GOLD PRICE CLOSED DOWN $35.30 TO $2302.50

SILVER PRICE DOWN 1.10 TO 29.00

Gold ACCESS CLOSED $2303.15

Silver ACCESS CLOSED: $28.93

Bitcoin morning price:$67,899 DOWN 542 DOLLARS.

Bitcoin: afternoon price: $68,441 UP 1266 dollars

Platinum price closing  DOWN $11.25 TO $954.40

Palladium price; DOWN $15.30 AT $896.30

END

SHANGHAI GOLD PREMIUM 66 DOLLARS/COMEX GOLD//JULY TO JULY

SHANGHAI GOLD (USD) FUTURES – QUOTES

VENUE:

• GLOBEX

AUTO-REFRESH IS OFF

Last Updated 13 Jun 2024 03:46:27 PM CT.

Market data is delayed by at least 10 minutes.

MONTH	CHART	LAST	CHANGE	PRIOR SETTLE	OPEN	HIGH	LOW	VOLUME	UPDATED
JUN 2024 SGUM4		–	–	2366.3	–	–	–	0	12:30:19 CT 13 Jun 2024
JUL 2024 SGUN4		–	–	2380.4	–	–	–	0	12:30:19 CT 13 Jun 2024
AUG 2024 SGUQ4		2344.4	-36.2 (-1.52%)	2380.6	2353.9	2362.7	2337.3	883	12:30:19 CT 13 Jun 2024
OCT 2024 SGUV4		–	–	2404.9	–	–	–	0	12:30:19 CT 13 Jun 2024
DEC 2024 SGUZ4		–	–	2417.4	–	–	–	0	12:30:19 CT 13 Jun 2024
FEB 2025 SGUG5		–	–	2418.0	–	–	–	0	12:30:19 CT 13 Jun 2024
APR 2025 SGUJ5		–	–	2418.6	–	–	–	0	12:30:19 CT 13 Jun 2024

About this Report

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

4: 15 PM ACCESS

*CANADIAN GOLD: $3165.63 DOWN 18.40 CDN dollars per oz( * NEW ALL TIME HIGH 3,305.30 CDN DOLLARS PER OZ//MAY 20 2024)

*BRITISH GOLD: 1804.47 DOWN 8.89 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024

*EURO GOLD: 2144.15 DOWN 16.79 Euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)

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END

EXCH: COMEX

ACCESS MARKET

EXCHANGE: COMEX
CONTRACT: JUNE 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,336.000000000 USD
INTENT DATE: 06/12/2024 DELIVERY DATE: 06/14/2024
FIRM ORG FIRM NAME ISSUED STOPPED

---

099 H DB AG 1
190 H BMO CAPITAL 14
323 C HSBC 31
363 H WELLS FARGO SEC 25
435 H SCOTIA CAPITAL 87
624 C BOFA SECURITIES 1
624 H BOFA SECURITIES 185
657 C MORGAN STANLEY 16
661 C JP MORGAN 1
661 H JP MORGAN 2
686 H STONEX FINANCIA 1
690 C ABN AMRO 10 7
726 C PLUS500US FINAN 1
732 C RBC CAP MARKETS 1
737 C ADVANTAGE 11 18
880 H CITIGROUP 2
905 C ADM 5
991 H CME 55

---

TOTAL: 237 237
MONTH TO DATE: 29,232

JPMorgan stopped 17/237

FOR JUNE 2024 

GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 237 NOTICES FOR 23,700 OZ  or  0.7371 TONNES

total notices so far: 29,232 contracts for 2,923,200  Oz (90.920 tonnes)

FOR  JUNE:

SILVER NOTICES: 119 NOTICE(S) FILED FOR 595,000

OZ/

total number of notices filed so far this month :1233 for 6.165 million oz

XXXXXXXXXXXXXXXXXX

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END

GLD/

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

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

WITH GOLD DOWN $35.30 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : NO CHANGESIN GOLD INVENTORY AT THE GLD/

/ /INVENTORY RESTS AT 830.78TONNES

INVENTORY RESTS AT 830.78 TONNES

SLV//

WITH NO SILVER AROUND AND SILVER DOWN $1.10 AT THE SLV//

HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A MASSIVE DEPOSIT OF 1.958 MILLION OZ INTO THE SLV

// INVENTORY INCREASES TO 429.683MILLION OZ/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 429.683 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY AN ULTRA HUGE SIZED 1371 CONTRACTS TO 177,407 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR STRONG GAIN OF $0.97 IN SILVER PRICING AT THE COMEX ON WEDNESDAY’S TRADING ON SILVER. WE HAD ZERO LONG LIQUIDATION AS WE HAD A NET GAIN 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  MEGA HUMONGOUS SIZED 4,806 T.A.S ISSUANCE, THE 4TH 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 LAST 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 WEDNESDAY NIGHT: 4806 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 $0.97) AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS FROM THEIR PERCH AS WE DID HAVE A HUGE SIZED GAIN OF 3111 CONTRACTS ON OUR TWO EXCHANGES WITH THE GAIN IN PRICE OF $0.97

WE  MUST HAVE HAD:

A HUGE SIZED 1740 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 30,000 OZ QUEUE JUMP

//NEW STANDING FOR SILVER//JUNE IS THUS 6.275 MILLION OZ 

WE HAD:

/ HUGE SIZED COMEX OI GAIN //HUGE SIZED EFP ISSUANCE/ VI)  HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 4806 CONTRACTS)/

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED 267  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 9 DAYS, total 9164 contracts:   OR 45.820 MILLION OZ  (1018 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  45.820 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 45.820 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)

RESULT: WE HAD A GIGANTIC SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1371 CONTRACTS WITH OUR GAIN IN PRICE OF SILVER PRICING AT THE COMEX//WEDNESDAY.,.  THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE  CONTRACTS: 1740 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 30,000 OZ QUEUE JUMP

//NEW TOTAL STANDING FOR JUNE 6.275 MILLION OZ 

WE HAVE A HUGE SIZED GAIN OF 3111  OI CONTRACTS ON THE TWO EXCHANGES WITH THE GAIN IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A MEGA HUMONGOUS SIZED 4806 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE WEDNESDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND ZERO NET LIQUIDATION OF LONGS. 

THE NEW TAS ISSUANCE WEDNESDAY NIGHT   (4806) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .

WE HAD 119 NOTICE(S) FILED TODAY FOR 595,000 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 SMALL SIZED 294 OI CONTRACTS  TO 436,569 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,733  AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW MUCH FURTHER FROM OUR ALL TIME LOW OF 390,000 CONTRACTS.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 15 CONTRACTS

WE HAD A SMALL SIZED DECREASE  IN COMEX OI (294 CONTRACTS) OCCURRED WITH OUR GAIN OF $28.30  IN PRICE/WEDNESDAY. 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 6500 OZ QUEUE JUMP AS BANKERS SCOUR THE PLANET LOOKING FOR GOLD ON THE THIS SIDE OF THE POND

NEW STANDING  91.689 TONNES// ALL OF THIS HAPPENED WITH OUR  $28.30 GAIN IN PRICE  WITH RESPECT TO WEDNESDAY’S TRADING. WE HAD A GOOD SIZED GAIN OF 3982 OI CONTRACTS (12.385 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 4276 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 436,569

IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3982 CONTRACTS  WITH 294 CONTRACTS DECREASED AT THE COMEX// AND A STRONG SIZED 4276 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 3982 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 1845 CONTRACTS,,

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4276 CONTRACTS) ACCOMPANYING THE  SMALL SIZED LOSS IN COMEX OI OF 294 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 3982 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 OF 0.2021 TONNES 

//NEW STANDING /JUNE 90.689 TONNES. 

 / 3) HUGE T.A.S. LIQUIDATION OF CONTRACTS WITH ZERO LONG SPECS BEING CLIPPED,

  4)  SMALL SIZED COMEX OPEN INTEREST LOSS 5)  STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S.  ISSUANCE: 1845 CONTRACTS//

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2024 INCLUDING TODAY

JUNE

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: 32,175 CONTRACTS OR 3,217,500 OZ OR 100.07 TONNES IN 9 TRADING DAY(S) AND THUS AVERAGING: 3575 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 9 TRADING DAY(S) IN  TONNES  100.07 TONNES

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

THUS EFP TRANSFERS REPRESENTS  100.07 DIVIDED BY 3550 x 100% TONNES = 2.81% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

 FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN)..

MARCH:.   276.50 TONNES (STRONG AGAIN/

APRIL:      189..44 TONNES  ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

NOV:           312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP

DEC.           175.62 TONNES//FINAL ISSUANCE//

TOTALS: 2,578.08 TONNES/2021

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

MARCH/2022:  409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.

APRIL:  169.55 TONNES (FINAL VERY  LOW ISSUANCE MONTH)

MAY:  247.44 TONNES FINAL//

JUNE: 238.13 TONNES  FINAL

JULY: 378.43 TONNES FINAL

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

OCT:  177.57  TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)

NOV.  223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)

DEC:  185.59 tonnes // FINAL

TOTAL: 2,847,25 TONNES/2022

JAN 2023:    228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!

FEB: 151.61 TONNES/FINAL

MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)

APRIL: 197.42 TONNES

MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)

JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)

JULY:  151.69 TONNES (WEAKER THAN LAST MONTH)

AUGUST:  195.28 TONNES (A STRONGER MONTH)//FINAL

SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)

OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.

NOV.   239.16 TONNES//WILL BE STRONG THIS MONTH,

DEC. 213.704 TONNES. A STRONG MONTH//

TOTAL FOR YEAR 2023: 2,569.57 TONNES VS  2578 TONNES LAST YEAR

JAN ’24:     291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)

FEB’24: 201.947 TONNES

MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.

APRIL: 267.05TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)

MAY; 316.606 TONNES (WILL BE ANOTHER STRONG MONTH// 3RD HIGHEST RECORDED EFP ISSUANCE )// NOTICE THE HUGE INCREASES IN EX FOR PHYSICAL THESE PAST FEW MONTHS. THESE CONTRACTS ARE CIRCLED BACK FROM LONDON WHEREBY METAL IS REMOVED FROM THE COMEX.

JUNE 100.07 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 HUGE SIZED  1371 CONTRACTS OI  TO 177,407 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  6 YEARS AGO.  HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE 1740 CONTRACTS

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

JULY 1740  and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1740 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 1638 CONTRACTS AND ADD TO THE 1740 E.FP. ISSUED

WE OBTAIN AN ULTRA HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 3111 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  TOTALS 15.555 MILLION OZ 

OCCURRED WITH OUR HUMONGOUS  $0.97 GAIN IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

THURSDAY MORNING/WEDNESDAY  NIGHT

SHANGHAI CLOSED DOWN 8.55 PTS OR 0.28% //Hang Seng CLOSED UP 174.79 PTS OR 1.19%// Nikkei CLOSED DOWN 156.34 OR 0.40%//Australia’s all ordinaries CLOSED UP 0.47%///Chinese yuan (ONSHORE) closed UP TO 7,2526 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2675/ Oil DOWN TO 77.96 dollars per barrel for WTI and BRENT UP AT 81.95 /Stocks in Europe OPENED ALL RED

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

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3  CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED 294 CONTRACTS  TO 436,569 DESPITE OUR HUGE GAIN IN PRICE OF $28.30 WITH RESPECT TO WEDNESDAY’S TRADING. WE HAD A HUGE T.A.S. LIQUIDATION ON WEDNESDAY 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 STRONG SIZED 4276 EFP CONTRACTS WERE ISSUED: :  AUGUST 4276 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4276 CONTRACTS.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED TOTAL OF 3982 CONTRACTS IN THAT 4276 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A SMALL SIZED LOSS OF 294 COMEX  CONTRACTS..AND THIS GOOD SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR HUGE GAIN IN PRICE OF $28.30

////WEDNESDAY 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 WEDNESDAY NIGHT WAS A GOOD SIZED 1895 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. WEDNESDAY IS OF EXTREME IMPORTANCE TO OUR CROOKS IN YESTERDAY’S TRADING 

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING:   JUNE  (90.689 TONNES)

HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 42 MONTHS OF 2021-2024:

DEC 2021: 112.217 TONNES

NOV.  8.074 TONNES

OCT.    57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL  YEAR  2021 (JAN- DEC): 601.213 TONNES

YEAR 2022:

JANUARY 2022  17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 20.11 TONNES FINAL

JUNE: 74.933 TONNES FINAL

JULY 29.987 TONNES FINAL

AUGUST:104.979 TONNES//FINAL

SEPT.  38.1158 TONNES

OCT:  77.390 TONNES/ FINAL

NOV 27.110 TONNES/FINAL

Dec. 64.000 tonnes

(TOTAL  YEAR 656.076 TONNES)

2023:

JAN/2023:    20.559 tonnes

FEB 2023: 47.744 tonnes

MAR:  19.0637 TONNES

APRIL: 75.676  tonnes

MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk =  20.338

JUNE: 64.354 TONNES

JULY: 10.2861 TONNES

AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)

SEPT: 15.281 TONNES FINAL

OCT.    35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes

NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK   = 34.9627 TONNES

DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK =  51.707 TONNES

TOTAL 2023 YEAR : 436.546 TONNES

2024

JAN ’24.      22.706 TONNES

FEB. ’24:  66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)

MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES

APRIL: 2024: 53.673TONNES FINAL

MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/PRIOR= 11.9325

JUNE; 90.689 TONNES. THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022

THE SPECS/HFT WERE  UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY  $28.30 //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A GOOD SIZED GAIN OF 3982 CONTRACTS ON WEDNESDAY WITH OUR TWO EXCHANGES WITH THE GAIN IN PRICE. THE T.A.S. ISSUED ON WEDNESDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE GAINED A TOTAL OI OF 12.385 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 65 CONTRACTS OR 6500 OZ (0.2021 TONNES)

NEW STANDING FOR JUNE: 91.689 TONNES

ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE  TO THE TUNE OF $28.30

WE HAVE REMOVED 15 CONTRACTS  FROM THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL

NET GAIN ON THE TWO EXCHANGES 3982 CONTRACTS OR 398,200 (12.385 TONNES)

confirmed volume WEDNESDAY 248,379 contracts//FAIR

//speculators have left the gold arena

JUNE 13       JUNE  GOLD CONTRACT

/ /// THE JUNE 2024 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	NIL oz           .
Deposit to the Dealer Inventory in oz	0 oz
Deposits to the Customer Inventory, in oz	0 OZ//BRINKS
No of oz served (contracts) today	237 notice(s) 23700 OZ 0.7371 TONNES
No of oz to be served (notices)	246 contracts    24,600 OZ 0.7651 TONNES
Total monthly oz gold served (contracts) so far this month	29232 notices 2,823,200 oz 90.92 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: 0

TOTAL WITHDRAWALS NIL 0z

Adjustments: dealer to customer account

when we see this, it general means the comex is in stress

a) Brinks NIL oz

b) HSBC 2990.043 oz

c) JPMorgan: 35,012.439oz

d) Loomis: NILoz

e) Manfra: NIL oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE

For the front month of JUNE we have an oi of 523 contracts having LOST 328 contracts. We had 393 contracts served on Wednesday so we gained 65 contracts or 6500 oz additional ounces will stand for gold at the comex as they underwent a queue jump to take delivery on this side of the pond.

JULY GAINED 2 CONTRACTS TO STAND AT 2476

AUGUST LOST 1028 CONTRACTS DOWN TO 356,193 CONTRACTS

We had 237 contracts filed for today representing 23700  oz  

This is a major assault on the comex for gold and this time it is physical that will be requested.

Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notice was issued from their client or customer account. The total of all issuance by all participants equate to 237 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 17 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 (29,232) x 100 oz ) to which we add the difference between the open interest for the front month of  JUNE (523 CONTRACTS)  minus the number of notices served upon today  (237 x 100 oz per contract( equals  2,947,800 OZ  OR 91.689 TONNES.

thus the INITIAL standings for gold for the JUNE contract month:  No of notices filed so far (29.232 x 100 oz +we add the difference for front month of June  (523 OI} minus the number of notices served upon today (237) x 100 oz which equals  2,947,800 oz (91.689 TONNES) 

TOTAL COMEX GOLD STANDING FOR JUNE: 91.689 TONNES WHICH IS ABSOLUTELY HUGE FOR THIS  VERY ACTIVE DELIVERY MONTH IN THE CALENDAR.  JUNE IS TRADITIONALLY THE 2ND HIGHEST DELIVERY MONTH OF THE YEAR. FROM THIS POINT WE WILL GAIN IN GOLD TONNAGE WILLING TO STAND AT THE COMEX

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COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 OZ PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 oz

total pledged gold: 1,680,714/128  52.27 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD:  17,662,910 OZ  

TOTAL REGISTERED GOLD 7,913,203.508( 246.13 tonnes).

