JUNE 11/BLOG//GOLD CLOSED DOWN $0.30 TO $2309.50/SILVER CLOSED DOWN $0.59 TO $29.15//PLATINUM CLOSED DOWN $16.75 TO $955.70//PALLADIUM CLOSED DOWN $13.30 TO $891.15//GOLD COMMENTARY TODAY BY MATHEW PIEPENBURG//GERMANY SET TO DEPORT MIGRANTS THAT VIOLATE THE LAW//ISRAEL VS HAMAS UPDATES///USA MAY WISH TO MAKE A SEPARATE DEAL WITH HAMAS TO GET BACK AMERICANS/COVID UPDATES/VACCINE INJURY REPORT SLAY NEWS, ETC//HUNTER BIDEN CONVICTED ON 3 COUNTS//RUSSIA VS UKRAINE UPDATES/SWAMP STORIES FOR YOU TONIGHT//
Bitcoin: afternoon price: $67,125 DOWN 2505 dollars
Platinum price closing DOWN $16.75 TO $956.70
Palladium price; DOWN $13.30 AT $891.15
END
SHANGHAI GOLD PREMIUM 100 DOLLARS/COMEX GOLD//JULY TO JULY
SHANGHAI GOLD
SHANGHAI GOLD (USD) FUTURES – QUOTES
Last Updated 11 Jun 2024 09:54:10 AM 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
09:08:54 CT 11 Jun 2024
JUL 2024 SGUN4
–
–
2424.3
–
–
–
0
08:50:01 CT 11 Jun 2024
AUG 2024 SGUQ4
2353.8
-70.7 (-2.92%)
2424.5
2347.2
2355.9
2338.5
1,150
09:25:18 CT 11 Jun 2024
OCT 2024 SGUV4
–
–
2448.8
–
–
–
0
09:08:54 CT 11 Jun 2024
DEC 2024 SGUZ4
–
–
2461.3
–
–
–
0
08:50:01 CT 11 Jun 2024
FEB 2025 SGUG5
–
–
2461.9
–
–
–
0
08:50:01 CT 11 Jun 2024
APR 2025 SGUJ5
–
–
2462.5
–
–
–
0
08:50:01 CT 11 Jun 2024
I will now provide gold in Canadian dollars, British pounds and Euros
4: 15 PM ACCESS
*CANADIAN GOLD: $3186.14 UP 7.74 CDN dollars per oz( * NEW ALL TIME HIGH 3,305.30 CDN DOLLARS PER OZ//MAY 20 2024)
*BRITISH GOLD: 1817.80 UP 2.90 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024
*EURO GOLD: 2156.50 UP 10.52 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
END
EXCH: COMEX
JPMorgan stopped 9/73
FOR JUNE 2024
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 28 NOTICES FOR 2800 OZ or 0.0870 TONNES
total notices so far: 28,602 contracts for 2,860,200 Oz (88.924 tonnes)
FOR JUNE:
SILVER NOTICES: 1 NOTICE(S) FILED FOR 5,000
OZ/
total number of notices filed so far this month :1114 for 5.570 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 DOWN $.30 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : NO CHANGE IN GOLD INVENTORY AT THE GLD
/ /INVENTORY RESTS AT 835.67TONNES
INVENTORY RESTS AT 835.67 TONNES
SLV//
WITH NO SILVER AROUND AND SILVER DOWN $.59 AT THE SLV//
HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 1.644 MILLION OZ INTO THE SLV
// INVENTORY INCREASES TO 422.786 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 ROSE BY A FAIR SIZED 378 CONTRACTS TO 179,023 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 GAIN OF $0.30 IN SILVER PRICING AT THE COMEX ON MONDAY’S TRADING ON SILVER. WE HAD SOME LIQUIDATION AS WE HAD A NET LOSS OF CONTRACTS ON OUR TWO EXCHANGES. WE, AGAIN HAD SHORT COVERING BY OUR SPECS WITH THE STRONG GAIN IN PRICE AS WELL AS MASSIVE T.A.S. LIQUIDATION. WE HAD ANOTHER MEGAHUMONGOUS SIZED 6358 T.A.S ISSUANCE, THE 2ND 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 LAST 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 MONDAY NIGHT: 6358 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND TODAY;S TRADING.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.30) AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS FROM THEIR PERCH AS WE DID HAVE A HUGE SIZED GAIN OF 983 CONTRACTS ON OUR TWO EXCHANGES WITH THE GAIN IN PRICE OF $0.30
WE MUST HAVE HAD:
A HUGE SIZED 605 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.830 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 140,000 OZ QUEUE JUMP
//NEW STANDING FOR SILVER//JUNE IS THUS 6.44 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI GAIN //HUGE SIZED EFP ISSUANCE/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 6358 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED 149 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 7 DAYS, total 7224 contracts: OR 36.120 MILLION OZ (1003 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 36.120 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 36.120 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
RESULT: WE HAD A FAIR SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 378 CONTRACTS WITH OUR GAIN IN PRICE OF SILVER PRICING AT THE COMEX//MONDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 605 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 140,000 OZ QUEUE JUMP
//NEW TOTAL STANDING FOR JUNE 6.44 MILLION OZ
WE HAVE A HUGE SIZED GAIN OF 983 OI CONTRACTS ON THE TWO EXCHANGES WITH THE GAIN IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A MEGA HUMONGOUS SIZED 6358 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE MONDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND ZERO NET LIQUIDATION OF LONGS.
THE NEW TAS ISSUANCE MONDAY NIGHT (6358) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .
WE HAD 1 NOTICE(S) FILED TODAY FOR 5,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A STRONG SIZED 6805 OI CONTRACTS TO 435,003 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 102 CONTRACTS
WE HAD A STRONG SIZED DECREASE IN COMEX OI (6805 CONTRACTS) OCCURRED WITH OUR GAIN OF $2.00 IN PRICE/MONDAY. 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 4700 OZ QUEUE JUMP AS BANKERS SCOUR THE PLANET LOOKING FOR GOLD ON THE THIS SIDE OF THE POND
NEW STANDING 90.522 TONNES// ALL OF THIS HAPPENED WITH OUR $2.00 GAIN IN PRICE WITH RESPECT TO MONDAY’S TRADING. WE HAD A GOOD SIZED LOSS OF 3956 OI CONTRACTS (12.304 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 2849 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 435,003
IN ESSENCE WE HAVE A GOOD SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3956 CONTRACTS WITH 6805 CONTRACTS DECREASED AT THE COMEX// AND A STRONG SIZED 2849 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 3956 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 1668 CONTRACTS,,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2849 CONTRACTS) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI OF 6805 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 3956 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 0.1461 TONNES
//NEW STANDING /JUNE 90.522 TONNES.
/ 3) HUGE T.A.S. LIQUIDATION OF CONTRACTS WITH SOME LONG SPECS BEING CLIPPED,
.
// 4) STRONG SIZED COMEX OPEN INTEREST LOSS 5) STRONG 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: 27,124 CONTRACTS OR 2,712,400 OZ OR 84.367 TONNES IN 7 TRADING DAY(S) AND THUS AVERAGING: 3874 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 7 TRADING DAY(S) IN TONNES 84.367 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 84.367 DIVIDED BY 3550 x 100% TONNES = 2.37% 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 84.367 tonnes HEADING FOR A STRONG MONTH
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF JUNE. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (APRIL), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A FAIR SIZED 378 CONTRACTS OI TO 179,023 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 605 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 605 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 GAIN OF 527 CONTRACTS AND ADD TO THE 605 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 983 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 4.915 MILLION OZ
OCCURRED DESPITE OUR HUMONGOUS $0.30 GAIN 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//
TUESDAY MORNING/MONDAY NIGHT
SHANGHAI CLOSED DOWN 23.23 PTS OR 0.76% //Hang Seng CLOSED DOWN 190.61 PTS OR 0.75%// Nikkei CLOSED UP 96.63 OR 1.25%//Australia’s all ordinaries CLOSED DOWN 0.76%///Chinese yuan (ONSHORE) closed UP TO 7,2543 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2704/ Oil UP TO 77.53 dollars per barrel for WTI and BRENT UP AT 81.41 /Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
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 6805 CONTRACTS TO 435,003 WITH OUR GAIN IN PRICE OF $2.00 WITH RESPECT TO MONDAY’S TRADING. WE HAD A HUGE T.A.S. LIQUIDATION ON MONDAY WITH ZERO LONGS BEING CLIPPED.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF JUNE.… THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A GOOD SIZED 2849 EFP CONTRACTS WERE ISSUED: : AUGUST2849 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2849 CONTRACTS.
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 3956 CONTRACTS IN THAT 2849 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A STRONG SIZED LOSS OF 6805 COMEX CONTRACTS..AND THIS FAIR SIZED LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $2.00
// MONDAY 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 MONDAY NIGHT WAS A FAIR SIZED 1668 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. MONDAY IS OF EXTREME IMPORTANCE TO OUR CROOKS IN YESTERDAY’S TRADING
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JUNE (90.522 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; 90.522 TONNES. THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $2.00 //// AND WERE SUCCESSFUL IN KNOCKING SOME SPECULATOR LONGS AS WE HAD A FAIR SIZED LOSS OF 3956 CONTRACTS ON MONDAY WITH OUR TWO EXCHANGES WITH THE GAIN IN PRICE. THE T.A.S. ISSUED ON MONDAY 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 12.304 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 47 CONTRACTS OR 4700 OZ (0.8979 TONNES)
NEW STANDING FOR JUNE: 90.522 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAININ PRICE TO THE TUNE OF $2.00
WE HAVE REMOVED 102 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET LOSS ON THE TWO EXCHANGES 3956 CONTRACTS OR 395600 (12.304 TONNES)
Total monthly oz gold served (contracts) so far this month
28,602 notices 2,860,200 oz 88.924 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
x
0 dealer deposits:
total dealer deposits: NIL oz
we have 0- customer deposit:
total deposit nil oz
customer withdrawals: 1
brinks; 64.32 oz (2 kilobars)
this is a paper transfer out of the comex and onto London
TOTAL WITHDRAWALS 64.32 0z
Adjustments: 1/customer to dealer//7616.240 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE
For the front month of JUNE we have an oi of 529 contracts having LOST 26 contracts. We had 73 contracts served on Monday so we gained a huge 47 contracts or 4700 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 MONDAY. Thus despite the huge 90 tonnes of gold standing at the comex little gold is arriving and hardly any gold is leaving.
JULY GAINED 122 CONTRACTS TO STAND AT 2288
AUGUST LOST 8376 CONTRACTS DOWN TO 356,712 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 1 notices were issued from their client or customer account. The total of all issuance by all participants equate to 28 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 21 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 (28,652) x 100 oz ) to which we add the difference between the open interest for the front month of JUNE (529 CONTRACTS) minus the number of notices served upon today (28 x 100 oz per contract( equals 2,910,300 OZ OR 90.522 TONNES.
thus the INITIAL standings for gold for the JUNE contract month: No of notices filed so far (28,652 x 100 oz +we add the difference for front month of June (529 OI} minus the number of notices served upon today (28) x 100 oz which equals 2,910,300 oz (90.552 TONNES)
TOTAL COMEX GOLD STANDING FOR JUNE: 90.522 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: 17,662,910 OZ
TOTAL REGISTERED GOLD 7,997,711.289 ( 248.76 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,665,198.929OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,316,997 oz (REG GOLD- PLEDGED GOLD)= 196.48 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
1007,057.045 oz
CNT
.
Deposits to the Dealer Inventory
nil OZ
Deposits to the Customer Inventory
1220,705.820 oz
Loomis
No of oz served today (contracts)
1 CONTRACT(S) (5,000 OZ)
No of oz to be served (notices)
144 contracts (0.720 million oz)
Total monthly oz silver served (contracts)
1114 Contracts (5.570 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: 1,220,705.820 oz
total customer deposit 1,220,705/820 oz
JPMorgan has a total silver weight: 128.416million oz/296.591million or 48.34%
adjustment: 0//
Comex withdrawals: 1
i) out of CNT: 1007.057 oz
total withdrawal: 1007.057 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: 145 CONTRACTS HAVING GAINED 20 CONTRACT(S).
WE HAD 8 NOTICES SERVED UP ON MONDAY, SO WE GAINED 28 CONTRACTS OR AN ADDITIONAL 140,000 OZ WILL STAND AT THE COMEX VIA A STRONG QUEUE JUMP
JULY SAW A LOSS OF 7252 CONTRACTS DOWN TO 112,319
AUG, SAW A GAIN OF 26 CONTRACTS TO 226
SEPT SAW A GAIN OF 7275 CONTRACTS TO 49,080
.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 1 for 5,000 oz
CONFIRMED volume; ON MONDAY 90,162 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 1114 x 5,000 oz = 5.570 MILLION oz
to which we add the difference between the open interest for the front month of JUNE ((145) and the number of notices served upon today 1 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JUNE/2024 contract month: 1114 notices served so far) x 5000 oz + OI for the front month of JUNE (145)x number of notices served upon today minus (1)x 5000 oz of silver standing for the JUNE contract month equates to 6.440 MILLION OZ.
New total standing: 6.6440 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 11 WITH GOLD DOWN $0.30 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/: / //NEW TOTAL TONIGHT 835.67 TONNES
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 11 WITH SILVER DOWN $0.59 TODAY: HUGE CHANGES IN SILVER INVENTORY: //A HUGE DEPOSIT OF 1.644 MILLION OZ INTO THE SLV// INVENTORY RISES TO ; 422.786 MILLION OZ
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 422.786 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
end
MATHEW PIEPENBURG…
Gold & Oil: Understanding Rather Than Fearing Change
There is much legitimate (as well as dramatic) talk about the failing US, its debased currency and its identity-fractured/inflation-taxed middle-class which has been increasingly described more aptly as the working poor.
