GOLD PRICE CLOSED UP $17.25 TO $2331.70
SILVER PRICE UP $0.21 TO $29.57
Gold ACCESS CLOSED $2330.40
Silver ACCESS CLOSED: $29.54
Bitcoin morning price:$65,406 DOWN 1340 DOLLARS.
Bitcoin: afternoon price: $64,437 DOWN 2339 dollars
Platinum price closing UP $7.15 TO $976.40
Palladium price; UP $1.20 AT $893.35
END
SHANGHAI GOLD PREMIUM 48 DOLLARS/COMEX GOLD//JULY TO JULY
SHANGHAI GOLD (USD) FUTURES – QUOTES
SHANGHAI GOLD (USD) FUTURES – QUOTES
Last Updated 18 Jun 2024 09:34:00 AM CT.
Market data is delayed by at least 10 minutes.
I will now provide gold in Canadian dollars, British pounds and Euros
4: 15 PM ACCESS
*CANADIAN GOLD: $3195.70 UP 13.10 CDN dollars per oz( * NEW ALL TIME HIGH 3,305.30 CDN DOLLARS PER OZ//MAY 20 2024)
*BRITISH GOLD: 1833.16 UP 7.80 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024
*EURO GOLD: 2169.53 UP 8.77 Euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)
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END
EXCH: COMEX
ACCESS MARKET
EXCHANGE: COMEX
CONTRACT: JUNE 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,312.400000000 USD
INTENT DATE: 06/17/2024 DELIVERY DATE: 06/20/2024
FIRM ORG FIRM NAME ISSUED STOPPED
435 H SCOTIA CAPITAL 5
661 C JP MORGAN 65
661 H JP MORGAN 21
685 C RJ OBRIEN 1
686 H STONEX FINANCIA 100
690 C ABN AMRO 1
732 C RBC CAP MARKETS 1
737 C ADVANTAGE 55 7
880 H CITIGROUP 12
905 C ADM 3
991 H CME 71
TOTAL: 171 171
JPMorgan stopped 76/171
FOR JUNE 2024
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 171 NOTICES FOR 17.100 OZ or 0.5318 TONNES
total notices so far: 30, 121 contracts for 3,012,100 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
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $17.25 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/
: NO CHANGES IN GOLD INVENTORY AT THE GLD/
/ /INVENTORY RESTS AT 825.31TONNES
INVENTORY RESTS AT 825.31 TONNES
SLV//
WITH NO SILVER AROUND AND SILVER UP $0.21 AT THE SLV//
SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .730 MILLION OZ INTO THE SLV
// INVENTORY DECREASES TO 429.775 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 429.775 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY AN ULTRA HUGE SIZED 1396 CONTRACTS TO 176,357 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 TINY LOSS OF $0.10 IN SILVER PRICING AT THE COMEX ON MONDAY’S TRADING ON SILVER. WE HAD SOME LONG LIQUIDATION AS WE HAD A NET LOSS OF 813 CONTRACTS ON OUR TWO EXCHANGES. WE, AGAIN HAD SHORT COVERING BY OUR SPECS WITH THE SMALL LOSS IN PRICE AS WELL AS MASSIVE T.A.S. LIQUIDATION. WE HAD ANOTHER FAIR SIZED 231 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 MONDAY NIGHT: 230 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND TODAY;S TRADING.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.10) AND WERE SUCCESSFUL IN KNOCKING SOME SILVER LONGS FROM THEIR PERCH AS WE DID HAVE A STRONG SIZED LOSS OF 813 CONTRACTS ON OUR TWO EXCHANGES WITH THE LOSS IN PRICE OF $0.10.
WE MUST HAVE HAD:
A STRONG SIZED 583 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 80,000 OZ E.F.P JUMP TO LONDON
//NEW STANDING FOR SILVER//JUNE IS THUS 6.255 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI LOSS //STRONG SIZED EFP ISSUANCE/ VI) FAIR SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 230 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED 137 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 12 DAYS, total 13,100 contracts: OR 65.500 MILLION OZ (1091 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 65.500 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 65.500 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
RESULT: WE HAD A GIGANTIC SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1396 CONTRACTS DESPITE OUR SMALL LOSS IN PRICE OF SILVER PRICING AT THE COMEX//MONDAY.,. THE CME NOTIFIED US THAT WE HAD A STRONG EFP ISSUANCE CONTRACTS: 583 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 80,000 OZ E.F.P. JUMP TO LONDON
//NEW TOTAL STANDING FOR JUNE 6.255 MILLION OZ
WE HAVE A STRONG SIZED LOSS OF 813 OI CONTRACTS ON THE TWO EXCHANGES WITH THE LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A FAIR SIZED 230 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE MONDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND SOME NET LIQUIDATION OF LONGS.
THE NEW TAS ISSUANCE MONDAY NIGHT (230) 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 FELL BY A FAIR SIZED 2839 OI CONTRACTS TO 439,211 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,733 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW MUCH FURTHER FROM OUR ALL TIME LOW OF 390,000 CONTRACTS.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 380 CONTRACTS
WE HAD A FAIR SIZED DECREASE IN COMEX OI (2839 CONTRACTS) OCCURRED WITH OUR LOSS OF $18.25 IN PRICE/MONDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER. WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNE AT 89.94 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 3500 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 $18.25 LOSS IN PRICE WITH RESPECT TO MONDAY’S TRADING. WE HAD A VERY SMALL SIZED LOSS OF 900 OI CONTRACTS (2.799 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1939 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 439,211
IN ESSENCE WE HAVE A VERY SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 900 CONTRACTS WITH 2839 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 1939 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 900 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 1493 CONTRACTS,,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1939 CONTRACTS) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI OF 2839 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 900 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR JUNE AT 88.761 TONNES FOLLOWED BY TODAY’S QUEUE JUMP OF 0.1088 TONNES
//NEW STANDING /JUNE 94.329 TONNES.
/ 3) HUGE T.A.S. LIQUIDATION OF CONTRACTS WITH SOME NET LONG SPECS BEING CLIPPED,
4) FAIR SIZED COMEX OPEN INTEREST LOSS 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 1493 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: 39,887 CONTRACTS OR 3,988,700 OZ OR 124.066 TONNES IN 12 TRADING DAY(S) AND THUS AVERAGING: 3988 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 12 TRADING DAY(S) IN TONNES 124.066 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 124.066 DIVIDED BY 3550 x 100% TONNES = 3.49% 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 124,009 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 1396 CONTRACTS OI TO 176,357 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 583 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 583 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 583 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 1396 CONTRACTS AND ADD TO THE 583 E.FP. ISSUED
WE OBTAIN A HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 813 CONTRACTS
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 4.065 MILLION OZ
OCCURRED WITH OUR $0.10 LOSS IN PRICE …..
