GOLD PRICE CLOSED UP $31.20 TO $2333.70

SILVER PRICE UP $0.42 TO $29.42

Gold ACCESS CLOSED $2331.25

Silver ACCESS CLOSED: $29.56

Bitcoin morning price:$66821 UP 82 DOLLARS.

Bitcoin: afternoon price: $65,376 DOWN 1363 dollars

Platinum price closing UP $2.65 TO $957.05

Palladium price; UP $0.90 AT $897.25

END

SHANGHAI GOLD PREMIUM 120 DOLLARS/COMEX GOLD//JULY TO JULY

SHANGHAI GOLD (USD) FUTURES – QUOTES

Last Updated 14 Jun 2024 09:17:20 AM CT.

Market data is delayed by at least 10 minutes.

LAST	CHANGE	PRIOR SETTLE	OPEN	HIGH	LOW	VOLUME	UPDATED
–	–	2330.4	–	–	–	0	08:50:01 CT 14 Jun 2024
–	–	2344.5	–	–	–	0	08:50:01 CT 14 Jun 2024
2370.3	+25.6 (+1.09%)	2344.7	2347.8	2373.7	2344.5	713	08:59:01 CT 14 Jun 2024
2368.6	-0.4 (-0.02%)	2369.0	2364.2	2368.6	2364.2	27	08:50:01 CT 14 Jun 2024
–	–	2381.5	–	–	–	0	08:50:01 CT 14 Jun 2024
–	–	2382.1	–	–	–	0	08:50:01 CT 14 Jun 2024
–	–	2382.7	–	–	–	0	08:50:01 CT 14 Jun 2024

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

4: 15 PM ACCESS

*CANADIAN GOLD: $3201.60 UP 37.26 CDN dollars per oz( * NEW ALL TIME HIGH 3,305.30 CDN DOLLARS PER OZ//MAY 20 2024)

*BRITISH GOLD: 1837.18 UP 32.31 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024

*EURO GOLD: 2178.41 UP 33.84 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: 2,300.200000000 USD
INTENT DATE: 06/13/2024 DELIVERY DATE: 06/17/2024
FIRM ORG FIRM NAME ISSUED STOPPED

323 C HSBC 168
435 H SCOTIA CAPITAL 60
624 H BOFA SECURITIES 87
690 C ABN AMRO 4
737 C ADVANTAGE 9 5
905 C ADM 16
991 H CME 13

TOTAL: 181 181
MONTH TO DATE: 29,413

JPMorgan stopped 0/181

FOR JUNE 2024

GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 181 NOTICES FOR 18100 OZ or 0.5629 TONNES

total notices so far: 29,413 contracts for 2,941,300 Oz (91.486 tonnes)

FOR JUNE:

SILVER NOTICES: 11 NOTICE(S) FILED FOR 55,000

OZ/

total number of notices filed so far this month :1244 for 6.220 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 UP $31.20 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : HUGE CHANGES IN GOLD INVENTORY AT THE GLD/ A WITHDRAWAL OF 1.44 TONNES OF GOLD FROM THE GLD/

/ /INVENTORY RESTS AT 829.34TONNES

INVENTORY RESTS AT 829.34 TONNES

SLV//

WITH NO SILVER AROUND AND SILVER UP $0.42 AT THE SLV//

NO CHANGES IN SILVER INVENTORY AT 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 1593 CONTRACTS TO 179,006 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 DESPITE OUR MONSTER LOSS OF $1.10 IN SILVER PRICING AT THE COMEX ON THURSDAY’S TRADING ON SILVER. WE HAD ZERO LONG LIQUIDATION AS WE HAD A NET GAIN OF 2890 CONTRACTS ON OUR TWO EXCHANGES. WE, AGAIN HAD SHORT COVERING BY OUR SPECS WITH THE HUGE LOSS IN PRICE AS WELL AS MASSIVE T.A.S. LIQUIDATION. WE HAD ANOTHER MEGA HUMONGOUS SIZED 3,673 T.A.S ISSUANCE,

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 THURSDAY NIGHT: 3673 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 FELL BY $1.10) AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS FROM THEIR PERCH AS WE DID HAVE A HUGE SIZED GAIN OF 2671 CONTRACTS ON OUR TWO EXCHANGES SESPITE THE LOSS IN PRICE OF $1.10. THE RAID SOLVED NOTHING FOR OUR CROOKS.

WE MUST HAVE HAD:

A HUGE SIZED 1078 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 10,000 OZ QUEUE JUMP

//NEW STANDING FOR SILVER//JUNE IS THUS 6.295 MILLION OZ

WE HAD:

/ HUGE SIZED COMEX OI LOSS //HUGE SIZED EFP ISSUANCE/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 3673 CONTRACTS)/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED 199 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 10 DAYS, total 10,242 contracts: OR 51.210 MILLION OZ (1024 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 51.21 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 51.21 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)

RESULT: WE HAD A GIGANTIC SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1593 CONTRACTS DESPITE OUR LOSS IN PRICE OF SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 3673 ISSUED FOR JULY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS. WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR JUNE OF 3.830 MILLION OZ ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 10,000 OZ QUEUE JUMP

//NEW TOTAL STANDING FOR JUNE 6.295 MILLION OZ

WE HAVE A HUGE SIZED GAIN OF 2671 OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A MEGA HUMONGOUS SIZED 3673 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE THURSDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND ZERO NET LIQUIDATION OF LONGS.

THE NEW TAS ISSUANCE THURSDAY NIGHT (3673) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .

WE HAD 11 NOTICE(S) FILED TODAY FOR 55,000 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 FAIR SIZED 2618 OI CONTRACTS TO 434,847 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 901 CONTRACTS

WE HAD A FAIR SIZED DECREASE IN COMEX OI (1593 CONTRACTS) OCCURRED WITH OUR LOSS OF $32.30 IN PRICE/THURSDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER. WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNE AT 89.94 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 16800 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 $32.30 LOSS IN PRICE WITH RESPECT TO THURSDAY’S TRADING. WE HAD A SMALL SIZED LOSS OF 960 OI CONTRACTS (4.800PAPER 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 433,946

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 960 CONTRACTS WITH 1593 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 1657 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 960 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 1864 CONTRACTS,,

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1657 CONTRACTS) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI OF 2617 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 901 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 0.5225 TONNES

//NEW STANDING /JUNE 90.689 TONNES.

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

4) FAIR SIZED COMEX OPEN INTEREST LOSS 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 1864 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: 33,832 CONTRACTS OR 3,383,200 OZ OR 105.23 TONNES IN 10 TRADING DAY(S) AND THUS AVERAGING: 3383 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 10 TRADING DAY(S) IN TONNES 105.23 TONNES

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

THUS EFP TRANSFERS REPRESENTS 105.23 DIVIDED BY 3550 x 100% TONNES = 2.95% 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 105.23 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 1593 CONTRACTS OI TO 179,000 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 1078 CONTRACTS

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

JULY 1078 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1078 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 1593 CONTRACTS AND ADD TO THE 1078 E.FP. ISSUED

WE OBTAIN AN ULTRA HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2671 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 14.35 MILLION OZ

OCCURRED DESPITE OUR HUMONGOUS $1.10 LOSS IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

FRIDAY MORNING/THURSDAY NIGHT

SHANGHAI CLOSED UP 3.71 PTS OR 0.12% //Hang Seng CLOSED DOWN 170.85 PTS OR 0.99%// Nikkei CLOSED UP 94.09 OR 0.24%//Australia’s all ordinaries CLOSED UP 0.35%///Chinese yuan (ONSHORE) closed DOWN TO 7,2554 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2720/ Oil UP TO 78.70 dollars per barrel for WTI and BRENT UP AT 82.94 /Stocks in Europe OPENED ALL RED

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

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3 CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 1593 CONTRACTS TO 433,946 DESPITE OUR HUGE LOSS IN PRICE OF $32.30 WITH RESPECT TO THURSDAY’S TRADING. WE HAD A HUGE T.A.S. LIQUIDATION ON THURSDAY WITH SOME LONGS BEING CLIPPED. (BUT NOT A HUGE NUMBER LOST BECAUSE OF THE RAID)

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 FAIR SIZED 1657 EFP CONTRACTS WERE ISSUED: : AUGUST 1657 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1657 CONTRACTS.

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED TOTAL OF 2617 CONTRACTS IN THAT 1657 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 2617 COMEX CONTRACTS..AND THIS SMALL SIZED LOSS ON OUR TWO EXCHANGES HAPPENED DESPITE OUR HUGE LOSS IN PRICE OF $32.30

////THURSDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR THURSDAY NIGHT WAS A GOOD SIZED 1864 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. THSOMEWHATSDAY IS OF EXTREME IMPORTANCE TO OUR CROOKS IN YESTERDAY’S TRADING

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JUNE (92.335 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; 92.335 TONNES. THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $32.30 //// AND WERE SOMEWHAT SUCCESSFUL IN KNOCKING SOME SPECULATOR LONGS AS WE HAD A SMALL SIZED LOSS OF 2617 CONTRACTS ON THURSDAY WITH OUR TWO EXCHANGES WITH THE HUGE LOSS IN PRICE. THE T.A.S. ISSUED ON THURSDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE LOST A TOTAL OI OF 0.1835 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 168 CONTRACTS OR 16800 OZ (0.5225 TONNES)

NEW STANDING FOR JUNE: 92.335 TONNES

ALL OF THIS WAS ACCOMPLISHED WITH OUR HUGE LOSS IN PRICE TO THE TUNE OF $32.30

WE HAVE REMOVED 901 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL

NET LOSS ON THE TWO EXCHANGES 2671 CONTRACTS OR 267,100 (4.800 TONNES)

confirmed volume THURDAY 191,355 contracts//FAIR

//speculators have left the gold arena

JUNE 14 JUNE GOLD CONTRACT

/ /// THE JUNE 2024 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	12,984.049 oz mANFRA .
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	181 notice(s) 18100 OZ 0.5629 TONNES
No of oz to be served (notices)	273 contracts 247300 OZ 0.8491 TONNES
Total monthly oz gold served (contracts) so far this month	29,413 notices 2,941,300 oz 91.486 TONNES
Total accumulative withdrawals of gold from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of gold from the Customer* inventory this month*	x

0 dealer deposits:

total dealer deposits: NIL oz

we have 0 customer deposit:

total deposit nil oz

customer withdrawals: 1

i) out of Manfra 12,984.049 oz

TOTAL WITHDRAWALS 12,984.049 0z

Adjustments: customer account to dealer

HSBC: 238,507.719 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE

For the front month of JUNE we have an oi of 454 contracts having LOST 69 contracts. We had 237 contracts served on Thursday so we gained A HUGE 168 contracts or 16,800 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 LOST 57 CONTRACTS TO STAND AT 2419

AUGUST LOST 3876 CONTRACTS DOWN TO 352,317 CONTRACTS

We had 181 contracts filed for today representing 18100 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 181 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 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 (29,413) x 100 oz ) to which we add the difference between the open interest for the front month of JUNE (454 CONTRACTS) minus the number of notices served upon today (181 x 100 oz per contract( equals 2,968,600 OZ OR 92.335 TONNES.

thus the INITIAL standings for gold for the JUNE contract month: No of notices filed so far (29.413 x 100 oz +we add the difference for front month of June (454 OI} minus the number of notices served upon today (181) x 100 oz which equals 2,968,600 oz (92.335 TONNES)

TOTAL COMEX GOLD STANDING FOR JUNE: 92.335 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

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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: 17,643,908/604 OZ

TOTAL REGISTERED GOLD 8,151,711.227( 246.13 tonnes).

TOTAL OF ALL ELIGIBLE GOLD: 9,492,197.377 OZ

REGISTERED GOLD THAT CAN BE SERVED UPON: 6,470,997 oz (REG GOLD- PLEDGED GOLD)= 201.28 tonnes //

END

SILVER/COMEX

JUN 14/2024

INITIAL

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

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	1,396,802.402 oz Brinks Delaware JPMorgan .
Deposits to the Dealer* Inventory*	nil OZ
Deposits to the Customer Inventory	599,324.270 oz CNT
No of oz served today (contracts)	11 CONTRACT(S) (55,000 OZ)
No of oz to be served (notices)	15 contracts (0.075 million oz)
Total monthly oz silver served (contracts)	1244 Contracts (6.220 MILLION oz)
Total accumulative withdrawal of silver from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of silver from the Customer* inventory this month*

i) 0 dealer deposit

total dealer deposit : nil oz

i) We had 0 dealer withdrawal

total dealer withdrawals: 0 oz

We had 1 customer deposit:

i) Into CNT 599,324.270 oz

total customer deposit 599,324.270..oz

JPMorgan has a total silver weight: 127.822million oz/296.393million or 43.17%

adjustment: 0

Comex withdrawals: 3

i) out of Brinks: 278,287.950 oz

ii) out of Delaware: 584,801.259 oz

iii) Out of JPMorgan: 583,713.200 oz

total withdrawal: 1,396,802.402 0z

TOTAL REGISTERED SILVER: 63.074MILLION OZ//.TOTAL REG + ELIGIBLE. 296.393

million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE:

silver open interest data:

FRONT MONTH OF JUNE/2024 OI: 24 CONTRACTS HAVING LOST 117 CONTRACT(S).

WE HAD 119 NOTICES SERVED UP ON THURSDAY, SO WE GAINED 2 CONTRACTS OR AN ADDITIONAL 10,000 OZ WILL STAND AT THE COMEX VIA A SMALL QUEUE JUMP TO WHERE THEY WILL TAKE DELIVERY ON THIS SIDE OF THE POND

JULY SAW A LOSS OF 8394 CONTRACTS DOWN TO 86,083

AUG, SAW A GAIN OF 59 CONTRACTS TO 338

SEPT SAW A GAIN OF 9603 CONTRACTS TO 73,895

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 11 for55,000 oz

CONFIRMED volume; ON THURSDAY 148,041 GIGANTIC

To calculate the number of silver ounces that will stand for delivery in JUNE we take the total number of notices filed for the month so far at 1244 x 5,000 oz = 6.220 MILLION oz

to which we add the difference between the open interest for the front month of JUNE ((24) and the number of notices served upon today 11 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the JUNE/2024 contract month: 1244 notices served so far) x 5000 oz + OI for the front month of JUNE (24)x number of notices served upon today minus (11)x 5000 oz of silver standing for the JUNE contract month equates to 6.295 MILLION OZ.

New total standing: 6.295 million oz.

There are 63.074 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 14 WITH GOLD UP$31.20 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 829,34 TONNES

JUNE 13 WITH GOLD DOWN$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: 829.34 TONNES, TONIGHTS TOTAL

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

JUNE 14. WITH SILVER UP $0.42//NO CHANGES IN SILVER INVENTORY/ /INVENTORY REMAINS AT 429.083 TONNES

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 429.083 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1.PETER SCHIFF SCHIFF GOLD/MIKE MAHARRAY

Silver Demand In The Solar Sector Could Squeeze Silver Supply In The Future

FRIDAY, JUN 14, 2024 – 02:55 PM

Authored by Mike Maharrey via Money Metals,

Silver use by the solar energy sector is one of the primary factors driving the overall demand for silver, and there is reason to believe photovoltaic silver off-take will continue to increase in the years ahead.

Not only is the demand for silver panels growing, but the amount of silver used in each panel is also increasing.

Industrial demand for silver set a record of 654.4 million ounces in 2023 and it is expected to hit new highs this year. According to the Silver Institute, ongoing structural gains from green economy applications underpinned this surge in silver demand.

“Higher than expected photovoltaic (PV) capacity additions and faster adoption of new-generation solar cells raised global electrical & electronics demand by a substantial 20 percent. At the same time, other green-related applications, including power grid construction and automotive electrification, also contributed to the gains.”

Silver is the best conductor of electricity of all metals at room temperature. That makes it a vital input in the production of solar panels.

To manufacture a solar panel, silver is formed into a paste that is applied to the front and back of silicon photovoltaic cells. The front side collects the electrons generated when sunlight strikes the cell, while the back side helps to complete the electrical circuit.

Each solar panel uses approximately 20 grams (0.643 ounces) of silver. While this is a relatively small amount, the total adds up quickly when you consider the number of panels produced each year. The solar industry used approximately 100 million ounces of silver in 2023, accounting for about 14 percent of total silver demand.

Several years ago, analysts assumed that the amount of silver used in solar panels would decline over time with the development of new technologies. However, a Saxo Bank report in 2020 disputed this claim, saying, “Potential substitute metals cannot match silver in terms of energy output per solar panel.”

“Further, due to technical hurdles, non-silver PVs tend to be less reliable and have shorter lifespans, presenting serious issues for their widespread commercial development.”

It turns out, this analysis was correct. Newer more efficient technologies use 20 to 120 percent more silver.

In 2020, Passivated Emitter and Rear Cell (PERC) technology was the standard, accounting for virtually the entire solar market. A PERC solar panel uses about 10 milligrams of silver per watt.

By 2022, PERC technology was being replaced by Tunnel Oxide Passivated Contact (TOPCon) cells. This advanced technology enhances the efficiency of solar cells by improving the way they handle electron flow. A TOPCon cell is cheaper to produce but uses more silver than a PERC solar panel. It contains about 13 milligrams of silver per watt.

Now, heterojunction (HJT) technology is beginning to dominate the solar market. HJT cells are even more efficient than TOPCon technology and can capture energy on both sides of the panel. They are also more environmentally friendly. But they use even more silver – about 22 milligrams per watt. HJT cells only made up a small part of the market in 2023, but demand for these more efficient panels is expected to grow.

With demand for solar power increasing along with the amount of silver used in each panel, analysts believe that solar panel production will consume increasingly large amounts of silver in the future.

According to a research paper by scientists at the University of New South Wales, solar manufacturers will likely require over 20 percent of the current annual silver supply by 2027.

By 2050, solar panel production will use approximately 85–98 percent of the current global silver reserves.

The green energy sector is also essentially recession-proof because it is being driven, incentivized, and in some cases directly funded by governments around the world.

The silver market is already running significant deficits with silver demand outstripping supply. The structural deficit in 2023 came in at 184.3 million ounces.

While there is still a large silver stock available, market deficits will eventually deplete the reserve of available metal. We could see a significant supply squeeze in the coming years.

Silver is not currently priced for these supply and demand dynamics.

It’s also important to remember that while industrial demand is an important factor driving the price, silver is still fundamentally a monetary metal. As such, the price tends to track with gold over time. If you are bullish on gold, you should be even more bullish on silver. In fact, silver tends to outperform gold in a gold bull market.

Given the supply and demand dynamics, the economic environment, and a historically wide gold-silver ratio that indicates silver is underpriced, there are plenty of reasons to think silver will shine in the future.

Mike Maharrey is a journalist and market analyst for MoneyMetals.com with over a decade of experience in precious metals. He holds a BS in accounting from the University of Kentucky and a BA in journalism from the University of South Florida.

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

CHRIS POWELL AND DAILY GOLD/SILVER DISPATCHES

huge story

Saudi Arabia ends 80-year petrodollar deal with U.S., boosting other currencies

Submitted by admin on Fri, 2024-06-14 08:43 Section: Daily Dispatches

By Pawan Kumar
The Times of India, Mumbai
Friday, June 14, 2024

https://www.timesnownews.com/business-economy/economy/big-blow-to-us-as-saudi-arabia-ends-80-year-petrodollar-deal-article-110982402

Saudi Arabia has decided not to renew its 80-year petrodollar agreement with the United States, which expired on Sunday, June 9. This deal, signed on June 8, 1974, was a significant part of the global economic influence of the United States.

The agreement created joint commissions for economic cooperation and supported Saudi Arabia’s military needs.

At the time, American officials hoped the agreement would encourage Saudi Arabia to produce more oil and strengthen economic ties with Arab countries.

By not renewing this contract, Saudi Arabia is now free to sell oil and other goods using various currencies like the Chinese renminbi, euros, yen, and yuan rather than only U.S. dollars.

There is also talk of exploring digital currencies, such as bitcoin, for transactions.

This decision marks a major shift away from the petrodollar system, which has been in place since 1972 when the U.S. stopped linking its currency directly to gold. It is expected to speed up the global trend of using currencies other than the U.S. dollar in international trade.

Additionally, Saudi Arabia has joined Project mBridge, a collaborative effort to develop a digital currency platform shared among central banks and commercial banks.

This project aims to facilitate instant cross-border payments and foreign exchange transactions using distributed ledger technology. Project mBridge began in 2021 and involves several prominent central banks and institutions worldwide.

It has recently reached the stage of a minimum viable product, inviting private-sector firms to propose innovations and use cases to further develop the platform.

* * *

end

Hit by new U.S. sanctions, Russia halts dollar and euro trade on main bourse

Submitted by admin on Wed, 2024-06-12 20:15 Section: Daily Dispatches

By Alexander Marrow and Mark Trevelyan
Reuters
via Yahoo News, Sunnyvale, California
Wednesday, June 12, 2024

New U.S. sanctions against Russia have forced an immediate suspension of trading in dollars and euros on its leading financial marketplace, the Moscow Exchange.