The End, or Just Change?
But is America coming to an end? Will the USD lose its world reserve currency status? Will the greenback disappear? Will gold or BTC save us from all that is breaking before our media-clouded eyes and increasingly centralized state?
Gold (now a Tier-1 asset btw…) will continue to store value (i.e., preserve wealth) better than any fiat money; and BTC will certainly make convexity headlines in the future.
And yes, we all know the Fourth Estate died long before Don Lemon or Chris Cuomo stained our screens or insulted our collective IQ.
And as for centralization, it’s not coming, but already here.
Be Prepared Rather than Emotional
So, yes there is tremendous reason for informed and genuine concern, but rather than wait for the end of the world, it would be far more effective to logically prepare for a changing world.
Rather than debate left or right, black or white, straight or trans, safe or effective, smart (Barrington Resolution) or stupid (Fauci), we’d likely serve our individual and collective minds far better by embracing the logical and tabling the emotional.
Toward that end, we’d be equally better off relying on our own judgement rather than that of the children making domestic, monetary or foreign policy decisions from DC to Belgium…
Logically speaking, the USD (and US of A) is changing.
Like its recent swath of weak leadership, the greenback and US IOU are quantifiably less loved, less trusted, less inherently strong and well…far less than they were at Bretton Woods circa 1944.
Change Is Obvious
Since our greatest generation stormed the beaches of Normandy in June of 44, we’ve gone from being the world’s leading creditor and manufacturer to the world’s greatest debtor and labor-off-shorer by June of 2024.
This is not fable but fact. A recent Normandy veteran admitted that he no longer recognizes the country he fought for—and that’s worth a pause rather than “patriotic” critique.
When the post-2001-WTO-daft policy makers weaponized what should have been a neutral world reserve currency in 2022 against a major nuclear power (i.e. stole $400B worth of Russian assets) already in economic bed with a China-driven and now growing BRICS coalition, the “payback” writing was on the wall for the greenback—as many of us understood from day-1 of the Putin of sanctions.
De-Dollarization Is a Reality, not a Headline
In short, many nations of the world, including the oil nations, quickly understood that the world wants a reserve asset that can’t be frozen/stolen at will and that simultaneously retains (rather than loses) its value.
But rather than end the USD as the world reserve currency, most of that world is simply going around (or outside of) it…
Or even more bluntly, the prior hegemony of the UST, and by extension, the USD, irrevocably changed in 2022.
Thank You Ronni & Luke
Thanks to data-focused and credit/currency-savvy thinkers like Ronnie Stoeferle and Luke Gromen, we can plainly see the facts rather than drama of these trends.
The actions rather than mere words of the BRICS+ nations and global central banks, who prefer to save in physical gold rather than US IOU’s, speak loudly for themselves, which Stoeferle’s objective charts remind.
That is, since the US weaponized its Dollar, there has been an undeniable move away from the greenback and its UST in favor of gold as a reserve asset:
The COMEX et al…
The hard facts are in, and dozens of BRICS+ countries are trading outside the USD, purchasing in local currencies for local goods, and then net settling the surpluses in physical gold, which is far better/fairer priced in Shanghai than in London or New York, two critical exchanges that are seeing more physical deliveries out of their exchanges than in.
This matters, because like it or not, the rising power of the BRICS+ nations, generationally tired of being the dog wagged by the USD’s inflation-exporting tail, are growing in economic power away from a debt-driven West, which again, the facts (global share of GDP) make clear rather than sensational.
The Chart of the Decade?
Ronni posted a similarly critical chart over a year ago, asking, somewhat rhetorically, if it was not the chart of the decade?
That is, he asked if the world is moving toward a commodity super-cycle wherein real assets begin their slow rise against falling (yet currently inflated) equity markets and a falling (yet increasingly debased) USD.
As Grant Williams, would say, this should make far-sighted investors all go hmmm.
Commodity Markets: Change is Gonna Come to the Petrodollar
And as for commodities, currencies and hence gold, the changes are all around us, at least for those with eyes to see and ears to hear.
Toward this end, we can’t ignore what has been happening in the global energy markets, topics which I’ve previously (and so-far, correctly) addressed here and here.
But when it comes to understanding oil, the USD and gold, Luke Gromen leads the way in clear thinking and has informed us as well as anyone.
He reminds, for example, that oil, like any other object of international supply and demand (i.e., trade), can be equally net-settled in gold rather the UST-linked petrodollars.
(In 2023, by the way, 20% of global oil sales were outside of the USD, a fact otherwise unthinkable until the Biden White House sanctioned Russia.)
The implications of this simple observation (as well as its impact on) the USD, commodity pricing and gold are extraordinary.
Oil: The Recent Past, Prior to Sanctions…
Before the US weaponized its USD against Russia (and publicly insulted its key oil partner, Saudi Arabia), the world towed the line of both the UST and the USD-denominated oil trade, which was very, very, very convenient for Uncle Sam and his Modis Operandi of exporting US inflation to everyone else.
For example, in the past, when commodity prices got too high, nations like Saudi Arabia would absorb USTs and effectively go long the USD, which the US pumps out faster than the Saudis do oil…
This, of course, was good for stabilizing and absorbing an otherwise over-produced and debasement-vulnerable USD while simultaneously helping US government bonds stay loved and hence yield’s compressed/controlled.
In a way, this was even good for global growth, as it kept the USD stable and low enough for nations like China and other EM countries to grow.
These other nations, in turn, would keep buying the “risk-free-returning” UST’s and thus help refund (“reflate”) the US’s own debt-based “growth narrative.”
After all, if every one else is buying his IOU’s, Uncle Sam can forever go deeper and deeper into debt-financing the American Dream, right?
Oil: Present Facts, Post the Sanctions…
Well, that is true only if you assume the world never changes, and that reported–i.e., utterly dishonest inflation–makes our UST’s truly “risk-free” rather than just returning nothing but negative real yields.
Fortunately (or unfortunately), the rest of the world is seeing the changes which DC pretends to hide.
Specifically, and as of November of last year, the Saudi’s met with a bunch of BRICS+ nations looking for ways around the USD and UST when it comes to trading among themselves—and this includes the oil trade.
Think about that for a second.
This means that what has been working in favor of the USD and sovereign bond market since the early 70’s (i.e., global demand for the USD via oil) is slowly (but surely) unwinding right before Biden’s barely open eyes…
All those decades of prior support/demand for USDs and USTs is going down not up, which means unloved UST’s will have to be supported by fake (i.e., inflationary) at-home liquidity rather than immortal foreign demand.
It also means that commodities, from copper to yes, even oil, can and will continue to be purchased outside the Dollar and net settled in gold, which likely explains why central banks have been net stacking gold (top line) and net-dumping USTs (bottom line) since 2014…
Again, watch what the world is actually doing rather than what your politico’s (or even bank wealth advisors) are telling you.
Gold & Oil: Impossible to Ignore?
As for gold and oil in the foregoing backdrop of a changing rather than static world, any sane investor has to give serious consideration to the changing petrodollar dynamics which Luke Gromen has been tracking with sober farsightedness.
The compressed but inevitably rising super cycle (Stoeferle chart above) in commodities this time around will differ markedly from past rallies.
As oil, for example, goes up (for any number of reasons), the old system that once recycled those costs in UST purchases can (and has) pivoted/changed to another asset.
You guessed it: GOLD.
Think it through: Russia can sell oil to China, Saudi Arabia can sell oil to China. But now in Yuan not USDs. These trading partners can then take their Yuan payments to buy Chinese “stuff” (once made in America…) and finally net settle any surpluses in gold rather than USTs.
That gold can then be converted into any EM/BRICS+ local currency (from rupees to reals) rather than Dollars to trade among themselves for other raw commodities, of which many BRICS+ nations are resource rich.
This, by the way, is not some distant possibility, but a current and ongoing reality. It can devastating to USD demand and hence strength.
When copper and other commodities, including, oil starts repricing (and stockpiling) outside the USD with increasing frequency, the Dollar’s so-called “hegemony” becomes increasingly hard to believe, telegraph or sustain.
The Ignored Gold/Oil Ratio
As Luke Gromen observes, but few wish to see…if/when gold becomes the “de facto release valve for non-USD commodity pricing and net settlement,” the impact this will have on the long-term gold price is simply a matter of math rather than debate.
He repeatedly reminds that the global oil market is 12-15x the size of the global gold markets in physical production terms:
We thus can surmise that gold can and will be pushed higher by oil in particular and other commodities in general, a reality already in play as measured by the global gold/oil ratio, which has risen (not so coincidentally) by 4x since Moscow began stacking gold in 2008 while the Fed was preparing to mouse-click trillions of fake Dollars in DC…
The Most (Deliberately) Misunderstood Asset…
Meanwhile, as we stare in awe at the consensus-think which still places gold at only 0.5% of global asset allocations (the 40Y mean is 2%) and just barely over 1% of all family office allocations (still crawling further and further on the risk branch for yield), we have to wonder if it is human nature (or just political and monetary self-interest) to fear change, even when the evidence of it is all around us.
Yet few see gold’s real role…
For gold investors (rather than speculators) who think generations ahead rather news cycles per day, and who understand that preserving wealth is the secret to having wealth, this asset (and change) is not feared.
It is understood.
And that is how we understand gold. It preserves wealth while paper currencies destroy it.
That is why despite positive real yields, a relative strong USD and so-called contained inflation, gold is breaking away from these correlations and making all-time-highs despite their profiles as traditional gold “headwinds.”
It’s so simple.
Gold is trusted far more than broken currencies from broke countries, including the once revered USA in particular and the West and East in general:
As Ronni correctly says: “In gold we trust.”
Makes a lot of (common/historical) sense. Just do the math and read some history…
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…
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS/
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT//
SHANGHAI CLOSED DOWN 23.23 PTS OR 0.76% //Hang Seng CLOSED DOWN 190.61 PTS OR 0.75%// Nikkei CLOSED UP 96.63 OR 1.25%//Australia’s all ordinaries CLOSED DOWN 0.76%///Chinese yuan (ONSHORE) closed UP TO 7,2543 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2704/ Oil UP TO 77.53 dollars per barrel for WTI and BRENT UP AT 81.41 /Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGSTUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.2543
OFFSHORE YUAN: DOWN TO 7.2704
SHANGHAI CLOSED DOWN 23.23 PTS OR 0.76 %
HANG SENG CLOSED DOWN 190.61 PTS OR 0.75%
2. Nikkei closed DOWN 96.63 PTS OR 1.25 %
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX DOWN TO 104.93 EURO FALLS TO 1.0770 DOWN 34 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +1.007 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 157.03 JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.67490/Italian 10 Yr bond yield UP to 4.150 SPAIN 10 YR BOND YIELD UP TO 3.513%
3i Greek 10 year bond yield UP TO 3.835
3j Gold at $2316.95//Silver at: 29.33 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 52/ 100 roubles/dollar; ROUBLE AT 89.05
3m oil into the 77 dollar handle for WTI and 81 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 157.03/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.007% 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 0.8965 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9621 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: 4.426 DOWN 5 BASIS PTS…
USA 30 YR BOND YIELD: 4.564 DOWN 3 BASIS PTS/
USA 2 YR BOND YIELD: 4.838 DOWN 5 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.37…
10 YR UK BOND YIELD: 4.330 UP 6 PTS
2a New York OPENING REPORT
Futures Slide Ahead Of Wednesday’s Main Event, As European Political Turmoil Sparks Bond Rout
TUESDAY, JUN 11, 2024 – 08:16 AM
US equity futures are lower with small-caps lagging, while Treasuries and the dollar rose as traders braced for a landmark day tomorrow that sees the release of both CPI data in the morning and then the Fed’s latest decision at 2pm ET. The crowded schedule sets up a crucial 36 hours for risk assets, including Bitcoin, which is currently getting hammered despite billions in ETF purchases in recent weeks, and is moving in the opposite direction to Treasury yields to an unusual degree. As of 7:50am, S&P futures were down 0.3%, near session lows while Nasdaq futures dropped 0.4%; both underlying indexes closed at record highs on Monday.
US Treasuries gained before inflation data and the Federal Reserve’s interest rate decision on Wednesday; bond yields are 3-5bps lower ahead of today’s 10Y auction and follows yesterday’s poor, tailing 3Y auction. The USD is stronger pre-mkt with both EUR and JPY weaker. French bonds tumbled the most since 2020 and the French-German yield spread blew out to October level following rumors that Macron could resign after his decision to call snap elections. Commodity markets are mostly lower with Ags finding a bid and natgas outperforming crude. Small Business Optimism is the macro data release today and even though it rose and beat expectations, coming in at 90.5, vs exp. 89.7, it will not be market-moving. As JPM notes, today’s pre-market setup is similar to yesterday but let’s see how many position adjustments are made into tomorrow’s CPI/Fed double feature as today sets up as the proverbial calm before the storm.
In premarket trading, Mag7 and Semi stocks were lower. Among US single stocks, Apple were set for a second day of losses, after its much-anticipated AI announcement last night saw no major surprises. The firm is making a high-stakes bid to catch up with rivals in the booming AI market, and yesterday announced a new platform called Apple Intelligence. A partnership with OpenAI — in the works for months — was only briefly mentioned at the event; it failed to inspire traders and sparked an angry backlash from Elon Musk who said he would ban Apple devices from his companies. LLY was the standout gainer, rising 2% after an FDA advisory panel deemed the firm’s Alzheimer’s drug effective and recommended US regulatory approval. Here are some of the biggest US movers before the opening bell:
Calavo Growers rises 12% after the distributor of avocados and other produce posted 2Q profit and sales that topped estimates.