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
TUESDAY MORNING/MONDAY NIGHT
SHANGHAI CLOSED UP 14.36 PTS OR 0.48% //Hang Seng CLOSED DOWN 20.57 PTS OR 0.11%// Nikkei CLOSED UP 379.67 OR 1.00%//Australia’s all ordinaries CLOSED UP 0.91%///Chinese yuan (ONSHORE) closed DOWN TO 7,2561 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2760/ Oil UP TO 80.18 dollars per barrel for WTI and BRENT UP AT 84.06 /Stocks in Europe OPENED ALL GREEN
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
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 2839 CONTRACTS TO 439,211 WITH OUR STRONG LOSS IN PRICE OF $18.25 WITH RESPECT TO MONDAY’S TRADING. WE HAD A HUGE T.A.S. LIQUIDATION ON MONDAY WITH SOME 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 FAIR SIZED 1939 EFP CONTRACTS WERE ISSUED: : AUGUST 1939 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1939 CONTRACTS.
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY SMALL SIZED TOTAL OF 900 CONTRACTS IN THAT 1939 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 2839 COMEX CONTRACTS..AND THIS SMALL SIZED L;OSS ON OUR TWO EXCHANGES HAPPENED DESPITE OUR HUGE LOSS IN PRICE OF $18.25
////MONDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR MONDAY NIGHT WAS A GOOD SIZED 1493 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 (94.329 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; 94.329 TONNES. THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $18.25 //// AND WERE SUCCESSFUL IN KNOCKING A FEW SPECULATOR LONGS AS WE HAD A VERY SMALL SIZED LOSS OF 520 CONTRACTS ON MONDAY WITH OUR TWO EXCHANGES DESPITE THE HUGE LOSS IN PRICE. THE T.A.S. ISSUED ON MONDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE LOST A TOTAL OI OF 1.617 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JUNE (89.94 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 35 CONTRACTS OR 3500 OZ (0.1088 TONNES)
NEW STANDING FOR JUNE: 94.329 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR HUGE LOSS IN PRICE TO THE TUNE OF $18.25
WE HAVE REMOVED 380 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET LOSS ON THE TWO EXCHANGES 900 CONTRACTS OR 90000 OZ (2.065TONNES)
confirmed volume MONDAY 128,720 contracts//AWFUL
//speculators have left the gold arena
JUNE 18 JUNE GOLD CONTRACT
/ /// THE JUNE 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 482.265 oz JPMORGAN 15 KILOBARS . |
| 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 | 171 notice(s) 17,100 OZ 0.5318 TONNES |
| No of oz to be served (notices) | 206 contracts 20600 OZ 0.6407 TONNES |
| Total monthly oz gold served (contracts) so far this month | 30,121 notices 3,012,100 oz 93.69 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month | x |
0 dealer deposits:
total dealer deposits: NIL oz
we have 0 customer deposit:
total deposit nil oz
customer withdrawals: 1
i) Out of JPMorgan: 482.265 oz (15 kilobars)
TOTAL WITHDRAWALS 482.265 0z
Adjustments: 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE
For the front month of JUNE we have an oi of 377 contracts having LOST 502 contracts. We had 537 contracts served on Monday so we gained 35 contracts or 3500 oz additional ounces will stand for gold at the comex as they underwent a queue jump to take delivery on this side of the pond.
JULY LOST 37 CONTRACTS TO STAND AT 2418
AUGUST LOST 3199 CONTRACTS DOWN TO 356,024 CONTRACTS
We had 171 contracts filed for today representing 17100 oz
This is a major assault on the comex for gold and this time it is physical that will be requested.
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notice was issued from their client or customer account. The total of all issuance by all participants equate to 171 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 76 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 (30,121) x 100 oz ) to which we add the difference between the open interest for the front month of JUNE (377 CONTRACTS) minus the number of notices served upon today (171 x 100 oz per contract( equals 3,032,700 OZ OR 94.329 TONNES.
thus the INITIAL standings for gold for the JUNE contract month: No of notices filed so far (30,121 x 100 oz +we add the difference for front month of June (377// , OI} minus the number of notices served upon today (537) x 100 oz which equals 3,032,700 oz (94.329 TONNES)
TOTAL COMEX GOLD STANDING FOR JUNE: 94.329 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: 17,615,692.269 OZ
TOTAL REGISTERED GOLD 8,151,711.327( 246.13 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,463,981.042 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,470,997 oz (REG GOLD- PLEDGED GOLD)= 201.28 tonnes //
END
SILVER/COMEX
JUN 18/2024
INITIAL
//2024// THE JUNE 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 274,078/210 oz Brinks . |
| Deposits to the Dealer Inventory | nil OZ |
| Deposits to the Customer Inventory | 297,950.000 oz ASAHI |
| No of oz served today (contracts) | 0 CONTRACT(S) (nil OZ) |
| No of oz to be served (notices) | 7 contracts (0.035 million oz) |
| Total monthly oz silver served (contracts) | 1244 Contracts (6.220 MILLION oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
i) 0 dealer deposit
total dealer deposit : nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 1 customer deposit:
i) Into ASAHI 297,950.000 oz
total customer deposit 297,950/000.oz
JPMorgan has a total silver weight: 127.822million oz/296.338million or 43.17%
adjustment: 0
Comex withdrawals: 1
i) out of Brinks: 276,078.210 oz
total withdrawal: 276.078.210 0z
TOTAL REGISTERED SILVER: 63.074MILLION OZ//.TOTAL REG + ELIGIBLE. 296.358
million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE:
silver open interest data:
FRONT MONTH OF JUNE/2024 OI: 7 CONTRACTS HAVING LOST 16 CONTRACT(S).
WE HAD 0 NOTICES SERVED UP ON MONDAY, SO WE LOST 16 CONTRACTS OR AN ADDITIONAL 80,000 OZ WILL NOT STAND AT THE COMEX VIA A CONSIDERABLE E..F.P. JUMP TO LONDON TO WHERE THEY WILL TAKE DELIVERY ON THAT SIDE OF THE POND
JULY SAW A LOSS OF 3922 CONTRACTS DOWN TO 76,051
AUG, SAW A GAIN OF 41 CONTRACTS TO 384
SEPT SAW A GAIN OF 2450 CONTRACTS TO 81,035
.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for NIL oz
CONFIRMED volume; ON MONDAY 62,920 strong
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 ((7) 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 (7)x number of notices served upon today minus (0)x 5000 oz of silver standing for the JUNE contract month equates to 6.255 MILLION OZ.
New total standing: 6.255 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 18 WITH GOLD UP $17.25 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/://NEW TOTAL TONIGHT 825.31 TONNES
JUNE 17 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 UP $0.21//SMALL CHANGES IN SILVER INVENTORY’ A WITHDRAWAL .730 MILLION OZ INTO THE SLV/// /INVENTORY FALLS TO 429.775 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 429.775 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1.PETER SCHIFF SCHIFF GOLD/MIKE MAHARRAY
2. ALASDAIR MACLEOD/JIM RICKARDS/PAM AND RUSS MARTENS/ JAMES RICKARDS/GOLD AND SILVER COMMENTARY
CHRIS POWELL AND DAILY GOLD/SILVER DISPATCHES
Alasdair Macleod: The physical drivers of gold and silver
Submitted by admin on Mon, 2024-06-17 20:03 Section: Daily Dispatches
By Alasdair Macleod
GoldMoney, Toronto
Friday, June 14, 2024
Gold and silver steadied this week, at the lower end of their current trading ranges. In European trade this morning, gold was $2,317, up $22, while silver was $29.07, down 8 cents. Comex volumes in gold were low, while silver’s were high.