The exchange and the central bank rushed out statements today — a public holiday in Russia — within an hour of Washington announcing a new round of sanctions aimed at cutting the flow of money and goods to sustain Russia’s war in Ukraine.

“Due to the introduction of restrictive measures by the United States against the Moscow Exchange Group, exchange trading and settlements of deliverable instruments in U.S. dollars and euros are suspended,” the central bank said.

The move means banks, companies, and investors will no longer be able to trade either currency via a central exchange, which offers advantages in terms of liquidity, clearing, and oversight.

Instead, they will have to trade over-the-counter, where deals are conducted directly between two parties. The central bank said it would use OTC data to set official exchange rates. …

… For the remainder of the report:

https://finance.yahoo.com/news/moscow-exchange-stop-trading-dollars-153650237.html

end

Chris Powell…..

The world will never be free if it believes official gold data

Submitted by admin on Tue, 2024-06-11 23:29 Section: Daily Dispatches

11:52p ET Tuesday, June 11, 2024

Dear Friend of GATA and Gold:

Headlines like this have been pummeling the monetary metals sector in recent days: “Gold Is Getting So Expensive That Even China’s Central Bank Stopped Buying.”

https://www.businessinsider.in/policy/economy/news/gold-is-getting-so-expensive-that-even-chinas-central-bank-stopped-buying-the-precious-metal/amp_articleshow/110911229.cms

According to this particular report:

China’s central bank gold-buying streak has been a major driver of prices that hit record highs recently. However, it looks like gold has gotten so expensive that even the People’s Bank of China is taking a break

On Friday official data showed China’s gold holdings were unchanged in May from the prior month — which means the central bank did not buy gold.

The PBoC’s pause has left gold ‘vulnerable to more downside pressure,’ wrote Ewa Manthey, a commodities strategist at ING Bank, on Monday. …

China’s central bank gold buying had actually started to slow in April, when it bought just 60,000 troy ounces of the precious metal. That was down from 160,000 ounces in March and 390,000 ounces in February.

Before its pause in purchases last month, the PBoC had been snapping up gold for 18 straight months, making it the world’s largest institutional buyer. …

Mainstream financial news organizations don’t yet seem to notice that official statements about gold reserves are, to put it politely, not reliable.

That the People’s Bank of China did not report acquiring gold in May does not mean that the bank or the Chinese government did not actually acquire gold in the month. It meant only that the central bank did not report acquiring gold in May. The bank or other agencies of the Chinese government could have acquired huge amounts of gold in May and simply not reported them — perhaps because China wanted to knock the price down abruptly to make acquisitions easier and less expensive, or wanted to oblige pressure from the United States not to push the gold price up so fast.

We have been here before.

In April 2009 China caused a sensation by announcing that its gold reserves had increased by 76%, from 600 tonnes to 1,054 tonnes. For the previous six years China had been reporting to the International Monetary Fund, the compiler of official gold data, only 600 tonnes. Had China acquired those 454 new tonnes only in the year prior to the April 2009 announcement?

That’s unlikely. That much official buying in a year or less almost certainly would have manifested itself in price action or comment by market participants. It’s far more likely that China acquired the 454 tonnes reported in April 2009 over at least several years, largely by purchasing the production of China’s own fast-growing gold mining industry, but didn’t announce it or report it to the IMF. The metal may have been in the solid possession of the Chinese government but kept on the books of state-owned commercial banks or government entities other than the central bank. That would have been easy to arrange.

So for as many as six years the official gold reserve data about China was way off.

The next year, 2010, the same thing happened with Saudi Arabia. In June 2010 the World Gold Council reported that Saudi gold reserves had increased by 126%, from 143 to 323 tonnes, in just two years. That the world’s top oil exporter had made such a new commitment to gold in its foreign exchange reserves also caused a sensation. It implied a reduction of Saudi loyalty to the petrodollar.

But a few weeks after the announcement of the spurt in Saudi gold reserves, the governor of the Saudi Arabia Monetary Authority, Muhammad al Jasser, insisted to news reporters in Kuwait that Saudi Arabia had not recently purchased the gold cited in the June reports but rather had held that extra gold all along in what he called “other accounts.” That is, held the metal in accounts not reported officially — just as the true status of China’s gold accounts had not been reported officially for six years.

Official fudging about gold reserves continued this year as Federal Reserve Chairman Jerome Powell refused to answer the question posed by U.S. Rep. Alex Mooney, R-West Virginia, as to whether any foreign custodial gold recently had been repatriated from the Federal Reserve Bank of New York.

Powell ignored Mooney’s letter for a while. Eventually the Fed chairman was compelled to acknowledge it but he simply ignored the question about repatriation:

https://www.gata.org/node/23054

Comprehensively incriminating official central bank gold data and central bank intervention against gold is the secret March 1999 staff report of the International Monetary Fund that GATA obtained in December 2012. The secret IMF report says Western central banks conceal their gold swaps and loans to facilitate their secret interventions in the gold and currency markets:

http://www.gata.org/node/12016

The secret IMF report establishes not only that central banks are surreptitiously intervening in the gold market through swaps and leases but also that no official central bank gold data is any good. The IMF allows its members to count their leased and swapped gold as if it is still sitting in their vaults, unencumbered, when the gold may have left the vaults or have multiple claims on it.

That is, the secret IMF report shows that central bank gold reserves are double-counted or worse.

The exaggerated response of the gold price to the recent reports that China had stopped buying gold in May showed again that while central banks and governments have the power to create and deploy infinite amounts of money, this is not their greatest power. Their greatest power is their command of mainstream financial news organizations, which never pose or press the most obvious critical questions about gold but report only what central banks and governments want reported.

Maybe those news organizations sense, or maybe they have been frankly told, what central banks and governments know: that the true size, location, and disposition of national gold reserves are secrets far more sensitive than the true size, location, and disposition of nuclear weapons. For nuclear weapons can only destroy the world, while the control of gold means the control all financial valuations everywhere — the value of all capital, labor, goods, and services — since the value of gold is the inverse of the value of government currencies.

If it ever knew where all the official gold really was and how it was really being deployed, the world would be nearly free. Not even nominally democratic governments want that.

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

end

this is true!!

(CNBC)

Singapore to lead gold market as it shifts east, World Gold Council says

Submitted by admin on Tue, 2024-06-11 10:25 Section: Daily Dispatches

By Lee Ying Shan
CNBC, New York
Monday, June 10, 2024

SINGAPORE — Singapore is set to become a leading gold hub as trading shifts east, according to the World Gold Council.

One key reason is that gold consumption in major emerging economies is rising, and a majority of these markets are concentrated in Asia, said Shaokai Fan, head of Asia-Pacific and global head of central banks.

Singapore’s proximity to these central banks, which are snapping up gold, is another factor, he added.

“The center of gravity of the gold market has shifted east, with Singapore, fortuitously placed as the potential fulcrum of this new balance,” Fan said at the Asia Pacific Precious Metals Conference held in Singapore. …

… For the remainder of the report:

https://www.cnbc.com/2024/06/11/singapore-to-lead-the-gold-market-said-the-world-gold-council.html

4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS/LIVE FROM THE VAULT NO 177

ANDREW MAGUIRE…

Episode 177

Posted 14th June 2024

Half a $Trillion reasons gold could hit $10,000!

In this week’s episode of Live from the Vault Andrew Maguire opens by outlining how close the wrong-footed Fed came to completely imploding after gold’s recent all-time-highs.

The London whistleblower and precious metals expert answers the community’s burning questions, from where gold and silver prices could be heading in the short term, to the latest updates about the upcoming BRICS gold-backed currency.

Andrew Maguire

Host

Andrew Maguire has almost 50 years’ experience working in the precious metals industry as an independent Loco London metals trader and analyst, where he has provided Precious Metals Advisory and Trading services for international hedge fund managers, bullion banks, directors, metal traders and many of the largest global institutions.

Andrew has built strong relationships with US and UK regulatory bodies, having worked as an advisor for the Commodity Futures Trading Commission, (CFTC) and the Department of Justice, (DOJ). In the UK, Andrew is currently providing advisory services to the UK and the Financial Conduct Authority, (FCA)

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

Cocoa prices rise above $10,000 per tonne

(zerohedge)

Rollercoaster: Cocoa Prices Surge Above $10,000 A Ton As Global Supply Fears Worsen

THURSDAY, JUN 13, 2024 – 03:45 PM

The great Cocoa crash from mid-April to the first half of May seems to have ended. Recall prices crashed 45% in that time after a massive multi-month run-up on global supply fears. Now, prices have surged 57% from the $6.767k/ton low, breaking over the $10k mark and printing as high as $11k during today’s intra-day session.

Commodity trader Pierre Andurand, who turned cocoa bull in March, is most likely ecstatic with the price action of the bean in New York in recent weeks, especially this week’s surge.

Andurand recently spoke with Bloomberg’s Odd Lots hosts Tracy Alloway and Joe Weisenthal about a sliding inventory-to-grinding ratio that could ignite “a real shortage of cocoa beans.” His price target for the bean is still at the $20k mark for later this year or next.

“Market volatility is also influenced by a lack of liquidity, with the number of outstanding contracts continuing to shrink. The wild daily price jumps and high margin requirements are seen making it costlier for traders to maintain their positions, prompting many to walk away,” Bloomberg noted.

Adding to global cocoa supply fears was a report from Reuters on Wednesday detailing how one of the world’s top producers, Ghana, has considered delaying delivery of up to 350,000 tons of cocoa beans for next season due to poor harvests.

Michael McDougall, managing director at Paragon Global Markets, told Bloomberg Thursday that cocoa bean arrivals date indicate “production issues continue to plague the market and lack of investment catching up as yields are suffering due to aging trees.”

McDougall warned, “It won’t be resolved quickly for sure.”

Earlier this week, Bloomberg reported that Ivory Coast, the world’s top bean producer, has begun tightening domestic bean sales to prioritize local processors as supplies dwindle due to a bad harvest across West Africa.

Here are our latest bean reports:

The news from West Africa is certainly worsening supply fears for the bean as prices near record highs.

However, Rabobank analyst Paul Joules recently told clients cocoa prices have likely peaked.

So, prices have peaked? Or is Andurand correct, and prices head to $20k?

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

END

ASIA TRADING//THURSDAY MORNING/WEDNESDAY NIGHT

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

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

ONSHORE YUAN: CLOSED DOWN TO 7.2554

OFFSHORE YUAN: UP TO 7.2720

SHANGHAI CLOSED UP 3.71 PTS OR 0.12 %

HANG SENG CLOSED DOWN 170.85 PTS OR 0.94%

2. Nikkei closed UP 94.09 PTS OR 0.24 %

3. Europe stocks SO FAR: ALL RED

USA dollar INDEX UP TO 105.18 EURO FALLS TO 1.0697 DOWN 41 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +0.925 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 157.07 JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now ABOVE 17,000

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

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

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.370/Italian 10 Yr bond yield DOWN to 3.965 SPAIN 10 YR BOND YIELD DOWN TO 3.330%

3i Greek 10 year bond yield DOWN TO 3.647

3j Gold at $2329.50//Silver at: 29.23 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble DOWN 1 AND 44/ 100 roubles/dollar; ROUBLE AT 89.33

3m oil into the 78 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 157.07/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.925% 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 0.8934 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9557 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: 4.2113 DOWN 3 BASIS PTS…

USA 30 YR BOND YIELD: 4.4359 DOWN 4 BASIS PTS/

USA 2 YR BOND YIELD: 4.688 DOWN 3 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 32.68…

10 YR UK BOND YIELD: 4.099 DOWN 5 PTS

2a New York OPENING REPORT

Futures Slide, Yields Tumble As European Turmoil Sparks Global Risk-Off

FRIDAY, JUN 14, 2024 – 08:19 AM

After stocks hit a 4th consecutive record and a 30th All Time High on Thursday on absolutely atrocious breadth (more than two thirds of the S&P closed red), futures traded lower as the rally finally fizzled. At 8:00am ET, S&P futures were down 0.5%, but off session lows, while Nasdaq futures outperformed, down 0.2% after closing at a fresh all time high despite more than 70% of names in the index trading lower on the session! The strong US performance – this morning notwithstanding – which delivered a 1.6% advance since last Friday, stands in contrast to a sharp decline in European stocks, which are headed for their worst week since January on growing concerns about political turmoil in France, and culminated with French public development bank SFIL SA pulling the sale of a green bond after a week that saw the country’s government debt tumble ahead of upcoming elections. Bond yields tumbled some 5bps lower, pushing the 10Y yield to 4.20%, amid an almost panicked flight to safety out of Europe, which also helped push the USD higher and EUR lower. Commodities are reversing recent losses with both oil and gold/silver are higher. Overnight, the biggest focus was BOJ’s decision, which again came in more dovish than expected: BOJ said the reduction in government bond purchases would begin after the bank’s next meeting, and sent the yen plunging initially before cross-asset flows pushed it back to unchanged. Today, the macro focus will be the Michigan sentiment and inflation expectation data at 10am.

In premarket trading, semis and giga-tech names are again in focus. Adobe soared 14% after the creative-arts software company raised its full-year forecast on key metrics. NVDA +1.2%, SMCI +33bp, AVGO +89bp. Outside NVDA/TSLA, the rest of Mag7 are lower. Here are some other notable premarket movers:

MSC Industrial, a distributor of metalworking products, drops 13% after reporting disappointing preliminary 3Q results. Peer Fastenal slips 2%.
Nucor falls 2% after the company provided a 2Q profit forecast that disappointed.
Pinterest declines 3% after Piper Sandler noted a deceleration in growth in traffic to Amazon in May.
RH tumbles 12% after the furniture retailer reported a heavier-than-expected first-quarter loss.
Tesla rises 1.2% after investors re-approved Elon Musk’s compensation and cleared the company moving its legal home to Texas, offering votes of confidence in the chief executive despite a sales slump and falling stock price.
ZKH Group rises 12% after the China-based firm said its board authorized a buyback program of its American depositary shares for up to $50 million.

Markets are increasingly anxious after French President Emmanuel Macron announced a snap legislative election following his party’s drubbing in the European Parliament elections. Investors fear a win for Marine Le Pen’s far-right National Rally party, which leads polls by a wide margin, will usher in looser fiscal policies.

“It’s a risk-off tone with concerns over France driving the markets,” said Mohit Kumar, chief economist for Europe at Jefferies International. “Particularly going into the weekend, investors would be taking some positions off the table.”

The uncertainty sent the yield spread between French and German bonds soaring this week, on pace for the most on record, while the yield on two-year debt for Germany set for the biggest drop since May 2023.

“It’s hard to ignore the parallels between our current situation and the time of the sovereign debt crisis, as there’s that familiar focus on election results, sovereign bond spreads and debt sustainability,” said Jim Reid, an analyst at Deutsche Bank AG. That’s “coupled with no obvious sign about where things are headed next.” Or as we put it…

The rising panic sent the Stoxx 600 sliding 1.2% extending losses since Monday to 2.6%; the week’s turmoil has wiped out all June’s gains for the European benchmark, with investors warning that the volatility may continue until the French vote is concluded in July. Sentiment also weighed on the Estoxx 50, which slumped nearly 2% with underperforming sectors including industrials and financials. France’s CAC 40 index plunged 2.6%, and erased its gains for the year and was on pace for its largest weekly drop since March 2022, with banking shares such as BNP Paribas SA and Societe Generale SA among the biggest losers. Here are the biggest European movers:

H&M shares rise as much as 3.8%, the most since April 23, after UBS upgraded the Swedish fast fashion retailer to buy from neutral.
Tesco shares rise as much as 2.3% after the grocer reported first-quarter like-for-like sales in the UK that came ahead of consensus estimates. Citi said the update was “encouraging.”
Chemical stocks Lanxess and Wacker Chemie climb as Stifel upgrades to buy, seeing momentum.
Keywords Studios shares rise as much as 2.8% after the video game services company extended the deadline by which EQT must announce a firm offer or walk away to June 28.
Hilton Food Group shares rise as much as 0.4%, with analysts at Peel Hunt flagging a “helpful” update out this morning from supermarket chain Tesco, which is a major customer of the food company.
Crest Nicholson shares gain as much as 10% after the UK homebuilder rejected an all-share offer from Bellway.
French stocks extend their slide as political risk continues to weigh on sentiment following President Emmanuel Macron’s call for a snap legislative election.
Kemira shares fall as much as 3.1% after being downgraded to hold from buy at Stifel, reflecting an absence of near-term catalysts.
Opus shares drop as much as 2.1% after the Hungarian investment holding company reported a drop in first-quarter Ebitda and sales.

“Elections in France tend to be more volatile for equity markets than other developed markets,” Beata Manthey, head of European equity strategy at Citigroup Inc., told Bloomberg Television. “This volatility could continue for a bit longer.”

In Asia, MSCI’s Asia Pacific index slipped as losses in Australian and Chinese stocks offset gains in Japan’s benchmark. The Bank of Japan triggered renewed weakness in the yen after making investors wait until its July meeting for details on its paring of bond buying, a move that was also seen as a delay in the normalization in policy. Still, Governor Kazuo Ueda pushed back against the view that a rate hike was no longer possible next month.

In FX, the dollar rallied, boosted by growing political uncertainty in France, while Treasuries edged up, following gains in European bonds. The US currency also gained versus the yen after the Bank of Japan suggested it would take its time to scale back its bond-buying program. The yen fell 0.2% but was well off its worst levels, having dropped after the Bank of Japan offered little detail on its plans to reduce bond purchases. Investors await appearances later in the day by Federal Reserve speakers including Cleveland Fed President Loretta Mester and Chicago Fed President Austan Goolsbee for more clues on the outlook for US interest rates and inflation.

In rates, treasuries pushed to fresh weekly highs with futures on best levels of the day heading into early US session, following sharp gains in bunds where German 2-year yields are richer by more than 10bp on the day. Political uncertainty in Europe is weighing on sentiment, with French and Italian bond spreads aggressively wider versus bunds. Focal points of US session, include University of Michigan sentiment survey and a busy Fed speaker slate. 10-year yields tumbled to 4.19%, down around 6bp vs Thursday’s close with bunds trading 6.5bp richer in the sector vs Treasuries

Bank of Japan policy announcement overnight lacked details on its bond-buying cuts, leaving investors to wait until its July meeting for figures or a timeline, which weighed on Japan bonds overnight, leaving the yen vulnerable to further declines

In commodities, oil prices reversed an earlier drop, with Brent rising 0.5% to trade above $83. Spot gold rises ~$15 to around $2,319/oz.

In crypto, Bitcoin was back on a firmer footing and holds just of USD 67k, whilst Ethereum climbs above USD 3.5k.

Looking to the day ahead now, and data releases from the US include the University of Michigan’s preliminary consumer sentiment index for June. Central bank speakers include ECB President Lagarde, the ECB’s Vasle and Lane, along with the Fed’s Goolsbee and Cook.

Market Snapshot

S&P 500 futures down 0.2% to 5,429.50
STOXX Europe 600 down 0.4% to 514.09
MXAP down 0.2% to 179.48
MXAPJ down 0.1% to 563.51
Nikkei up 0.2% to 38,814.56
Topix up 0.5% to 2,746.61
Hang Seng Index down 0.9% to 17,941.78
Shanghai Composite up 0.1% to 3,032.63
Sensex up 0.1% to 76,903.15
Australia S&P/ASX 200 down 0.3% to 7,724.26
Kospi up 0.1% to 2,758.42
German 10Y yield little changed at 2.41%
Euro down 0.3% to $1.0701
Brent Futures down 0.5% to $82.32/bbl
Gold spot up 0.6% to $2,317.84
US Dollar Index up 0.33% to 105.54

Top Overnight News

The Bank of Japan said it would reduce government bond purchases in a signal of monetary tightening, as it left its policy interest rate unchanged. Monetary tightening in general should support the yen, but the Japanese currency instead weakened Friday because the central bank didn’t offer specifics on its bond plans. WSJ
Chinese firms apply for anti-dumping probe into pork imports from the EU as trade tensions between Brussels and Beijing escalate. RTRS
President Emmanuel Macron’s centrist alliance could be facing a wipeout in snap parliamentary elections after France’s leftwing parties struck a unity pact. New projections suggested only around 40 of Macron’s MPs would qualify for the second round vote on July 7, in run-off races that would predominantly be fought between candidates fielded by the far right or the leftwing bloc for the 589-strong assembly. FT
Barclays was ordered by UK regulators to review its leveraged finance business as concern grows inside the BOE over how lenders are measuring their exposure to private equity. BBG
French Finance Minister Bruno Le Maire warned that victory by a new left-wing alliance in the upcoming snap vote would lead to the country’s exit from the European Union as he put fears over the economy at the center of the campaign. BBG
The imposition of additional sanctions on Moscow has created turmoil in Russia’s financial system, forcing the country’s main trading platform to halt dollar and euro transactions. WaPo
CMS will recalculate the quality ratings applied to private Medicare plans, a move that could result in >$1B worth of additional payments to insurers. WSJ
The number of people living in the streets and subways of New York City has ticked up slightly to the highest level in nearly two decades, according to results of an annual one-night field survey that the city released on Thursday. The survey, conducted in January, found an estimated 4,140 people living unsheltered, up 2.4 percent from last year’s 4,042 and the most since 2005, when the city began conducting the surveys. NYT
Looks like “Roaring Kitty” exited his options position in GameStop. Keith Gill posted a screenshot of his portfolio that no longer included 120,000 call options and, instead, a position of more than nine million common shares. BBG

More detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly subdued after the mixed performance stateside where soft data took centre stage, while participants turned their attention to the BoJ policy announcement. ASX 200 was dragged lower by underperformance in tech and commodity-related sectors. Nikkei 225 recovered early losses and was underpinned after the BoJ policy decision in which the central bank maintained short-term rates at 0.0%-0.1% and kept bond purchases in accordance with its decision in March, while it announced to trim bond buying but will decide on a specific reduction plan for the next 1-2 years at the next policy meeting. Hang Seng and Shanghai Comp. were pressured with the former back below the 18,000 level amid tech and auto weakness, while the mainland is also lacklustre amid Western sanction threats on Chinese entities for supplying Russia’s war machine.