Cleveland-Cliffs slips 3% after JPMorgan downgrades its rating on the steel producer to neutral, citing concerns over free cash flow and shareholder returns.
DXC Technology rises 2% after Reuters reported Apollo Global and Kyndryl Holdings are in talks for a joint bid for the information technology services company.
General Motors rises 1% after announcing a $6 billion share buyback.
Target Hospitality sinks 28% after a Wall Street Journal report that the Biden administration is closing an Immigration and Customs Enforcement detention center in Dilley, Texas, that was used to jail migrant families who crossed the border illegally.
Yext falls 13% after the digital-media technology company cut its full-year revenue forecast.
Ahead of tomorrow’s busy calendar, where the market is focused on tomorrow’s CPI/FOMC double whammy, some bond traders are already turning their attention to next year. With sticky inflation raising the prospect of higher-for-longer interest rates through 2024, the big question in the fixed-income space is how to game out 2025 and beyond, heaping more attention on the Fed’s interest rate projections, aka the dot plot.
Meanwhile, European assets extended Monday’s rout as jitters over political upheaval in France continued. The euro edged lower and the Stoxx 600 fell for a third day. US equity futures dropped. Initially, it looked like some calm had returned to European markets on Tuesday after rising political risks rocked assets at the beginning of the week. But things took a turn throughout the day, with stocks sliding and French bonds remaining under pressure, pushing the 10-year spread over German bunds to the highest since October following rumors that President Emmanuel Macron was preparing to resign; while the rumorswere swiftly denied, the selling in local bonds continued…
… and appears to have quickly spread to other regions too.
SPREAD BETWEEN ITALIAN AND GERMAN 10-YEAR YIELDS WIDENS TO 150 BPS, WIDEST SINCE FEBRUARY
The biggest moves were in French markets. The yield on 10-year notes jumped as much as 10 basis points to 3.32%, putting them on course for the biggest two-day increase since March 2020. The selloff has widened the spread over equivalent German bonds to 64 basis points, the highest since October on a closing basis. European stocks were also lower with energy and industrial goods and services gain while miners are the worst performers as copper and iron ore fall. Here are some of the biggest movers on Tuesday:
UCB gains as much as 5.6%, the most since February and to a record high, after JPMorgan raised its recommendation for the Brussels-listed biotech to neutral from underweight, betting on continued strong demand for UCB’s key Bimzelx drug.
Covestro shares gain as much as 7.6% after Bloomberg News reported the German chemical company is close to granting Adnoc access to in-depth due diligence in expectation of an improved takeover bid.
Oxford Instruments shares jump as much as 12% after the instrument maker delivered annual results ahead of expectations and outlined new medium-term growth targets that should keep investors happy, according to analysts.
Idox rises as much as 4.7% as analysts at Canaccord Genuity (buy) say that the British software company continues to deliver reliable growth and forecast stability.
Maersk and European shipping peers fall after several Asian peers notched double-digit declines in Tuesday trading as traders assess the impact of revised interest-rate paths and the geopolitical impact from the latest Israel-Gaza ceasefire plan. In the US, American dockworkers halted labor talks.
European Miners were the worst performers in Europe as they followed copper and iron ore prices lower, with both commodities weakened by concerns over Chinese demand.
Naturgy shares fall as much as 13%, the most since March 2020, after Taqa and Criteria Caixa ended talks to jointly acquire the Spanish utility.
GN said it will gradually wind-down its Elite and Talk product lines and lowered its financial forecast range. The shares fell as much as 9.7% in Copenhagen.
CBrain falls as much as 14% after ABG Sundal Collier downgraded the Danish software firm to sell from hold, quoting an “excessive” near-term valuation.
In the UK, an unexpected rise in the jobless rate boosted the outlook for rate cuts later this year. Traders are fully pricing in the first quarter-point reduction by November and see around a 40% chance of a second decrease the following month. In a separate development, the country attracted over £104 billion ($132 billion) of orders for bonds in a record for gilt sales.
Earlier, Asian stocks fell, as Chinese and Australian shares led declines as markets reopened following holidays. The MSCI Asia Pacific Index fell 0.5%, with BHP Group, Samsung Electronics and China Construction Bank among the biggest drags. Benchmark in mainland China fell to their lowest closing levels since April. Korean shares were among the few gainers in Asia. Slow travel growth over the Dragon Boat Festival holiday was the latest sign of weak consumer demand in China. Property woes in the country also continued to weigh on sentiment, despite signals of additional government support measures.
Hang Seng and Shanghai Comp. were pressured amid ongoing property sector concerns after a Hong Kong court issued a wind-up order to Chinese property developer Dexin China.
ASX 200 declined amid broad weakness across sectors and as miners led the descent.
Nikkei 225 bucked the trend as it benefitted from recent currency weakness.
“The recent weekend holiday didn’t see as strong consumption as the previous May Golden Week, and weekly property sales are weak,” said Xin-Yao Ng, director of investment at abrdn.
In FX, the Bloomberg Dollar Spot Index gained for a fourth day and was up 0.2% as investors positioned for the Fed’s policy decision on Wednesday at which officials are expected to scale back forecasts for a pivot; US CPI data will be released the same day.
“The US dollar has bounced back, underpinned by widening monetary policy divergences,” Elias Haddad and Win Thin, strategists at Brown Brothers Harriman & Co., wrote in a note. “We expect the Fed to deliver a hawkish hold Wednesday” Treasury 10-year yields slipped 4bps to 4.43%, tracking gains in European bond markets; the Department of the Treasury will auction $39 billion of 10-year debt on Tuesday, which follows the sale of three-year notes on Monday which drew a higher-than-expected yield. Traders see an 80% possibility that the Fed will start cutting rates in November, compared with 75% on Monday; they are pricing a total of 40bps of cuts by the end of the year
In rates, treasury futures extend advance in early US session, with yields near lows of the day, richer by up to 5bp across belly of the curve and outperforming European rates. US yields richer by 3bp to 5bp across the curve with belly-led gains steepening 5s30s spread by ~2bp vs Monday’s close. US 10-year yields around 4.43%, outperforming bunds in the sector by 2bp and French bonds by 10bps. Main focal point for Tuesday’s US session is $39 billion 10-year note auction, while in Europe French bonds continue to fall amid heightened political uncertainty following the European Parliament elections. Treasury coupon auction cycle resumes with $39b 10-year reopening at 1pm New York, concludes Thursday (after FOMC decision Wednesday) with $22b 30-year bond reopening; WI 10-year yield at around 4.425% is ~6bp richer than last month’s, which tailed by 1bp.
In commodities, oil held its biggest jump since March ahead of an OPEC report that will provide a snapshot on the market outlook. Crude surged on Monday as traders piled back into the commodity after the biggest weekly loss since early May.
The OPEC report will be followed by a Short-Term Energy Outlook from the US later on Tuesday, and a monthly release from the International Energy Agency on Wednesday.
Bitcoin slumped below $68K with Ethereum also sliding towards $3.5k, giving back some of its overnight advances. Crypto insiders are said to be meeting with US Senate staffers to try to resolve a surprise crypto policy push embedded in a recent Senate spending package that cleared the intelligence committee, according to CoinDesk.
Looking at today’s calendar, US economic data is empty for the session, while Fed officials are expected to refrain from commenting until after Wednesday’s policy announcement
Market Snapshot
S&P 500 futures down 0.1% to 5,365.50
STOXX Europe 600 little changed at 521.82
MXAP down 0.5% to 179.29
MXAPJ down 0.5% to 558.40
Nikkei up 0.2% to 39,134.79
Topix down 0.2% to 2,776.80
Hang Seng Index down 1.0% to 18,176.34
Shanghai Composite down 0.8% to 3,028.05
Sensex up 0.2% to 76,670.09
Australia S&P/ASX 200 down 1.3% to 7,755.38
Kospi up 0.2% to 2,705.32
German 10Y yield little changed at 2.67%
Euro little changed at $1.0760
Brent Futures up 0.1% to $81.73/bbl
Gold spot down 0.1% to $2,307.44
US Dollar Index little changed at 105.20
Top Overnight News
Elon Musk isn’t a fan of Apple’s AI announcement. He said he’d ban Apple devices from his companies if OpenAI’s software is integrated at the OS level, calling the tie-up a security risk. BBG
An aggressive market grab by low-cost Chinese retailers has delivered bumper earnings for some firms but has also intensified a bruising price war, exacerbating deflationary fears in the world’s second-largest economy. From coffee to cars to clothes, China’s discount retailers have cut prices on just about everything as they chase a consumer whose confidence has been battered by a property crisis, high unemployment and a gloomy economic outlook. RTRS
France’s National Rally expected to win the upcoming election but fall short of an absolute majority. RTRS
ECB’s Lagarde repeats that policy isn’t on a preset path and rates could stay on hold for more than one consecutive meeting. FT
UK labor report showed a rise in Apr unemployment (employment fell 139K vs. the Street -98K and the UR climbed to 4.4% vs. 4.3% in the prior period) while wages stayed elevated (+5.9% vs. the Street +5.7%). WSJ
Israel is ramping strikes against Hezbollah and Hezbollah-related targets in Syria, signs the country is “gearing up for a full-scale war” against the terror group in Lebanon. RTRS
Blackstone is targeting ~$10B in Japanese deals over the next few years as the country’s economy continues improving. Nikkei
OpenAI dismissed speculation that Sarah Friar’s hiring means it is about to pursue an IPO. Market Watch
Advertising outlook increased by WPP’s GroupM to +7.8% for ’24 (ex-politics) vs. the prior estimate of +5.3% (although a big chunk of the increase was a function of how certain areas of the industry in China are measured). WSJ
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded with a negative bias after the choppy performance stateside where the S&P 500 and Nasdaq notched fresh record closes but the gains were capped ahead of the mid-week key events. ASX 200 declined amid broad weakness across sectors and as miners led the descent. Nikkei 225 bucked the trend as it benefitted from recent currency weakness. Hang Seng and Shanghai Comp. were pressured amid ongoing property sector concerns after a Hong Kong court issued a wind-up order to Chinese property developer Dexin China.
Top Asian News
China’s Auto Industry CPCA said China sold 1.72mln passenger cars in May, -2.2% Y/Y; said China’s pure EV exports saw a temporary decline in May amid Red Sea shipping issues alongside other factors; still have strong growth momentum despite disruptions in European markets.
China saw 110mln domestic tourist trips during the three-day Dragon Boat Festival holiday and official data showed that Chinese cross-border trips rose 45.1% Y/Y during the three-day holiday.
Hong Kong court issued a wind-up order to Chinese property developer Dexin China (2019 HK), while it was later reported that Dexin China suspended trading in Hong Kong.
European bourses, Stoxx 600 (-0.4%) began the session on a modestly firmer footing, though did succumb to slight selling pressure as the morning progressed, in a continuation of the downbeat mood in APAC trade overnight. European sectors are mixed, with the breadth of the market fairly narrow. Basic Resources is the standout laggard, given the broader weakness in metals prices. US equity futures (ES -0.2%, NQ -0.3%, RTY -0.7%) are modestly in the red, with price action tentative ahead of Wednesday’s key risk events, including the FOMC & US CPI.
Top European News
ECB’s Villeroy said rate reduction markets a “decisive orientation”; limited spill-over from Fed/ECB’s difference in timing. Fed policy should not greatly impact the ECB’s. Significant leeway to reduce rates before exiting restrictive territory. Monitoring actual inflation data, in particular for services but monthly figures will be volatile due to base effects on energy. “Noise” is not very meaningful and as such is more outlook driven. Will look more closely at inflation forecasts. Remains confident that the Bank will bring inflation to target by next year; will reach it with a soft, rather than hard landing.
ECB’s Simkus said it is too early to declare victory over inflation; rates can be cut more if ECB is sure the 2% inflation target will be met.
ECB’s Rehn said monetary policy has dampened price pressures; considerable progress has been made. ECB knows the inflation path is a bumpy road, but sees stabilisation ahead
France’s National Rally party and lawmaker Marion Marechal are in talks about potentially joining forces to oppose President Macron in the upcoming elections, according to Bloomberg.
Moody’s said France’s snap election is negative for France’s credit rating; said outlook and rating could move to negative if interest payments relative to revenue and GDP are seen to be significantly larger than peers.
French President Macron is said to be mulling potential resignations in the case of a possible right-wing victory in early parliamentary elections, according to News AZ.
French Elysee Palace has reportedly denied media reports suggesting that French President Macron might resign.
French President Macron is to hold a press conference on June 12 around 11:00 BST/ 06:00 EDT.
FX
USD is broadly steady vs. peers with DXY holding above the 105 mark and within yesterday’s 104.93-105.38 range; trade is contained ahead of Wednesday’s CPI/FOMC where focus will reside on the M/M core rate and any adjustments to the Fed’s FFR dots.
EUR is softer vs. the USD and ultimately still weighed on via the double-whammy of Friday’s NFP and the weekend’s EU parliamentary elections. For now, the pair is stuck on a 1.07 handle and holding above Monday’s 1.0732 low.
GBP is a touch softer vs. both the USD following UK jobs metrics which showed an unexpected uptick in unemployment, a larger-than-expected decline in employment, and mixed, but sticky wage growth. Cable ventured as low as 1.2714 but refrained from testing the 1.27 mark.
JPY is marginally building on the losses vs. the USD seen since Friday with USD/JPY now up to 157.38.
Antipodeans are both steady vs. the USD in quiet trade after managing to claw back some of Friday’s losses during yesterday’s session.
