GOLD PRICE CLOSED DOWN $18.25 TO $2314.45

SILVER PRICE DOWN $0.10 TO $29.32

Gold ACCESS CLOSED $2319.45

Silver ACCESS CLOSED: $29.46

Bitcoin morning price:$65,781 UP 405 DOLLARS.

Bitcoin: afternoon price: $66,746 UP 1370 dollars

Platinum price closing  UP $12.20 TO $969.25

Palladium price; DOWN $5.20 AT $892.05

END

SHANGHAI GOLD PREMIUM 60 DOLLARS/COMEX GOLD//JULY TO JULY

SHANGHAI GOLD (USD) FUTURES – QUOTES

SHANGHAI GOLD (USD) FUTURES – QUOTES

Last Updated 17 Jun 2024 02:31:59 PM CT.

Market data is delayed by at least 10 minutes.

MONTH	CHART	LAST	CHANGE	PRIOR SETTLE	OPEN	HIGH	LOW	VOLUME	UPDATED
JUN 2024 SGUM4		–	–	2360.3	–	–	–	0	12:30:17 CT 17 Jun 2024
JUL 2024 SGUN4		–	–	2374.4	–	–	–	0	12:30:17 CT 17 Jun 2024
AUG 2024 SGUQ4		2358.2	-16.4 (-0.69%)	2374.6	2366.4	2371.1	2353.9	1,162	12:30:17 CT 17 Jun 2024
OCT 2024 SGUV4		2387.4	-11.5 (-0.48%)	2398.9	2384.3	2387.4	2377.6	27	12:30:17 CT 17 Jun 2024
DEC 2024 SGUZ4		–	–	2411.4	–	–	–	0	12:30:17 CT 17 Jun 2024
FEB 2025 SGUG5		–	–	2412.0	–	–	–	0	12:30:17 CT 17 Jun 2024
APR 2025 SGUJ5		–	–	2412.6	–	–	–	0	12:30:17 CT 17 Jun 2024

About this Report

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

4: 15 PM ACCESS

*CANADIAN GOLD: $3182.98 DOWN 18.55 CDN dollars per oz( * NEW ALL TIME HIGH 3,305.30 CDN DOLLARS PER OZ//MAY 20 2024)

*BRITISH GOLD: 1825.56 UP 19.15 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024

*EURO GOLD: 2178.41 DOWN 18.65 Euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)

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END

EXCH: COMEX

ACCESS MARKET

JPMorgan stopped 0/181

FOR JUNE 2024 

GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 537 NOTICES FOR 53,700 OZ  or  1.6702 TONNES

total notices so far: 29,950 contracts for 2,995,000  Oz (93.157 tonnes)

FOR  JUNE:

SILVER NOTICES: 0 NOTICE(S) FILED FOR nil

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 DOWN $18.25 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : HUGE CHANGES IN GOLD INVENTORY AT THE GLD/ A WITHDRAWAL OF 4.03 TONNES OF GOLD FROM THE GLD/

/ /INVENTORY RESTS AT 825.31TONNES

INVENTORY RESTS AT 825.31 TONNES

SLV//

WITH NO SILVER AROUND AND SILVER DOWN $0.10 AT THE SLV//

SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF .822 MILLION OZ INTO THE SLV

// INVENTORY INCREASES TO 430.505MILLION OZ/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 430.505 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY AN ULTRA HUGE SIZED 1247 CONTRACTS TO 177,752 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR GAIN OF $0.42 IN SILVER PRICING AT THE COMEX ON FRIDAY’S TRADING ON SILVER. WE HAD ZERO LONG LIQUIDATION AS WE HAD A NET GAIN OF 1028 CONTRACTS ON OUR TWO EXCHANGES. WE, AGAIN HAD SHORT COVERING BY OUR SPECS WITH THE GAIN IN PRICE AS WELL AS MASSIVE T.A.S. LIQUIDATION.  WE HAD ANOTHER  HUMONGOUS SIZED 935 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 ON FRIDAY, JUNE 7

CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.  THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS:  1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON FRIDAY NIGHT: 1652 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE  OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND TODAY;S TRADING.

WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023//  OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.42) BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS FROM THEIR PERCH AS WE DID HAVE A HUGE SIZED GAIN OF 1255 CONTRACTS ON OUR TWO EXCHANGES WITH THE GAIN IN PRICE OF $0.42. THE RAID SOLVED NOTHING FOR OUR CROOKS.

WE  MUST HAVE HAD:

A HUGE SIZED 2275 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 50,000 OZ QUEUE JUMP

//NEW STANDING FOR SILVER//JUNE IS THUS 6.355 MILLION OZ 

WE HAD:

/ HUGE SIZED COMEX OI LOSS //HUGE SIZED EFP ISSUANCE/ VI)  HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 935 CONTRACTS)/

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED 227  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 11 DAYS, total 12,517 contracts:   OR 62.585 MILLION OZ  (1137 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  62.585 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 62.585 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)

RESULT: WE HAD A GIGANTIC SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1247 CONTRACTS DESPITE OUR GAIN IN PRICE OF SILVER PRICING AT THE COMEX//FRIDAY.,.  THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE  CONTRACTS: 2275 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 50,000 OZ QUEUE JUMP

//NEW TOTAL STANDING FOR JUNE 6.335 MILLION OZ 

WE HAVE A HUGE SIZED GAIN OF 1028  OI CONTRACTS ON THE TWO EXCHANGES WITH THE GAIN IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUMONGOUS SIZED 935 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE FRIDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND ZERO NET LIQUIDATION OF LONGS. 

THE NEW TAS ISSUANCE FRIDAY NIGHT   (1652) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .

WE HAD 0 NOTICE(S) FILED TODAY FOR nil OZ

THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 8104 OI CONTRACTS  TO 442,050 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,733  AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW MUCH FURTHER FROM OUR ALL TIME LOW OF 390,000 CONTRACTS.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 1177 CONTRACTS

WE HAD A STRONG SIZED INCREASE  IN COMEX OI (8104 CONTRACTS) OCCURRED WITH OUR GAIN OF $31.20  IN PRICE/FRIDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER. WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNE AT 89.94 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 60,200 OZ QUEUE JUMP AS BANKERS SCOUR THE PLANET LOOKING FOR GOLD ON THE THIS SIDE OF THE POND

NEW STANDING  94.233 TONNES// ALL OF THIS HAPPENED WITH OUR  $31.20 GAIN IN PRICE  WITH RESPECT TO FRIDAY’S TRADING. WE HAD A VERY STRONG SIZED GAIN OF 12,220 OI CONTRACTS (41.514 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 4116 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 442,050

IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 12,220 CONTRACTS  WITH 8104 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 4116 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 12,220 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 1652 CONTRACTS,,

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4116 CONTRACTS) ACCOMPANYING THE  STRONG SIZED GAIN IN COMEX OI OF 9231 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 12,220 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 1.872 TONNES 

//NEW STANDING /JUNE 94.223 TONNES. 

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

  4)  STRONG SIZED COMEX OPEN INTEREST LOSS 5)  STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S.  ISSUANCE: 1652 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: 37,948 CONTRACTS OR 3,794,800 OZ OR 119.21 TONNES IN 11 TRADING DAY(S) AND THUS AVERAGING: 3449 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 11 TRADING DAY(S) IN  TONNES  119.21 TONNES

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

THUS EFP TRANSFERS REPRESENTS  119.21 DIVIDED BY 3550 x 100% TONNES = 3.55% 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 119.21 tonnes HEADING FOR A STRONG MONTH

SPREADING OPERATIONS

(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW  ACTIVE FRONT MONTH OF JUNE. WE ARE NOW INTO THE SPREADING OPERATION OF  GOLD

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE  NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF FEB., FOR  GOLD: AND MARCH FOR SILVER

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (APRIL), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.

The crooks also use the spread in the TAS  account  (trade at settlement).  They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle  of the  front delivery month cycle. They unload the sell side of the equation, two months down the road.  The crooks violate position limits as the OCC refuse to hear our complaints.

First, here is an outline of what will be discussed tonight:

1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUGE SIZED  1247 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 2275 CONTRACTS

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

JULY 2275  and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2275 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE COMEX OI LOSS OF 1020 CONTRACTS AND ADD TO THE 2275 E.FP. ISSUED

WE OBTAIN AN ULTRA HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1255 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  TOTALS 6.275 MILLION OZ 

OCCURRED WITH OUR  $0.42 GAIN IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

MONDAY MORNING/SUNDAY  NIGHT

SHANGHAI CLOSED DOWN 16.74 PTS OR 0.55% //Hang Seng CLOSED DOWN 5.66 PTS OR 0.03%// Nikkei CLOSED DOWN 5.63 OR 0.03%//Australia’s all ordinaries CLOSED DOWN 0.39%///Chinese yuan (ONSHORE) closed DOWN TO 7,2559 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2698/ Oil DOWN TO 78.34 dollars per barrel for WTI and BRENT UP AT 82.52 /Stocks in Europe OPENED ALL MIXED

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 ROSE BY A STRONG SIZED 8104 CONTRACTS  TO 442,050 WITH OUR HUGE GAIN IN PRICE OF $31.20 WITH RESPECT TO FRIDAY’S TRADING. WE HAD A HUGE T.A.S. LIQUIDATION ON FRIDAY WITH ZERO LONGS BEING CLIPPED.

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF JUNE.…  THE CME REPORTS THAT THE BANKERS ISSUED A  GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS A STRONG SIZED 4116 EFP CONTRACTS WERE ISSUED: :  AUGUST 4116 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4116 CONTRACTS.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY STRONG SIZED TOTAL OF 12,220 CONTRACTS IN THAT 4116 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A STRONG SIZED GAIN OF 9231 COMEX  CONTRACTS..AND THIS STRONG SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR HUGE GAIN IN PRICE OF $31.20

////FRIDAY COMEX.  AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR FRIDAY NIGHT WAS A GOOD SIZED 1652 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. IS OF EXTREME IMPORTANCE TO OUR CROOKS IN YESTERDAY’S TRADING 

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING:   JUNE  (94.223 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; 94.223 TONNES. THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022

THE SPECS/HFT WERE  UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY  $31.20 //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A VERY STRONG SIZED GAIN OF 12,220 CONTRACTS ON FRIDAY WITH OUR TWO EXCHANGES WITH THE HUGE GAIN IN PRICE. THE T.A.S. ISSUED ON FRIDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE GAINED A TOTAL OI OF 38.000 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 HUGE QUEUE JUMP OF 602 CONTRACTS OR 60,200 OZ (1.872 TONNES)

NEW STANDING FOR JUNE: 94.223 TONNES

ALL OF THIS WAS ACCOMPLISHED WITH OUR HUGE GAIN IN PRICE  TO THE TUNE OF $31.20

WE HAVE REMOVED 1177 CONTRACTS  FROM THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL

NET GAIN ON THE TWO EXCHANGES 12,220 CONTRACTS OR 12,220 (38.00 TONNES)

confirmed volume FRIDAY 170,346 contracts//FAIR

//speculators have left the gold arena

JUNE 17       JUNE  GOLD CONTRACT

/ /// THE JUNE 2024 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	27,734.070 oz loomis HSBC           .
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	537 notice(s) 53.700 OZ 1.6702 TONNES
No of oz to be served (notices)	343 contracts    34,300 OZ 1.066 TONNES
Total monthly oz gold served (contracts) so far this month	29,950 notices 2,995,000 oz 93.1570 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: 2

i) out of Loomis: 3279.402 oz (102 kilobars)

ii) Out of HSBC 24,454.604 oz

TOTAL WITHDRAWALS 27,734,070 0z

Adjustments: 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE

For the front month of JUNE we have an oi of 880 contracts having GAINED 421 contracts. We had 181 contracts served on Friday so we gained A HUGE 602 contracts or 60,200 oz additional ounces will stand for gold at the comex as they underwent a MASSIVE queue jump to take delivery on this side of the pond.

JULY GAINED 36 CONTRACTS TO STAND AT 2455

AUGUST GAINED 6906 CONTRACTS UP TO 359,223 CONTRACTS

We had 537 contracts filed for today representing 53,700  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 230 notice was issued from their client or customer account. The total of all issuance by all participants equate to 537 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 464 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 (29,995) x 100 oz ) to which we add the difference between the open interest for the front month of  JUNE (880 CONTRACTS)  minus the number of notices served upon today  (537 x 100 oz per contract( equals  3,029,300 OZ  OR 94.223 TONNES.

thus the INITIAL standings for gold for the JUNE contract month:  No of notices filed so far (29.950 x 100 oz +we add the difference for front month of June  (880 OI} minus the number of notices served upon today (537) x 100 oz which equals  3,029300 oz (94.223 TONNES) 

TOTAL COMEX GOLD STANDING FOR JUNE: 94.223 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:  17,616.174 OZ  

TOTAL REGISTERED GOLD 8,151,711.327( 246.13 tonnes).

TOTAL OF ALL ELIGIBLE GOLD: 9,464,463.307 OZ  

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

END

SILVER/COMEX

JUN  17/2024

INITIAL

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

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	78,907/681 oz CNT Delaware .
Deposits to the Dealer Inventory	nil OZ
Deposits to the Customer Inventory	nil oz
No of oz served today (contracts)	0 CONTRACT(S)    (nil OZ)
No of oz to be served (notices)	23 contracts  (0.155 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  0 customer deposit:

total customer deposit nil.oz

JPMorgan has a total silver weight: 127.822million oz/296.374million  or 43.17%

adjustment: 0

Comex withdrawals: 2

i) out of CNT: 76,933.63 oz

ii) out of Delaware: 1974.050 oz

total withdrawal: 27,,734.030 0z

TOTAL REGISTERED SILVER: 63.074MILLION OZ//.TOTAL REG + ELIGIBLE. 296.314

million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE:

silver open interest data:

FRONT MONTH OF JUNE/2024 OI: 23 CONTRACTS HAVING LOST 1 CONTRACT(S). 

WE HAD 11 NOTICES SERVED UP ON FRIDAY, SO WE GAINED 10 CONTRACTS OR AN ADDITIONAL 50,000 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 6110 CONTRACTS DOWN TO 79,973

AUG, SAW A GAIN OF 5 CONTRACTS TO 343

SEPT SAW A GAIN OF 4691 CONTRACTS TO 79,505

.

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

CONFIRMED volume; ON FRIDAY 94,705 huge

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 ((23) and the number of notices served upon today 0 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 (23)x number of notices served upon today minus (0)x 5000 oz of silver standing for the JUNE  contract month equates to 6.335 MILLION OZ.  

 New total standing: 6.335 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 DOWN $18.25 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD/: /A WITHDRAWAL OF 4.03 TONNES OF GOLD FROM THE GLD////NEW TOTAL TONIGHT 825.31 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: 825.31 TONNES, TONIGHTS TOTAL

SILVER

JUNE 17. WITH SILVER DOWN $0.10//SMALL CHANGES IN SILVER INVENTORY’ A DEPOSIT OF .822 MILLLION OZ INTO THE SLV/// /INVENTORY RISES TO 430.505 MILLION OZ.

JUNE 14. WITH SILVER DOWN $0.10//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 430.505 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.

end

Free Money Advocates: Undoing Medical Debt From Credit Reports Isn’t Enough

MONDAY, JUN 17, 2024 – 01:00 PM

Via SchiffGold.com,

The Biden Administration’s Consumer Financial Protection Bureau (CFPB) just issued a proposal to ban medical debt from factoring into your credit score. But for free-money socialists and their Keynesian bedfellows, this doesn’t go nearly far enough: short of canceling medical debt entirely, nothing else is acceptable.

The proposal addresses a loophole so that Americans with medical debt aren’t prevented from getting loans or even losing their home due to unpaid medical bills. The announcement has set a chorus into motion from those who believe money grows on trees, and debt can be magically erased. For economically-illiterate, quixotic activists who think money can (and should) be printed out of thin air, hundreds of billions of dollars in debt can just as easily be made to disappear without economic consequences.

Nina Turner

@ninaturner

Medical debt shouldn’t show up on credit reports. But also, medical debt shouldn’t exist. Seeking medical treatment in America should not saddle people with debt. It’s time to cancel medical debt and pass Medicare for all.

9:31 AM · Jun 13, 2024

·

17.8K Views

Medical debt shouldn’t show up on credit reports. But also, medical debt shouldn’t exist.

Seeking medical treatment in America should not saddle people with debt.

It’s time to cancel medical debt and pass Medicare for all.

— Nina Turner (@ninaturner) June 13, 2024

Even just banning medical debt from credit scores could potentially fuel inflation and lead to higher medical costs – but the one thing the free money advocates have right is that healthcare is too expensive in America.

The system is in dire need of reform.

But we have a very large country with low homogeneity where the socialized healthcare systems of high-trust societies, like some Nordic nations, would be impossible — not only economically, but culturally as well.