TOTAL OF ALL ELIGIBLE GOLD: 9,743,687.145 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 6,232,489 oz (REG GOLD- PLEDGED GOLD)= 193.86 tonnes //

END

SILVER/COMEX

JUN  13/2024

INITIAL

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

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	NIL oz .
Deposits to the Dealer Inventory	nil OZ
Deposits to the Customer Inventory	NIL oz
No of oz served today (contracts)	119 CONTRACT(S)    (595,000 OZ)
No of oz to be served (notices)	22 contracts  (0.110 million oz)
Total monthly oz silver served (contracts)	1233 Contracts  (6.165 MILLION oz)
Total accumulative withdrawal of silver from the Dealers inventory this month	NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

i)  0 dealer  deposit

total dealer deposit : nil oz

i) We had  0 dealer withdrawal

total dealer withdrawals: 0 oz

We had  0

i

total customer deposit NIL..oz

JPMorgan has a total silver weight: 128.416million oz/297/690million  or 43.20%

adjustment: 1 CUSTOMER TO DEALER MANFRA 594,565.329 OZ/

Comex withdrawals: 0

total withdrawal: NIL 0z

TOTAL REGISTERED SILVER: 62.494MILLION OZ//.TOTAL REG + ELIGIBLE. 297.690

million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE:

silver open interest data:

FRONT MONTH OF JUNE/2024 OI: 141 CONTRACTS HAVING LOST 6 CONTRACT(S). 

WE HAD 0 NOTICES SERVED UP ON WEDNESDAY, SO WE LOST 6 CONTRACTS OR AN ADDITIONAL 30,000 OZ WILL NOT STAND AT THE COMEX VIA A SMALL E.F.P JUMP TO LONDON WHERE THEY WILL TAKE DELIVERY ON THAT SIDE OF THE POND

JULY SAW A LOSS OF 8275 CONTRACTS DOWN TO 94,477

AUG, SAW A GAIN OF 42 CONTRACTS TO 279

SEPT SAW A GAIN OF 8956 CONTRACTS TO 64,291

.

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for 0 oz

CONFIRMED volume; ON WEDNESDAY 138,178GIGANTIC

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 1233 x 5,000 oz = 6.165 MILLION oz 

to which we add the difference between the open interest for the front month of JUNE ((141) and the number of notices served upon today 119 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the JUNE/2024 contract month:  1233 notices served so far) x 5000 oz + OI for the front month of JUNE (141)x number of notices served upon today minus (119)x 5000 oz of silver standing for the JUNE  contract month equates to 6.275 MILLION OZ.  

 New total standing: 6.275 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 13 WITH GOLD DWN$35.30 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/: /A WITHDRAWAL OF 4.89 TONNES OF GOLD FROM THE GLD////NEW TOTAL TONIGHT 830.78 TONNES

JUNE 12 WITH GOLD UP $28.30 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD/: /A WITHDRAWAL OF 4.89 TONNES OF GOLD FROM THE GLD////NEW TOTAL TONIGHT 830.78 TONNES

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

GLD INVENTORY: 835.67 TONNES, TONIGHTS TOTAL

Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them

JUNE 13. WITH SILVER DOWN $1.10//HUGE CHANGES IN SILVER INVENTORY/ A HUGE DEPOSIT OF 1.958 MILLION OZ/INVENTORY RISES TO 429.083 TONNES

JUNE 12  WITH SILVER UP $0.97  TODAY: HUGE CHANGES IN SILVER INVENTORY: //A HUGE DEPOSIT OF 5.983 MILLION OZ INTO THE SLV// INVENTORY RISES TO ; 427.125 MILLION OZ

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

CLOSING INVENTORY 427.125 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

Interest rates, inflation, and gold

end

4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS/

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

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

END

ASIA TRADING//THURSDAY MORNING/WEDNESDAY  NIGHT

SHANGHAI CLOSED DOWN 8.55 PTS OR 0.28% //Hang Seng CLOSED UP 174.79 PTS OR 1.19%// Nikkei CLOSED DOWN 156.34 OR 0.40%//Australia’s all ordinaries CLOSED UP 0.47%///Chinese yuan (ONSHORE) closed UP TO 7,2526 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2675/ Oil DOWN TO 77.96 dollars per barrel for WTI and BRENT UP AT 81.95 /Stocks in Europe OPENED ALL RED

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

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

ONSHORE YUAN:   CLOSED UP TO 7.2526

OFFSHORE YUAN: UP TO 7.2675

SHANGHAI CLOSED DOWN 8.55 PTS OR 0.28 %

HANG SENG CLOSED UP 174,79 PTS OR 1.19%

2. Nikkei closed DOWN 156.24 PTS OR 0.86 %

3. Europe stocks   SO FAR:  ALL RED

USA dollar INDEX DOWN TO  104.51 EURO FALLS TO 1.0789 DOWN 48 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +0.959 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 157.19 JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10  YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now  ABOVE 17,000

3d USA/Yen rate now well ABOVE the important 120 barrier this morning

3e Gold DOWN /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP

3f Japan is to buy INFINITE  TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA

Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.

3g Oil UP for WTI and UP FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.5490/Italian 10 Yr bond yield UP to 3.967 SPAIN 10 YR BOND YIELD UP TO 3.392%

3i Greek 10 year bond yield UP TO 3.659

3j Gold at $2307.95//Silver at: 29.12  1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 0/ 100        roubles/dollar; ROUBLE AT 88.24

3m oil into the 77 dollar handle for WTI and  82 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 157.19/  10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.959% 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 0.8963 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9672 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: 4.309 UP 2 BASIS PTS…

USA 30 YR BOND YIELD: 4.478 UP 3 BASIS PTS/

USA 2 YR BOND YIELD:  4.756 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 32.30…

10 YR UK BOND YIELD: 4.2140 DOWN 7 PTS

2a New York OPENING REPORT

S&P Set For 29th Record High Of 2024 As Futures Continue Relentless Grind Higher

BY TYLER DURDEN

THURSDAY, JUN 13, 2024 – 08:14 AM

Futures are higher, again, with Tech leading, again, and small-caps lagging, the same trend that we saw after the Powell press conference despite small-caps leading the way most of the session. As of 8:00am, S&P futures were up 0.1% and set for the 29th all time high print this year, while Nasdaq futures outperform, rising 0.6% and set to gain for a fourth straight session after another record close on Wednesday as Mag7 and Semi stocks push higher, with AVGO +13.6%, TSLA +6.3%, and NVDA +2.4% all notably higher. Many of the other Mag7 names are lower pre-mkt, but elements of the AI ecosystem are up pre-mkt, e.g., VRT +1.9%. Bond yields are ranging from -1bps to +1bps, the 10Y TSY yield last trading around 4.31%, while the dollar rebounded from the post-CPI drop to rise ahead of US data on producer prices, supported by the view that the Fed may deliver just one interest rate cut this year. Commodities are mostly higher despite crude and precious metals lower. Today’s macro data focus is on PPI, Jobless Claims; investors will also look to an event featuring New York Fed President John Williams and Treasury Secretary Janet Yellen later in the day.

In premarket trading, Tesla surged after Elon Musk said shareholder resolutions to re-ratify his pay package and moving the company’ s legal home to Texas were passing by “wide margins.”

Here are some other notable premarket movers:

• Broadcom (AVGO) gains 14% after the chip supplier reported second-quarter results that beat expectations and gave a positive forecast.
• Dave & Buster’s (PLAY) slides 10% after the restaurant chain reported first-quarter revenue and earnings per share that missed consensus estimates.
• Stellantis (STLA) falls 2.2% ahead of its investor day on Thursday that Stifel analysts previously said would carry a lot of weight in rebuilding trust with the market.
• Virgin Galactic (SPCE) drops 9% after the space tourism firm’s board approved a 1-for-20 reverse split of the company’s common stock.

Risk assets rallied on Wednesday after the latest US inflation report showed core CPI fell to the lowest in more than three years, spurring bets on faster policy easing. However, just a few hours later, the Fed penciled in just one quarter point interest-rate cut this year, down from three seen in March. That, however, did not dent bullish sentiment and one day later, swap traders are currently pricing in a 25-basis-point rate cut by November, with a 75% likelihood of a similar reduction by year-end. That compares with a 50% chance of a second cut two days ago. US producer prices may offer more signals later on Thursday.

“The Fed dot plot was marginally on the hawkish side, causing some pullback in the markets,” said Mohit Kumar, chief economist for Europe at Jefferies International. Any selloff in stocks would be a buying opportunity, he said.

European stocks erased an earlier gain, with the Stoxx 600 dropping 0.9% after advancing the most in a month following the softer US inflation print. Adding to the caution, ECB Governing Council member Joachim Nagel warned that consumer price growth in the euro zone is proving stubborn. “We are on a bumpy road, but we all know that the last mile is the most complicated one,” the Bundesbank president said. Here are the most notable European movers:

• Halma shares gain as much as 5.2%, hitting the highest in a year, after the health and safety sensor technology group releases its full-year results.
• Valmet shares advance as much as 3.9%, the most in three weeks, after Carnegie upgraded its view on the Finnish energy and paper industry equipment manufacturer to buy from hold.
• Lotus Bakeries shares rise as much as 4.8% after Mondelēz agreed to make and sell the Belgian company’s Biscoff cookies in India.
• Wise shares fall as much as 23%, the most ever, after the money transfer firm’s revenue growth forecasts missed expectations on the back of price reductions implemented at start of FY2025.
• Volvo Car shares drop 5.2%, bringing their two-day decline to more than 10% since the EU announced Wednesday that it will impose tariffs of as much as 48% on EV imports from China.
• Stellantis shares fall as much as 1.6% ahead of its investor day on Thursday that Stifel analysts previously said would carry a lot of weight in rebuilding trust with the market.
• Ericsson shares drop as much as 2.8% after Nordea downgrades the Swedish 5G gear maker to hold from buy following strong share-price performance since the company’s first-quarter results in April.
• Lufthansa shares slide as much as 7.1%, to the lowest price since October 2022, as JPMorgan analysts open a negative catalyst watch, seeing potential for further downward revisions to guidance.
• Telefonica shares slip as much as 1.9% after a downgrade to sell from hold at Deutsche Bank. The broker notes that the firm’s stock is now one of the most expensive in its sector.
• LPP shares drop as much as 3.7% even as the Polish fashion retailer reported an improved first-quarter gross margin and guided for a “significantly higher” margin in the current period.
• Synsam shares decline as much as 11%, the most since March, in reaction to a column published by Swedish business daily Dagens Industri.
• Crest Nicholson shares slide as much as 12.7% to hit a one-month low after the housebuilder’s first-half profit fell short of expectations and full-year guidance was cut.

Asian stocks fluctuated, with weakness in Japan countering advances in technology shares triggered by lowered concerns on Federal Reserve policy. The MSCI Asia Index swung between a loss of as much as 0.2% and gain of 0.4%. Tencent and TSMC were among the biggest boosts while Toyota fell. South Korea’s benchmark Kospi gained 1% and Taiwan’s main index rose more than 1.2% as tech stocks followed US peers higher. Key gauges also climbed in Hong Kong and Australia. Cooler-than-expected consumer price data reduced concerns on US interest rates, even after the Fed dialed back expectations for cuts this year to just one.

In FX, theBloomberg Dollar Spot Index edged up 0.1%, recovering after the previous day’s fall, when a weak US CPI reading had triggered selling in the currency before the Fed announcement “The market got it wrong last night and reacted more strongly to the data print than to the Fed update, and I think over the long term it should be the other way around,” said Nick Twidale, chief analyst at ATFX Global Markets

In rates, Treasuries are steady as investors continue to dissect the latest messaging from the Federal Reserve. US 10-year yields are little changed at 4.30%.  In a separate development, the European Union’s bonds fell after MSCI Inc. said it won’t add the bloc’s debt to its range of government bond indexes. Bunds and gilts also fell. The week’s Treasury coupon auction cycle concludes with $22b 30-year bond reopening at 1pm New York time, following strong demand for Tuesday’s 10-year sale. WI 30-year yield at ~4.468% is roughly 17bp richer than May’s, which stopped 0.7bp through.

In commodities, crude traded near session lows, continuing the pressure sparked by the prior day’s bearish inventory data. Geopol updates out of the Middle East have been thin today, though elsewhere Reuters reports that unidentified assailants attacked soldiers guarding the Niger-Benin gas pipeline. Brent trades around $82/bbl, the lower end of a narrow overnight range. Softer trade across precious metals with deeper losses seen in spot silver and palladium vs gold, with the complex pressured by the attempted recovery in the Dollar post-FOMC with gold looking ahead to this afternoon’s US PPI and IJCs. Base metals are lower across the board, again as a function of the attempted Dollar recovery and following the cautious mood in APAC and early European markets.

Bitcoin is slightly softer and holds just below $67.5k, whilst Ethereum dips below $3.5k.

To the day ahead now, and data releases include the US PPI reading for May and the weekly initial jobless claims, along with Euro Area industrial production for April. From central banks, we’ll hear from the ECB’s Muller and the Fed’s Williams. In the political sphere, the G7 leaders summit will get underway in Italy.

Market Snapshot

• S&P 500 futures up 0.2% to 5,436.00
• STOXX Europe 600 down 0.6% to 519.90
• MXAP little changed at 179.66
• MXAPJ up 0.7% to 564.28
• Nikkei down 0.4% to 38,720.47
• Topix down 0.9% to 2,731.78
• Hang Seng Index up 1.0% to 18,112.63
• Shanghai Composite down 0.3% to 3,028.92
• Sensex up 0.3% to 76,830.04
• Australia S&P/ASX 200 up 0.4% to 7,749.70
• Kospi up 1.0% to 2,754.89
• German 10Y yield little changed at 2.56%
• Euro little changed at $1.0808
• Brent Futures down 0.2% to $82.45/bbl
• Gold spot down 0.4% to $2,316.02
• US Dollar Index up 0.12% to 104.78

Top Overnight News

• Tesla shares jumped premarket after Elon Musk said preliminary results for proposals to re-ratify his $56 billion package and move Tesla’s legal home to Texas were passing by “wide margins” late yesterday. BBG
• Across China, 16 or more cities have allowed companies to test driverless vehicles on public roads, and at least 19 Chinese automakers and their suppliers are competing to establish global leadership in the field. No other country is moving as aggressively. The government is providing the companies significant help. In addition to cities designating on-road testing areas for robot taxis, censors are limiting online discussion of safety incidents and crashes to restrain public fears about the nascent technology. NYT
• BOJ could dial back its QE intensity at tonight’s meeting, taking the monthly pace from JPY6T to JPY5T. Nikkei
• Mexico’s peso gained after the country paid off a dollar bond due next year in a bid to calm a market selloff. It also said it’ll refinance local debt due in 2025. Banxico said it’s ready to intervene in the peso if volatility becomes “extreme.” BBG
• Washington set to sign a 10-year security agreement w/Ukraine that will commit the US to supplying Kyiv with weapons and other military assistance (although future American presidents will have the ability to withdraw from the pact). WaPo
• Blackstone and Ares-backed private credit funds have found a cheap place to raise money: the IG corporate bond market. They’re among funds that have raised over $13.4 billion in the US market so far this year — nearly double the $8 billion raised over the entirety of 2023. BBG
• OpenAI is building an international team of lobbyists as it seeks to influence politicians and regulators who are increasing their scrutiny over powerful artificial intelligence. The San Francisco-based start-up told the Financial Times it has expanded the number of staff on its global affairs team from three at the start of 2023 to 35. The company aims to build that up to 50 by the end of 2024. FT
• U.S. passenger railroad Amtrak said on Wednesday it expects ridership to top pre-COVID 2019 levels this year for the first time and reach a record high even though it has less capacity. Ridership was 20% higher in the first seven months of Amtrak’s budget year that began Oct. 1, and ticket revenue was up 10% versus the same period in 2023. RTRS
• Apple isn’t paying OpenAI to use its chatbot as it believes promoting ChatGPT’s brand and tech is just as valuable, people familiar said. BBG

 A more detailed look at global markets courtesy of Newsquawk

APAC stocks were somewhat mixed following the key developments stateside where the S&P 500 and Nasdaq extended to fresh record levels after softer-than-expected CPI data, although participants also digested the latest FOMC meeting and hawkish dot plots which suggested just one rate cut this year vs. prev. view of three cuts. ASX 200 was led higher by outperformance in tech amid a softer yield environment and with stronger-than-expected jobs data. Nikkei 225 failed to sustain early gains and dipped back below the 39,000 level as the BoJ kick-started its two-day policy meeting, while Nikkei reported the BoJ will consider gradually reducing its JGB holdings at this meeting. Hang Seng and Shanghai Comp. diverged in rangebound trade with the mood in Hong Kong positive as several automakers weathered the EU announcement of tariffs on Chinese EVs and HKMA maintained its base rate at 5.75% in lockstep with the Fed, while the mainland was lacklustre despite the PBoC’s latest efforts to support the property industry.