PBoC set USD/CNY mid-point at 7.1135 vs exp. 7.2724 (prev. 7.1106).
Fixed Income
USTs are firmer but ultimately unable to recoup much of the lost ground seen in the wake of Friday’s NFP release; price action has been tentative as focus lies on the US CPI and FOMC on Wednesday. The Sep’24 UST contract continues to hold above the 109 mark and did catch a recent bid in tandem with news that French President Macron is said to be mulling potential resignations in the case of a possible right-wing victory in early parliamentary elections, according to News AZ – although this was later denied. A record Gilt sale also played a factor.
European debt markets are slightly more contained, though OATs remain under pressure with Moody’s noting that the snap election called by Macron is negative for the nation’s credit rating. Sep’24 Bund sits towards the bottom end of yesterday’s 129.52-130.27 range.
Gilts are outperforming peers on account of the latest UK jobs data, which showed an unexpected uptick in unemployment and mixed, but sticky wage growth. Gilts are currently higher by around 35 ticks, taking another leg higher after UK got a record GBP 104bln in orders for its Gilt sale, via Bloomberg; beating the prior record of GBP 100bln; pricing +4bps over UKT, pricing expected later on Tuesday.
Commodities
Crude is slightly softer after spending much of the session flat in what has been a catalyst thin session, except for news that Hamas is reportedly ready to negotiate the details of the ceasefire following yesterday’s UNSC vote; oil markets were unreactive to the news. Brent Aug trades within 81.37-82.02/bbl.
Bullish price action across nat gas futures with US Henry Hub front-month back above USD 3/MMBtu for the first time since January. The rise in US prices is partly attributed to expectations of a tightening market in the medium-to-long term.
Subdued trade across precious metals despite relatively steady markets elsewhere aside from metals. Spot gold is flat/modestly lower while spot silver and spot palladium see deeper losses to the tune of -1.5 to 1.7%.
Considerable weakness across base metals with desks citing recent developments of US rate cuts expectations coupled with high Chinese inventories whilst a softer CNY also reduces the purchasing power of Chinese buyers.
India Oil Minister said India state refiners in talks for long term oil import deal with Russia.
OPEC MOMR to be released at 12:30 BST/ 07:30 EDT.
Geopolitics
Israel conducted raids on the Hosh al-Sayed Ali area of the Hermel district near the Lebanese-Syrian border, according to Al Jazeera.
US State Department said Secretary of State Blinken discussed with Israeli Defence Minister Gallant on Monday the Gaza ceasefire proposal.
“Hamas ready to implement ceasefire agreement: Senior official”, via IRNA; Senior Hamas official Mahmoud al-Mardawi said that the Hamas movement is ready to cooperate for the implementation of the ceasefire agreement. According to the Palestinian Samaa News Agency, al-Mardawi made the remarks in reaction to a United Nations Security Council (UNSC) resolution; Wider reporting: Hamas agreed to Security Council ceasefire resolution and is ready to negotiate details, according to a Hamas official cited by Reuters.
“Israeli media: About 40 rockets were launched from southern Lebanon and one landed in the Upper Galilee”, according to Sky News Arabia.
US President Biden is to lift the ban on allowing a controversial Ukrainian unit to use US weapons, according to The Washington Post.
South Korean military said it fired warning shots after North Korean soldiers briefly crossed the border on Sunday, according to Yonhap.
US Event Calendar
6:00: May small business optimism 90.5 Est. 89.7, Prior 89.7
DB’s Jim Reid concludes the overnight wrap
As I cry in a corner and hang on tight to my last day in my 40s, its fair to say its been a dramatic couple of weeks for elections with each of them having their own major surprises in a year with the largest % of the global population ever going to national elections. As we discussed yesterday the European Parliamentary elections broadly went as the polls suggested (a slight move to the right but with the centre holding) but that the big news was President Macron calling a snap legislative election. This led to sizeable losses across Europe with France at the epicentre, albeit taking Italy along for the ride. But the declines were clear across the rest of the continent, with governing parties experiencing defeats in several countries, including Germany as well.
When it came to markets, French bonds were the worst-affected, with their 10yr yield surging by +12.8bps yesterday to 3.22%. That’s their highest level since November, and the Franco-German 10yr spread also widened by +7.6bps, which is its biggest daily widening since July 2022. Moreover, equities slumped, with the CAC 40 (-1.35%) falling to its lowest level since February, though it did recover by about 1% from intra-day lows. Banks were among the worst performers, including Société Générale (-7.46%) and BNP Paribas (-4.76%). The STOXX 600 closed -0.27% lower, having traded -0.88% intra-day, while the DAX and the FTSE MIB both fell back by -0.34%. As we’ll see in more detail later, the S&P 500 (+0.26%) ignored the European noise and hit a new record high.
The French losses come against the backdrop of recent jitters around their public finances, and it was only at the end of May that S&P downgraded their credit rating from AA to AA-. Remember as well that France hasn’t run a budget surplus since 1974, and its budget deficit stood at 5.5% of GDP in 2023. In terms of what’s next, the first round of the parliamentary election is on June 30, with the second round taking place the following weekend on July 7. See our economists’ note for more on the potential implications of the snap vote here. So that’s another busy political calendar that week, as the votes come either side of the UK election on July 4. However the UK is for once looking like a beacon of potential stability and it was noticeable that GBP rose +0.52% against the Euro yesterday to 1.184, its highest since August 2022. The euro also weakened -0.44% against the dollar.
The uncertainty over the snap parliamentary vote in France certainly heightened concern over the EP election results but the reality is that they were broadly in-line with expectation. In Germany, Chancellor Scholz’s SPD had their worst-ever performance in a European election, with just 14% of the vote. By contrast, the AfD came in second place with 16% of the vote, up from 11% in 2019. Meanwhile in Italy, Prime Minister Meloni’s Brothers of Italy party came first, with provisional results placing them on 29% of the vote. Maybe markets suddenly woke up to the prospect of populists having greater influence in Europe’s policy making, just as election uncertainty persists in the US.
The general concerns ignited a Europe-wide sovereign bond selloff, with yields on 10yr bunds (+5.2bps) and BTPs (+11.7bps) both rising sharply as well. Indeed, Italian 10yr yields were up to 4.07%, their highest since December, whilst 10yr bund yields closed at 2.67%, which is just shy of their 2024 closing high of 2.69%. It is an open question how much the Italian spread widening reflected Italy’s general position as being more sensitive to European stress versus reflecting more specific concerns that the policy-making of Italy’s government could take a more populist turn if a right-wing government is formed in France.
The bond selloff in Europe got further momentum thanks to comments from ECB officials, who struck a cautious tone on future rate cuts. For example, Slovakia’s Kazimir said that September “ will be the right moment to reassess our stance and decide whether we need to adjust our monetary policy settings.” So the implication there is that the next meeting in July would be too soon. Separately, Bundesbank President Nagel said that “ I don’t see us on a mountain top from which we will inevitably come down”, and instead he viewed it as “a ridge where we still have to find the right point for a further descent.” Quite poetic! Finally, around the European close, Lagarde said in an interview that “We’ve made the appropriate decision, but it doesn’t mean interest rates are on a linear declining path”. Those comments added to the sense that the ECB weren’t going to rush future rate cuts, and that narrative got further support from another rise in commodity prices yesterday. Indeed by the close, Brent crude oil prices (+2.52% to $81.63/bbl) posted their largest gain since March a nd they have now fully erased the decline seen in the aftermath of the OPEC+ meeting on June 2.
Back to politics, it’s worth noting that the European Parliament elections only mark the beginning of the EU’s new institutional cycle, and several important appointments now need confirming. Most notably, there’s the position of European Commission President, where incumbent Ursula von der Leyen is seeking a second term. What happens now is the EU leaders will propose a presidential candidate to the Parliament that takes account of the election results, and a majority of MEPs then need to vote in favour of the new Commission President. Von der Leyen’s political group, the centre-right European People’s Party, is still the largest in the parliament, so that leaves her in a good position on paper. But she’ll still need a majority of MEPs to vote in favour, so will need to put together a larger coalition of political groupings. Last time she only exceeded the majority threshold by 9 votes, which is done by a secret ballot, so this could well be very close. The next step is an EU leaders summit on June 17, where they’re set to discuss appointments for the next institutional cycle. See Marion Muehlberger’s note here on the EP elections and what happens next.
Over in the US, markets were much more subdued yesterday, with the focus now turning to the double excitement tomorrow of the CPI release and the Fed’s decision (with the latest dot plot). Treasuries did sell off in sympathy with Europe, but the moves were relatively contained, and the 10yr yield was up +3.4bps at 4.47%. For equities, the S&P 500 (+0.26%) managed to eke out another all-time high. The NASDAQ (+0.35%) and the Magnificent 7 (+0.30%) also posted new record highs, even as Apple slid by -1.91% after unveiling long-awaited new AI features and a tie up with OpenAI.
Ahead of tomorrow’s CPI release, one data point that was of interest was the New York Fed’s Survey of Consumer Expectations. It showed that 1yr inflation expectations were down a tenth in May to 3.2%, but 5yr expectations were up two tenths to a 9-month high of 3.0%. There was also growing optimism about the stock market, with the mean probability that US stock prices would be higher in a year up to a three-year high of 40.5%.
Asian equity markets are mostly lower this morning with Chinese stocks underperforming. The Hang Seng (-1.67%) is leading losses with the CSI (-1.08%) and the Shanghai Composite (-1.07%) also lower after returning from the holiday yesterday. Elsewhere, the S&P/ASX 200 (-1.49%) is also notably lower (again after a holiday) whilst the Nikkei (+0.30%) and the KOSPI (+0.41%) are higher. US equity futures are down around a tenth of a percent and 10yr US yields have reversed some of yesterday’s move falling -1.8bps. There is a 10yr US auction today so one to watch in terms of the demand.
In FX, the Japanese yen (-0.11%) is losing ground for the third consecutive day, trading at 157.20 against the dollar ahead of the BOJ’s policy decision on Friday and the edging back closer to the recent lows. The next major event in the region is tomorrow’s Chinese CPI data.
To the day ahead, and data releases include UK unemployment for April, and in the US there’s the NFIB’s small business optimism index for May. From central banks, we’ll hear from the ECB’s Simkus, Villeroy, Rehn, Holzmann, Lane and Elderson.
2B EUROPE OPENING/TRADING
Negative bias in APAC after the choppy performance stateside; S&P 500 and Nasdaq notched fresh record closes – Newsquawk Europe Market Open
TUESDAY, JUN 11, 2024 – 01:35 AM
APAC stocks traded with a negative bias after the choppy performance stateside; S&P 500 and Nasdaq notched fresh record closes.
Apple closed down 1.9% after its WWDC event failed to ignite enthusiasm; announced an integration of ChatGPT.
European equity futures indicate a mildly positive open with Euro Stoxx 50 futures up 0.2% after the cash market closed down 0.7% on Monday.
DXY is holding above the 105 mark, with FX markets broadly contained, EUR/USD remains on a 1.07 handle.
Looking ahead, highlights include UK Employment Data, US NFIB Business Optimism Index, EIA STEO & OPEC MOMR, Comments from ECB’s Lane & Elderson, Supply from Netherlands & US, Earnings from Oracle.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
US TRADE
EQUITIES
US stocks eked marginal gains after having shrugged off the downbeat mood seen in Europe following the EU Parliamentary elections over the weekend which saw far-right parties make notable gains and spurred French President Macron to call for a snap election. Nonetheless, US equities clawed back earlier losses once cash trade got underway, while the S&P 500 and Nasdaq 100 printed fresh record closes albeit with gains capped in quiet trade and as participants await upcoming risk events.
SPX +0.26% at 5,361, NDX +0.39% at 19,075, DJI +0.18% at 38,868, RUT +0.25% at 2,032.
Apple (AAPL) announced at the WWDC its Vision OS2 and expanded Apple Vision Pro to eight new countries, while it also announced Apple Tap to Pay and confirmed a deal with OpenAI to integrate ChatGPT for iPhones. iPads and Macs.
APAC TRADE
EQUITIES
APAC stocks traded with a negative bias after the choppy performance stateside where the S&P 500 and Nasdaq notched fresh record closes but the gains were capped ahead of the mid-week key events.
ASX 200 declined amid broad weakness across sectors and as miners led the descent.
Nikkei 225 bucked the trend as it benefitted from recent currency weakness.
Hang Seng and Shanghai Comp. were pressured amid ongoing property sector concerns after a Hong Kong court issued a wind-up order to Chinese property developer Dexin China.
US equity futures were lacklustre amid the risk aversion in Asia and as key risk events loom.
European equity futures indicate a mildly positive open with Euro Stoxx 50 futures up 0.2% after the cash market closed down 0.7% on Monday.
FX
DXY traded steadily overnight slightly above the 105.00 level amid a lack of fresh drivers and as participants await Wednesday’s US CPI release, the FOMC rate decision and the latest SEPs.
EUR/USD remained contained after the recent politically triggered underperformance and with a few ECB speakers scheduled later today.
GBP/USD eked slight gains after recovering from a brief dip beneath the 1.2700 handle, while the focus for GBP turns to the looming UK Employment Change and Average Earnings data.
USD/JPY mildly extended above 157.00 amid light catalysts and the absence of jawboning.
Antipodeans were lacklustre with headwinds from the mostly negative risk tone and following weaker NAB Business Surveys from Australia which showed business confidence slipped into negative territory.
PBoC set USD/CNY mid-point at 7.1135 vs exp. 7.2724 (prev. 7.1106).
FIXED INCOME
10-year UST futures attempted to nurse some of its post-NFP losses after finding support around the 109.00 level but with the recovery limited ahead of a 10-year auction and Wednesday’s key risk events.