CFPB Data: Medical Debt Collections in Consumer Credit Panel, 2018 – 2021

Medical debt total balance and total tradelines from the CFPB’s Consumer Credit Panel, a 1-in-48 sample of de-identified credit records from one of the three major national consumer reporting agencies

Source: US Consumer Finance Protection Bureau, Medical Debt Burden in the United States. February 2022. Accessed June 2024

We also have an out-of-shape populace locked in a vicious downward cycle of atrocious nutrition, deteriorating health, and compounding pharmaceutical interventions. A “Medicare For All” scheme would inevitably translate to the constant and astronomical (lifestyle-induced) medical costs of the morbidly unhealthy being passed onto Americans who take reasonable steps to stay in decent health. Somewhere around half of adult Americans have totally preventable chronic diseases, and price inflation only worsens this pattern as people turn to cheaper and lower-quality foods to sustain their families.

But in its current form, the system itself is basically devoid of any real free market price discovery mechanism. There’s cartel-ized healthcare pricing where the total on your bill has as much to do with the dynamics of corporate and State monopolies than the cost of the service, materials, and medicines. There isn’t enough competition between giant healthcare providers, and the FDA has created a revolving door system for rubber-stamping products from pharmaceutical giants at the cost of innovation.

There’s little to no incentive to lower costs. Government intervention abounds more than ever with Obama’s Affordable Care Act, and while some are getting affordable insurance who couldn’t before the ACA, it has only achieved this by shoving those costs onto other people.

State intervention, guaranteed loans, and “debt relief” programs in medicine, education, and other industries push up prices for consumers needlessly and arbitrarily by cutting out free market mechanisms, shifting the burden to the rest of us. It’s a political ploy to curry favor to the indebted by selling out the next generation. We need the government involved less, not more, except to the extent that Americans must be protected from entrenched corporate monopolies and public-private cartels. Let the free market speak, let it set the fairest-possible prices through genuine competition, and let it self-regulate.

But a deeper root of the problem is the US dollar itself. Problems ripple outward from this common denominator — when a central bank can set monetary policy and print money on a whim, inflation is inevitable, and costs will go up. If you don’t fix the money, you can’t fix the other issues — and attempts to do so are inevitably trying to address symptoms without addressing foundational causes. From the central bank to the healthcare system, cartels and monopolies and walled gardens abound. It’s Americans who pay the price.

Passing existing debt along to the rest of the country isn’t the answer, and to truly fix healthcare in a lasting way, we must first abolish fiat money.

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

JOHN RUBINO…

De-Dollarization Update: Saudis Cancel The Petrodollar

CHRIS POWELL AND DAILY GOLD/SILVER DISPATCHES

---

Silver market manipulation adversary Ted Butler dies

Submitted by admin on Sun, 2024-06-16 20:48 Section: Daily Dispatches

8:49p ET Sunday, June 16, 2024

Dear Friend of GATA and Gold (and Silver):

Friends confirmed tonight that silver market analyst Ted Butler, who exposed and became the scourge of silver market manipulation for almost three decades, died Saturday.

Butler lived in Florida and wrote about silver market manipulation since 1996. In 2009 he formed Butler Research LLC and began publishing a subscription newsletter

He often scolded the U.S. Commodity Futures Trading Commission for its failure to recognize or even look for silver market manipulation, peppering the agency with detailed letters and usually receiving replies that were at best evasive. But in the process he did much to alert investors that powerful forces were striving to suppress silver prices, and increasingly having trouble doing so.

GATA sends its respects to Butler’s family and will aim to distribute his formal obituary when it becomes available.

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

end

Tanzania issues directive to curtail rampant use of U.S. dollar

Submitted by admin on Sun, 2024-06-16 16:41 Section: Daily Dispatches

By Paul Owere
The Citizen, Dar Es Salaam, Tanzania
Sunday, June 16, 2024

Tanzania’s finance minister, Mwigulu Nchemba, issued a decisivie directive on June 13 aimed at curbing the widespreadd use the the U.S. dollar within the country in a bid to address a critical challenge to the economy.

In his budget speech to the National Assembly, Nchemba highlighted the detrimental effects of dollarization, where both public and private institutions demand payments in foreign currency for goods and services provided domestically, exacerbating the shortage of dollars and hindering economic progress.

The directive mandates that all transactions be conducted and advertised in Tanzanian shillings, aligning with the legal framework of the country and promoting financial stability. ….

… For the remainder of the report:

https://www.thecitizen.co.tz/tanzania/news/national/tanzania-issues-directive-to-curtail-rampant-use-of-us-dollar-4659322

end

Joseph Adinolfi: Reports of the petrodollar system’s demise are ‘fake news,’ and here’s why

Submitted by admin on Sat, 2024-06-15 16:08 Section: Daily Dispatches

By Joseph Adinolfi
Dow Jones News Service
via Morningstar.com, Chicago
Saturday, June 15, 2024

Stories about the collapse of a longstanding “petrodollar” agreement between the United States and Saudi Arabia spread like wildfire on social media this week. But the agreement never existed.

It seemed like big news, and many wondered why the mainstream media had seemingly ignored it. Turns out there was a very good reason.

This week reports circulating widely on social-media platforms like X offered up a shocking proclamation: A 50-year-old agreement between the U.S. and Saudi Arabia requiring that the latter price its crude-oil exports in U.S. dollars had expired on Sunday.

The collapse of the accord would inevitably deal a fatal blow to the U.S. dollar’s status as the de facto global reserve currency, various commentators on X opined. Surely, financial upheaval lay ahead.

Almost immediately Google searches for the term “petrodollar” spiked to the highest level on record dating back to 2004, according to Google Trends data.

But as speculation about an imminent end to the U.S. dollar’s global dominance intensified, several Wall Street and foreign-policy experts emerged to point out a fatal flaw in this logic: The agreement itself never existed.

At least not in the way it was being described in the posts that had gone viral on social media. …

… For the remainder of the analysis:

https://www.morningstar.com/news/marketwatch/20240615261/reports-of-the-petrodollar-systems-demise-are-fake-news-heres-why

end

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

ANDREW MAGUIRE…

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

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

END

ASIA TRADING//MONDAY MORNING/SUNDAY  NIGHT

SHANGHAI CLOSED DOWN 16.74 PTS OR 0.55% //Hang Seng CLOSED DOWN 5.66 PTS OR 0.03%// Nikkei CLOSED DOWN 5.63 OR 0.03%//Australia’s all ordinaries CLOSED DOWN 0.39%///Chinese yuan (ONSHORE) closed DOWN TO 7,2559 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2698/ Oil DOWN TO 78.34 dollars per barrel for WTI and BRENT UP AT 82.52 /Stocks in Europe OPENED ALL MIXED

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 MONDAY MORNING.7:30 AM

ONSHORE YUAN:   CLOSED DOWN TO 7.2559

OFFSHORE YUAN: UP TO 7.2698

SHANGHAI CLOSED DOWN 16.74 PTS OR 0.35 %

HANG SENG CLOSED DOWN 5.66 PTS OR 0.03%

2. Nikkei closed DOWN 712.13 PTS OR 1.83 %

3. Europe stocks   SO FAR:  ALL MIXED

USA dollar INDEX UP TO  105.18 EURO RISES TO 1.0709 UP 17 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +0.923 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 157.63 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 DOWN for WTI and DOWN FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.390/Italian 10 Yr bond yield UP to 3.938 SPAIN 10 YR BOND YIELD UP TO 3.3430%

3i Greek 10 year bond yield UP TO 3.633

3j Gold at $2321.00//Silver at: 29.27  1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble UP 0 AND 13/ 100        roubles/dollar; ROUBLE AT 88.35

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 157.63/  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 0.8920 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9554 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: 4.237 UP 3 BASIS PTS…

USA 30 YR BOND YIELD: 4.380 UP 4 BASIS PTS/

USA 2 YR BOND YIELD:  4.704 UP 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 32.85…

10 YR UK BOND YIELD: 4.113 UP 5 PTS

2a New York OPENING REPORT

Futures Flat As European Stocks Stabilize

MONDAY, JUN 17, 2024 – 08:15 AM

Futures are flat to start the holiday-shortened week (markets are closed Wednesday for Juneteenth). As of 8:00am, S&P futures are unchanged just above 5500, while Nasdaq futures rose 0.2%; France’s CAC 40 benchmark erased most of its opening 1% advance and global stocks ceded most of their early gains sparked by French far-right leader Marine le Pen’s pledge to respect political institutions if she wins the upcoming snap parliamentary election. Bond yields are slightly higher amid a bear steepening: JPM’s rates strategist sees yields range-bound for the summer with the 10Y being fairly valued at current levels. Euro-area bond yields edged higher, with France’s yield premium over Germany staying near the widest in years. The Bloomberg Dollar Spot Index is up 0.1%, while the euro was modestly firmer against the dollar, after shedding almost 1% last week. Commodities are mixed with energy higher ex-natgas but Ags and metals are coming for sale; metals potentially dragged by weaker than expected data from China overnight. Today’s macro data focus is on Empire Manufacturing but tomorrow’s Retail Sales is the key release this week with additional focus on Friday’s Flash PMIs.

In premarket trading, semis are higher led by NVDA +0.7%, AVGO +2.8%, and MU +1.7%. AAPL is +0.7% with the balance of Mag7 more muted. Here are some other notable premarket movers:

• Aaron’s soars 31% after agreeing to be acquired by IQVentures for $10.10 per share in cash.
• AMC Networks slides 10% after the entertainment company said it intends to offer $125 million in convertible senior notes due 2029 in a private offering.
• Autodesk gains 4% after the Wall Street Journal reported that activist investor Starboard Value has taken a $500 million stake in the design-software maker.
• Ollie’s Bargain Outlet climbs 3.7% after JPMorgan upgraded the retailer to overweight, saying its fieldwork suggests second quarter-to-date comparable sales are trending above the company’s guidance.
• Zymeworks rises 8% after saying the FDA has cleared the investigational new drug application for ZW171.

Global markets are struggling to recover from a selloff sparked last week by Emmanuel Macron’s call for a snap election, that could result in gains for far-right groups, including Le Pen’s National Rally. European assets were lifted initially as Le Pen appeared to soothe investors with comments that she won’t try to push out Macron if she wins the election, but the gains fizzled quickly.

“It’s fair to say that foreign investors are nervous about the heightened political risk that the situation in France brings,” said Frédérique Carrier, head of investment strategy at RBC Wealth Management. “The market still has a lot of difficulty pricing in these sorts of events.”

Still, she noted populist politicians do have a history of moving closer to the center once they reach power and Le Pen’s comments had fueled hopes for that outcome in France. “It’s possible that these signs of them being a little bit less radical and wanting to play nice might encourage the market a little bit,” Carrier said. But with the first election round on June 30, investors are likely to stay wary of Europe. Citigroup analysts warned that a potential far-right majority in France is among the risk factors for European equities and said they favor the US market.

European stocks were in the green but well off session highs, while the CAC 40 erased most of its initial 1% gain as investors monitor signs of stabilization in French bonds. The Stoxx 600 advanced 0.6% after rising more than 1% earlier before erasing all gains and rebounding, with gains led by info tech and energy sector. OAT yields have steadied across the curve after Marine le Pen said over the weekend she won’t try to push out President Emmanuel Macron if she wins in an appeal to moderates.

Earlier in the session, Asian stocks fell, with Japanese equities the session’s biggest laggard, as concerns over France’s political crisis stoked anxiety in global markets. Trading was thin amid holidays in a number of countries. The MSCI Asia Pacific Index fell as much as 1%, on track for a third-straight daily loss, with Toyota, Samsung and Sony among the biggest drags Monday. Benchmarks also fell in South Korea, New Zealand and Thailand, while Chinese equities were mixed after a slew of disappointing economic data. Markets in Singapore, India, Indonesia, Malaysia and the Philippines were closed.

• Hang Seng and Shanghai Comp. were mixed as the Hang Seng attempts to buck the trend amid tech strength and with the mainland pressured after soft data releases from China including the miss on loans and financing data, while Industrial Production and Retail Sales were mixed and House Prices showed a further deterioration with the steepest M/M drop in nearly a decade.
• Nikkei 225 underperformed and dipped below 38,000 in the fallout of last week’s BoJ meeting and press conference, while Machinery Orders for April were better than expected with surprise Y/Y growth of 0.7% (exp. -0.1%) and the M/M figure showed a narrower than feared decline at -2.9% (exp. -3.1%) although printed its first contraction in 3 months.
• ASX 200 was rangebound as weakness in tech and mining-related sectors offset the gains in defensives and financials, with trade contained ahead of tomorrow’s RBA announcement and after Australia and China signed MOUs on the economy, trade and education.

The flight to haven assets came as France’s snap parliamentary election renewed investors’ focus on political volatility worldwide. Japanese stocks more than erased Friday’s gains in the immediate wake of the latest policy decision from the nation’s central bank. “The sentiment shifter is the political uncertainty in Europe,” said Kyle Rodda, a market analyst at Capital.com. “Couple that with no fresh news on the earnings front and a market that’s pricing in a higher chance of two Fed cuts this year.”

In FX, the Bloomberg Dollar Spot Index is up 0.1%. The euro tops G-10 FX, rising 0.1% against the greenback. The Norwegian krone and New Zealand dollar lag peers. Oil prices are steady, with WTI trading near $78.50 a barrel. Spot gold falls ~$11 to around $2,322/oz. Iron ore falls 2%.

In rates, treasury yields are higher led by the long-end amid similar bear-steepening in German bonds, while French bonds stabilize as investors weighed assurances from far-right leader Marine Le Pen that she’d work with President Emmanuel Macron. US long-end yields cheaper by nearly 3bp with 2s10s, 5s30s spreads steeper by ~2bp on the day; 10-year around 4.246% is about 3bps higher than Friday’s close with bunds underperforming by additional 2bp in the sector. Coupon issuance this week includes $13b 20-year bond reopening Tuesday and $21b 5-year TIPS reopening Thursday. US session includes three Fed speakers and June Empire manufacturing gauge.

In commodities, oil prices are steady, with WTI trading near $78.50 a barrel. Spot gold falls ~$11 to around $2,322/oz. Iron ore falls 2%.

Looking to today’s calendar, US economic data slate includes June Empire manufacturing at 8:30am. Ahead this week are retail sales, industrial production and manufacturing and services PMIs. Fed officials scheduled to speak include Williams (12pm), Harker (1pm) and Cook (9pm). This week we get lots of central bank action, including decisions in the UK, Australia and Brazil, with investors looking for hints on when each will join the rate-cutting cycle.

Market Snapshot

• S&P 500 futures little changed at 5,436.00
• STOXX Europe 600 up 0.2% to 511.86
• MXAP down 0.8% to 178.17
• MXAPJ down 0.2% to 562.20
• Nikkei down 1.8% to 38,102.44
• Topix down 1.7% to 2,700.01
• Hang Seng Index little changed at 17,936.12
• Shanghai Composite down 0.6% to 3,015.89
• Sensex up 0.2% to 76,992.77
• Australia S&P/ASX 200 down 0.3% to 7,700.27
• Kospi down 0.5% to 2,744.10
• German 10Y yield little changed at 2.40%
• Euro little changed at $1.0712
• Brent Futures up 0.4% to $82.97/bbl
• Gold spot down 0.6% to $2,319.01
• US Dollar Index little changed at 105.53

Top Overnight News

• China’s President Xi Jinping told European Commission president Ursula von der Leyen that Washington was trying to goad Beijing into attacking Taiwan, according to people familiar with the matter. FT
• China’s industrial production for May falls short of expectations (+5.6% vs. the Street +6.2%) and property investment exhibits softness too while retail sales were a bright spot (+3.7% vs. the Street +3%). BBG
• China’s new home prices fell at the fastest pace in more than 9-1/2 years in May, with the property sector struggling to find a bottom despite government efforts to rein in oversupply and support debt-laden developers. Prices were down 0.7% in May from the previous month, marking the 11th straight month-on-month decline and steepest drop since October 2014. RTRS
• BOJ to begin dialing back its pace of QE but will hold off on hiking rates until at least Sept according to a former board member. RTRS
• French political anxiety calms slightly as Le Pen said she would cooperate with Macron if her party wins the upcoming election. BBG
• Russia and Ukraine appear further from peace today than at any other time since the full-scale invasion commenced in Feb of 2022, with both sides making unrealistic demands as conditions for ending the war. NYT
• Apparel retailers are discovering that weight loss is their gain. While blockbuster drugs like Ozempic that lead to significant weight loss have dented demand for diet plans and caused food companies to prepare for people eating less, clothing sellers are finding that millions of slimmed-down Americans want to buy new clothes. WSJ
• Tesla has been granted approval to test its advanced driver-assistance system on some Shanghai streets, a person familiar said. The company halted Cybertruck deliveries over a windshield wiper issue, according to Electrek. BBG
• Tesla (TSLA) reduces the price of its Model 3 Long-Range AWD vehicles in the US by USD 250, taking it to USD 47,490, according to Reuters
• Fed’s Goolsbee (non-voter) said on Friday that recent CPI data was very good and they would be feeling very good if they got a lot of months like May’s CPI data, while he added they have to see more progress and his feeling was relief.
• Fed’s Kashkari (non-voter) said they need to see more evidence to convince them inflation is heading to 2% and they are in a good position to take their time and get more data before deciding on rates. Kashkari also stated it is reasonable that a rate cut could occur in December and the median projection is for one cut which is likely to be towards the end of the year, according to CBS’ Face the Nation.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly negative as markets reflected on the latest soft Chinese data releases. ASX 200 was rangebound as weakness in tech and mining-related sectors offset the gains in defensives and financials, with trade contained ahead of tomorrow’s RBA announcement and after Australia and China signed MOUs on the economy, trade and education.     Nikkei 225 underperformed and dipped below 38,000 in the fallout of last week’s BoJ meeting and press conference, while Machinery Orders for April were better than expected with surprise Y/Y growth of 0.7% (exp. -0.1%) and the M/M figure showed a narrower than feared decline at -2.9% (exp. -3.1%) although printed its first contraction in 3 months. Hang Seng and Shanghai Comp. were mixed as the Hang Seng attempts to buck the trend amid tech strength and with the mainland pressured after soft data releases from China including the miss on loans and financing data, while Industrial Production and Retail Sales were mixed and House Prices showed a further deterioration with the steepest M/M drop in nearly a decade.