Top Asian News

Japanese Finance Minister Suzuki said they will monitor the impact of China’s excess production on the Japanese economy and warned of possible deflationary pressure due to overcapacity in China, according to Reuters.
Chinese firms have formally applied for an anti-dumping investigation into pork imports from the European Union after the EU decided to impose anti-subsidy duties on Chinese-made EVs, according to Global Times.
China is reportedly internally moving ahead with the procedure to raise the temporary tariff rate on imported cars with large displacement engines, according to Global Times citing sources.
China May Vehicle Sales +1.5% Y/Y vs +9.3% in April; Jan-May +8.3% Y/Y vs 11.1% Y/Y, via Industry Association
Japan Chief Cabinet Secretary Hayashi says they will continue to closely monitor the FX market. No comment on possible market impact from the BoJ. Important for FX moves to be stable and reflect fundamentals. Expects BoJ to conduct appropriate monetary policy and working closely with the government.

European bourses, Stoxx 600 (-0.4%) are entirely in the red, with sentiment hampered amid ongoing political uncertainty; approval polls showed President Macron rating drop to the lowest in 5yrs, whilst Finance Minister Le Maire said “yes”, when asked if the current political crisis could result in a financial crisis. CAC 40 has now erased gains for the year and is flat YTD, future lower by over 2.0% on the session. European sectors hold a negative bias, with a slight defensive tilt as Healthcare tops the index. Industrials are found at the foot of the pile, with Defence names underperforming, seemingly with no clear catalyst, but potentially amid the ongoing political woes; Rheinmetall (-6.5%), Thales (-3.5%), BAE (-2.2%). Banks also lag amid the political uncertainty in Europe, with French names the most impacted as it stands. US Equity Futures (ES -0.2%, NQ +0.1%, RTY -1.1%) are mixed, with clear underperformance in the RTY, in continuation of the prior day’s hefty losses. In terms of stock specifics, Adobe (+15%) soars in the pre-market after the Co. reported a beat on headline metrics and raised its Q3 guidance above analyst expectations.

Top European News

ECB’s Kazaks says uncertainty high but ECB on the path to lower inflation; market expectations on rates are reasonable; deviation from baseline would require sizeable and persistent data surprises.
UK Reform Party has overtaken the Conservative party in a poll for the first time, according to a YouGov survey for The Times.
Budget stand-off reportedly pushes Germany’s coalition to the brink, according to FT.
Germany is said to be trying to prevent or soften EU tariffs on Chinese EVs, according to Bloomberg.
Greek PM says they are to reshuffle the cabinet following a worse than expected EU vote result.
Germany’s DIW Institute revises up 2024 GDP forecast to +0.3% (prev. 0%); expected to grow by 1.3% in 2025 (prev. 1.2%)
BoE Survey: UK Public Inflation Expectation for year-ahead 2.8% (prev. 3.0%) in February.
Draft G7 statement says they will be restricting access to financial systems for targeted entities, incl. Chinese, who support the Russian war effort. Promises additional sanctions on those engaged in deceptive practices while transporting Russian oil. Pledges to continue efforts to reduce Russian revenue from metals. Calls on China to refrain from adopting export control measures, particularly regarding critical minerals.
BoFA Global Research lifts the UK 2024 GDP growth forecast to 0.7% (prev. 0.2%)

BOJ

BoJ kept its short-term policy rates at 0.0%-0.1%, as expected, while it decided to conduct JGB purchases in accordance with the decision at the March meeting but will trim bond buying and decide on a specific reduction plan for the next 1-2 years at the next meeting. BoJ’s decision on rates was made by unanimous vote and the decision on JGB purchases was made by 8-1 vote in which BoJ board member Nakamura dissented citing the bank should decide to reduce purchases after reassessing developments in economic activity and prices in the July 2024 outlook report. Furthermore, the BoJ said it will hold a meeting with bond market participants on today’s policy decision and it expects that underlying inflation is to gradually accelerate, as well as noted it is necessary to pay due attention to developments in financial and forex markets.

UEDA

The reduction of JGB purchases will be a considerable volume. Will start reduction of JGB purchases immediately after deciding at the July meeting; reduction announced today to avoid uncertainties as much as possible. Want to show guidance for JGB tapering for one-two years to increase visibility; don’t think we can reach the state of JGB holdings which is desirable in the long-term within a year. Decided to put off detailed plan of JGB tapering until July’s meeting to have a considered discussion with markets. Adds, a July hike is naturally possible, depending on data.

A firm start for the Dollar amid external factors in the form of a weak JPY after the BoJ (see below) coupled with a weak EUR following commentary from the French Finance Minister (more in the next bullet). Dollar is currently towards the upper end of today’s 105.17-65 range, approaching the May 9th high at 105.74.
EUR was dealt a blow to a fresh YTD low by commentary from French Finance Minister Le Maire who, when asked if the current political crisis could result in a financial crisis, answered “yes”. EUR/USD fell below a touted Fib around 1.0721 before accelerating losses to eventually dip under 1.0700.
JPY is the marked laggard after the BoJ caught markets off-guard again in which it defied expectations for an immediate reduction of bond purchases, but instead will decide on a specific bond buying reduction plan at the next meeting. USD/JPY rose to a 158.25 high (vs 156.98 low) before waning off best levels following the hawkish-leaning commentary from Ueda (full comments in the BoJ section below).
Antipodeans are lagging vs the Dollar amid the broader risk aversion sparked by the political angst in the EU possibly resulting in a financial crisis in France.
PBoC set USD/CNY mid-point at 7.1151 vs exp. 7.2620 (prev. 7.1122).

Fixed Income

USTs are flat with specifics light and the marked widening of European spreads not having much influence in USTs just yet. BoJ the main macro event thus far which saw rates maintained and the announcement that they will be reducing the bond buying place; however, this will not be unveiled/enacted until the July meeting.
EGBs are bid across the board but OATs remain out of sync with Bunds after the marked drop at the start of the week and as such today’s rally is heightening focus on spreads between the nations; OAT-Bund yield spread widens above 78bps, to levels not seen since ‘Frexit’ concern.
Gilts are firmer alongside the broader EGB moves and seemingly paring the modest relative underperformance seen yesterday after the Labour manifesto. Unreactive to the latest BoE inflation attitude survey, currently holding near a fresh WTD peak of 98.69.

Commodities

Crude is softer on the session thus far, amid the stronger Dollar, broader risk aversion arising from the political crisis in the EU and ongoing tensions between Israel/Lebanon. Brent Aug sits near USD 82.25/bbl in a USD 81.92-82.55/bbl parameter. Some modest upside was seen after the G7 Draft promised additional sanctions on those engaged in deceptive practices while transporting Russian oil; upside well within today’s ranges.
Precious metals are mostly firmer despite the stronger Dollar in what could be a function of some haven flows amid this morning’s risk aversion. XAU/USD resides in a USD 2,301-2,321.59/oz and within yesterday’s 2,295.48-2,326.49/oz parameter.
Base metals are mixed and somewhat resilient to the soaring Dollar, but after a week of losses for the complex.Draft G7 statement promises additional sanctions on those engaged in deceptive practices while transporting Russian oil

Geopolitics: Middle East

Hamas leader Osama Hamdan told CNN that neither they nor anyone has any idea how many live hostages there are, according to Al Jazeera.
US President Biden said he hasn’t lost hope but Hamas has to step up regarding a Gaza ceasefire.
US State Department said the recent report issued by the IAEA makes it clear that Iran aims to continue expanding its nuclear program in ways that have no credible peaceful purpose. Furthermore, the US remains in close coordination with partners and allies and they are prepared to continue to increase pressure on Iran should its non-cooperation with the IAEA continue.
US military said it destroyed two Houthi patrol boats, one unmanned surface vessel, and one drone over the Red Sea.
US Centcom said Houthis launched two anti-ship cruise missiles into the Gulf of Aden and M/V Verbena reported damage and subsequent fires, according to Reuters.
“Rocket barrage fired from southern Lebanon and sirens sound in Kiryat Shmona, Beit Hillel, Metulla and Miskaf”, according to Sky News Arabia

Geopolitics: Other

US President Biden vowed that the US will support Ukraine ‘until they prevail in this war’, while he said Washington will send more Patriot air defence systems to Kyiv as G7 steps up support, according to FT.
South Korean and US diplomats held an emergency phone call over the possible visit by Russian President Putin to North Korea, while South Korea told the US that Putin’s visit to North Korea should not result in deeper military cooperation in breach of U.N. Security Council resolutions, according to the Foreign Ministry.
Japanese Chief Cabinet Secretary Hayashi said they are poised to soon officially announce a new sanctions package against Russia and are considering new sanctions against organisations in China, India, UAE and others related to Russia.
“An air alert went on throughout Ukraine, This is related to the activity of a potential carrier of hypersonic missiles”, according to Kyiv Post.
“An air alert went on throughout Ukraine, This is related to the activity of a potential carrier of hypersonic missiles”, according to Kyiv Post.
Finnish border guard suspects four Russian planes violated Finnish airspace on June 10th.

US Event Calendar

08:30: May Import Price Index MoM, est. -0.1%, prior 0.9%
- May Import Price Index YoY, est. 1.3%, prior 1.1%
- May Export Price Index MoM, est. 0.1%, prior 0.5%
- May Export Price Index YoY, est. 0.6%, prior -1.0%
10:00: June U. of Mich. Sentiment, est. 72.0, prior 69.1
- June U. of Mich. Current Conditions, est. 72.2, prior 69.6
- June U. of Mich. Expectations, est. 72.0, prior 68.8
- June U. of Mich. 1 Yr Inflation, est. 3.2%, prior 3.3%
- June U. of Mich. 5-10 Yr Inflation, est. 3.0%, prior 3.0%

DB’s Jim Reid concludes the overnight wrap

The divergence between US and European markets has continued over the past 24 hours, with further advances in the US whilst Europe lost further ground. Indeed, the S&P 500 (+0.23%) advanced for a 4th consecutive day to another record high, as soft PPI data added to hopes the Fed would cut rates. But in Europe it was a very different story, as the political uncertainty in Europe meant the STOXX 600 (-1.31%) suffered its worst daily performance since April. In fact as it stands, the S&P 500 is up +1.62% so far this week, whereas the STOXX 600 is down -1.43%, which if sustained would be the biggest weekly divergence between the two indices since the banking turmoil in March last year.

We’ll start with Europe, as French assets continued to decline ahead of the upcoming parliamentary elections, with further losses for bonds and equities there. To put the current moves in some perspective, the Franco-German 10yr spread has now risen by +21.7bps since the start of the week, and even if it’s unchanged today, that would be the biggest weekly jump in the spread since the height of the sovereign debt crisis in late-2011. To be honest, it’s hard to ignore the parallels between our current situation and the time of the sovereign debt crisis, as there’s that familiar focus on election results, sovereign bond spreads and debt sustainability, coupled with no obvious sign about where things are headed next.

In terms of the moves yesterday, the Franco-German 10yr spread widened by another +8.6bps on the day to 69.5bps. That’s the 4th consecutive day that it’s widened, and significantly, it now leaves the spread at its highest closing level since 2017, surpassing the recent peak in 2020 at the height of the initial wave of the Covid-19 pandemic. For reference, the last time it was this wide in 2017 came just before the first round of the presidential election that year, when Macron came first and set up a run-off in the second round against Marine Le Pen. Then spreads tightened again after Macron’s first-round win, as markets moved to price in a strong likelihood of a Macron presidency.

Elsewhere in France, the selloff was very strong, and the CAC 40 (-1.99%) posted its worst daily performance since July. That included further losses for bank stocks, including declines for BNP Paribas (-2.94%), Crédit Agricole (-2.50%) and Société Générale (-1.63%). That was echoed across Europe as well, and there were sizeable losses for the DAX (-1.96%), the FTSE MIB (-2.18%) and the IBEX 35 (-1.59%). Likewise, sovereign bond spreads widened across the continent, with yields on 10yr bunds down -6.0bps, even as those on OATs (+2.6ps) and BTPS (+1.7bps) moved higher. The euro itself also weakened by -0.67% against the US Dollar, and DB’s head of FX research George Saravelos wrote yesterday (link here) about how recent events pose downside risks to their medium-term EUR/USD forecasts in the coming weeks. And in terms of the latest on the political situation, a poll by Elabe for Les Echos found that President Macron’s approval rating was down to 24%, which is its lowest level since December 2018, during the Yellow Vests protests. Later in the day, there was also confirmation of an alliance between left-wing parties, including the Greens, Socialists, Communists, and La France Insoumise, who will only put up one candidate in each district.

Markets weren’t helped by a fresh rise in European natural gas futures (+1.22%), which rose for a 4th consecutive day to €35.72/MWh. That’s very close to a six-month high, and comes as various global supply disruptions have pushed up prices, which has seen them rise by more than +50% since their recent low in mid-February. Now it’s worth remembering that this is still a long way away from their 2022 levels, but the direction of travel has again proved to be a headwind for markets, particularly at a time when European growth had been looking more positive in recent months.

But even as European markets slumped once again, US markets continued to outperform. That followed a couple of data releases, which led investors to grow more confident about the chance of rate cuts. First there were the weekly initial jobless claims, which spiked up to 242k (vs. 225k expected) in the week ending June 8. That’s their highest level since August, and coupled with the rise in the unemployment rate last week, it added to the signs that the labour market might be showing clearer signs of weakness. Alongside that, the PPI release for May was also softer than expected, which cemented the theme from the CPI the previous day. For instance, monthly headline PPI fell by -0.2% (vs. +0.1% expected), which left the year-on-year number at +2.2% (vs. +2.5% expected).

Given those data releases, investors dialled up the prospects of rate cuts from the Fed, and the amount priced in by the December meeting was up +6.2bps on the day to 50bps. In turn, that led to a fresh rally for US Treasuries, which got another boost from a strong 30yr auction later in the session that saw the highest bid-to-cover ratio in 12 months. By the close, the 2yr yield was down -5.5bps to 4.70%, whilst the 10yr yield was down -7.2bps to 4.245%. Overnight, there’s been a modest reversal of those moves, with 2yr (+2.2bps) and with 10yr yields (+1.9bps) moving higher to 4.72% and 4.26% respectively.

US equities were also resilient, with the S&P 500 (+0.23%) posting yet another record high. That was powered by the Magnificent 7 (+0.54%), which also hit a fresh record, and tech stocks generally did well after an upbeat AI-driven outlook from chip supplier Broadcom. Its shares spiked by +12.27%, their largest daily gain since March 2020. In turn this boosted other chipmakers, with Nvidia up +3.52%. In after hours trading, we also saw a +15% gain for Adobe following its results after the market close. Nevertheless, the equity gains were still fairly narrow, with the equal-weighted S&P 500 down -0.27%, whilst the small-cap Russell 2000 was down -0.88%.

Overnight in Asia, the main story comes from the Bank of Japan, who left their interest rates unchanged, and announced they would outline plans to cut their bond purchases at next meeting in July. That caused the Yen to weaken, and it’s currently down -0.53% against the US Dollar, as there had been some expectations that the BoJ might announce a reduction in purchases at this meeting. Japanese government bonds have also rallied, with the 10yr yield down -4.0bps this morning to 0.92%.

That backdrop has meant the Nikkei (+0.46%) and other Japanese equities are performing strongly this morning. However, it’s a different story elsewhere in Asia, with the Hang Seng (-0.67%), the CSI 300 (-0.40%) and the Shanghai Comp (-0.37%) all trading lower, although the KOSPI is up +0.30%. US equity futures are also pointing towards a stable performance, with those on the S&P 500 up +0.01%.

To the day ahead now, and data releases from the US include the University of Michigan’s preliminary consumer sentiment index for June. Central bank speakers include ECB President Lagarde, the ECB’s Vasle and Lane, along with the Fed’s Goolsbee and Cook.

2B EUROPE OPENING/TRADING

Political uncertainty in Europe hits sentiment, JPY initially slipped post-BoJ but now flat – Newsquawk US Market Open

FRIDAY, JUN 14, 2024 – 06:16 AM

European bourses are entirely in the red, with sentiment hampered by ongoing political angst in the EU; US futures are also lower, RTY underperforms
DXY is bid, benefitting from the subdued EUR which dips below 1.07 and a weak JPY post-BoJ
The BoJ kept rates unchanged but defied expectations for an immediate reduction of bond purchases, instead, it will decide on a specific bond-buying reduction plan at the next meeting
USTs are flat, EGBs soar amid political uncertainty in the region, with the OAT-Bund spread widening to over 78bps
Crude is subdued amid the firmer Dollar, XAU benefits from haven flows and base metals are mixed
Looking ahead, US UoM Survey, comments from Fed’s Goolsbee, Cook & ECB’s Schnabel

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EUROPEAN TRADE

EQUITIES

European bourses, Stoxx 600 (-0.4%) are entirely in the red, with sentiment hampered amid ongoing political uncertainty; approval polls showed President Macron rating drop to the lowest in 5yrs, whilst Finance Minister Le Maire said “yes”, when asked if the current political crisis could result in a financial crisis.
CAC 40 has now erased gains for the year and is flat YTD, future lower by over 2.0% on the session.
European sectors hold a negative bias, with a slight defensive tilt as Healthcare tops the index. Industrials are found at the foot of the pile, with Defence names underperforming, seemingly with no clear catalyst, but potentially amid the ongoing political woes; Rheinmetall (-6.5%), Thales (-3.5%), BAE (-2.2%). Banks also lag amid the political uncertainty in Europe, with French names the most impacted as it stands.
US Equity Futures (ES -0.2%, NQ +0.1%, RTY -1.1%) are mixed, with clear underperformance in the RTY, in continuation of the prior day’s hefty losses. In terms of stock specifics, Adobe (+15%) soars in the pre-market after the Co. reported a beat on headline metrics and raised its Q3 guidance above analyst expectations.
Click for the sessions European pre-market equity newsflow
Click for the additional news
Click for a detailed summary

FX

A firm start for the Dollar amid external factors in the form of a weak JPY after the BoJ (see below) coupled with a weak EUR following commentary from the French Finance Minister (more in the next bullet). Dollar is currently towards the upper end of today’s 105.17-65 range, approaching the May 9th high at 105.74.
EUR was dealt a blow to a fresh YTD low by commentary from French Finance Minister Le Maire who, when asked if the current political crisis could result in a financial crisis, answered “yes”. EUR/USD fell below a touted Fib around 1.0721 before accelerating losses to eventually dip under 1.0700.
JPY is the marked laggard after the BoJ caught markets off-guard again in which it defied expectations for an immediate reduction of bond purchases, but instead will decide on a specific bond buying reduction plan at the next meeting. USD/JPY rose to a 158.25 high (vs 156.98 low) before waning off best levels following the hawkish-leaning commentary from Ueda (full comments in the BoJ section below).
Antipodeans are lagging vs the Dollar amid the broader risk aversion sparked by the political angst in the EU possibly resulting in a financial crisis in France.
PBoC set USD/CNY mid-point at 7.1151 vs exp. 7.2620 (prev. 7.1122).
Click for a detailed summary

FIXED INCOME

USTs are flat with specifics light and the marked widening of European spreads not having much influence in USTs just yet. BoJ the main macro event thus far which saw rates maintained and the announcement that they will be reducing the bond buying place; however, this will not be unveiled/enacted until the July meeting.
EGBs are bid across the board but OATs remain out of sync with Bunds after the marked drop at the start of the week and as such today’s rally is heightening focus on spreads between the nations; OAT-Bund yield spread widens above 78bps, to levels not seen since ‘Frexit’ concern.
Gilts are firmer alongside the broader EGB moves and seemingly paring the modest relative underperformance seen yesterday after the Labour manifesto. Unreactive to the latest BoE inflation attitude survey, currently holding near a fresh WTD peak of 98.69.
Click for a detailed summary

COMMODITIES

Crude is softer on the session thus far, amid the stronger Dollar, broader risk aversion arising from the political crisis in the EU and ongoing tensions between Israel/Lebanon. Brent Aug sits near USD 82.25/bbl in a USD 81.92-82.55/bbl parameter. Some modest upside was seen after the G7 Draft promised additional sanctions on those engaged in deceptive practices while transporting Russian oil; upside well within today’s ranges.
Precious metals are mostly firmer despite the stronger Dollar in what could be a function of some haven flows amid this morning’s risk aversion. XAU/USD resides in a USD 2,301-2,321.59/oz and within yesterday’s 2,295.48-2,326.49/oz parameter.
Base metals are mixed and somewhat resilient to the soaring Dollar, but after a week of losses for the complex.Draft G7 statement promises additional sanctions on those engaged in deceptive practices while transporting Russian oil
Click for a detailed summary

CRYPTO

Bitcoin back on a firmer footing and holds just of USD 67k, whilst Ethereum climbs above USD 3.5k.