Bund futures were off the prior day’s lows although remained sub-130.00 as attention turned to upcoming ECB speakers, while Lagarde recently noted they can keep rates on hold for as long as needed.
10-year JGB futures partially recovered some of the recent lost ground heading into an enhanced liquidity auction for long to super-long JGBs which saw a muted reaction despite attracting firmer interest.
COMMODITIES
Crude futures were little changed overnight and held on to most of the prior day’s spoils after rallying on upcoming summer fuel demand and lingering geopolitical risks.
European officials are reportedly in talks to keep gas flowing through a key Russia-Ukraine pipeline, according to Bloomberg.
Spot gold traded rangebound heading closer to the mid-week key events and after having reclaimed the USD 2,300/oz level.
Copper futures were subdued after the recent sideways price action and amid the downbeat risk tone in its largest purchaser China amid property sector concerns.
CRYPTO
Bitcoin was pressured overnight and slipped firmly beneath the USD 69,000 level.
Crypto insiders are said to be meeting with US Senate staffers to try to resolve a surprise crypto policy push embedded in a recent Senate spending package that cleared the intelligence committee, according to CoinDesk.
NOTABLE ASIA-PAC HEADLINES
China saw 110mln domestic tourist trips during the three-day Dragon Boat Festival holiday and official data showed that Chinese cross-border trips rose 45.1% Y/Y during the three-day holiday.
Hong Kong court issued a wind-up order to Chinese property developer Dexin China (2019 HK), while it was later reported that Dexin China suspended trading in Hong Kong.
DATA RECAP
Australian NAB Business Confidence (May) -3.0 (Prev. 1.0)
Australian NAB Business Conditions (May) 6.0 (Prev. 7.0)
GEOPOLITICAL
MIDDLE EAST
Israel conducted raids on the Hosh al-Sayed Ali area of the Hermel district near the Lebanese-Syrian border, according to Al Jazeera.
US State Department said Secretary of State Blinken discussed with Israeli Defence Minister Gallant on Monday the Gaza ceasefire proposal.
OTHER
US President Biden is to lift the ban on allowing a controversial Ukrainian unit to use US weapons, according to The Washington Post.
South Korean military said it fired warning shots after North Korean soldiers briefly crossed the border on Sunday, according to Yonhap.
EU/UK
NOTABLE HEADLINES
UK PM Sunak pledged to ‘keep cutting people’s taxes’ as part of the Tory election manifesto, according to The Standard. It was also reported that the Conservative Party unveiled a 100% capital gains tax break for landlords who sell properties to their tenants, according to The Telegraph.
French President Macron is to give a press conference on Tuesday to explain his decision to call early elections and to appeal to voters to reject the far right, according to Eurasia Group.
France’s National Rally party and lawmaker Marion Marechal are in talks about potentially joining forces to oppose President Macron in the upcoming elections, according to Bloomberg.
ECB President Lagarde said interest rates are not necessarily on a linear declining path and there might be periods when they hold, while she said it is possible the ECB will hold rates for longer than a single meeting and noted that time-dependent guidance on rates is not helpful. It was separately reported in FT that Lagarde said the ECB can keep rates on hold for as long as needed.
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
3 CHINA
CHINA/
Chinese property companies still bleeding
(zerohedge)
Another Chinese Developer Gets Liquidated As Property Bear Market Persists
TUESDAY, JUN 11, 2024 – 12:25 PM
Asian stocks were mostly red on Tuesday in Hong Kong (Hang Seng -1.04%) and China (CSI300 -.87%) as the Chinese property bear market deepened as Beijing’s attempt to stabilize the economy wanes following yet more bad news of developer Dexin China Holdings Co. ordered into liquidation by a Hong Kong court.
Dexin became the latest Chinese developer to be ordered to wind down, three months after a petition was filed by China Construction Bank (Asia) and a year and a half after it defaulted, according to Bloomberg. Even with a new restructuring plan approved last year, the developer, specializing in residential and commercial buildings, couldn’t keep up with paying its debts.
The Zhejiang-based developer concentrated most of its residential and commercial buildings across China’s wealthy Yangtze River Delta region. As of the latest annual report, it had 64.4 billion yuan ($8.88 billion) in liabilities.
Dexin defaulted in December 2022 with nonpayment of 9.95% senior notes due in 2022 in principal amount of $350 million. That’s a “really long time ago,” China Construction Bank’s legal representative said in court on Tuesday. The developer’s lawyer tried to argue that a small number of creditors opposed the petition and there had been attempts to negotiate. -Bloomberg
Dexin is now part of an exclusive group of defunct property developers, including Jiayuan International Group Ltd, and China Evergrande Group, that have been ordered by Hong Kong courts to enter a liquidation process.
“This isn’t the last one, either — a number of major developers, including Country Garden Holdings Co., are set for hearings in coming months to persuade judges that they are moving forward with their own debt-overhaul plans,” Bloomberg noted.
The expanding list of court-ordered liquidation of Chinese developers comes despite a broad support package unveiled by the central government in recent months.
Goldman’s James Busby wrote in a note to clients, “Weakness in the Chinese Property sector continued with worries only being exacerbated by Developer Dexin China getting a liquidation order from the HK court.”
Last week, we noted the Bloomberg Intelligence gauge of Chinese developers tumbled into a bear market. Weakness persists into the new week.
The property market downturn has been ongoing since 2021. A series of developers have defaulted on debt, many idled construction sites, plus sliding home sales, high inventory levels, and waning confidence in the Chinese population about an economic revival.
Judging by the bear market in property stocks and the expanding list of court-ordered liquidations of Chinese developers, we suspect more policy support is coming.
end
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
FRANCE
French Bonds Plunge Amid Macron Resignation Rumors
TUESDAY, JUN 11, 2024 – 09:05 AM
The blowout in European bond yields extended for a second day as French bonds tumbled, driving the biggest two-day jump in yields since the pandemic, amid rumors that Macron was preparing to announce his resignation, which has been swiftly denied by a person close to him. The French president is set to hold a press conference on Wednesday to set out his campaign.
While Macron’s resignation rumors were quickly quickly denied according to Bloomberg, speculation over his future spurred a sharp selloff in French government bonds with the yield on 10-year French bonds surging as much as 10 basis points Tuesday, and widened the spread over equivalent German bonds to the highest level since March 2020 on a closing basis.
Meanwhile, Italian bonds, viewed among the region’s riskiest given the government’s debt pile, were swept up in the rout for a second day with the spread over bunds jumping to 150 basis points.
Over the weekend, Macron shocked the world after calling a snap election to curb the political rise of Marine Le Pen, whose National Rally party won widespread support in the EU elections over the weekend. The first round of the vote on June 30 risks becoming the ultimate showdown over Macron’s trademark economic policies, which had largely reassured investors and businesses since he took office in 2017.
After rejecting President Emmanuel Macron’s offer of an alliance against the far right, France’s left wing parties have instead sealed a pact amongst themselves as they seek to block the ascendance of Rassemblement National and Marine Le Pen, the Financial Times reported earlier.
A joint statement was signed late on Monday night between the Socialists, Communists, Greens and several smaller parties, grouped together as the Front Populaire (Popular Front). That raises the risks given it is likely to mean more polarization, and a weakening of the centrists.
Meanwhile, the first polling released by Harris Interactive on Monday evening predicted the RN would come first with 235-265 seats, short of the 289 needed for an outright majority
Aleksandra Fedorska who works for independent radio WNET and news outlet Biznes Alert has reported that migrants are being handed over to Polish border guards by German officers and are then transferred to hostels in bordering areas.
According to her, many of the migrants have told staff that they arrived in Germany from the Netherlands, Austria and other countries, rather than via Poland.
Bez butów, głodni i zdesperowani – taki jest stan ludzi wydalonych przez Niemców do Polski Osoby oddane polskiej strazy granicznej przez Niemcow sa przez straz graniczna rozwozone do roznych noclegowni na terenach wojewodztw przygranicznych. W tych noclegowniach wiele z tych osob mialo powiedziec pracownikom, ze przybylo do Niemiec przez Holandie, Austrie lub inny kraj niż Polska!!!!!!Translate post
Bez butów, głodni i zdesperowani – taki jest stan ludzi wydalonych przez Niemców do Polski
Osoby oddane polskiej strazy granicznej przez Niemcow sa przez straz graniczna rozwozone do roznych noclegowni na terenach wojewodztw przygranicznych. W tych noclegowniach wiele z tych… pic.twitter.com/kICbrt5wKF
The Polish journalist asked German federal police for data on illegal migrants on the border with Poland. According to the data produced, Germany has sent back 3,500 migrants out of the 5,600 people who are alleged to have crossed from Poland into Germany illegally.
“From Jan. 1 to April 30, 2024, the federal police registered a total of 5,621 people who illegally crossed the Polish-German border. Of these, 3,578 people were returned to Poland,” wrote Fedorska on her account on X.
The EU migration pact, which will come into force in 2026, makes a provision for member states to choose whether to receive relocated illegal migrants or pay €20,000 for every migrant they refuse.
Migration is a key issue for voters in three German eastern states this autumn. Germany makes no secret of its hope that the migration pact will enable it to reduce the number of migrants on its territory.
Israel Releases Intense Bodycam Video Of Hostage Rescues In Gaza
MONDAY, JUN 10, 2024 – 08:05 PM
On Monday Israeli forces released dramatic video of the moment a group of hostages were found and led to safety in the daring Saturday raid on a Hamas stronghold in central Gaza. The specific footage shows when three of the hostages were initially located by elite counter-terror commandos and positive identification was established.
The Israeli Police and Israeli Security Agency published the bodycam footage which features first-person perspective of one of the soldiers moving fast through an urban area, breaching what looks like an apartment building, while laying down heavy machine gun fire. The footage was pre-edited before it was released, and later appeared in mainstream news outlets with blurs editing out some of the faces. Watch below:
Israel has released the moment their operators made contact with the hostages. A genuinely rare insight into what these kind of operations look like outside of computer games.
The particular footage shows the intense rescue of hostages Almog Meir Jan, Andrey Kozlov, and Shlomi Ziv by forces of the elite Yamam unit and Shin Bet agents. Amid the heavy exchange of gunfire, which also took place in broad daylight, a Yamam officer later identified as Arnon Zmora was killed.
Upon storming the building and making contact, the hostages are asked to identify themselves by name. They are all seen huddling in a small room on mattresses. After that, a soldier tells the hostages, “We’ve come to save you.”
In the final scenes of the video, the elite forces lay down cover fire while the hostages escape on foot, which also underscores how risky a situation it was even upon exiting the building. They are seen sprinting through a garden courtyard.
Israeli authorities issued the following statement upon release of the video: “Yamam and Shin Bet operatives worked simultaneously at two locations to rescue the four hostages, engaging in fierce combat with the terrorists.”
“Attached is footage from helmet cameras capturing the moments of the rescue, where Yamam officers and Shin Bet (Israel Security Service) operatives storm the locations holding the hostages,” the statement continued. “The dramatic rescue amidst fighting and neutralization of the terrorists in the area is clearly visible.”
Likely it was just as dangerous or more as the team maneuvered out of the situation, given the major firefight would have attracted more Hamas militants and onlookers.
All of the now freed captives were 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, and are now with their families.
ISRAEL HAMAS
Four IDF soldiers killed, six wounded in Rafah explosion
In the incident where the four fighters fell, another officer was seriously injured, and five fighters were moderately injured.
By AMIR BOHBOTJUNE 11, 2024 08:22Updated: JUNE 11, 2024 13:39
Yair Levin, Tal Pshebilski Shaulov, Eitan Karlsbrun, and Almog Shalom, four Givati soldiers who were killed in Rafah in the Gaza Strip.(photo credit: IDF SPOKESPERSON UNIT)
Maj. Tal Pshebilski Shaulov, 24, from Gedera, St.-Sgt. Eitan Karlsbrun, 20, from Modi’in, Sgt. Yair Levin, 20, from Givat Harel, and Sgt. Almog Shalom, 19, from Kibbutz Hamadia were killed Monday night in an incident in Rafah in the southern Gaza Strip in which a building collapsed, the IDF announced on Tuesday.
In the incident where the four fighters fell, another officer was seriously wounded, and five fighters were moderately injured.
Area of incident heavily saturated with terror shafts, trapped houses
An investigation of the incident revealed that Givati Soldiers entered a three-story building in the Al-Bura neighborhood in the city of Rafah, which is considered an area saturated with terrorist shafts, trapped houses, and many weapons.
During a joint attack with the Nahal Brigade, the force threw a concussive charge into the building that was supposed to trigger the activation of IEDs. After it was thrown, fighters entered, and only then did the explosion occur that collapsed the building and led to the death and injury of six.
At this point, it is unclear why the charges were not activated after the concussive charge was thrown.
All of the soldiers involved in the incident were from the Givati Brigade.
Tributes for the fallen soldiers
Head of Gedera Local Council, Sahar Pinto, said of Pshebilski Shaulov, “The heart is broken and Gedera is in mourning. Tal, a hero of Israel and a company commander in training in the Givati patrol, sacrificed his life fighting for the security of Israel and its residents.”
Modi’in Mayor Haim Bibas wrote of Karlsbrun, “We wake up this morning to the very difficult news of the fall of the city’s resident, St.-Sgt. Eitan Karlsbrun, a Givati patrol fighter, who fell yesterday during an operational activity in the Gaza Strip.”
“Eitan, a graduate of Maccabim Reut High School, is survived by his parents and three sisters,” Bibas added.