Top Asian News

• PBoC conducted CNY 182bln (vs CNY 237bln maturing) in 1-year MLF with the rate kept at 2.50%.
• China’s NBS spokesperson said domestic demand is insufficient despite efforts and the property market shows positive changes but is still in the middle of adjustments, while she added that more time was needed to see the effect of property measures and China’s economy likely to continue to recover despite the complex external environment.
• China still has room to lower interest rates but the ability to adjust monetary policy faces internal and external constraints, according to PBoC-backed Financial News.
• China Securities Regulatory Commission announced in a statement that it’ll further evaluate and refine rules for margin trading and securities lending, while it will increase regulation of “illicit” short-selling as it aims to ensure market stability.
• Australia and China signed memorandums of understanding on the economy, trade and education in Canberra, while Australian PM Albanese said they aim to strengthen the relationship with China and Chinese Premier Li announced that China will include Australia in its visa waiver program, according to Reuters.
• China’s Commerce Ministry is conducting anti-dumping investigation on pork and its by-products which are imported from the EU, investigation begins immediatelyInvestigation should end within 12-months, could be extended by another 6-months under special conditions.
• BoJ Governor Ueda says service prices continue to rise moderately reflecting wage rises; will scrutinise FX moves and impact on import prices.
• Japanese PM Kishida says Government and BoJ share view consumption lacks strength as wage growth fails to catch up to pace of inflation.

European bourses, Stoxx 600 (+0.1%) began the session on a strong footing in a paring of Friday’s pronounced downside, though some modest selling pressure has been seen in recent trade. European sectors hold a strong positive tilt, though with little clear bias; Tech takes the top spot, next to Travel & Leisure, whilst Healthcare lags. US Equity Futures (ES -0.1%, NQ +0.1%, RTY -0.1%) are mixed, and with price action tentative thus far.

Top European News

• UK PM Sunak’s Conservative Party is headed for a historic wipeout in the July 4th general election, according to three new polls by Survation, Opinium and Savanta published in Sunday newspapers cited by Bloomberg.
• ECB’s Lane says we are seeing significant wage increases in some countries; cost pressures to be muted next year. (regarding France) Need to distinguish between markets repricing fundamentals and disorderly dynamics; current situation is not disorderly. We need to see domestic services inflation momentum come down.
• ECB is in no rush to discuss a French bond rescue and policymakers have not discussed emergency bond purchases for France, according to sources. Furthermore, sources said ECB policymakers have no immediate plan to debate using the Transmission Protection Instrument for France and some policymakers would wait until a new French government is formed before any discussion about TPI, according to Reuters.
• Italian PM Meloni said G7 leaders agreed on the need for a fairer international taxation system and global minimum tax.

FX

• DXY is trading within a tight but busy 105.49-64 range ahead of a quiet session, with focus on US Retail Sales on Tuesday. Currently trading within the confines of Friday’s 105.17-80 range. Downside levels include its 50 DMA at 105.20, just above the trough from Friday.
• EUR is flat on the session and trading on either side of the 1.07 mark, following some of the hefty selling seen on Friday. Political uncertainty in France still looms large, although some of the fears have seemingly fizzled out in today’s trade after ECB sources suggest that the Bank is in no rush to discuss a French bond rescue.
• GBP is incrementally softer vs the Dollar, largely a factor of slight strength in the EUR/GBP cross, given the lack of UK-specific newsflow thus far.
• JPY is very slightly softer against the Dollar and ultimately unreactive to commentary from BoJ’s Ueda at his parliamentary hearing. Thus far, the Governor has echoed very familiar commentary from the Bank. Currently trading just above 157.50 and towards the upper end of today’s 157.17-66 range.
• Antipodeans (particularly the Kiwi) are the G10 underperformers, following the mixed Chinese data overnight, with focus on the weaker-than-expected Chinese Industrial Output data.

Fixed Income

• USTs are incrementally softer, paring some of the pronounced gains seen on Friday. Today’s focus will be on Fed’s Williams, Harker & Cook, where remarks will be scrutinised to see where they place their dots and how much sway, if at all, May’s CPI had on them. In narrow 6 tick parameters; yields bid across the curve which is ever so slightly flatter thus far.
• Bund pullback is more pronounced than peers, though the OAT-Bund yield spread remains elevated around 75bps. ECB sources drew focus on TPI and France but nothing immediate coming from this while Chief Economist Lane made clear the current situation “is not disorderly”.
• Gilts are also subdued, as attention turns to UK CPI on Wednesday and the BoE a day later. At the low-end of 98.55-98.86 bounds, pulling back from Friday’s 99.05 best.

Commodities

• Crude is flat in what has been a choppy session thus far. The complex was subdued overnight following the weak Chinese industrial data, though caught a slight bid at the European cash open, and then taking another leg higher after PM Netanyahu disbanded his war cabinet.
• Precious metals are pressured despite the strong Chinese retail data with the metrics overall pointing to a sluggish May for China, metrics the likes of ING believe will increase calls for rate cuts from the PBoC. XAU is holding at the lower end of USD 2315-2332/oz bounds.
• Base metals are weighed on by the poor Chinese industrial production number, strength in the USD and only modestly constructive risk tone after Friday’s pronounced pressure.
• US President Biden is ready to reopen US oil stockpile if petrol price surge again, according to FT.
• Ukraine planned record power imports on Saturday after significant energy infrastructure damage. In relevant news, US Vice President Harris announced over USD 1.5bln to bolster Ukraine’s energy sector, according to Reuters.

d

US Event Calendar

• 08:30: June Empire Manufacturing, est. -11.3, prior -15.6

Central Bank Speakers

• 12:00: Fed’s Williams Moderates Discussion at Economic Club of NY
• 13:00: Fed’s Harker Speaks on Economic Outlook
• 21:00: Fed’s Cook Gives Acceptance Remarks

DB’s Jim Reid concludes the overnight wrap

2B EUROPE OPENING/TRADING

US equity futures tentative, Dollar flat & Antipodeans lag after mixed Chinese data – Newsquawk US Market Open

MONDAY, JUN 17, 2024 – 05:59 AM

• European bourses are mostly firmer paring some of Friday’s pronounced downside, US futures are trading tentatively
• Dollar is flat, Antipodeans lag after weaker than expected Chinese industrial data
• Bonds are subdued paring recent EU political-induced upside on Friday, as participants digest ECB sources which suggest that the Bank is in no rush to discuss a French bond rescue
• Crude is flat in what has been a choppy session thus far, XAU/base metals are hampered by mixed Chinese data
• Looking ahead, US NY Fed Manufacturing, Comments from ECB’s de Guindos & Cipollone, Fed’s Williams, Harker & Cook, Earnings from Lennar

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EUROPEAN TRADE

EQUITIES

• European bourses, Stoxx 600 (+0.1%) began the session on a strong footing in a paring of Friday’s pronounced downside, though some modest selling pressure has been seen in recent trade.
• European sectors hold a strong positive tilt, though with little clear bias; Tech takes the top spot, next to Travel & Leisure, whilst Healthcare lags.
• US Equity Futures (ES -0.1%, NQ +0.1%, RTY -0.1%) are mixed, and with price action tentative thus far.
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• DXY is trading within a tight but busy 105.49-64 range ahead of a quiet session, with focus on US Retail Sales on Tuesday. Currently trading within the confines of Friday’s 105.17-80 range. Downside levels include its 50 DMA at 105.20, just above the trough from Friday.
• EUR is flat on the session and trading on either side of the 1.07 mark, following some of the hefty selling seen on Friday. Political uncertainty in France still looms large, although some of the fears have seemingly fizzled out in today’s trade after ECB sources suggest that the Bank is in no rush to discuss a French bond rescue.
• GBP is incrementally softer vs the Dollar, largely a factor of slight strength in the EUR/GBP cross, given the lack of UK-specific newsflow thus far.
• JPY is very slightly softer against the Dollar and ultimately unreactive to commentary from BoJ’s Ueda at his parliamentary hearing. Thus far, the Governor has echoed very familiar commentary from the Bank. Currently trading just above 157.50 and towards the upper end of today’s 157.17-66 range.
• Antipodeans (particularly the Kiwi) are the G10 underperformers, following the mixed Chinese data overnight, with focus on the weaker-than-expected Chinese Industrial Output data.
• Click for a detailed summary
• Click for OpEx details

FIXED INCOME

• USTs are incrementally softer, paring some of the pronounced gains seen on Friday. Today’s focus will be on Fed’s Williams, Harker & Cook, where remarks will be scrutinised to see where they place their dots and how much sway, if at all, May’s CPI had on them. In narrow 6 tick parameters; yields bid across the curve which is ever so slightly flatter thus far.
• Bund pullback is more pronounced than peers, though the OAT-Bund yield spread remains elevated around 75bps. ECB sources drew focus on TPI and France but nothing immediate coming from this while Chief Economist Lane made clear the current situation “is not disorderly”.
• Gilts are also subdued, as attention turns to UK CPI on Wednesday and the BoE a day later. At the low-end of 98.55-98.86 bounds, pulling back from Friday’s 99.05 best.
• Click for a detailed summary

COMMODITIES

• Crude is flat in what has been a choppy session thus far. The complex was subdued overnight following the weak Chinese industrial data, though caught a slight bid at the European cash open, and then taking another leg higher after PM Netanyahu disbanded his war cabinet.
• Precious metals are pressured despite the strong Chinese retail data with the metrics overall pointing to a sluggish May for China, metrics the likes of ING believe will increase calls for rate cuts from the PBoC. XAU is holding at the lower end of USD 2315-2332/oz bounds.
• Base metals are weighed on by the poor Chinese industrial production number, strength in the USD and only modestly constructive risk tone after Friday’s pronounced pressure.
• US President Biden is ready to reopen US oil stockpile if petrol price surge again, according to FT.
• Ukraine planned record power imports on Saturday after significant energy infrastructure damage. In relevant news, US Vice President Harris announced over USD 1.5bln to bolster Ukraine’s energy sector, according to Reuters.
• Click for a detailed summary

NOTABLE DATA RECAP

• EU Wages In Euro Zone (Q1) 5.3% (Prev. 3.1%, Rev. 3.2%); Labour Costs YY (Q1) 5.1% (Prev. 3.4%)
• UK Rightmove House Price Index MM (Jun) 0.0% (Prev. 0.8%); YY (Jun) 0.6% (Prev. 0.6%)
• Italian Consumer Prices Final MM (May) 0.2% vs. Exp. 0.2% (Prev. 0.2%); YY (May) 0.8% vs. Exp. 0.8% (Prev. 0.8%); unrevised.

NOTABLE EUROPEAN HEADLINES

• UK PM Sunak’s Conservative Party is headed for a historic wipeout in the July 4th general election, according to three new polls by Survation, Opinium and Savanta published in Sunday newspapers cited by Bloomberg.
• ECB’s Lane says we are seeing significant wage increases in some countries; cost pressures to be muted next year. (regarding France) Need to distinguish between markets repricing fundamentals and disorderly dynamics; current situation is not disorderly. We need to see domestic services inflation momentum come down.
• ECB is in no rush to discuss a French bond rescue and policymakers have not discussed emergency bond purchases for France, according to sources. Furthermore, sources said ECB policymakers have no immediate plan to debate using the Transmission Protection Instrument for France and some policymakers would wait until a new French government is formed before any discussion about TPI, according to Reuters.
• Italian PM Meloni said G7 leaders agreed on the need for a fairer international taxation system and global minimum tax.

NOTABLE US HEADLINES

• Fed’s Goolsbee (non-voter) said on Friday that recent CPI data was very good and they would be feeling very good if they got a lot of months like May’s CPI data, while he added they have to see more progress and his feeling was relief.
• Fed’s Kashkari (non-voter) said they need to see more evidence to convince them inflation is heading to 2% and they are in a good position to take their time and get more data before deciding on rates. Kashkari also stated it is reasonable that a rate cut could occur in December and the median projection is for one cut which is likely to be towards the end of the year, according to CBS’ Face the Nation.
• Tesla (TSLA) reduces the price of its Model 3 Long-Range AWD vehicles in the US by USD 250, taking it to USD 47,490, according to Reuters

GEOPOLITICS

MIDDLE EAST

• Israel’s military said it will hold a tactical pause of military activity for humanitarian purposes between 06:00BST-17:00BST daily along the road from the Kerem Shalom Crossing to Salah Al-Din Road and then northwards, according to Reuters. However, it was separately reported that Israeli PM Netanyahu denounced as ‘unacceptable’ the plans by Israel’s military for a limited pause in operation near a crossing into Gaza intended to help aid distribution, according to FT.
• Israel Defence Forces said intensified cross-border fire from Hezbollah on Israel could lead to dangerous escalation and is bringing them to the brink of what could be a wider escalation that could have devastating consequences for Lebanon and the entire region, according to a video statement cited by Reuters.
• Hamas leader Haniyeh said the group’s response to the latest Gaza ceasefire proposal is consistent with the principles of US President Biden’s plan, according to Reuters. It was also reported that the Palestinian Islamic Jihad armed wing said the only way to return Israeli hostages is through withdrawing from Gaza and reaching a hostages-for-prisoners deal.
• White House said Qatar and Egypt plan talks with Hamas on a Gaza ceasefire, while the White House later said that President Biden’s senior adviser Amos Hochstein will be in Israel on Monday for meetings.
• US National Security Adviser Sullivan said President Biden wants to see a cessation of hostilities in Gaza and see hostages return home, while he added that they work tirelessly with Israelis to ensure unhindered humanitarian access.
• UK, France, and Germany’s governments condemned Iran’s latest steps as reported by the IAEA to further expand its nuclear program which they said is especially concerning, while they remain committed to a diplomatic solution preventing Iran from developing nuclear weapons, according to Reuters.
• Iranian Foreign Ministry spokesperson Kanaani said the G7 should distance itself from destructive policies in the past. It was also separately reported that Iran’s Foreign Ministry condemned the ‘invalid’ E3 statement on its nuclear program, according to IRNA.
• US naval forces rescued a crew from a Greek-owned ship that was struck by Houthis in the Red Sea, while Yemen’s Houthis said they carried out three military operations against an American destroyer and two ships in the Red and Arabian Seas, according to Reuters.

OTHER

• Russia’s Kremlin said President Putin is not ruling out talks with Ukraine but wants guarantees and a legitimate record of their outcome is needed, according to Russian agencies including TASS. In relevant news, Russian forces took control of the village in Ukraine’s Zaporizhzhia region, according to Ifax citing the Defence Ministry.
• Ukrainian peace summit communiqué stated that Russia’s ongoing war against Ukraine continues to cause large-scale human suffering and destruction, as well as creates risks and crises with global repercussions, while it stated that any threat or use of nuclear weapons in the context of the ongoing war against Ukraine is inadmissible.
• Ukrainian Foreign Minister said the peace summit communiqué text is complete and Kyiv’s positions have been addressed, while there were no alternative peace plans discussed at the summit in Switzerland and Kyiv won’t let Russia speak in the language of ultimatums. Furthermore, the Austrian Chancellor said there is a desire for a follow-up Ukraine conference although it is too early to say what the format will be and have to see whether Russians can be there.
• US National Security Adviser Sullivan said Russia’s latest peace proposal for Ukraine would lead to further domination of Ukraine and is a completely absurd vision.
• Swedish armed forces spokesperson said a Russian air plane violated Swedish airspace on Friday and was met by Swedish fighter jets, according to TT news agency.
• China’s Coast Guard said a Philippine supply ship illegally intruded into waters adjacent to Second Thomas Shoal on June 17th and the vessel deliberately approached the Chinese ship in an unprofessional and dangerous manner which resulted in a collision, while it added that the Philippine transport and replenishment ship ignored China’s repeated solemn warnings.
• China is expanding its nuclear arsenal faster than any other country but still lags behind the US and Russia, according to a report cited by SCMP.
• US, South Korea and Japan are to lock in security ties and will sign a deal this year to formalise a security partnership against threats from North Korea’s nuclear weapons before the inauguration of the next US President in January, according to Bloomberg.