NOTABLE DATA RECAP

Swedish CPIF YY (May) 2.3% vs. Exp. 2.1% (Prev. 2.3%); CPIF Ex Energy YY (May) 3.0% vs. Exp. 2.70% (Prev. 2.90%)

NOTABLE EUROPEAN HEADLINES

ECB’s Kazaks says uncertainty high but ECB on the path to lower inflation; market expectations on rates are reasonable; deviation from baseline would require sizeable and persistent data surprises.
UK Reform Party has overtaken the Conservative party in a poll for the first time, according to a YouGov survey for The Times.
Budget stand-off reportedly pushes Germany’s coalition to the brink, according to FT.
Germany is said to be trying to prevent or soften EU tariffs on Chinese EVs, according to Bloomberg.
Greek PM says they are to reshuffle the cabinet following a worse than expected EU vote result.
Germany’s DIW Institute revises up 2024 GDP forecast to +0.3% (prev. 0%); expected to grow by 1.3% in 2025 (prev. 1.2%)
BoE Survey: UK Public Inflation Expectation for year-ahead 2.8% (prev. 3.0%) in February.
Draft G7 statement says they will be restricting access to financial systems for targeted entities, incl. Chinese, who support the Russian war effort. Promises additional sanctions on those engaged in deceptive practices while transporting Russian oil. Pledges to continue efforts to reduce Russian revenue from metals. Calls on China to refrain from adopting export control measures, particularly regarding critical minerals.
BoFA Global Research lifts the UK 2024 GDP growth forecast to 0.7% (prev. 0.2%)

NOTABLE US HEADLINES

US Treasury Secretary Yellen said strong US growth is lifting global growth and that the labour market remains strong, while she added that US labour market pressures have eased and wages are rising more slowly.
China Market Regulator says Tesla (TSLA) China recalls 5826 imported Model 3, Model S and Model X vehicles.
Adobe Inc (ADBE) Q2 2024 (USD): Adj. EPS 4.48 (exp. 4.39), Revenue 5.31bln (exp. 5.29bln). Sees Q3 Adj. EPS USD 4.50-4.55 (exp. 4.48). Sees Q3 rev. USD 5.33bln-5.38bln (exp. 5.40bln). Raised FY Adj. EPS guidance to USD 18.00-18.20 from USD 17.60-18.00 (exp. 18.02). Adjusts FY rev. guidance to USD 21.40bln-21.50bln from USD 21.30bln-21.50bln (exp. 21.46bln). Shares +15% pre-market

GEOPOLITICS

MIDDLE EAST

Hamas leader Osama Hamdan told CNN that neither they nor anyone has any idea how many live hostages there are, according to Al Jazeera.
US President Biden said he hasn’t lost hope but Hamas has to step up regarding a Gaza ceasefire.
US State Department said the recent report issued by the IAEA makes it clear that Iran aims to continue expanding its nuclear program in ways that have no credible peaceful purpose. Furthermore, the US remains in close coordination with partners and allies and they are prepared to continue to increase pressure on Iran should its non-cooperation with the IAEA continue.
US military said it destroyed two Houthi patrol boats, one unmanned surface vessel, and one drone over the Red Sea.
US Centcom said Houthis launched two anti-ship cruise missiles into the Gulf of Aden and M/V Verbena reported damage and subsequent fires, according to Reuters.
“Rocket barrage fired from southern Lebanon and sirens sound in Kiryat Shmona, Beit Hillel, Metulla and Miskaf”, according to Sky News Arabia

OTHER

US President Biden vowed that the US will support Ukraine ‘until they prevail in this war’, while he said Washington will send more Patriot air defence systems to Kyiv as G7 steps up support, according to FT.
South Korean and US diplomats held an emergency phone call over the possible visit by Russian President Putin to North Korea, while South Korea told the US that Putin’s visit to North Korea should not result in deeper military cooperation in breach of U.N. Security Council resolutions, according to the Foreign Ministry.
Japanese Chief Cabinet Secretary Hayashi said they are poised to soon officially announce a new sanctions package against Russia and are considering new sanctions against organisations in China, India, UAE and others related to Russia.
“An air alert went on throughout Ukraine, This is related to the activity of a potential carrier of hypersonic missiles”, according to Kyiv Post.
“An air alert went on throughout Ukraine, This is related to the activity of a potential carrier of hypersonic missiles”, according to Kyiv Post.
Finnish border guard suspects four Russian planes violated Finnish airspace on June 10th.

BOJ

BoJ kept its short-term policy rates at 0.0%-0.1%, as expected, while it decided to conduct JGB purchases in accordance with the decision at the March meeting but will trim bond buying and decide on a specific reduction plan for the next 1-2 years at the next meeting. BoJ’s decision on rates was made by unanimous vote and the decision on JGB purchases was made by 8-1 vote in which BoJ board member Nakamura dissented citing the bank should decide to reduce purchases after reassessing developments in economic activity and prices in the July 2024 outlook report. Furthermore, the BoJ said it will hold a meeting with bond market participants on today’s policy decision and it expects that underlying inflation is to gradually accelerate, as well as noted it is necessary to pay due attention to developments in financial and forex markets.

UEDA

The reduction of JGB purchases will be a considerable volume. Will start reduction of JGB purchases immediately after deciding at the July meeting; reduction announced today to avoid uncertainties as much as possible. Want to show guidance for JGB tapering for one-two years to increase visibility; don’t think we can reach the state of JGB holdings which is desirable in the long-term within a year. Decided to put off detailed plan of JGB tapering until July’s meeting to have a considered discussion with markets. Adds, a July hike is naturally possible, depending on data.

APAC TRADE

APAC stocks were mostly subdued after the mixed performance stateside where soft data took centre stage, while participants turned their attention to the BoJ policy announcement.
ASX 200 was dragged lower by underperformance in tech and commodity-related sectors.
Nikkei 225 recovered early losses and was underpinned after the BoJ policy decision in which the central bank maintained short-term rates at 0.0%-0.1% and kept bond purchases in accordance with its decision in March, while it announced to trim bond buying but will decide on a specific reduction plan for the next 1-2 years at the next policy meeting.
Hang Seng and Shanghai Comp. were pressured with the former back below the 18,000 level amid tech and auto weakness, while the mainland is also lacklustre amid Western sanction threats on Chinese entities for supplying Russia’s war machine.

NOTABLE ASIA-PAC HEADLINES

Japanese Finance Minister Suzuki said they will monitor the impact of China’s excess production on the Japanese economy and warned of possible deflationary pressure due to overcapacity in China, according to Reuters.
Chinese firms have formally applied for an anti-dumping investigation into pork imports from the European Union after the EU decided to impose anti-subsidy duties on Chinese-made EVs, according to Global Times.
China is reportedly internally moving ahead with the procedure to raise the temporary tariff rate on imported cars with large displacement engines, according to Global Times citing sources.
China May Vehicle Sales +1.5% Y/Y vs +9.3% in April; Jan-May +8.3% Y/Y vs 11.1% Y/Y, via Industry Association
Japan Chief Cabinet Secretary Hayashi says they will continue to closely monitor the FX market. No comment on possible market impact from the BoJ. Important for FX moves to be stable and reflect fundamentals. Expects BoJ to conduct appropriate monetary policy and working closely with the government.

NORTH KOREA/SOUTH KOREA

END

2e) JAPAN

3 CHINA

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

FRANCE

France’s 10 year bond yields skyrocket and are a huge 74 pts higher than 10 year German bunds

(zerohedge)

French Development Banks Pulls Bond Sale As Macron Sparks EU Market Meltdown

FRIDAY, JUN 14, 2024 – 09:10 AM

Sacre bleu!!

The implications of French President Macron’s shock announcement of snap legislative elections after sustaining a hammering from the far-right Rassemblement National in European elections are starting to show up in some much more worrying systemic signals for the EU overall.

The OATS Spread (the gap between the yields of 10-year bonds issued by France, known as OATS for obligations assimilables du Trésor, and German bunds) is back at the center of discussion …

Complicating the situation further is the news that left-leaning political parties in France sealed an alliance to join forces in the upcoming legislative election, with polls showing it can win the second-biggest bloc behind Marine Le Pen’s National Rally.

The FT warns that Macron’s centrist alliance could be facing a wipeout in snap parliamentary elections after France’s leftwing parties struck a unity pact.

New projections suggested only around 40 of Macron’s MPs would qualify for the second round vote on July 7, in run-off races that would predominantly be fought between candidates fielded by the far right or the leftwing bloc for the 589-strong assembly.

The market’s response should not be a surprise as the prospect of the far-left getting a sway over policy has rattled investors in the past.

When polls in 2017 showed the presidential election could end up as a head-to-head between Le Pen and Melenchon, French debt sold off sharply, quadrupling its premium over safer German peers in a matter of months.

France’s CAC 40 index erased its gains for the year, with banking shares such as BNP Paribas SA and Societe Generale SA among the biggest losers.

That’s “coupled with no obvious sign about where things are headed next.”

Of course, as we noted on X, what Macron’s decision has done is merely pull back the curtain on the reality that nothing is fixed in Europe…

*FRANCE-GERMANY 10-YEAR YIELD GAP SET FOR WIDEST SINCE 2017 market about to remember that NOTHING in Europe has been fixed, and everything was just swept under the most gigantic debt pile

10:27 AM · Jun 13, 2024

53.8K Views

“It’s a risk-off tone with concerns over France driving the markets,” said Mohit Kumar, chief economist for Europe at Jefferies International. “Particularly going into the weekend, investors would be taking some positions off the table.”

And today, as Bloomberg reports, we see further implications as funding markets freeze up, as a French public development bank has delayed the sale of a green bond…

SFIL SA postponed the offering of a green bond on Friday, without giving a specific reason, according to a person familiar with the matter.

The delay was due to volatility in the French market, said another person with knowledge of the offering, asking not to be identified as the matter was private.

A day earlier, SFIL had mandated six banks to arrange the sale of a five-year note, with the aim of raising at least €500 million ($535 million).

The question of whether he was crazy to call a snap election was posed to him directly by Le Figaro earlier this week.

His response: “Not at all, I can confirm.”

When he was asked about it again by reporters at the G-7, he said that other leaders had described his actions as “courageous.”

Merde alors…

end

FRANCE

France’s bond yields blowing out and that is a major problem for the ECB

(zerohedge)

French-Bund Spread Blows Out Most On Record As Market Braces For Return Of European Debt Crisis

FRIDAY, JUN 14, 2024 – 01:15 PM

It wasn’t supposed to go like this: as discussed earlier today, Macron’s gamble to dissolve parliament and call a two-round snap election on June 30 and July 7 was supposed to boost morale, “circle the troops” and push back against the “extremism” of Marine Le Pen’s “far right” avalanche which absolutely crushed Macron’s party in last weekend’s European Parliament elections. Instead, it has opened the proverbial Pandora’s Box and even sparked speculation that Frexit – and even the broader collapse of the Eurozone which lay dormant for much of the past decade – may again be looming.

The reason behind this catastrophic sequence of events which will culminate in less than a month with impromptu French elections is, as always, sheer hubris, in this case that of President Emmanuel Macron and his centrist alliance who according to the FT, “could be facing a wipeout in snap parliamentary elections after France’s leftwing parties struck a unity pact.”

According to two new studies for Le Figaro and BFM TV, only around 40 of Macron’s MPs would qualify for the second round vote on July 7, in run-off races that would predominantly be fought between candidates fielded by the far right or the leftwing bloc for the 589-strong assembly.

The findings, as we noted earlier, confirm that Macron’s dramatic gamble to dissolve parliament and hold early elections in the hope of stopping the rise of the far-right Rassemblement National party is about to backfire spectacularly, and also underscore that the outcome of the two-round vote on June 30 and July 7 could be determined by the left.

As Bloomberg reports, four otherwise fractious left-wing parties sealed an alliance on Thursday to join forces in the upcoming legislative election, with polls showing it can win the second-biggest bloc behind Marine Le Pen’s National Rally. The alliance – which was endorsed by France’s former socialist president François Hollande – will have to overcome significant divisions between its members, notably over military support for Ukraine and Melenchon’s refusal to consider Hamas a terrorist organization.

“There was an expectation of union expressed,” the Socialist Party said in a statement late Thursday. “It is sealed.”

The accord did not specify who would be their candidate for prime minister but Jean-Luc Mélenchon, leader of the far-left France Insoumise (France Unbowed, LFI) party and a polarizing figure in French politics, hinted earlier on Thursday that he wanted the job. LFI secured the largest proportion of candidates on the joint list with the centre-left, Socialists, Greens, and Communists. And yet, speaking in an interview on TF1 as the news broke Thursday, Hollande said comments made recently by Melenchon would exclude the far-left leader from serving in a government. The former Socialist president said he didn’t know the details of the agreement but it must be pro-European, in favor of France remaining in NATO, and call for peace in Gaza while recognizing the Hamas terror attack. He said it will also be necessary to have measures on housing and support for real incomes, while remaining credible.

“The essential thing is that unity was possible,” Hollande said. “A time comes when we have to move beyond our differences.”

Speaking earlier, the current Prime Minister Gabriel Attal said it was “shameful” that the Socialist Party — where he began his political career — had entered a pact with France Unbowed.

“I’m calling on left, social-democratic voters, and there are a lot of them, who don’t identify with the France Unbowed program to support our candidates,” Attal said.

In any event, the unexpected development is a huge blow to Macron: if the left parties had ran multiple candidates for each seat, Macron’s centrist alliance would have had better chances of piercing through to the second round. To qualify for a run-off, a candidate needs to have won the backing of 12.5% of registered voters. With the alliance now in place, Macron’s chances of emerging from the elections with a firmer grip on government and centrist forces in parliament are now officially gone. His campaign had made overtures to the Socialists, whose government Macron served in during the presidency of Francois Hollande.

By extrapolating results from last week’s European parliamentary election to the upcoming first round in the French legislative poll, Le Pen’s RN would come first in 362 seats and the left would come top in 211, according to Le Figaro’s calculations.

Some analysts cautioned against extrapolating from European parliament elections, which take place in a single round according to proportional representation. They often have low turnout and are used as a protest vote against the government.

In an attempt to prevent all out panic that France will be divided between the “far-left” and “far-right” with centrists trampled, Mathieu Gallard, a pollster at Ipsos, said predicting seat share at this stage was “just a matter of intuition”. Candidates have not yet been selected and incumbent MPs often command considerable local loyalty. Margins of error for voting intentions across two rounds, the close contests in many constituencies and doubts over turnout made the “outcome highly uncertain at this stage”.

Still, forecasts add to a series of gloomy surveys for Macron’s camp this week, suggesting he could easily lose at least half of his 250 seats in the assembly.

Asked about the difficult poll numbers, an adviser to Macron’s alliance said: “There is a narrow path forward, and we’ll see how dynamics shift in the coming days. It is hard but not impossible.”

Turning from the left to the right, an Elabe poll for BFM and La Tribune Dimanche put the RN on 31% (with 4 for the rival party Reconquête), the leftwing alliance on 28%, and Macron’s centrist alliance on 18% while the centre-right Les Républicains on 6.5%.

Elabe projects the RN winning between 220 and 270 seats, the left 150-190 and Macron’s alliance 90-130, an unprecedented disaster for Macron, who despite his previous vows may have no choice but to resign. The center right would take 30-40.

It gets even worse for the European liberal, technocrat establishment: the polls suggest the mostly likely scenario is a hung parliament, but if the RN wins by a big margin, it will have a claim on the office of prime minister and the right to form a government.

France’s conservative and right-wing parties are struggling to forge a united front in the elections. The Republicans are locked in bitter infighting as most of the party’s senior members are trying to expel their president, Eric Ciotti, after he announced a pact with National Rally. He refuses to step down and is appealing at the Paris tribunal. And Marion Marechal, the vice president of the nationalist Reconquest party, was expelled late Wednesday, after she, too, sought to form a coalition with Le Pen, who is also her aunt.

While the French elections are still at least two weeks ago, French markets – both stock and bond – got destroyed this week: the CAC 40 index fell 2%, completing its worst week in nearly a year. Banks fell the most, with Societe Generale SA down 12% and BNP Paribas SA down 10% on the week.

But if stocks were hit, the bond market was absolutely crushed: French 10-year bond yields (OATs) over their German Bund counterparts, just jumped by a record this week as the two bonds diverged with a thud.

According to Bloomberg data, the OAT-bund spread widened 29bps this week to 77bps, the highest since 2017!

The prospect of the far-left getting a sway over policy has rattled investors in the past. When polls in 2017 showed the presidential election could end up as a head-to-head between Le Pen and Melenchon, French debt sold off sharply, quadrupling its premium over safer German peers in a matter of months. This time is even worse, with S&P downgrading the French credit rating from AA to AA- citing larger-than-expected deficits and political fragmentation as reasons for the downgrade.

OAT-bund spread widens by a record 29bps this week to 77bps, the most since 2017. That comes as polls show a left-leaning political alliance could win the second-biggest bloc behind Marine Le Pen’s far-right National Rally, pushing President Emmanuel Macron’s party into third place

And as goes France, so goes the rest of the Eurozone: peripheral debt was also hammered up in the rush to exit positions; Italian bonds yields reach the widest in four months versus German peers after the premium jumps the most since March 2023.

In the end, however, the biggest shock may be that – as we noted recently – Europe is about to discover that ever since the great sovereign debt crisis nothing has been fixed, and instead all the problems were merely shoved under the biggest debt pile in history.

*FRANCE-GERMANY 10-YEAR YIELD GAP SET FOR WIDEST SINCE 2017 market about to remember that NOTHING in Europe has been fixed, and everything was just swept under the most gigantic debt pile

10:27 AM · Jun 13, 2024

54.7K Views

*FRANCE-GERMANY 10-YEAR YIELD GAP SET FOR WIDEST SINCE 2017

market about to remember that NOTHING in Europe has been fixed, and everything was just swept under the most gigantic debt pile pic.twitter.com/tkTYju7gp5
— zerohedge (@zerohedge) June 13, 2024

And if Macron’s gamble fails – as it now looks it will – and France is unable to maintain the cheerful if “Potemkin Village” status quo, it’s all about to implode… which of course means the mother of all ECB intervention is on deck, because as TS Lombard’s Dario Perkins sketched it out, the bigger the European crisis, the more powerful the central bank response, and the higher all risk assets will soar.

I could have made this prettier

11:25 AM · Jun 14, 2024

27.6K Views

I could have made this prettier pic.twitter.com/ViLpIrf2uB
— Dario Perkins (@darioperkins) June 14, 2024

END

GERMANY

German Stock Exchange Boss Slams Government, Says “Economic Policy Is Sheer Catastrophe” And “Migration Policy Universally Wrong”

FRIDAY, JUN 14, 2024 – 02:15 PM

By Denes Albert of Rmx.news

German business leaders are coming out against the ruling left-liberal government, and the CEO of Deutsche Börse AG, a multinational corporation that operates the Frankfurt Stock Exchange, one of the biggest stock exchanges in the world, is now labeling the current government’s policy as “a disaster” on a range of issues, including migration and economic policy.

Theodor Weimer issued the scathing rebuke against the ruling government at an event organized by the Bavarian Economic Advisory Council.

During his speech at the Bayerischer Hof hotel in Munich, Weimer said, “I have now had my 18th meeting with our Vice-Chancellor and Minister of Economic Affairs Robert Habeck, and I can tell you, it’s a sheer catastrophe.”

The 64-year-old Weimer, who has a bird’s-eye view of the German economy through his role as the boss of the largest stock exchange in the country, said that his talks with international investors gave him “direct knowledge” of their opinions on Germany. He noted that “I know half of the DAX CEOs. I know bosses personally and on a first-name basis. And I get around a lot. I don’t want to spoil things tonight, but.our reputation in the world has never been as bad as it is now.”

He said that the “discussions with investors have a fatalistic character. Investors are saying that if you carry on like this, we will sun you even more, we will get even further out of Germany.”

https://youtube.com/watch?v=1WVUz3ZV-ys%3Fsi%3D8nP_pV42Nqcx5AId

He further laid on the criticism, stating: “You’re just crazy, just crazy. What kind of government do you have there? You’re well on the way to becoming a really outdated economy.”

Furthermore, Weimer warned that the situation was not getting better and that while Habeck was receptive to his input in the beginning about how to return Germany to its former economic strength, he was increasingly listening to “fundamentalists” who are “getting through more and more.”

“The truth is this: International investors say we only invest in Germany because you are so cheap. We have become a junk store,” he claimed.