Top Asian News

• Hong Kong Monetary Authority maintained its base rate at 5.75%, in lockstep with the Fed.
• China hopes the EU will make some serious reconsideration on tariffs for China EVs and stop going further in the wrong direction, according to state media.
• BoJ will reportedly consider gradually reducing its Japanese government bond holdings at this week’s two-day policy meeting, according to Nikkei.
• South Korea’s government and ruling party are to increase fines and punishment for illegal short-selling, while the stock short-selling ban will be extended until March, according to Yonhap.
• Japanese Banking Association Chairman says under rising interest rates, banks’ business models are moving towards prioritising deposits.
• Chow Tai Fook (1929 HK) FY (HKD) Op profit 12.16bln (exp. 8.58bln), +28.9% Y/Y, Revenue 108.71bln (exp. 108.45bln), +14.8% Y/Y

European bourses, Stoxx 600 (-0.6%) began the session on a modestly softer footing, and continued to trundle lower as the morning progressed. European sectors hold a strong negative bias, with a slight defensive tilt. Autos is towards the bottom of the pile, continuing the losses seen this week. Chemical names, Covestro (-2.6%) and BASF (-1.5%) are also under pressure, after wholesale chemical products fell 13.9% Y/Y vs -0.9% in April. US Equity Futures (ES +0.1%, NQ +0.7%, RTY -0.4%) are mixed, with the NQ the clear outperformer, propped up by several pre-market movers within the index. Firstly, Tesla (+6.2%) gains on reports that shareholders have voted in favour of Musk’s USD 56bln pay package. Elsewhere, Broadcom (+14.8%) surges post-earnings, and Nvidia (+2.2%) continues to march forward.

Top European News

• UK opposition Labour Party leader Starmer said they are not looking at bringing in wealth taxes.
• Sky News/YouGov poll found that 64% of respondents thought Labour Party leader Starmer did better in the Sky News Leaders TV interviews, while 36% thought UK PM Sunak did better.
• ECB’s Vasle says there is a risk that the disinflation process could slow. Will be data dependent. Wage momentum is still relatively strong. More 2024 cuts probable, if the baseline holds.
• ECB’s Muller says ECB has not yet achieved inflation target; possible that inflation could temporarily rise again; services inflation still relatively high; wage growth still strong

FX

• USD is attempting to recoup more of the slump seen after US CPI yesterday, which took the index to a low of 104.25 with hawkish FOMC dot plots and Fed Chair Powell’s cautious tone also helping. The DXY has been trading within a busy 104.67-85 range throughout the London session, awaiting impetus from PPI & IJC.
• EUR straddled 1.0800 throughout APAC hours before finding some support at the level. The Single-currency was little changed to the cooler German Wholesale data, with price action tentative thus far.
• GBP is flat with Cable attempting a test of 1.2800 but failed, with the pair within a 1.2774-99. UK-specific newsflow light today, as focus remains on the UK election and awaiting the Labour manifesto.
• JPY stands as the current G10 laggard, albeit marginally, as US yields came off best levels post-FOMC. Markets will await the BoJ policy announcement due on Friday, but for now, sits in a 156.57-157.30 range.
• Antipodeans are modestly softer amid the cautious mood in Europe whilst better-than-expected Australian jobs data only provided a brief tailwind for AUD/USD.
• PBoC set USD/CNY mid-point at 7.1122 vs exp. 7.2384 (prev. 7.1133).

Fixed Income

• USTs are slightly softer as desks digest the FOMC and as market pricing pivots away from September and towards November for the first cut. Currently trading lower by a handful of ticks ahead of PPI, which will help to form the consensus for PCE.
• Bunds are on the backfoot as participants continue to pare the post-CPI rally with the bearish action driven by Wednesday’s FOMC. A handful of ECB speakers today have had little impact on price action, whilst a further cooling in German wholesale price index spurred a brief bid in Bunds to a 131.11 peak.
• Gilts gapped lower by just a handful of ticks to 97.97 which marks the current session high. Currently trading well within the prior day’s 96.84-98.23 range, awaiting the Labour manifesto and US PPI.
• Italy sells EUR 9bln vs exp. EUR 7.5-9bln 3.45% 2027, 3.45% 2031, 4.15% 2039, 3.85% 2049 BTP:

Commodities

• Crude is subdued and towards session lows, continuing the pressure sparked by the prior day’s bearish inventory data. Geopol updates out of the Middle East have been thin today, though elsewhere Reuters reports that unidentified assailants attacked soldiers guarding the Niger-Benin gas pipeline. Brent Aug towards the lower end of an 82.07-55/bbl parameter.
• Softer trade across precious metals with deeper losses seen in spot silver and palladium vs gold, with the complex pressured by the attempted recovery in the Dollar post-FOMC with gold looking ahead to this afternoon’s US PPI and IJCs.
• Base metals are lower across the board, again as a function of the attempted Dollar recovery and following the cautious mood in APAC and early European markets.
• Chevron Australia has started repair works on the Wheatstone platform – expected to be completed in the coming weeks; LNG and domestic gas production to resume following safe completion of repairs.
• Unidentified assailants attack soldiers guarding Niger-Benin gas pipeline, via Reuters citing sources; pipeline not damaged. In reference to the 110k BPD pipeline which concluded construction works in March/April 2024.

Geopolitics: Middle East

• Hamas’s request in advance for a guarantee of a permanent ceasefire complicates Gaza truce negotiations and the main sticking point in the hostage negotiation is the demand for an explicit pledge by Israel to end the war, according to The Times of Israel. it was also reported that Hamas hardened some of its positions on the truce proposal and demanded the inclusion of China, Russia and Turkey as guarantors of the agreement, according to the Israel Broadcasting Corporation.
• Hamas statement said it showed positivity in all stages of negotiations to stop the aggression, while it urged the US administration to direct its pressure on Israel which it said wants to pursue the Gaza war.
• Lebanese army chief is visiting Washington this week to discuss the situation at the border, according to Al-Monitor.
• US military said its forces successfully destroyed three anti-ship cruise missile launchers in a Houthi-controlled area of Yemen and one uncrewed aerial system launched from a Houthi-controlled area of Yemen. However, it stated that one Iranian-backed Houthi unmanned surface vessel struck M/V Tutor which is a Liberian-flagged, Greek-owned and operated vessel in the Red Sea, while the impact caused severe flooding and damage to the engine room.
• Iran is responding to last week’s IAEA resolution against it by expanding uranium-enrichment capacity at two underground sites although the escalations are not as large as many feared, according to diplomats cited by Reuters.

Geopolitics: Other

• Russian nuclear-powered submarine and other naval vessels arrived in Cuba for a five-day visit to the communist island in a show of force amid spiralling US-Russian tensions, according to AFP News Agency.

US Event Calendar

• 08:30: June Initial Jobless Claims, est. 225,000, prior 229,000
  • June Continuing Claims, est. 1.8m, prior 1.79m
• 08:30: May PPI Final Demand MoM, est. 0.1%, prior 0.5%
  • May PPI Final Demand YoY, est. 2.5%, prior 2.2%
  • May PPI Ex Food and Energy MoM, est. 0.3%, prior 0.5%
  • May PPI Ex Food and Energy YoY, est. 2.5%, prior 2.4%
• 12:00: Fed’s Williams Interviews Treasury Sec. Yellen

DB’s Jim Reid concludes the overnight wrap

Markets have continued to reach new heights over the last 24 hours, with the S&P 500 (+0.85%) at another record after the US CPI report and the Fed’s latest decision. The CPI release was the main catalyst for that, as it featured the slowest month of core inflation since August 2021, and led investors to dial up the chance that the Fed would still cut rates twice this year. Later on, the Fed was then a bit more hawkish than expected, and only pencilled in one rate cut over the rest of the year. But that only unwound a part amount of the rally, with investors much more focused on the positive inflation news, with the hope that further prints like that one will open the door to faster cuts.

When it came to that US CPI release, it was one of the best prints in a long time from the Fed’s point of view. Specifically, the monthly core CPI was at just +0.16% in May, which is the slowest core inflation since August 2021, and it was also clearly beneath the +0.3% print expected by the consensus. In turn, that took the year-on-year core CPI print to +3.4% (vs. +3.5% expected), which is the lowest since April 2021. That softness was evident among headline inflation too, which was running at a monthly pace of just +0.01% in May, and the slowest since July 2022. Clearly the Fed will want to see a run of more favourable prints like this one, but there was little doubt that this was a very good number. Indeed, looking at the Cleveland Fed’s trimmed mean (which excludes the biggest outliers in either direction), it was the slowest monthly print since January 2021 at +0.13%. So it was clear this was a broad-based move lower for inflation, and it wasn’t just driven by a few outlier categories.

Overall, the report added to the sense that the faster inflation numbers from Q1 were an aberration, rather than the start of a more concerning trend of faster inflation. Indeed, if you look at the last 12 months of core CPI readings, the three fastest months were all in Q1. Moreover, it comes on the back of some softer data in recent days, particularly with the unemployment rate ticking up to 4.0%. So it cemented the idea that the Fed were getting closer to a place where they’d be able to cut rates, and led to a phenomenal market rally. Indeed, at the height of the moves after the CPI but before the Fed, the 10yr Treasury yield was down by -15.6bps intraday, and investors were fully pricing in two 25bp rate cuts from the Fed this year.

However, that rally began to unwind a bit after the Fed, who struck a more hawkish tone than had been expected. In terms of the main headlines, they kept rates unchanged, but their dot plot now pointed to just one rate cut over the rest of 2024, having signalled three cuts back in March. So that was clearly a more hawkish profile, and the consensus had still been expecting they’d show two cuts. Alongside that, the median dot for 2025 was up by 25bps as well, and the longer-run estimate of neutral moved up to 2.75%. The inflation forecasts were also revised up a bit for this year and next, with the core PCE inflation projection up two-tenths to 2.8% in 2024, whilst 2025 was up one-tenth to 2.3%.

In the press conference, Chair Powell did not emphasise the hawkish dot plot shift and noted in his prepared remarks that “the most recent inflation readings have been more favorable”. But he also downplayed the CPI print earlier in the day as only one data point and highlighted the solid performance of the economy and the labour market. For our US economists, they think the softer CPI print opens the door more widely to a September rate cut, but they think that would require more tame inflation readings over the next few months, and possible some softening in the growth and labour market data. Their baseline remains that the Fed is still likely to cut rates once this year in December. See their full reaction note here .

After the combination of the very dovish CPI, and then a somewhat hawkish Fed decision, Fed funds futures ended the day pricing in a more dovish path than they’d started. For instance, the amount of cuts priced in by December was up +5.1bps to 44bps, although that was down from a peak above 50bps before the Fed’s decision. Treasury yields followed a similar path, with 2yr yields down -16.6bps intraday before giving up around half of those gains by the close (-8.2bps to 4.75%). And 10yr yields were down -8.8bps to 4.32%, having traded at a two-month low of 4.25% intra-day. The decline in US rates weighed on the dollar, with the broad dollar index down -0.56% by the close, while the euro (+0.63%) had its strongest performance against the dollar so far this year.

For risk assets, the prospect of more rate cuts led to a major rally as well, and the S&P 500 (+0.85%) posted another record that took it above the 5400 mark for the first time. Tech stocks led the gains, with the Magnificent 7 (+1.93%) advancing for the seventh time in eight sessions. However, the gains were more moderate elsewhere, with the equal-weighted S&P 500 posting a smaller +0.53% gain, whilst the Dow Jones (-0.09%) saw a modest decline. Nevertheless, the VIX index of volatility (-0.81pts) fell to just 12.04pts, not far off from its post-Covid low of 11.86pts last month. And US HY spreads tightened -8bps on the day to 302bps.

Back in Europe, markets closed before the Fed’s decision, but they started to recover from the political uncertainty at the start of the week, and then got further momentum from the US CPI print. That led to a sovereign bond rally across the continent, with yields on 10yr bunds (-9.2bps), OATs (-8.9bps) and BTPs (-15.3bps) all seeing a strong decline. In large part, that was thanks to investors pricing in more rate cuts from the ECB, with a sense that more Fed cuts could give other central banks more room to cut their own policy rates, not least given the exchange rate impact. Indeed, the amount of ECB cuts priced in by the December meeting was up +3.5bps on the day to 37bps.

For European equities, there was also a widespread rebound, and the STOXX 600 (+1.08%) had its strongest daily performance in a month. That came as French President Macron confirmed in a press conference that he wouldn’t resign after the parliamentary elections. But there was still plenty happening in French politics, and yesterday saw the conservative Les Républicains expel their President Éric Ciotti, after he called for an alliance with Marine Le Pen’s Rassemblement National. In the meantime, the Franco-German 10yr spread held steady at its higher level, ticking up by less than a basis point to 61bps, having already widened by +12.7bps on Monday and Tuesday.

In the background to all this, oil prices continued to rise yesterday, with Brent crude up another +0.83% yesterday to $82.60/bbl. Although that only puts them back in line with their levels from last month, it’s still a noticeable rebound from where they stood early last week, when they closed at a 4-month low of $77.52/bbl.

Overnight in Asia, there’s been a pretty mixed performance for markets overnight. On the one hand, the KOSPI (+1.43%) is on track for its highest close since February 2022, and the Hang Seng (+0.54%) has also advanced. But that’s come alongside declines for the CSI 300 (-0.43%), the Shanghai Comp (-0.30%) and the Nikkei (-0.20%). In the meantime, it was reported by Nikkei Asia that the Bank of Japan would consider reducing its government bond holdings at its meeting that starts today. Looking forward though, US equity futures are pointing towards further gains, with those on the S&P 500 (+0.24%) and the NASDAQ 100 (+0.72%) both higher.

In terms of other economic data, the UK’s monthly GDP growth came in unchanged in April, although that was a bit better than the -0.1% reading expected. Otherwise, the Australian unemployment rate came down a tenth to 4.0% in May, in line with expectations.

To the day ahead now, and data releases include the US PPI reading for May and the weekly initial jobless claims, along with Euro Area industrial production for April. From central banks, we’ll hear from the ECB’s Muller and the Fed’s Williams. In the political sphere, the G7 leaders summit will get underway in Italy.

2B EUROPE OPENING/TRADING

Stocks seen opening slightly softer after hawkish Fed dots – Newsquawk Europe Market Open

THURSDAY, JUN 13, 2024 – 01:30 AM

• APAC stocks were somewhat mixed following the key developments stateside where the S&P 500 and Nasdaq extended to fresh record levels following the softer-than-expected US CPI but despite the hawkish Fed dot plots. 
• Fed kept rates unchanged at 5.25-5.50%, as expected with the vote unanimous, while the statement noted there has been modest (prev. a lack of) further progress towards the 2% inflation objective.
• Fed’s updated dot plots now signal only one rate cut in 2024 vs. three in the March projections; four policymakers saw no rate cuts this year, while seven pencilled in just one cut and eight expect two rate cuts this year.
• BoJ will reportedly consider gradually reducing its Japanese government bond holdings at this week’s two-day policy meeting, according to Nikkei.
• European equity futures indicate a mildly softer open with Euro Stoxx 50 futures down 0.1% after the cash market closed up 1.4% on Wednesday.
• Highlights include German Wholesale Price, Swedish Inflation, EZ Industrial Production, US IJC, PPI (F), NZ Manufacturing PMI, Comments from ECB’s de Guindos, BoC’s Kozicki & Fed’s Williams, Supply from Italy & US, Earnings from Adobe.

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US TRADE

EQUITIES

• US stocks finished higher in which the S&P 500 and Nasdaq extended on record levels after softer-than-expected US CPI data provided an early boost and saw money markets briefly revert to fully pricing in two 25bp rate cuts this year, although some of the gains were later pared and money markets are back to fully pricing in just one cut after the FOMC announcement.
• The Fed kept rates unchanged as expected and lifted its dot plot projections in which the median view was for one cut this year vs prev. median view of three cuts. Furthermore, Fed Chair Powell’s press conference largely stuck to the script and noted they do not have the confidence right now that would warrant loosening policy.
• SPX +0.85% at 5,421, NDX +1.33% at 19,465, DJI -0.09% at 38,712, RUT +1.62% at 2,057.
• Click here for a detailed summary for a detailed summary.

FOMC

• Fed kept rates unchanged at 5.25-5.50%, as expected with the vote unanimous, while the statement noted there has been modest (prev. a lack of) further progress towards the 2% inflation objective and it repeated that it does not expect it will be appropriate to reduce policy target range until gaining greater confidence inflation is moving sustainably towards 2%.
• Fed’s updated dot plots now signal only one rate cut in 2024 vs. three in the March projections and four policymakers even saw no rate cuts this year, while seven pencilled in just one cut and eight expect two rate cuts this year. Looking ahead, the 2025 median dot plot increased to 4.1% from 3.9% and the 2026 dot was unchanged at 3.1%, but the longer run rate ticked up again to 2.8% from 2.6%.
• Fed Chair Powell said during the press conference that the economy has made considerable progress and continued strong job gains in the economy, as well as noted that inflation has eased substantially but is still too high. Powell said the Fed is maintaining a restrictive stance of policy and recent indicators suggest economic growth is still expanding at a solid pace. Furthermore, he said they remain highly attentive to inflation risks and so far have not greater confidence on inflation in order to cut, while he noted that SEPs are not a plan or any kind of decision and that the assessment of policy will adjust.
• Fed Chair Powell said during the Q&A that all agree the Fed is data dependent and he’d look at all Fed forecasts for the rate path as plausible, while he wants to gain further confidence on rates, but not going to say how many more months of good data is needed and noted that policymakers are not trying to send a strong signal with forecasts. Powell said they will be monitoring the labour market for signs of weakness, but not seeing that right now and they do not have the confidence right now that would warrant loosening policy. Furthermore, he said FOMC participants were allowed to update SEPs to incorporate the latest CPI data if they wanted, but most policymakers do not update their forecasts mid-meeting and some do, as well as noted that no one has rate hikes as a base case and he ultimately thinks rates will need to come down to continue to support goals.