CRYPTO

• Bitcoin is modestly firmer and holds around USD 66k, whilst Ethereum posts larger gains and holds above USD 3.5k

APAC TRADE

• APAC stocks were mostly negative as markets reflected on the latest soft Chinese data releases.
• ASX 200 was rangebound as weakness in tech and mining-related sectors offset the gains in defensives and financials, with trade contained ahead of tomorrow’s RBA announcement and after Australia and China signed MOUs on the economy, trade and education.
• Nikkei 225 underperformed and dipped below 38,000 in the fallout of last week’s BoJ meeting and press conference, while Machinery Orders for April were better than expected with surprise Y/Y growth of 0.7% (exp. -0.1%) and the M/M figure showed a narrower than feared decline at -2.9% (exp. -3.1%) although printed its first contraction in 3 months.
• Hang Seng and Shanghai Comp. were mixed as the Hang Seng attempts to buck the trend amid tech strength and with the mainland pressured after soft data releases from China including the miss on loans and financing data, while Industrial Production and Retail Sales were mixed and House Prices showed a further deterioration with the steepest M/M drop in nearly a decade.

NOTABLE ASIA-PAC HEADLINES

• PBoC conducted CNY 182bln (vs CNY 237bln maturing) in 1-year MLF with the rate kept at 2.50%.
• China’s NBS spokesperson said domestic demand is insufficient despite efforts and the property market shows positive changes but is still in the middle of adjustments, while she added that more time was needed to see the effect of property measures and China’s economy likely to continue to recover despite the complex external environment.
• China still has room to lower interest rates but the ability to adjust monetary policy faces internal and external constraints, according to PBoC-backed Financial News.
• China Securities Regulatory Commission announced in a statement that it’ll further evaluate and refine rules for margin trading and securities lending, while it will increase regulation of “illicit” short-selling as it aims to ensure market stability.
• Australia and China signed memorandums of understanding on the economy, trade and education in Canberra, while Australian PM Albanese said they aim to strengthen the relationship with China and Chinese Premier Li announced that China will include Australia in its visa waiver program, according to Reuters.
• China’s Commerce Ministry is conducting anti-dumping investigation on pork and its by-products which are imported from the EU, investigation begins immediatelyInvestigation should end within 12-months, could be extended by another 6-months under special conditions.
• BoJ Governor Ueda says service prices continue to rise moderately reflecting wage rises; will scrutinise FX moves and impact on import prices.
• Japanese PM Kishida says Government and BoJ share view consumption lacks strength as wage growth fails to catch up to pace of inflation.

DATA RECAP

• Chinese Industrial Output YY (May) 5.6% vs. Exp. 6.0% (Prev. 6.7%)
• Chinese Retail Sales YY (May) 3.7% vs. Exp. 3.0% (Prev. 2.3%)
• Chinese Urban Investment (YTD) YY (May) 4.0% vs. Exp. 4.2% (Prev. 4.2%)
• Chinese China House Prices MM (May) -0.71% (Prev. -0.58%); YY (May) -3.9% (Prev. -3.1%)
• Japanese Machinery Orders MM (Apr) -2.9% vs. Exp. -3.1% (Prev. 2.9%)
• Japanese Machinery Orders YY (Apr) 0.7% vs. Exp. -0.1% (Prev. 2.7%)

NORTH KOREA/SOUTH KOREA

END

2e) JAPAN

3 CHINA

CHINA/EU

Trade war brewing

(zerohedge)

Trade War 2.0? China Launches Anti-Dumping Probe On Pork Imports From EU After EV Tariffs

MONDAY, JUN 17, 2024 – 11:15 AM

China appears to be developing a limited and targeted retaliation against Europe after the bloc unveiled expanded tariffs on Chinese electric vehicles last week. A tit-for-tat retaliation between Brussels and Beijing risks triggering another trade war. 

On Monday, the Chinese Ministry of Commerce launched an anti-dumping probe on pork imports from the European Union. 

According to Bloomberg, this “will be viewed as Beijing’s counter to similar investigations being conducted by the EU, which is looking at Chinese subsidies across a range of industries and will impose tariffs on electric car imports from July.” 

Europe’s pork exports to China amounted to $1.83 billion last year, with farmers in Spain, Denmark, and the Netherlands benefiting the most. In the grand scheme, pork exports to China are only a fraction of a percent of overall trade between the bloc and China. Last year, China imported $282 billion worth of goods from the bloc. 

EU farmers are on high alert as Beijing’s probe on pork imports could potentially expand to other food products. These investigations, whether anti-dumping or anti-subsidy, could have a significant impact. There’s a looming threat that the EU’s luxury products sector, home to top brands such as LVMH, Gucci, and Prada, could also be targeted.

While the situation is troubling for the EU, there could be a silver lining for hog farmers in the US, Canada, and Brazil.

“If China responds in kind with aggressive tariffs, they risk triggering a trade war,” Joe Peissel, an economic analyst at research firm Trivium China, said, adding, “Beijing is desperate” to avoid that. 

Both the EU and China may engage bilaterally to resolve trade disputes. If not, and negotiations break down this summer, then expect a tit-for-tat trade war.

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

FRANCE

French Markets Stabilize After Le Pen Says She’ll Work With Macron In Appeal To French Moderates

MONDAY, JUN 17, 2024 – 09:30 AM

In a bid to shore up political support from the centrists, over the weekend France’s surprise political leader Marine Le Pen – who blew president Macron away in the European Parliament elections – assured that she would work with Macron should she prevail in national elections.

“I’m respectful of institutions, and I’m not calling for institutional chaos,” Le Pen told Le Figaro newspaper. “There will simply be cohabitation.”

Le Pen is reaching out to mainstream voters as she aims to cement a majority in the next parliament, a result that would constitute an earthquake in European politics. Her group, the National Rally, is already on track to become the biggest party in the lower house, a prospect which has caused alarm among investors, France’s international partners and a section of the French public.

Tens of thousands of protesters took to the streets across France on Saturday to oppose Le Pen’s stance on human rights, the environment and the economy. Financial markets have also tumbled since Macron dissolved the National Assembly a week ago, with about $210 billion wiped off the value of French stocks.

“The chaos is him,” she told Le Figaro. “Social chaos, chaos on security issues, chaos with migration, and now, institutional chaos.”

As Bloomberg reports, Le Pen said that if she can form a majority — either with National Rally lawmakers alone, or with allies — she would lead her group’s parliamentary caucus and 28-year-old party leader Jordan Bardella will become prime-minister. The two-round election concludes on July 7.

Le Pen has spent years trying to soften the image of her movement, which was founded by her father, and which is viewed by Europe’s liberals as extremist and her father is called “a holocaust denier and anti-semite.” All the same, in the presidential election of 2022, she proposed a crackdown on immigration that would have involved expelling undocumented migrants. Bardella has portrayed immigration from Africa as a threat to French culture and has at times endorsed the “great replacement” conspiracy theory, which says that White, Christian Europeans are being supplanted by Muslim or non-Western migrants.

On Russia, Le Pen has tried to recalibrate her position as the war in Ukraine transformed public perceptions of Putin. She has praised the “heroic resistance” of the Ukrainian people but she’s also criticized international sanctions on Russia and the National Rally abstained in a vote earlier this year on providing security guarantees to Kyiv.

* *  *

The news of Le Pen’s olive branch led to an initial bounce in French stocks as traders initially seized on Le Pen’s comments that she won’t try to push Macron out, but sentiment remains fragile before the first round of voting on June 30. Sure enough, prices quickly trimmed gains and bonds posted small moves as traders weighed assurances from the conservative leader. France’s CAC 40 benchmark bounced as much as 1% before paring the move, near its lowest since January.

Last week’s losses saw France slip behind the UK as the biggest equity market in Europe. The slump erased all of the CAC 40 benchmark’s gains for 2024 — a sharp reversal from scaling record highs a month ago. An index of euro-denominated junk bonds, almost a fifth of which comprises French companies, widened sharply to its highest spread over benchmarks since early April.

The retreat last week also spread into broader European equity markets, with the benchmark Stoxx Europe 600 Index suffering its worst week since October. The gauge traded flat as of 1:21 p.m. in London after climbing as much as 0.7% earlier as Citigroup downgraded the region’s equities, citing “heightened political risks” among other reasons. Yields on French government bonds advanced again on Monday, while remaining broadly in line with their German peers.

“Investors should stay out of it at the moment,” said Evelyne Gomez-Liechti, rates strategist at Mizuho International. While “there can be some short-term small consolidation,” there’s still huge uncertainty given a lack of clarity over the economic policies of Le Pen’s National Rally, she said referring to concern about political volatility after Macron called a snap vote for later this month spurred a flight to haven assets last week, wiping out $258 billion from the market capitalization of the country’s stocks.

A raft of officials and strategists suggested the declines were overdone.

“What we’re seeing in the markets is, of course, a repricing,” European Central Bank Chief Economist Philip Lane said on Monday at an event organized by Reuters in London. “It’s not, you know, the world of disorderly market dynamics.”

According to Liberum’s Joachim Klement and Susana Cruz, concerns about about a right-wing prime minister are overblown and markets will calm after the vote.

While a gauge of redenomination risk,  the risk that France leaves the eurozone, jumped last week, it remains well below the levels seen in 2017 when then-presidential candidate Le Pen advocated leaving the European Union. The party has since softened its stance toward European Union membership.

Frédérique Carrier, head of investment strategy at RBC Wealth Management, noted that populist politicians have a history of moving closer to the center once they reach power and Le Pen’s comments had fueled hopes for that outcome in France.
Still, “foreign investors are nervous about the heightened political risk that the situation in France brings,” she said.

That nervousness is further blurring the lines in Europe’s traditional debt hierarchy, putting French’s bonds on a par with those once at the heart of the region’s debt crisis. According to Bloomberg, Portuguese debt now yields less than comparable French debt, while the gap between Spanish and French 10-year yields has dwindled to just 11 basis points, the least since 2008 on a closing basis.

It’s an extension of a long-term trend that’s been playing out for years, with investors increasingly demanding more compensation given the country’s bloated debt pile. The European Commission is expected to initiate its Excessive Deficit Procedure against France this week, an action designed to force member states to get poor public finances in line with EU rules.

end

5. RUSSIA AND MIDDLE EASTERN AFFAIRS.

ISRAEL HAMAS

Bibi cancels war cabinet, drones pound terrorists in Rafah

Netanyahu Disbands War Cabinet Amid Deepening Rifts Over Gaza Strategy

BY TYLER DURDEN

MONDAY, JUN 17, 2024 – 12:00 PM

On Monday Israeli Prime Minister Benjamin Netanyahu dissolved his war cabinet, which comes closely on the heels of leading opposition figure Benny Gantz quitting it last week.

National Unity party lawmaker Gadi Eisenkot, who has accused Netanyahu of allowing himself to be bullied by the far-right over Gaza strategy, had also resigned. The high-level resignations have exacerbated the deep divide over war strategy against Hamas and the question of the remaining hostages.

Netanyahu has been cited by Haaretz as saying he’ll now consult a limited “forum” for sensitive wartime decisions. And The New York Times cited an Israeli official who suggested that “Mr. Netanyahu’s decision to disband the body — which was communicated to ministers at a wider cabinet meeting on Sunday — was largely symbolic given that Mr. Gantz and Mr. Eisenkot had already resigned.”

Dissolving the war cabinet could also be a way to prevent hardliners like the minister of national security Itamar Ben-Gvir from pressuring and forcing their way in.

Ben-Gvir had quickly demanded to join the wartime decision-making body within hours of Gantz quitting, writing on X that it was “about time to take brave decisions, achieve true deterrence, and bring true safety to the residents of the south, north, and all of Israel.”

Netanyahu has meanwhile continued to be dogged by accusations that he’s intentionally prolonging the Gaza operation for the sake of his own political survival and interests. For example the aforementioned lawmaker Eisenkot had this to say to Israeli media:

In previous years, Netanyahu would have made decisions “based purely on security considerations,” Eisenkot said. “Here, I saw decisions being made entirely differently, with delays… with antics.”

“Even the story of the invasion of Rafah was simmering away for three months,” he continued. “Over on their [media] channels, they report that Gadi Eisenkot and Benny Gantz are the ones who [prevented] the attack on Rafah, that the prime minister is determined and wants to proceed in Rafah, only we’re the ones holding him back.

“On the contrary,” Eisenkot said, accusing the prime minister of stretching out the process “like chewing gum.”

Eisenkot had some interesting things to say about Ben-Gvir’s surprising level of influence even while not holding a seat within the war cabinet. “…Ben Gvir, is the most influential minister,” he said, describing that this was in a highly negative sense (weighing heavily over Netanyahu’s calculations and how to react).

@Haaretz

photographer Itay Ron arrested during tonight’s protest in Tel Aviv. Ben Gvir’s police thugs cracking down on the press.

From

Haaretz הארץ

5:40 PM · Jun 15, 2024

·https://x.com/Etanetan23/status/1802093776879726695

“Even though he is not part of the war cabinet, he’s there in spirit. We wanted to invade Rafah in February, and Netanyahu dragged out the decision until May,” Eisenkot added. Meanwhile, large and at times violent protests have continued raging on Tel Aviv’s streets, with many hostage victims’ families demanding that Netanyahu step down. They have been outraged that no Hamas prisoner exchange deal has materialized for the rest of the captives held in the Gaza Strip.

Palestinian Authority at risk of collapse, Norway says

By REUTERSJUNE 17, 2024 13:28

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-806572&unitId=2900003088&userId=0825748c-83eb-4fa6-9d99-5d5781551d74&isLegacyBrowser=false&isPartitioningSupport=1&version=20240614_d7c5df1815b0a8e6f8c8ad34d75acbcdb6a1f85b&useBunnyCDN=0&themeId=140&unitType=tts-player

The Palestinian Authority could collapse in the coming months, Norwegian Foreign Minister Espen Barth Eide said on Monday, citing a lack of funding, continuing violence and the fact that half a million Palestinians are not allowed to work in Israel.

“The Palestinian Authority, with whom we work closely, are warning us that they might be collapsing this summer,” Barth Eide told Reuters.

Norway chairs the international donor group to the Palestinians and is a backer of the PA.

END

Behind closed doors: How a prominent Gazan family secretly kept three hostages – WSJ

The house of a prominent Gazan family – a doctor, a journalist, a phlebotomist and their children – secretly harbored three hostages. How was this possible?

By JERUSALEM POST STAFFJUNE 17, 2024 11:27Updated: JUNE 17, 2024 14:56

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fisrael-hamas-war%2Farticle-806544&unitId=2900003088&userId=0825748c-83eb-4fa6-9d99-5d5781551d74&isLegacyBrowser=false&isPartitioningSupport=1&version=20240614_d7c5df1815b0a8e6f8c8ad34d75acbcdb6a1f85b&useBunnyCDN=0&themeId=140&unitType=tts-player

Dr Ahmad Aljamal, a general practitioner, imam, and member of a prominent family in Gaza, secretly held three Israeli hostages captive in his home for six months, the Wall Street Journal (WSJ) reported on Monday.

Every day Aljamal returned home from work to his son, daughter-in-law, grandchildren, and Israeli Hamas captives Almog Meir Jan, Andrey Kozlov, and Shlomi Ziv.

The hostages were taken hostage by Hamas on October 7.

The secret captivity

According to the report, citing local residents, it was an open secret within the Nuseirat camp that Aljamal’s family was associated with Hamas. Ahmad’s brother, Abdelrahman Aljamal, is a Hamas lawyer in Gaza. Nevertheless, the report stated that most did not know of the three hostages held in a dark room in the family’s house.

The IDF reported that the son, Abdullah Aljamal, 37, was a journalist for the Palestinian news site The Palestine Chronicle. Fatma, his wife, was a phlebotomist at a local clinic.

The hostages later claimed they could hear conversations between the two and the rest of the family as they carried on their normal lives. An earlier WSJ report stated that the three hostages lived in a dark room upstairs in the apartment for six months while the family lived downstairs.

Abdullah had previously served as a spokesperson for the Hamas government and, according to WSJ, was vocally supportive of the October 7 attack.

What is Outbrain

The building in which the Aljamal family lived was destroyed by an IAF-targeted strike after the rescue of the hostages earlier this month.

The rescue operation, which received significant coverage due to its complex and intricate planning and execution, resulted in the return of the three men as well as Noa Argamani, who was kept separately nearby by another family with Hamas ties, the Abu Nars.

Dr. Aljamal, his son, and his daughter in law were killed in the operation, according to local reports cited by the WSJ, however the children survived.

The Abu Nar family was also reportedly killed, and their building was destroyed.

The IDF did not directly comment on the killing of family members or destruction of buildings, but in a statement, they said they acted to “eliminate terrorists” and “destroy terrorist infrastructure.”

According to the report, many locals have paid a visit to the house, surprised by the discovery of the captive Israelis right underneath their noses. The WSJ noted that secrets such as this are hard to keep within such a close-knit community and in a tightly packed area.

The report also claimed that residents were unhappy that Hamas put civilians in danger by housing the hostages in a densely populated area next to a market. 

The WSJ reported that locals wished Hamas kept the hostages in tunnels, away from civilians.

