agents.
These units raided a pair of Hamas buildings in central Gaza’s Nuseirat where the captives were being held, with the operation done “under fire”. One officer of the counter-terror unit, identified as Chief Inspector Arnon Zamora, was critically wounded in the assault and later died at a hospital.
At least 50 Palestinians were killed in the major operation, Israeli media reports, however the military hasn’t specified how many were combatants. Some regional reports say that as many as 200 Palestinians, among them many civilians, were killed in related strikes and operations in central Gaza on Saturday.
IDF spokesman Rear Adm. Daniel Hagari said that “During the operation, we struck… threats to our forces in the area. These threats were struck from the land, air, and sea… for us to extract our forces [and the hostages].” The freed Israelis had been in captivity for eight months.
Footage shows one of the hostages (presumably Noa Argamani) being extracted from the Gaza Strip in a helicopter after being rescued from Hamas captivity in Nuseirat.
Hagari further said that the intelligence for the operation was “very complex to obtain” – having been prepared for “many weeks,” with “quality intelligence and complex operational planning.”
Prime Minister Benjamin Netanyahu in a statement said, “Once again you have proven that Israel does not surrender to terrorism and acts with creativity and boldness that knows no bounds, to bring home our hostages.” He added: “We are committed to doing so in the future as well. We will not let up until we complete the mission and return all our hostages home – both the living and the dead.”
Terrifying images of Noa Argamani being whisked away by Hamas on a motorcycle had gone viral on Oct.7…
For Netanyahu this is also a big boost politically as he’s been widely accused of not prioritizing the rescue of the hostages, and large-scale protests have demanded that more be done to free them through negotiations. Some 120 hostages remain unaccounted for, and Israel has recently said it believes 40 among these could be dead.
The IDF pointed out Noa and the other freed hostages were held by Hamas in the terrifying ordeal for 245 days.
However, some new allegations are emerging surrounding IDF tactics in the operation and the potential US role.
ISRAEL HAMAS
the USA had a hand in the Israeli operation to rescue 4 hostagess
(zerohedge)
US Admits Role In Israeli Rescue Operation That Killed Over 200 Palestinians
SUNDAY, JUN 09, 2024 – 11:40 AM
The United States has denied ongoing allegations that it was militarily involved in Israel’s Saturday raid on a central Gaza Hamas stronghold which returned alive four hostages who had been kidnapped on Oct.7.
“Well, the one thing I can say is that there were no U.S. forces, no U.S. boots on the ground involved in this operation. We did not participate militarily in this operation,” US National Security advisor Jake Sullivan said in a CNN interview on Sunday. There have been widespread claims that US special forces advisers were on the ground in some capacity, but this hasn’t been met with confirmation.
However, it has been reported that “A U.S. official told Axios the U.S. hostage cell in Israel supported the effort to rescue the four hostages.” The precise level of ‘support’ and details of this involvement hasn’t been revealed, but The New York Times has so far described that US officials in Israel had been “providing intelligence and other logistical support.”
Despite the freeing of the four hostages being a clearly big ‘win’ and victory for Israel, which the White House also congratulated, it quickly emerged that the refugee camp at Nuseirat suffered a massacre during the operation.
The Palestinian side is saying that at least 274 people were killed, mostly civilians, in the large-scale attacks which reportedly paved the way for the elite counterterror team to go in and rescue the captives while under heavy fire. Israel launched significant strikes on the surrounding area to protect the Israeli elite hostage rescue team.
Sullivan confirmed during the same CNN interview that “innocent people were killed” in the Israeli military operation to free the group of hostages. He didn’t say how many civilian casualties there were, however. “We, the United States, are not in a position today to make a definitive statement about that. The Israeli defense forces have put out one number. The Hamas-run Gaza Health Ministry has put out another number,” Sullivan said.
“But we do know this, Dana. Innocent people were tragically killed in this operation. The exact number we don’t know, but innocent people were killed. And that is heartbreaking. That is tragic,” he added. He then followed by saying something which can be seen as an indirect criticism of Netanyahu’s decision-making. He stressed that Biden “thinks the best way to get all of the hostages home is in a deal where they’re brought out diplomatically, where there’s no need for military operations to get every last hostage out.”
“In the absence of that, without Hamas saying yes to the deal, unfortunately, we are going to continue to see ongoing conflict and military operations in which Israel makes efforts to recover its citizens and, frankly, to recover American citizens. What we would much prefer to see is a cease-fire where the hostages come out peacefully,” he added.
One big claim that neither the US nor Israeli side has acknowledged is that the Israelis transported an elite counter-terror troops into central Gaza by using a humanitarian aid truck from the US-constructed pier as a decoy. Some videos have circulated which purport to show this, but there’s yet to be substantial evidence proving it. But there is some video evidence that the Pentagon’s humanitarian pier location was used by Israel forces, at least as a staging ground area…
A video circulating on Hebrew social media claims a helicopter rescued four captives from central Gaza on Saturday, confirming Israel’s use of the American temporary pier. This operation resulted in the killing of over 210 Palestinians.
0:55
Helicopter claimed to be used in operation in Nuseirat
Citing a source familiar with the matter, CNN reported that there were “no US boots on the ground,” adding that the American cell has been in place since 7 October, supporting Israel with information gathering.
However, videos circulating online on Saturday showed a helicopter taking off from the beach in Gaza with the US pier in the backdrop.
Two US officials told CBS News that the pier was not used in the operation and in a series of statements released later on Saturday, US Central Command (Centcom) said that the “pier facility, including its equipment, personnel, and assets were not used in the operation to rescue hostages today in Gaza.”
Importantly, on Saturday The Times of Israel’s chief military correspondent Emanuel Fabian confirmed that the video showed an IDF helicopter extracting a hostage: “Footage shows one of the hostages (presumably Noa Argamani) being extracted from the Gaza Strip in a helicopter after being rescued from Hamas captivity in Nuseirat,” he wrote on X. One initial commenter picked up on what can clearly be seen in the immediate background, “Right next to the US pier?”
US Central Command (CENTCOM) attempted to address allegations that the Gaza pier was used in Saturday’s Israeli military operation:
On Sunday, Hamas’ armed wing is claiming that three Israeli hostages killed, including a US citizen (dual national), during the Israel rescue raid in Gaza. Hamas also says the whole operation resulted in a civilian massacre of the area, and especially in a refugee camp. One eyewitness account is as follows:
“The occupation has annihilated the Nuseirat refugee camp. Innocent and unarmed civilian were bombed in their homes. I’ve never seen anything like this. It’s a catastrophe,” local resident Nidal Abdo told Middle East Eye.
“I came from the camp to here in the hospital on foot. I can’t describe how we fled. I saw dead children and body parts strewn all over as we fled. No one was able to assist them. I saw an elderly man killed on a animal-drawn cart.
“Nuseirat was being annihilated. It was hell.”
Meanwhile, some pundits are asserting that all of this makes the Pentagon complicit in the massive casualties in central Gaza that resulted from the IDF rescue op. They are pointing out that hundreds were killed and wounded in order to rescue four Israelis.
Some of us predicted months ago that Biden’s fake aid pier would provide cover for disastrous military operations engaging US forces more directly than ever in Israel’s genocidal rampage. We’ve been proven right: no aid ever reached starving Palestinians from this pier. Instead, Israel and the US cynically used an aid truck as a Trojan Horse for a botched operation which required seven bombings of a densely packed market, slaughtering hundreds, to extract the special forces team and the four living hostages, while other hostages were killed. The blood is directly on Biden’s hands, as are the bleak prospects for further humanitarian aid, the lives of remaining hostages, and the possibility of a ceasefire. What a monumental crime.
Quote
Afshin Rattansi
@afshinrattansi
·
Jun 8
How the Nuseirat Massacre unfolded: Israel used the US-built ‘humanitarian pier’ to sneak in a unit of Israeli soldiers, and reportedly American soldiers. The soldiers boarded a humanitarian aid truck and drove to Nuseirat refugee camp. Once inside, they were discovered by
These critics are alleging that the US aid pier is really all about providing “cover” for a deepening US military role in the conflict. Already, US anti-air systems have been spotted on the pier, and US troops overseeing its operations have been given a ‘right to return fire’ order if fired upon.
END
ISRAEL/HOUTHIS/RED SEA
“Damage Control Underway”: Cargo Ship Hit By Missile In Gulf Of Aden In Suspected Attack By Houthi Rebels
SUNDAY, JUN 09, 2024 – 09:55 AM
More than six months since the Biden administration launched Operation Prosperity Guardian to defend the critical maritime chokepoint Bab al-Mandab Strait from Iran-backed Houthis and ensure freedom of navigation in the Red Sea, we’re witnessing yet another alarming development. Late Saturday, rebels targeted a Western-linked cargo ship with missiles. This underscores the ongoing threat to the shipping lane and the utter failure of Biden’s disastrous foreign policies.
AP News cites a report from private security firm Ambrey, which said the Antigua and Barbuda-flagged cargo ship in the Gulf of Aden was struck by a missile on its forward station, sparking a fire. A second missile missed the vessel, and rebels “on board small boats in the vicinity opened fire on the ship during the incident,” the security firm said, adding no crew on the vessel was hurt in the attack.
“The Master reports that the vessel was hit by an unknown projectile on the aft section, which resulted in a fire. Damage control is underway, the Master reports no casualties and the vessel is proceeding to its next port of call,” the British military’s United Kingdom Maritime Trade Operations wrote on X.
AP notes, “Suspicion for the attack immediately fell on the Houthis. The rebels did not immediately claim the assault, though it can sometimes take hours or even days for them to acknowledge their attacks.”
In the global economy, the continued Red Sea disruption is generating a supply shock. Containerized shipping costs for several major shipping lanes are exploding.
Meanwhile, Houthis continue to claim a successful attack on the USS Dwight D. Eisenhower Nimitz-class supercarrier in the Red Sea last week despite US CENTCOM denying any such attack.
Houthis also mentioned that their attack coverage expanded into the Mediterranean Sea. The terror group claimed a successful attack last month on an Israeli-linked ship in the Mediterranean area.
And there’s news just days ago from AP that Houthis unveiled a solid-fuel missile that “resembles aspects of one earlier displayed by Iran that Tehran described as flying at hypersonic speeds.”