APAC TRADE

EQUITIES

• APAC stocks were somewhat mixed following the key developments stateside where the S&P 500 and Nasdaq extended to fresh record levels after softer-than-expected CPI data, although participants also digested the latest FOMC meeting and hawkish dot plots which suggested just one rate cut this year vs. prev. view of three cuts.
• ASX 200 was led higher by outperformance in tech amid a softer yield environment and with stronger-than-expected jobs data.
• Nikkei 225 failed to sustain early gains and dipped back below the 39,000 level as the BoJ kick-started its two-day policy meeting, while Nikkei reported the BoJ will consider gradually reducing its JGB holdings at this meeting.
• Hang Seng and Shanghai Comp. diverged in rangebound trade with the mood in Hong Kong positive as several automakers weathered the EU announcement of tariffs on Chinese EVs and HKMA maintained its base rate at 5.75% in lockstep with the Fed, while the mainland was lacklustre despite the PBoC’s latest efforts to support the property industry.
• US equity futures traded mostly sideways although Nasdaq 100 futures outperformed owing to the recent softening of yields.
• European equity futures indicate a mildly softer open with Euro Stoxx 50 futures down 0.1% after the cash market closed up 1.4% on Wednesday.

FX

• DXY was slightly firmer although remained at a sub-105.00 level after it tumbled yesterday and briefly dipped below its 200 DMA (104.46) following the cooler-than-expected CPI data, before recovering some of its losses after the FOMC announcement whereby the Fed kept rates unchanged but the 2024 dot plot signalled only one rate cut this year (prev. 3 in March).
• EUR/USD pulled back from its post-US CPI highs and looks to retest the 1.0800 level to the downside.
• GBP/USD failed to sustain its recent brief foray above 1.2800 which has since provided a level of resistance.
• USD/JPY recovered some of its lost ground and returned to the 157.00 territory as participants await the BoJ.
• Antipodeans continued to partially unwind the US data-induced advances, while better-than-expected Australian jobs data only provided a brief tailwind for AUD/USD.
• PBoC set USD/CNY mid-point at 7.1122 vs exp. 7.2384 (prev. 7.1133).

FIXED INCOME

• 10-year UST futures traded slightly lower after yesterday’s fluctuations which were spurred by the softer US CPI report and more hawkish Fed dot plots, while attention turns to incoming Fed rhetoric and PPI data.
• Bund futures trickled lower from the prior day’s peak and dipped back beneath the 131.00 level.
• 10-year JGB futures pared some of their opening gains but remained afloat amid firmer demand at the enhanced liquidity auction and as the BoJ kick-started its two-day policy meeting.

COMMODITIES

• Crude futures were subdued after yesterday’s choppy performance amid bearish inventory data and heightened Middle East tensions.
• Spot gold was mildly pressured and unwound CPI-related gains in the aftermath of the hawkish dot plots.
• Copper futures reversed the prior day’s initial advances as the SEPs pointed to a ‘one and done’ Fed rate cut this year.

CRYPTO

• Bitcoin was pressured and slipped beneath the USD 68,000 level to test USD 67,000 to the downside where support held.

NOTABLE ASIA-PAC HEADLINES

• Hong Kong Monetary Authority maintained its base rate at 5.75%, in lockstep with the Fed.
• China hopes the EU will make some serious reconsideration on tariffs for China EVs and stop going further in the wrong direction, according to state media.
• BoJ will reportedly consider gradually reducing its Japanese government bond holdings at this week’s two-day policy meeting, according to Nikkei.
• South Korea’s government and ruling party are to increase fines and punishment for illegal short-selling, while the stock short-selling ban will be extended until March, according to Yonhap.

DATA RECAP

• Australian Employment (May) 39.7k vs. Exp. 30.0k (Prev. 38.5k)
• Australian Full Time Employment (May) 41.7k (Prev. -6.1k)
• Australian Unemployment Rate (May) 4.0% vs. Exp. 4.0% (Prev. 4.1%)
• Australian Participation Rate (May) 66.8% vs. Exp. 66.7% (Prev. 66.7%)

GEOPOLITICAL

MIDDLE EAST

• Israel’s top general met earlier this week in Bahrain with his counterparts from several Arab militaries to discuss regional security cooperation, according to Axios citing sources.
• Hamas’s request in advance for a guarantee of a permanent ceasefire complicates Gaza truce negotiations and the main sticking point in the hostage negotiation is the demand for an explicit pledge by Israel to end the war, according to The Times of Israel. it was also reported that Hamas hardened some of its positions on the truce proposal and demanded the inclusion of China, Russia and Turkey as guarantors of the agreement, according to the Israel Broadcasting Corporation.
• Hamas statement said it showed positivity in all stages of negotiations to stop the aggression, while it urged the US administration to direct its pressure on Israel which it said wants to pursue the Gaza war.
• US military said it does not want the situation between Israel and Lebanon to escalate into a regional conflict, while Defense Secretary Austin urged a de-escalation of tensions in the region during a call with his Israeli counterpart.
• Lebanese army chief is visiting Washington this week to discuss the situation at the border, according to Al-Monitor.
• US military said its forces successfully destroyed three anti-ship cruise missile launchers in a Houthi-controlled area of Yemen and one uncrewed aerial system launched from a Houthi-controlled area of Yemen. However, it stated that one Iranian-backed Houthi unmanned surface vessel struck M/V Tutor which is a Liberian-flagged, Greek-owned and operated vessel in the Red Sea, while the impact caused severe flooding and damage to the engine room.
• Iran is responding to last week’s IAEA resolution against it by expanding uranium-enrichment capacity at two underground sites although the escalations are not as large as many feared, according to diplomats cited by Reuters.

OTHER

• US Deputy Secretary of State Campbell said the US believes China is currently determined to work to stabilise US-China relations and not create frictions that can escalate in unpredictable and dangerous ways, while Campbell said it is difficult to envision how the US is going to get back on any kind of engagement with North Korea given current circumstances.
• Russian nuclear-powered submarine and other naval vessels arrived in Cuba for a five-day visit to the communist island in a show of force amid spiralling US-Russian tensions, according to AFP News Agency.

EU/UK

NOTABLE HEADLINES

• UK opposition Labour Party leader Starmer said they are not looking at bringing in wealth taxes.
• Sky News/YouGov poll found that 64% of respondents thought Labour Party leader Starmer did better in the Sky News Leaders TV interviews, while 36% thought UK PM Sunak did better.
• ECB’s Nagel said core inflation is still very sticky and inflation is going down.

DATA RECAP

• UK RICS Housing Survey (May) -17 vs. Exp. -6 (Prev. -5, Rev. -7)

NORTH KOREA/SOUTH KOREA

END

2e) JAPAN

3 CHINA

CHINA/EU

EU To Impose Tariffs As High As 48% On Chinese Electric Vehicles 

THURSDAY, JUN 13, 2024 – 02:45 AM

About one month after President Joe Biden slapped new tariffs on Chinese electric vehicles, batteries, solar panels, steel, aluminum, and medical equipment, the European Commission has followed suit with its own set of tariffs.

The Commission announced Wednesday that it would apply additional duties of between 17% and 38% on imported Chinese EVs beginning early next month. The duties will be applied to an existing 10% tariff on all Chinese EVs, which indicates some vehicles will have duties as high as 48%. 

“As part of its ongoing investigation, the Commission has provisionally concluded that the battery electric vehicles (BEV) value chain in China benefits from unfair subsidization, which is causing a threat of economic injury to EU BEV producers,” the EU wrote in a press release.

The bloc formally notified BYD Co., Geely Automobile Holdings Ltd., and SAIC Motor Corp. of the incoming tariffs implemented on July 4, a symbolic date for America’s Independence Day. 

According to the bloc, new individual tariff amounts total:

• BYD: 17.4%;
• Geely: 20%;
• and SAIC: 38.1%.

The press release indicated carmakers not sampled by the Commission would face a duty rate of 21%, while producers that refused to cooperate with the investigation would be hit with a 38.1% duty. 

Meanwhile, a spokesperson for the Chinese Ministry of Commerce has responded quickly. They urged the bloc to reverse course on the additional EV duties and instead handle the economic and trade disputes through dialogue and consultation. 

The spokesperson also noted that the EU’s move jeopardizes China’s EV industry’s rights and interests and creates snarls in the global auto industry supply chain. They added that Beijing would closely monitor the situation and “resolutely” take all necessary measures to safeguard the rights and interests of Chinese firms. 

The move by the EU protects domestic automakers, which have been challenged by a flood of low-cost EVs from Chinese rivals. 

And now the bloc waits. As a possible retaliation from China could be imminent. 

end

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

EUROPE

Europe’s governing officials worried that the citizens are leaning conservative

(zerohedge)

Europe Not Allowed To Lean Conservative? Warnings Of “Crisis” Abound After Shocking Elections

THURSDAY, JUN 13, 2024 – 04:15 AM

Some analysts are calling the results of the recent European parliamentary elections “shocking” while others suggest this was not the right-wing wave that some were expecting.  Needless to say it was enough to start a firestorm in the western media and compel French President Emmanuel Macron to call for snap elections in order to force a political confrontation between conservative parties and progressives two years earlier than expected. 

France is not the only country where the “far right” has increased its share of the European parliament vote. Far-right and hard-right parties are on course to hold almost a quarter of the seats, up from a fifth in 2019. The biggest gains are in Europe’s three largest countries – France, Germany and Italy. 

How does one define what is “far right” or “hard right” in European politics?  Well, anyone that advocates for secure borders, limited immigration, fiscal responsibility and less economic disruption from climate change agendas is automatically “hard right” in 2024, no matter how practical these positions might be. 

Why is this a problem?  Because far-left and globalist movements, most of them a minority within their own countries, have gained unmitigated influence over centrist political groups over the past several years.  They have become so comfortable in their dictatorial positions that any change in the other direction is deemed unacceptable; a travesty in the making. 

They talk incessantly about the “dangers to democracy”, yet, when democratic elections don’t go their way they act as if a time bomb has just been triggered.  Whenever western nations start to lean more conservative the corporate media and political elites declare the threat of impending Apocalypse.

Leftists groups across Europe are incensed by the election outcome.  In France, they are already rioting in an effort to intimidate the population, tearing down French flags from homes and vandalizing businesses owned by people who supposedly vote conservative. 

France: ANTIFA terrorists are attacking any business or apartment which displays the French flag. Liberal French politicians are silent about this and the media are accusing the Right of destroying France.

0:19

5:20 AM · Jun 11, 2024

·

96.5K Views

France: ANTIFA terrorists are attacking any business or apartment which displays the French flag.

Liberal French politicians are silent about this and the media are accusing the Right of destroying France. pic.twitter.com/V33AewXdpb

— Klaus Arminius (@Klaus_Arminius) June 11, 2024

French socialists were outraged by the election, apparently oblivious to the many reasons why Europeans no longer want to live under leftist policies.

France—Socialist Party members reacted in shock & horror when finding out election results over the weekend for the European Parliament election. Marine Le Pen’s National Rally party came in first. Some leftists have responded with violent protests.

0:51

From

Rachel Garrat-Valcarcel

10:23 AM · Jun 11, 2024

·

91.4K View

https://twitter.com/MrAndyNgo/status/180053423840159369

In Germany a right wing AfD politician, Heinrich Koch, a local candidate for the municipal council, was stabbed in the street by a politically motivated attacker, adding to a string of violent attacks on conservative leaders in the country.  The message is clear:  Voters are not allowed to lean to the right.  If they do, chaos will be the response.

These kinds of scenes will also likely become commonplace in the US as the November Presidential Election draws near.   

With a much larger contingent of conservative groups within the European Parliament, centrist parties will be forced to make concessions in order to gain support and political favors.  This will include greater restrictions on open border immigration, particularly from Muslim fundamentalist regions.  It may also lead to deportations.  Many voters in Europe now fear a complete dissolution of their cultural heritage in favor of forced diversity, not to mention the extreme violence and crime that comes with such demographic invasions.  

More than this, however, Europeans live in fear of economic trends like stagflation slowly crushing the middle class.  Establishment political leaders argue that the economy will be even worse under right-wing influence, though.  They claim a debt crisis will engulf countries like France should conservative groups take power.

Canadian Justin Trudeau, on the other hand, asserts that “populist forces” are “amplifying anger and fear” without offering any solutions.  This is simply not true – Getting rid of progressive and globalist politicians is in itself a solution, or at least the beginnings of one.  Nothing can be fixed until the people creating the problems are removed.

Whether or not right wing parties stick to their principles and follow through is another matter.  The point is, the public is not happy with the current state of the world and they know progressive organizations have been engineering an existential calamity in the west.  Any attempt to address the failings of the progressive cabal, though, automatically results in accusations of impending collapse.  Any focus on national sovereignty and integrity results in accusations of impending fascism.  

END

FRANCE

France’s Le Pen vows to deport foreigners who differ from France’s ideology

(zerohedge) 

Le Pen Vows To Deport Foreigners Who Push “Totalitarian Ideology” In France

THURSDAY, JUN 13, 2024 – 02:00 AM

Authored by Paul Joseph Watson via Modernity.news,

National Rally leader Marine Le Pen has vowed to shut down radical mosques and deport Islamists with dual nationality in her first major speech after winning the EU elections in France.

“Give me one reason, only one, to keep on our territory foreigners who collaborate with a totalitarian ideology that wants the death of the French?” Le Pen told a raucous crowd.

Laying out her manifesto on the subject of mass migration, Le Pen asserted, “Dual nationals connected to the Islamist ideology must be stripped of the nationality & expelled.”

“The French who adopt the ideology of the enemy must be brought before justice & punished,” she added, demanding, “The laws exist, they just need to be applied. These laws will be applied without weakening.”

After the Euros & Macron resigning, Marine Le Pen

@MLP_officiel

of National Rally lays out her manifesto on immigration. “Give me one reason, only one, to keep on our territory foreigners who collaborate with a totalitarian ideology that wants the death of the French? “Dual nationals connected to the Islamist ideology must be stripped of the nationality & expelled. “The French who adopt the ideology of the enemy must be brought before justice & punished. “The laws exist, they just need to be applied. These laws will be applied without weakening. The crowd chant “Marine President” “In a few weeks I promise you France will have taken all the necessary steps to be sheltered from the “S-Files” (a list of Islamic extremists) & in total compliance with our rule of law. “Radial mosques will be shut down, hate preachers expelled. Salafism & the Muslim Brotherhood will be dissolved. With me be assured the rights of women, today challenged by by Islamist obscurantism will be granted to all the women of France. “With me the security will not go against liberty, in any case, not against the liberty of honest people.” She has said she would stop the boats coming to Britain.

5:07 AM · Jun 12, 2024

·

395.4K Views

After the Euros & Macron resigning, Marine Le Pen @MLP_officiel of National Rally lays out her manifesto on immigration.

"Give me one reason, only one, to keep on our territory foreigners who collaborate with a totalitarian ideology that wants the death of the French?

"Dual… pic.twitter.com/d9tObRF86Y

— David Atherton (@DaveAtherton20) June 12, 2024

Revealing that she would also put a stop to the flood of illegal boat migrants heading to England from France, Le Pen vowed, “Radical mosques will be shut down, hate preachers expelled. Salafism & the Muslim Brotherhood will be dissolved.”

She also promised that the safety of women would be ensured and that the new measures would not impinge on the rights of ordinary law-abiding citizens.

“With me the security will not go against liberty, in any case, not against the liberty of honest people,” said Le Pen.

The crowd who attended the speech burst out into chants of “Marine President” during the speech.

As we highlighted earlier, the first poll conducted after the EU elections shows Le Pen is very likely to beat Macron and form a relative majority government after the final round of voting on July 7th.

However, with the recent announcement of an alliance with the center-right Republicans (LR), she could very well obtain an absolute majority.

Observers say this could force Macron to resign and would put Le Pen in an excellent position to win the presidency in 2027.

Expect much more rioting and disorder from French leftists who claim they are protesting against the results of a democratic vote to ‘save democracy’.

*  *  *

5. RUSSIA AND MIDDLE EASTERN AFFAIRS.

ISRAEL HAMAS/RAFAH

ISRAEL HAMAS

END

ISRAEL/HEZBOLLAH

END

ISRAEL/HEZBOLLAH

Hezbollah retaliates after Israel strikes and kills a major senior Hezbollah official

(zerohedge)

Hezbollah Rains Down 160 Rockets On Northern Israel As War Expands

WEDNESDAY, JUN 12, 2024 – 08:00 PM

The Israel-Hezbollah war continues spreading and expanding along the border region, as on Wednesday the Shia paramilitary group backed by Iran fired some 160 missiles into Israel after the IDF killed a top Hezbollah commander, Taleb Sami Abdullah, in south Lebanon the day prior.

According to details from a regional war correspondent, Hezbollah “fired missiles and rockets at two Israeli military bases in retaliation for the Israeli strike on a house about six miles from Israel’s northern border, inside Lebanon, that killed Abdullah, 55, and three other Hezbollah officials who were meeting there.”

The commander oversaw all of the group’s military operations in the central area of the Lebanon-Israel border, Hezbollah later confirmed. He was so senior in the organization that he been active in fighting Israel even going back to the 1990s.

An Israeli military statement had confirmed his identity: “Israeli Airforce aircraft eliminated Sami Taleb Abdullah, the commander of the Nasr Unit in the Hezbollah terrorist organization, last night,” the IDF announced Wednesday.