ISRAEL/HEZBOLLAH

Hezbollah commander killed by targeted drone strike in Lebanon

By JERUSALEM POST STAFFJUNE 17, 2024 13:19Updated: JUNE 17, 2024 13:30

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-806566&unitId=2900003088&userId=0825748c-83eb-4fa6-9d99-5d5781551d74&isLegacyBrowser=false&isPartitioningSupport=1&version=20240614_d7c5df1815b0a8e6f8c8ad34d75acbcdb6a1f85b&useBunnyCDN=0&themeId=140&unitType=tts-player

Hezbollah commander Muhammad Ahmed Ayoub was killed in a UAV-targeted strike on a vehicle in southern Lebanon, the Saudi state-owned Al Arabiya reported on Monday.

The strike allegedly took place in the village of Sela. 

END

LIVE UPDATESLIVE: IDF says it has dismantled half of Hamas’s forces in Rafah, killed at least 550 gunmen BY TOI STAFF Israel says UN yet to take ‘full advantage’ of new aid route into Gaza * Biden adviser Hochstein meets PM in bis to avert escalation with Hezbollah * Netanyahu disbands war cabinet

Netanyahu officially disbands war cabinet after Gantz’s departure from government BY LAZAR BERMAN PM tells ministers the small forum created to manage war will not reconvene, with decisions instead made in ad hoc ‘consultations’; far-right’s Ben Gvir had been lobbying to join

11 funerals for IDF commanders, soldiers held across Israel as nation mourns BY TOI STAFF Troops killed in three separate incidents in Gaza laid to rest at funerals from north to south; Druze village of Beit Jann delays Eid al-Adha celebrations for day of mourning

Fighting will continue in Rafah until Hamas is defeated there, says IDF general BY EMANUEL FABIAN AND AFP

ISRAEL/HEZBOLLAH

ISRAEL/HOUTHIS/RED SEA

Crew Abandons Sinking Bulk Carrier In Red Sea After Kamikaze Drone Boat Attack 

SATURDAY, JUN 15, 2024 – 03:45 PM

Turmoil in the Red Sea and Gulf of Aden intensified this week as Iran-backed Houthi rebels launched a series of attacks on commercial vessels traversing the critical maritime chokepoint. In a bold new move, the rebels deployed a suicide drone boat that slammed into the stern of a bulk carrier, paralyzing the vessel and forcing the crew to abandon the ship. 

The drone boat attack on commodity-hauling bulk carrier “Tutor” was first reported on Wednesday. By Friday, the crew of the vessel was “evacuated by military authorities,” according to the British military’s United Kingdom Maritime Trade Operations. 

UKMTO said, “The vessel has been abandoned and is drifting in the vicinity of the last reported position 14°20’00” N 041°56’00” E.” 

Filipino-based media outlet ABS-CBN News spoke with Department of Migrant Workers Secretary Hans Cacdac, who said 21 of the 22 Filipino seafarers aboard the Liberian-flagged, Greek-owned, and operated bulk carrier were rescued. He did not specify which military rescued the crew. However, Bloomberg reports that a US Navy ship conducted an extraction operation at the end of the week.

“The ship was adrift in the southern Red Sea,” Cacdac told reporters, adding one missing crew member is likely dead in the engine room. This is the area where the drone boat struck the bulk carrier. 

Bloomberg said the ship is taking on water, and a salvage company has dispatched two tugboats to rescue it. 

ABS-CBN News posted a video onboard the vessel before the extraction. 

PANOORIN: Sitwasyon sa MV Tutor na binomba kamakailan ng Houthi rebels umano sa Red Sea. Patuloy na nananawagan sa pamahalaan ng tulong ang mga Pinoy na tripulante na stranded sa naturang barko. (Courtesy: Emerson Loria) BUONG ULAT: https://abscbn.news/4b58EoiTranslate post

11:55 PM · Jun 13, 2024

·

7,827 Views

PANOORIN: Sitwasyon sa MV Tutor na binomba kamakailan ng Houthi rebels umano sa Red Sea.

Patuloy na nananawagan sa pamahalaan ng tulong ang mga Pinoy na tripulante na stranded sa naturang barko.

(Courtesy: Emerson Loria)

BUONG ULAT: https://t.co/4ZvsrKnkxT pic.twitter.com/KwSN25c6pp

— ABS-CBN News (@ABSCBNNews) June 14, 2024

Like security firm Ambrey, we have told readers this was the first time Houthis used remote-controlled, water-borne explosives.

One commodity research firm with a high focus on oil/gas flows in the Middle East told us this won’t be the last time the Houthis use kamikaze drone boats against commercial vessels.

In a separate report, Bloomberg cites US officials who believe Houthis are expanding “international partnerships with other militant groups as part of their campaign to disrupt global shipping and protest the Israel-Hamas war.” 

Houthi’s aim in disrupting maritime chokepoints is to create a supply shock for the global economy.

Containerized freight shipping rates are already soaring, and logjams are being reported at some of the world’s top ports. 

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

END

ISRAEL

UKRAINE/RUSSIA

Hal Turner Radio Show – UNLOCKED: S-500 Deployed Earlier Than Expected; Posture Now Consistent with Nuclear First-Strike

Robert H to us:

“Many months ago i wrote that this would be happening.
Neocons with personal agendas have control of the helm of the ship in the West and do not care about consequences.

Perhaps blind or stupid or ignorant is not the pint because it should be clear to any thinking person that Russia will fight. It will fight not when it is advantageous to Neocons but in the last moments of defense posture availed. It will strike in a surgical manner and wait for a response. All targets are well identified and practiced. And so you know the S500 systems deployed are 2nd generation as 1st generation has been given to China who already has the S400. And yes, the S550 is also in serial production.

Meanwhile China too is readying itself because it must. And i will let you know that China has secured needed weapon systems it needs and does not have, from Russia. It is called collective defense where the enemy of your enemy is your friend.

What the West decides to do remains to be seen. And you should be sure Europe is sacrificial lamb in the eyes of Neocons. Perhaps change will coexist with a swing to the right, if time permits. Know that passing new drafts for the youth of 18-26 years olds is pointless because conflict if it erupts will be over within one hour. Hypersonic missiles do not drift aimlessly but come quickly with their calling cards.

So as much as media tries to stir up a Cuban missile affair; the real danger lies in the nuke bearing subs deployed in the Atlantic and Pacific. As always the public is the last to know their deaths cometh without warning. And yes, Poseidon has been in place for many months awaiting orders for the fanboys of war. Because old memories of hegemony glory mean very little in today’s modern warfare. And as i have said many a time the West lost the arm’s race 10 years ago. And now is not the time to prove the point as millions will die in illustration of this reality.”

https://halturnerradioshow.com/index.php/news-selections/world-news/flash-s-500-deployed-earlier-than-expected-posture-now-consistent-with-nuclear-first-strike

end

ROBERT H to us:

They don’t hide it anymore. Another failure of Zelensky was recognized in Ukraine – RIA Novosti, 06/15/2024

Still think the west should fight for this????
It is the most corrupt country on the planet.

https://ria.ru/20240615/ukraina-1952973388.html

COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES

CDC: New COVID Variant KP.3 On The Rise Across The US

SATURDAY, JUN 15, 2024 – 09:20 AM

Authored by Jack Phillips via The Epoch Times (emphasis ours),

A newly discovered COVID-19 variant, KP.3, is rising to become the dominant strain of the virus across the United States, according to the Centers for Disease Control and Prevention (CDC).

KP.3 constitutes about 25 percent of all COVID-19 cases detected by the agency. It’s followed by the KP. 2 and LB. 1 variants, which make up about 22 percent and 14 percent of all cases, respectively, the data show.

The latest COVID-19 data were collected over a two-week period from May 26 to June 8. Some media outlets have referred to both the KP.2 and KP.3 variants as “FLiRT,” due to where spike proteins are located.

The Epoch Times contacted the CDC for comment on June 12.

“CDC predicts that KP.3 is growing and will become the most common SARS-CoV-2 lineage nationally,” a CDC spokesperson told several news outlets this week about the variant’s dominance. “CDC is working to better understand its potential impact on public health.”

But the data suggest that despite the increase in the KP.3 variant’s prevalence, the U.S. is currently seeing low levels of COVID-19 activity overall.

A CDC graph of COVID-19’s historic trends shows that weekly deaths are at the lowest point since the pandemic started in early 2020. Virus-linked hospitalizations are also at their lowest point, the data show.

“Most key COVID-19 indicators are showing low levels of activity nationally, therefore the total number of infections this lineage may be causing is likely low,” the CDC spokesperson said.

Andy Pekosz, a molecular microbiology professor at Johns Hopkins University, said that the KP.2 and KP.3 variants do not appear to be more or less severe than prior COVID-19 strains. Instead, most people have COVID-19 antibodies either through a previous infection or vaccines.

“The period of infectiousness for these FLiRT variants remains the same as with JN.1 and previous omicron variants: After exposure, it may take five or more days before you develop symptoms, though symptoms may appear sooner,” he said in a question and answer session that was published on the university’s website.

“You are contagious one to two days before you experience symptoms and a few days after symptoms subside. And as with previous variants, some people may have detectable live virus for up to a week after their symptoms begin, and some may experience rebound symptoms.”

COVID-19 Reports No Longer Required

Last month, the CDC said that hospitals will no longer have to report COVID-19-related hospital admissions, hospital capacity, or related information. The changes went into effect on May 1.

The old “data will be archived as of May 10, 2024, and available at United States COVID-19 Hospitalization Metrics by Jurisdiction, Timeseries,” according to a statement posted on the CDC website at the time.

But the agency still encouraged medical facilities to report COVID-19 hospitalizations and related information to the federal health agency.

“A key lesson we learned from the COVID-19 pandemic is the importance of having reporting systems in place before an active emergency,” a CDC spokesperson said.

“These data have a significant and ongoing value for protecting patient health and safety as well as public health,” the statement added.

A U.S. Food and Drug Administration (FDA) panel, which authorized every previous COVID-19 vaccine that has been on the market, voted this past week to manufacture new booster shots to target strains derived from the JN.1 variant, which include KP.2 and KP.3.

A survey released earlier this year said that one in five Americans believe COVID-19 is a “major threat” to the U.S. population, a sharp decline from a high of 67 percent in the summer of 2020.

WORLD EVENTS NOTEWORTHY

END

WORLD HEALTH ISSUES

MARK CRISPIN MILLER

Noam Chomsky can’t talk; Oprah Winfrey rushed to hospital; Carrie Underwood falls off stage; Jon Fetterman rear-ends another car (“for unknown reasons”); Giants’ Darren Waller retires at 31

Actor Justin Baldoni hospitalized (with an “infection”); streamer Fanum, 26, has a heart attack, “thought he was going to die”; hoopster Jenica Lewis, 16, diagnosed with diabetes

MARK CRISPIN MILLERJUN 15

READ IN APP

UNITED STATES

Noam Chomsky suffered a medical event in June 2023

June 8, 2024

No doubt like many other people around the world, we have been surprised and profoundly concerned that Noam Chomsky has not commented publicly on current events: in particular of Palestinians. We have just seen messages posted on reddit from Bev Stohl, Noam’s longtime assistant at MIT for 24 years until he moved to Arizona in 2017. The first one, posted around four months ago, says:
Hi Fellow Redditors,
I’ve been replying to questions on other people’s posts about why Noam Chomsky hasn’t been returning emails, or interviewing. I’m grateful for the few of you who suggested that I create my own post. So, here it is. I’m in contact with a close family member, and we know the basics, and hope to know more in the near future. In a nutshell, Noam is 95 years old and suffered a medical event in June. As many have noticed, he has not been writing, corresponding, or interviewing, as his health situation has taken the majority of his time and energy. He is still with us, now watching the news (he doesn’t look happy about what he’s watching). I will answer basic questions and give you updates as the family member I’m in touch with feels comfortable. Meanwhile, keep doing your good work.
Best,
Bev Stohl
Further updates from Bev indicate that there has been no improvement in Noam’s condition then and that it is very unlikely he will return to the public eye. Around one month ago, she added: ‘His ability to speak is complicated by factors I can’t yet disclose. When the relative I’m in touch with visited him a month ago, he did not communicate with her. He is not ambulatory. I’m not sure for how long this will go on. He is not in pain. His eyes are open and he seems to be watching what’s happening around him.’ This is all very upsetting to hear. But we thought that we should share this information as the comments from Noam’s former assistant are in the public domain, although not well known or widely disseminated.

News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

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Link

Noam Chomsky calls for unvaccinated to be ‘isolated’ from society in resurfaced clip:

Link

Oprah Winfrey breaks silence after being rushed to the hospital

June 12, 2024

Oprah Winfrey [70] is speaking out following her medical crisis, and the famous TV icon wants Americans to know that she’s okay. Winfrey had been battling a severe stomach virus that required a trip to the hospital. In a video chat with her good friend Gayle King, Oprah confirmed that she needed to go to the emergency room. The celeb battled severe dehydration. She said, “I was in the emergency room. I was so [dehydrated]. I couldn’t keep enough water down to get hydrated. So I went to the emergency room for that and that’s just it.” According to Oprah, several people in her family had been battling the illness. It had just been jumping from one person to the next. Winfrey detailed how she got sick. She said, “Five people in my household had the same thing. I would say keep your hands washed because I hear it’s being transmitted through… the doctor told me that [the virus] lives on the doorknobs and railings for like, ten hours. So if you come across somebody who’s been in the house and they’ve gone down the stairs, then you went down the stairs and you didn’t wash your hands you end up with it.”

Link

Two more than likely “vaxxidents”:

Fans are sending ‘prayers’ to Carrie Underwood after she falls off the stage at her South Carolina show: ‘Hope she’s ok!’

June 10, 2024

Carrie Underwood was an unstoppable force at the Carolina Country Music Fest, even after a small stage mishap threatened to rain on her parade . As the headlining performer at the festival in Myrtle Beach on Sunday, June 9th, the Grammy winner, 41, wowed audiences despite some unexpected obstacles. According to the American Idol alum, the ending of her set was “quite unexpected,” but that didn’t stop her from putting on a fantastic show. Video footage captured by TMZ shows the “Denim & Rhinestones singer taking a slight tumble while descending some stairs, causing some fans to shout in surprise. Since her fall, many have taken to social media to share their “prayers” for Underwood and wish her a fast recovery from any injuries she may have experienced in the moment.

Link

Sen. John Fetterman rear ends driver on highway, he and his wife taken to hospital

June 10, 2024

Democrat Senator John Fetterman was involved in a car accident over the weekend, where he rear-ended another driver and went to the hospital “out of abundance of caution,” according to the New York Post. The senator was with his wife, Gisele, at the time of the accident on Sunday, and both were taken to a nearby hospital in order to be treated for their “minor” injuries. Maryland State Police provided further details on the accident, stating that the crash “happened shortly before 8 a.m.” and that Fetterman was driving the car that rear-ended another vehicle. “According to a preliminary investigation, a Chevrolet Traverse and a Chevrolet Impala were both traveling west on I-70 when for unknown reasons, the Traverse struck the rear of the Impala. The driver of the Traverse is identified as John Fetterman, 54, of Pennsylvania,” Maryland State Police said in a statement to the New York Post. In May 2022, the 54-year-old senator suffered a stroke as he was campaigning for his seat. Since then, Fetterman has had trouble speaking fluidly and processing conversations, and he occasionally uses devices in congressional hearings and routine conversations to transcribe spoken words in real time.

Link

Giants TE Darren Waller retires after 1 season with team, describes scary medical situation that preceded decision

June 9, 2024

Former Pro Bowl tight end Darren Waller has retired from the NFL at 31 years old after a single season with the New York Giants. Waller addressed his decision in a YouTube video released Sunday afternoon. He mentioned his recent divorce from WNBA All-Star Kelsey Plum and described a frightening medical situation off the field last season that “forced me into a position to re-evaluate.” Waller didn’t explain what the medical condition was, but described a scene that led to a hospital stay midway through the season while he was away from the team with a hamstring injury suffered in Week 8 against the Jets. “Last season in New Jersey, we played the Jets on October 29,” Waller said. “I got hurt that game. The following week, the Giants were playing the Raiders in Vegas. … I started to feel like this fever coming on. … The fever starts to build, I start to get the chills and stuff like that. By the time I pull into my parking garage at my condo and get out of the car, I’m, like, shaking pretty violently, like uncontrollably.” Waller said that he “couldn’t breath” in his bed the next morning and called 911. He said that paramedics responded and that he ended up spending 3 1/2 days in a hospital. “Was pretty clear I almost just lost my life,” Waller said. “I don’t know if I really feel like if I would’ve died that I would’ve felt great about how my life was going.” Waller didn’t share his diagnosis, but went on to say that his passions in life had changed.

end

A day in the life of the streets of Toronto (which is exactly like a day in the life of nearly every other city on the planet)

A “vaxxident”—a “fatal dump truck crash”—that DID make (local) news

MARK CRISPIN MILLERJUN 17

READ IN APP

From Stephen Dooley:

I actually looked down at the accident from my office.

All lanes on the Gardiner Expressway and Don Valley Parkway (DVP) have reopened hours after they were shut down while police investigated a fatal crash involving three dump trucks.

DR PAUL ALEXANDER

So many firsts for POTUS Biden & I thank him, not even Trump accomplished this: 1)war between Israel & HAMAS 2)war Russia-Ukraine 3)Iran fires 300 missiles into Israel 4)China to take Taiwan 5)Russia

sends naval vessels, possible nuclear weapons to Cuba…13 US military dies on US withdrawal from Afghanistan…so many firsts POTUS Biden…your administration is indeed skilled

end

This documentation of the horror of the COVID vaccine & living through medical tyranny by 2nd Smartest Guy in the World’s mother, needs to be showcased!