With Israel recently mentioning the war against Hamas could last another seven months, there’s reason to believe the Red Sea area will become hotter. What’s also concerning was Biden’s ‘greenlighting’ of Ukraine to attack Russian territory with US-made weapons.
All of this is a sign that the world continues to fracture into a multipolar state, full of conflict and danger. The investment theme in this period is defense.
END
ISRAEL
Israel’s Gantz Quits Coalition Government, Charges Netanyahu With Making “Total Victory Impossible”
SUNDAY, JUN 09, 2024 – 03:45 PM
Israeli opposition leader Benny Gantz on Sunday announced that he is quitting Israel’s emergency government under Prime Minister Benjamin Netanyahu.
In a statement he blamed Netanyahu for making “total victory impossible” and further accused him of neglecting achieving the release of the remaining hostages. Gantz blasted Netanyahu and urged him to prioritize returning the hostages above his own “political survival”. Netanyahu’s coalition still holds a 64-member majority in the Knesset, and won’t immediately fall apart, but this is expected to unleash destabilization toward an unclear outcome.
Gantz was initially expected to announce his departure Saturday, but postponed it amid news of the successful IDF hostage recovery operation in central Gaza, which resulted in the return of four Israelis in good health.
Below are Gantz’s words wherein he called on other coalition leaders as well as members of the Knesset to join him in forming a new government, and to hold new future elections:
Exiting the coalition, National Unity chairman Benny Gantz calls on all members of the Knesset “who understand where we are going” to join forces with him and “obey the command of your conscience,” particularly Defense Minister Yoav Gallant.
“Yoav, we have known each other for many years. Even when there were tensions between us, I always respected and appreciated you. In this war – I learned to appreciate you even more,” he says of his now-erstwhile war cabinet colleague.
“You are a brave and determined leader and above all – a patriot. At this time, leadership and courage are not only saying what is right – but doing what is right,” he adds.
He tells the nation he is not a conman and nor is he a politician who will put his political career above the needs of the state. “I will promise you one thing: I’m prepared to die for your children,” he says. “My colleagues and will always stand up and be counted when the country needs us… at any political price. I risked my life for the state in the line of fire dozens of times,” he says, and vows he won’t be deterred by political risk.
Gantz also apologizes to the families of the hostages for failing to save their loved ones. “We did a lot [but] failed when it came to results,” he says. “We haven’t been able to get many of them back home yet. The responsibility is also mine.”
Gantz has also previously punched hard against the more extreme members of Netanyahu’s coalition, calling them “fanatics”…”If you choose the path of fanatics and lead the entire nation to the abyss — we will be forced to quit the government,” he has warned in prior weeks leading up to Sunday.
The centrist politician had already previously verbalized a plan to hold new elections by October, and three weeks ago he demanded in a provocative ultimatum that Netanyahu had until June 8 to present a clear strategic plan for the Gaza war.
Gantz hopes to inspire a domino effect of departures, eventually collapsing the Netanyahu war government…
Four resignations in less than an hour, Like dominos they fall one after the other. Benny Gantz resigned. Gadi Eisenkot resigned. Avi Rosenfeld resigned. Hili tropper resigned. The israeli entity is crumbling.
·
88.5K Views
Huge anti-Netanyahu protests have continued in Tel Aviv and in front of government buildings and even Netanyahu’s residence, and have been led by hostage victims’ families. They are outraged there’s been lack of clarity or prioritization of getting the rest of the hostages home, also as truce negotiations with Hamas have all but collapsed.
Gantz’s Tamano-Shata party has previously stated that “The 7th of October is a disaster that requires us to go back in order to receive the public’s trust, to establish a broad and stable unity government that can lead us safely in the face of the enormous challenges in security, the economy and, above all, in Israeli society. Submitting the bill now will allow us to bring it up in the current session.”
RUSSIA UKRAINE/USA
Putin Calls ‘Bulls**t’ On ‘Plans’ To Attack NATO, Says He’s Not Brandishing Nuclear Arms
SATURDAY, JUN 08, 2024 – 07:35 AM
President Vladimir Putin has continued to address some trends out of the West related to Ukraine… and specifically the way European and US leaders have reacted to the recent escalation in Kharkiv oblast and in the east. Officials in the UK, Germany, and France have of late signaled to their populations that Europe must be ‘war ready’ and on a war footing.
Some have even claimed that Russia is readying to attack NATO countries and that it seeks to expand the conflict beyond Ukraine. For example, on Wednesday German Defense Minister Boris Pistorius claimed that “Putin won’t stop at Ukraine’s borders Russia is a threat to Georgia, Moldova & ultimately to NATO.”
He claimed in an address before German parliament: “Putin’s war economy is working towards another conflict. We must be ready for war by 2029.”
On Friday during a lengthy, wide-ranging discussion panel at the St. Petersburg International Economic Forum (SPIEF), Putin responded to these statements which say he’s looking to attack a NATO country.
“Look, someone has imagined that Russia wants to attack NATO. Have you gone completely insane? Are you as thick as a plank? Who came up with this nonsense, this bulls**t?“ Putin said, as translated by Russian media.
He then explained that Western officials need to keep up the hype and false optimism surrounding their support to Kiev, in order to keep up sentiment among Western populations:
“Why is this being done, really? To maintain their own position of greatness, that’s why. There’s nothing to these scary stories, intended for the townsfolk in Germany and France and elsewhere in Europe,” Putin explained. “In Ukraine, we’re just protecting ourselves.”
“Don’t make up things and then form opinions about Russia on the basis of them,” he added. “You only hurt yourselves this way.”
He also took the opportunity to address headlines suggesting that Russia is ready to use nukes.
He explained that nothing has changed in Russia’s nuclear doctrine, saying that nuclear weapons usage is only possible in “exceptional cases”. He then emphasized that he does not believe “such a case has arisen” and that he is not brandishing nuclear arms.
He further repeated in response to the US having greenlighted Kiev’s usage of Western-supplied missiles against Russian territory, “If they supply (weapons) to the combat zone and call for using these weapons against our territory, why don’t we have the right to do the same?”
Putin added, “But I’m not ready to say that we will be doing it tomorrow, either” – while not naming countries which theoretically could receive Russia’s weapons.
He was also asked by journalists about the end game in Ukraine, and concerning whether truce negotiations could be on the horizon. “All negotiations are based on either military defeat, or military victory. Of course, we will win,” he said confidently.
end
UKRAINE/RUSSIA
Ukraine Claims First-Ever Fighter Jet Strike On Russian Territory
MONDAY, JUN 10, 2024 – 11:05 AM
Ukraine is touting that it has launched a successful airstrike by fighter jet inside Russian territory, Sky News is reporting, which is a significant first of the conflict. An unidentified Ukrainian military source described to the UK outlet that an air-launched missile strike was conducted inside Russia’s Belgorod region Sunday, hitting a “Russian command node”.
Sky News raised the likelihood that a Western-supplied missile was used in the attack, highlighting that it comes soon after Western allies including the US greenlighted Kiev’s use of NATO-supplied munitions to attack inside Russia.
“It was not immediately clear what type of munition was used in the attack, including whether or not it had been a Western weapon,” the report said.
The Ukrainian military source told Sky: “A Ukrainian Air Force (UAF) mission has struck a Russian command node in Belgorod.”
“Whilst damage assessment is still occurring, it is confirmed as a direct hit,” the statement added. “This is the first UAF air-delivered munition delivered against a target within Russia.”
Cross-border drone attacks have become commonplace at this point, but never has there been a report of a fighter jet attacking a location inside Russia’s borders.
While there is as yet no indication that Ukraine actually used a Western fighter jet to attack Russia, which would be a massive escalation leaving Kiev open to huge retaliatory strikes, Ukraine forces are expected to receive their first F-16s this summer. However there has been ‘frustration’ building among allies:
Ukraine wants more of its military pilots trained on the F-16 but its Western allies are unable to fill the demand, according to a report by Politico, citing three unnamed sources.
Ukrainian officials are reportedly pressing the US and its international partners to free up seats at their F-16 training facilities to accommodate more Ukrainian pilots.
There are 30 Ukrainian pilots who are now eligible to receive training, but the F-16 school in Tucson, Arizona, can at most accept 12 additional trainees.
The fact that Ukraine military officials are now boasting to UK outlets of having attacked Russian territory with air-launched missiles is perhaps a way of keeping up the pressure on partners and allies.
But Russian media has taken note, with RT commenting: “Russia has air superiority on the front line and an extensive network of air defenses, which makes it highly risky for Ukraine to operate its remaining air force assets. However, it has conducted strikes inside Russia using small, hard-to-detect kamikaze drones.”
The state media report added, “The Russian Defense Ministry has not commented on the Sky News claim, but it has reported that on Sunday morning, a Ukrainian Neptun-MD anti-ship missile was intercepted over Belgorod Region.”
COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES
Law Professor Dr. Francis Boyle, Who Drafted the 1989 Biological Weapons and Antiterrorism Act, Claims COVID-19 mRNA Injections are Weapons of Mass Destruction in New Affidavit
Dr. Francis Boyle, a Harvard-trained professor and the architect of the 1989 Biological Weapons Anti-Terrorism Act, which was unanimously approved by both Houses of the U.S. Congress and signed into law by President George H.W. Bush, has issued an affidavit declaring COVID-19 mRNA vaccines as biological weapons and weapons of mass destruction, Dr. Joseph Sansone first reported.
Dr. Boyle’s affidavit, which was submitted as part of an emergency petition for a writ of mandamus in Florida, argues that the distribution of COVID-19 vaccines violates several statutes, including the U.S. Code on Biological Weapons and Florida’s statutes on weapons and firearms.
This petition, aimed squarely at Governor Ron DeSantis and Attorney General Ashley Moody, calls for an immediate halt to the distribution of these injections in Florida and demands the confiscation of existing vaccine supplies.
According to Dr. Joseph Sansone, the original Emergency Petition for a Writ of Mandamus was filed on March 3rd, 2024, in the Florida Supreme Court. It was later transferred to the Circuit Court in Leon County on March 20th, 2024. After the Circuit Court dismissed the case on April 9th, 2024, it moved to the appellate court. The Appellate Brief was filed on Memorial Day, May 27th, 2024.