“This was part of a strike on a Hezbollah command and control center in the area of Jouaiyya in southern Lebanon, which was used to direct terrorist attacks against Israel from southeastern Lebanon in recent months.”

The IDF and Israeli media pointed out, “Abdullah was one of Hezbollah’s most senior commanders in southern Lebanon who planned, advanced, and carried out a large number of terrorist attacks against Israeli civilians.”

Last week, Israeli Prime Minister Benjamin Netanyahu warned the military is preparing an “extremely powerful” response to the continuing onslaught of Hezbollah attacks, which days ago resulted in dozens of fires across northern Israel.

The past week has also witnessed Israel’s war cabinet take part in active discussion over whether to mobilize reserve forces, and whether the northern front should be expanded and an official war declaration made.

Some 80,000 Israeli residents of the north have remained forcibly evacuated from their homes since Oct.7, given the constant threat of missiles and drones from Lebanon. This is putting further political pressure on the war cabinet to act.

ISRAEL/HOUTHIS/RED SEA

END

ISRAEL

RUSSIA UKRAINE/USA

Total insanity, bringing us closer to World War iii

(zerohedge)

Biden, Zelensky To Sign 10-Year ‘Arm & Train’ Defense Deal at G7

THURSDAY, JUN 13, 2024 – 09:30 AM

As they meet on the sidelines of the Group of Seven summit in Italy, President Biden and Ukrainian President Volodymyr Zelensky are planning to sign a deal for long-term US military assistance for Ukraine.

The deal commits Washington to ten years of arming and training the Ukrainian military, and which bolsters the military-industrial complex toward producing more of its own needs for the nation’s armed forces. However, given the pledge is an “executive agreement” and not a formal treaty, it can be undone by future American administrations.

CNN previewed of the expected soon to be announced deal, “The US-Ukraine agreement does not make a specific monetary pledge to support Ukraine’s defense, two of the sources familiar with the agreement said.”

“An annex in the agreement will lay out how the Biden administration plans to work with Congress on the implementation of the security commitments, one of the sources said, specifically the long-term funding that will be needed to support Ukraine’s defense,” the report added.

White House National Security Council spokesman John Kirby had further previewed Tuesday that the US “will continue to be right up front and clear” at the G7, and that Washington “will take bold steps to show Mr. Putin that time is not on his side and that he cannot outlast us, as we support Ukraine fight for freedom.”

While the big decade-long security pact will provide “consultations” for Kiev in the event of another future Russian attack on Ukraine, there’s nothing in it that legally binds the United States to direct intervention in its behalf in the future.

Despite the continued talk out of Brussels of future Ukrainian membership in NATO, European powers continue to line up their own separate defense pacts with Ukraine.

NATO still wants to “Trump-proof” its future commitments to Ukraine…

Biden meeting with Zelensky at G7 in a few hours to sign historic long-term security agreement. But possibility of Trump presidency looms large over the summit. Future president could pull out of that agreement, but trying to future-proof American support for Ukraine

@GMA

Biden meeting with Zelensky at G7 in a few hours to sign historic long-term security agreement.
But possibility of Trump presidency looms large over the summit. Future president could pull out of that agreement, but trying to future-proof American support for Ukraine @GMA pic.twitter.com/5Xy3Je4QjL

— Selina Wang (@selinawangtv) June 13, 2024

“The pledge the US and Ukraine are expected to sign will be similar to the 14 other bilateral agreements Ukraine has already reached with other allies, including the UK, France and Germany,” CNN writes.

“The US-Ukraine agreement will be the 15^th such deal signed, one of the sources said, and 17 other countries have committed to negotiating similar bilateral security pacts with Ukraine,” the report underscores.

end

UKRAINE/RUSSIA

RUSSIA/USA

ROBERT h TO US:

BRICS News on X: “BREAKING: 

 Russia’s Moscow Stock Exchange officially suspends all trading in US Dollars and Euros. https://t.co/naAWMIvacG” / X

BREAKING: 🇷🇺 Russia's Moscow Stock Exchange officially suspends all trading in US Dollars and Euros. pic.twitter.com/naAWMIvacG

— BRICS News (@BRICSinfo) June 12, 2024

end

COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES

huge criminality on their part

NIH Was Feeding Gain-Of-Function Disinfo To Journalists: Documents

THURSDAY, JUN 13, 2024 – 09:10 AM

Authored by Paul D. Thacker via The Disinformation Chronicle,

House investigators on the Energy and Commerce Committee released a 73-page report yesterday documenting NIH officials lying about dangerous gain-of-function virus research to reporters and withholding information from Congress. These latest revelations follow reporting last week that Tony Fauci lied to the New York Times about his involvement in a Nature Medicine piece that advanced the theory that the pandemic could not have started in a lab Fauci himself was funding in Wuhan, China.

The House began the investigation following a September 2022 article in Science Magazine that reported on the dangers of monkeypox virus, spreading across the globe with the potential to adapt to humans and become more transmissible or deadly. Bernard Moss, a veteran poxvirus researcher at the NIH’s National Institute of Allergy and Infectious Diseases (NIAID), told Science Magazine that monkeypox evolves to replicate faster in humans.

Science noted that Moss had begun gain-of-function experiments—swapping out genes from various variants—to understand why some are more dangerous or transmissible than others.

Moss has been trying for years to figure out the crucial difference between two variants of monkeypox virus: clade 2, which until recently was found only in West Africa and is now causing the global outbreak, and clade 1, believed to be much deadlier, which has caused outbreaks in the Democratic Republic of Congo for many decades. He’s found that clade 1 virus can kill a mouse at levels 1000 times lower than those needed with clade 2. To find out why, Moss and his colleagues swapped dozens of clade 2 genes, one at a time, into clade 1 virus, hoping to see it become less deadly, but with no luck so far. Now, they are planning to try the opposite, endowing clade 2 virus with genes from its deadlier relative.

Moss’s disclosure that he planned to insert genes from the more deadly clade 1 monkeypox strain into the more common and transmissible clade 2 monkeypox virus triggered a second story in Science Magazine with scientists expressing alarm at the study’s dangers.

On the other hand, Ohio State University researcher Linda Saif told Science Magazine’s Jocelyn Kaiser that she was worried that excessive regulation could “greatly impede research into evolving or emerging viruses” and drive research overseas, where U.S. regulations don’t apply or are looser. Oddly enough, I previously reported that Saif helped orchestrate a February 2020 essay ghostwritten by Shi Zhengli of the Wuhan Institute of Virology that called the possibility of a Wuhan lab accident a “conspiracy.”

Based on a statement from Moss’s NIAID, Science Magazine’s Kaiser later updated her article to claim that Moss’s research would only involve clade 2a, not clade 2b monkeypox virus.

Eight months later, STAT News reporter Helen Branswell wrote that Republicans were “targeting” NIAID researcher Bernie Moss and alleged he had never proposed to move forward with the dangerous virus studies.

But a spokesperson for NIAID told STAT in late May that there had been no formal proposal from Moss to do the research and the institution had no plan to proceed with the study.

Branswell then posted on X that “House Republicans want to interrogate poxvirus scientist Bernie Moss—who has been at NIH for 57 years—for work he did not do.”

The reports by Science Magazine’s Kaiser and STAT’s Branswell are both false.

In their report, House investigators document that—weeks after NIAID claimed to Science Magazine’s Kaiser that Moss’s planned monkeypox research involved clade 2a, not clade 2b monkeypox—Moss posted a preprint reporting he already started research with clade 2a and planned research with clade 2b.

“We have started to investigate the genetic determinants responsible for virulence differences of clade I and IIa viruses and plan to extend this to clade IIb pending institutional approval,” Moss and co-authors wrote in a preprint.

House investigators document several other examples of NIH lying about the nature of Moss’s research and withholding documents demanded for over a year. After investigators threatened a subpoeana, NIH relented and admitted in March that Moss had submitted a formal proposal to insert genes from the more deadly clade 1 monkeypox strain into the more common and transmissible clade 2 monkeypox virus (MPXV).

And the NIH’s Institutional Biosafety Committee (IBC) approved Moss’s research plan to conduct these dangerous studies in 2015.

A March 19, 2024, letter from HHS and documents reviewed on March 20, 2024, in camera by bipartisan Committee staff confirmed what the agencies had been denying for over a year: that a research team led by Dr. Bernard Moss of NIAID submitted a proposal for a bidirectional MPXV approach at a meeting before the NIH IBC on June 30, 2015.35 This bidirectional approach “was considered and approved by the IBC.”36 The research proposal involved bidirectional transfer of genes between clades I and II of the MPXV, including a proposed transfer of genes from the more lethal clade I into the less lethal but much more transmissible clade II.

Despite NIH approving Moss in 2015 to conduct studies they falsely claim he never proposed, NIH now claims Moss never performed the research.

On a final note, pandemic author Laurie Garrett promoted Helen Branswell’s post on X to falsely claim that House Republicans want to “crucify” Bernie Moss for work he never did. “But he mentioned it in an interview with @ScienceMagazine—and that, apparently, is enough to put a target on his back. This is why scientists are clamming up, avoiding media.”

House investigators continue to press the NIH to explain the research Moss actually conducted and said they would like to see lab notebooks to prove which studies he actually performed.

Attempting to flush out who sent Science Magazine false information about Moss’s studies, House investigators demanded last October that NIH turn over all documents related to Science Magazine’s coverage of the controversy “including communications between NIH and American Association for the Advancement of Science (AAAS) or Science magazine.”

NIH has failed to respond to this request and Science Magazine has not corrected their reporting.

However, House investigators have not demanded that NIH explain who provided false information to STAT News reporter Helen Branswell claiming Moss had not proposed the monkeypox research he had actually proposed and was approved to conduct in 2015.

But in a deposition released by the House COVID Select Subcommittee, Tony Fauci’s former chief of staff, Greg Folkers, testified under oath that STAT’s Branswell would call him to get direct access to Fauci.

“So you asked me the names of a couple people who might call me directly,” Folkers told House investigators. “John Cohen of Science who I’ve known for a long time would sometimes say, ‘Hey, can I talk to Tony?’ And Helen Branswell of Stat, again, would do the same thing.”

Please consider subscribing to The Disinformation Chronicle.

WORLD EVENTS NOTEWORTHY

END

WORLD HEALTH ISSUES

this is a big issue: drug storages

(EpochTimes)

US Drug Shortage Reaches Decade High: US Pharmacopeia Reports

WEDNESDAY, JUN 12, 2024 – 06:20 PM

Authored by Amie Dahnke via The Epoch Times (emphasis ours),

Drug shortages are the highest in a decade, with 2023 topping the charts, according to United States Pharmacopeia’s first annual Drug Shortage Report (USP).

“The number of drug shortages has increased over a decade, with 125 active drug shortages monitored by FDA at the end of 2023. … This high number of shortages is a direct result of persistent market vulnerabilities,” the report authors wrote. “According to our analysis, over a quarter of drugs in shortage were new drug shortages (34 products) in 2023.”

USP is a nonprofit organization that sets quality standards for medication, dietary supplements, and food ingredients worldwide.

The report, published in early June, notes that the average drug shortage lasts more than three years and affects multiple types of drugs. Almost 25 percent of those drugs have been on shortage lists for over five years, and six drugs, including epinephrine injections, have been in short supply for a decade. Injectable generic medications have been hit hardest, comprising more than 53 percent of new drug shortages.

These drug shortages indicate vulnerability in the market and affect patient care.

“Unexpected shocks can break the system and disrupt the supply of quality medicines,” Anthony Lakavage, senior vice president for Global External Affairs at USP, said in a news release. “This worrisome trajectory leads to more frequent drug shortages, prolonged scarcity, and more people at risk of not getting the medicines they need, when they need them.”

What’s Causing the Shortage?

The report states that fundamental supply and demand are likely to blame for the drug shortages but adds that the problem in the United States is exacerbated by manufacturing complexity (e.g., sterile injectables). For instance, drug classes like antibiotics need dedicated facilities, and some active ingredients require complicated chemical synthesis.

Some of the other reasons for the shortages include:

• Race to the bottom: Most of the drugs in short supply cost less than $5 to make. Many of these cheap drugs are solid oral and sterile injectable medicines. The authors found that 66 percent of solid oral medications in shortage cost less than $3, and nearly one-third of the injectables in shortage cost less than $2. From 2022 to 2023, the number of discontinued drugs increased by 40 percent. Almost half of these are solid oral medications that cost less than $4. The report suggests tightening margins have pushed some manufacturers to pull out of the market.
• Geographic concentration: The United States produces 44 percent of injectable medication, while India produces 56 percent of solid oral medication. These concentrations of production increase supply-chain vulnerability. A well-known example of injectable drugs is semaglutide weight-loss drugs, which were in short supply during the fall and winter of 2023. These medications often require complex chemical synthesis and take more time to manufacture. They also often require more steps in the manufacturing process.
• Quality concerns: Unrelated but still problematic quality concerns have also slowed production. The report shows that in 2023, the U.S. Food and Drug Administration (FDA) inspected facilities accounting for 40 percent of drug production for having “objectionable conditions.”

“Quality comes at a price,” Vimala Raghavendran, vice president for Informatics Product Development at USP, said in the press release. “The economics of generic drugs often leave manufacturers with razor-thin margins, making it challenging to prioritize investment in modern machinery or to elevate standards of quality. Without sufficient profitability, the cycle of innovation and improvement becomes difficult to sustain.”

The Solution

U.S. Pharmacopeia, which touts itself as an independent, science-based nonprofit focused on building trust in the supply of safe medication, has joined with other national health care organizations in a call to action for the long-term, systemic solutions to the U.S. pharmacy drug shortage.

“As we navigate the complex landscape of drug shortages, it is paramount to shift the market into a stable state,” Mr. Lavakage said.

The coalition called upon policymakers to promote lower-priced drugs and a sustainable, high-quality supply chain. Its suggestions were to:

• “Coordinate supply chain resilience and reliability efforts”
• “Increase supply chain visibility”
• “Establish a vulnerable medicines list”
• “Align the market to incentivize a quality and adequate supply chain”
• “Bolster manufacturing capacity”
• Fund “research to better understand market interactions”
• END

MARK CRISPIN MILLER

In memory of those who “died suddenly” in the United States and worldwide, June 3-10

Athletes in US (3), Mexico, Brazil, Uruguay, UK (3), Austria, Norway, Congo; musicians in US (2), Peru, Brazil, Argentina, UK; actors in US, Canada, UK, Ire.; journos in US (3), Norway, Pakistan; more

MARK CRISPIN MILLERJUN 12

READ IN APP

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

United States

Canada

Mexico, Peru, Brazil, Uruguay, Argentina and Chile

Mexico:

Brazil:

United Kingdom and Ireland

France, Belgium, Holland, Germany, Austria, Switzerland, Norway, Denmark, Romania and Bosnia

Italy

Algeria, Ghana, Nigeria, Congo, Kenya, Malawi, Israel, Cyprus, Iran, Turkey, India, Pakistan, Vietnam, Korea, Malaysia, Australia and New Zealand

India:

DR PAUL ALEXANDER

America is in trouble as investigations reveal that the ‘FBI interrogated agents to see if they were Trump supporters, anti-maskers, vaccine skeptics…’ see actual notes taken about

evidence of @FBI Security Division abusing clearance reviews to probe whether FBI employees had ever: – Expressed support for President Trump, or – Expressed opposition to the COVID-19 vaccine.

DR. PAUL ALEXANDERJUN 13

READ IN APP

So why did the FBI seek to unmask and expose employees who supported POTUS Trump?

Tend

Francis Collins, Redfield, Fauci, & Birx have handed Trump (45) a gift & he must take it, take the OFF-RAMP POTUS Trump! 45 has NOTHING to explain, they’re DOING it for him, evidencing how inept, dumb

incompetent, malfeasant they always were, NOW trying AGAIN to hurt his elections 2024 by coming out NOW to say 6-foot SOCIAL DISTANCING was made up, masks don’t work, lockdowns failed, vaccine harms

DR. PAUL ALEXANDERJUN 12

READ IN APP

Why now? After 4 years Redfield you are coming now with this drivel almost CYA interview with Fredo Cuomo? Of all the people to talk serious with you chose Fredo? Are you people not ashamed? Lots you told Fredo was not making sense and needed proper interrogation but he is and was not capable…

I have stated I admire you and feel you are a good human being but were out of your depth in COVID and were weak to the machinations of the CDC top brass who IMO are some of the most corrupt dangerous people who use and took a great agency for public health and weaponized it for democrat party purposes. Now you are making incredible statements and it begs the question why were you silent all along? 4 years.