The speech was made on April 17 but has only become public now after the Economic Advisory Board posted it on Youtube.

Weimer also delved into an issue that has plagued stock markets around the world, which is that fundamentals no longer drive markets, but instead speculation, momentum and other factors.

He noted that the DAX (an index of 40 major German companies) remains strong, but that investors putting their money in German companies at the moment are “only opportunistic” and not investing for fundamentals. They also demand a “risk premium” when putting their money in Germany.

“We used to have a risk discount because the whole world said that Germany was great,” he noted.

Migration policy is ‘completely wrong

Weimer also briefly touched on the topic of migration, but his remarks were equally scathing there. He said he did not wish to get too political, but he could not help but say something in regard to the ruling left-liberal government’s migration policy, which he said was “universally perceived as completely wrong. Our orientation towards ‘do-gooderism’ is not shared anywhere.”

He continued on the topic, saying: “If you have a shortage of skilled workers, you bring in people who speak your language and generate social product, but not those who collect 50 percent of the citizen’s income and send it somewhere.”

Defense policy is ‘madness’

From there, he jumped into the topic of defense, stating that Germany has been “cheating” on defense spending and failing to hit the 2 percent target expected of all NATO countries. This cheating, he noted, took the form of including “pensions” in Germany’s calculations, which should not actually count towards defense spending.

“Do you think that no one in the USA realizes what we are doing? This is madness: We have ammunition for one and a half to two days,” he said.

Continue reading at rmx.news

5. RUSSIA AND MIDDLE EASTERN AFFAIRS.

ISRAEL HAMAS/USA

Blinkin is one complete moron

(EpochTimes)

Blinken Says Haggling Must Stop After Hamas Requests Changes To Gaza Ceasefire Framework

THURSDAY, JUN 13, 2024 – 04:20 PM

Authored by Ryan Morgan via The Epoch Times,

U.S. Secretary of State Antony Blinken shared his frustration on Wednesday over changes Hamas has requested to a new ceasefire proposal to bring the ongoing war in the Gaza Strip to a close.

Mr. Blinken, along with other members of President Joe Biden’s administration, have pressed for Hamas—designated a terrorist group by both the United States and Israel—to accept the three-part proposal to bring a cessation of hostilities after more than eight months of fighting in the Gaza Strip.

Speaking at a press conference in Doha alongside Qatari Prime Minister and Foreign Minister Mohammed bin Abdulrahman Al Thani, Mr. Blinken announced the Biden administration had received the Hamas response to the ceasefire proposal on Tuesday night and noted their response included several changes to the peace terms.

“Hamas has proposed numerous changes to the proposal that was on the table. We discussed those changes last night with Egyptian colleagues and today with the prime minister,” Mr. Blinken said. “Some of the changes are workable; some are not.”

Mr. Blinken insisted the ceasefire proposal was nearly identical to terms Hamas itself had supported as recently as May 6.

“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 it had previously taken and accepted,” Mr. Blinken continued, adding that these new changes mean the fighting in the Gaza Strip will continue for the time being.

Despite the apparent new wrinkles in the ceasefire negotiations, Mr. Blinken said the Biden administration, along with counterparts in Qatar and Egypt, will keep working “on an urgent basis” to finalize a ceasefire plan.

A reporter asked during the press conference whether the changes Hamas had requested for the ceasefire plan constituted an outright rejection of the proposal. In his response, Mr. Blinken did not directly call the Hamas response a rejection but said, “At some point in a negotiation … you get to a point where if one side continues to change its demands, including making demands and insisting on changes for things that it already accepted, you have to question whether they’re proceeding in good faith or not.” The secretary of state again said some of the changes Hamas had requested were workable but said it’s time “for the haggling to stop and a ceasefire to start.”

Mr. Blinken did not directly answer questions during the press conference about the specific changes Hamas had requested to the ceasefire proposal.

“I’m not going to, obviously, characterize or describe what they’re looking for,” he said. “All I can tell you, having gone over this with our colleagues, is that we believe that some of the requested changes are workable and some are not.”

White House National Security Advisor Jake Sullivan also faced questions about the Hamas-requested changes to the ceasefire proposal during a press engagement aboard Air Force One on Wednesday. One reporter had asked about claims Hamas was specifically seeking a written U.S. assurance of a permanent ceasefire.

“I have not heard that specific Hamas request today. Obviously, this is a fast-moving situation. And also, there’s a lot of different Hamas voices. So, we’ll await consultation with Egypt and Qatar, who speak through an authoritative channel with Hamas,” Mr. Sullivan said.

He declined other questions on Wednesday about the specific changes Hamas negotiators had requested but insisted President Biden had anticipated some back-and-forth haggling when he first announced the ceasefire plan last month.

“I would point out that, in his remarks on May 31st, the President anticipated that Hamas would come back, they would suggest some changes, and that the important thing was that all parties sit at the table until—the proverbial table here—until we get to an agreement. That’s what we’re reinforcing today,” Mr. Sullivan said.

President Biden didn’t want to be asked about the deal…

Biden didn’t like when a reporter asked him a question that wasn’t on his list of pre-selected topics: “I wish you guys would play by the rules a little bit.”

3:53 PM · Jun 13, 2024

79.6K Views

Biden didn't like when a reporter asked him a question that wasn't on his list of pre-selected topics:

"I wish you guys would play by the rules a little bit." pic.twitter.com/JPrPSzA6mt
— Breaking911 (@Breaking911) June 13, 2024

ISRAEL HAMAS

Israel’s north under heavy fire. They destroy a massive tunnel. Amazing the world says nothing that Hamas receives billions of dollars and they use it to build tunnels instead of schools and other infrastructure

(Jerusalem Post)

Israel’s North under heavy fire, IDF destroys massive Gaza tunnel

Hamas seeks US guarantees on ceasefire proposal • US pier faces logistical challenges as waves rock it

By JERUSALEM POST STAFF

IDF soldiers operate in the Gaza Strip, June 13, 2024 (photo credit: IDF SPOKESPERSON'S UNIT) — IDF soldiers operate in the Gaza Strip, June 13, 2024(photo credit: IDF SPOKESPERSON’S UNIT)

Two IDF soldiers wounded from anti-tank missile in northern Israel

By JERUSALEM POST STAFF

One IDF soldier was moderately wounded, and another was lightly wounded as a result of an anti-tank missile launched to northern Israel, the IDF announced on Thursday.

The wounded soldiers were evacuated and received medical treatment, and their families were informed.

This is a developing story.

END

‘Residents of the North are used as cannon fodder’: Local leaders respond to Hezbollah’s barrage

Magen David Adom (MDA) announced that paramedics were treating two individuals who had been lightly wounded by debris, as northern Israel criticizes the government’s inaction.

By YAEL HALFON, MAYA GUR ARIEHJUNE 13, 2024 14:25Updated: JUNE 13, 2024 20:59

jpost.com/breaking-news/article-806072

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-806072&unitId=2900003088&userId=0984023a-6fcf-4b29-a5e6-1be85cfd6d0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20240612_b088a78840c5211d01c5510045d9bafcd6a85a9f&useBunnyCDN=0&themeId=140&unitType=tts-player

Following multiple rocket sirens and hostile aircraft alerts sounded in northern Israel on Thursday afternoon, local leaders responded to the barrage and lack of government response.

Moshe Davidovich, head of the Mateh Asher Regional Council, said, “The North is attacked continuously and non-stop. The residents of the north are used as cannon fodder for Nasrallah’s whims, and the Israeli government is falling asleep while standing.”

“We demand the government present an immediate plan to maintain the security of northern residents. It was also decided that if such a plan is not presented by the beginning of July, we will take a series of steps to be announced later.”

Lobby 1701, a group representing thousands of northern residents, also responded to Thursday’s Hezbollah barrage, stating, “The Israeli government is endangering the settlements of northern Israel. Destruction, fires, and not a word from the government.”

“The division commanders are ready, the brigades are ready, the home front is ready. And only the Israeli government and the IDF Chief of Staff are afraid to make a decision. The residents of the north are all awed by the government’s abandonment, neglect, and cowardice. If Israel is burning, Lebanon should be burning. This is the only equation that should concern the government,” Lobby 1701 noted in their statement.

Firefighters at the site of a fire that started from missiles launched from Lebanon, at the Biriya Forest in northern Israel, on June 13, 2024 (credit: David Cohen/Flash90)

Following Hezbollah’s Thursday attack, Israeli media quoted an Al Jazeera report, where a Hezbollah source reportedly said, “This is the largest and most comprehensive attack since October 8. It is intended to deter Israel and respond to the assassination of Sami Taleb Abdullah.”

“We fired 30 attack drones towards the outposts and launched 150 missiles. We attacked the headquarters of the northern region in the Golan, the Israeli intelligence headquarters in the region responsible for the assassinations in Lebanon, and the headquarters of the 7th Armored Brigade in the Golan,” the source said.

END

ISRAEL/HEZBOLLAH

the elimination of this senior Hezbollah official is the reason for the huge barrage of rockets coming from Lebanon.

(Jerusalem Post)

Senior Hezbollah official eliminated in strike in south Lebanon, at least 14 injured – reports

The official was killed in a southern command base of the terrorist organization, where a strike cause a two-story building to collapse.

By JERUSALEM POST STAFFJUNE 14, 2024 00:10Updated: JUNE 14, 2024 02:05

A flare falls, as seen from Tyre looking towards the Lebanese-Israeli border where Hezbollah has been exchanging fire with Israeli forces, Lebanon November 19, 2023. (photo credit: ALAA AL-MARJANI/REUTERS) — A flare falls, as seen from Tyre looking towards the Lebanese-Israeli border where Hezbollah has been exchanging fire with Israeli forces, Lebanon November 19, 2023.(photo credit: ALAA AL-MARJANI/REUTERS)

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-806171&unitId=2900003088&userId=0984023a-6fcf-4b29-a5e6-1be85cfd6d0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20240611_2489e442094b4704f07a3ee39598ebbd2d2a4231&useBunnyCDN=0&themeId=140&unitType=tts-player

A senior Hezbollah official was eliminated in a strike in the village of Jennata in southern Lebanon’s Tyre District Thursday night, Saudi news sources Al-Arabiya and Al-Hadath reported.

Other than the Hezbollah official, another person was killed and at least 14 were wounded in the strike, which was attributed to Israel, according to multiple reports.

Al-Hadath reported that those wounded were evacuated to nearby hospitals, and that the injured were in buildings adjacent to the building that was targeted.

The official was killed in a southern command base of the terrorist organization, Maariv reported. The two-story building collapsed and was completely destroyed.

Missile was reportedly launched from the sea

It was also reported in Lebanon that the attack was carried out using a missile that was launched from the sea and targeted the building, which caused its complete collapse.

Smoke rises on the Lebanese side near the border with Israel, amid ongoing cross-border hostilities between Hezbollah and Israeli forces, as seen from Tyre, southern Lebanon December 2, 2023 (credit: AZIZ TAHER/REUTERS)

Residents of the village said that there was “enormous destruction” at the scene, according to Maariv. The town is about 20 kilometers from the Israeli border.

This is a developing story.

END

ISRAEL/HEZBOLLAH

If the elimination of a senior Hezbollah official Nasrallah now realizes that Israel can reach him at any time

(zerohedge)

‘Nasrallah realizes the IDF can kill him’: Hezbollah leadership shaken after Israeli elimination

“The powerful elimination worries Hezbollah members. They now understand that the IDF knows much more about them than they know about us,” says Professor Amatzia Baram.

By SHAKED SADEHJUNE 13, 2024 09:05Updated: JUNE 13, 2024 11:55

Hassan Nasrallah (photo credit: AZIZ TAHER/REUTERS) — Hassan Nasrallah(photo credit: AZIZ TAHER/REUTERS)

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fmiddle-east%2Farticle-806019&unitId=2900003088&userId=0984023a-6fcf-4b29-a5e6-1be85cfd6d0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20240611_2489e442094b4704f07a3ee39598ebbd2d2a4231&useBunnyCDN=0&themeId=140&unitType=tts-player

Approximately 250 rockets were launched on Wednesday towards northern Israel, disrupting the holiday calm with successive alerts. Rockets that exploded in open areas caused fires. In the city of Tiberias, a siren was activated for the first time since October.

These launches come after the assassination of senior Hezbollah official Sami Taleb Abdullah, whose rank was equivalent to a brigadier general in the IDF.

For the past 20 years, Abdullah had led rocket fire toward Kiryat Shmona, the Galilee panhandle, and the Golan Heights. He is the highest-ranking Hezbollah commander to have been killed so far in the war.

Abdullah was also active during the Second Lebanon War, serving as a brigade commander and developing rockets in the region.

Yesterday, following attacks on Kfar Blum and after recent intelligence gathering on him, the IDF precisely assassinated Taleb using a fighter jet. The operation was led by the Northern Command chief in collaboration with the Intelligence Directorate and the Air Force.

Supporters wave flags as they wait for Lebanon's Hezbollah leader Sayyed Hassan Nasrallah to speak, April 8, 2024. (credit: REUTERS/MOHAMED AZAKIR) — Supporters wave flags as they wait for Lebanon’s Hezbollah leader Sayyed Hassan Nasrallah to speak, April 8, 2024. (credit: REUTERS/MOHAMED AZAKIR)

“The powerful elimination worries Hezbollah members. They now understand that the IDF knows much more about them than we do. Additionally, the operation indicates that Hezbollah’s field security is not airtight and that the organization’s intelligence system has been penetrated to such an extent that we were able to eliminate such an important sector commander. The IDF managed to infiltrate their networks and systems and identify the right people for elimination,” says Professor Amatzia Baram, suggesting that this also impacts the leader of the terrorist organization.

Hezbollah leadership worried

He further added, “[Hezbollah Secretary-general Hassan] Nasrallah realizes that the IDF has the ability to kill him whenever it wants, and I believe this worries him quite a bit. Contrary to popular belief, Nasrallah is not a suicidal Shiite yearning for death (martyrdom). He understands that he would be next in line to die if a full-scale war breaks out. This poses a significant danger for him. Additionally, the elimination is a significant success in the psychological warfare against the terrorist organization, as it leads to great concern among the commanders, who know they could be next.”

The professor also referred to the possible responses from the terrorist organization following the significant assassination.

“The last time we eliminated senior Hezbollah commanders, the terrorist organization increased the amount of fire as a ‘punishment’ and fired more rockets and missiles at Israel,” he said. “However, they did not cross the unspoken red lines set in the limited war.”

“Now, Hezbollah might increase the scope of fire, but in my opinion, they will not significantly extend the range. The important point is the type of targets they attempt to hit. So far, the terrorist organization has not tried to hit a large civilian target, but rather only a few military targets, which is the critical line that separates provoking Israel from starting a full-scale war. In my opinion, Hezbollah is ready for a large-scale war but does not want it and, therefore, will not try to attack civilian targets,” Baram added.

“From their perspective, starting a war would be a big mistake, as then the US would have legitimacy to join the fight. They still remember Biden’s statement that if Hezbollah initiates a full-scale war against Israel, the US would join the war against them, which the terrorist organization and the Iranians fear. On the other hand, if Israel started the war, the Americans would not be obligated to join the fighting. There are constant talks between Tehran and Beirut, with the Iranians urging Nasrallah to escalate only in a limited manner, targeting military objectives only and not civilians, and not to focus fire on cities with civilian populations,” the professor explained.

“Yesterday, Hezbollah directed a drone towards Haifa. In a different scenario, where the terrorist organization aimed 100 warheads at the city, the effect would be different, and Israel would have the legitimacy to start a full-scale war,” Baram continued. “Israel might want Hezbollah to cross the red line, but the terrorist organization will not do so.”

“The current limited escalation does not justify Israel starting a full-scale war, and the crucial question is if Hezbollah might take an action that would leave the Americans no choice but to join the war against them, according to Biden’s commitment,” Baram stated. “Even after the powerful elimination, Hezbollah has not changed its view that the war of attrition in the North should continue along the same unspoken red lines.”

ISRAEL/HOUTHIS/RED SEA

US Navy Evacuates Injured Mariner From Houthi-Attacked Cargo Ship Set Ablaze By Missiles

FRIDAY, JUN 14, 2024 – 07:45 AM

Chaos in the Red Sea region continued into the latter part of the week, with the US military rescuing an injured civilian mariner from a cargo ship attacked by Iran-backed Houthi rebels. The situation underscores the ongoing disruption in the key maritime chokepoint as some have viewed the Biden administration’s Operation Prosperity Guardian as a colossal failure.

Overnight, US Central Command (CENTCOM) released a statement about M/V Verbena — a Palauan-flagged, Ukrainian-owned, Polish-operated bulk cargo vessel — that was hit with two anti-ship cruise missiles, sparking a fire aboard the ship in the Gulf of Aden area.

“M/V Verbena reported damage and subsequent fires on board. The crew continues to fight the fire. One civilian mariner was severely injured during the attack,” CENTCOM wrote.

CENTCOM continued, “Aircraft from USS Philippine Sea (CG 58) medically evacuated the injured mariner to a partner force ship nearby for medical attention.”

In a separate statement, USCENTCOM detailed how its forces had a busy week, successfully destroying one air defense sensor in a Houthi-controlled area of Yemen, an uncrewed surface vessel in the Red Sea, two patrol boats in the Red Sea, and one uncrewed aerial system in the Red Sea.

Twitter.com/CENTCOM/status/1801431768722993508?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1801431

@CENTCOM

June 13 U.S. Central Command Update In the past 24 hours, U.S. Central Command (USCENTCOM) forces successfully destroyed one air defense sensor in a Houthi controlled area of Yemen. Then, USCENTCOM forces successfully destroyed one Iranian-backed Houthi uncrewed surface vessel (USV) and two Houthi patrol boats in the Red Sea. Separately, USCENTCOM forces successfully destroyed one uncrewed aerial system (UAS) launched from a Houthi controlled area of Yemen over the Red Sea. It was determined these systems presented an imminent threat to U.S., coalition forces, and merchant vessels in the region. This action was taken to protect freedom of navigation and make international waters safer and more secure for U.S., coalition, and merchant vessels. Additionally, Iranian-backed Houthis launched two anti-ship ballistic missiles (ASBM) from a Houthi controlled area of Yemen into the Red Sea. There were no injuries or significant damage reported by U.S., coalition, or merchant vessels. Later, M/V Verbena, a Palauan flagged, Ukrainian owned, Polish operated bulk cargo carrier, was struck for a second time in 24 hours, by one ASBM launched from Houthi controlled area of Yemen into the Gulf of Aden. This continued malign and reckless behavior by the Iranian-backed Houthis threatens regional stability and endangers the lives of mariners across the Red Sea and Gulf of Aden. The Houthis claim to be acting on behalf of Palestinians in Gaza and yet they are targeting and threatening the lives of third country nationals who have nothing to do with the conflict in Gaza. CENTCOM will continue to act with partners to hold the Houthis accountable and degrade their military capabilities.

On Wednesday, the Greek cargo ship Tutor was hit by a drone boat attack. This is one of the first instances of Houthis using remote-controlled surface vessels against commercial shipping vessels.

According to a new report released Thursday, the Defense Intelligence Agency said traffic through the Red Sea has declined by about 90% since mid-February.

The Middle East Eye recently obtained a document from the International Maritime Organization that shows Houthi rebels have attacked 28 bulk carriers, tankers, container ships, cargo ships, and crude oil tankers this year.

We’ll end this note with CENTCOM’s frustration:

“This continued reckless behavior by the Iranian-backed Houthis threatens regional stability and endangers the lives of mariners across the Red Sea and Gulf of Aden. The Houthis claim to be acting on behalf of Palestinians in Gaza and yet they are targeting and threatening the lives of third country nationals who have nothing to do with the conflict in Gaza. The ongoing threat to the ability to safely transit the region caused by the Houthis makes it harder to deliver critical assistance to the people of Yemen as well as to Gaza. US CENTCOM will continue to act with partners to hold the Houthis accountable and degrade their military capabilities.”

The Houthis have only been emboldened by a weak Biden administration whose disastrous foreign policy decisions have unleashed fires across the world.

9:49 PM · Jun 13, 2024

208.9K Views

END

ISRAEL

RUSSIA UKRAINE/G7

Not a very smart move: G7 leaders use frozen Russian assets to back the next tranche of Ukrainian aid

(zerohedge)

G7 Leaders To Use Frozen Russian Assets To Back Next Tranche Of Ukraine Aid

THURSDAY, JUN 13, 2024 – 06:00 PM

Group of Seven (G7) leaders on Thursday reached an agreement in Italy to provide Ukraine with a loan backed by frozen Russian assets. And while the total amount is unclear at this time, the Biden administration has committed $50 billion alone.

Biden salutes Zelensky at the G7 summit. Please make it STOP!

2:09 PM · Jun 13, 2024

177K Views

Biden salutes Zelensky at the G7 summit.

Please make it STOP! pic.twitter.com/1Ym6ruyjA7
— I Meme Therefore I Am 🇺🇸 (@ImMeme0) June 13, 2024

According to senior Biden administration officials, the loan will become active later this year, and will effectively make Russia pay for it vs. US taxpayers and G7 countries.