The mother of Shalom spoke at her son’s funeral and was quoted as saying by the Army radio, “My dear boy, thank you for being mine. Thank you for the amazing conversations,”
“You smiled and continued to win hearts. You did everything to surprise your brothers at school. I love you, my boy.”
Levin was the grandson of former MK Moshe Feiglin. Feiglin’s staff released a statement that read, Yair Levin, a fighter of the Givati patrol, a resident of Givat Harel in Binyamin, fell last night in battle in the Gaza Strip.”
“All of us in the ‘Zehut’ family and the ‘Israel Tomorrow’ community share in the pain of Moshe, Tzipi, and the entire Feiglin family.
END
US Mulls Separate Deal With Hamas To Free 5 American Citizens
TUESDAY, JUN 11, 2024 – 10:25 AM
Hamas on Tuesday announced that it accepts the UN Security Council’s Gaza ceasefire resolution which was passed Monday after it was proposed by the United States. US Secretary of State Antony Blinken, who is traveling in the region this week, has called the development a “hopeful sign”.
Senior Hamas official Sami Abu Zuhri told Reuters that the group is ready to negotiate over the details, but that it is Washington’s responsibility to ensure Israel abides by it.
So in many ways this simply means more of the same blame-game… “Hamas accepts the UN security council resolution in regard to the ceasefire, withdrawal of Israeli troops and swap of hostages for detainees held by Israel, he said,” Reuters writes.
“The U.S. administration is facing a real test to carry out its commitments in compelling the occupation to immediately end the war in an implementation of the UN Security Council resolution,” Abu Zuhri said.
But Israel has not agreed to withdrawing its troops from the Gaza Strip as a condition for the release of hostages first. Both sides have continued to point to the other for blocking a truce. This as Rafah fighting has only expanded in the last days and weeks, and hundreds of thousands of refugees have fled to other parts of the Strip.
Meanwhile, the Biden administration is growing impatient and is reportedly mulling its own separate deal with Hamas, mediated via Qatar, toward freeing five US-Israeli dual nationals captured during the Oct.7 terror attack on southern Israel. Another three Americans are believed to be deceased, and their families are seeking the remains.
Citing administration sources, NBC said “The officials did not know what the United States might give Hamas in exchange for the release of American hostages.”
“But, the officials said, Hamas could have an incentive to cut a unilateral deal with Washington because doing so would likely further strain relations between the U.S. and Israel and put additional domestic political pressure on Israeli Prime Minister Benjamin Netanyahu,” the report added.
The very possibility of the US and Hamas striking a separate deal for the release of Americans strongly points to the White House not having much faith that a bigger hoped-for deal will actually materialize.
What now? The reality is that despite the UNSC resolution, talks will continue to be at a stalemate…
On Monday, US Ambassador to the UN Linda Thomas-Greenfield told the security council that “We’re waiting on Hamas to agree to the ceasefire deal it claims to want.”She added, “With every passing day, needless suffering continues.”
But now that Hamas has verbalize it ‘accepts’ the deal, the question is what’s next? The vote at the UNSC was little more than symbolic, with the real deal-making having to take place between the warring parties.
ISRAEL/HOUTHIS/RED SEA
END
ISRAEL
RUSSIA UKRAINE/USA
end
UKRAINE/RUSSIA
This Is Insane”: US-Linked Ukrainian NGO Unveils ‘Enemies List’ Including ZeroHedge, Tucker, Elon And Trump
MONDAY, JUN 10, 2024 – 04:40 PM
The Ron Paul Institute for Peace and Prosperity’s Daniel McAdams has revealed a rather concerning US government-affiliated non-governmental organization (NGO) based in Ukraine, which has published alist of ‘enemies’ that includes American journalists, business leaders, media outlets, websites, and basically anyone who has been critical of the Biden administration. And of course – they’ve already backpedaled.
NGO “Data Journalism Agency,” also known as (TEXTY), published a report last week titled“American swing. From Trumpists to communists, who and how is campaigning for the end of aid to Ukraine.”
The report intends to smear American conservative journalists, media outlets, and organizations as disseminators of Russian propaganda.
But it’s really a list of anyone opposed to the war in Ukraine, or Biden, or the left in general.
This is insane. A Ukrainian NGO just put out an enemies list that includes US citizens. This list blames us for Ukraine’s issues on the battlefield. Here’s where it gets crazy… The founder of this NGO (http://Texty.org.ua) was TRAINED by the U.S. State Department. The list…
A total of 390 individuals and 76 organizations are included in what McAdams describes as Ukraine’s “enemies list.”
More from McAdams:
The report also includes such prominent American politicians and journalists as Sen. JD Vance, Sen. Rand Paul, Rep. Matt Gaetz, Rep. Marjorie Taylor Greene, Rep. Jim Jordan, and Col. Douglas Macgregor.
Even our friends at Antiwar.com…and your own correspondent (!) find ourselves appearing on the Ukrainian “enemies list”:
Continued:
Perhaps what is most shocking about this attack on American citizens is the fact that the Data Journalism Agency (TEXTY) has a long affiliation with the US Government itself! In fact, the founder of the publication Anatoly Bondarenko appears prominently on a US Government website as a participant in the US State Department’s “TechCamp” project.
The Data Journalism Agency (TEXTY) is listed as an “Implementing Partner” of the US Agency for International Development’s Transparency and Accountability in Public Administration and Services/ TAPAS Project.
The Ukrainians seemingly love to make lists of their “enemies.” One of their most notorious of these is the infamous “kill list” put out by the Mirotvorets Center in Kiev. From that list several have already been murdered by Ukraine, including prominent Russian journalist Daria Dugina.
One wonders how, for example, former US President Donald Trump and dozens of members of the US Congress will react when they hear that US tax dollars are being sent to Ukraine for US-backed Ukrainian organizations to make “hate lists” and “kill lists” of patriotic Americans like themselves.
Commentator Robby Starbuck chimed in on X; “This is insane. A Ukrainian NGO just put out an enemies list that includes US citizens. This list blames us for Ukraine’s issues on the battlefield,” adding “Here’s where it gets crazy… The founder of this NGO (http://Texty.org.ua) was TRAINED by the US State Department.“
“The NGO also received US funds. This is beyond unacceptable. Not only are we being forced to fund a meat grinder killing countless young men and women when peace could’ve been attained but now that country that’s been taking our money has a group targeting US citizens AND the US government trained their founder!” he continued.
This is insane. A Ukrainian NGO just put out an enemies list that includes US citizens. This list blames us for Ukraine’s issues on the battlefield. Here’s where it gets crazy… The founder of this NGO (http://Texty.org.ua) was TRAINED by the U.S. State Department. The list includes me,
and more. The founders name is Anatoly Bondarenko and he was trained at the State Dept’s “TechCamp”. Now he’s using that training to target US citizens with an enemies list. The NGO also received US funds. This is beyond unacceptable. Not only are we being forced to fund a meat grinder killing countless young men and women when peace could’ve been attained but now that country that’s been taking our money has a group targeting US citizens AND the US government trained their founder! We need answers from the US government about what they’re doing to ensure the safety of everyone on the list and what consequences there will be for the creation of this enemies list. Is this the thanks
Even more disturbing is the NGO’s list targeting journalists. Some of those names include Tucker Carlson, Matt Taibbi, Glenn Greenwald, and Alex Jones. Oh, and as we mentioned above, ZeroHedge.
* * *
At the end of the report, the NGO wrote, “We value and respect freedom of speech, which is a necessary prerequisite for the existence of a democratic society.”
Now, that’s laughable, considering the US-government-affiliated NGO’s enemies list targets mainly American conservatives, most of which are seen as political opponents of the Biden administration.
Here’s the US affiliation…
On X, Starbuck asked: “Hey @SpeakerJohnson , are you going to call Zelensky about this? How about the State Dept? Will you cut funding? Any consequences at all? People want answers.”
This is insane. A Ukrainian NGO just put out an enemies list that includes US citizens. This list blames us for Ukraine’s issues on the battlefield. Here’s where it gets crazy… The founder of this NGO (http://Texty.org.ua) was TRAINED by the U.S. State Department. The list
, are you going to call Zelensky about this? How about the State Dept? Will you cut funding? Any consequences at all? People want answers. Also, consider this: “Research” from NGO’s like this have been used before in FISA courts to spy on American citizens.
Oh but wait, after this began going viral on social media, they added a disclaimer to say that it’s neither “a list of enemies of Ukraine” nor a “kill-list.”
This is yet more evidence that NGOs serve as extensions of the deep state intel community, doing what they can’t legally do on the surface. So, they must funnel taxpayer money into shady foreign entities, which are then weaponized against their political opponents domestically. It also further proves that Ukraine is merely a puppet of Washington, but we already know that. It’s time to investigate shady NGOs.
END
COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES
Federal Court Revives Lawsuit Against Los Angeles COVID-19 Vaccine Mandate
A federal appeals court has revived a lawsuit challenging the COVID-19 vaccine mandate imposed by the Los Angeles school district, noting that the record doesn’t clearly show whether the vaccines prevent transmission of the illness.
The Health Freedom Defense Fund and other challengers to the mandate asserted that it violated the due process and equal protection rights of district employees, in part because the vaccines, unlike traditional vaccines, “are not effective” in preventing infection.
U.S. District Judge Dale Fischer disagreed, throwing out the case in 2022. She ruled that even if the COVID-19 vaccines don’t prevent infection, mandates can be imposed under a 1905 U.S. Supreme Court ruling because the vaccines reduce symptoms and prevent severe disease and death.
A panel of the U.S. Court of Appeals for the Ninth Circuit on June 7 reversed that ruling, finding that Judge Fischer extended the 1905 Jacobson v. Massachusetts ruling “beyond its public health rationale—government’s power to mandate prophylactic measures aimed at preventing the recipient from spreading disease to others—to also govern ‘forced medical treatment’ for the recipient’s benefit.”
U.S. Circuit Judge Ryan Nelson, writing for the 2–1 majority, added, “At this stage, we must accept plaintiffs’ allegations that the vaccine does not prevent the spread of COVID-19 as true. And, because of this, Jacobson does not apply.” That position was reached after lawyers for the defendants provided facts about the vaccines that “do not contradict plaintiffs’ allegations.”
Lawyers for the district had pointed out that a U.S. Centers for Disease Control and Prevention publication describes the COVID-19 vaccines as “safe and effective” although the publication doesn’t detail effectiveness against transmission.
The majority also concluded that the case isn’t moot even after the Los Angeles Unified School District (LAUSD) in 2023 rescinded the mandate. That move only came after the appeals court heard arguments in the case, and comments from district board members indicated the mandate could be reimposed in the future. In 2021, the district added an option for employees to be frequently tested for COVID-19 in lieu of a vaccine after being sued, only to remove the option after a different suit was thrown out.
“LAUSD’s pattern of withdrawing and then reinstating its vaccination policies is enough to keep this case alive,” Judge Nelson said.
He was joined by U.S. Circuit Judge Daniel Collins.
The ruling remanded the case back to Judge Fischer “for further proceedings under the correct legal standard.”
In a concurring opinion, Judge Collins said the allegations in the case implicate “the fundamental right to refuse medical treatment,” pointing to more recent Supreme Court rulings, including a 1997 decision in which the court stated that the “‘right of a competent individual to refuse medical treatment’ was ‘entirely consistent with this nation’s history and constitutional traditions,’ in light of ’the common-law rule that forced medication was a battery, and the long legal tradition protecting the decision to refuse unwanted medical treatment.’”
In a dissent, U.S. Circuit Judge Michael Daly Hawkins said that the school district “has averred that, absent a very unlikely return to the onset of the COVID-19 pandemic, it will not reinstate the policy.”
“Neither the speculative possibility of a future pandemic nor LAUSD’s power to adopt another vaccination policy save this case,” the judge said.
Judges Nelson and Collins were appointed by President Donald Trump. Judge Hawkins is an appointee of President Bill Clinton. Judge Fischer is an appointee of President George W. Bush.
Leslie Manookian, president of the Health Freedom Defense Fund, said in a statement that the Ninth Circuit’s ruling “made clear that American’s [sic] cherished rights to self-determination, including the sacred right of bodily autonomy in matters of health, are not negotiable.”
LAUSD didn’t respond to a request for comment.
* * *
In markets, Goldman’s Ariana Contessa wrote in a note to clients that Monday kicked off the bank’s 45th Annual GS Healthcare Conference in Miami.
Contessa pointed out, “Largest takeaway was what was NOT said from VAX players re: the Ninth Circuit Ruling around vaccines, causing the group to underperform.”
“Our desk was much better for sale in Biotech vs better to buy in large cap Pharma,” the analyst noted.
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
END
7.OIL PRICES/GAS PRICES/OIL ISSUES
European Leaders Might Renew Contract To Keep Russia-Ukraine Gas Pipeline Flowing Despite War
TUESDAY, JUN 11, 2024 – 02:45 AM
It is somewhat surprising (but also not surprising given energy scarcity fears) that after two-and-a-half years of war, hundreds of thousands of lives tragically lost, and brutal grinding warfare which has also killed many civilians on both sides… that the oldest and biggest economic link between Russia and Europe is still in place: the transit of Russian gas through Ukrainian territory.
A five-year agreement which is set to expire by the end of 2024 has remained uninterrupted, though the share of Russia’s pipeline gas in EU imports has steadily diminished. Yet the reality is that if Europe hopes to diversify away from dependency on Russian LNG, establishing the necessary alternate infrastructure is a costly and lengthy process.
Bloomberg reported Monday that European officials are currently discussing plans to keep the gas flowing through a key Russia-Ukraine pipeline, and that Ukraine – which has hit desperation given its dire wartime energy needs and situation – favors it.