Alexander COVID News_a PCR manufactured fake COVID pandemic is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Subscribed

Now Trump can sit back and watch you all unravel and let you sway in the wind…he should not sweat for your fever…for he took guidance from you, and you (and the Garden Gnome lilliputian Mengele Fauci and specious unscientific dolt nincompoop Birx) led the Task Force and pandemic response. It was Fauci’s and Birx’s lockdowns and school closures. They said so. Yes, Trump was CEO, but he made decisions and calls as per their/your input (delegated to you/them to make) and if today they/you say it was wrong, then it was them/you who were wrong and it is them/you to be accountable. Why? Because right out of the gate we told them/you they/you were wrong and data and evidence fast accumulated that the lockdowns were devastating and the vaccine was ineffective and harmful, non-sterilizing and non-neutralizing fast, plunging to negative effectiveness and having no effect in stopping infection in the vaccinee or replication, or stopping transmission. We showed that this was never a vaccine if it did not stop transmission and did not function in a chemoprophylaxis (preventive) manner. Mandates were moot, DOA. Dead in the water, had no basis. Yet you pushed the mRNA shot and now say it has harms? What did the Canadian or US trucker know that you did not know? What did the tens of thousands of people in this substack know that you did not? What did Yeadon know, or McCullough, or JJ Couey, or Nick Hudson or Scott Atlas or Harvey Risch or Howard Tenenbaum or Ramin Oskoui or Lee Vliet or Lee Merritt or me? What did we know that you did not? You power hungry people just did not care.

And you functioned as a clown car hurting POTUS Trump.

Where is your apology Dr. Redfield for all you said wrong and did wrong during COVID, to the American people? Do the right thing Sir, I know you have the quality. I like you a lot, we have had good debates and talks at HHS and I do think you are smart and a God fearing man but you guys fucked POTUS Trump up…why?

If he did not lockdown or look to vaccine the nation would have thought he was crazy as was no doctor or scientist and would have said he was more concerned with keeping economy open due to election; he locked down and people say he did for politics and election and Birx et al. knew they were lying to him for once he gave them the 2 weeks to bend the curve, they were never going to re-open. She said that. para ‘just get him to bite’…He was caught and what would you have said or the public if after 2 weeks he came out and said ‘great, its done, now lets open and get kids in school and open up economy in full and all is well’ while the malfeasant Task Force was clamoring for more lockdown etc.? Again, you would have said he was open up too fast and for politics to not damage the economy etc. and would have called for 25th. He was in a terrible situation with dogs and devils and animals around him advising him when each were trying to fuck him.

All this to say and remind you that it was these very same Task Force people like Fauci and Redfield who hardened the lockdowns and extended them, pushed blue surgical masks and white cloth masks (man-made masks) that never worked and were toxic. Especially for children.

It is you cast of Task Force characters who stood on that stage daily as the Clown car Task Force and lied and lied and bull-shitted the American people on all the lockdown lunatic policies and now you bitches coming saying it was MADE UP? Did not work? How many police did you kill with the vaccine? How many military have now died and are vaccine injured due to you all? How many business owners hung themselves on accounts of your lockdown lunatic policies that you now singing did not work? And you want to now try to look like the good guys telling us it did not work? 4 years you bitches stayed quiet as the populace cried out for Justice, losing loved ones, 4 years. You are just like Malone, silence and fame on the upside and want fame on the downside and benefits. Yet did wrong. For you knew it was harmful. Must have.

Bitches, we knew, we said this 4 years now, go read all my writings, go read. Go read the work of others. It is there.

What you are trying to do is another hari kari (self-harm of sorts), now implicating yourself in the failure of COVID and response yet in an effort to hurt Trump…again.

He must not let you! He must turn it all on you now!

Trump is in the driver seat on this and must ensure you all get a chance to answer under oath.

Trump really must sit back and let you bitches sway in the wind a bit, and sing your songs, for now you are saying you who told us, and advised him, were wrong all along…you all misled POTUS Trump yet he trusted you.

So he is in the clear, and what he MUST do is come after all of you when elected…and ensure you answer questions under oath. Ensure we the people get Justice and he really as I see it has nothing to explain except recognize the harms and failure of the lockdowns and vaccine. In fact, if I were him, I would not praise anything for he is wrong in that. Stop now. The lockdowns and vaccine never worked Sir, stop praising them for the very lunatic Task Force architects are singing they failed. Do not be the one they leave on the island ALONE.

They were the experts, 45, let them wear it and let them explain what went wrong.

SLAY NEWS

he latest reports from Slay NewsUN Calls for Water Rationing to ‘Secure Climate Justice’The United Nations (UN) is calling on the governments of “sovereign” nations around the world to introduce sweeping new regulations that will allow globalists to apply strict controls and limits on the water supply.READ MOREExcess Deaths Surged Among Covid-Vaccinated Elderly Patients, Investigation FindsA team of researchers has conducted an investigation into the suspiciously large number of excess deaths among elderly patients who had been vaccinated with Covid mRNA shots.READ MOREGlobalists Panic, Warn ‘Rise of the Right Threatens to Kill’ WEF’s ‘Net Zero Ambitions’Globalists are raising the alarm over fears that the growing popularity of right-wing parties is threatening to “kill” the green agenda.READ MOREGOP Rep Troy Nehls Slams Paul Ryan over Anti-Trump Statements ‘You’re a Piece of Garbage’Republican Rep. Troy Nehls (R-TX) has fired back at Paul Ryan over the RINO former House speaker’s recent statements attacking President Donald Trump.READ MOREKari Lake Warns ‘Unelected Bureaucrats’ Are Forcing Ranchers off Their LandRepublican Arizona U.S. Senate candidate Kari Lake has warned that “Democrats and the Uniparty” are using “unelected bureaucrats to regulate private citizens to death.”READ MORESupreme Court Delays Landmark Big Oil Climate Regulation CaseThe United States Supreme Court has delayed ruling on a landmark case involving climate regulations that could devastate the energy industry.READ MOREGOP Challenges Biden’s Executive Order to Funnel Taxpayer Money to Election Efforts That Favor DemocratsRepublicans are challenging President Joe Biden’s executive order to funnel federal taxpayer funds to get-out-the-vote efforts that favor Democrats.READ MORELeftist Philadelphia Coffee House Workers Unionize, Company Shuts All 3 Locations, 30 Employees Lose JobsA group of leftist workers in Philadelphia are outraged after their plan to unionize backfired.READ MORESupreme Court Denies Father’s Appeal to Video Record School Meetings about His ChildThe United States Supreme Court has refused to hear a case involving a father seeking the right to video record school meetings about his child.READ MORETrump Pledges Help for Hunter Biden after ConvictionPresident Donald Trump has responded to Hunter Biden’s federal gun charge conviction by offering to help the first son.READ MORERachel Maddow Panics, Warns Trump Planning to Send ‘Millions’ to ‘Massive Camps’: ‘I’m Worried about Me’MSNBC propagandist Rachel Maddow is raising the alarm among voters over fears of what she claims President Donald Trump is planning to do if he’s re-elected.READ MORERepublicans Vow to Continue Exposing Bidens after Hunter’s Guilty VerdictHouse Republican investigators have vowed to continue exposing the alleged crimes of Democrat President Joe Biden and his family after his son Hunter was convicted on federal gun charges.READ MORETaxpayers to Pay for Jill Biden’s Flights Between France and Delaware for Hunter’s TrialAmerican taxpayers will be paying the vast majority of the bill for First Lady Jill Biden’s extensive flights between France and Delaware to attend the criminal trial of her stepson Hunter.READ MORE

The latest reports from Slay News

EVOL NEWS

Supreme Court Denies Father’s Appeal to Video Record School Meetings about His Child – EVOLREAD MORE…

LATEST NEWS:

Biden Gives Middle Finger To Enlisted Troops – EVOLRead more…Top Doctor Exposes Sick Truth about Covid Shots – EVOLRead more…New Video Of Biden Raises SERIOUS Concerns – EVOLRead more…The GOP Watches While Our World Is Destroyed – EVOLRead more…Tucker Carlson Bringing Live Show on Road, Announces Wide Range of ‘Controversial’ Guests – EVOLRead more…Rep. Nancy Mace fends off Republican primary challenge in South… – EVOLRead more…Special Election Keeps Ohio’s 6th District in GOP Hands – EVOLRead more…Rep Burchett Calls for Investigation into Blinken, 51 Intel Officials Regarding ‘Russian Disinfo’ Laptop – EVOLRead more…

NEWS ADDICTS

LATEST REPORTS FOR NEWS JUNKIES

Top Doctor Exposes Sick Truth about Covid ShotsA celebrated American doctor has blown the whistle after discovering the sick truth about Covid mRNA shots.READ THE FULL REPORT

Hunter Just Got The BAD News…Hunter Biden has been found guilty on all three gun charges by a Delaware jury after a relatively short period of deliberation. This verdict is significant as it demonstrates Hunter’s decision to take the risk of going to trial instead of accepting a revised plea deal that was offered in the summer of 2023. According to court filings, Hunter could …READ THE FULL REPORT

New Video Of Biden Raises SERIOUS ConcernsA new video has emerged showing President Joe Biden appearing disoriented and perplexed during an event on Monday, raising fresh concerns about his cognitive decline.READ THE FULL REPORT

Four Democrat Leaders Arrested on Election Fraud Charges in Bridgeport, ConnecticutFour Democrat leaders in Bridgeport, Connecticut, have been arrested and accused of committing election fraud.READ THE FULL REPORT

Biden Shoots Down $24 Billion Pay Raise For Enlisted Troops — After Spending 7 Times More On UkraineThe Biden administration “strongly opposes” a proposal to raise the pay of junior enlisted service members in the military — even after nearly spending seven times the proposed amount on Ukraine and the broader region’s security.READ THE FULL REPORT

end

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

END

7.OIL PRICES/GAS PRICES/OIL ISSUES

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

Mexico

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

EURO VS USA DOLLAR:  1.0789 DOWN .0023

USA/ YEN 157.19 UP 0.397 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.2775 DOWN .0029

USA/CAN DOLLAR:  1.3747 UP .0025 (CDN DOLLAR DOWN 25 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED DOWN 8.55 PTS OR .28%

 Hang Seng CLOSED UP 174.79 PTS OR 1.19%

AUSTRALIA CLOSED UP 0.49%

 // EUROPEAN BOURSE:     ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL RED

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 174.79PTS OR 1.19 %

/SHANGHAI CLOSED DOWN 8.55 PTS OR .28%

AUSTRALIA BOURSE CLOSED UP 0.49%

(Nikkei (Japan) CLOSED DOWN 156.24 PTS OR 0.40%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 2309.60

silver:$29.12

USA dollar index early THURSDAY  morning: 104.51 DOWN 11 BASIS POINTS FROM WEDNESDAY’s CLOSE.

THURSDAY  MORNING NUMBERS ENDS

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And now your closing  THURSDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.200% UP 2 in basis point(s) yield

JAPANESE BOND YIELD: +0.972% UP 1 AND 1/ 100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.389 UP 2 in basis points yield

ITALIAN 10 YR BOND YIELD 3.967 UP 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.5160 DOWN 2 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR  THURSDAY  

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

Euro/USA 1.0771 DOWN  0.0043 OR 43 basis points

USA/Japan: 157,07 UP 0.261 OR YEN IS DOWN 261 BASIS PTS

Great Britain 10 YR RATE 4.1790 UP 6 BASIS POINTS //

Canadian dollar DOWN .0032 OR 32 BASIS pts  to 1.3754

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The USA/Yuan,  CNY ON SHORE CLOSED DOWN AT 7.2516 (ON SHORE)  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)…. (7.2679)

TURKISH LIRA:  32.26 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield  at +0.972…

Your closing 10 yr US bond yield DOWN 1 in basis points from WEDNESDAY at  4.281% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.455 UP 1 in basis points  /12.00 PM

USA 2 YR BOND YIELD: 4.707 DOWN 4 BASIS PTS.

GOLD AT 11;30 AM 2313.90

SILVER AT 11;30: 29.13

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

London: CLOSED DOWN 56.15 PTS OR 0.68%

German Dax :  CLOSED DOWN 366.92 PTS OR 1.97%

Paris CAC CLOSED DOWN 164.12 PTS OR 1.97 %

Spain IBEX CLOSED DOWN 177,60 OR 1.54%

Italian MIB: CLOSED UP 758.21 PTS OR 2.21% PTS

WTI Oil price  77.65 12EST/

Brent Oil:  81.73 12:00 EST

USA /RUSSIAN ROUBLE ///   AT:  89.10 ROUBLE DOWN 0 AND  0/100      

GERMAN 10 YR BOND YIELD; +2.5350 DOWN 9 BASIS PTS.

UK 10 YR YIELD: 4.1790 DOWN 12 BASIS POINTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0740 DOWN 0.0072   OR 72 BASIS POINTS

British Pound: 1.2765 DOWN 0.0032 OR 32 basis pts

BRITISH 10 YR GILT BOND YIELD:  4.167 UP 2 BASIS PTS//

JAPAN 10 YR YIELD: 0.958%

USA dollar vs Japanese Yen: 157.08 UP 0.278YEN UP 28 BASIS PTS//

USA dollar vs Canadian dollar: 1.3740 UP 0026 //CDN dollar DOWN 26 BASIS PTS

West Texas intermediate oil: 78.07

Brent OIL:  82.11

USA 10 yr bond yield DOWN 5 BASIS pts to 4.240

USA 30 yr bond yield DOWN 5 BASIS PTS to 4.396%

USA 2 YR BOND: DOWN 5 PTS AT  4.697

USA dollar index: 104.11 DOWN20 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 32.29 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  88.37 UP 0  AND  72/100 roubles

GOLD  2,303.40 3:30 PM

SILVER: 28.93 3;30 PM

DOW JONES INDUSTRIAL AVERAGE: DOWN 65.11 PTS OR 0.17%

NASDAQ UP 111.74 PTS OR 0.07 %

VOLATILITY INDEX: 11.97 DOWN 07 PTS OR 0.050%

GLD: $212.93 DOWN 1.79 OR 0.8%

SLV/ $26.43DOWN 0.60. OR 2.22%

end

USA AFFAIRS

TODAY’S TRADING IN GRAPH FORM

MORNING TRADING//

AFTERNOON TRADING///

II USA DATA

another sign of the economy faltering

Initial Claims Surge To 10-Month Highs As California Joblessness Soars

THURSDAY, JUN 13, 2024 – 08:51 AM

Did we suddenly get a peek at reality?

The number of Americans applying for jobless benefits for the first time  surged last week to 242k (up from 229k and well above the 225k exp). That is the highest since August 2023…

Source: Bloomberg

On an NSA basis, claims exploded higher.

The last three weeks have seen the largest surge in claims since January…

Source: Bloomberg

Notably this surge is very VERY similar to what we saw last year (but not the prior few years, so not a ‘seasonal’ pattern per se)…

Source: Bloomberg

The surge in NSA claims was driven by California…

Did Newsom’s $20 fast food minimum wage bill start to hurt?

Probably just a coincidence, right?

Continuing claims also surged back above 1.8 million Americans to its highest level since January…

Source: Bloomberg

Is the government’s data finally starting to catch up with reality?

Source: Bloomberg

Does The Fed suddenly “need” bad data to allow rate-cuts before the election?

end

PPI cooling and this is good for gold/silver

Producer Price Inflation Cooler Than Expected (But Hovers Near 1 Year Highs)

THURSDAY, JUN 13, 2024 – 08:41 AM

After a softer than expected CPI yesterday sparked an all out buying panic in stocks and bonds (before Powell pissed in the punchbowl), this morning’s PPI is expected to be ‘mixed’ with a smaller MoM rise but higher YoY rise (beyond the 12 month highs reached in the prior month).

The headline producer price index unexpectedly tumbled 0.2% MoM in May (+0.1% MoM exp) from a +0.5% MoM rise in April – that’s the biggest MoM decline since Oct 2023. This left the YoY change in the headline index down from a revised 2.3% in April to +2.2% (well below the +2.5% YoY expected)…

Source: Bloomberg

That is still the highest YoY since April 2023.

Core PPI was unchanged MoM in May (cooler than the +0.3% MoM exp). On a YoY basis, Core PPI dropped from +2.5%

Source: Bloomberg

The decline in the headline index was driven by a plunge in energy and a small deflation MoM in Services…

Source: Bloomberg

Of course, we’ve seen these MoM declines in PPI before… and they have always been driven by energy costs. So once again we only have to follow that!

M

III  USA ECONOMIC COMMENTARIES

Wow! Powell admits that the Biden administration is overstating the job numbers

(zerohedge)

Powell Admits The Biden Admin Is “Overstating” Jobs

WEDNESDAY, JUN 12, 2024 – 07:03 PM

Every first Friday of this year (here, here and here) we have spent hours deconstructing the glaring propaganda peddled by Biden’s Labor Department, meant to show just one thing – how “strong” the economy is under the current administration – and exposing just how ugly the underlying labor data truly is. Last Friday’s nonfarm payrolls was the most recent case in point: for those who didn’t read our extended analysis titled “Inside The Most Ridiculous Jobs Report In Years“, which dissected the laughable claim that the US added 272K payrolls (more than the highest estimate), here is what we found.

While the Establishment Survey did indeed report that 272K “jobs” were added, this number also included multiple job holders; stripping those out, we get that the actual number of “employed” workers plunged by 408K…

… which is also why the unemployment rate actually went up to 4.0% for the first time in over three years, despite this marvelous “increase” in payrolls. More importantly, it means that gap between the always upward sloping (and market moving) Establishment Survey – which counts the number of payrolls – and the flatlined Household Survey – which counts the number of actually employed workers – which hasn’t made a new high since late 2023 and is back to where it was last summer, is now a stunning 9 million, the biggest on record.