The trading dynamics in the two metals are dissimilar, as our two charts show.
Note the divergence between gold’s open interest and the price, and how it contrasts with silver, where open interest and the price correlate as one normally expects in a bull market.
In other words, the gold price has been rising without an increase in buying interest, while in silver a more normal relationship exists between rising prices and buying interest.
Pricing is being taken away from paper markets, with significant premiums developing in Shanghai. …
… For the remainder of the analysis:
https://www.goldmoney.com/research/gold-and-silvers-physical-drivers
* * *
end
Jim Rickards: No, the Saudis didn’t just kill the dollar
Submitted by admin on Mon, 2024-06-17 19:55 Section: Daily Dispatches
By James G. Rickards
The Daily Reckoning, Baltimore
Monday, June 17, 2024
There has been a lot of talk over the past several days that Saudi Arabia is ending the petrodollar deal it has had with the United States for 50 years. This story has been highly exaggerated. Today I want to address the misinformation you’re seeing and show you what really happened.
News services of dubious accuracy reported that Saudi Arabia had ended the petrodollar deal on June 9, after 50 years. This report was quickly followed by claims that oil would now be priced in everything from Chinese yuan to Indian rupees, Russian rubles, and other currencies without strong claims to being reserve currencies.
The implication of these stories was that the U.S. dollar’s long reign as the leading global reserve currency was over. New reserve currencies would come to the fore, most prominently the BRICS planned currency.
The crypto crowd wasn’t far behind shouting that the demise of the dollar proved that cryptocurrencies were the way of the future. The internet was on fire with these and other histrionic claims.
In fact, almost everything you just read is nonsense. …
… For the remainder of the analysis:
* * *
end
Jan Nieuwenhuijs: Thailand joins China in driving gold bull market
Submitted by admin on Mon, 2024-06-17 11:10 Section: Daily Dispatches
By Jan Nieuwenhuijs
Gainesville Coins, Lutz, Florida
Monday, June 17, 2024
Shedding its long-standing price sensitivity to the price of gold, Thailand is a gold buyer driving the price up, just like China.
Present changes in the global gold market, in which pricing power is shifting East, could be a precursor to a transformation in the international monetary order. Possibly, trade in the East will settle through a system connecting local central bank digital currencies, while any remaining imbalances are transferred in gold.
Until 2021 many countries in Asia were gold price sensitive for nearly a century. They bought when the gold price was steady or declining but swiftly turned into sellers when the price increased. During this period the price of gold was set in the West and the East dampened volatility, best demonstrated in my article “The West–East Ebb and Flood of Gold Revisited.”
After the war in Ukraine broke out in 2022 things started changing in the global gold market. …
… For the remainder of the analysis:
https://www.gainesvillecoins.com/blog/thailand-joins-china-driving-gold-bull-market
* * *
end
4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS/
2024 Central Bank Gold Reserves Survey Results
The World Gold Council has completed the 2024 Central Bank Gold Reserves Survey. Central banks have been significant buyers of gold in recent years amid both economic and geopolitical uncertainty. Our survey, which received responses from a record-high 70 central banks, shows that:Central bank sentiment towards gold remains very high, with 29% saying they will add more gold in the next 12 months and 81% saying that official sector gold reserves overall will grow in the same period.
Optimism towards gold’s future role in global reserves continues to grow, with 69% saying that gold’s share of reserves will be higher in five years compared to 62% last year.
Gold’s role as a long-term store of value is the most highly rated reason for central banks to hold gold, followed by gold’s performance during times of crisis.
There has been a notable uptick in how advanced economy central banks view the role of gold, with their perspectives now much more closely aligned with those of emerging market central banks…
https://www.gold.org/goldhub/data/2024-central-bank-gold- reserves-survey-END-
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT//
END
6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/
END
ASIA TRADING//TUESDAY MORNING/MONDAY NIGHT
SHANGHAI CLOSED UP 14.36 PTS OR 0.48% //Hang Seng CLOSED DOWN 20.57 PTS OR 0.11%// Nikkei CLOSED UP 379.67 OR 1.00%//Australia’s all ordinaries CLOSED UP 0.91%///Chinese yuan (ONSHORE) closed DOWN TO 7,2561 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2760/ Oil UP TO 80.18 dollars per barrel for WTI and BRENT UP AT 84.06 /Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.2561
OFFSHORE YUAN: UP TO 7.2760
SHANGHAI CLOSED UP 14.36 PTS OR 0.48 %
HANG SENG CLOSED DOWN 20.57 PTS OR 0.11%
2. Nikkei closed UP 379.67 PTS OR 1.00 %
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 105.12 EURO FALLS TO 1.0716 DOWN 24 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +0.937 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 158.10 JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.4175/Italian 10 Yr bond yield DOWN to 3.904 SPAIN 10 YR BOND YIELD DOWN TO 3.332%
3i Greek 10 year bond yield UP TO 3.648
3j Gold at $2309.35//Silver at: 29.16 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 1 AND 72/ 100 roubles/dollar; ROUBLE AT 87.99
3m oil into the 80 dollar handle for WTI and 84 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 158.10/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.937% 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 0.8876 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9512 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: 4.290 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.420 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.771 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.65…
10 YR UK BOND YIELD: 4.1380 UP 2 PTS
2a New York OPENING REPORT
Futures Flat As Tech Stocks Rise For 7th Consecutive Day
TUESDAY, JUN 18, 2024 – 08:10 AM
Futures are flat with gigatech naturally outperforming into today’s retail sales print where the expectations are for beats to resume after last month’s sharp miss. As of 8:00am ET, S&P futures were completely flat, while Nasdaq futures were up for the 7th day in a row as it nudges toward the 20,000 mark, with semi shares higher of course, while Mag7 names are also up small. European stocks rise for a second session as political premium fades while French government bonds drift as investors keep a close eye on political developments. Bond yields are up 1-2 bps across the curve after falling Monday amid a flurry of high-grade corporate bond sales that exceeded $21 billion. A gauge of the dollar was higher with EUR, GBP, and JPY weaker. Commodity markets are mostly lower, but WTI remains above $80/bbl with CTAs now set to buy over $30BN. The macro data focus is on Retail Sales but there is another batch of Fedspeakers; yesterday’s speakers indicated a still strong economy with no consensus among the path of inflation with risks tilted more towards a growth slowdown rather than another inflation spike.
In premarket trading, Broadcom rose 2.4%, putting the stock on track for an eighth consecutive session of gains, a rally that has added more than $200 billion to the stock’s market capitalization. Chegg jumped 20% after the online-education firm announced a cut to its workforce and a growth plan that includes developing a “single platform” with artificial-intelligence tools. Here are some other notable premarket movers:
- La-Z-Boy (LZB) rises 9.4% after the furniture company reported quarterly profit and sales that topped estimates.
- Lennar (LEN) slips 2.7% after the homebuilder’s orders outlook missed estimates.
- NextEra Energy (NEE) falls 4.3% on plans to sell $2 billion of equity to raise money for new energy projects and to pay down its short-term debt.