At this point from Kiev’s perspective there are equally bad options which requires pragmatically seeking the least worst-case scenario.
Bloomberg acknowledges that Ukraine’s “transit revenue amounted to about $1 billion in 2021 — providing crucial funding for the war-ravaged economy.” If pipelines and supporting infrastructure aren’t used then they are likely to fall derelict or also can more easily become military targets for Russia.
Oleksiy Chernyshov, chief executive of Ukraine’s state-run Naftogaz, was quoted in the report as saying it must be remembered that “Ukraine has incredible infrastructure of transit and storage gas, which should be used, and Ukraine is predisposed to use this infrastructure because it brings a lot of advantages.”
Main buyers of Russian gas continue to be Hungary, Austria, Slovakia and Italy— all of which have continued to put ideological questions related to the war in the back-seat compared to the pressing and vital energy needs of the population and of industry.
On the Russian side too, Gazprom has taken deep hits due to the war. “Gazprom is unlikely to recover gas sales lost as a result of Vladimir Putin’s full-scale invasion of Ukraine for at least a decade, according to a report commissioned for the Russian energy group’s leaders,” a recent FT report has indicated. “The company’s exports to Europe will average 50bn-75bn cubic metres a year by 2035, barely a third of prewar levels, the research predicted.”
Ukraine national media reports earlier in the conflict strongly hinted that the contract for Russian gas would not be renewed. “The position of the Ukrainian side is clear: the transportation contract ends at the end of this year, we are not going to negotiate with the Russians and renew the contract. This is what the Prime Minister of Ukraine informed his Slovak counterpart,” RBC-Ukraine said in January [machine translation].
But even upon that announcement, there were key caveats and exceptions given: “To extend transit, an option is possible when the Slovak company itself leases the capacity of the Ukrainian gas transportation system. In this case, gas transit can be continued after 2024. But this is still only an assumption,” the publication said at the time. As Bloomberg is now subsequently reporting, this leaves things open for significant wiggle room, ‘discussion’ and compromise.
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 TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0730 DOWN .0033
USA/ YEN 157.03 DOWN 0.019 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2747 UP .0018
USA/CAN DOLLAR: 1.3774 UP .0014 (CDN DOLLAR DOWN 14 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 23.23 PTS OR .76%
Hang Seng CLOSED DOWN 190.61 PTS OR 0.75%
AUSTRALIA CLOSED DOWN 1.32%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 190.6PTS OR .75 %
/SHANGHAI CLOSED DOWN 23.23 PTS OR .76%
AUSTRALIA BOURSE CLOSED D0WM 1.32%
(Nikkei (Japan) CLOSED UP 96.63 PTS OR 1,25%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 2309.75
silver:$29.33
USA dollar index early TUESDAY morning: 104.93 DOWN 19 BASIS POINTS FROM MONDAY’s CLOSE.
The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.2544 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2736)
TURKISH LIRA: 32.36 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +1.007…
Your closing 10 yr US bond yield DOWN 2 in basis points from MONDAY at 4.448% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.520 DOWN 2 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.855 DOWN 2 BASIS PTS.
GOLD AT 11;30 AM 2312.90
SILVER AT 11;30: 29.11
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: TUESDAY CLOSING TIME 12:00 PM//
London: CLOSED DOWN 80.67 PTS OR 0.98%
German Dax : CLOSED DOWN 124.95 PTS OR 0.68%
Paris CAC CLOSED DOWN 104.77 PTS OR 0.68 %
Spain IBEX CLOSED DOWN 181.70 OR 1.60%
Italian MIB: CLOSED DOWN 667.53 PTS OR 1.93% PTS
WTI Oil price 77.65 12EST/
Brent Oil: 81.73 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 89.24 ROUBLE DOWN 0 AND 69/100
GERMAN 10 YR BOND YIELD; +2.6260 DOWN 5 BASIS PTS.
UK 10 YR YIELD: 4.3050 DOWN 5 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0748 DOWN 0.0011 OR 11 BASIS POINTS
British Pound: 1.2750 UP 0.0025 OR 25 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.3065 UP 4 BASIS PTS//
JAPAN 10 YR YIELD: 1.001%
USA dollar vs Japanese Yen: 156.95 DOWN 0.106/ YEN UP 11 BASIS PTS//
USA dollar vs Canadian dollar: 1.3750 DOWN 00010 //CDN dollar UP 10 BASIS PTS
West Texas intermediate oil: 77.82
Brent OIL: 81.79
USA 10 yr bond yield DOWN 8 BASIS pts to 4.394
USA 30 yr bond yield DOWN 6 BASIS PTS to 4.535%
USA 2 YR BOND: DOWN 6 PTS AT 4.830
USA dollar index: 104.78 DOWN 33 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32.35 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 89.10 DOWN 0 AND 55//100 roubles
GOLD 2,313.95 3:30 PM
SILVER: 29.21 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: DOWN 80.67 PTS OR 0.98 %
NASDAQ UP 124.95 PTS OR 0.68 %
VOLATILITY INDEX: 12.75 UP .21 PTS OR 1.65%
GLD: $214.15 UP 0.61 OR 0.29%
SLV/ $26.71 DOWN 0.41 . OR 1.51%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Bitcoin Battered, Bonds Bid, Apple Bounces Back Before Big-Risk Day
TUESDAY, JUN 11, 2024 – 04:00 PM
Another quiet macro day, ahead of tomorrow’s extravaganza of event risk with CPI and FOMC (Dots), which the vol market is well aware of…
Source: Bloomberg
Interestingly, rate-cut expectations for 2025 jumped significantly today but the shift in 2024 rate-cuts was relatively benign…
Source: Bloomberg
For context, September is when the market is beginning to price in a rate-cut (56%) with November at 90% odds of a cut by then (note that the FOMC meeting is on 11/7, two days after the election)
Source: Bloomberg
Today’s equity markets followed a very similar path to yesterday’s with weakness overnight into the US equity cash open and then a buying-fest…
Source: Bloomberg
However, today was less of a bounce with Nasdaq outperforming (+0.5%) (thanks to AAPL), S&P managing to cling to unchanged, while The Dow and Small Caps lagged (-0.5%)
Source: Bloomberg
Tech was the only sector to close green today. Financials were the big laggards…
Source: Bloomberg
Mainly… thanks to the ridiculous surge in AAPL which began at the US cash open (buybacks anyone)…
Source: Bloomberg
That was AAPL’s 3rdbest day in the past year… all thanks to buybacks to ensure the narrative of their AI bait and switch is ‘seen’ as positive…
Source: Bloomberg
AAPL overtook NVDA once again as the second largest market cap company…
Source: Bloomberg
One more thing before we move on to non-equity markets, we note that since The Powell Pivot, the Magnificent 7 stocks alone have added over $5 trillion in market cap…
Source: Bloomberg
Treasury yields were all lower today (5-6bps), legging down on a very strong 10Y auction, which pulled them all lower on the week…
Source: Bloomberg
The dollar levitated modestly within yesterday’s range…
Source: Bloomberg
Bitcoin was clubbed like a baby seal (after the first BTC ETF net outflow in 19 days). Having topped $70k yesterday, BTC tumbled to test $66k before bouncing back a little late on…
Source: Bloomberg
Gold limped higher once again, but remains well down from pre-payrolls…
Source: Bloomberg
Oil prices held gains around $78 (WTI)…
Source: Bloomberg
Finally, as we await tomorrow’s fun and games, Bloomberg’s Jeffrey Chaffa notes that the bond market remains more volatile to macro data than equities, but yields are range bound overall.
With rates acting as the shock absorber, the stock market is dominated by the secular theme of AI and high dispersion, contributing to lower index volatility, according to Bloomberg Intelligence chief global derivatives strategist Tanvir Sandhu.
The average move of two-year yields on CPI data-release days is 13.4 bps year-to-date, which is about 3 bps higher versus 2023 and close to the 2022 average. The S&P 500 average realized move is 0.93% year-to-date, much lower than 2022 at 1.93%.
MORNING TRADING//
END
AFTERNOON TRADING
II USA DATA
III USA ECONOMIC COMMENTARIES
LA
Mob Loots AutoZone In South LA During Chaotic Street Takeover
BY TYLER DURDEN
MONDAY, JUN 10, 2024 – 10:05 PM
The latest chaotic example of California’s criminal and social justice reforms backfiring erupted in South Los Angeles early Monday morning, where a street takeover resulted in a mob of looters ransacking an AutoZone store.
Local media outlet KTLA reported that the Los Angeles Police Department received multiple calls of a street takeover at the intersection of Century Boulevard and Hoover Street around 0400 local time. Then, minutes later, a mob of 50 people looted a nearby AutoZone. Officials believe other stores in the area were hit as well.
“At least three businesses were hit within a four-mile radius and authorities were working to determine if the crimes were connected,” Fox 11 said.
Elon Musk commented on the video with “!!.”
The video is reminiscent of BLM looting scenes several years ago.
Last night in Los Angeles: $11,000 stolen. 50+ looters. Only 1 arrest.
How long until socialist radical Alexandria Ocasio-Cortez comments on the incident, explaining how the looters were only stealing so they could fix their cars?
Several years ago, remember what AoC said during BLM riots, “They feel like they either need to shoplift some bread or go hungry.”
The lack of law and order in progressive cities has sparked a nationwide surge in crime and chaos over the years (though not according to the official data that AG Garland so proudly flaunts, but that’s another story).
According to polls, law-abiding Americans are fed up with progressive policies that are increasingly transforming cities into scenes of the video game Grand Theft Auto.
END
Two-Thirds Of Small Business Owners Worried Biden’s Economy Will Kill Their Business
TUESDAY, JUN 11, 2024 – 05:45 AM
Around two-thirds of small business owners say that current economic conditions under President Joe Biden could force them to close their doors, according to a new poll from the Job Creators Network Foundation (JCNF) reported by the Daily Caller.
According to the report:
Around 67% of small business owners were worried that current economic conditions could force them to close their doors, ten percentage points higher than just two years ago, according to the JCNF’s monthly small business poll. Respondents’ perceptions of economic conditions for their own businesses fell slightly in the month, from 70.2 to 68.1 points, with 100 points being the best possible business conditions, while perceptions of national conditions increased from 50.4 to 53.2 points.
Digging deeper, 44% of small business owners say crime has increased in their area, while 39% say it’s remained the same. Businesses making less than $100,000 per year were the most likely group to say that crime has increased, at 55%, while those with over $1 million per year in revenue were least likely to say that crime is on the rise.
“Small businesses are more vulnerable to high taxes and costly regulatory environments compared to their large corporate counterparts,” JCNF president Elaine Parker told the Caller. “That’s why it’s no surprise that 26% of small businesses say they’ve considered relocating to a different state or city to chase more favorable tax rates and escape government red tape. This is an opportunity for free-market minded governors to continue making their states stand out from the crowd by implementing pro-growth policy reforms that will ignite Main Street.“
Currently around 46% of US workers are employed by small businesses – or 61.6 million people, according to Forbes Advisor.
The biggest concern among small business owners, of course, is inflation – with 49% expressing concern vs. 48% in March.
Another concern is complying with local, state and federal regulations, which 58% said was time-consuming, vs. 54% in April.
The Biden administration has finalized regulations imposing costs of over $1 trillion in just the last few months as agencies rush to protect their regulatory actions from possible rollback measures in the event that Biden loses the 2024 election.
Owners also held a overwhelmingly negative view of the president’s performance in helping small businesses, with 60% rating his performance negatively in May compared to 38% who rated it positively, according to the poll. The most common grade given for Biden’s performance by those surveyed was an “F” at 36%, followed by a “C” at 18%. -Daily Caller
The poll surveyed 400 small business owners, and was conducted between May 2 and May 19, with a margin of error +/- 4.9%.
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM
END
iiiC USA COVID //VACCINE ISSUES/IMPORTANT MEDICAL ISSUES
END
FREIGHT ISSUES/USA
END
VICTOR DAVIS HANSON OR NEWT GINGRICH
END
SWAMP NEWS
Now New Jersey Attorney General jumps on the “anti Trump” politicization. He is going after his liquor licenses
(zerohedge)
Lawfare Bingeing: New Jersey Announces An Investigation Into Trump Liquor Licenses
Many of us have expressed alarm at the politicization of the criminal justice system in New York by figures such as Attorney General Letitia James and Manhattan District Attorney Alvin Bragg.
It now appears that New Jersey Attorney General Matthew Platkin is angling to get into the lawfare frenzy.
The conviction of Trump on 34 felonies has either thrilled or repelled citizens. For many of us, it is a sign of the degradation of our legal system. Even the chief CNN legal analyst has acknowledged that Bragg contorted the law to bring the recent case against former President Donald Trump in an unprecedented prosecution.
Yet, the use of the legal system for political purposes is clearly popular in New York where people were literally dancing in the street outside of the courthouse after the recent verdict against Trump. Now Platkin’s office has announced that it is “reviewing” whether to pull the liquor licenses for Trump golf clubs since he is now convicted of felonies in New York. It appears that lawfare is nothing if not intoxicating for Democratic politicians.
According to an article in the Hill, the New Jersey Attorney General’s Division of Alcoholic Beverage Control is “reviewing the impact of President Trump’s conviction” on his liquor licenses for the Trump National Golf Club in Colts Neck, Lamington Farm Club, and Trump National Golf Club Philadelphia in Pine Hill.
The latest effort is based on a vague standard governing crimes of “moral turpitude” under New Jersey law:
No license of any class shall be issued to any person under the age of 18 years or to any person who has been convicted of a crime involving moral turpitude. A beneficiary of a trust who is not otherwise disqualified to hold an interest in a license may qualify regardless of age so long as the trustee of the trust qualifies and the trustee shall hold the beneficiary’s interest in trust until the beneficiary is at least the age of majority.