Dr. Boyle, one of the world’s leading legal experts on biological weapons, has added considerable weight to the case with his affidavit. The case already boasts a substantial body of evidence provided in the writ of mandamus, including affidavits from med-legal advisor and biotech analyst Karen Kingston and Ana Mihalcea, M.D., PhD.
Accessory After the Fact § 777.03 Fla. Stat. (2023);
and Florida Medical Consent Law § 766.103 Fla Stat. (2023).
Dr. Boyle’s signed affidavit reads:
Pursuant to 28 USC 1746, I, Francis A. Boyle declare under penalty of perjury that the statements contained herein are true and correct to the best of my knowledge.
I am Francis A. Boyle, a professor of international law at the University of Illinois College of Law. I received an AB (1971) in Political Science from the University of Chicago, then a JD degree magna cum laude from Harvard Law School, and AM and PhD degrees in Political Science from Harvard University.
I have advised numerous international bodies in the areas of human rights, war crimes and genocide, nuclear policy, and bio-warfare. In 1985 | publicly called for and then drafted the U.S. domestic implementing legislation for the Biological Weapons Convention, known as the Biological Weapons Anti-Terrorism Act of 1989, that was approved unanimously by both Houses of the U.S. Congress and signed into law by President George H.W. Bush with the approval of the United States Department of Justice. See my book Biowarfare and Terrorism (Clarity Press: 2005).
It is my expert opinion that, ‘COVID-19 nanoparticle injections’ or ‘mRNA nanoparticle injections’ or ‘COVID-19 injections meet the criteria of biological weapons and weapons of mass destruction according to Biological Weapons 18 USC § 175; Weapons and Firearms § 790.166 Fla.Stat. (2023).
Dr. Francis Boyle’s affidavit (Source: Dr. Joseph Sansone)
In 2022, The Gateway Pundit reported that the Florida Supreme Court approved Governor Ron DeSantis’ request to impanel a grand jury to investigate Covid vaccine manufacturers.
The order read:
“1. A statewide grand jury shall be promptly impaneled for a term of twelve calendar months, to run from the date of impanelment, with jurisdiction throughout the State of Florida, to investigate crime, return indictments, make presentments, and otherwise perform all functions of a grand jury with regard to the offenses stated herein.
2. The statewide grand jury shall be drawn from the certified jury lists submitted by the chief judges of the Fifth, Sixth, Tenth, Twelfth, and Thirteenth Judicial Circuits.” the order read.
3. The Honorable Ronald Ficarrotta, Chief Judge in and for the Thirteenth Judicial Circuit, is designated as presiding judge over the statewide grand jury. In his capacity as the presiding judge, the Honorable Ronald Ficarrotta shall maintain judicial supervision of the statewide grand jury, and all indictments, presentments, and formal returns of any kind made by such grand jury shall be returned to the presiding judge. The presiding judge may designate an alternate presiding judge in the event of calendar conflicts or otherwise and to assist in the administrative process of the statewide grand jury.
4. John A. Tomasino, Clerk of the Supreme Court of Florida, is hereby designated clerk of this statewide grand jury and is empowered to deputize any clerk of a circuit court or any deputy clerk of a circuit court to issue necessary process and to carry out the administrative functions of the statewide grand jury.”
“Today I’m announcing a petition with the Supreme Court of Florida to impanel a statewide grand jury to investigate any and all wrongdoing in Florida with respect to COVID vaccines,” DeSantis said during a COVID vaccine accountability roundtable.
Governor Ron DeSantis’ move to launch a statewide grand jury investigation into injuries associated with the Covid vaccine follows an announcement from Florida Surgeon General Joseph Ladapo. The Surgeon General declared that his office is beginning a study into instances of myocarditis in individuals who have received the shot.
“We are initiating a program here in Florida where we will be studying the incidence in surveillance of myocarditis within a few weeks of Covid-19 vaccination for people who died,” Dr. Joseph Ladapo said.
“This is going to be a surveillance study using, working with some of our medical examiners in Florida. We’re also going to be working with the University of Florida so there will be a component that has more of a research or research forum to it, but we will answer this question,” he said.
“It is a question that I’m sure keeps the CEOs of Pfizer and Moderna up late at night hoping no one ever looks, but we’re going to look here in Florida.”
Actress Keltie Knight has microcytic anemia; rugby great Alun Wyn Jones, 38, has heart surgery; prisoner Danny Weatherson diagnosed with Parkinson’s; Tyrone footballer Feargal Logan has a stroke; more
When Calls the Heart’s Mamie Laverock, 19, “Doing well” after extensive surgeries following fall, family says
May 30, 2024
Some hopeful news for When Calls the Heart actress Mamie Laverock. In an update on Laverock’s GoFundMe campaign, her parents say the 19-year-old Laverock is “out of her big surgeries”. They also shared that doctors now say she is “doing well.” Laverock was on life support after falling five stories from balcony walkway while under treatment at a Vancouver, BC hospital following an earlier “medical emergency”. You can read details below. Laverock was first taken to a Winnipeg hospital on May 11 by her mother for what was described as a “medical emergency”, according to a GoFundMe campaign created by her parents Rob and Nicole Compton. At that time, her parents wrote that “her recovery is unclear at this time but she is alive and is showing signs of improvement.” She was later transferred to a Vancouver hospital for follow-up treatment. In a recent update on her GoFundMe page, her parents wrote, “We are deeply saddened to report that on May 26th, Mamie, who has been in intensive treatment for the past two weeks, was escorted out of a secure unit of the hospital and taken up to a balcony walkway from which she fell five stories.”
Tiger Woods’ appearance at charity poker event leaves fans concerned
June 5, 2024
Tiger Woods has sparked worry among his fans has following a social media video featuring him.
In the video, Woods is seen telling Hellmuth about his fulfilling project, explaining that the most rewarding aspects of his foundation are the personal narratives shared by kids after they’ve been given an education through his project.
Hellmuth uploaded the video of himself speaking with Woods and gaming streamer Ninja. Lauding the five-time Masters champion, the poker pro thanked Woods for organizing the event before he praised his TGR project.
However, the video caused confusion among his fans, with some questioning if Woods had been enjoying a few drinks, or if he was just not feeling well as he slurred his words. A golf fan’s account posted: “Can we be real for a second here? Is there nobody close enough to him in his camp that can step in and get him some real help? Somebody in his family? Anyone? No one wants to see him like this. It sucks.”
Martin Lawrence gives health update after concern from fans
June 5, 2024
Martin Lawrence has insisted he’s “healthy as hell” despite concern over his wellbeing.
The 59-year-old actor has responded to fans’ fears after plenty of speculation over a clip of him at the ‘Bad Boys: Ride or Die’ premiere.
In footage from the screening last month, his co-star Will Smith appeared to help him to his feet before Martin looked at the crowd, with many interpreting his expressed as confused.
Speaking on Hot 97’s ‘Erbo in the Morning’ this week, he said: “I’m fine. I’m in God’s hands. I’m blessed.
Kansas City Chiefs Cancel Practice Amid Medical Emergency, Leaving NFL Fans Concerned
June 6, 2024
The Kansas City Chiefs had a scary morning at their OTAs, ultimately canceling their practice after a medical emergency for one of the players on the field.
According to NFL Network’s Tom Pelissero, a backup defensive lineman had a seizure and went into cardiac arrest on the field. The player was later identified as BJ Thompson, a backup defensive end who was selected in the fifth round of the 2023 NFL Draft.
Pelissero reported that Thompson was taken from the field in an ambulance, but was in stable condition when he left.
All planned media availability for Thursday have been moved to Friday in the wake of the incident.
for the complete population, I argued there be NO vaccine for NO one, as Redfield was battling the CDC malfeasants, NIH, FDA; but Redfield was FLAT wrong, 100% wrong saying it saved lives, then & NOW!
So, I continue to have serious respect for Redfield, he is a good man IMO, yet flat wrong on the vaccine and makes some dangerous statements here and Fredo Cuomo is inept and not a proper interviewer, he should have had a proper scientific person who could have pressed him and fleshed out on some of the things he Redfield, said was WRONG…, I have a lot of respect for him…I would ask him to show me and anyone the data, the clinical evidence, the medical evidence where it worked for serious illness…where? saying it does not make it so…
point: this vaccine never worked, never, was ineffective day one and there is no evidence it worked, and it was deadly…Redfield tried to fight them at CDC and in the Task Force but he was weak at CDC and overall on Task Force, on vaccinating the entire population as he felt it could be focused to high-risk people, and he did try to argue for the role of natural immunity, a greater role, over vaccine…but he was weak and had no power at CDC etc. so Redfield is wrong to say what he did and has misled people here! He has continued the deception about the mRNA vaccine.
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.
The evidence that has accumulated now across 3 years post vaccine roll-out shows it never worked so I have no idea what Robert is saying and again, Cuomo is a light weight and has no idea what Redfield is saying. So could not question him properly. How could Redfield say this vaccine saved lives? Where is the evidence? Many people who were elderly and high-risk died after the vaccine. Many obese. It did not work. And Cuomo shilled and pushed the vaccine with his brother Governor ‘Nipples’ Cuomo and many people died as a result, he insulted, attacked, smeared good people who chose to be unvaccinated. Many died!
Redfield said he still uses the vaccine in his practice? Is he insane? Based on what? Does he explain the benefits and risks?
Redfield was wrong here to defend Fauci.
He Redfield is now crying that the vaccine is harmful, IMO, too little, too late Robert. I have to say. He is saying the vaccine should have NEVER been mandated. Brilliant! Too late though…It did not stop infection. Yes Robert….And Robert, it did not stop transmission. So, it was moot to mandate. Now he is saying lockdowns were wrong, school closures were wrong. Thank you Robert, brave of you….I would say he is not lying, but too little too late….should have fought harder, should have stood up on that podium and say NO lockdowns or school closures…but you did not….he Robert, was focused on the initial 15 days to bend the curve but not more…so he was on the right page…he fought against closing schools, but he was very weak…was over-ruled by the top brass at CDC…they hated him…CDC top brass fucked Redfield daily…and he did try but a baby in the bunch…was not aggressive enough…Very correct NOW, Robert, but you did not fight hard enough…on that….People died. I like Redfield, he is a good man, God fearing, but the wrong person at CDC, they rolled him. He was the best person at CDC at the top. But incompetent IMO. Not someone I would prosecute…for he did try, but was inept in all of this, the wrong leader of COVID response Task Force.