‘A negative five-star review for Dr. Mini Mengele Perskin would be far too generous based on my interactions with him.’ I share this stunning account by 2nd…excellent scholarship by 2nd, support!

DR. PAUL ALEXANDERJUN 14

READ IN APP

UPDATE 4: What Happens When An Elderly Woman Rejects The COVID “Vaccine” From A Prominent NYC Doctor? (2ndsmartestguyintheworld.com)

Start 2nd here:

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

Subscribed

‘Update 4: four of my mother’s “vaccinated” friends have died in the last 6 months:

Friend 1 (Pfizer shots 1 & 2, plus booster): turbo cancer

Friend 2 (Pfizer shots 1 & 2, plus 2 boosters): aplastic anemia

Friend 3 (Pfizer shots 1 & 2, unsure of how many boosters): blood clots and stroke

Friend 4 (Pfizer shots 1 & 2, unsure of how many boosters): turbo cancer

My mother has been very upset about the loss of her dear friends, but she appreciates the real cause of these murders, and often says, “I am so proud of myself for having the intuition to reject these “vaccines.”

---

UPDATE 3: Now that my mother has finally been rescued from NYC, her deranged sociopathic ex-gerontologist may now be fully exposed.

SLAY NEWS

The latest reports from Slay News

Renowned Pathologist Raises Alarm over ‘Runaway Turbo Cancers’ Among VaxxedA world-renowned pathologist has raised the alarm over soaring numbers of “sudden deaths,” cases of “autoimmune disease,” and “runaway turbo cancers” he’s seeing among those vaccinated with Covid mRNA shots.READ MORE

Covid Shots Destroyed Fertility of Young Men, Study FindsA disturbing new study has revealed that Covid mRNA shots have caused widespread harm to fertility rates in young men.READ MORE

James Carville Melts Down as Biden and Democrats Shed Support from Latino VotersVeteran Democrat Strategist James Carville is outraged after discovering that President Joe Biden and the Democratic Party are shedding support from a loyal demographic –  male Latino voters.READ MORE

Secret Service to Testify before Congress on Brawl Between Agents on Kamala Harris DetailSecret Service officials have been called to testify before lawmakers on Capitol Hill over a recent incident regarding agents on Democrat Vice President Kamala Harris’s protective detail.READ MORE

Female Former Teammate of Male Swimmer Lia Thomas Demands Apology for Being ‘Forced to Undress with Him’A female former college swimmer has demanded an apology after she was “forced to undress” in front of her male teammate “Lia” Thomas.READ MORE

Presidential Election Forecaster with Near-Perfect Record Reveals Impact of Trump ConvictionA forecaster with a near-perfect record in predicting every presidential election since 1984 has weighed in on how President Donald Trump’s recent conviction will impact the race in November.READ MORE

Former Advisor Calls on Trump to Pardon Hunter BidenOne of President Donald Trump’s former senior advisors is calling on the 45th POTUS to make a pledge to pardon Hunter Biden if re-elected in November.READ MORE

Alvin Bragg to Testify to Congress about ‘Hush Money’ Trial on Day after Trump’s Sentencing HearingManhattan’s Democrat District Attorney Alvin Bragg has been called to testify before the House Judiciary Committee regarding his so-called “hush money” case against President Donald Trump.READ MORE

Conservative Supreme Court Justices Alito and Roberts Secretly Recorded by Radical ActivistRadical activist Lauren Windsor secretly recorded private conversations between Supreme Court Justices John Roberts Jr. and Samuel Alito.READ MORE

Biden to Sign Agreement to Fund Ukraine’s War with Russia for Next 10 YearsDemocrat President Joe Biden is planning to sign a massive 10-year “security agreement” with Ukraine.READ MORE

Dozens of Senators Officially Condemn Trump’s New York ‘Show Trial’: ‘Destruction of Due Process’Dozens of U.S. senators have joined forces to officially condemn President Donald Trump’s “show trial” in New York for his so-called “hush money” case.READ MORE

Kevin Spacey Admits Bill Clinton Traveled with ‘Young Girls’ on Jeffrey Epstein’s Private JetDisgraced actor Kevin Spacey has admitted during a new interview that he and former President Bill Clinton were surrounded by “young girls” when they traveled with Jeffrey Epstein on his private jet.READ MORE

New York Rolls Out Digital ID as Online Age-Verification Laws PassedNew York has just rolled out its official digital ID, allowing all residents in the state to convert their traditional driver’s licenses or non-driver documents into the new app-based formats.READ MORE

The latest reports from Slay News

The latest reports from Slay News

EVOL NEWS

Soccer Star Matija Sarkic Drops Dead at 26 – EVOLREAD MORE…

LATEST NEWS:

Congress launching investigation of NewsGuard’s censorship | WND – EVOLRead more…California Senate Approves Ban on Schools Informing Parents of Student’s Gender Identity – EVOLRead more…Biden preparing to offer legal status to undocumented immigrants who have lived in U.S. for 10 years – EVOLRead more…Lara Trump is building an army of ‘100,000 poll watchers and over… – EVOLRead more…Reparations Committee in Oakland, California Wants $5 Million in Tax Dollars – Just to Come Up With a Plan – EVOLRead more…Fani Willis Goes On BIZARRE Rant Against Her Critics – EVOLRead more…Biden LASHES Out After Supreme Court Strikes Him Down – EVOLRead more…Trump Gets EPIC Birthday Surprise – EVOLRead more…

Conservative Supreme Court Justices Alito and Roberts Secretly Recorded by Radical Activist – EVOLREAD MORE…

LATEST NEWS:

President Trump Returns To Capitol Hill, Receives Thunderous Applause From Republicans! – EVOLRead more…13 Nations Sign Agreement to Engineer Global Famine by Destroying Food Supply – EVOLRead more…Trump Scores HUGE Victory Right Ahead Of Election – EVOLRead more…Democrats SABOTAGE Voters With Bizarre Maneuver – EVOLRead more…Shock Video Has EVERYONE Concerned For Biden’s Mental Health – EVOLRead more…Americans FURIOUS After Biden Launches Mass Amnesty – EVOLRead more…Trump hints he has settled on his VP pick: ‘Sort of a pretty good… – EVOLRead more…The Stanford Internet Observatory is being dismantled – EVOLRead more…

NEWS ADDICTS

LATEST REPORTS FOR NEWS JUNKIES13 Nations Sign Agreement to Engineer Global Famine by Destroying Food SupplyThe United States has joined 12 other nations in signing a World Economic Forum (WEF) agreement that seeks to engineer global famine by destroying the agriculture industry.READ THE FULL REPORTTrump Scores HUGE Victory Right Ahead of ElectionPresident Donald Trump has once again taken the lead from President Joe Biden in a crucial swing state that he previously won in 2016 but narrowly lost in 2020, according to a recent survey conducted by Marist College.READ THE FULL REPORTDemocrats SABOTAGE Voters with Bizarre MoveCalifornia Democrats are advocating for a set of bills aimed at curbing the surge of retail theft that has greatly impacted the state.READ THE FULL REPORTShock Video Has EVERYONE Concerned for Biden’s Mental HealthA shocking new video released from the G7 Summit on Thursday depicts President Biden straying from the group of world leaders while Italian Prime Minister Giorgia Meloni appears concerned and tries to guide him back.READ THE FULL REPORTAmericans FURIOUS After Biden Launches Mass Amnesty for IllegalsThe expansion of the Temporary Protected Status (TPS) program under President Joe Biden’s administration has resulted in the protection of over 860,000 foreign nationals from deportation in the United States.READ THE FULL REPORT

LATEST REPORTS FO

LATEST REPORTS FOR NEWS JUNKIES

LATEST REPORTS FOR NEWS JUNKIES

Fani Willis Goes On BIZARRE Rant Against Her CriticsFani Willis, the District Attorney of Fulton County, fearlessly confronted those who criticized her, accusing them of objectifying black women and trying to “shame” her in a recent interview. At the age of 52, Willis, who has faced backlash for her involvement with Nathan Wade, a former high-ranking prosecutor in her extensive election racketeering case, firmly asserted that she remains …READ THE FULL REPORT

Biden LASHES Out After Supreme Court Strikes Him DownPresident Joe Biden urged Congress to prohibit bump stocks shortly after the Supreme Court of the United States invalidated the ATF’s ban on these firearm accessories. Today’s Supreme Court decision strikes down an important gun safety regulation. We know thoughts and prayers are not enough. I call on Congress to ban bump stocks, pass an assault weapon ban, and take …READ THE FULL REPORT

Trump Gets EPIC Birthday SurpriseRepublican legislators surprised former President Donald Trump with an early birthday present during his visit to Capitol Hill on Thursday. This marked Trump’s first appearance on Capitol Hill since the events of January 6, 2021. During the meeting, Trump engaged in discussions with Republicans regarding campaign tactics for the upcoming November election. He expressed his admiration for House Speaker Mike …READ THE FULL REPORT

Supreme Court Rules 5-4 Against Illegal Aliens Contesting Their U.S. DeportationsThe Supreme Court issued a 5-4 ruling against three illegal aliens challenging their deportation orders in the United States. They argued they were not properly notified of their removal hearings in federal immigration court. When Esmelis Campos-Chaves, Varinder Singh, and Raul Daniel Mendez-Colín did not appear before federal immigration judges, they were ordered deported in absentia. In each instance, the …READ THE FULL REPORT

BREAKING: Ukrainian President Volodymyr Zelensky Officially Rejects Putin’s Peace OfferOn Friday, Vladimir Putin proposed a peace initiative to Ukraine aimed at ending the conflict permanently and initiating negotiations. NATO quickly rejected the peace offer in a statement issued by NATO Chief Jens Stoltenberg. NATO turned down the deal before Zelensky had a chance to respond. However, Zelensky also rejected the peace deal, describing it as an “ultimatum message.” It …READ THE FULL REPORT

end

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

END

7.OIL PRICES/GAS PRICES/OIL ISSUES

Russia Overtakes U.S. As Gas Supplier To Europe

MONDAY, JUN 17, 2024 – 02:45 AM

According to some of the more cynical elements out there, the entire Ukraine war as orchestrated by Victoria Nuland and various energy-tied elements in the deep state, was meant to do one thing: replace Russia with the US as the primary supplier of European gas (and the recent sabotage of the Nord Stream pipeline, only seems to validate this particular “conspiracy theory.”)

And if indeed it is the case that the war was meant to replace one European energy supplier with another, then we have bad news: the war has been for nothing. According to the FT, Europe’s gas imports from Russia once again overtook supplies from the US for the first time in almost two years in May, despite the region’s efforts to wean itself off Russian fossil fuels since the full scale invasion of Ukraine.

While certain one-off factors contributed to the reversal, it highlights the difficulty of further reducing Europe’s dependence on gas from Russia, with several eastern European countries still relying on imports from their neighbor while others are actively skirting their own sanctions in hopes of obtain cheaper energy.

“It’s striking to see the market share of Russian gas and [liquefied natural gas] inch higher in Europe after all we have been through, and all the efforts made to decouple and de-risk energy supply,” said Tom Marzec-Manser, head of gas analytics at consultancy ICIS. Actually it’s not, and it shows that for all the rhetoric and posturing, nothing has changed in Europe and Moscow still looms large as an anchor source of European energy.

Following Russia’s full-scale invasion of Ukraine in February 2022, Moscow slashed its pipeline gas supplies to Europe and the region stepped up imports of LNG, which is shipped on specialized vessels with the US as a major provider. Sure enough, a few months later in September 2022, the US overtook Russia as a supplier of gas to Europe and has since 2023 accounted for about a fifth of the region’s supply.

But last month, Russian-piped gas and LNG shipments accounted for 15% of total supply to the EU, UK, Switzerland, Serbia, Bosnia and Herzegovina and North Macedonia, according to data from ICIS. LNG from the US made up 14% of supply to the region, its lowest level since August 2022, the ICIS data showed.

The reversal comes amid a broad uptick in European imports of Russian LNG despite several EU countries pushing – and failing – to impose sanctions on them.

As the FT notes, Russia stopped sending gas through pipelines connecting it to north-west Europe in mid-2022, but continues to provide supplies via pipelines through Ukraine and Turkey.

Flows in May were affected by one-time factors, including an outage at a major US LNG export facility, while Russia sent more gas through Turkey ahead of planned maintenance in June. Demand for gas in Europe also remains relatively weak, with storage levels near record highs for this time of year.

Some are hoping to make this seems like a one-off event, and that things will quickly get back to normal as Europe pretend to follow strict sanctions on Russian commodities. One among them is Marzec-Manser of ICIS, who said that the reversal was “not likely to last”, as Russia would in the summer be able to ship LNG to Asia via its Northern Sea Route. That was likely to reduce the amount sent to Europe, while US LNG production had picked up again, he said.

“Russia has limited flexibility to hold on to this share [in Europe] as demand [for gas] rises into next winter, whereas overall US LNG production is only growing with yet more new capacity coming to the global market by the end of the year,” he added.

Additionally, the transit agreement between Ukraine and Russia also comes to an end this year, putting at risk flows through the route. Of course, that just means that the pushback against sanctions will become far more vocal and soon Europe will be torn even more along its pro/anti-Russia axis.

Meanwhile, the European Commission is supporting efforts to establish an investment plan to expand the capacity of pipelines in the Southern Gas Corridor between the EU and Azerbaijan, but a senior EU official said supplies through the route were not currently sufficient to replace the 14bn cubic metres of Russian gas that currently flowed through Ukraine to the EU each year.

The EU’s energy commissioner Kadri Simson said she had raised concerns about LNG being diverted from Europe to meet demand in Asia on a trip to Japan this month. She said Tokyo and Brussels had established an “early warning system” to monitor LNG shortages and had agreed both should pursue energy saving measures.

“The EU is prepared to buffer any negative supply or demand events in global gas markets,” she added. “Our gas storage remains at record high levels [and] our gas demand stabilised at record low levels, down 20% compared with 2021.”

And, it turns out, Europe has Russia to thank for its record high gas storage.

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

Viet Nam

Vietnam Hit By Widespread Internet Disruption After Undersea Cables Fail 

this is dangerous!!looks like severe sabotage

MONDAY, JUN 17, 2024 – 07:45 AM

Vietnam News Agency reports three of Vietnam’s five international undersea internet cables are down to start the week, sparking major internet outages. This is the country’s second major outage in just over a year. 

The Intra Asia (IA) cable had an incident on its S1 branch connecting to Singapore while problems on the Asia Pacific Gateway (APG) and the Asia-Africa-Europe-1 (AAE-1) have not been fixed yet.

The failure of the three cable systems has seriously affected the speed of Vietnam’s international internet connections, with internet users having found it difficult to access websites and network services with servers abroad. -VNA 

Vietnam is primarily connected to the world through five submarine fiber optic cables: APG, IA, AAE-1, Asia-America Gateway (AAG), and Southeast Asia-Middle East-Western Europe (SMW-3). 

VNA said internet service providers nationwide have “rolled out various measures to ensure internet connections for users, including sharing traffic between internationally connected fiber optic lines and capitalizing on fiber optic cables on land.” 

The local media outlet did not specify what caused the incident nor provided a timeline for repairs.

While we don’t want to speculate on potential sabotage, earlier this year, reports emerged suggesting that Iran-backed Houthis might have severed internet cables in the Red Sea.

About a month ago, US State Department officials told a team of Wall Street Journal reporters about the increasing risks that undersea cables could be susceptible to sabotage via Chinese ships amid territorial disputes in the South China Sea. 

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

EURO VS USA DOLLAR:  1.0709 UP .0017

USA/ YEN 157.63 UP 0.386 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.2669 DOWN .0020

USA/CAN DOLLAR:  1.3740 UP .0015 (CDN DOLLAR DOWN 15 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED DOWN 16.74 PTS OR .55%

 Hang Seng CLOSED DOWN 5.66 PTS OR 0.03%

AUSTRALIA CLOSED DOWN 0.39%

 // EUROPEAN BOURSE:     ALL MIXED

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL MIXED

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 5.66PTS OR 0.03 %

/SHANGHAI CLOSED UP 3.71 PTS OR .12%

AUSTRALIA BOURSE CLOSED DOWN 0.39%

(Nikkei (Japan) CLOSED DOWN 712.12 PTS OR 1.83%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 2320.40

silver:$29.25

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

MONDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing  MONDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.153% DOWN 5 in basis point(s) yield

JAPANESE BOND YIELD: +0.926% DOWN 4 AND 5/ 100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.346 DOWN 2 in basis points yield

ITALIAN 10 YR BOND YIELD 3.932 DOWN 4 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.4655 DOWN 5 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR  MONDAY  

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

Euro/USA 1.0715 UP  0.0020 OR 20 basis points

USA/Japan: 157,91 UP 0.657 OR YEN IS DOWN 66 BASIS PTS

Great Britain 10 YR RATE 4.1465 UP 6 BASIS POINTS //

Canadian dollar DOWN .0030 OR 30 BASIS pts  to 1.3756

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The USA/Yuan,  CNY ON SHORE CLOSED DOWN AT 7.2561 (ON SHORE)  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. (7.2721)

TURKISH LIRA:  32.86 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield  at +0.926…

Your closing 10 yr US bond yield UP 8 in basis points from FRIDAY at  4.290% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.427 UP 8 in basis points  /12.00 PM

USA 2 YR BOND YIELD: 4.742 UP 6 BASIS PTS.