A “crime of moral turpitude” is a familiar, though dated, standard in American law. I teach the standard in torts as one of the traditional “per se” categories for slander under the common law. It was generally used to denote conduct of immorality or serious offenses to norms of society. New Jersey defines it as including “any offense that carries the possibility of one year in jail and involves acts of baseness, vileness, or depravity in the private and social duties which a man owes to his fellowmen, or to society in general.
Even the New Jersey Alcoholic Beverage Control handbook notes that in “some instances, it may be unclear whether a conviction involves an element of moral turpitude.” Yet, Trump has a way to bringing clarity for his critics whenever they must chose between politics and principle.
For most of us, it is hard to see how falsifying business records would constitute “acts of baseness, vileness, or depravity in the private and social duties which a man owes to his fellowmen, or to society in general.”
However, for democrats, it seems that any act by Trump is by definition base, vile, and depraved.
The piling on of investigations and charges by Democratic officials has reinforced Trump’s long narrative of a weaponization of the legal system against him and his supporters. Polling shows that most citizens view some of these cases as political prosecutions and that they are having diminishing impact on voter preferences. Yet, they remain thrilling for democratic voters who lionize prosecutors who come up with novel or unprecedented avenues to hammer Trump or hit his businesses. It does not seem to matter that removing the liquor licenses of these clubs can endanger thousands of jobs of citizens or chill other businesses in considering investments in New York or New Jersey.
In the end, the effort is hardly surprising. Lawfare is like binge drinking: the excess is the very measure of its success.
end
Hunter Biden Convicted On Felony Gun Charges
BY TYLER DURDEN
TUESDAY, JUN 11, 2024 – 11:18 AM
Update: Hunter Biden, the smartest man his father knows, has been convicted on all three felony gun charges (and not anything to do with ‘10 held for the big guy‘ of course) – so obviously the least of his alleged crimes and one which doesn’t implicate his father or uncle.
According to AP, Hunter stared straight ahead and showed little emotion as the verdict was read. The judge has since excused the jurors.
A sentencing date has not yet been set, but prepare to be bombarded with “I wasn’t aware Hunter was running for president” from the left.
BREAKING: Hunter Biden convicted on all three felony charges. “A federal jury has convicted Hunter Biden on all three federal felony gun charges he faced, concluding that he violated laws meant to prevent drug addicts from owning firearms,” CNN reported. Hunter Biden will likely face no prison time. “Conviction for this type of crime generally does not result in a prison sentence. Mr. Biden’s calculated risk to try this case is a good one, the court’s venue is in Delaware, where his family is still popular, and the alleged crime does not involve a victim.” said attorney Oleg Nekritin.
·
162.7K Views
The jury in Hunter Biden’s federal gun trial have reached a verdict after two days of deliberations.
The 12-member jury will decide whether the 1st son is guilty of three charges related to a 2018 purchase of a gun, which prosecutors say violated federal law because he was addicted to crack cocaine at the time. Hunter has pleaded not guilty.
If convicted on all three counts, he could face up to 25 years in prison and a fine of up to $750,000.
The case marks the first time in US history that the child of a sitting president has gone on trial. The indictment was brought by special counsel David Weiss, who was appointed last year to oversee various Hunter Biden probes.
The first two charges in the three-count indictment are related to the gun purchase itself – specifically, Hunter has been charged with lying on forms required by the ATF. The questions include: “Have you been convicted of a felony? Are you a fugitive? Are you in the country unlawfully? And, importantly for this case, are you an “unlawful user of, or addicted to” illegal drugs?” Hunter checked “No” to the last question.
The third count relates to the possession of a gun – as it’s also against federal law to do so if you are abusing drugs. Hunter had the gun for 11 days in October 2018 before his sister-in-law-turned-lover Hallie Biden tossed it in a dumpster because she was worried about his mental health according to the indictment and texts made public in court filings.
According to CNN (so who knows), here’s a breakdown of the jury:
Juror #1 is a woman who said she has a sister who is a recovering drug addict who served time in Delaware state prison for convictions on drug offenses and credit card fraud. She said her sister is “currently clean.” She also said typically watches the CBS Evening News.
Juror #2 is a woman who is now retired after working for 24 years for the United States Secret Service for 24 years in Washington, DC, handling contract negotiations. Her husband also worked for the Secret Service’s uniformed division and served in the White House, US Capitol and “foreign missions.” She said he currently owns a personal handgun.
Juror #3 (formerly alternate juror 1) is a woman. She said she heard about the case but was not following it. Her brother, she said, was a police officer in Delaware and is now serving in the Delaware state legislature.
Juror #4 is a woman who, when asked about her views on drugs and gun ownership, said people who smoke marijuana should be allowed to own firearms, saying that “weed, to me, isn’t as bad as the drugs like heroin, for example.” She said her father and brother own guns.
Juror #5 is a man who said the Civil Rights movement showed how US law enforcement has had failures when it comes to treating African Americans fairly under the law. He said he got a DUI two years ago and had to go to Alcoholics Anonymous.
Juror #6 is an older black man who said he has a license to conceal carry a firearm. He owns three pistols and said, “I believe the Second Amendment is very important, and I stand with it, and I think every law-abiding citizen that follows the law should be able to have their Second Amendment.“
Juror #7 was asked very little by the judge and attorneys in the case but said his dad owned guns.
Juror #8, said his father had been killed during a crime and that his brother was previously arrested on possession of drug charges.
Juror #9, a woman, told the judge that she owns a firearm, adding that she had learned about the existence of the case on TV.
Juror #10 learned about the case from his brother during a graduation last weekend. When he told his brother he had received a jury summons, his brother responded “You know who’s on trial? Hunter Biden,” according to the juror. Another brother, as well as his father who are now both deceased, struggled with alcohol addiction. He said, “I know they both had diseases.”
Juror #11 said her best friend from childhood died from a heroin overdose. She also said, “my family hunts, they have hunting rifles and things like that,” but that she does not personally own a gun.
Juror #12, who wasn’t asked many questions, said he has an older brother who is addicted to PCP and heroin and was “admitted to rehab many times.”
Developing…
KING REPORT
The King Report June 11, 2024 Issue 7261
Independent View of the News
ESMs vacillated between modest gains and losses from the Nikkei opening until they broke down at 2:00 ET. An A-B-C decline took ESMs to a daily low of 5338.25 at 5:22 ET. EU parliamentary results weighed on stocks in early European trading.
Once the reaction to the EU results ended, traders aggressively bought stuff for the expected Monday and Fed Week Rallies. ESMs rallied to a daily high of 5373.75 at 15:14 ET. During the rally, there were three moderate retreats. But traders are conditioned to buy for Monday and Fed Week. So, each selling wave was easily absorbed by the bulls. After the 15:14 ET top, ESMs retreated to 5362.25 at 15:49 ET.
You all know what happened next. Someone manipulated ESMs to 5368.25 at 16:01 ET.
Gold is getting harder to find as miners struggle to excavate more, World Gold Council says Mine production inched up only 0.5% in 2023 compared to a year ago… “We’ve seen record first quarter mine production in 2024 up 4% year on year… it plateaued around 2016, 2018 and we’ve seen no growth since then,” WGC Chief Market Strategist John Reade said… New gold deposits are becoming harder to find around the world as many prospective areas have already been explored… Large-scale gold mining is capital-intensive, and requires significant exploration and development, taking an average of 10 to 20 years before a mine is ready for production. Aside from the discovery process, government permits getting harder to secure and requiring more time to come through have made mining more difficult, Reade added… https://t.co/RI90Q1TGNX
If equity inflation offsets or exceeds real inflation, stock holders are sanguine. But other Americans…
Positive aspects of previous session The Monday Rally appeared, and the Fed Week Rally commenced.
Negative aspects of previous session Bonds declined sharply Oil and gasoline rallied sharply Despite the rally, trading was lethargic, as evinced by the modest rally in Fangs
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: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5352.70 Previous session S&P 500 Index High/Low: 5365.79, 5331.52
Israel’s Pursuit of Hamas in Gaza Seen Unswayed by Gantz Exit – BBG Netanyahu still holds a firm majority in the parliament Benny Gantz’s resignation from Israel’s war cabinet appears dramatic from afar but is unlikely to alter the course of the conflict in Gaza… https://t.co/DrldYh3UJB
@shaunmmaguire: This is Gaza. Where militants come out of tunnels they built with tens of billions of dollars of your aid money dressed as civilians to fire RPGs. So that when they get killed, Hamas can report them as “civilian” deaths, to be parroted by Western mediahttps://t.co/Iwc81L7HRm
@sentdefender: Israeli Airstrikes have reportedly just Targeted the Town of Hermel in Northeastern Lebanon, with 3 Massive Explosions being seen and heard throughout the Baalbek-Hermel Governorate. These are the Deepest Strikes in Lebanon against Hezbollah since the beginning of the War, with Hermel being over 90 Miles from the Border with Israel.
Blinken’s Exercise in Futility: Mideast Tour #8 to Achieve Gaza Truce He first stopped in Cairo Monday before heading to Israel, after which he’s expected to go to Jordan and Qatar. The Biden administration is pressing for finalization of what’s been described as an “Israeli-proposed” truce plan but which oddly enough the Netanyahu government has distanced itself from… https://www.zerohedge.com/geopolitical/blinkens-exercise-futility-8th-mideast-tour-achieve-gaza-truce
(ECB Chief) Christine Lagarde says ECB can keep rates on hold as long as needed – The FT Today – The Monday Rally occurred; the usual suspects will continue to play the Fed Week Rally that commenced yesterday. Action was relatively lethargic on Monday, and today should be the same. Saner angels will wait for the release of May CPI on Wednesday plus the FOMC Communique posting at 14:00 ET and Powell Press conference at 14:30 ET before they make serious bets.
NQMs are -16.75; ESMs are -5.00; USMs are +2732; and gold is -7.40 at 22:00 ET.
Expected economic data: May NFIB Small Business Optimism 89.6; 2-day FOMC begins.
S&P Index 50-day MA: 5193; 100-day MA: 5120; 150-day MA: 4953; 200-day MA: 4802 DJIA 50-day MA: 38,766; 100-day MA: 38,750; 150-day MA: 37,923; 200-day MA: 36,913 (Green is positive slope; Red is negative slope)
S&P 500 Index (5360.79 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 5255.61 triggers a sell signal Hourly: Trender is positive; MACD is negative – a close below 5336.09 triggers a sell signal
@OversightAdmn: Since January 6, 2021, Nancy Pelosi spent 3+ years and nearly $20 million creating a narrative to blame Donald Trump. NEW FOOTAGE shows on January 6, Pelosi ADMITTED: “I take responsibility.”https://x.com/OversightAdmn/status/1800207258514575730
Biden sparks concerns as he appears to FREEZE during Juneteenth celebration concert at the White House alongside a dancing Kamala Harris… https://trib.al/esIPVdY
@RNCResearch: Biden — slurring — smears Republicans as “ghosts in new garments trying to take us back” as he peddles disgusting lies (GOP trying to do various wrongs to blacks) https://x.com/RNCResearch/status/1800334605226070158
Apparently, the DoJ is subtly fixing Hunter Biden’s trial by failing to present key evidence.
@BreannaMorello: The prosecutor in Hunter Biden’s gun trial failed to present the jury with critical pieces of evidence. @MarcoPolo501c3’s Garrett Ziegler was in the courtroom all week long and he joined me to detail what the prosecutor missed.https://x.com/BreannaMorello/status/1800321135575244947 It’s important to note that even though Hunter did fill out the gun application and did admit to being a drug addict during that time—the jury will be sympathetic to him because the jury is rigged… The jury is made up of 6 people directly impacted by drug addiction, someone who volunteered for Hillary Clinton 2008 campaign and a former secret service employee whose husband still works for SS.
@sentdefender: Despite Thousands of Dollars of Damage to several U.S. National Parks Sites near the White House during yesterday’s Pro-Hamas Demonstration in Washington, D.C. while several Federal Law Enforcement Officers and Federal Employees were being Assaulted with Rocks, Water Bottles, and other Objects; there were No Arrests made by D.C. Capital Police or other Agencies that were On-Site, with the few Demonstrators that were Detained by the Secret Service while attempting to Scale the Fence near the White House having been Released with No Charges. (But grannies go to prison for walking into the Capitol or praying at abortion clinics!)
@MicaSoellnerDC: Freedom Caucus is annoyed at Trump’s choice of endorsements, arguing that he’s choosing moderates over real conservatives. Some suggest it’s indicative of his inability to pick loyal people around him. More on the tension: https://t.co/S5xi0knzLs
Sen. John Fetterman rear ends driver, is taken to hospital after suffering injuryhttps://trib.al/rZ76ak5
(Cook County DA) Foxx plan to ditch evidence found during traffic stops (cause they’re racist) would be ‘devastating,’ former police chief says – “So far in Illinois, the following tools have either been taken away from the police or are about to be taken away from police: the gang database, ShotSpotter, no foot pursuits, no car pursuits, police agencies being restricted from purchasing military equipment, restrictions on taser, restrictions on juvenile interviews, issuing traffic citations instead of making a physical arrest, Ring doorbell now requires criminal warrants for video, restrictions on the use of police canines, restrictions on the use of drones, and now Kim Foxx wants to restrict the type of traffic stops that police officers can make, which she is classifying as pretextual.”…She and many of her top-level prosecutors are considered more defense attorneys than prosecutors.”https://t.co/KcyicapgHW
harveyorganblog.com 