- Philip Morris (PM) declines 2.9% after the company stopped online sales of its popular nicotine pouch brand Zyn in the US after an affiliate received a subpoena in the District of Columbia.
- Rocket Lab USA (RKLB) rises 7.4% after the space systems company signed the largest Electron launch agreement in the firm’s history.
- Silk Road Medical (SILK) rallies 23% after Boston Scientific agreed to acquire the medical device maker.
- Zentalis Pharma (ZNTL) drops 28% after the FDA placed a partial hold on azenosertib studies.
Optimism over a resilient economy and improving corporate earnings have helped push US equities up about 15% this year. Ahead of Wednesday’s holiday in the US, traders geared up for retail-sales data and a slew of Federal Reserve speakers for more pointers on the potential start of rate cuts.
“The picture being painted is that despite the fading prospects of sizeable interest rate cuts from the Fed this year, the economic outlook remains upbeat and this means that corporate earnings should continue to hold up,” said Stuart Cole, the head macro economist at Equiti Capital UK Ltd. “But everybody – the Fed, the markets, etc. – is in ‘data dependency’ mode, and this sentiment could potentially sour if we get a soft set of retail sales data from the US this afternoon.”
Europe’s Stoxx 600 benchmark staged a modest rebound and rose for a second session, up 0.5% last with travel and leisure and banks are the best performing sectors while mining and consumer stocks lag behind. Whitbread Plc rose following a trading update. Danish biotech company Novonesis (Novozymes) B jumped after lifting its outlook for the year. Carrefour SA fell after a report that France’s finance ministry is seeking a €200 million civil fine from the supermarket chain. The CAC 40 adds 0.3% amid lingering concern about political turmoil in France. European stocks have retreated since French President Emmanuel Macron called a snap legislative ballot following a drubbing by Marine Le Pen’s National Rally in the European Parliament elections. The two-round election will conclude on July 7. Here are some of the biggest movers on Tuesday:
- Whitbread shares gain as much as 5% after it reported mild growth in total sales in 1Q and said it remains confident about its outlook for the full year.
- DocMorris shares jump as much as 7.6% after Zuercher Kantonalbank raised the stock to outperform, saying the risks around data protection and mobilization of doctors for the Swiss pharmaceutical products retailer are “significantly reduced.”
- Novonesis shares rise as much as 6.4% after the Danish company increased its outlook for the year. Novonesis is holding a capital markets day in London on Tuesday.
- SAF-Holland shares rise as much as 6.1%, extending Monday’s gain, as several analysts boost their price targets on the German truck parts manufacturer.
- Qiagen shares rise as much as 2.5%, extending Monday’s gains, after the German life sciences and diagnostics firm set 2024-2028 guidance above market expectations.
- Moncler shares fall as much as 4% after analysts at Oddo BHF trimmed their price target and earnings estimates due to concerns the luxury company will see a sharp slowdown in 2Q.
- Ashtead shares fall as much as 5.1% to hit a three-month low, after the equipment rental giant’s earnings fell short of expectations in the fourth quarter due to an unexpected provision booked after one of its customers went bankrupt.
- Coloplast shares drop as much as 3.5% after Nordea downgraded the stock to sell from hold, citing a “negatively skewed” risk/reward.
- Komax shares fall as much as 8%, touching the lowest since June 2020, after the Swiss machinery manufacturer issued a warning, saying its 2024 revenue will decline by about 20%.
- Paradox Interactive drops as much as 8.3%, the most since October, after the Swedish game publisher decided to cease further operations in the wholly-owned studio Paradox Tectonic.
“A portion of the recent risk-off moves has been driven by fears of ‘Frexit’ and euro-area breakup. In our view, those fears are overblown, and we would be fading the fear-driven moves,” said Mohit Kumar, a strategist at Jefferies. “We remain positive on risky assets, but would skew our positions more toward the US in view of the coming French elections.”
Asian stocks advanced on Tuesday, led by gains in Japanese equities while chip-related shares followed US peers higher. The MSCI Asia Pacific Index rose as much as 0.8%, on track for its best day in more than a week, with TSMC and Samsung among the biggest contributors. Most markets in the region advanced, with notable gains in Taiwan and South Korea. Australian stocks mostly held gains after the nation’s central bank left its key interest rate unchanged at a 12-year high. Hong Kong equities edged lower. Chip stocks rose after the Philadelphia Semiconductor Index climbed 1.6% to a record high. Locally, TSMC gained after a number of brokers raised their price targets for the Taiwanese foundry. Samsung and SK Hynix advanced on bullishness over AI-related demand for memory.
Investors will keep a close watch on the implications of China’s latest move in its trade tensions with Brussels, after Beijing launched an anti-dumping probe on pork imports from the European Union. That comes as the bloc looks at Chinese subsidies across a range of industries and will impose tariffs on electric car imports from July.
In FX, the Bloomberg Dollar Spot Index inched higher, with economists estimating month-on-month growth in American retail sales rebounded in May; the Swiss franc tops the G-10 FX pile, rising 0.2% against the greenback. The Aussie dollar also edges up after the RBA stood pat on interest rates but revealed they did discuss a hike; the EUR, GBP, and JPY are all weaker. USD/JPY rose 0.2% to 158.11 and back to intervention territory after BOJ governor Ueda said that the reduction in bond buying and a policy rate hike are separate issues.
In rates, treasuries dip ahead of retail sales and a busy day for Fedspeak. US 10-year yields rise 2bps to 4.30% broadly in line with German counterpart while French outperforms by ~3bp. Gilts yields are richer on the day with the curve flatter. French government bonds drift as investors keep a close eye on political developments. OATs are slightly outperforming their German counterparts, tightening the 10-year spread by 2bps to ~77bps. Gilts are steady. US session includes several Fed speakers, May retail sales data and 20-year bond auction. Coupon issuance resumes with $13b 20-year bond reopening at 1pm; WI 20-year yield at around 4.540% is 9.5bp richer than last month’s auction, which stopped through by 0.2bp
In commodities, oil held the biggest advance in a week Monday as risk-on sentiment in wider markets countered a mixed outlook for crude. Brent last traded around $84.25 and erasing an earlier loss. Copper rose from its lowest close since mid-April. Spot gold falls ~$7 to around $2,312/oz.