But how is it possible that payrolls rose nearly 300K while overall employment tumbled by more than 400K? Well, this is where another propaganda gimmick so frequently abused by the BLS comes into play: the birth death adjustment, a statistical fudge factor that imputes job growth for any given month based on the entirely subjective assumption made by a group of pro-Biden bureaucrats of how many new businesses were created (or destroyed) in the US economy any given moment. Well, in May, the Birth/Death adjustment – recently exposed by none other than Bloomberg – “added” 231K payrolls to the pre-seasonally adjustment number; more astounding is that the Birth-Death imputation has resulted in 56% of all “payroll growth”, or 1.9 million statistical “payrolls” in the past year, when according to the BLS a total of 3.4 million “payrolls” were crated.

There’s more. While one can debate the quantitative aspects of the jobs report, there is no debating the qualitative: there it’s one giant disaster: as we learned in May, whatever the actual number of payrolls (again, not jobs) added, what we know is that the trend of full-time to part-time worker conversions continues, with 625K full-time jobs lost in May, offset by 286K part-time jobs….

… which is hardly a new trend: in fact, over the past year, the US has lost 1.2 million full-time jobs, replaced with 1.5 million part-time jobs.

Finally, there is the data point which we first highlighted more than a year ago, and which has since emerged as the biggest political talking point involving the labor market: the fact that since 2018, the US has created exactly zero native-born jobs, and all the job growth has gone to foreign-born workers…

… and which as Standard Chartered confirmed last week, means almost entirely illegal aliens.

There is much more in our full discussion of the latest jobs report, but you get the idea: every so-called “strong” jobs report has been a disaster if one puts in even a little work to dig below the pristine, if fake, surface. And while we expected this charade to continue indefinitely, and certainly at least until the November election, at which point suddenly all the truth about the ugly labor market would be revealed to usher in the new president amid an economic crisis, we were shocked when none other than the Fed chair admitted today that the Biden admin was rigging jobs data.

In response to a question from a Bloomberg journalist during the post-FOMC presser, asking the Fed chair to comment on the state of the labor market, the Fed Chair said that two years ago the labor market was “overheated” and has since gotten back to “normal”, largely thanks to “supply from to immigration” – translation: illegal aliens have been the main reasons for the increase in employment and the drop in wages and thus, overall inflation, which as we discussed recently, is the narrative that is being pushed out to mitigate demands by most Americans to halt illegal immigration.

Translation: the reason why inflation has dropped in the past year is because low-paid immigrants (legal, one hopes) have taken jobs that lazy Americans don’t want

Quote

zerohedge

@zerohedge

·

Feb 4

Here is Powell defending all job gains since 2018 going to immigrants/non-native born workers: PELLEY: Why was immigration important? POWELL: Because, you know, immigrants come in, and they tend to work at a rate that is at or above that for non-immigrants

Show more

8:30 PM · Feb 4, 2024

·

156.5K Views

Translation: the reason why inflation has dropped in the past year is because low-paid immigrants (legal, one hopes) have taken jobs that lazy Americans don't want https://t.co/Yw4hsBaRbS

— zerohedge (@zerohedge) February 5, 2024

Where things got very interesting, however, is when Powell was discussing the demand-side of the labor market: here, he addressed the dropping quits level, the decline in job openings and wages, but more importantly, the rising unemployment rate – from 3.4% to 4.0% which clearly goes against the narrative of red hot payrolls –  all of which the Fed chair summarized as strong job creation, yet caveated by saying that “there is an argument that [payrolls] may be a bit overstated.“

Note: he didn’t say “understated” because the “-stating” always goes in just one direction: the one that makes the resident of the White House look good.

In other words, the jobs – like so many things about this Potemkin economy – are a lie, and while Powell immediately realized what he had said, and tried to couch it by adding that payrolls are “still strong”, suddenly the entire narrative of a strong labor market imploded in front of our eyes, because if the Biden admin will lie about a “bit” of the jobs report, it will lie about any part of it.

And, as we have shown above and every month this year, lie is precisely what the Biden administration has been doing, month after month, year after year.

And the biggest stunner, as Edward Snowden put it so eloquently, is that he’s “not sure I’ve ever seen the chairman of the Federal Reserve publicly accuse the White House of cooking the books on employment numbers, but here we are.”

Not sure I’ve ever seen the chairman of the Federal Reserve publicly accuse the White House of cooking the books on employment numbers, but here we are.

Quote

there it is POWELL: THERE IS AN ARGUMENT THAT PAYROLLS MAY BE A BIT OVERSTATED

3:09 PM · Jun 12, 2024

·

We couldn’t have said it better ourselves.

Fast forward to 1’40” into the clip below the remarkable soundbite.

END

Hilton for the homeless!!!

19-Story ‘First-Class’ Housing Tower Opens On LA’s Skid Row, Features Art & Music Rooms 

WEDNESDAY, JUN 12, 2024 – 09:20 PM

The price tag for a ‘first-class’ high-rise for the homeless and drug addicts in the utopian progressive hellhole neighborhood of Skid Row, located in downtown Los Angeles, has topped nearly $600k per unit. The building comprises 228 studios and 50 one-bedroom apartments, with the total project costing taxpayers $165 million. This project was financed by state housing funds and $56 million in state tax credits. 

Taxpayers are funding essentially a ‘Hilton’ for the homeless, equipped with a soundproofed music room, art room, gym, TV lounge, computer room/library, six balconies, ground-floor cafe, and a two-story glass wall facing a courtyard. 

Source: LA Times 

According to the LA Times, the 278-unit tower will open later this month. The project aims to remove homeless residents from city streets and encampments. 

“We’re trying to make our little corner of the world look and feel a little better,” Kevin Murray, president and chief executive of Weingart Center Assn., who leads the project, told the local paper. 

Murray, a former state senator and head of Weingart since 2011, is betting big on Skid Row’s future. He plans to open a second tower with 302 units within the next 18 months and is already planning a third tower with 104 units.

Pete White, executive director of the Skid Row advocacy group Los Angeles Community Action Network, said the towers are “one important feature of what a stabilized Skid Row can look like. We 100% need more housing in Skid Row.”

“I see the tower as providing a great need, a great housing need in Skid Row and a design that says poor residents are worthy,” White said. 

We must ask the hard question: How can this be the most efficient use of public funds? 

One LA Times user wrote, “This is an outrageous waste of our money, money that is going straight into developers’ pockets. And the politicians to whom they donate.” 

“I hope they have heavy duty plumbing fixtures, utility outlets, fireproofed the entire place, concrete walls, metal doors, so serious vandalism can be minimized,” another LA Times user said. 

Only progressives reward the drug-addicted homeless population with luxury housing and free services on the dime of the taxpayer, while the majority of Americans are struggling to pay rent in the era of failed Bidenomics.

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

END

Three Philly Coffee Shops Forced To Close After Unionization Attempts Result In “Staggering” Costs

WEDNESDAY, JUN 12, 2024 – 05:20 PM

Turns out trying to extort the person paying your salary isn’t the best way to go about making sure a business is successful.

Take Philadelphia, for instance, where a chain of three OCF Coffee Houses are closing down “immediately” after its workers informed the owner of their intent to unionize.

Instead, now, none of them have jobs. 

Real estate developer Ori Feibush, who owns the shops, met with employees on Monday said the shut down was a “difficult decision” and said that rising costs and reduced sales contributed to the decision, according to the Philadelphia Inquirer. 

He wrote in a letter to staff: ”But we pushed forward because we understood the positive impact we were making in our communities and the importance to maintain a level of compensation and benefits … that you each deserved.”

Then he wrote that “the administrative and legal costs associated with your desire to organize has regrettably moved us beyond any cost that we could sustain.”

Feibush said about 45 people worked at OCF’s three coffee shops. He noted that workers, earning $20 to $25 per hour plus benefits, would receive three months of health, vision, and dental coverage, with some eligible for severance.

On June 3, 23 OCF employees presented Feibush with a letter seeking voluntary union recognition and went public with their campaign on social media. They intend to join Local 80, which represents several Philadelphia cafés. They filed for a union vote with the National Labor Relations Board on June 5.

The owner told the Inquirer when reached by phone: “This is a significant part of my personal and professional life. I’m sad that it’s abrupt as it is and this is certainly not the narrative or the story that I had hoped for. This just feels like everyone’s a loser.”

He said of the costs of responding to the unionization were “staggering beyond anything — tens of thousands of dollars in just the [last] week and a half.” 

“It put its finger on the scale in such a profound way as it relates to the finances of the organization that it was just a strain that we couldn’t reliably overcome.”

One barista (former) told the Inquirer: “This does feel like retaliation.” Another said: “It’s all just so incredibly sudden. We’re all just in the lurch trying to figure out what to do.”

“There was some talk of shutting down but we genuinely believed that our connections with the community, especially in Fairmount, are so strong that he wouldn’t do it — we’re where people get their drinks and their lunch and have meetings every single day,” the first barista continued.

He continued, railing on the owner: “I just think it’s really reflective of how little Ori actually cares about the community to shut down these locations.”

Alex Riccio, a Local 80 spokesperson and the organizing coordinator of the Philadelphia Joint Board (PJB) of Workers United added: “OCF workers took a courageous stand against a bully boss … That same bully boss chose to shutter his operations, without even the grace of advance notice.”

It looks like now the baristas will have find a new “bully boss”.

end

iiiC USA COVID //VACCINE ISSUES/IMPORTANT MEDICAL ISSUES

END

FREIGHT ISSUES/USA

END

VICTOR DAVIS HANSON OR NEWT GINGRICH

END

SWAMP NEWS

Merrick Garland Thinks He’s Judge Dredd, Ignores Contempt Vote Over Biden ‘Dementia’ Tapes

THURSDAY, JUN 13, 2024 – 01:00 PM

Attorney General Merrick Garland, who was nominated to the Supreme Court by Barack Obama following the death of Antonin Scalia (only to be blocked by Senate Republicans), issued a defiant statement after being held in contempt of Congress on Wednesday by the GOP-controlled House for refusing to turn over interview tapes from a DOJ probe of President Biden’s mishandling of classified documents that would obviously show Biden in full-blown dementia mode.

“Today’s vote disregards the constitutional separation of powers, the Justice Department’s need to protect its investigations, and the substantial amount of information we have provided to the Committees,” wrote Garland following the vote which made him the third attorney general in US history and fourth sitting cabinet member to be held in contempt of Congress.

The Biden administration has already claimed executive privilege over the tapes, while the DOJ – which altered the transcripts of Biden’s interview with Special Counsel Robert Hur to mask the president’s cognitive decline – has suggested that releasing the tapes would allow a bad actor to create deepfakes that could subvert democracy, or some such malarkey.

The Biden audio isn’t covered under executive privilege. This is a MADE UP LIE by Garland and his criminal enablers. https://t.co/NweoQF2k75— Cernovich (@Cernovich) June 12, 2024

Meanwhile, an internal DOJ memo argues that Garland cannot be prosecuted for contempt given Biden’s executive privilege over said tapes.

The 57-page memo from the department’s Office of Legal Counsel (OLC) says that no administration official has been prosecuted for failing to comply with a subpoena when the president has claimed executive privilege.

“For nearly seven decades and across presidential administrations of both parties, the Executive Branch has taken the position that the criminal contempt of Congress statute … does not apply to Executive Branch officials who do not comply with a congressional subpoena based on a presidential assertion of executive privilege,” reads the memo. “Consistent with this longstanding position, no U.S. Attorney has pursued criminal contempt charges against an Executive Branch official asserting the President’s claim of executive privilege.”

Here is Merrick Garland telling reporters he doesn’t need to respond to Congressional subpoenas he decides are not legitimate

He is currently throwing Steve Bannon behind bars for not responding to the J6 Committee subpoena pic.twitter.com/TkERrE4vhR— Jack Poso 🇺🇸 (@JackPosobiec) June 6, 2024

In response to the executive privilege claim, House Oversight and Accountability Chair James Comer (R-KY) said that “The president has waived any executive privilege over these audio recordings by releasing a transcript of the entire interview to the public,” however the OLC refuted that statement in the memo, writing “Because the committees have the transcripts of the special counsel’s interviews, the needs the committees have articulated for the recordings are plainly insufficient to overcome a privilege claim grounded in these important separation of powers concerns.”

“The audio recording will not reveal any information relevant to the committees’ stated needs that is not available in the transcripts.“

Sure, except that the transcripts were altered.

In recent weeks, the Wall Street Journal reported that Biden is off his cracker behind closed doors, while TIME magazine’s Massimo Calabresi couldn’t give a straight answer over serious cognitive decline exhibited during an interview.

The TIME Magazine reporter who interviewed Biden *could not have been more vague* when asked how Biden seemed during their interview — as questions swirl around Biden’s noticeable cognitive decline pic.twitter.com/sUBhTMc8vL— RNC Research (@RNCResearch) June 5, 2024

BODEN INSTANTLY FORGETS HE SHOOK CRYIN’ CHUCK’S HAND & GOES BACK FOR ANOTHER ONE, GETS PLAYED ###pic.twitter.com/apiThs7pmT— iBankCoin, A Reliable Source (@iBankCoin4tw) June 13, 2024

JUST IN: President Biden appears to start wandering off at the G7 summit and has to be handled back in.

Italian Prime Minister Giorgia Meloni was seen grabbing Biden to bring him back to the group.

This wasn’t the only awkward encounter between the two. Biden was caught on… pic.twitter.com/xf8NizIVgH— Collin Rugg (@CollinRugg) June 13, 2024

Under federal law, contempt is a misdemeanor charge punishable by up to one year in prison and $100,000 – which Garland’s DOJ used the full force of the US government to punish former Trump advisers Steve Bannon – who’s about to report to prison for defying a Congressional subpoena (unless Matt Gaetz and pals can intervene), and Peter Navaro – who’s now serving time for telling the J6 Committee to pound sand.

Meanwhile, those on the higher tiered justice system include former Attorneys General William Barr and Eric Holder – both of whom were held in contempt of Congress for similar reasons, and neither of whom faced criminal charges.

In short:

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-5&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1801029708995236204&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fmerrick-garland-thinks-hes-judge-dredd-ignores-contempt-vote-over-biden-dementia-tapes&sessionId=fb11d3bcafad219a0da6c409c70c82dbdf17a7e6&siteScreenName=zerohedge&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px

Joe Biden is the 1st “president” in US history to deny executive privilege protection to his predecessor. Biden’s decision allowed J6 committee to access Donald Trump’s records far earlier than usually allowed. https://t.co/oXw7TATAEN— Julie Kelly 🇺🇸 (@julie_kelly2) June 12, 2024

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-6&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1801077560102518936&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fmerrick-garland-thinks-hes-judge-dredd-ignores-contempt-vote-over-biden-dementia-tapes&sessionId=fb11d3bcafad219a0da6c409c70c82dbdf17a7e6&siteScreenName=zerohedge&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px

Who authorized Merrick Garland to determine which subpoenas from Congress are “legitimate “and which are not? https://t.co/XdLOnZ88lE— Roger Stone (@RogerJStoneJr) June 13, 2024