GOLD AT 11;30 AM 2326.20

SILVER AT 11;30: 29.45

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

London: CLOSED DOWN 4.71 PTS OR 0.14%

German Dax :  CLOSED UP 66.19 PTS OR 0.37%

Paris CAC CLOSED UP 688 PTS OR 0.91 %

Spain IBEX CLOSED DOWN 32.90 OR 0.30%

Italian MIB: CLOSED UP 242.84 PTS OR 0.74% PTS

WTI Oil price  79.33 12EST/

Brent Oil:  83.41 12:00 EST

USA /RUSSIAN ROUBLE ///   AT:  88.78 ROUBLE UP 1 AND  18/100      

GERMAN 10 YR BOND YIELD; +2.4655 DOWN 5 BASIS PTS.

UK 10 YR YIELD: 4.1465 UP 6 BASIS POINTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0732 UP 0.0038   OR 38 BASIS POINTS

British Pound: 1.2702 UP 0.0052 OR 52 basis pts

BRITISH 10 YR GILT BOND YIELD:  4.1430 UP 6 BASIS PTS//

JAPAN 10 YR YIELD: 0.926%

USA dollar vs Japanese Yen: 157.38 UP 0.487YEN DOWN 48 BASIS PTS//

USA dollar vs Canadian dollar: 1.3726 DOWN 0001 //CDN dollar UP 1 BASIS PTS

West Texas intermediate oil: 80.60

Brent OIL:  84.39

USA 10 yr bond yield UP 7 BASIS pts to 4.281

USA 30 yr bond yield UP 6 BASIS PTS to 4.406%

USA 2 YR BOND: UP 8 PTS AT  4.766

USA dollar index: 104.97 DOWN 20 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 32.83 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  88.47 UP 0  AND  50/100 roubles

GOLD  2,319.30 3:30 PM

SILVER: 29.43 3;30 PM

DOW JONES INDUSTRIAL AVERAGE: UP 189.40 PTS OR 0.49%

NASDAQ UP 242.95 PTS OR 1.24 %

VOLATILITY INDEX: 12.69 UP 0.03 PTS OR 0.24%

GLD: $214.61 DOWN 1.12 OR 0.52%

SLV/ $26.92 UP 0.09. OR 0.35%

end

USA AFFAIRS

TODAY’S TRADING IN GRAPH FORM

Bitcoin, Black Gold, & Big-Tech Rip To Start The Week

MONDAY, JUN 17, 2024 – 04:00 PM

A mixed (tending towards awful) night of macro from China was somewhat offset (very modestly) by a better than expected Empire Fed Manufacturing print (but still negative) on a quiet macro day.

Bear in mind that Goldman’s economists pointed out that the Empire survey has been particularly volatile since 2022, swinging by at least 20 points in over half of instances as issues related to seasonal adjustment likely contributed to the month-over-month increase.

But overall, rate-cut expectations dipped (hawkishly) lower today

Source: Bloomberg

Treasury yields rose notably…

Source: Bloomberg

But stocks didn’t care as they all melted up as the US cash markets opened…

Source: Bloomberg

Nasdaq led the way, up over 1.5% before some late day profit-taking. The Dow was the laggard but all the majors were green on the day. NOTE – stocks went vertical once Europe closed…

On the back of yet more of a surge into MAG7 stocks…

Source: Bloomberg

Breadth continues to worsen…

Source: Bloomberg

Goldman’s trading desk noted that overall activity levels are down -7% vs. the trailing 2 weeks with market volumes down -7% vs the 10dma.

Our floor tilts 5% better to buy, driven by demand from LOs while HFs tilt modestly for sale

• LOs are +18% better to buy, running their streak of net demand to 10 straight sessions.  Demand for Mega Tech is still quite prevalent.  From a notional perspective, Tech $-net demand is more than 3x larger than HCare (#2) and 5x larger than Fins (#3).  Supply from this group is modest across Staples, Materials & Energy.
• HFs are -6% better for sale (82nd %-ile), using continued Tech strength to make long sales.  HFs are modestly selling Fins, Utes, Energy, Macro Products & Energy while buying Staples & Industrials.

The dollar ended very marginally lower after rallying overnight and then losing those gains during the US session…

Source: Bloomberg

Crude prices ripped back up to almost $81 (WTI) a key resistance level…

Source: Bloomberg

Gold limped back lower…

Source: Bloomberg

Bitcoin surged back above $67,000, erasing Friday’s plunge…

Source: Bloomberg

But Ether limped lower…

Source: Bloomberg

Finally, Mag7 stocks have added $2.3 trillion in market cap in Q2 so far… while the 493 other stocks in the S&P 500 have lost $720 billion…

Source: Bloomberg

Good luck with that!

MORNING TRADING//

AFTERNOON TRADING///

II USA DATA

strong indicator as to the weakness in the economy

(Market Watch)

New York Fed’s Empire State factory gauge contracts for 7th straight month in June

June 17, 2024 at 8:30 a.m. ET

MarketWatch

Headline index moves up 9.6 points, but only to negative 6 reading

The numbers: The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, rose 9.6 points in June but remained in contractionary territory at a negative 6 reading, the regional Fed bank said Monday.Economists had expected only a small improvement to negative 10.5, according to a survey by the Wall Street Journal.Any reading below zero indicates deteriorating conditions. This is the seventh straight month of contraction.Key details: The new orders index climbed 15.5 points to negative 1 in June. That’s the highest reading in nine months.Shipments rose 4.5 points to 3.3 in the month, the highest reading in seven months.Unfilled orders rose 9.1 points to 1 in June. Supply availability, a new indicator included in the report, inched up to negative 1 in the month.The price indices moderated a bit in June. The employment indicators were both weaker.Firms were more optimistic about the future than they have been in more than two years. The index for future business conditions climbed 16 points to 30.1.Big picture: The Empire State index has been fluctuating in slightly negative territory over the past year and a half, according to Michael Feroli, chief U.S. economist for JPMorgan Chase. Other manufacturing data has looked somewhat better, he added.The national ISM factory index slipped to 48.7% in May, it’s second straight month of contraction, raising fresh doubts about the outlook for U.S. manufacturing.Richard Moody, chief economist at Regions Financial Corp., said he expects continued growth in manufacturing, but for it to be “halted and uneven.”

III  USA ECONOMIC COMMENTARIES

WalMart seems to have the best grocery prices

(zerohedge)

Attention Cash-Strapped Americans: Goldman Finds Top Supermarket Offering The Best Grocery Deals

SATURDAY, JUN 15, 2024 – 01:25 PM

In the aggregate, consumers appear to be stable, with the Biden administration touting a solid economy ahead of the November presidential elections. However, as Goldman re-acknowledged earlier this week, under the surface, low-income consumers are struggling in the era of failed Bidenomics. Given this, a separate Goldman note has pinpointed the best grocery deals among major retailers, revealing that Walmart offers the lowest prices. This new data saves folks time instead of guessing where the best deals are.

On June 6, Goldman analysts led by Leah Jordan analyzed the prices of 38 SKUs in the dairy, frozen goods, dry grocery, HPC, and produce categories. The retailers surveyed included Walmart, Sprouts Farmers Market, Whole Foods, and Dollar General. 

“In this note, we discuss takeaways from our June grocery pricing survey. Overall, prices were relatively stable m/m. WMT continued to have the lowest prices, while price gaps widened,” Jordan said. 

Jordan and the other analysts find that Walmart offered consumers the lowest prices for grocery items: “WMT had the lowest prices at -15.1% vs. the group average (widened from -12.0% last month), followed by KR at -3.5% (vs -3.5% last month). WFM had the highest prices in the group at +15.4%, followed by SFM at +11.2%. KR had the highest SKU availability for the products surveyed at 38, followed by WMT at 36.”

Walmart had the lowest prices in dairy products (-18.3%), frozen foods (-15.7%), dry grocery (-13.5%), and produce (-17.3%), while Dollar General had the lowest prices in HPC (-13.9%). On the other hand, Sprouts Farmers had the highest prices in dairy products (+19.3%), frozen foods (15.0%), and HPC (+31.8%). Whole Foods had the highest prices in dry grocery (+10.0%) and produce (+20.4%).

Amidst an economy full of inflation landmines, one thing is sure for working-poor consumers: Walmart offers the best grocery deals, while Whole Foods does not. 

But as we found in Walmart’s latest earnings call, higher-income consumers are trading down to the mega-retailer to find the deals. 

Food inflation is sticky. It will linger for years. Sigh…

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

END

iiiC USA COVID //VACCINE ISSUES/IMPORTANT MEDICAL ISSUES

END

FREIGHT ISSUES/USA

END

VICTOR DAVIS HANSON OR NEWT GINGRICH

END

SWAMP NEWS

House Intelligence Chair: US Facing ‘Highest Level’ Of Potential Terrorist Threat Thanks To Open Border

MONDAY, JUN 17, 2024 – 02:05 PM

Authored by Jack Phillips via The Epoch Times (emphasis ours),

House Intelligence Committee Chairman Mike Turner (R-Ohio) said Sunday that the United States is currently at its “highest level” for the possibility of a terrorist attack occurring on American soil.

During an interview with CBS News, Mr. Turner was asked about reports of recent arrests with individuals with ties to the ISIS terrorist group in the United States.

“What’s important about these reports and what we’re seeing, especially in conjunction with [FBI] Director [Christopher] Wray’s public statements, that we are at the highest level of a possible terrorist threat, that the administration’s policies have absolutely directly related to threats to Americans,” Mr. Turner said.

He added to CBS News that the threats are “no longer speculative” and “no longer hypothetical” in light of public comments made by the FBI director during multiple congressional committee meetings in the past six months or so.

“We have actual administration officials stepping forward and certainly our committee and our committee members have concurred on the intelligence that we’re seeing,“ Mr. Turner told the outlet. ”That as a result of the administration’s policies allowing people to cross the border unvetted, we have terrorists that are actively working with inside the United States that are a threat to Americans.”

His comments came in light of reports, citing unnamed U.S. officials, that claimed that at least eight Tajikistan nationals with alleged ties to ISIS were arrested in several major cities including New York and Los Angeles. The Epoch Times has not been able to independently verify those reports.

On June 14, meanwhile, the U.S. Department of State and Turkey announced they would impose sanctions on three individuals who have ties to ISIS and are involved with a network involved in facilitating travel into the United States.

Sen. Lindsey Graham (R-S.C.) sent a letter to Majority Leader Chuck Schumer (D-N.Y.) and Minority Leader Mitch McConnell (R-Ky.) about requesting a classified briefing for all senators about ISIS threats, he told Fox News on June 12.

“I have never been more worried than I am right now about an attack on our homeland” after the U.S. withdrawal from Afghanistan in 2021, combined with what he described as lax border security,” Mr. Graham wrote on X. Two days prior, he wrote on social media he has “been sounding the alarm for over two years” that the United States currently is at risk of a 9/11-like terrorist attack.

Earlier this month, Mr. Wray told a Senate committee the United States currently faces threats posed by foreign terrorists that “rise to a whole ‘nother level” following the Oct. 7 terrorist attacks in Israel, which punctuated the start of the ongoing Israel–Hamas conflict.

“Looking back over my career in law enforcement, I’d be hard pressed to think of a time when so many different threats to our public safety and national security were so elevated all at once, but that is the case as I sit here today,” the FBI director said at the time, while pushing for increased funding for the federal law enforcement bureau.

He also made reference to a terrorist attack at a concert hall in Moscow that left scores of people dead that ISIS-K, or Islamic State Khorasan, claimed responsibility for.

“We’ve seen a rogue’s gallery of foreign terrorist organizations call for attacks against Americans and our allies,” Mr. Wray said, adding that what is “increasingly concerning is the potential for a coordinated attack here in the homeland, akin to the ISIS-K attack we saw at the Russia Concert Hall in March.”

Mr. Wray had also sounded the alarm on his concerns about possible human smuggling operations along the U.S.–Mexico border and that Mexico should also provide more support.

END

Bud light..still suffering

“Sales Cratered”: One Year After Bud Light Boycott, Looming “Uncertainty” About The Brand Making A Full Recovery

MONDAY, JUN 17, 2024 – 02:25 PM

It turns out the boycott of Bud Light over its employ of trans influencer Dylan Mulvaney a year ago wasn’t just a passing fad, as many on the left and in the media laughed it off to be.

In fact, the Bud Light brand is still suffering a year later, according to a new report from 6ABC. 

The report says that the backlash against Bud Light is still causing significant disruption, affecting the brand and its network of independent local wholesalers more than a year later, according to third-party sales data and interviews with six Anheuser-Busch wholesalers shared with ABC News

Many of these wholesalers, primarily small to medium-sized enterprises that rely heavily on Bud Light sales, continue to suffer from reduced revenue and face uncertainty about the brand’s full recovery.

An Anheuser-Busch wholesaler owner in Northeast Philly, who has a trans child, told ABC News they took a 30% pay cut due to losses and are thinking about retiring: “It was really hurtful personally. I’m trying to understand what my kid is going through and then this happens.”

They added: “It’s still very upsetting. It’s very difficult to come in every day and look at those sales numbers, knowing I have a responsibility for everyone here.”

An executive in the Mid-Atlantic has been strategizing ways to cut costs without layoffs due to ongoing Bud Light sales declines, and a top official in the Southeast predicts sales will stay down for two more years.

Despite these challenges, harassment towards employees and drinkers has lessened, suggesting the boycott has cooled and Bud Light’s reputation is recovering. Most wholesalers report an uptick in sales and confirm Bud Light is still their bestseller.

They spoke on condition of anonymity due to the sensitivity of discussing financial impacts publicly. Anheuser-Busch’s spokesperson emphasized the brand’s enduring leadership in the market, underscoring partnerships and the company’s proactive engagement with over 350 wholesaler partners.

Sales of Bud Light dipped by about 25% after the controversial product endorsement, but recent trends indicate a slow recovery, although still below pre-boycott levels.

Dave Williams, the president of Bump Williams Consulting, told ABC News: “Sales cratered and sat there. They didn’t get any worse but they sure as heck didn’t get any better. I don’t think there are a lot of examples where the king of the castle, someone in such prominence, took such a public and drastic hit in beer.”