Looking at today’s economic calendar, we will get the June New York Fed services business activity, May retail sales (8:30am), May industrial production (9:15am), April business inventories (10am) and April TIC flows (4pm). Fed officials scheduled to speak include Barkin (10am), Collins (11:40am, 4:40pm), Logan and Kugler (1pm), Musalem (1:20pm) and Goolsbee (2pm)
Market Snapshot
- S&P 500 futures little changed at 5,475.25
- STOXX Europe 600 up 0.2% to 512.41
- MXAP up 0.6% to 178.99
- MXAPJ up 0.6% to 565.12
- Nikkei up 1.0% to 38,482.11
- Topix up 0.6% to 2,715.76
- Hang Seng Index down 0.1% to 17,915.55
- Shanghai Composite up 0.5% to 3,030.25
- Sensex up 0.3% to 77,255.02
- Australia S&P/ASX 200 up 1.0% to 7,778.08
- Kospi up 0.7% to 2,763.92
- German 10Y yield little changed at 2.43%
- Euro down 0.1% to $1.0719
- Brent Futures down 0.5% to $83.86/bbl
- Gold spot down 0.3% to $2,312.38
- US Dollar Index up 0.18% to 105.51
Top Overnight News
- Elon Musk plans a Venmo-like payments feature for X across the US, documents show. Users will be able to store money on their accounts, pay other users or businesses, and even buy goods in physical stores. BBG
- Australia’s central bank kept interest rates at a 12-year high and highlighted sticky inflation, suggesting it’ll be some time before it’s ready to signal easing. BOJ chief Kazuo Ueda kept the door open to a possible rate increase in July. BBG
- Bank of Japan Governor Kazuo Ueda said the central bank could raise interest rates next month depending on economic data available at the time, underscoring its resolve to steadily push up borrowing costs from current near-zero levels. RTRS
- France’s corporate bosses are racing to build contacts with Marine Le Pen after recoiling from the radical tax-and-spend agenda of the rival leftwing alliance in the country’s snap parliamentary elections. FT
- Petrobras agreed to pay 19.8 billion reais ($3.5 billion) in back taxes, boosting Brazilian President Luiz Inacio Lula da Silva’s efforts to balance the budget. BBG
- UK grocery inflation declined for the 16th consecutive month to 2.1 per cent in June, according to data that will come as welcome news to consumers hit by the cost of living crisis. FT
- Biden to announce an initiative Tues whereby undocumented immigrants married to US citizens will be able to apply for legal residency. WaPo
- Apartment rents are starting to firm in several Northwest and Midwest cities, creating complications for the Fed (this is a situation where elevated rates might be helping to fuel inflation by dampening demand for home purchases). WSJ
- Last week’s benign US inflation data reinforced our view that the Q1 spike was an aberration. Meanwhile, the labor market stands at a potential inflection point where a further softening in labor demand would hit actual jobs, not just open positions, and could therefore push up the unemployment rate more significantly. Goldman
A more detailed look at global markets
APAC stocks took impetus from the gains in the US where the S&P 500 and the Nasdaq notched record highs once again despite the lack of any major fresh macros drivers and as a deluge of Fed rhetoric looms. ASX 200 was underpinned with financials and defensives front-running the broad advances seen across sectors, while attention turned to the RBA decision where the central bank provided no surprises and kept the Cash Rate target unchanged at 4.35%. Nikkei 225 recovered some of the prior day’s notable losses amid the rising tide across global equity markets and was unfazed by the latest comments from BoJ Governor Ueda who suggested the potential for a July rate hike depending on the data. Hang Seng and Shanghai Comp. were ultimately mixed as the Hong Kong benchmark later deteriorated after failing to sustain the 18,000 level, while the mainland conformed to the positive mood after the PBoC upped its liquidity efforts.
Top Asian News
- Hong Kong will start to permit trading through typhoons from September 25th.
- BoJ Governor Ueda said underlying inflation is to gradually accelerate and they must be vigilant to financial market moves and the impact on the economy, while he added that they need to scrutinise data a bit more to judge whether underlying inflation will heighten on a firm note and if they become more convinced that underlying inflation will accelerate towards the price target, they will adjust the degree of monetary easing by raising the short-term policy rate. Furthermore, Ueda said they cannot say now how much the BoJ will trim bond buying and they will not send a strong policy message by cutting JGB purchases, while he added that depending on economic, price and financial data and information available at the time, there is a chance we could raise interest rates at July meeting.
- China’s latest property support measures have boosted transactions in the largest cities, but activity in smaller localities struggles get off the ground which suggests more pain ahead for most of the country’s real estate market, according to Reuters.
- China Output (May) Gasoline 13.8mln/MT, +2.9% Y/Y; Diesel 17.35mln/MT, -6.4%; Crude Iron Ore 88.48mln/MT, +9.0%; Refiner Copper +0.6%.
- China’s Securities Regulator says they will enrich policy tools to manage market fluctuations, will resolutely prevent abnormal stock market volatility. To strengthen strategic reserves and market stabilisation mechanism
European bourses, Stoxx 600 (+0.2%) began the session entirely in the green, taking impetus from a positive APAC session overnight, continuing the strength seen in the US on Monday. Since, stocks have slipped off best levels though remain modestly firmer. European sectors are mostly in the green, and hold a risk on bias, with Travel & Leisure topping the pile, whilst Consumer Products lags. US Equity Futures (ES U/C, NQ +0.1%, RTY -0.3% are mixed, taking a breather from the prior day’s strength which saw the S&P 500 and the Nasdaq notch record highs once again.
Top European News
- EU leaders concluded their summit with no agreement on key political positions, while EU’s Michel said EU leaders will continue to work in the coming days for a deal on top jobs and that they need to agree on a program for the next five years at EU summit next week.
RBA
- Cash Rate Target unchanged at 4.35%, as expected, while it reiterated that the Board remains resolute in its determination to return inflation to the target and inflation remains high and is above target which is proving persistent. RBA said inflation is easing but has been doing so more slowly than previously expected and the Board expects that it will be some time yet before inflation is sustainably in the target range, while it added the path of interest rates that will best ensure that inflation returns to the target in a reasonable timeframe remains uncertain and the Board is not ruling anything in or out.
- Bullock: need to a lot to go our way too bring inflation back to range; board discussed whether to hike rates at this meeting, board decided to stay the course on policy. Wanted to make the point that they are alert to upside risks on inflation. Need to look across the economy, not just at Q2 CPI. Difficult to get a read on CPI with only quarterly data. Would not say the case for a rate hike is increasing, board did not consider the case for a rate cut at the gathering
FX
- Dollar is on a firmer footing today, benefiting from the slightly higher yield environment, and trading towards the upper end of today’s 105.25-47 range. Next up, US Retail Sales, with headline M/M expected at 0.3%.
- EUR is slightly softer vs the Dollar, with some of the political concerns out of France subsiding in recent trade. The Single-currency currently holds towards the bottom end of today’s 1.0715-41 range, and more resilient to the recent Dollar strength than other G10 peers.
- GBP began the session on a 1.27 handle, before succumbing to Dollar-led pressure, dragging the Pound down to lows of 1.2676. UK-specifics have been light today, though the docket picks up tomorrow in the form of UK CPI, ahead of the BoE a day later.
- A stronger session for the USD/JPY, breaching 158.00 to the upside, finding slight resistance at 158.10, before taking another leg higher towards the session’s best at 158.22; a level just shy of the 14th June high at 158.25.
- Differing performances for the Antipodeans today, on RBA day. The Bank kept rates unchanged though some upside was seen after Governor Bullock said that rate hikes were discussed at the meeting. The Kiwi is the G10 underperformer, which has been dragged lower by the AUD/NZD cross, which is currently at 1.0830.
Fixed Income
- USTs are softer by only a handful of ticks and resides just off today’s lows, ahead of US Retail Sales and a slew of Fed speakers. USTs in a narrow 110-08+ to 110-16 band, which has edged to a new WTD base by a tick.