“Russia pays,” said one official. “The income comes from the interest stream on the immobilized assets, and that’s the only fair way to be repaid. The principle is untouched for now. But we have full optionality to seize the principal later if the political will is there.”

In a post on X, Ukrainian President Volodymyr Zelensky said he’s ‘grateful’ to their ‘partners’ for their support.

Bro hugs were had.

We will do whatever it takes to end Putin’s illegal war. That’s why Ukraine welcomes Britain’s commitment to continuing to support Ukraine’s military, economy and people. In an increasingly uncertain world, Britain and Ukraine are united in wanting a secure future for our people.

@RishiSunak

0:20

Last edited2:17 PM · Jun 13, 2024

215.1K Views

.X.com/ZelenskyyUa/status/1801318100068942277

As the Epoch Times notes further, In the run-up to the crucial summit, the G7 finance ministers held discussions about the legality of using some $300 billion worth of frozen assets kept in European accounts as collateral for providing a loan to Ukraine for reconstruction. France was believed to be the main holdout on the plan.

President Biden mentioned before leaving France last week that he had reached an agreement with Mr. Macron on a plan to use the frozen Russian assets.

When asked how the United States was able to overcome concerns about the use of sovereign assets, the senior administration official said they asked, “What’s the alternative” if Ukraine was insufficiently financed?

“What would be the chilling effect it would cause across Europe and the rest of the world,” he asked. “What would be the signal to autocrats that they can redraw borders by force? Those are the costs, I think, we all agreed are unacceptable, and that’s why we acted.”

The senior administration official also said that the funds would be used in multiple ways in Ukraine, including humanitarian support and reconstruction support. However, he also said that there were “certain jurisdictions” that preferred to have their money earmarked for military support.

The agreement was reached a day after the United States announced expanded sanctions on more than 300 entities and individuals designed to “ratchet up the risks that foreign financial institutions take by dealing with Russia’s war economy,” according to national security adviser Jake Sullivan.

Following his meetings with G7 leaders on June 13, President Biden will sign a 10-year bilateral security agreement with Mr. Zelenskyy, signifying a continuing U.S. commitment to support the war-torn country against Russian aggression.

This is the 50th summit meeting of the leaders of the United States, Japan, Germany, the UK, France, Italy, and Canada—the seven most advanced economies in the world—and, along with the war in Ukraine and Russian assets, discussions are also expected to cover the war in Gaza, economic security, AI, migration, climate change, and food security.

end

UKRAINE/RUSSIA

a must read

(Mises)

There Are Only Downsides To Prolonging The War In Ukraine

FRIDAY, JUN 14, 2024 – 03:30 AM

Authored by Connor O’Keefe via The Mises Institute,

Last week, President Joe Biden and a number of top American and European officials met in Normandy to attend a ceremony marking the eightieth anniversary of the D-day invasion. In a pair of speeches, Biden recounted the operation that he said marked the beginning of the “great crusade to liberate Europe from tyranny” before drawing a direct connection to where things stand with the war in Ukraine.

Biden called Russian president Vladamir Putin a tyrant who invaded Ukraine simply because he is “bent on domination.” Biden then renewed one of his favorite tropes, asserting that if Ukraine falls, its people will be subjugated, its neighbors will be in immediate danger, and all of Europe will be threatened by Putin’s aggressive ambitions.

But the West’s chosen depiction of Putin as a tyrant bent on conquering the entire European continent suffered its latest setback last month when it came out that the Russian president is interested in halting the fighting and negotiating a deal that recognizes the current battlefield lines.

Putin is showing this interest even though the Russian military is in a strong position that seems likely to get even stronger. Last year’s long-anticipated Ukrainian counteroffensive was meant to drive Russian forces out of Ukraine. But since its launch last summer, Ukraine has lost more territory than it has gained. Recently, the Russians even launched a brand new incursion into territory around the northeastern city of Kharkiv—territory that had already been recaptured by the Ukrainians in late 2022.

Russia’s minefields, artillery, and punishing glide bombs have not only kept Ukrainian forces from advancing but left them struggling to hold their positions along the current front line. Meanwhile, Russia has significantly boosted war-related production far beyond anything we’re seeing from the West, which, while bad for the Russian economy in the long run, ensures the intensity of Russia’s bombing and shelling will not cease anytime soon.

At the same time, the Ukrainian government is facing a serious shortage of soldiers that no amount of foreign aid or equipment transfers can do anything to alleviate. Earlier this year, the Ukrainian parliament passed a law that sought to boost conscription rates by making it easier for the government to find and identify draft-eligible men. But the problem persists, leading Ukrainian officials to tap into the country’s prison population, cut consular services to military-aged Ukrainian men living abroad, and forbid men who are dual citizens from leaving Ukraine. As the country’s supply of young men runs low, the average age of a Ukrainian soldier has climbed to forty-three years old.

What makes Ukraine’s situation even more tragic is how easily it could have been avoided. One month after Russia invaded in early 2022, both sides reached an agreement where Russia would pull back to preinvasion boundaries and, in return, Ukraine would agree to not seek NATO membership.

The deal could have put an end to the fighting and handed Kyiv control of all the land Russia had just seized. But, according to senior negotiators on both sides and high-level mediators from the various countries facilitating the talks, officials from the United Kingdom and the United States convinced the Ukrainians to walk away from the deal and fight.

Since then, Ukraine’s leverage over Russia has only diminished. Many Ukrainians have been killed or maimed as the war has devolved into a brutal trench-style artillery war. Meanwhile, Russia laid permanent claim to the land it had earlier agreed to hand back to Ukraine.

Even with its extensive conscription laws, Ukraine does not have enough soldiers to break through Russia’s now heavily fortified lines, much less to drive Russian forces out of all the territory claimed by Kyiv. The Ukrainians have, so far, been able to prevent the Russians from advancing and seizing all the territory that Moscow now claims. But with their dwindling numbers, Ukrainian forces won’t be able to hold these lines forever.

So, accepting Russia’s offer to move this conflict from the battlefield to the negotiation table is almost certainly the best chance Ukraine will get to hold onto the eastern territory they still control.

But rather than take this opportunity, the Ukrainian government and its backers in Europe and the United States have instead decided to escalate the conflict with risky, strategically pointless provocations.

President Biden and a number of other European heads of state recently gave Ukraine a green light to use NATO weapons to conduct strikes within Russia. Around the same time, Ukraine struck two Russian strategic nuclear early-warning radars and attempted to strike a third one deeper in Russian territory.

And, as if hampering Russia’s ability to confirm that they are not under a nuclear attack after allowing Ukraine to shoot US missiles into Russia wasn’t enough, the US then test-fired two nuclear intercontinental ballistic missiles—launching them four thousand miles from California to the Marshall Islands.

The escalations have not been one-sided. Russia conducted drills simulating the use of strategic nuclear weapons in Belarus and has sent warships and a submarine to the Caribbean. The Russians have also stepped up shelling and airstrikes in Ukraine in response to the strikes on their territory.

None of this is necessary. The strikes on Russian territory have not translated to Ukrainian gains on the battlefield. And the Russian early-warning radar Ukraine hit wasn’t even aimed at Ukrainian airspace. All these escalations do is prolong the Ukrainian people’s suffering while nudging the world closer to a catastrophic nuclear accident.

Instead of fantasizing about waging some World War II–level offensive on Putin’s Russia, Biden and his friends in NATO should come back to reality and, before it’s too late, agree to work this conflict out with words for a change.

end

COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES

WORLD EVENTS NOTEWORTHY

END

WORLD HEALTH ISSUES

MARK CRISPIN MILLER

DR PAUL ALEXANDER

t’s incredible that these malfeasants are now posturing using a false positive ‘over-amplified’ sensitive RT-PCR ‘process’ AGAIN (not a diagnostic test) to manufacture, create fake avian bird

‘flu’ pandemics (H5N2, H5N8, H5N1 etc.) out of ‘nothing’ (creating a problem when we had/have none) & now moving to mass test chickens (most false positive due to over-cycled PCR) & mass inoculate

DR. PAUL ALEXANDERJUN 13

READ IN APP

chickens that would drive Darwinian natural selective pressure to select for sub-variants/clades with a ‘competitive’ ‘fitness’ advantage that would become enriched in the environment and thus become ‘dominant’; so we are looking at a situation where there may be no virus (pathogen) to begin with or of any consequence (and as such just pure lies and crookedness are being fed to us to scare us to take mRNA vaccine), or there may be pathogen, and sub-optimal non-neutralizing, non-sterilizing vaccine in the midst of elevated infectious pressure will thus drive viral immune escape, both in chickens and humans, ‘if’ there was virus to begin with.

If there is/was no virus (and do not discount this) then they are creating fake pandemics out of NOTHING e.g. COVID that never was a pandemic and was created out of nothing. All based on the over-cycled PCR and the lies of asymptomatic transmission and equal risk of severe outcome despite differences in age and baseline risk (knowing illness etc. is typically amenable to risk stratification).

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.

At the same time, they could be using sub-optimal vaccine with sub-optimal immune pressure (vaccine induced antibodies that are immature, not at maximal binding capacity etc.) in the midst of elevated infectious pressure (circulating pathogen) and creating mutant disasters and even more pathogenic strains. Immunology and vaccinology 101 tell us that the result MUST be viral immune escape and generation of mutants.

We could conceivably be:

1)not dealing with virus to begin with

2)releasing toxins, poisons that result in symptoms that mirror ILI, pulmonary respiratory like that mimic cold or flu…you thus think it is a virus or COVID or H5N1 etc.

3)and use a false positive PCR to denote you as POSITIVE when you are not; PCR is so very sensitive once set at elevated Ct thresholds e.g. beyond 30, that it will test anything as positive

4)and turn around and create a pandemic out of nothing

5)taking an ineffective and deadly mRNA vaccine that was not needed in the first place for we had nothing in the first place.

Can you imagine the con, the OPERATION can be gamed start to finish. That they can create something out of NOTHING. Maybe always did?

That you are told you have something that you do not have, as you are well, but they tell you that you are spreading it asymptomatically, and must lockdown, and take a vaccine (boosters) that is clearly ineffective and harmful. Never worked as were/are non-sterilizing and also cannot hit the respiratory compartment once delivered systemically (vaccinal antibodies circulate systemically and not at the nasal mucosal layer). Else why would you like Redfield be up to your 8th shot? If it was effective.

Do you understand the FRAUD we are living. And the very same fuckers who brought the fraud fake pandemic brought the fraud fake vaccines, all players intertwined somewhat and somehow. Interlocking.

We are thus creating a disaster, EITHER way. We are using PCR to manufacture fake pandemics and ending up causing major disaster.

SLAY NEWS

The latest reports from Slay News

Top Analyst Exposes Cover-Up of Mass Deaths Among Vaxxed Children A leading data analyst has raised the alarm after uncovering evidence exposing a major cover-up of mass deaths of children who received Covid mRNA shots.READ MORE

Fake ‘Meat’ Products Linked to Heart Failure Deaths, Study Finds A new study has revealed that fake “meat” products such as Bill Gates’s lab-grown “beef” are linked to cardiovascular diseases and heart failure-related deaths.READ MORE

Leader of Satanic El Salvadorian MS-13 Crime Gang Arrested in Texas The leader of a bloodthirsty satanic crime gang based in El Salvador has been arrested on terror charges in Texas.READ MORE

Male Swimmer Lia Thomas Loses Challenge to Compete in Women’s Olympics Male swimmer Lia Thomas has lost his challenge to compete in the Olympics in women’s swimming events.READ MORE

House Committee Subpoenas 15 Biden Officials over ‘Voter Mobilization Scheme’Fifteen officials in Democrat President Joe Biden’s administration have been hit with subpoenas from a House committee investigation of a “voter mobilization scheme.”READ MORE

Lara Trump Warns Democrats Lawfare Has Backfired, Says Nostalgia Will Re-Elect Her Father-in-Law Republican National Committee Co-Chair Lara Trump has just delivered the bad news to the Democrats that their lawfare attacks have backfired.READ MORE

Supreme Court Could Rescue Hunter Biden, Reverse Conviction “Convicted felon” Hunter Biden’s guilty verdict for illegal gun possession could be reversed if the Supreme Court comes to his rescue.READ MORE

Four Democrats Arrested on Election Fraud Charges in Bridgeport, Connecticut Authorities have arrested four Democrat leaders in Bridgeport, Connecticut on multiple election fraud charges, according to reports.READ MORE

Texas Judge Blocks Biden’s Sweeping Order Forcing Transgender Ideology on Schools A Texas judge has blocked Democrat President Joe Biden’s attempt to rewrite federal civil rights law to force radical ideology onto school students.READ MORE

Biden Heckled during Slurring Anti-Gun Speech, Repeats Same Word 15 Times Hecklers managed to derail Democrat President Joe Biden’s already slurred anti-gun speech.READ MORE

Southern Miss Football Star Marcus ‘MJ’ Daniels Shot Dead at 21 University of Southern Mississippi football star Marcus “M.J.” Daniels has been shot dead.READ MORE

‘Woke’ Judge Defends Releasing Suspect Days before She Murdered 3-Year-Old Child A “woke” Ohio judge has come under fire after he released a suspect back onto the streets just three days before she murdered a 3-year-old child.READ MORE

Joe Biden Claims Hunter Is a Victim of Weaponized Justice System Democrat President Joe Biden has claimed his son’s conviction on federal gun charges is part of a politically motivated lawfare attack, according to a new report.READ MORE

The latest reports from Slay News

EVOL NEWS

NEWS ADDICTS

LATEST REPORTS FO

LATEST REPORTS FOR NEWS JUNKIES

end

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

Macron Has Gambled… And Lost

FRIDAY, JUN 14, 2024 – 09:32 AM

By Elwin de Groot, Head of Macro Strategy at Rabobank

We still have one more day to go in the European session before the weekend, but the week in review is already showing to be one of quick decisions, where the bond market was ‘saved’ by the US inflation data and where Macron may have asked for a Papal blessing. But whether that turns out to be sufficient remains to be seen.

Macron has gambled… and lost? According to the latest polls, only 40% of Macron’s MPs would gather enough support to even qualify for a second round of run-off votes. In a surprise move, the French president announced elections last Sunday. Macron may have acted quickly after the results of the European Parliament elections in the hope that he could ride a fear-inspired wave of solidarity that could stop Marine Le Pen’s National Rally in its tracks. However, that move could backfire pretty badly.

According to an Elabe/Les Echos survey, Macron’s approval rating fell to its lowest level in 5.5 years. Macron has made an appeal on voters and the more moderate political parties on both the left and the right to not succumb to the “fever of the extremes”, but it remains to be seen whether his strategy will succeed.

Left-wing parties have equally quickly decided to unite, with a joint programme and a joint list of candidates for the Greens, Socialists, Communists and France Unbowed. The Socialist Party issued a statement yesterday saying that “There was an expectation of union expressed”; but obviously not the unity that Macron was looking for. This quick decision may just undercut Macron’s. It means that the president’s centrist MPs could be squeezed out of parliament by their competition from the left and right side of the field.

Fever of the centre? Finance Minister Le Maire predicted earlier this week that France would face a debt crisis if the National Rally should come to power. This suggests that Macron’s strategy is first and foremost one of sowing fear, and that things have to get worse before they get better. But there seems very little time for that second leg of Macron’s strategy: to get better. Sometimes quick decisions are not always the best decisions.

Macron’s European peers seemed bewildered at the G7 meeting in Italy. According to the news wires Macron only met with Canada’s Trudeau, as well as the leaders of Algeria, India, and Brazil. And with the Pope. You’d wonder if he asked for a little prayer or perhaps a Papal blessing.

The political uncertainty in France seems to have turned into a classic risk-off sentiment. The search for safe havens were one of the reasons that the yield on 10y Bunds declined 6bp yesterday. Meanwhile, the spread between 10y French and German bond yields has widened to the highest level since April 2017. Alongside, the euro dropped below 1.073 and European equities were in the red (Eurostoxx 50 -2%). Prayer or blessing, it definitely did not reassure investors.

But safe-haven assets in both the US and Germany also found some support in the better-than-expected inflation data. Both the headline and core US PPI inflation were significantly lower than expected, strengthening the view that inflationary pressures have finally started to ease. The yield on 2y Treasury notes of fell the lowest level since 4 April, despite the Fed adjusting its dot-plot to reflect one instead of three rate cuts for this year and despite Powell’s reluctance to embrace the most recent CPI report.

More quick decisions. In any case, the prospect of further backlashes after the French elections, political uncertainty in Europe, and a possible Trump re-election are perhaps forcing more quick decisions.

G7 leaders agree to provide a $50 billion loan to Ukraine. The agreement was reached on the first day of the G7 meeting in Italy. The G7 leaders quickly agreed to the loan that is backed by frozen Russian assets. The proceeds on these assets (estimated at some $260 billion in Europe) will be used to pay off an upfront loan to Ukraine. As AP news notes, member states may treat this differently according to national preference/regulations. But the lenders do of course bear the risk that those proceeds would stop if a peace agreement is reached and the Russian assets are unfrozen in the future.

The EU announced additional tariffs on Chinese EVs. It’s another quick decision after the investigation into unfair state subsidies was completed, and it will enter into force with little delay. The EU announced additional tariffs on Chinese EVs ranging from 17 to 38% this week, which will take effect on July 4.

The Germans seem to be hopeful that there is still wiggling room to negotiate with China before the tariff is hiked, but France’s Le Maire applauded the European Commission’s decision to increase import duties on Chinese cars: “It’s a first decision that I hope will be followed by others, notably on solar panels, and on other Chinese over-capacities.” However, as my colleague quipped yesterday, imposing tariffs on Chinese solar panels is only a decade too late. Still, it shows that the French government is ready to “re-establish the balance of power with China.”

That European industry is still struggling was underscored by the data: Eurozone industry output fell 0.1% in April. Although it wasn’t a big decline it was still weaker than expected (+0.2% m/m). Together with downward revisions in earlier data the annual growth rate fell to -3% y/y. That is still a firm ‘recession’ indication and underscores that the economic recovery in the Eurozone is still a wobbly one, weighed down by structural issues in the manufacturing/export sector and weakness of demand from China (China’s imports from Germany, for example, were down 14% y/y in May after 0% in April).

The Bank of Japan needs a little more time for an exit strategy. The overnight call rate was left unchanged at 0.0% to 0.1%. And policymakers voted to continue their current asset purchases until the July meeting, despite Governor Ueda’s earlier indications that a reduction in the bond buying programmes may be due. The central bank will come with a plan for reducing its bond purchases over the coming 1 to 2 years at their next meeting.

In his press conference, Ueda stated that the reduction in bond purchases will be substantial. But not all decisions can be quick. The central bank will be mindful of the potential market disruptions if policymakers move too hastily. The Bank will not want to inject undue volatility into the JGB market given the potential impact on the balance sheets of Japan’s large insurers and in view of its own huge holdings of domestic bonds. Yet, moving slowly will continue to weigh on the currency. The market had anticipated some adjustments today, so the postponing the decision to next month caused some further weakness in JPY. USD/JPY rose above 158.

END

7.OIL PRICES/GAS PRICES/OIL ISSUES

When stupid runs loose

Darn few people understand the implications of the Saudis not renewing the 50 year contract to price in USD oil which ended June 9th.

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 FRIDAY MORNING 6;30AM//OPENING AND CLOSING

EURO VS USA DOLLAR: 1.0697 DOWN .0041

USA/ YEN 157.07 DOWN 0.058 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2703 DOWN .0051

USA/CAN DOLLAR: 1.3758 UP .0014 (CDN DOLLAR DOWN 14 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED UP 3.71 PTS OR .12%

Hang Seng CLOSED DOWN 170.85 PTS OR 0.99%

AUSTRALIA CLOSED UP 0.35%

// EUROPEAN BOURSE: ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL RED

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 170.85PTS OR 0.94 %

/SHANGHAI CLOSED UP 3.71 PTS OR .12%

AUSTRALIA BOURSE CLOSED UP 0.35%

(Nikkei (Japan) CLOSED UP 94.09 PTS OR 0.24%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 2328.90

silver:$29.18

USA dollar index early FRIDAY morning: 105.18 UP 2 BASIS POINTS FROM THURSDAY’s CLOSE.

FRIDAY MORNING NUMBERS ENDS

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And now your closing FRIIDAY 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 FRIDAY

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

Euro/USA 1.0676 DOWN 0.0062 OR 62 basis points

USA/Japan: 157,30 UP 0.179 OR YEN IS DOWN 18 BASIS PTS

Great Britain 10 YR RATE 4.087 DOWN 8 BASIS POINTS //

Canadian dollar DOWN .0029 OR 29 BASIS pts to 1.3774

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The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.2557 (ON SHORE)

THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.2745)

TURKISH LIRA: 32.69 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 4 in basis points from THURSDAY at 4.281% //trading well ABOVE the resistance level of 2.27-2.32%)

USA 30 yr bond yield 4.340 DOWN 6 in basis points /12.00 PM

USA 2 YR BOND YIELD: 4.685 DOWN 2 BASIS PTS.