He should have stepped away…he could not handle it.
But I like him, he means well…he does not have a bad bone, just incompetent. Others involved were malfeasant. Like our medical doctors. Like brass at CDC, NIH, FDA etc.
He gained respect from me as a doctor for most doctors still think COVID or whatever that this was, is a respiratory illness when in fact it is a blood clotting illness, and they need anti-coagulants. It is a blood clotting disorder. Needs blood thinners etc.
Then he said he got the COVID vaccine 8 times, and wife. Is he serious? Why would he say that? He said Pfizer’s Paxlovid works? Is Redfield serious? Does he know the data on Paxlovid? And Fredo Cuomo sits there as he talks this crap and cannot push back or challenge Redfield for he is not the right interviewing person, and this is why Redfield went there. He had to be interviewed by an idiot.
Top Trump Ally Sentenced To PRISONSteve Bannon, a former top advisor to Donald Trump, has been instructed by a federal judge to surrender himself to prison by July 1 in order to commence serving his four-month sentence for contempt of Congress. Bannon, aged 70, was found guilty of contempt in July 2022 for refusing to comply with a subpoena to testify before the congressional committee …READ THE FULL REPORT
Fox News Anchor Hits BACK Over Blatant Biden LieFox News anchor John Roberts responded on Wednesday by providing evidence to support his position in the ongoing dispute with the Biden campaign regarding their statements advocating for a cap on insulin prices. The exchange of comments began when Roberts questioned the Biden campaign’s promotion of an insulin price cap on Monday, stating that he believed it had already been …READ THE FULL REPORT
Biden IGNORES Veterans, Uses D-Day Speech to Attack PutinPresident Joe Biden utilized his address during the 80th anniversary of D-Day in Normandy, France, to denounce Russian President Vladimir Putin as a “tyrant” and to call on the global community to “defend democracy in our era.” This particular declaration echoed Biden’s rhetoric from his campaign, where he portrayed former President Donald Trump as a threat to democracy. During his …READ THE FULL REPORT
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
“Time For Some 3D Chess”: Here’s Why A Battered Macron Just Called Snap Elections
BY TYLER DURDEN
MONDAY, JUN 10, 2024 – 10:45 AM
By Stefan Koopman, Senior macro strategist at Rabobank
The European elections saw the centre hold its ground, albeit narrowly. The European People’s Party is poised to secure 184 seats in the new 720-seat Parliament, with the Socialists and the centrist Renew obtaining 139 and 80 seats respectively. This totals 403 seats for the grand coalition, a decrease from their current 417 seats in the old 705-seat Parliament. The hard-right ECR alliance of Giorga Meloni’s Fratelli d’Italia and the Polish nationalists are projected to rank fourth, with 73 seats, while the far-right Identity & Democracy group is expected to gain 58 seats. The Greens suffered a significant loss, dropping to sixth place with 52 seats, with the Left following at 36 seats, a slight decrease. There are also 45 seats for non-attached members, and 53 newly elected members that are not allied to any of the political groups yet. The overall left-right balance aligns with projections that indicated a lean but not a lurch to the right.
The coming weeks will see national parties formally choosing their European groups and this may alter the seat numbers. The battle for top positions commences at this week’s G7. The most coveted roles are the presidencies of the European Commission, European Council, European Parliament, and the EU Foreign Affairs Chief. The first EU summit of government leaders will be on June 27 and 28, where they will seek to nominate the new president of the European Commission. Nominations for the new European Commissioners will follow after the summer, with all nominees appearing at hearings in the European Parliament in the autumn. The new European Commission then begins on December 1, if everything goes according to plan.
So there’s still a long road ahead, but the implications are clear. Despite the center maintaining the majority, this is the most right-wing European Parliament ever elected. The results signal a European shift towards conservative and radical-right policies and away from progressive and green politics. The center will have to accommodate this shift over the coming years and will sometimes have to lean right to maintain a majority. It means that internal EPP politics will be a major factor in the direction of European policy, being both the median and the largest party in this parliament. We discussed our take on this here.
The Sunday Surprise was in Paris, not Brussels. Following a drubbing in the European election, French President Macron decided it was time to play some 3D Chess and to call a snap parliamentary election for June 30 and July 7, just a fortnight before the start of the Olympics. With this bold move he is putting Le Pen’s Rassemblement National, which dominated yesterday’s election by securing 31.5% of the votes, to the test. The two-round system often presents difficulties for populist parties, making it possible that the far-right may not achieve an outright majority. However, even if they triumph and RN’s Bardella does assume the role of Prime Minister, Macron’s calculation appears to be based on the assumption that if they underperform, they’ll be in a much weaker position for the 2027 presidential election. He also seems intent on compelling the Socialists and the Republicans to join the majority, which would likewise put them at a disadvantage in the 2027 election. This particularly places Melenchon, who aims to consolidate the entire left ahead of that election, in a difficult position. His courage is undeniable, we’d give him that, but it seems like doubling down on a bet after a poor performance.
Investors don’t share Macron’s risk appetite. The euro is the worst performing G10 currency this morning, trading at 1.075 at the time of writing. The CAC 40 is down 1.5%, dragging the Euro Stoxx 50 lower towards a -1.2% loss. Yields on EGBs are rising, with spreads widening, including France’s. The 10-year note now yields 3.17%, up 8 basis points on Friday’s close.
This follows the losses suffered by the EUR on Friday afternoon, after a ‘hot’ NFP report indicated that the US economy added 272,000 jobs in May, surpassing the consensus forecast once again. The unemployment rate slightly increased to 4.0%, and average hourly earnings rose by 0.4% monthly, to an annual rate of 4.1%.
It was one of those reports that serves as a reminder that the Employment Report is based on two separate surveys, with a lot of noise in the establishment survey and even more noise in the household survey. They now present two different perspectives on the labor market: one suggests steady, broad-based, and solid hiring, while the other indicates a sharp slowdown in hiring over the past year, with unemployment and underemployment ticking higher. Throwing last week’s JOLTS report in the mix too, the overall picture is of a solid labor market that is showing signs of loosening, appearing increasingly more ‘pre-pandemic’ than ‘post-pandemic’. It also implies that the US needs a higher rate of job growth to maintain the unemployment rate, possibly due to the surge in immigration. The ‘breakeven pace’ of monthly job growth may be significantly higher than the generally assumed 100-150k. The upshot is that the labor market may not be as hot as the headline NFP’s suggest.
END
7.OIL PRICES/GAS PRICES/OIL ISSUES
Russia’s Oil & Gas Revenues Surged By 73.5% In January-May
Russia’s budget revenues from oil and gas soared by 73.5% in January-May of 2024 compared to the first five months of 2023, according to data from Russia’s finance ministry released on Monday.
Between January and May 2024, the revenues for the Russian federal budget from oil and gas hit $55.7 billion (4.95 trillion Russian rubles), per the data reported by Russian news agency TASS.
“In line with parameters of the socioeconomic outlook, a steady surplus of oil and gas revenues above their base level is also expected in months to come,” TASS quoted a statement from the ministry as saying.
Non-oil and gas revenues also rose, by 34% in January-May 2024 compared to the same period last year.
Russian oil revenues have been rising in recent months compared to the year-ago levels as Moscow is increasingly finding ways to circumvent sanctions and find buyers willing to risk purchasing its crude and refined petroleum products.
In April 2024, for example, Russia’s oil and gas revenues hit $13.5 billion (1.23 trillion Russian rubles), Russian finance ministry data showed in early May. The Kremlin received nearly double the oil income for the budget than it did in the same month of 2023.
The weaker Russian ruble and the higher price of Russia’s flagship Urals crude amid higher international oil prices contributed to higher revenues from oil-related taxes and from all total oil and gas sales, according to estimates by Bloomberg.
The doubled revenues from oil for Russia highlight the difficulties of the Western countries to reduce Putin’s income from oil, despite the price cap on Russia’s oil and the ramp-up of the sanctions enforcement in recent months.
Then in May 2024, Russia’s oil proceeds increased by almost 50% from a year ago, as Moscow continues to manage to circumvent sanctions and get a higher price for its crude.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//INDIA
INDIA
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY 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 MONDAY morning: 104.00 DOWN 6 BASIS POINTS FROM FRIDAY’s CLOSE.
The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.2477 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2682)
TURKISH LIRA: 32.41 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +1.023…
Your closing 10 yr US bond yield UP 3 in basis points from FRIDAY at 4.455% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.588 UP 4 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.874 UP 1 BASIS PTS.
GOLD AT 11;30 AM 2303.90
SILVER AT 11;30: 29.49
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: MONDAY CLOSING TIME 12:00 PM//
London: CLOSED DOWN 16.89 PTS OR 0.20%
German Dax : CLOSED DOWN 62.38 PTS OR 0.34%
Paris CAC CLOSED DOWN 107.82 PTS OR 1.35 %
Spain IBEX CLOSED DOWN 47.70 OR 0.42%
Italian MIB: CLOSED DOWN 118.37 PTS OR 0.34% PTS
WTI Oil price 76.26 12EST/
Brent Oil: 80,30 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 88.76 ROUBLE UP 0 AND 58/100
GERMAN 10 YR BOND YIELD; +2.6725 UP 5 BASIS PTS.
UK 10 YR YIELD: 4.3595 UP 5 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0765 DOWN 0.0032 OR 32 BASIS POINTS
British Pound: 1.2735 UP 0.0026 OR 26 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.365 UP 4 BASIS PTS//
JAPAN 10 YR YIELD: 1.023%
USA dollar vs Japanese Yen: 157.06 UP 0.050/ YEN DOWN 5 BASIS PTS//
USA dollar vs Canadian dollar: 1.3758 UP 0004 //CDN dollar DOWN 87 BASIS PTS
West Texas intermediate oil: 7792
Brent OIL: 81.77
USA 10 yr bond yield UP 4 BASIS pts to 4.469
USA 30 yr bond yield UP 5 BASIS PTS to 4.594%
USA 2 YR BOND: UP 0 PTS AT 4.883
USA dollar index: 104.78 DOWN 12 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32.36 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 88.58 UP 0 AND 80//100 roubles
GOLD 2,311.50 3:30 PM
SILVER: 29.74 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 69.65 PTS OR 0.18 %
NASDAQ UP 72.16 PTS OR 0.38 %
VOLATILITY INDEX: 12.78 UP .50 PTS OR 4.04%
GLD: $213.54 UP 1.94 OR 0.92%
SLV/ $27.12 UP 0.45 . OR 1.69%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Bitcoin, Bullion, & Black Gold Bid As Stocks & Bonds Shrug Off EU Elections
BY TYLER DURDEN
MONDAY, JUN 10, 2024 – 04:00 PM
US stocks shrugged off early weakness driven by the right-regime-shift in European elections, treading water on Monday, at least on the surface, following Friday’s strong Payrolls report and ahead of a big macro Wednesday, featuring both the May CPI reading and the scheduled June FOMC meeting.