- Bunds are also slightly subdued, in-fitting with the initial bias on Monday. Specifics light aside from ZEW, which came in softer than expected with the Current Conditions surprisingly falling and printing below the forecast range. Data lifted Bunds back to the unchanged mark, but markedly shy of their 132.68 overnight peak. Thereafter, a poor German auction prompted some modest EGB pressure.
- Gilts are flat awaiting impetus from Wednesday’s CPI and then Thursday’s BoE. Supply this morning came via a 2029 DMO tap which was well received and spurred a very modest move higher for Gilts, though the move proved shortlived.
- UK sells GBP 4bln 4.125% 2029 Gilt: b/c 3.59x (prev. 3.2x), average yield 4.083% (prev. 4.199%), tail 0.3bps (prev. 0.6bps)
- Germany sells EUR 3.36bln vs exp. EUR 4bln 2.10% 2029 Bobl: b/c 2.1x (prev. 2.8x), average yield 2.45% (prev. 2.56%) & retention 16.00% (prev. 16.75%)
Commodities
- Crude benchmarks are just underwater with specifics light, largely at the whim of the firmer Dollar, with the complex taking a breather from yesterday’s geopolitics driven gains. Brent currently just shy of USD 84/bbl.
- Precious metals are contained with specifics light and the mentioned USD strength weighing on the space. At the low end of thin USD 2313-2325/oz parameters, a low which holds just above Monday’s USD 2310/oz.
- Base metals are weighed on by the USD which is overshadowing any support for the complex from the PBoC’s latest liquidity measures.
Geopolitics: Middle East
- Israeli negotiator said tens of Gaza hostages are alive with certainty, according to AFP News Agency.
- US National Security Adviser Sullivan said they need to give and take in negotiations, as well as bridge the differences between Hamas and Israel, while he added that the current proposal represents a roadmap for a ceasefire in Gaza.
- Top US Democrats approve massive arms sales to Israel including 50 F-15 fighter jets, according to Washington Post.
- “US President Biden’s senior adviser Amos Hochstein’s paper seeks a truce agreement with Israel after removing Hezbollah forces from the border”, via Al Hadath citing Lebanese press
Geopolitics: Other
- US National Security Adviser Sullivan said their approval of Kyiv’s use of US weapons inside Russia extends to any place used by Russian forces to strike Ukraine, according to Al Jazeera.
- Russian President Putin said Russia and North Korea will develop trade and mutual settlements mechanism uncontrolled by the West and will jointly resist sanctions, while he added that Russia highly appreciates North Korea’s support in Moscow’s special operation in Ukraine and that the West is pushing Ukraine to strike Russia’s territory, according to TASS.
- South Korea’s military fired warning shots after North Korean soldiers crossed the military demarcation line, while the North Korean military suffered multiple casualties due to the explosion of land mines within the demilitarized zone, according to Yonhap.
- Chinese spokesperson criticised the Philippines’ submission on its undersea shelf in the South China Sea, claiming it infringes on China’s sovereign rights, violates international law and contradicts the Declaration on Conduct of Parties in the South China Sea.
US Event Calendar
- 08:30: June New York Fed Services Business, prior 3.0
- 08:30: May Retail Sales Advance MoM, est. 0.3%, prior 0%
- May Retail Sales Ex Auto MoM, est. 0.2%, prior 0.2%
- May Retail Sales Control Group, est. 0.5%, prior -0.3%
- 09:15: May Industrial Production MoM, est. 0.3%, prior 0%
- May Manufacturing (SIC) Production, est. 0.3%, prior -0.3%
- May Capacity Utilization, est. 78.6%, prior 78.4%
- 10:00: April Business Inventories, est. 0.3%, prior -0.1%
- 16:00: April Total Net TIC Flows, prior $102.1b
DB’s Jim Reid concludes the overnight wrap
Risk assets put in a stronger performance over the last 24 hours, with the S&P 500 (+0.77%) advancing to yet another record high, while European markets also stabilised after last week’s slump. That included France’s CAC 40 (+0.91%), which posted a recovery following its worst weekly performance in over two years, and sovereign bond spreads also narrowed across Europe. But even as risk assets managed to recover, the risk-on tone meant that sovereign bonds lost ground again, and comments from central bank officials meant investors dialled back the amount of rate cuts they expected over the rest of the year.
In terms of the situation in France, the Franco-German 10yr spread finally tightened again yesterday, having risen every single day over the previous week. By the close, it was down by -2.8bps, and alongside that, the Euro strengthened by +0.29% against the US Dollar. Equities also recovered, despite some weakness in the middle of the day, and the CAC 40 was supported by an outperformance among financials. That included AXA (+1.87%), BNP Paribas (+1.25%) and Société Générale (+1.17%), all of whom had experienced double-digit losses last week. And when it came to the politics, a poll out from Ifop yesterday showed that Marine Le Pen’s RN party was on 33% for the first round on June 30, the left-wing New Popular Front was in second place on 28%, and President Macron’s group was on 18%.
With increasing attention on the first round vote, we also heard from some ECB policymakers on the situation, although they didn’t seem too perturbed by the recent moves. For instance, ECB President Lagarde said that “ We are attentive to the good functioning of financial markets, and I think that today in any case we’re continuing to be attentive, but it’s limited to that.” Elsewhere, chief economist Lane said that this was “a repricing” and said it was not in “the world of disorderly market dynamics.” For more from DB Research on the developments in France, yesterday saw Chief European economist Mark Wall look at what this could mean from an economic and policy perspective (link here), while I took a look at some of the broader market takeaways (link here). Our rates strategists have also written about the OAT-bund spread (link here).
When it comes to the ECB, investors also got a reminder that they may not be in a hurry to cut rates rapidly, despite the turmoil in markets last week. For instance, chief economist Lane pointed out that the ECB wouldn’t know much more by the time of its July meeting, and Croatia’s Vujcic said that “July is always an option, but much more data will be available in September. Everything is open at that meeting”. That backdrop and the stabilisation in French assets saw investors very slightly dial back their expectations for ECB rate cuts, with the amount priced in by the December meeting falling by -0.3bps on the day to 43bps. Alongside that, yields on 10yr bunds (+5.3bps), OATs (+2.5bps) and BTPs (+1.5bps) all moved higher as well.
Over in the US, Treasuries saw an even larger selloff, with the 10yr yield up +6.0bps on the day to 4.28%. That came amidst some better-than-expected data, with the Empire State manufacturing survey up to a four-month high of -6.0 in June (vs. 10.0 expected). A sizeable amount of corporate issuance on Monday, which tends to lead to increased hedging activity, may have also contributed to the rise in yields. The data flow will continue today, as we’ve got retail sales, industrial production and capacity utilisation for May, so that will give us a better sense of economic performance into the middle of Q2. However, yields have reversed course overnight, with the 10yr Treasury yield (-1.4bps) back down to 4.27%.