KING REPORT

The King Report June 17, 2024 Issue 7265

Independent View of the News

BOJ keeps rates steady, decides to lay out bond taper plan next month http://reut.rs/3RsT5Qm   Renewed concern about the French political situation and a 7-month low in the University of Michigan Consumer Sentiment for June weighted equities. European political pundits believe that Macron’s snap election scheme is backfiring on the French president.  And Biden’s condition is worsening (below).   French stock market plummets (2.7%) amid fears of far right election win CAC 40 index has its worst week since March 2022 after Macron’s decision to call snap elections    France’s finance minister, Bruno Le Maire, warned that the country could risk a financial crisis if either the far right or left won… because of their heavy spending pledges… A poll this week showed that National Rally was on track to win the snap election and claim a third of the vote, ahead of France’s leftwing bloc, which is forecast to take 22%, and Macron’s centrists with 19% of the vote… https://www.theguardian.com/business/article/2024/jun/14/french-stock-market-plummets-amid-fears-of-far-right-election-win   France is heading for a financial crisis that could bring the eurozone down – Telegraph (Pay wall) Macron has lit the fuse on a eurozone debt crisis… It was not the outcome he was looking for… It looks certain that he will lose… A French debt crisis has been simmering for years.  Its credit rating has been downgraded twice in the last six months… Its overall debt burden has soared to 112pc of GDP… https://www.telegraph.co.uk/business/2024/06/14/france-heading-for-financial-crisi-could-bring-down-euro/   The University of Michigan Sentiment for June fell to 65.6 from 69.1; 72 was expected.  Current Conditions tumbled to 62.5 from 69.6, 72.2 was expected!  Expectations 67.6 from 68.8; 72 expected.  1-year Inflation 3.3%, 3.2% expected; 3.3% prior: 5-10-year inflation 3.1%, 3.0% expected and prior.   ‘Current Conditions’ for Democratic voters tumbled from 102.4 in April to 92.1 in May and now to 81.6 in June.  Dems are giving up on The Big Guy! https://data.sca.isr.umich.edu/fetchdoc.php?docid=75847   @ces921: Trigger Warning: Chart of the Day – UMich Inflation Expectations 5-10 years – Mean Expected. Up to 5.3%.  You can argue all you want about how terrible this survey is, how it’s political, how it only surveys 400-600 people, whatever. Be Triggered Inflation expectations are not well-anchored in America regardless of what the Fed tells you. https://x.com/ces921/status/1801619373775352038   ESMs opened lower on Thursday night but steadily rallied until they hit a daily high of 5443.00 at 2:24 ET.  Then they commenced a decline that turned into a tumble near 5 ET.  ESMs hit a daily low of 5397.75 at 7:07 ET.  The bounce that regularly appears after the 7 ET US repo market opening occurred.   ESMs then steadily rallied, with several sizable drops, until they hit 5434.50 and rolled over at 13:15 ET.  ESM retreated to 5421.75 at 14:17 ET.  Buying for the expected late manipulation appeared.  ESMs rallied to 5438.50 at 16:00 ET.    The NY Fang+ Index was modestly negative for about one minute after the NYSE opening.  The index was positive while other major indices were negative.  Mag 7 buying is the main event right now.   @StockMKTNewz: FOR THE FIRST TIME EVER: 3 US companies closed the week valued at more than $3 Trillion. (MSFT $3.289T, AAPL $3.258T, NVDA $3.224T; Google $2.192T, AMZN $1.911T) https://x.com/StockMKTNewz/status/1801713613285048809   @KobeissiLetter: Magnificent 7 stocks have officially exceeded $15 trillion in combined market cap for the 1st time ever.  The group’s combined market cap now equals over 50% of US GDP.  In just 2 months the Magnificent 7’s value has surged by a whopping $2 trillion. The Magnificent 7 stocks have rallied by over 60% over the last 12 months compared to only a 20% gain in the other 493 S&P 500 stocks.  Combined they reflect over a record 30% of the entire S&P 500.  (Yet Jerome sees no bubble!)    @zerohedge: The Nasdaq hit a new all-time high with 72% of Nasdaq stocks closing red, and twice as many new lows as new highs.  https://x.com/zerohedge/status/1801745890748571949   S&P 500 Index and its Advance-Decline Line – Negative divergence with a series of all-time highs   Equal-Weight S&P 500 Index vs S&P 500 Index – Equal Weight S&P 500 is flat since mid-March   @RepThomasMassie: Most intriguing policy idea from the GOP meeting at the Capitol Hill Club this morning: Trump briefly floated the concept of eliminating the income tax and replacing it with tariffs.   Anything that simplifies the tax code would boost US productivity.  Eliminating income taxes would eliminate millions of wasted hours on tax-related matters and billions of dollars in fees.  Of course, this would hurt lawyers and accountants.  The biggest impact would be on Congress.  The Parliament of Whores would no longer be able to trade donations for tax benefits.   Tariffs were the largest source of US revenue (being as much as 95% of revenue) from the 1790s until the 16th Amendment (allowed Congress to collect federal income taxes) was passed in 1913.    Congress imposed the first US income tax in 1861 to finance the Civil War. It was repealed in 1872.    Higher tariffs could also resurrect the US industry base and induce ‘fair trade’ on a wide scale.  One could argue that Trump’s proposal would reward production, savings, and investment while penalizing consumption, especially of foreign goods.   A few decades ago, a top aide to a West Coast Democratic Senator used to converse with us regularly.  After we opined that the US needs a flat tax, the top aide said it would be great for Americans and the economy, but it would greatly diminish that ability of Congress to procure corporate donations in lieu of tax favors– so it would never happen.   @ForAmerica: GOP Rep. @RepThomasMassie exposes the hypocrisy in Congress! “Congress has paid over $17 million in hush money for sexual misconduct, inside of the offices, in these buildings. And what’s more is that was taxpayer money. The allegation is that President Trump paid $130k of his own money… I’m for turning loose all of these records.”  https://x.com/ForAmerica/status/1801351502805532869   F.A.A. Investigating How Questionable Titanium Got into Boeing and Airbus Jets – NYT The material, which was purchased from a little-known Chinese company, was sold with falsified documents and used in parts that went into jets from both manufacturers. https://www.nytimes.com/2024/06/14/us/politics/boeing-airbus-titanium-faa.html   Positive aspects of previous session Mag 7/Fangs rallied again, which generated gains for Nasdaq and the Naz 100. After a tumble on French political angst, ESMs rallied steadily. Bonds rallied moderately on flight out of French and other EU bonds.   Negative aspects of previous session Gold rallied sharply. US equity breadth is abysmal. The DJIA, DJUA, and the S&P 500 Index declined; the DJTA declined sharply.   Ambiguous aspects of previous session How will the stark divergences in US equity breadth be resolved?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5422.58 Previous session S&P 500 Index High/Low: 5432.39, 5403.75   @CBSNews: The Biden administration is making plans to announce one of the largest immigration relief programs in recent history, developing a policy that would offer legal status to hundreds of thousands of immigrants living in the country without proper documents, four people familiar with the plans told CBS News. https://cbsn.ws/3VIAhiE   How non-citizens are getting voter registration forms across the US — and how Republicans are trying to stop it – Welfare offices and other agencies in 49 US states are providing voter registration forms to migrants without requiring proof of citizenship… https://t.co/JblMM8fC6x   House passes defense bill automatically registering men 18-26 for draft The selective service is already mandatory for male U.S. citizens aged 18 to 24    It was part of the annual National Defense Authorization Act (NDAA), which sets out the U.S. government’s military and national security priorities over the next fiscal year… The NDAA passed the House in a 217 to 199 vote, but it’s unlikely to be taken up by the Senate…     Senate Majority Leader Chuck Schumer, D-N.Y., blasted the bill on Friday afternoon over the inclusion of amendments curbing funding for abortion, transgender medical care, and diversity efforts… https://www.foxnews.com/politics/house-passes-defense-bill-automatically-registering-men-draft   The Seante Armed Forces Committee wants to requite US women to register for the draft.  (To prevent men from avoiding the draft and registration by saying they are or identify with females?) https://x.com/MarioNawfal/status/1801818838666752366/photo/1     @SaraHirschhorn1: Stunning news report that the entire signals intelligence system of Unit 8200 of the IDF was down on the night of 6 October and was only partially coming back online in the AM — was this an Iranian cyber campaign? This will be a key part of an investigation of 7 October: https://twitter.com/SaraHirschhorn1/status/1802056494470287399?s=02   Southwest Airlines flight to Hawaiian island plunges, comes within 400 feet of Pacific Ocean The Boeing aircraft dropped from approximately 16,000 feet to just 400 feet above the Pacific Ocean     The memo noted that the captain opted to put the “newer” first officer in command of the 100-mile interisland flight, despite the pending weather.  The less-experienced first officer “inadvertently” pushed forward on the control column, which controls the plane’s pitch and roll, then cut the speed, causing the airplane to rapidly descend… (The MSM will NOT delve into this story for the obvious reason.) https://www.foxnews.com/us/southwest-airlines-flight-hawaiian-island-plunges-comes-within-400-feet-pacific-ocean-report   Today – Traders will play for the Monday and the Expiry Week Rallies.  Stocks can experience a breathtaking decline at any moment.  But the known equity trading universe remains exceedingly bullish, and it ignores bad news – even Fed guidance on interest rates when it doesn’t fit their bullish bias.   The pattern for the past several sessions has been for ESUs to decline during European, and/or Asian, trading on negative fundamentals; US equities decline sharply early and then rally, led by Mag 7.   September (‘U’) is now the front month for financial futures.   NQUs are +26.25; ESUs are -0.50; USUs are -13/32; and gold is -8.50 at 21:30 ET.   Expected economic data: June Empire Mfg. -13.0; Phil Fed Pres Harker 13:00 ET   S&P Index 50-day MA: 5210; 100-day MA: 5143; 150-day MA: 4981; 200-day MA: 4822 DJIA 50-day MA: 38,731; 100-day MA: 38,784; 150-day MA: 38,045; 200-day MA: 36,997 (Green is positive slope; Red is negative slope)   S&P 500 Index (5431.60 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 5153.73 triggers a sell signal Daily: Trender and MACD are positive – a close below 5331.42 triggers a sell signal Hourly: Trender is positive; MACD is negative – a close below 5396.40 triggers a sell signal   Biden’s condition shocks allies at G7 summit, with one saying it’s ‘worst he has ever been’: report President Biden has been “losing focus” during discussions at this week’s G7 summit in Italy, with one diplomatic insider saying the commander-in-chief is “the worst he has ever been.” Another attendee… told the Sun Friday that the 81-year-old’s public missteps on the first day of the gathering were “embarrassing.” … Biden also skipped a dinner held for the G7 leaders… https://trib.al/AEMyTF7   The Sun: IN JOE MOTION Doddery Biden is ‘the worst he’s ever been’ – everyone is worried, say G7 insiders as video shows him shuffling away https://www.thesun.co.uk/news/28495274/joe-biden-freezes-again-shuffling-g7-giorgia-meloni/   Biden embraces surprised-looking Pope Francis with forehead-to-forehead hug at G7 summit https://nypost.com/2024/06/14/us-news/biden-embraces-surprised-looking-pope-francis-at-g7-summit/   Inside Biden’s 48 hours at the G7 where alarmed allies noticed he was ‘losing focus and tired’ after missing dinner, wandering off and snapping at the press – Biden didn’t hold one-on-one with an array of other leaders who were invited to the G7… In contrast, Pope Francis has multiple one-on-one meetings on Friday… (And the pope is ill and confined to a wheelchair!)      Not helping matters for the incumbent president is that he appeared stage managed by Italian Prime Minister Meloni. When the two met on Friday morning, as the press came into see them, Biden asked her: ‘They’re just taking pictures?’  She nodded… https://www.dailymail.co.uk/news/article-13529813/inside-biden-g7-summit-tired-focus-wandering-off.html   @CollinRugg: Former President Barack Obama has to help guide a confused President Biden off stage as he appears to freeze at an L.A. fundraiser. The incident happened at Peacock Theater in L.A. where Biden raised $28 million. Obama was seen handling the president off stage who was staring into the crowd with a frozen look… https://x.com/CollinRugg/status/1802370687845474327   It’s utterly cruel to America — and to Joe Biden — to let him run in this state It is catastrophically irresponsible of Biden — with the help of his handlers and the Democratic Party — to run for the presidency when he struggles to accomplish even the daily responsibilities of the job…     If the president’s mental alertness and physical state are concerning now, what do voters think the situation will be in four years?…  https://trib.al/m8nGiWO   @TonySeruga: News crews were told they could not live stream Biden debarking Air Force One… and any recording must be approved by the WH prior to airing… what media in the past would have agreed to that?  WH cites ‘national security’… Approved Headline: Biden lands in LA for star-studded, record-setting Downtown event…   @charliekirk11: President Biden spent his Saturday proclaiming it to be World Elder Abuse Awareness Day. He encouraged us to “improve our Nation’s prevention of and response to elder abuse, neglect, and exploitation.” Was this a cry for help?  https://x.com/charliekirk11/status/1802201716521054331   Axios: Transcript confirms Biden’s ghostwriter deleted recordings, special counsel was told The ghostwriter of President Biden’s memoir told federal investigators he deleted many recordings of his conversations with Biden after a special counsel was appointed to investigate the president…    Biden’s transcribed conversations with Zwonitzer were among the most damaging evidence in special counsel Robert Hur’s investigation into Biden’s handling of classified documents… https://www.axios.com/2024/06/14/biden-ghostwriter-deleted-recordings-special-counsel-documents   Lara Trump is building an army of ‘100,000 poll watchers and over 500 lawyers’ to ‘deploy’ across America in November https://trib.al/4q5EJNM   4 Connecticut Democratic operatives charged in absentee ballot misuse investigation – One woman accused of wrongdoing in the case was previously subject to scrutiny over alleged ‘ballot-stuffing’ https://www.foxnews.com/politics/connecticut-democratic-operatives-charged-absentee-ballot-misuse-investigation   GOP goes on election integrity offense before November with lawsuits, congressional probes and laws – Republicans are aggressively pushing election integrity from all sides in stark contrast to 2024. https://justthenews.com/politics-policy/elections/gop-prioritizes-election-integrity-november-new-laws-lawsuits   @elonmusk: We should eliminate electronic voting machines. The risk of being hacked by humans or AI, while small, is still too high.   @RNCResearch: KAMALA: “The importance of community banks is they are, as they are called, they’re in the community.”  https://x.com/RNCResearch/status/1801672404101366201   Trump vows to build Israel-style ‘Great Iron Dome’ over US if re-elected: ‘Made in America’ https://www.foxnews.com/politics/trump-vows-build-israel-style-great-iron-dome-over-us-re-elected-made-america   Rubio’s name rises toward top of Trump’s VP shortlist Strategists said Rubio’s background, experience as a legislator and skills as a political candidate would make him a strong candidate to widen the ticket’s appeal… “He’s a very talented communicator, does a great job carrying the message and is well-liked by Trump. Obviously, I think it could be hugely helpful to the Hispanic vote, which could be decisive,” the aide said…     The 12th Amendment prohibits electors from casting a ballot for two individuals from the same s state… if Rubio is chosen… one of them would likely need to change their residence to be qualified for the ballot in Florida… https://thehill.com/homenews/campaign/4720766-marco-rubio-donald-trump-vice-president/   Some pundits believe Trump needs a VP that can be like John Adams and manage the Senate for DJT.   Fetterman’s driving record includes speeding, alleged texts and FaceTime calls: reports The senator and his wife were celebrating their anniversary when he crashed into another vehicle while driving on I-70 in Maryland https://www.foxnews.com/politics/fettermans-driving-record-includes-speeding-alleged-texts-facetime-calls-reports   Texas Dem pol and ex-Biden appointee arrested for allegedly posting fake racist social comments about himself https://trib.al/ohDAU8l   @libsoftiktok: LA City just took down a couple “no U-turn” traffic signs in Silver Lake, California because the signs are anti-LGBTQ. You literally can’t make this up. Beyond parody. https://x.com/libsoftiktok/status/1801637328500494535   @TonyClimate: Over the past three weeks, the surface of the Greenland ice sheet has gained about 70 billion tons of new ice and snow.  Claims that Greenland is melting down are propaganda – not science. https://t.co/SfKQB9xLrf   “The GOP has become the party that stands for nothing.” — Dem Pollster Honan & CNN’s Wierson   “The Democrat party is the party of weak men and angry women.” — Tucker Carlson.

GREG HUNTER INTERVIEWING CATHERINE FITTS

AI is Digital Control, You’ve Been Warned – Catherine Austin Fitts

By Greg Hunter On June 15, 2024 In Political Analysis17 Comments

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

Catherine Austin Fitts (CAF), Publisher of The Solari Report, financial expert and former Assistant Secretary of Housing (Bush 41 Admin.) is sounding the alarm about Artificial Intelligence (AI) and how it will impact your world in very negative ways.  It’s all in a new report called “The AI Revolution: The Final Coup d’Etat.”  CAF explains, “This is a very serious look at Artificial Intelligence and how it’s going to be used to implement control. . . . This past week, there was this huge open board meeting at OpenAI.  There were board members put there to make sure OpenAI and its products were in alignment with the best interests of the human race.  Some of them got booted out. Now, we see the former head of the NSA (National Security Agency) get put on the board.  I just realized it today, and I had not realized it before.  Edward Snowden just tweeted out and said you should never use any of these products, which include ChatGBT.  Snowden also said, ‘You have to understand where this is going.  You have been warned.’

“The AI Revolution” also warns that AI “. . . will alter the prospects for a free society, even free will. . . and . . . attempt to seed the idea human-only decision-making will become a rarity and, in time, cease to exist.”

Don’t think sophisticated AI is some idea that is far into the future.  AI is here now, and CAF points out, “I just see more and more companies using this type of technology to institute financial fraud and make money from financial fraud in their pricing. . . . You also have thousands of companies to track you for their benefit. . . . It is trying to extract data from you to accomplish whatever its goal is. . . . It’s like a swarm of invisible locusts that are all trying to surveil and track, and none of them are trying to optimize your life and give you a free and inspired life.  They are just trying to get their piece.”

AI will also be used to ignore and break all laws.  After all, it’s robotic and can’t be held accountable.  CAF says, “By removing moral obligations and legal and obedient respect for laws, the speed at which you can do evil is extraordinary. . . . One of my concerns, and I have said this for many years, I think this kind of technology allows interdimensional intelligence to act as material reality so that, literally, demonic intelligence can have far more influence and impact in our world.  It operates at such high speed, and then you combine that with the payment systems in the financial system. . . the things that can go wrong are phenomenal.  One of the main problems that we have seen in the past year is artificial intelligence takes off on its own, and it starts functioning in a way it makes no sense. . . . and it’s just lying.  It’s just making stuff up and lying.  It’s literally like it’s under demonic possession.”

CAF says, no matter what, “AI can’t beat God.”  And instead of worshiping Jehovah and Jesus (like you should), the creators of AI want you to trust whatever this tech tells you to do.  CAF says, “They want an AI Religion Revolution.”  Don’t buy into this crap because AI is a disaster for humanity and your freedom.

CAF thinks the Democrats will be forced to replace Joe Biden come November, and she explains why.  Now, more than ever, CAF thinks physical gold and silver are good investments.  She encourages people to expand the use of cash.  CAF thinks two of the best weapons against this sort of artificial intelligence used for control and tyranny is to enforce the US Constitution and, above all, do not lose your faith in God the Father and Christ Jesus.

There is much more in the 61-minute riveting in-depth interview.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with the Publisher of The Solari Report, Catherine Austin Fitts, for 6.15.24.

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AI is Digital Control, You’ve Been Warned – Catherine Austin Fitts

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After the Interview:

SEE YOU ON TUESDAY

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