Small Caps had a wild day, swinging from considerable losses at the cash open to modest gains by the close. All the majors ended slightly higher on the day (with a new ATH for the S&P 500…
Goldman’s trading desk notes that overall activity levels are up +13% vs. the trailing 2 weeks with market volumes down -11% vs the 10dma. Our floor tilts +2% better to buy, largely driven by LOs as they continue to show up on the bid in our flows
LOs are +12% better to buy… this would be 6 straight sessions of net demand from this group. Demand fairly broad-based with Tech, Indust & HCare leading the charge. Just Comm Svcs, Staples & ETFs are net for sale
HFs are -3% better for sale. Supply is very concentrated in Tech with net supply here nearly 10x the net supply in Energy (2nd largest sector net for sale). Also selling HCare, REITs, Utes while Buying Fins, Indust & Cons Disc.
JPM’s forecast of gloom ensured the new ATH…
new ATH any second
Quote
zerohedge
@zerohedge
·
4h
JPMorgan Warns of a Shock to Stock Market’s Calm From CPI, Fed: BBG x.com/zerohedge/stat…
AAPL’s big AI announcement at its WWDC was a bit of a flop…
Source: Bloomberg
MAG7 stocks went sideways again (admittedly at record highs)…
Source: Bloomberg
Treasury yields modestly extended Friday’s payrolls spike higher with the long-end underperforming (30Y +4bps, 2Y unch on the day) which eft the yield curve (2s30s) unch from pre-payrolls…
Source: Bloomberg
The dollar ended marginally higher, but gave back most of the day’s overnight gains during the US day session…
Source: Bloomberg
Despite the dollar’s modest gains, gold recovered some of Friday’s losses…
Source: Bloomberg
Bitcoin surged up above $70,000, but then was summarily slapped back down to unchanged…
Source: Bloomberg
Crude prices extended their most recent gains, with WTI rising to $78…
Source: Bloomberg
Finally, as we noted earlier, while the indices looks calm, under the surface things are not going great at all…
Source: Bloomberg
This is the biggest gap between the equal- and cap-weighted S&P indices since the peak in 2008/9.
MORNING TRADING//
END
AFTERNOON TRADING
II USA DATA
III USA ECONOMIC COMMENTARIES
this is what happens when you raise the minimum wage to $20 dollars…many are fired.
(zerohedge)
10,000 California Fast Food Workers McFired Thanks To $20 Minimum Wage: Report
SUNDAY, JUN 09, 2024 – 11:05 AM
Nearly 10,000 California fast food workers have been fired thanks to the state’s new $20 minimum wage, according to the California Business and Industrial Alliance (CABIA), which slammed Governor Gavin Newsom for the law which went into effect April 1.
“California businesses have been under total attack and total assault for years,” said Tom Manzo, CABIA president and founder in a statement to Fox Business, adding “It’s just another law that puts businesses in further jeopardy.”
According to Manzo, nearly 10,000 fast food jobs have been cut across the state since Newsom signed Assembly Bill 1287 into law last year.
“You can only raise prices so much,” he said. “And you’re seeing it. People are not going to pay $20 for a Big Mac. It’s not going to happen.“\
CAIOBA took out this full page ad in Thursday’s USA Today which includes mock “obituaries” of various fast food chains.
As we noted in April, thanks to the combination of inflation and minimum wage hikes driving up operational costs for businesses across the US, Larger chains raised prices but have also been forced to reduce employees and labor costs through automation, but the layoffs are just getting started.
“Restaurants are struggling to stay above water, and Democrats just threw them an anvil,” California Assembly Republican leader James Gallagher told FOX Business. “We warned Democrats this new mandate would cost jobs. They ignored us, and here we are with the highest unemployment rate in the country poised to get even worse.”
The “digital options” that many fast food franchises are referring to are automated ordering systems as well as robot workers which are slowly but surely becoming more cost effective than human laborers. At least one fast food location in California is testing a fully robotic restaurant with no human workers.
On the other side of the window, fast food has gone up an absurd amount. As FinanceBuzz noted recently:
From 2014 to 2024, average menu prices have risen between 39% and 100% — all increases that outpace inflation during the given time period (31%).
McDonald’s menu prices have doubled (100% increase) since 2014 across popular items — the highest of any chain we analyzed.
Popeyes follows McDonald’s with an 86% increase, and Taco Bell is third at +81%.
Menu prices at Subway and Starbucks have risen by “just” 39% since 2014 — the lowest among chains we studied. These are also the only restaurants where prices have risen by less than 50%.
McDevastating.
END
PHILADELPHIA//CRE
Office Building In Philadelphia’s Popular Old City Section Sells For 38% Discount To Assessed Value
MONDAY, JUN 10, 2024 – 02:05 PM
As the commercial real estate market continues to crumble before the eyes of market participants who have been employing every trick in the book to put a rosier polish on their marks for one more quarter, obvious examples of a disappearing bid for office space continue to pop up.
The latest was in Philadelphia, according to the Philadelphia Business Journal, where developer Ori Feibush is now claiming the CRE market “has presented the best real estate opportunities we’ve seen in our professional lives.”
He just purchased a 30% occupied building in Philadelphia’s Old City section and says he’s going to keep it for office use.
PBJ reports that Feibush acquired the 136,000-square-foot building at 399 Market St. from Colonial Penn Life Insurance for $14 million. This price is 38% lower than its assessed value of $22.6 million. He estimates that the building would have been valued at around $40 million before the office market downturn in 2020.
He said: “It’s atypical for us to buy office, but that is where the greatest opportunity is, because there’s obviously a lot of duress and noise in the market. We jumped on the opportunity to buy something at a huge discount to what it would have traded for just a few years ago.”
“We’re the least expensive Class B building in Philadelphia,” he added.
Over the past four months, the occupancy rate at a building under contract has increased to 45% due to new leases.
The building, which predominantly houses tenants requiring 3,000 to 14,000 square feet, sits in a market where office vacancies in Philadelphia hit 19.6% in the first quarter. This trend reflects a broader move towards downsizing office space by 20% to 40%, affecting older buildings’ values across the city and nation.
Purchased at a discount, 399 Market St. now offers rents ranging from the low- to mid-$20 per square foot, below the first quarter’s average of $29 for Class B office spaces.
The building’s tenants include a TD Bank branch, several nonprofits, an architectural firm, a logistics firm, and a new national daycare center. It also features a 72-space underground parking garage and is positioned in a prime Old City location that could attract more tenants seeking moderately sized spaces.
“It’s just the perfect time to buy office. I suspect any real estate professional who is not jumping into the office world is going to be kicking themselves in a couple years,” Feibush told Philadelphia Business Journal.
Feibush concluded: “There’s no explanation for why discounts of office rents of 20-25% is creating an environment where office is trading at 70-75% less than it was just a few years ago. There is fear in the market, and that has created exceptional opportunities.”
There may be some reason…
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM
END
iiiC USA COVID //VACCINE ISSUES/IMPORTANT MEDICAL ISSUES
news is getting out on the origin of the Covid virus
For The New York Times, which started this whole fiasco dating from Feb. 27, 2020, with a podcast designed to drum up disease panic, it’s been a drip, drip, drip of truthiness ever since.
A fortnight ago, the paper finally decided to report on vaccine injury from shots that vast majorities never needed and that stop neither infection nor transmission. And now, as of June 3, we have as decisive an article as one can imagine that shows that “a laboratory accident is the most parsimonious explanation of how the pandemic began.”
“Whether the pandemic started on a lab bench or in a market stall, it is undeniable that U.S. federal funding helped to build an unprecedented collection of SARS-like viruses at the Wuhan institute, as well as contributing to research that enhanced them,” the article reads.
“Advocates and funders of the institute’s research, including Dr. Fauci, should cooperate with the investigation to help identify and close the loopholes that allowed such dangerous work to occur. The world must not continue to bear the intolerable risks of research with the potential to cause pandemics.”
The author is scientist Alina Chan of the Massachusetts Institute of Technology. For purposes of documentation, let’s go through the points she makes.
1. The SARS-like virus that caused the pandemic emerged in Wuhan, Hubei Province, the Chinese city where the world’s foremost research lab for SARS-like viruses is located.
2. The year before the outbreak, the Wuhan Institute, working with U.S. partners, had proposed creating viruses with SARS‑CoV‑2’s defining feature.
3. The Wuhan lab pursued this type of work under low biosafety conditions that could not have contained an airborne virus as infectious as SARS‑CoV‑2.
4. The hypothesis that COVID-19 came from an animal at the Huanan Seafood Market in Wuhan is not supported by strong evidence.
5. Key evidence that would be expected if the virus had emerged from the wildlife trade is still missing.
Keep in mind that people saying exactly this from the very outset of the crisis were censored by social media at the behest of government agencies. Media personalities ridiculed this view. It was called a wild conspiracy theory, unworthy of any respectable and responsible person. This went on for three years, with brutal results. People lost large channels and social media followers and accounts. This ruined whole livelihoods.
Now, here we are four years later, and we have the paper of record willing to admit that it was true all along.
Yes, it is infuriating.
Why does this matter? Because it is the turning point in the history of modern civilization. All the top public health officials had suspicions of this from the very outset. We know this from their own writings.
Instead of opening a clear and open investigation, they pursued a different path: Deny the leak, roll out the supposed antidote (vaccine), use experimental technology, and lock down the world’s population to stop the spread so that the vaccine would get the credit for ending the pandemic.