In the meantime, the rally in US equities showed no sign of abating yesterday, as the S&P 500 (+0.77%) closed at an all-time high for the fifth time in six sessions (and for the 30th time this year), taking itsYTD gains to +14.75%. The advance was once again led by tech stocks, with the Magnificent 7 (+1.16%) extending its YTD gains to +36.47%. Broadcom (+5.41%) and Tesla (+5.30%) were two of the three top performers in the S&P 500 on the day. The equity rally was fairly broad, with the equal-weighted S&P 500 up +0.66% yesterday. But the equal-weighted index is still only up +4.04% YTD, so there’s a gap of more than ten percentage points with the market-cap weighted index, while the Russell 2000 is still in the red on a YTD basis (-0.25% despite a +0.79% gain yesterday). For European equities, it was France that led the way, and Italy’s FTSE MIB (+0.74%) also put in a solid performance. However, the broader STOXX 600 was only up +0.09%.
In the commodity space, oil prices extended last week’s advance, with Brent (+1.97% to $84.25/bbl) and WTI (+2.40% to $80.33/bbl) crude closing the session at their highest levels since April.
Overnight, the Reserve Bank of Australia left their policy rate unchanged at 4.35%, in line with expectations. Their statement acknowledged ongoing inflationary pressures, saying that labour market conditions “ remain tighter than is consistent with sustained full employment and inflation at target ”, whilst it said wage growth was “still above the level that can be sustained given trend productivity growth.” Later on, they kept their options open for policy, saying that “the Board is not ruling anything in or out”. Yields on 10yr Australian government bonds are just over a basis point higher since the decision was announced, and are currently up +3.2bps on the day to 4.14%.
Elsewhere overnight, markets in Asia have put in a strong performance, following the lead from Wall Street. That includes gains for the Nikkei (+0.90%), the KOSPI (+0.79%), the Shanghai Comp (+0.36%) and CSI 300 (+0.27%), although the Hang Seng (-0.18%) has fallen back. Looking forward, US equity futures are basically flat this morning, with those on the S&P 500 only down -0.02%.
To the day ahead now, and data releases include US retail sales, industrial production and capacity utilization for May, along with the German ZEW survey for June. From central banks, we’ll hear from the Fed’s Barkin, Collins, Logan, Kugler, Musalem and Goolsbee, ECB Vice President de Guindos, and the ECB’s Knot, Vujcic, Cipollone and Villeroy.
2B EUROPE OPENING/TRADING
APAC stocks benefit from a strong US close, DXY flat & AUD unreactive to RBA – Newsquawk Europe Market Open
TUESDAY, JUN 18, 2024 – 01:42 AM
- APAC stocks took impetus from the gains in the US where the S&P 500 and the Nasdaq notched record highs
- DXY steady, AUD unreactive to RBA while the JPY was unphased by Ueda
- RBA rate decision where the central bank kept rates unchanged and reiterated the Board remains resolute in its determination to return inflation to the target and it is not ruling anything in or out.
- Fixed benchmarks nursed some of Monday’s pressure but were largely rangebound into numerous Fed speakers
- Crude paused for breath after its geopolitical rally
- Looking ahead, highlights include German ZEW, EZ HICP (F), US Retail Sales & Industrial Production, NBH Policy Announcement, Comments from RBA’s Bullock, RBNZ’s Conway, ECB’s Cipollone & de Guindos, Fed’s Barkin, Collins, Logan, Kugler, Musalem & Goolsbee, UK, German & US supply.
- Click for the Newsquawk Week Ahead.
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US TRADE
EQUITIES
- US stocks were firmer to start the week with gains led by outperformance in the large-cap sectors of Consumer Discretionary and Technology in which the latter was buoyed by strength in Micron (MU) (+4.5%) after BofA and Susquehanna raised PTs for the stock ahead of earnings next week, while there was no specific headline driving the upside in stocks which also shrugged off higher yields ahead of a deluge of Fed commentary.
- SPX +0.77% at 5,473, NDX +1.24% at 19,903, DJIA +0.49% at 38,778, RUT +0.79% at 2,022.
- Click here for a detailed summary.
NOTABLE HEADLINES
- Fed Chair Powell is to give semi-annual monetary policy testimony at the Senate Banking Committee on July 9th.
- Fed’s Harker (non-voter) said if his economic forecast plays out, he thinks one rate cut would be appropriate by year-end but added that two cuts or none are also quite possible and it depends on data. Furthermore, Harker said that more data is essential to come to a decision on rate cuts given the choppiness so far this year and noted the latest inflation data is quite promising, but falls short of the confidence needed and has not quite dissipated uncertainty.
- WSJ’s Timiraos posted on X that with PPI and import price data in hand for May, the inflation modellers who map the CPI/PPI into the PCE now expect the core PCE index rose around 0.08%-0.13% in May which would translate to a 2.6% year-on-year core PCE inflation rate and is down from 2.8% in April. Furthermore, he said this would hold the 6-month annualised core PCE rate around 3.2% (or 3.3%) in May and the 3-month annualised rate would drop back below 3% for the first time since January.
APAC TRADE
EQUITIES
- APAC stocks took impetus from the gains in the US where the S&P 500 and the Nasdaq notched record highs once again despite the lack of any major fresh macros drivers and as a deluge of Fed rhetoric looms.
- ASX 200 was underpinned with financials and defensives front-running the broad advances seen across sectors, while attention turned to the RBA decision where the central bank provided no surprises and kept the Cash Rate target unchanged at 4.35%.
- Nikkei 225 recovered some of the prior day’s notable losses amid the rising tide across global equity markets and was unfazed by the latest comments from BoJ Governor Ueda who suggested the potential for a July rate hike depending on the data.
- Hang Seng and Shanghai Comp. were ultimately mixed as the Hong Kong benchmark later deteriorated after failing to sustain the 18,000 level, while the mainland conformed to the positive mood after the PBoC upped its liquidity efforts.
- US equity futures plateaued and traded sideways following the prior day’s rally.
- European equity futures indicate a positive open with Euro Stoxx 50 futures up 0.4% after the cash market closed higher by 0.9% on Monday.
FX
- DXY traded steadily overnight and partially atones for Monday’s weakness but with trade kept to within a thin range ahead of US retail sales and an incoming deluge of Fed rhetoric, while comments from Fed’s Harker had little impact on markets as he noted that one rate cut would be appropriate by year-end if his economic forecast plays out but added that two cuts or none are also quite possible.
- EUR/USD lacked direction after EU leaders failed to reach an agreement on the top jobs at an informal summit, but will continue to work in the coming days on a deal ahead of next week’s formal European Council meeting.
- GBP/USD was rangebound amid light pertinent catalysts and ahead of Wednesday’s CPI data and Thursday’s BoE decision.
- USD/JPY slightly trickled lower but retained a firm footing at the 157.00 territory, while comments from BoJ Governor Ueda failed to garner much of a reaction despite suggesting the potential for a hike at the July meeting.
- Antipodeans were contained with a lack of fireworks seen from the RBA rate decision where the central bank kept rates unchanged and reiterated the Board remains resolute in its determination to return inflation to the target and it is not ruling anything in or out.
FIXED INCOME
- 10-year UST futures nursed some of the prior day’s losses but with the rebound limited as a plethora of Fed speakers loom.
- Bund futures recouped some lost ground after recently pulling back from the 133.00 level, while the focus turns to data and supply.
- 10-year JGB futures were lacklustre despite the BoJ’s presence in the market, while comments from Governor Ueda who opened the door to a July rate hike had little effect on prices.