KING REPORT

The King Report for June 13, 20124 Issue 7263

Independent View of the News

As presaged by the explosive Tuesday afternoon rally, May CPI was better than expected due to a 3.6% decline in gasoline and no change in ‘at home’ food prices.  However, rent inflation ‘remains elevated.’    CPI 0.0% m/m & 3.3% y/y; Core CPI 0.2% m/m & 3.4%; all 0.1 (de minis) better than expected.   https://www.bls.gov/news.release/pdf/cpi.pdf   The usual suspects and their media stooges proclaimed that the ‘within margin of error’ decline in CPI and Core CPI means the Fed will cut rates twice in 2024.  Stocks and bonds soared; Fangs went nuclear.  AAPL +5.2% peak (+12.8% past two sessions!); TSM +6% peak; NVDA +5% peak; TLSA +5.6% peak   Several data points of ‘bad’ CPI data are immediately jettisoned by the usual suspects.  But one data point of a de minis better than expected CPI should move the Fed.  PS – CPI is still tracking at 3.3% y/y, which is 65% above the Fed’s stridently professed goal of 2%!   A lot of hyper ventilation over the CPI beat was partly due to the belief it helps The Big Guy.  But even The Big Guy recognized and admitted that despite the de minis CPI beat, inflation remains too high.   Biden Says There Is Progress on Inflation but Prices Too High – BBG 9:45 ET (Did The Big Guy make a distinction between ‘inflation/CPI’ and real ‘prices?’)   @charliebilello : The most absurd number in CPI? According to the US Government, the cost of health insurance has declined 5% over the last 5 years…   @RealEJAntoni:  B/c of the insane way that BLS measures the cost of health insurance, this component of the CPI is down 7.7% Y/Y and a whopping -19.1% since Jan ’21; please find me anyone whose health insurance premiums have dropped that much (if at all) – I’ll wait... https://x.com/RealEJAntoni/status/1800894282758283446?t=ijonON1EsX9GOeBYrBzl1A   The BLS does NOT use health care insurance premiums; it uses health insures’ retained earnings!  https://www.bls.gov/cpi/factsheets/medical-care.htm   @nglinsman: This was an outlier month for favourable base effects (for some CPI components). The next three months will have very unfavourable base effects.   @BobEUnlimited: So many takes that inflation is over and cuts are incoming without acknowledging how out of line this report was with recent data (non-US gov’t data). Maybe this is indicative of an instantaneous collapse of price growth in the economy, or maybe its high noise. Much pointing to noise.   The Cleveland Fed @ClevelandFed: Median CPI rose 0.2% in May and 4.3% on a year-over-year basis.  See our latest median CPI and trimmed mean CPI updates: http://clefed.org/CPI   Here’s the inflation breakdown for May 2024 — in one chart – CNBC https://www.cnbc.com/2024/06/12/cpi-inflation-may-2024-in-one-chart.html   In-N-Out hikes prices thanks to California’s new $20 minimum wage In Los Angeles County, a double-double burger combo at the low-cost burger chains now goes for $11.44 — a $0.76 increase from last year… https://nypost.com/2024/06/11/business/in-n-out-hikes-prices-thanks-to-californias-new-20-minimum-wage/   @RNCResearch: CNBC: The actual Consumer Price Index has reached “new all-time high” as inflation remains far higher than the Fed’s target rate.  “The cumulative effect is substantial — and that’s what these indices continue to show us on a month-over-month basis.” https://x.com/RNCResearch/status/1800870099869372661   @RealEJAntoni: History may not repeat, but it sure rhymes… we’re repeating the fiscal and monetary mistakes of the 1970s – food for thought… (A point we’ve made numerous times; chart at link) https://x.com/RealEJAntoni/status/1800907679503937893   While most fixated on the May CPI Report, the US Budget Deficit soared to $347.1B in May; -$276.5 was expected.  Bidenomics/Yellen continue to issue debt & spend to get The Big Guy reelected.   After two minor dips in early Nikkei trading, ESMs traded sideways but modestly higher until they exploded on the May CPI report.  ESMs soared to 5432.00 at 8:28 ET, two minutes before the official release of the report.  After trading sideways for 70 minutes, ESMs began a rally that hit a daily high of 5453.50 at 10:30 ET.  ESMs then did a slow retreat into the release of the FOMC Communique.   FOMC Communique Highlights – per BBGHolds Benchmark Rate in 5.25%-5.5% rangeMedian forecast shows 25bps rate cuts in ’24 vs 75bpsMedian forecast shows 100 bps rate cuts in ’25 vs 75 bpsMedian forecast 2024 Core PCE Inflation Estimate up to 2.8% from 2.6Inflation made modest further progress in recent monthsEight Fed officials penciled in two rate cuts for 2024; 4 see no cuts, 7 see 1 cutFed officials see fed funds rate at a median of 5.1% at end of 2024, 4.1% at end of 2025https://www.federalreserve.gov/newsevents/pressreleases/monetary20240612a.htm   Fed officials’ projections: Rates: https://x.com/Mayhem4Markets/status/1800952406303465890/photo/1 Economic data: https://x.com/StockMKTNewz/status/1800951455664226637/photo/1 Fed DOT Plot: https://x.com/StockMKTNewz/status/1800952058062721281/photo/1 Communique changes (Omits QT reduction): https://x.com/StockMKTNewz/status/1800952920952930499/photo/1   @fcastofthemonth: This is Q1 inflation PTSD for several Fed officials. Only 1 person expected core PCE to be 2.9%-3.0% in Mar and now we have 4 in that camp. No one thought it’d be 3.1%-3.2% and now there are 3 in that camp. That is odd given it was 2.75% in Apr and likely to drop to 2.6% in May. https://x.com/fcastofthemonth/status/1800956866094301529   ESMs sank to 5422.00 at 14:00 ET on the more hawkish (esp. PCE) FOMC forecasts.    Stocks didn’t tank further because, per BBG: Traders Still See Two 2024 Rate Cuts Fed Predict One   Schwab’s @KathyJones: One of the most interesting aspects of the Fed announcement is the move up in the estimate of the neutral rate. Some Fed officials believe it’s around 3% and one as high as 3.75%.   ESMs rebounded 19 handles before Powell’s Presser on hope that Jerome would, once again, lean against a more hawkish than expected FOMC Communique.   Powell Press Conference HighlightsEconomy has made considerable progress on dual mandate on employment & inflationInflation has eased, but is still too high, strongly committed to get inflation back down to 2%Investment has picked up from anemic paceFed generally expects GDP growth to slow from last year’s pacePace of job growth is still strong but slower than in Q1FOMC expects labor market strength to continueLabor market has returned to pre-pandemic conditionsLabor market is tight but not overheatedNeed to see more good inflation data to boost confidence that inflation is under controlWill keep target rate at current level as long as needed  ESMs rolled over because Powell did not throw a bone to bulls in his presser; the DJIA turned negative.   Powell Q&A HighlightsFed is taking a conservative approach in forecasting (Cuz it’s been so wrong?)We’re assuming good but not great inflation numbersWon’t be specific about how many good inflation data points needed to cut ratesThe big thing that changed this time was the higher PCE forecasts.It’s probably going to take longer to get inflation down than expectedWill continue to make decisions on meeting-by-meeting basis based on the dataFed officials coming to belief that rates won’t come down to pre-Covid levelsWill learn in time if policy is sufficiently restrictive (It could be too late by then, Jay!)Evidence is clear that current policy is restrictive (What about the Mag 7 Bubble?)There is an argument that payrolls might be overstated (Jay knows about the BLS!)Not understating the risk of rate hikes but no one has a hike base forecast“There’s a tendence to omit inflation signals that we don’t like.” (most of The Street too!)Transcript: https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm   Reporters and pundits wondered why Fed officials would hike PCE forecasts after the ‘good’ May CPI Report.  If Jay thinks the BLS NFP is unreliable, some Fed officials probably realize that the BLS CPI is bogus – and the Fed’s own inflation metrics, as noted above by the Cleveland Fed CPI data, is much higher than BLS CPI.  Plus, consumers and businesses believe BLS CPI understates inflation. Also, in response to a question about rents and OER, Powell said OER is used to calculate housing inflation because that has always been the case.  NOT TRUE!  It started in 1981!   Owners’ equivalent rent and the Consumer Price Index: 30 years and counting   May 2013 On October 27, 1981, Commissioner Janet Norwood announced that BLS would convert the CPI for All Urban Consumers (CPI-U) to a rental equivalence measure for homeowner costs, effective with data for January 1983… https://www.bls.gov/opub/btn/volume-2/owners-equivalent-rent-and-the-consumer-price-index-30-years-and-counting.htm   At 14:00 ET, with Powell still in his Q&A, the last hour ESM rally began.  ESMs jumped to 5454.50 at 15:21 ET.  Powell then ended his press conference; ESMs then tumbled to 5416.25 at 15:42 ET.  The late manipulation took ESMs to 5438.00 15:58 ET.  ESMs fell to 5425.50 at 16:00 ET.   In early trading, commodities, ex-gasoline, soared; the dollar got crushed on Fed rate cut hype.  These moves reversed moderately after the FOMC Communique and Powell’s Presser.   Positive aspects of previous session The NY Fang+ Index rallies 2% at is peak; the S&P 500 and Nasdaq hit new all-time highs. Bonds soared; USMs rallied as much as 1 30/32   Negative aspects of previous session Commodities soared; the dollar got crushed Another US stock bubble, mostly the Mag 7, is upon us. Housing/rent inflation remains elevated Some Fed officials see higher PCE inflation in coming months The DJIA turned negative after Powell’s Presser; other indices reversed sharply to the downside   Ambiguous aspects of previous session Why would the Fed cut rates with Nasdaq and the S&P at all-time highs and a Mag 7 Bubble?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5425.78 Previous session S&P 500 Index High/Low: 5447.25, 5409.13   Biden’s Problems Are the Real Threats by Newt Gingrich Democratic analysts don’t seem to understand why the all-out legal assault on President Donald Trump isn’t working. It’s because they keep talking among themselves and not with the American people.  The American people don’t live and work in the New York-Washington political-media-government bubble.      President Biden’s problems all impact everyday Americans. Bidenflation continues to drive already high prices higher. Childcare costs increased 4.1 percent in the last year. Young parents are having to take on third and fourth jobs just to break even on costs. Grocery prices are forcing Americans to make tough decisions about how to feed their families. Young people can’t afford to buy houses… President Biden’s policies are causing millions of Americans real pain… https://highlandcountypress.com/opinions/bidens-problems-are-real-threats#gsc.tab=0   @RNCResearch: Eight suspected ISIS-K terrorists have been arrested in Los Angeles, New York, and Philadelphia.  They illegally crossed the southern border earlier this year — and were RELEASED INTO THE U.S. by the Biden administration.  https://x.com/RNCResearch/status/1800673969655173163   Axios’ @BarakRavid: Israeli official tells me: Israel received Hamas’ response. Hamas rejected the proposal for a hostage deal, which was laid out by President Biden in his speech.   Hamas leader Yahya Sinwar believes Palestinian deaths are ‘necessary sacrifices’: Leaked messages https://trib.al/Xvt6eCZ   US Sec of State Blinken on Hamas’s rejection of the Biden ceasefire deal: “A deal was on the table that was virtually identical to the proposal that Hamas made on May 6 — a deal that the entire world is behind, a deal Israel has accepted.  Hamas could have answered with a single word. ‘Yes.’ Instead, Hamas waited nearly two weeks and then proposed more changes, a number of which go beyond positions that had previously taken and accepted.”   @academic_la: New details about the Hamas counteroffer are emerging. It is actually far more different than we believed. Here are all the changes Hamas demanded. It is quite the list: https://x.com/academic_la/status/1800985313403433009   How Israeli commandos had to fight Hamas terrorists to get out of Gaza after daring hostage rescue   https://nypost.com/2024/06/11/world-news/inside-israels-hostage-rescue-raid-and-how-it-nearly-failed/   Biden admin has released 72% of migrants who illegally crossed into San Diego despite ‘crackdown’ https://trib.al/rN8zYp0   @RNCResearch: Terror Watchlist Encounters at the Southern Border: FY17: 2; FY18: 6; FY19: 0; FY20: 3 **Biden takes office** FY21: 15; FY22: 98; FY23: 169; FYTD24: 80 https://x.com/RNCResearch/status/1800927995026124957   @KevRGordon: S&P 500 Momentum Index now up by nearly 54% year/year, which is in the upper end of the historical range and in line with the average seen in the late 1990s. (Bubble that Jay can’t see!) https://x.com/KevRGordon/status/1800486888580710707   @Geiger_Capital: Friendly Reminder: If China actually invades Taiwan the stock market gets cut in half. Apple, Nvidia, all of it. Conflict/trade issues would cause a global recession on top of it. Nothing like Ukraine or Middle East. Immediate global disaster. Still the ultimate black swan. (5 largest S&P companies are 24% of the index.  They were 18% in 1999.) https://x.com/Geiger_Capital/status/1800582878792974738   @jasongoepfert on Tuesday: The S&P 500 is on track for a new high, even though… • More NYSE issues are hitting 52-week lows than highs • More NYSE issues are declining than advancing • More NYSE volume is flowing into losers than winners Over the past 60 years, this hasn’t happened very often.  https://x.com/jasongoepfert/status/1800613409517441061   Zero Hedge: Companies Unleash 2nd Biggest Stock Buyback Spree on Record Ahead of Buyback Blackout This Friday (Pay wall, chart at link)  https://x.com/zerohedge/status/1800618533992222781   There is a huge difference between an economy receding on unemployment, excess inventory, or some shock and inflation-induced consumer retrenchment.  Lower rates could exacerbate the situation.   Today – Mag 7 stocks are in an historic bubble; the S&P 500 Index and Nasdaq are bubbling up.  The market sees no evidence that the Fed will halt, let alone burst, the bubble.  So, traders will remain exceedingly bullish.  Though stocks can suffer an alarming decline at any instance, without Fed intervention, the bubble will continue until it exhausts itself or a profound negative fundamental appears that bursts the bubble.  Most likely negatives: inflation accelerates, recession, Middle East worsens, Ukraine-Russia War expands, and of course the big one: China invades Taiwan.   With Fed Day bias over and the late ESM/equity tumble, the odds of a retrenchment today are high.   The equity market is very ripe for a grand ‘pump & dump’ near or after the NYSE opening.  Tis why NQMs are +123.50 and ESMs are +10.75 at 20:27 ET.  USMs are -9/32; and gold is -17.50.  Gold and bonds believe the Fed’s message; stocks are ignoring it – and almost all bad news these days!   Expected economic data: May PPI 0.1% m/m & 2.5% y/y; Core PPI 0.3% & 2.5% y/y; Initial Jobless Claims 225k, Continuing Claims 1.795m   S&P Index 50-day MA: 5200; 100-day MA: 5132; 150-day MA: 4967; 200-day MA: 4812 DJIA 50-day MA: 38,741; 100-day MA: 38,771; 150-day MA: 37,985; 200-day MA: 36,958 (Green is positive slope; Red is negative slope)   S&P 500 Index (5421.01 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 5297.29 triggers a sell signal Hourly: Trender and MACD are positive – a close below 5370.63 triggers a sell signal   On a party-line vote of 208 to 207, the House held AG Garland in contempt of Congress for ignoring a subpoena for the video of Biden’s testimony to Special Counsel Hur.  What will the SCOTUS rule?   DOJ memo says Garland cannot be prosecuted for contempt over Biden-Hur audio (But Biden said ‘no one is above the law.”  Garland believes that he, the AG, is above the law!) https://thehill.com/homenews/house/4718115-garland-contempt-doj-memo/   GOP @RepGosar: By ignoring a lawful subpoena & refusing 2 turn over Biden’s video recordings of the testimony given to Hur in connection with Biden’s unlawful possession of classified documents, Attorney General Garland is engaging in yet another Biden administration coverup.     Putting Mr. Biden’s senility aside, Congress and the American people have a right to know what he said to Robert Hur and it is inexcusable that Merrick Garland is doing Biden’s bidding.  Garland is not above the law.  His continued refusal 2 provide the lawfully subpoenaed audio recordings is an affront to Congress’ legal authority & it is a crime. 4 refusing to cooperate with Congress & for breaking the law, I voted to hold the AG in Contempt of Congress.   Trump advisor Steve Bannon went to jail for contempt of Congress (ignoring subpoena).   @RNCResearch: BIDEN: “I’ve attended too many mass shootings…” https://x.com/RNCResearch/status/1800599594792862059     Biden is decomposing in real time.  https://x.com/RNCResearch/status/1800600874936422477     BIDEN: “A magazine that can hold 200 shells. https://x.com/RNCResearch/status/1800600022536347825     Pro-Hamas demonstrators accuse Crooked Joe Biden of being “complicit in genocide” as they once again interrupt his remarks. He says, “they make a point.”  https://x.com/RNCResearch/status/1800598022956421217   @nicksortor: BIDEN (slurring): “If they wanna think to take on government if we get out of line … guess what? They need F-15s! They don’t need a rifle!” …This is why the 2nd Amendment is SO vital. https://x.com/nicksortor/status/1800603360376009146      @themarketswork: Does anybody else find it disconcerting that the president of the United States keeps threatening his own citizens with military force?   @townhallcom: BIDEN: “Imagine if we gave tobacco an exception they could not be prosecuted! We’d — What would happen? We’d still 1,000 more people would be dying of cancer because of smoke inhalation!”  https://x.com/townhallcom/status/1800600787233697960   @RNCResearch: Does Crooked Joe Biden have any idea where he is right now? (He’s in Italy for G7.) https://x.com/RNCResearch/status/1800998847843332163   @DailyMail: Sadly, it’s now impossible to deny that Joe Biden, the most powerful man in the world, is increasingly loopy – and getting worse, writes FREDDY GRAY https://trib.al/3cQCqPS   NY Times columnist who supported Biden in 2020 encourages him to drop out of race: ‘Sleepwalking to defeat’ – NYT columnist Stephens pointed to Gov. Shapiro or Gov. Whitmer to succeed Biden  https://www.foxnews.com/media/ny-times-columnist-supported-biden-encourages-drop-out-race-sleepwalking-defeat   @townhallcom: CNN Anchors find themselves completely stunned when KJP cancels the White House press briefing following Hunter Biden’s guilty verdict.  https://x.com/townhallcom/status/1800620468463866228   @TheBabylonBee: CNN Claims Hunter Conviction Is Russian Disinformation https://buff.ly/4c1BrvC   GOP Gov Oversight Chair @RepJamesComer: These charges against the President’s son are just the tip of the iceberg. DOJ slow-walked their investigation until they got caught. It took Special Counsel Weiss years to get to this moment and the jury just three hours. @GOPoversight isn’t done yet. https://t.co/ShGCktHBb4   @TheBabylonBee: President Biden Says He Is Still Proud of His Son for Getting Away with Everything Else He Did https://buff.ly/4bYtmrw   @TuckerCarlson: New whistleblower documents show the FBI is every bit the politicized secret police force you feared it was.  https://x.com/TuckerCarlson/status/1800332119517917585   Admission of Failure? Democratic Cities Stop Reporting Crime Stats to FBI https://www.zerohedge.com/political/admission-failure-democratic-cities-stop-reporting-crimes-stats-fbi   Hawaii crime reaches new heights as police urge beachgoers to take valuables into the ocean https://www.foxnews.com/us/hawaii-crime-reaches-new-heights-police-urge-beachgoers-valuabl

GREG HUNTER INTERVIEWING

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