That’s the summary of what happened, based on my four years of research into this. In other words, to deflect blame, these people hatched an audacious plot to wreck rights and liberties the world over, in a futile attempt to prohibit natural exposure from ending the pathogenic wave (as always happened before). Instead, they would use the crisis to shove through approval of a technology that had never before received regulatory approval.
This explains the disparagement of natural immunity, the absence of seroprevalence tests, the removal of repurposed generics from the market that could have helped people, the rise of censorship of any dissident scientists, and the complete absence of any serious research into early spread in the last quarter of 2019. It’s quite simply an astonishing plot of immense importance to the whole of the world, all stemming from an attempt to cover up a lab leak.
That’s why the topic is important. This is not just a technical point. It is the first chapter of a wild and seemingly fictional novel of apocalyptic implications. The House subcommittee now investigating the public health response is barely scratching the surface in public, but behind the scenes, there is plenty of knowledge among investigators that there is much more going on.
Here’s the key point. The national media does not want this discussed. The agencies don’t want this investigated. The tech companies that censored people all along do not want this considered. The Democrats certainly don’t want this subject pursued. Many Republicans don’t want to examine this in any detail.
There is only one force at work that is pushing any of this forward, and that is public opinion, which, in turn, is fed by the handful of writers, researchers, scientists, moms, and many other grassroots people who correctly refuse to let this go.
This is the only reason these hearings are happening. It is the only path to getting the truth.
Of this, I’m thoroughly convinced. If we think the American people have already lost trust in public health and government, we haven’t seen anything yet. Once the whole story is out in the open, and we are headed in this direction, we’ll see a collapse without precedent.
The timeline is going far too slowly. There is no excuse for why we are only getting clarity on the basics fully four years later. Meanwhile, there is absolutely no basis for approving any more funding for these agencies or biodefense research and no basis for approving any new treaties or agreements from the World Health Organization (WHO).
Let’s not forget that it was the WHO that pushed hard for the world to copy the Chinese Communist Party in its crazy virus-control methods of violating human rights on a scale that should never have been tolerated in the West. And yet based on that advice, the United States, the UK, the European Union, and nearly every nation in the world adopted these policies, in contradiction to all laws and human rights.
Out of nowhere, our Constitution and Bill of Rights were overridden by bureaucracies about which most Americans knew absolutely nothing.
It boggles the mind that this happened, and we are still paying an egregious price in terms of inflation, learning loss, excess death, collapse of public health, expansion of government, pervasive censorship, and much more.
It felt like martial law at the time, and it is not clear that this ever went away. We absolutely must know the truth. More than that, we need to repudiate every bit of the COVID-19 response, including the mandates to get a vaccine that was, in fact, never proven to be safe or effective.
So yes, it matters that this virus likely leaked from a U.S.-funded lab. That was the beginning of the story. There is much more to it.
END
FREIGHT ISSUES/USA
END
VICTOR DAVIS HANSON OR NEWT GINGRICH
END
SWAMP NEWS
KING REPORT
The King Report June 10, 2024 Issue 7260
Independent View of the News
Holy May Jobs Report discrepancy, Batman!
May NFP +272k, 180k consensus, 165k Whisper Number, a 4-sigma miss per pundits. BUT the Household Survey showed a stunning loss of 408k jobs! This is a record gap between NFP and Household Survey “Employed.” The Unemployment Rate rose to 4.0% from 3.9%. Unemployed +157; Not in Labor Force +433k; Discouraged Workers +100k, The Labor Force Participation Rate decline 0.2 to 62.5%. https://www.bls.gov/news.release/empsit.a.htm
Wages increased 0.4% m/m and 4.1% y/y; 0.3% m/m and 3.9% y/y were consensus. April NFP revised to 165k from 175k; March NFP revised to 310k from 315k (Bidenomics!)
BBG chief economist Anna Wong: “May’s jobs report presented contradictory views of the labor market… 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.” https://x.com/zerohedge/status/1799069471765922202
Mfg. +8k (5k exp.); Construction +21k; Health Care +68.3k; Government +43k with Local +34k; Leisure & hospitality +42k; Retail +12.6 with Building material & garden equipment +21.1k (seasonal hiring)
@Geiger_Capital: In just May, 414,000 immigrants (legal and illegal) gained a job. Meanwhile, 663,000 native-born Americans LOST their job.Since pre-Covid, native born workers have actually LOST ~2 million jobs. All of the net job gains are immigrants.https://t.co/BNEWRSBDrU
@JeffWeniger: The labor report continues to reveal declines in full-time employment. The decline in the number of such workers over the last year is 1.16 million. Unfortunately, the job creation is in part-time roles.https://t.co/2WfjcAOzo7
@RealEJAntoni: No wonder Americans view economy so terribly: they aren’t the ones w/ the jobs; native-born employment is not only millions below pre-pandemic trend, but even below pre-pandemic level, while millions more foreign workers are employed today than Feb ’20, and back to trend: https://x.com/RealEJAntoni/status/1799083225123578144 The gap in nonfarm payrolls is less extreme b/c the birth/death model is overinflating this figure, but even still, there’s a difference of 4.5 million jobs: https://x.com/RealEJAntoni/status/1799112998977749245
The BLS: Comparing employment from the BLS household and payroll surveys The estimates differ because the surveys have distinct definitions of employment and distinct survey and estimation methods…the household survey has a broader employment definition than the payroll survey… [Household Survey] Estimate of employed people (multiple jobholders are counted only once). Includes people on unpaid leave from their jobs… The methodology used for births and deaths prior to 2003 (“bias adjustment”) had been evaluated as a possible source of divergence in household and payroll survey employment… the payroll survey employment measure… will reflect a longer reference period than the household survey measure… https://www.bls.gov/web/empsit/ces_cps_trends.htm
Like we said a few missives ago, analyzing conflicting US economic data is complicated by the bogus economic stats issued by US government toadies. PS – Long-time readers might recall that we regularly warn that the May jobs report is complicated by teachers and students taking after-school-year jobs.
US Jobs Household Survey Size to Be Cut Due to Budget Constraints – BBG BLS will cut the size by 5,000 households to a total of 55,000 a month starting in 2025, Commissioner Erika McEntarfer said… She noted there’s a “real risk” of a decline in quality, especially as response rates have declined substantially in recent years… (‘Decline in quality?’ LMAO!)
@ces921: Plenty of money for funding wars overseas. Not so much money to fund data collection on the state of the US economy. Makes it easier to just lie.
GameStop stock tanks ahead of ‘Roaring Kitty’ livestream on earnings miss, stock sale plan For the first quarter, GameStop posted an adjusted loss of $0.12 per share versus estimates of a loss of $0.09. Net sales dropped 29% to $882 million versus analyst estimates of $995.5 million. Wall Street was expecting the quarterly results later this month… The company also filed to sell up to 75 million additional shares. Last month, GameStop sold 45 million shares, bringing in about $930 million in proceeds. The announcements came on the heels of the stock’s 47% surge in the prior session after “Roaring Kitty” scheduled a YouTube live stream for noon Eastern Time on Friday… https://t.co/95Rv5MrK5v
Despite its poor results and 75m stock issuance, GME rallied to a small gain by 9:44 ET – on absurd euphoria for Roaring Kitty’s YouTube event! Yes, Virginia, this is 1929 and 2000-like behavior!
Alas, sellers returned, GME sank to a loss of 31% at 11:06 ET. It was time to get long for the noon ET Roaring Kitty YouTube broadcast. But Roaring Kitty did NOT appear at noon ET. GME declined. At 12:32 ET, Kitty appeared and said, “No real plan here, just saying ‘hello.’” GME fell to a loss of 33.4%; and trading in GME was halted at 12:43 ET. Trading resumed; GME fell to a loss of 36.73% at 12:52 ET.
GME trading was halted 6 times before 13:00 ET! GME slid to -40.60% at 13:11 ET; trading was halted. When trading resumed, GameStop bounced modestly and then slid to a new daily low of 26.12.
@ces921: Atlanta Fed GDPNow Index Rises to 3.11% From 2.58%. Fed can’t signal cuts on the horizon if they intend on bringing inflation back down to 2%. We rallied bonds all week on the “recession” data, but this GDP estimate has gone from 2.66% a week ago to 3.1% today so…
Gold and bonds got hammered; but stocks rallied sharply from their lows because equity types remain exceedingly bullish – and will remain so until something profound disabuses years of conditioning.
ESMs waffled between small losses and gains from 16:00 ET until a rally began near 22:00 ET. ESMs plodded to a high of 5372.00 at 1:35 ET and then went inert until they moved lower at 3:23 ET. ESMs methodically declined to 5357.25 at 7:25 ET. A rally for the expected soft May NFP then began. ESMs rose to5367.25 at 8:07 ET and then exploded to 5380.00 at 8:28 ET. Alas, traders jumped the gun.
The much stronger-than-expected May NFP induced traders to dump; ESMs tumbled to a daily low of 5329.00 at 8:42 ET. But, as noted above, the usual suspects are exceedingly euphoric for equity. Rabid buying pushed ESMs to a daily high of 5380.75 at 10:48 ET. Sellers returned (or buyers got exhausted); ESMs sank to 5356.00 at 11:11 ET. It was time for the Friday Afternoon Rally.
ESMs rallied to a new daily high of 5385.50 at 13:24 ET. But the GameStop debacle chilled equity traders’ speculative urges. ESMs tumbled to 5351.25 at 14:12 ET. After a rebound to 5371.00 at 14:44 ET on the usual afternoon buying, ESMs fell to 5352.75 at 16:00 ET.
USMs hit a high of 119 31/32 at 8:28 ET on conditioned traders buying ahead of an expected May NFP that would be beneficial to bonds. USMs plunged to 117 15/32 at 8:31 ET and hit a daily low of 117 11/32 (-2 3/32) at 9:45 ET. After a modest rebound USMs traded in a tiny range thereafter.
August Gold tumbled as much as $68.40! But crypto currencies rallied sharply.