GOLD AT 11;30 AM 2330.40

SILVER AT 11;30: 29.37

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

London: CLOSED DOWN 16.81 PTS OR 0.21%

German Dax : CLOSED DOWN 263.66 PTS OR 1.44%

Paris CAC CLOSED DOWN 204.75 PTS OR 2.66 %

Spain IBEX CLOSED DOWN 73.80 OR 0.67%

Italian MIB: CLOSED DOWN 944.69 PTS OR 2.81% PTS

WTI Oil price 78.57 12EST/

Brent Oil: 82.66 12:00 EST

USA /RUSSIAN ROUBLE /// AT: 89.45 ROUBLE DOWN 1 AND 54/100

GERMAN 10 YR BOND YIELD; +2.3505 DOWN 18 BASIS PTS.

UK 10 YR YIELD: 4.087 DOWN 8 BASIS POINTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0702 DOWN 0.0036 OR 36 BASIS POINTS

British Pound: 1.2684 DOWN 0.0070 OR 70 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.080 DOWN 8 BASIS PTS//

JAPAN 10 YR YIELD: 0.919%

USA dollar vs Japanese Yen: 157.32 UP 0.195YEN DOWN 20 BASIS PTS//

USA dollar vs Canadian dollar: 1.3739 DOWN 0005 //CDN dollar UP 5 BASIS PTS

West Texas intermediate oil: 78.65

Brent OIL: 82.65

USA 10 yr bond yield DOWN 3 BASIS pts to 4.211

USA 30 yr bond yield DOWN 6 BASIS PTS to 4.342%

USA 2 YR BOND: DOWN 1 PTS AT 4.685

USA dollar index: 105.16 DOWN 3 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 32.75 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 89/82 DOWN 1 AND 44/100 roubles

GOLD 2,333.10 3:30 PM

SILVER: 29.33 3;30 PM

DOW JONES INDUSTRIAL AVERAGE: DOWN 57.61 PTS OR 0.17%

NASDAQ UP 82.58 PTS OR 0.42 %

VOLATILITY INDEX: 12.52 UP 0.58 PTS OR 4.86%

GLD: $215.73 UP 2.76 OR 1.30%

SLV/ $27.01 UP 0.58. OR 2.19%

end

USA AFFAIRS

TODAY’S TRADING IN GRAPH FORM

Top Tech Trio Melts Up To Record High As Rest Of Market, Europe Burns

FRIDAY, JUN 14, 2024 – 04:11 PM

Another day, another tech-led meltup, which managed to reverse the early slump in the stock “market”, and push the S&P to just shy of closing green, and the 41st record high of 2024, on the back of just one idea: this one.

Frankly, the whole AI meltup has become stupid: with the Mag 7 concept now dead and buried, all that matters are the Top 3 Tech Trio – Apple, Microsoft, and Nvidia – which all have the almost same market cap, just around $3.2 trillion, and which as reported yesterday, are just “Taking Turns Going On Runs To All Time Highs“, with Nvidia overtaking Apple again today yet both just behind Microsoft…

… as traders expect that somehow the rest of the world will plow trillions into these three companies in perpetuity to justify their market cap, which of course will never happen (especially with the stagflationary recession that is looming according to pretty much any other industry) and instead these top AI-linked companies have so far disclosed relatively modest backlogs and cloud/data center RPO datapoints. According to Goldman, revenue allocated to RPOs for the cloud/data center segment was a paltry $242 billion as of March 31.

That doesn’t matter however, because once in momentum, the party must go on, and until the buyback blackout period begins after the close today, the party is in full swing.

Indeed, take Apple, which first saw its most disappointing WWDC performance in a decade – and with good reason: an AI-enabled Siri where all your queries are intercepted by the NSA tool that is ChatGPT, is still just as useless as Siri – only to explode higher the very next day as Tim Cook unleashed a massive buyback spree to create the impression that Apple’s official foray into AI wasn’t actually a total dud, and which in this extremely illiquid market sent the AAPL RSI to 80 making it the most overbought stock in three years…

… as the buyback was promptly joined by what may have appears to be the world’s biggest gamma squeeze!

And so, with the daily stock buyback-cum-gamma squeeze chase rotating among the Top Three Techs, the resulting action has pushed the S&P to record highs on 30 days this year, and four consecutive ATHs this week (Friday will be a wash) while the equal-weighted S&P has not moved in the past 4 months!

But it’s not just tech vs non-tech. Even within tech there is a staggering divergence – yesterday the Nasdaq hit a new record high despite more than 70% of the index close lower on the session!

So while all the buying is now focusing on just a handful of stocks, this is what the S&P looked like when the index was this close to closing green: 2 sectors green and 9 red. Literally, as if nothing but 3 companies matter any more!

But while algos and traders are staring in fascination at the daily chase to new record highs among the “Top 3” and ignoring the rest of the S&P, things outside the US are turning ugly. No, not China, which as everyone knows is a basket case, and where the recent bounce is now over and done as the CSI slides from the mid-May highs…

… we are talking about Europe, and specifically France, where as noted earlier, the upcoming elections called so unexpectedly by president Macron, are now setting up to be a disaster for the French president, who is looking at a catastrophic loss following the snap formation of a leftist alliance, and which sent the French CAC40 plunging the most this week since early 2022, driven by plunging banks (SocGen down 12%, BNP Paribas down 10%)…

… but it wasn’t France’s stocks that were the highlight: instead it was the plunge in French bonds and the record blow out in the French-German yield spread…

… which widened 29bps this week to 77bps, the highest since 2017…

… that should be truly spooking markets as nobody, and we mean nobody, is prepared for another European debt crisis right now…. although this may be just the “crisis”, similar to Covid, the world needs to shock central banks into aggressively easing over the coming months and ahead of the US presidential election. To this point, the 10Y clearly knows which was the wind is blowing and ignoring the meltup in tech, TSY yields tumbled to the lowest level since early May.

And speaking of tightening, in the biggest news overnight, the BOJ once again kicked the can on actually tightening financial conditions and trimming its bond buying, and even as Japan reels under staggering inflation, the idiots that pass for its central bankers somehow managed to spark another yen rout, and only the imminent arrival of the next European sovereign bond crisis managed to push the yen modestly higher.

Yet while the coming central bank deluge was noted by gold and silver, both of which closed at session highs…

… crypto remains in an algo-driven world of its own, and tumbled all session since the European close for no reason even as ETFs now own 1 million of the 21 million bitcoins that will ever be mined.

MORNING TRADING//

AFTERNOON TRADING///

II USA DATA

Bidenomics Implodes: Consumer Sentiment Unexpectedly Slumps To 7 Month Low In 5-Sigma Miss

FRIDAY, JUN 14, 2024 – 10:35 AM

Moments ago the University of Michigan released the latest “report card” on Bidenomics, and to nobody’s surprise – except perhaps a certain senile teleprompter reading, diaper-wearing puppet in the White House – it was another disaster.

One month after the May Consumer Sentiment printed at a record 7-sigma miss to expectations, consumer sentiment once again “unexpectedly” slumped, this time from an upward revised 68.8 to 67.6, the lowest print since last November, and the biggest 3-month drop in sentiment (-13.8 points) going back to the covid lockdowns.

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… which was not only a 5-sigma miss to the median estimate (an improvement from last month’s 7-sigma)…

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… but also the biggest miss of 2024.

The collapse in sentiment was broad based, and hammered both current conditions – which plunged from 69.6 to 62.5, the lowest since 2022 and badly missing estimates of 72.2 – and also expectations, which dropped from 68.8 to 67.6 (and also far below the 72.0 estimate).

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The decline in sentiment coincides with signs that the labor market, which has driven consumer spending over the last year, is also falling apart. The unemployment rate rose to 4% last month, the highest in more than two years, while jobless claims unexpectedly soared following a firing frenzy out of California.

“While lower-income families have, as a group, seen notable wage gains in a strong labor market, their budgets remain tight amid continued high prices even as inflation has slowed,” Joanne Hsu, director of the survey, said in a statement.

But wait there’s more, because if that was the “stag” part of the report, the UMich report also confirmed that the “flation” isn’t far behind, as the inflation outlook continued its recent deterioration, to wit: 1 Year inflation expectations remained unchanged at 3.3%,beating estimates of a drop back 3.2%, while 5-10 Year inflation expectations rose from 3.0% to 3.1%, the highest since November.

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If that wasn’t enough, the slide in sentiment suggests restrained consumer demand in coming months. The university’s measure of buying conditions for durable goods decreased to the lowest level since December 2022.

In short: the verdict for Bidenomics is in, and it’s a complete disaster,as for Powell’s recent laughable comment that he can’t see the “stag”nor the “flation”…well, Fed chair, they just bit you on the ass.

III USA ECONOMIC COMMENTARIES

Why Americans Aren’t Buying Biden’s “Strong Economy” Propaganda

BY TYLER DURDEN

THURSDAY, JUN 13, 2024 – 08:00 PM

It’s become a bit (or more than a bit) of a joke: Biden is doing everything in his power – and beyond that too now that Fed Chair Jerome Powell has admitted what we have been saying all along and that the White House has been “overstating” jobs – to prove to America just how great his “economic recovery” is, and the more he tries the more people hate it.

And the funny thing is, the responses themselves are prima facie evidence of precisely the propaganda embedded in this discussion.

Consider that last October, the WSJ published an op-ed by the ultra liberal Alan Blinder titled “The Economy Is Great. Why Do Americans Blame Biden?” (his conclusion was “Inflation is lower, but some won’t be happy until prices come down too. That would be a disaster.”) A few months later, in April, the even more liberal WSJ editorialist Greg Ip wrote “What’s Wrong With the Economy? It’s You, Not the Data.” These desperate attempts to spark adoration for Bidenomics were a disaster, and in May the University of Michigan consumer confidence cratered the most since August 2021…

… forcing the WSJ to point out the painfully obvious: in an article from the editorial board titled “Why Biden Is Losing on the Economy“, the WSJ capitulated and pointed out the glaringly obvious: “The average annual inflation rate during his Presidency is 5.5%. Under Trump it was 1.9%.“

Alas, this moment of lucidity did not stop the propaganda express, and over the weekend Politico came up with what can only be described as pathetic pandering, writing that “Inside Biden’s orbit, the fear is that there’s little new the administration can do to change the perceptions of a stubborn electorate that’s living through an upswing — yet simply refusing to believe it.” Translation: the deplorables are too stupid to appreciate just how great they have it.

https://www.zerohedge.com/markets/why-americans-arent-buying-bidens-strong-economy-propaganda

such an ungrateful nation of deplorables does not deserve Biden

Quote

Brian Stelter

@brianstelter

Jun 9

“Inside Biden’s orbit, the fear is that there’s little new the administration can do to change the perceptions of a stubborn electorate that’s living through an upswing — yet simply refusing to believe it.” https://politico.com/news/2024/06/07/biden-has-an-economic-story-to-tell-and-yet-00162338…

3:32 PM · Jun 10, 2024

149.5K Views

zerohedge.com/markets/why-americans-arent-buying-bidens-strong-economy-propaganda

such an ungrateful nation of deplorables does not deserve Biden https://t.co/dVdcSb68BI
— zerohedge (@zerohedge) June 10, 2024

It did not stop there, however, and the captured media pressed on, desperate to validate the Goebbels maxim that “if you repeat a lie often enough [even in rhetorical format] it becomes the truth.” It culminated yesterday during Fed Chair Powell’s presser, when he faced a question from a CBS reporter who asked “what’s your message to Americans who are seeing encouraging economic data, but don’t feel good about this economy?“

Powell’s response was actually brutally accurate, and evaded the attempt to trap him into praising Biden:

You know, I don’t think anyone knows, has a definitive answer why people are not as happy about the economy as they might be. And we don’t tell people how they should think or feel about the economy. That’s not our job. We, you know, people experience what they experience.

Instead, Powell – who has previously taken pot shots at Biden’s overheating fiscal policy, i.e. out of control debt, which to many inside the Fed is the primary reason why inflation remains as hot as it is – was quick to point out that if he fails to do his job right this time and curb inflation (unlike the devastating easing episode of 2020-2022 which ended with the worst inflation in decades), it would be a disaster and would lead to even more pain for the majority of American people.

… it’s going to be painful for people but the ultimate pain would be a period of, a long period of high inflation. It is people who, lower income people who are at the margins of the economy who have the worst experience, who experience the most pain from inflation. So, you know, it’s for those people, for all Americans, but particularly for those people that we’re doing everything we can to bring inflation back down under control.

The fact that it is the “lower income people” that are hurt the most by Powell’s economy may have something to do with why liberal economists and pundits, living in their upper-middle class enclaves and buying their groceries with their corporate charge card, are so confused about why the Biden recovery is so hated by most.

https://youtube.com/watch?v=38D2ZU5czCA%3Fsi%3DZ0IXRBFoHQT49pdx

So to answer the question once and for all (of course, it will never stop the propaganda but we can try), we direct readers to a recent note from TS Lombard’s Dario Perkins titled “Why everyone hates this economy (except economists)” who has done a good job of not only explaining why “economists are baffled” (even more than usual), but how they can get unbaffled.

According to Perkins, “the data say the economic situation couldn’t really have evolved any better over the past two years. There was no recession (not a “proper” one, anyway), inflation has come down a long way, and unemployment is at generational lows. Wages are growing briskly.” But, he also notes, “the general public clearly don’t like this economy, which is a big deal if you are a politician seeking reelection. So why is everyone so grumpy? Are economists out of touch with reality?”

Here are the key points Perkins makes to answer these rhetorical questions, and to explain why :

While the debate about consumer grumpiness has been focused on the US, it is not just a US story. Confidence plunged everywhere during the pandemic and has never fully recovered. If anything, the US data are a bit mixed – with a notable divergence between the two main readings – and people outside the US are even grumpier than Americans. That is probably because the US enjoyed a post-pandemic boom that was absent elsewhere. The US had the party, but the whole world has had the hangover.

One popular explanation for low consumer confidence is that people are just fibbing, perhaps out of political bias. They don’t like the way their economies are being run, but their own situation is actually pretty good. A recent poll in the US seemed to back this up. According to KPMG, 54% of Americans were optimistic about their own financial situation, while only 37% thought the economy would do well. We see the same divergence in consumer confidence, both in the US and elsewhere.

But this theory is note right. Where we have historical data on this divergence we see that (i) people are ALWAYS more optimistic about their own situation and (ii) those expectations don’t change very much over time. To correct for this, we need to normalize confidence readings. When we do that, the gap in sentiment disappears. Even if people are fibbing, they are not doing fibbing more than usual.

We need a better explanation. Another possibility is that aggregate data on GDP and employment are exaggerating how well the economy is doing. We know, for example, that there has been a lot of immigration since 2022. This has raised overall spending, but per capita GDP has often gone down. Canada and the UK, for example, have been suffering a per capita recession for 18 months. But this thesis doesn’t really work for the US, where there is no big gap between GDP and GDP per capita.

The best explanation is simpler. Normal people have a different way of looking at inflation compared to economists/ central bankers. Even if prices are no longer rising fast, they are still a lot higher than three years ago. Food prices are up a whopping 30% everywhere, and you need a mortgage to take a family of four to a restaurant. People don’t like paying more for the same things, even if wages have increased. You could call this reverse money illusion, but in many cases real wages are down.

And its not just the price level that is irritating. People also have the feeling they are being ripped off. This isn’t just a vibe. I urge you to listen to the Oddlots podcast (or read this issue of American Prospect) on “digital price gauging”, about the explosion in digital surveillance since COVID-19. For decades, tech enhanced price transparency and reduced companies’ ability to raise their prices. Today, those dynamics are being turned on their head – to the detriment of consumer welfare.

There’s more: shrinkflation and drip pricing (only revealing part of the price upfront) are not new. But we are also seeing an explosion in:

personalized pricing: using big data, often collected covertly via apps, to reveal the maximum price people will pay:

algorithmic price fixing: companies using the same software to coordinate pricing and prevent undercutting

dynamic pricing: raising prices when supply is low, or consumers desperate.

As Perkins concludes, “these are issues macro economists have ignored. That needs to change” and in some circles, we are seeing the change: even that ultra liberal media bastion of ex-Politico pundits, Axios, recently experienced a lightbulb moment, that it is not the declining year-over-year inflation that matters, which is what the White House touts at every opportunity, but the cumulative inflation since 2021…

… that matters, and – paradoxically – absent a bone-crushing recession or worse, that sky high cumulative inflation from the past three years is never going down again.

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

END

The Entire System Is Crumbling! Major Red Flags Are Popping Up For Banks, Small Businesses And Retailers

FRIDAY, JUN 14, 2024 – 07:20 AM

Authored by Michael Snyder via The Economic Collapse blog,

If the economy is fine, why are so many signs of trouble erupting all around us? Those that keep insisting that the U.S. economy is heading in the right direction conveniently ignore the very troubling facts and figures that I regularly share with my readers. When you take an honest look at the cold, hard numbers that the economy keeps producing, there is only one logical conclusion. Our entire system is crumbling, and it appears that conditions will soon get significantly worse.

Just look at what is happening to our banks.

The FDIC’s most recent report tells us that there are 63 “problem banks” in the United States, and collectively our banks now have 517 billion dollars in unrealized losses…

According to the Federal Deposit Insurance Corporation’s first quarter report, the US banking system is sitting on a collective $517 billion in unrealized losses and has 63 “problem banks.”

Those losses have been sparked primarily by a surge in interest rates over the past two years, which have driven down the price of fixed-income securities held by banks.

Unrealized losses held by banks increased by $39 billion in the first quarter relative to the fourth quarter of 2023.

“Higher unrealized losses on residential mortgage-backed securities, resulting from higher mortgage rates in the first quarter, drove the overall increase,” the FDIC said.

I would love to know what banks are on that list.

Wouldn’t you?

But the FDIC will not tell us.

As Daisy Luther has accurately noted, the FDIC won’t release that information because they are afraid of bank runs…

We don’t get to know which banks are in trouble.

It could be my bank. It could be yours. Or maybe it’s not.

Are they big banks? Small ones?

The list is confidential to inhibit the likelihood of bank runs finishing off these institutions.

So we just don’t know.

If Americans had the truth, there would be bank runs all over the country tomorrow morning.

That is a rather comforting thought.

And the condition of our banks just continues to deteriorate because mountains of commercial real estate loans are going bad.

At this point, it has become clear that we have never faced a commercial real estate crisis of this magnitude in our entire history…

The CRE sector faces the triple whammy of falling prices, falling demand, and rising interest rates. The post-pandemic rise of telecommuting and work-at-home programs crushed demand for office space. Vacancy rates in commercial buildings have soared.

This has put significant stress on commercial real estate companies. The biggest bankruptcy in 2023 was the failure of the Pennsylvania Real Estate Investment Trust. The company had loaded up with more than $1 billion in liabilities.

The collapse of the commercial real estate market could easily spill over into the financial sector. That’s because a lot of loans are coming due.

According to the Mortgage Bankers Association, around $1.2 trillion of commercial real estate debt in the United States will mature over the next two years.

A lot of financial institutions will fail during the months and years that are ahead of us.

Just hope that your money is not in one of them.

Meanwhile, one recent survey discovered that approximately two-thirds of all small businesses in the United States are teetering on the brink of disaster…

A new survey reveals that over two-thirds of small business owners are terrified of the state of the economy under Joe Biden’s watch, fearing that current conditions and ongoing downward trends will lead to them having to close their businesses.

As reported by the Daily Caller, the poll from the Job Creators Network Foundation (JCNF) shows that 67% of small business owners maintain such fears about the economy as it stands today, marking a 10-point increase from sentiments two years ago. In the same poll, participants’ perceptions of economic conditions for their own businesses fell from 70.2 to 68.1. Perception of national conditions fell even more drastically, from 53.2 to 50.4.

Maybe you don’t care about what is happening to our small businesses.

But you should, because close to half of all workers in the United States are employed by small businesses…

Forbes estimates that at least 46% of all employees in the United States, around 61.6 million people in total, are employed by small businesses.

I think that it is quite an ominous sign that the household survey showed that the U.S. economy lost a whopping 408,000 jobs last month.

Sadly, I think that a lot more months like that are coming.

Retailers are also really struggling right now.

In fact, as Mark B. Spiegel recently discussed, major retailer after major retailer has been reporting disappointing sales numbers…

The U.S. economy seems to finally be cracking. This month a slew of retailers (off the top of my head: Target, Lowe’s, Macy’s, Kohl’s, Best Buy and Foot Locker) reported negative year-over-year sales comps, and that’s before adjusting for the inflation that makes them 3% to 4% more negative in “real” terms. Others (Dollar General and Burlington) reported same-store sales comps in the +2% range, but that too was negative when adjusted for inflation, while Walmart and Nordstrom comps managed to roughly keep pace with inflation, but were unable to exceed it.

At one time, Walmart was an unstoppable retail behemoth.

But now even Walmart is closing down stores…

WALMARTS are closing across the country – and retail experts say the cuts are signals of a bleak future for shoppers.

The multi-million dollar corporation has closed nine stores so far this year, which could be a warning sign for other retail giants.