Shock Decline in Credit Card Debt Is First Since Covid Crash, As Card APRs Hit New All Time High – the consumer has hit a brick wall… April total consumer credit rose $6.4 billion, far below the median estimate of $10 billion, but more notably, the March number was shockingrevised from $6.3BN to a negative $1.1BN, the biggest drop since last August when Biden enacted his unconstitutional student debt relief… 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!.. https://www.zerohedge.com/markets/shock-decline-credit-card-debt-first-covid-crash-card-aprs-hit-new-all-time-high
China Asks Banks to Accelerate Lending to Property Developers – BBG
Trump Ally Bessent Says Yellen Using Post to Aid Biden 2024 Bid – BBG Key Square Group LP founder Scott Bessent, a prominent Donald Trump fundraiser, sharply criticized Treasury Secretary Janet Yellen, accusing her of using the department to bolster President Joe Biden by juicing the economy ahead of the election… “Yellen in October changed the cadence of the composition of the Treasury issue which eased financial conditions substantially,” Bessent said during a wide-ranging Bloomberg roundtable on Friday. “You had this incredible loosening of financial conditions.”… “When rates are very low, you should extend duration,” he said. “I think it’s very unfortunate what Secretary Yellen’s doing. She’s financing at the front end, and she’s making a bet on the carry trade, which is not good risk management.”… https://www.bnnbloomberg.ca/trump-ally-bessent-says-yellen-using-post-to-aid-biden-2024-bid-1.2082657
Positive aspects of previous session The DJIA showed relative strength early on Friday, a huge change from recent months The S&P 500 Index and Nasdaq hit all-time highs in early NYSE trading.
Negative aspects of previous session Bonds got hammered; stocks waffled but ended with modestly declines. After hitting new all-time highs in the morning, the S&P 500 Index and Nasdaq closed negative.
Ambiguous aspects of previous session How will the Fed interpret convoluted US economic data? The dollar soared; precious metals plunged on readjusting of Fed rate cut hopes.
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5351.13 Previous session S&P 500 Index High/Low: 5375.08, 5331.33
Sen. Lee Introduces Bill to Abolish the Federal Reserve Senator Mike Lee (R-UT) introduced the Federal Reserve Board Abolition Act, legislation that would dissolve the Board of Governors of the Federal Reserve System and the Federal Reserve banks and repeal the 1913 Federal Reserve Act, which established the System. Representative Thomas Massie (R-KY) leads the companion bill in the House of Representatives… “The Federal Reserve has overstepped and repeatedly failed to achieve its mandate and become an economic manipulator that has directly contributed to the financial instability many Americans face today,” said Sen. Lee. “This legislation aims to protect our economic future by dismantling a system that enables unchecked government spending, the monetization of federal debt that fuels it, and widespread economic disruption. It’s time to end the Fed.” “Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” said Rep. Massie. “During COVID, the Federal Reserve created trillions of dollars out of thin air and loaned it to the Treasury Department to enable unprecedented deficit spending. By monetizing the debt, the Federal Reserve devalued the dollar and enabled free money policies that caused the high inflation we see today.”https://www.lee.senate.gov/2024/6/breaking-the-bank-sen-lee-introduces-bill-to-abolish-the-federal-reserve
@baldwin_daniel_: Trump promising to eliminate taxes from tips (World class pandering in Las Vegas) is a brilliant move. Nevada’s economy runs on leisure and hospitality workers. This will undoubtedly help people who work in this sector — including the 60k members of the powerful Culinary Union.
@ABC Inflation ranks as a top issue for voters beset by a yearslong surge in the price of essentials — but less attention has been paid to the skyrocketing cost of childcare. https://t.co/RBJejUgJXc
@ClayTravis: Joe Biden essentially plagiarized Ronald Reagan’s famous 1984 speech at Pointe du Hoc today in Normandy. Watch these clips side by side. Wow:https://x.com/ClayTravis/status/1799127244667080763
And Steven Spielberg reportedly helped Biden prepare for his Normandy speech!
In a daring raid on Saturday, the IDF rescued four hostages from Hamas captivity in Gaza.
Israel rescues four hostages held by Hamas in Gaza The IDF said they were rescued from two different locations at the Nuseirat refugee camp in central Gaza strip… A senior IDF official told reporters the name of the operation was “seeds of summer.” He said the hostages were held in civilian homes of families affiliated with Hamas and with Hamas militants as guards. The two houses were 200 meters from each other. Argamani was held in one apartment and the three male hostages in another apartment. The IDF official said Hamas paid the families to hold the hostages. He confirmed that Palestinian civilians were hurt in the operation but didn’t say how many. He said dozens of Hamas militants were killed in the operation… https://www.axios.com/2024/06/08/israel-hostage-rescue-gaza-music-festival
@VictoriaCoates: And the Biden people spent all their time and energy trying to force Israel into making some devil’s deal with Hamas instead of helping Israel to actually bring the hostages home.
@IsraelRadar_com: Reports from Gaza: Israeli forces who freed 4 hostages entered area in furniture truck driven by a female in civilian clothes. via @IsraelHayomHeb Israeli fighter in YAMAM anti-terror unit killed in rescue operation of 4 hostages in Gaza; forces operated deep in enemy territory, surrounded by hundreds of Hamas terrorists; hideouts raided from multiple directions including from the sea. via @ynetalerts
@elderofziyon: According to accounts of the raid, the terrorists fired back at the rescuers with RPGs. In a crowded market area. How many news reports even hint that civilians might have been killed by Hamas? Exactly zero. Which tells you all you need to know about the media.
Gaza journalist held 3 hostages in his home with his family before he was killed, Israeli military sayshttps://trib.al/Tpv13eZ
CNN facing criticism after running headline that said Israeli hostages had been ‘released’ by Hamashttps://t.co/tBOs9jn5vV
Biden refuses to take questions AGAIN during five-minute speech to press in Paris as he welcomes rescue of four hostages from Gazahttps://trib.al/rc1slHQ
@marklevinshow: (Minister) Gantz (resigned Sunday) is Biden’s lapdog. Gantz is trying to collapse the Netanyahu government in the middle and of this war. Biden has also been working Galant, which is why Gantz is calling on Galant to join him. The Biden- orchestrated coup effort is now underway.
The Gantz Megillah – How America is using ex-IDF Chief Benny Gantz as its Trojan horse to impose U.S. demands—and ensure Israel’s defeat in Gaza… The U.S. is willing to live with Iran’s proxies everywhere, as part of its “regional integration” policy—i.e., appeasing Iran. But they are unwilling to live with Benjamin Netanyahu’s coalition… the whole Democratic Party’s Middle East policy is at stake… it is trying to stop the war with a hostage deal that would ensure Hamas’ survival… (Gantz is Bibi’s chief political rival. It appears Gantz is angling to replace Bibi.) https://t.co/bygjEpLGYa
@NEWSMAX: Sen. Ted Cruz: “This has been the most anti-Israel White House we have ever seen. Literally from day one, from the moment Joe Biden took the oath of office, he has been undermining the nation of Israel.” (It’s Team Obama pulling the puppet’s strings!)
Detroit News’ @nannburke: In Detroit, VP Harris mourns Palestinians killed in Israeli hostage rescue, slams Trump
@rawsalerts: Currently, DC metro police are on high alert as hundreds of thousands of pro-Palestine protesters and activists have gathered outside the White House in Washington, DC. As They light up smoke bombs and flares as they protest for Palestine, planning to surround the White House. Police have deployed mace into the surrounding crowds, and crews have erected a large anti-scale fence around the White House in anticipation of this weekend’s Gaza protest. Video by @ScooterCasterNY (Buh-bye Michigan, Joey Baby!) https://x.com/rawsalerts/status/1799503228276469765
@Geiger_Capital: Guy in a Hamas headband is holding a mask depicting the bloody head of the US President, while another man behind him burns an American flag… This is outside of the White House. https://x.com/Geiger_Capital/status/1799550384169418909
@NoahPollak: Lots of crimes were committed (in DC) today but zero arrests. It’s very clear the police were under instructions not to arrest these lawbreakers. Who ordered the police to stand down, and why?
@FaceTheNation: @WFPChief Cindy McCain says the U.S. pier off of Gaza is currently paused due to safety concerns after two World Food Programme warehouses were rocketed on Saturday… https://x.com/FaceTheNation/status/1799837022628020472
@WhiteCoatWaste: The Washington Post just admitted that it repeatedly published disinformation fed to it by NIH to discredit WCW & defend Fauci from our true claims that he funded beagle abuse in Tunisia
Unpacking the story of Fauci and painful experiments involving dogs – WaPo Documents obtained by an animal rights group show that NIH was not fully transparent when the controversy erupted in 2021. https://x.com/WhiteCoatWaste/status/1799101606232760440
@toobaffled: New email reveals that Dr. Anthony Fauci was notified in March 2020 that hydroxychloroquine was being effectively used to treat the coronavirus in China. https://x.com/toobaffled/status/1799312255521304720
An anti-immigration tsunami hit EU parliamentary elections on Sunday. LePen’s party (right) beat French Prez Macron’s party by more than a 2-1 margin. In response to the drubbing, Macron dissolved the National Assembly and called for elections on June 30 and July 4. Populism is gaining in Europe!
@Schuldensuehner: The traffic light coalition in Germany suffers a historic rout in the European elections. German Chancellor Scholz’s SPD crashed to 14%, their worst-ever result, falling to 3rd place behind the far-right AfD, exit polls show. The other 2 parties in Scholz’s ruling alliance – the Greens and the FDP – got 12% and 5% respectively. https://x.com/Schuldensuehner/status/1799837262231871693
Belgian Prime Minister Alexander De Croo announces he will resign after losing to right-wing parties in European elections https://trib.al/TIBnsUL
@EuropeElects: Luxembourg: the centre-right CSV (EPP) returns to become the strongest party in EU elections in Luxembourg. In 2019, the liberal DP (RE) was able to advance to this position.
Italy PM Meloni’s rightist party is expected to garner 27% to 31% of votes compared to 6.4% in 2019.
@minna_alander: Why Macron can call snap elections but Scholz won’t: In France the parliament is weak and snap elections won’t touch Macron’s own position as president. In Germany the chancellor is determined by the results of the parliament elections so Scholz would be himself on the line
@EuropeElects: Cyprus: with 96.0% of the vote counted, left-wing AKEL(LEFT) has come second with a record-low 21.7% of the vote, its worst result in a European Parliament election since Cyprus’ accession to the EU in 2004. The party will retain only one of its two seats in the European Parliament.