Of course the stores that Walmart is shuttering are just a drop in the bucket compared to what other chains are doing.

As I detailed in an article that I posted last week, we are on pace to lose 7,800 stores in 2024.

When the Drudge Report used the term “retail apocalypse” in one of their headlines on Monday morning, that was not an exaggeration at all.

We really are in the early stages of a historic meltdown.

And the outlook for the months ahead is extremely bleak.

In fact, Harry Dent just told Fox News that we should brace ourselves for “a bigger crash than we got in 2008 to ’09”…

Speaking in an updated interview with Fox News Digital, Dent cautioned that the “everything” bubble has still yet to burst, and it may be a bigger crash than the Great Recession.

“In 1925 to ‘29, it was a natural bubble. There was no stimulus behind that, artificial stimulus per se. So this is new. This has never happened,” Dent said on Tuesday. “What do you do if you want to cure a hangover? You drink more. And that’s what they’ve been doing.”

“Flooding the economy with extra money forever might actually enhance the overall economy long-term. But we’ll only see when we see this bubble burst,” he added. “And again, this bubble has been going 14 years. Instead of most bubbles [going] five to six, it’s been stretched higher, longer. So you’d have to expect a bigger crash than we got in 2008 to ’09.”

Our leaders were able to keep the game going for years by pumping trillions upon trillions of dollars into the system.

But they didn’t fix anything.

Instead, they just delayed the inevitable.

Our entire system really is crumbling all around us, and as it crumbles we are going to see chaos on a scale that most people don’t even want to imagine.

Already, major cities from coast to coast are being terrorized by theft, violence, drugs, homelessness, gangs and anarchy.

If things are this bad already, what is America going to look like once our leaders completely lose control of the economy?

* * *

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

end

iiiC USA COVID //VACCINE ISSUES/IMPORTANT MEDICAL ISSUES

Los Angeles City Council Ends COVID-19 Vaccination Mandate For City Workers

THURSDAY, JUN 13, 2024 – 07:00 PM

Authored by Aldgra Fredly via The Epoch Times,

The Los Angeles City Council ended the city’s policy requiring municipal employees to be vaccinated against the COVID-19 virus on Tuesday, in a 13-0 vote.

The ruling allows city workers to reapply for their jobs if they were fired or quit due to the vaccination requirement. Two council members were absent during the vote.

During the public comment section of the council meeting, attorney Jennifer Kennedy said it was time to end the city’s “cruel mandate” that had resulted in the termination of many city workers.

“You stripped careers and commands from your LAPD officers and your LAFD firefighters,” said Ms. Kennedy, who said she represents hundreds of city workers.

“You stole the livelihood of these dedicated public servants and you put your citizens in danger.”

Janine Bedard, a former sergeant with the LAPD, told the council meeting that she lost her job after serving 24 years in the department due to her refusal to be vaccinated.

“I was advised a new condition of employment was that I needed to be vaccinated,” Ms. Bedard said.

“I was shamed and told I was a public health risk and I could not complete my duties as a sergeant if I was not vaccinated. I’m here today to request that you finally rescind the vaccine mandate.”

Council President Paul Krekorian and council member Traci Park introduced the motion last October instructing the City Administrative Officer to report on “the feasibility, impacts and timeline” of repealing the vaccination mandate for current and future city employees.

In 2021, a group of six LAPD officers filed a lawsuit against Los Angeles over the city’s COVID-19 vaccination requirement for city workers, arguing that the policy violated their constitutional rights.

“The United States Supreme Court has explained that invasive medical testing, injections, and other bodily intrusions constitute a search within the meaning of the Fourth Amendment,“ the suit reads.

”The Constitution protects a person’s right to refuse unwanted medical care.”

In April last year, Los Angeles County ended its vaccination requirement for existing and new county employees, which followed a prior related action by the LA County Board of Supervisors to end vaccination requirements for certain contractors.

The Biden administration ended its COVID-19 vaccination requirements for federal employees and contractors in May 2023, citing a 98 percent compliance rate among its federal workforce, as well as a significant decline in hospitalizations and fatalities.

END

FREIGHT ISSUES/USA

END

VICTOR DAVIS HANSON OR NEWT GINGRICH

END

SWAMP NEWS

KING REPORT

The King Report June 14, 2024 Issue 7263

Independent View of the News

Broadcom reported Q2 EPS of 10.96, 10.80 expected; revenue of $12.5B, $12.1B expected; and a 10 for 1 stock split. The stock hit 1724 (+229.49, +15.34%) in Wednesday night trading.

The Broadcom (AVGO) Wednesday night rally induced the usual suspects to go gaga for NQMs and ESMs. We stated (Thursday’s letter): “The equity market is very ripe for a grand ‘pump & dump’ near or after the NYSE opening.”

ESMs hit a high of 5443.75 at 3:16 ET. The European dump appeared; ESMs slid to 5426.00 and a negative reading at 6:18 ET. It was time to get long for the NYSE pump & dump. ESMs plodded higher until they jumped on May PPI: -0.2% m/m & 2.2% y/y; 0.1% m/m & 2.5% y/y expected; Core PPI 0.0% m/m & 2.3% y/y; 0.3% m/m & 2.5% y/y expected.  The decline in May PPI is due to an inexplicable 7.6% decline in ‘finished consumer foods, raw’ and a 4.8% decline in energy, with ‘government purchased energy’ -8.6%! (Table 1)  https://www.bls.gov/news.release/pdf/ppi.pdf

ESMs hit a daily high 5452.75 at 8:35 ET; they then slid to 5437.00 at 8:49 ET. It was time to reload for the NYSE opening pump & dump. ESMs rebounded to 5445.50 at 9:27 ET; a spirited dump pushed ESMs down to a daily low of 5415.00 at 11:02 ET.

The DJIA and DJTA were down more than 200 points by 11:00 ET. But manic Mag 7 buying produced a sharp rally in the NY Fang+ Index, a moderate Naz 100 rally, and a modest Nasdaq rally. The S&P 500 Index was down modestly because of the huge overweighting of Mag 7 stocks in the index.

The manipulation for the 11:30 ET European close appeared; ESMs jumped to 5428.25 at 11:47 ET. Alas, a new selling wave pushed ESMs to a new daily low of 5408.50 at 12:30 ET. A belated Noon Balloon and afternoon rally propelled ESMs to 5443.50 at 15:25 ET. Fangs, of course, led the rally.

After a retreat to 5434.35 at 15:31 ET, the late manipulation pushed ESMs to 5445.75 at 15:59 ET. But late selling pushed ESMs down to 5435.25 at 16:00 ET.

@charliebilello: Apple’s P/E Ratio: 33x; 10-year average: 21x
Apple’s EV/EBITDA Ratio: 25x; 10-year average: 15x
Apple’s Price to Sales Ratio: 8.7x; 10-year average: 5.0x (Yet Jerome sees no bubble!)

When 2024 began, Wall Street expected 6-7 Fed rate cuts for the year; the S&P 500 Index was 4750. The Fed now sees one rate cut for 2024; the S&P 500 Index and Nasdaq keep making new highs; and Mag 7 stocks are in an historic bubble.

War-like fiscal deficit spending and too much liquidity in the system trump rate hikes. As we have opined, this is the mistake of the ‘70s that the Fed is repeating. Rate hikes alone do NOT halt inflation when fiscal spending is wanton, and the inflation genie is out of the bottom. Reserves must be reduced.

Yellen: “If the debt is stabilized relative to the size of the economy, we’re in a reasonable place.”
https://www.cnbc.com/2024/06/13/treasury-secretary-yellen-says-us-debt-load-is-in-reasonable-place-if-it-remains-at-this-level.html

US 30-year auction ($22B) results 4.403% vs. 4.418% WI

Edward Snowden @Snowden: 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.
   @DowdEdward: This is a very big deal, and my take is the Fed is setting up the fall guy for what I think down the road will be one of the biggest policy errors in the last 30 years. The books are not only cooked but we estimate the significant rise in disabilities since 2021 is understating the unemployment rate by ~100 to 150 basis points.

US Initial Jobless Claims 242k, 225k expected, 229k prior; Continuing Claims 2.82m, 1.795m expected

Positive aspects of previous session
Mag 7/Fangs soared again; and the afternoon rally appeared, again.

Negative aspects of previous session
Bad US 30-year auction (But USMs still rallied moderately)
Gasoline rallied sharply
The DJIA and DJTA were down sharply and finished in the red despite the Mag 7 euphoria
The historic divergence, due to Mag 7 ecstasy, in the US equity market worsened.
Joe Biden’s troubling and embarrassing behavior at G7, details below

Ambiguous aspects of previous session
How inflated will the US Mag 7 Bubble get?
Most everyone sees the historic divergences in the US equites, when will a majority act?

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

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5426.06
Previous session S&P 500 Index High/Low: 5452.75, 5408.50

Fed Balance Sheet: +$3.287B; Reserves at Fed: +$46.824B to $3.455T (Too much juice in the system!)

Today – Traders will play for the Friday Rally. Stocks are bubbling up and the Fed will NOT do anything to halt the current Mag 7 Bubble or the blossoming S&P 500 Index and Nasdaq Bubbles. If stocks are strong early, be alert for an afternoon reversal on liquidation for the weekend.

NQMs are +32.25; ESMs are +2.00; USMs are -10/32; and gold is +3.30 at 22:53 ET.

Expected economic data: May Import Prices -0.1% m/m & 1.3% y/y; Export Price Index 0.1% m/m & 0.6% y/y; June UM Sentiment 72, Current Conditions 72.2, Expectations 72, 1-year Inflation 3.2%, 5-10 Inflation 3.0%: Chicago Fed Pres Goolsbee 14:00 ET

S&P Index 50-day MA: 5204; 100-day MA: 5137; 150-day MA: 4974; 200-day MA: 4817
DJIA 50-day MA: 38,731; 100-day MA: 38,778; 150-day MA: 38,015; 200-day MA: 36,978
(Green is positive slope; Red is negative slope)

S&P 500 Index (5433.74 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 5316.34 triggers a sell signal
Hourly: Trender and MACD are positive – a close below 5372.98 triggers a sell signal

@CollinRugg: 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 camera saluting Meloni before shuffling away. Clown show.  https://x.com/CollinRugg/status/1801300939372118420
    @RubinReport: Look at the way they (G7 leaders) all acknowledge someone has to save him…
https://x.com/RubinReport/status/1801300855200587978
     @tracybeanz: When is someone going to do something about this? It’s really bad. If this were my father, uncle, grandfather or friend, I could NEVER do this. But this man is supposed to be RUNNING OUR COUNTRY.
    @ggreenwald: Anyone who denies this is extremely uncomfortable and embarrassing to watch at this point isn’t being honest. And I don’t understand how Democrats and their pundits believe they can convince Americans it’s not happening.

@tomselliott: Video: Biden scolds a reporter for asking about Gaza and not a pre-approved question about Ukraine: “I wish you guys would play by the rules.” https://x.com/tomselliott/status/1801344478487449975
(What rules? I thought the media was free from political control?)

@PhilipWegmann: White House Correspondents President @KellyO replies in rare written statement that (Cuz Biden’s comment makes the MSM look corrupt!) “There are no preconditions regarding question topics.” Full statement after President Biden’s gripe that reporters would not “play by the rules”: https://x.com/PhilipWegmann/status/1801357903389171760

Biden skipped the G7 dinner, the second time he has missed the tres significant soiree in the past two years. When asked why The Big Guy is skipping the G7 dinner, Karine Jean-Pierre claimed Biden is just too busy to attend the dinner. Yet all Biden’s adult children accompanied him on the trip.

The Daily Mail: Biden’s stay in Italy will be brief. He arrives around midnight local time on Wednesday and departs on Friday evening where he’ll head straight to Los Angeles for a campaign fundraiser with George Clooney, Jimmy Kimmel and Julia Roberts.
https://www.dailymail.co.uk/news/article-13523271/All-Hunter-Bidens-adult-children-join-grandfather-Joe-trip-Italy-Naomi-Finnegan-Maisy-jet-Air-Force-One-hours-family-left-reeling-guilty-verdict.html

@JesseBWatters: Former Speaker of the House, Kevin McCarthy, says @JoeBiden tried to take him swimming (WH outdoor pool) in the middle of WINTER. (And Joe has created a mini office 10 feet from the Oval Office) “Jill’s on the other side of the table — ‘No, they don’t want to go!’” https://x.com/JesseBWatters/status/1801056394008732023

Biden ripped for gun control speech hours after Hunter’s firearm conviction: ‘We live in clown world’ https://t.co/a5AJOB8VBt

Biden repeatedly watched his dog attack Secret Service as staff wished each other ‘safe shift’
https://nypost.com/2024/06/13/us-news/biden-repeatedly-watched-his-dog-attack-secret-service-as-staff-wished-each-other-safe-shift-docs/

House Chairman Bryan Steil subpoenas 15 Biden administration officials over ‘Bidenbucks’ documents – “Elections are partisan, but our election administration should never be partisan,” Rep. Bryan Steil said… “Bidenbucks,” President Biden’s executive order to turn as many federal agencies as possible into get-out-the-vote centers across all states… (Imagine the outrage is DJT did this!)
https://justthenews.com/government/congress/house-chairman-bryan-steil-subpoenas-15-biden-admin-officials-over-bidenbucks

@paulsperry_: Further straining credulity Biden was never involved in/had no knowledge of his son’s & brother’s business schemes: Biden’s own doctor, his personal accountant, his personal lawyer, his bodyguard and his body man have all gotten involved in Hunter’s a/o Jimmy Biden’s biz dealings.
    Subpoenaed bank records reveal another Biden Chinese bagman —Bo Zhang of Harves Investment Group –pumped $145,000 into two Hunter Biden shell companies in 2016 —while Biden was VP. Biden’s bodyman “Franny” solicited funds from Zhang to pay off Hunter’s mounting debts

Protesters are harassing Jews every day in NYC, when will pols protect them?
https://nypost.com/2024/06/12/opinion/protesters-are-harassing-jews-every-day-in-nyc-when-will-pols-protect-them/

Cops bust heavily armed NYC man who expressed jihadist views, was planning something ‘very bad’   https://nypost.com/2024/06/12/us-news/nyc-man-who-expressed-jihadist-views-busted-with-arsenal-of-weapons-with-ominous-message-scrawled-on-baton-sources/?s=02

Turning Point UK (@TPointUK): The Golders Green knife attacker Gabriel Abdullah, 34, was spared jail. Whereas a man was jailed for a year for putting a bacon sandwich outside a mosque. We are second class citizens in our own country… (Revolution is coming, or else!)

GREG HUNTER

Dollar Dying, Russian Missiles Here, CV19 Vax—NOT!

By Greg Hunter On June 14, 2024 In Weekly News Wrap-Ups7 Comments

By Greg Hunter’s USAWatchdog.com (WNW 638 6.14.24)

This past week, the so-called petrodollar officially died. What does this mean to Americans? The petrodollar ending will affect everything from interest rates and inflation to solvency of the Treasury market, and it can even affect whether the US survives as a country. In short, the US dollar is dying, and that death just got kicked into overdrive. Now that Saudi Arabia will accept many currencies for its oil, the world does not have to hold dollars. Get ready for hard times as all these useless dollars find their way back to America. When you have a lot of something, the price goes down. The dollar will survive, but the buying power of it won’t be anything like it is today.

A few weeks ago, the Biden Administration started supplying missiles to Ukraine and gave the evil regime their permission to start shooting them into Russia. What could go wrong with that hairbrained decision? How about Russia is now sending nuclear armed subs and stealth submersible craft to patrol the US coastline. How long will Russia allow the US to shoot missiles into Russia before it shoots a few into the US? If a nuke hits Saint Louis, there will be no Republicans and Democrats anymore. It will be just “We the People” sinking in the same boat. Call your Congressman and Senator and ask them if they have lost their minds to be pulling this reckless stunt with Russia, a hypersonic nuclear armed country. Really—call them.

It’s official. The CV19 vax is NOT a vaccine. It is a “treatment,” and it does not stop the spread of Covid or provide immunity. The 9^th Circuit Federal Court came to this conclusion this past week. The CDC honchos changed the definition of vaccine when the CV19 shots came out a few years ago, and they have been lying to the public ever since. The 9^th Circuit ruling is the official admission that the entire country, with 700 million CV19 injections, was hit with one big deadly and debilitating fraud. One thing the CV19 injections are good at is disabling and murdering its victims. Don’t be surprised because, this week, Harvard Law professor Francis Boyle, who drafted the 1989 Bioweapons Act, went on record to say the CV19 injections are, in fact, “weapons of mass destruction.” That is exactly what biotech analyst Karen Kingston said nearly three years ago on USAWatchdog.com.

There is more in the 50-minute newscast.

There is an 8-minute video to explain how easy it is to ride out any terror attack or extreme storm.

You can get more information at Sat123.com or BeReady123.com.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 6.14.24.

(To Donate to USAWatchdog.com Click Here)

Dollar Dying, Russian Missiles Here, CV19 Vax—NOT!

After the Wrap-Up:

Join Catherine Austin Fitts, the Publisher of the Solari Report, as she explains what Artificial Intelligence (AI) is and what it will mean to your life and freedoms.

SEE YOU ON MONDAY

DAY

SHANGHAI GOLD (USD) FUTURES – QUOTES

GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 181 NOTICES FOR 18100 OZ or 0.5629 TONNES

total notices so far: 29,413 contracts for 2,941,300 Oz (91.486 tonnes)

FOR JUNE:

SILVER NOTICES: 11 NOTICE(S) FILED FOR 55,000

OZ/

total number of notices filed so far this month :1244 for 6.220 million oz

Silver Demand In The Solar Sector Could Squeeze Silver Supply In The Future

Saudi Arabia ends 80-year petrodollar deal with U.S., boosting other currencies

Hit by new U.S. sanctions, Russia halts dollar and euro trade on main bourse

The world will never be free if it believes official gold data

Singapore to lead gold market as it shifts east, World Gold Council says

Andrew Maguire

Rollercoaster: Cocoa Prices Surge Above $10,000 A Ton As Global Supply Fears Worsen

Futures Slide, Yields Tumble As European Turmoil Sparks Global Risk-Off

Political uncertainty in Europe hits sentiment, JPY initially slipped post-BoJ but now flat – Newsquawk US Market Open

EUROPEAN TRADE

EQUITIES

FX

FIXED INCOME

COMMODITIES

CRYPTO

GEOPOLITICS

BOJ

APAC TRADE

French Development Banks Pulls Bond Sale As Macron Sparks EU Market Meltdown

French-Bund Spread Blows Out Most On Record As Market Braces For Return Of European Debt Crisis

German Stock Exchange Boss Slams Government, Says “Economic Policy Is Sheer Catastrophe” And “Migration Policy Universally Wrong”

Migration policy is ‘completely wrong

Defense policy is ‘madness’

Blinken Says Haggling Must Stop After Hamas Requests Changes To Gaza Ceasefire Framework

Israel’s North under heavy fire, IDF destroys massive Gaza tunnel

Hamas seeks US guarantees on ceasefire proposal • US pier faces logistical challenges as waves rock it

Two IDF soldiers wounded from anti-tank missile in northern Israel

‘Residents of the North are used as cannon fodder’: Local leaders respond to Hezbollah’s barrage

Magen David Adom (MDA) announced that paramedics were treating two individuals who had been lightly wounded by debris, as northern Israel criticizes the government’s inaction.

Senior Hezbollah official eliminated in strike in south Lebanon, at least 14 injured – reports

The official was killed in a southern command base of the terrorist organization, where a strike cause a two-story building to collapse.

Missile was reportedly launched from the sea

‘Nasrallah realizes the IDF can kill him’: Hezbollah leadership shaken after Israeli elimination

“The powerful elimination worries Hezbollah members. They now understand that the IDF knows much more about them than they know about us,” says Professor Amatzia Baram.

Hezbollah leadership worried

US Navy Evacuates Injured Mariner From Houthi-Attacked Cargo Ship Set Ablaze By Missiles

G7 Leaders To Use Frozen Russian Assets To Back Next Tranche Of Ukraine Aid

There Are Only Downsides To Prolonging The War In Ukraine

t’s incredible that these malfeasants are now posturing using a false positive ‘over-amplified’ sensitive RT-PCR ‘process’ AGAIN (not a diagnostic test) to manufacture, create fake avian bird

‘flu’ pandemics (H5N2, H5N8, H5N1 etc.) out of ‘nothing’ (creating a problem when we had/have none) & now moving to mass test chickens (most false positive due to over-cycled PCR) & mass inoculate

We are thus creating a disaster, EITHER way. We are using PCR to manufacture fake pandemics and ending up causing major disaster.

Macron Has Gambled… And Lost

Top Tech Trio Melts Up To Record High As Rest Of Market, Europe Burns

Bidenomics Implodes: Consumer Sentiment Unexpectedly Slumps To 7 Month Low In 5-Sigma Miss

Why Americans Aren’t Buying Biden’s “Strong Economy” Propaganda

The Entire System Is Crumbling! Major Red Flags Are Popping Up For Banks, Small Businesses And Retailers

Los Angeles City Council Ends COVID-19 Vaccination Mandate For City Workers

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