@EuropeElects: EU27: Ursula von der Leyen’s centre-right EPP bloc emerges as the winner of the 2024 European Parliament election. As of now, EPP gained 16 seats. In comparison: the two radical right blocs of Giorgia Meloni and Marine Le Pen only gained 8.
@Jkylebass: With these European election results smashing the liberal left, it appears that rampant illegal immigration and inflation are a toxic mix. Get ready for November. (Bad news for Dems!)
@BillMelugin_: @FoxNews has obtained an internal Border Patrol memo sent to agents in San Diego sector after President Biden’s executive order took effect, instructing them to release single adults fromall but six countries (Uzbekistan, Russia, Tajikistan, Georgia, Moldova, Kyrgyzstan) in the eastern hemisphere & classifying them as “hard” or “very hard” to remove… Bottom line in the short term: Mass catch & release continues for illegal immigrants in San Diego sector, who continue pouring in from all around the globe. (Joe essentially told the Border Patrol to ignore his immigration EO!) https://x.com/BillMelugin_/status/1799875111228694594
Today – This is Fed Week. The market expects no change in policy or in Fed forecasts due to recent US economic data. Traders will be bullish because stocks tend to rally into the FOMC Communique release.
NQMs are -17.75; ESMs are -3.25; USMs are -9/32; and gold is -12.40 at 20:36 ET.
S&P Index 50-day MA: 5191; 100-day MA: 5114; 150-day MA: 4946; 200-day MA: 4797 DJIA 50-day MA: 38,785; 100-day MA: 38,734; 150-day MA: 37,890; 200-day MA: 36,891 (Green is positive slope; Red is negative slope)
S&P 500 Index (5346.99 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 4750.24 triggers a sell signal Weekly: Trender is positive; MACD is negative – a close below 5100.57 triggers a sell signal Daily: Trender and MACD are positive – a close below 5244.88 triggers a sell signal Hourly: Trender is positive; MACD is negative – a close below 5336.09 triggers a sell signal
Biden continued his state of perpetual confusion as he arrived at the Élysée Palace earlier today in Francehttps://t.co/fqBjHXhc0h
Biden insists he’s not involved in his family’s business dealings. But his aides are a different story. The overlapping roles are under scrutiny as the president distances himself from his family’s dealings. His political patrons have at times forged business ties with his relatives, who in turn have converted some of their business partners into campaign supporters… The Bidens’ approach complicates their efforts to distance the president from his family’s ventures… https://www.politico.com/news/2024/06/08/joe-biden-aides-family-business-dealings-00161476
@paulsperry_: Subpoenaed bank records showHunter/Jim/Sara/Hallie/Biden grandchild) hauled in $18 mil+ from foreign sources since Biden VP, incl: $3.99m from Ukraine; $7.28m from China; $3.5m from Russia; $1.04m Romania; $1.04m Panama; $1.17m Kazakhstan/Mexico/Syria
Trump lands endorsement of top investor who hosted $12 million San Francisco fundraiser for former president – Major tech investor David Sacks formally endorses Trump hours before hosting top dollar fundraiser for presumptive Republican presidential nominee.. “With respect to economic policy, foreign policy, border policy, and legal fairness, Trump performed better. He is the President who deserves a second term,” he argued… https://www.foxnews.com/politics/trump-lands-endorsement-top-investor-hosted-12-million-san-francisco-fundraiser-former-president
Wealthy individuals, whose assets shelter them from crime (private security, elaborate home security, etc.) and immigration angst are becoming increasing/y concerned about global war and lawfare. We’ve regularly warned that leftists destroy the working class, then the middle and then the merchant class. Along the way, the aristocracy aids & abets the revolutionaries in the mistaken belief, as Churchill adroitly articulated, that the crocodile will eat them last. Eventually, the leftists go after the real power and wealth. This has occurred repeatedly throughout history – and US high-net worth is ‘getting it.’
If Team Obama-Biden can usurp US laws and The Constitution to ‘get Trump,’ they can do it to anyone.
It increasingly clear that the Deep State and The Grifters (Clintonistas, Obamaites, and Team Biden) cannot afford to lose the 2024 Election and control of the DoJ, FBI, and the intel apparatus. It’s also clear that The Big Guy is in serious political trouble. What schemes will be done to keep Dems in control?
Rep. Stefanik’s Democrat opponent slammed for proposing ‘re-education camp’ for Trump supportershttps://t.co/FomWLyTmUW
Hush money judge questions social media post apparently teasing Trump verdict “Today, the Court became aware of a comment that was posted on the Unified Court System’s public Facebook page and which I now bring to your attention,” Merchan wrote in the letter. “My cousin is a juror and said Trump is getting convicted,” the post stated, according to the letter. “Thank you folks for all your hard work!!!!” The comment, which was posted by a “Michael Anderson,” has since been deleted and Trump officials said they are investigating the incident, according to NBC News. https://justthenews.com/politics-policy/all-things-trump/hush-money-judge-questions-social-media-post-teasing-trump-verdict
The post from ‘Michael Anderson’ via New York United State Unified Court System: “Thank you for all your hard work against the MAGA crazies! My cousin is a juror on the Trump trial and they are going to convict him tomorrow according to her. Thank you New York Courts!” (5/30 conviction) https://x.com/nicksortor/status/1799197422180024697/photo/1 (Why did Judge Merchan ‘s letter omit the part about “Maga crazies?”) Apparently, the NY Supreme Court notified Judge Merchan about the post. Merchan did a ‘Friday evening news dump.’ How long did Merchan know about it?
@DineshDSouza: WOW. Arizona Senate audit confirms discovers 74k mail-in ballots from the 2020 election are tied to individuals returned and cast with no record of ever being sent.
@JonathanTurley: The New York Post and reporters like Miranda Devine have received no recognition for their work in disclosing the contents and defying attacks from politicians and media alike. While reporters were given a Pulitzer for reporting the now debunked Russian collusion story, Devine and others will never receive a Pulitzer for uncovering the true story behind the laptop.
@themarketswork: Five Former CIA Directors helped to throw the 2020 President Election. But the GOP-led House has refused to subpoena any of these people. Or remove their security clearances. If we had a real party, every single signatory to the Letter would have been dragged in to testify.
Top Dem strategist James Carville says Biden should not have run for re-electionhttps://t.co/VnE0gLde5g
Massive California residential tower to offer homeless private rooms, gym, cafe and more amenitieshttps://t.co/1Ui6gRHnOF
@robbystarbuck: The American College of Pediatricians just put out a statement calling out all the major medical associations by name for pushing the gender transition craze on kids. They ask for these groups to “IMMEDIATELY stop the promotion of social affirmation, puberty blockers, cross-sex hormones and surgeries for children and adolescents who experience distress over their biological sex.” The full @ACPeds Statement: https://x.com/robbystarbuck/status/1799281058170405320
DOJ Indicts Doctor Who Exposed the Barbarism of “Gender-Affirming Care” – Eithan Haim blew the whistle on Texas Children’s Hospital’s illegal child sex-change program. Now he’s being prosecuted. Earlier this week, U.S. marshals appeared at Haim’s home and summoned him to court to face an indictment on four felony counts of violating HIPAA… https://www.city-journal.org/article/doj-indicts-doctor-who-exposed-the-barbarism-of-gender-affirming-care
@ThomasSowell: The scariest thing about politics today is not any particular policy or leaders, but the utter gullibility with which the public accepts notions for which there is not a speck of evidence, such as the benefits of “diversity,” the dangers of “overpopulation,” and innumerable other fashionable dogmas.
@EndWokeness: The historic St. Anne’s Church (1907) was destroyed by a fire in Toronto today. 100 churches in Canada were destroyed, vandalized, or desecrated since 2021.
Legendary financial and geopolitical cycle analyst Martin Armstrong says we are going to have a wild close to 2024. Let’s start with Biden’s new job approval rating from Martin Armstrong’s “Socrates” program, which is now only 6% to 7%. Armstrong explains, “It’s the old story of draining the swamp, but now, the swamp is an ocean. This is completely crazy. The cases against Trump show you how desperate they are here. The reason they want Biden, and they even blocked RFK Jr. from getting on the Democrat ticket, the reason they want him is he is just a sock puppet. He’s not really in charge. He’s not making any decisions.”
Are the Deep State globalist Democrats panicking over the 6% to 7% Biden approval rating? Top people on both sides know this is an accurate number. With about four months to go before the 2024 Election, are they now panicking over these dismal approval numbers? Armstrong says, “Oh, yes, they are panicking. I have been in politics for more than 40 years. I know how it works. All of a sudden, you see in the New York Times and the Wall Street Journal, oh, Biden is slipping behind closed doors. That would not make the press unless they wanted it to. They are floating a ballon to see how it goes. All of a sudden, they want Biden to do a debate. Before, no debates. Why? Because they know he’s going to look bad. . . . At the Democrat Convention, they will draft someone else, and that is most likely going to be Hillary.”
The economy and war are linked in a big way, according to Armstrong, and he explains, “You’ve got about $10 trillion of US debt that is maturing this year. . . . You’ve got Secretary of State Blinken threatening China with war. China dumped $53 billion in US debt in the first quarter of 2024. That means China are sellers and not buyers. You had Treasury Secretary Janet Yellen flying to China asking, ‘Please don’t sell.’ It didn’t work. This is why they are talking about raising the capital gains to 44%. Why? If nobody is going to buy the debt, that’s when default comes. If you cannot sell the new debt to pay off the old debt, guess what? It’s done. This is how governments fall, and I have been warning them for decades that this is how it’s going to end. . . . This is why they need war. This is why Europe is going into war. . . . If you cannot sell the new debt, you have to default. If you have war, and that is what is really behind this, if you go into war, they get to default and blame Putin. . . . In November, it’s going to be Trump vs World War III regardless who is on the other side. If you get Hillary or you get Biden, it’s the same thing. Hillary is a neocon, and Biden says yes to whatever the neocons want.” And the neocons clearly want war–a big one.
There is much more in the 1-hour and 3-minute in-depth interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Martin Armstrong as he gives his analysis about unpayable global debt, world war and the 2024 Election for 6.8.24.
Bill HolterFinancial Commentator &Miles Franklin contributor “Silver is the Achilles’ heel to gold, and gold is the Achilles’ heel to western currencies.
Exclusively Available to SubscribersTry it now for $1
harveyorganblog.com 