COMMODITIES
- Crude futures took a breather after recently rallying on a softer dollar and geopolitical uncertainty.
- Spot gold edged marginal gains in a gradual continuation of yesterday’s intraday rebound.
- Copper futures lacked firm direction although remained afloat alongside the mostly constructive risk tone.
CRYPTO
- Bitcoin was pressured with prices down by around USD 1,000 and briefly dipped beneath the USD 65,000 level.
NOTABLE ASIA-PAC HEADLINES
- Hong Kong will start to permit trading through typhoons from September 25th.
- BoJ Governor Ueda said underlying inflation is to gradually accelerate and they must be vigilant to financial market moves and the impact on the economy, while he added that they need to scrutinise data a bit more to judge whether underlying inflation will heighten on a firm note and if they become more convinced that underlying inflation will accelerate towards the price target, they will adjust the degree of monetary easing by raising the short-term policy rate. Furthermore, Ueda said they cannot say now how much the BoJ will trim bond buying and they will not send a strong policy message by cutting JGB purchases, while he added that depending on economic, price and financial data and information available at the time, there is a chance we could raise interest rates at July meeting.
- RBA kept the Cash Rate Target unchanged at 4.35%, as expected, while it reiterated that the Board remains resolute in its determination to return inflation to the target and inflation remains high and is above target which is proving persistent. RBA said inflation is easing but has been doing so more slowly than previously expected and the Board expects that it will be some time yet before inflation is sustainably in the target range, while it added the path of interest rates that will best ensure that inflation returns to the target in a reasonable timeframe remains uncertain and the Board is not ruling anything in or out.
DATA RECAP
- Singapore Non-Oil Exports MM (May) -0.1% vs. Exp. 1.7% (Prev. 7.6%, Rev. 7.3%); YY (May) -0.1% vs. Exp. -1.0% (Prev. -9.3%, Rev. -9.6%)
GEOPOLITICAL
MIDDLE EAST
- Israeli negotiator said tens of Gaza hostages are alive with certainty, according to AFP News Agency.
- US National Security Adviser Sullivan said they need to give and take in negotiations, as well as bridge the differences between Hamas and Israel, while he added that the current proposal represents a roadmap for a ceasefire in Gaza.
- Top US Democrats approve massive arms sales to Israel including 50 F-15 fighter jets, according to Washington Post.
OTHER
- US National Security Adviser Sullivan said their approval of Kyiv’s use of US weapons inside Russia extends to any place used by Russian forces to strike Ukraine, according to Al Jazeera.
- Russian President Putin said Russia and North Korea will develop trade and mutual settlements mechanism uncontrolled by the West and will jointly resist sanctions, while he added that Russia highly appreciates North Korea’s support in Moscow’s special operation in Ukraine and that the West is pushing Ukraine to strike Russia’s territory, according to TASS.
- South Korea’s military fired warning shots after North Korean soldiers crossed the military demarcation line, while the North Korean military suffered multiple casualties due to the explosion of land mines within the demilitarized zone, according to Yonhap.
- US condemned escalatory and irresponsible actions by China in the South China Sea on Sunday and reaffirmed support for the Philippines in a statement.
- Chinese spokesperson criticised the Philippines’ submission on its undersea shelf in the South China Sea, claiming it infringes on China’s sovereign rights, violates international law and contradicts the Declaration on Conduct of Parties in the South China Sea.
EU/UK
NOTABLE HEADLINES
- EU officials said the French vote puts Europe’s defence push at risk and French President Macron is seen as weakened by the European election defeat, while joint EU defence spending and Macron’s Ukraine plans are seen at risk, according to Bloomberg.
- EU leaders concluded their summit with no agreement on key political positions, while EU’s Michel said EU leaders will continue to work in the coming days for a deal on top jobs and that they need to agree on a program for the next five years at EU summit next week.
NORTH KOREA/SOUTH KOREA
North Korea crosses the boundary line with South Korea where live fire sounded and a few North Korean soldiers stepped on mines and blew themselves up
(zerohedge)
Live Fire Incident: Casualties Reported After North Korean Soldiers Cross Military Demarcation Line
MONDAY, JUN 17, 2024 – 11:00 PM
Something big is happening on the heavily militarized Korean border, following several days of soaring tensions which has included North Korea flying hundreds of trash and feces-filled balloons into the south.
There are several reports of dozens of North Korean soldiers having briefly crossed the border, and soon retreating, after warning shots were fired by South Korean border troops, according to South Korea’s Yonhap news agency.
Per Reuters, citing Yonhap at about 11:00am local time: “South Korea’s military fired warning shots after North Korean soldiers crossed the Military Demarcation Line near the border, the Yonhap news agency reported on Tuesday citing the country’s Joint Chiefs of Staff.”
A Yonhap wire has further said “Korea military suffers ‘multiple casualties’ in landmine explosion near border.”
While details of exactly what is happening are still emerging, this comes one week after a live fire incident occurred along the border. Last Tuesday, South Korean border forces fired warning shots after troops on the other side ‘accidentally’ crossed the border in the south.
Here is what happened exactly one week ago:
“There were no unusual movements other than the North Korean army immediately moving north after our warning shots,” South Korea’s Joint Chiefs of Staff spokesman, Col. Lee Sung-jun, told a briefing.
He generally downplayed the incident which happened Sunday, and suggested there was no indication the enemy troops were seeking to invade territory.
“The South Korean military is closely monitoring the movements of the North Korean military and taking necessary measures.”
If casualties among DPRK troops are confirmed, this could be the start of a major live fire incident between the two historic enemies, also as Kim Jong-Un has been warning he could restart nuclear tests.
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#BREAKING Dozens of North Korean soldiers cross border, retreat after South fires warning shots, Yonhap reports
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#BREAKING North Korea military suffers ‘multiple casualties’ in landmine explosion near border, Yonhap reports
#UPDATE Several North Korean soldiers working near the heavily fortified border with the South were injured in a landmine explosion, the Yonhap News Agency reports, citing Seoul’s Joint Chiefs of Staff. “North Korean military suffers multiple casualties due to a mine explosion during work,” it said, without giving further details. The border between the two countries is heavily mined
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US state-funded Stripes reported yesterday:
North Korean troops have been observed creating anti-tank barriers, reinforcing roads and carrying out other military projects within the Demilitarized Zone, according to the South’s military on Monday. South Korean intelligence agencies spotted the improvements near the border in recent days, army Col. Lee Seong-jun, a spokesman for the country’s Joint Chiefs of Staff, said during a news conference Monday.
Lee declined to elaborate on the North’s activities at the border and said the South’s military was still analyzing its operations. North Korean troops were also observed building walls and roads between the Military Demarcation Line — the actual border between the two Koreas — and the Demilitarized Zone, an unidentified military source said in a Yonhap News report Saturday. The 2½-mile-wide DMZ spans 150 miles across the Korean Peninsula from coast to coast.
Nuclear saber-rattling has been coming out of Pyongyang since last summer, when the US Navy parked a nuclear submarine in South Korea for the first time in years.
Pyongyang has also reportedly deployed extra troops the border amid the escalating tit-for-tat.
developing…
END
2e) JAPAN
3 CHINA
China’s new home prices plunge the most in a decade and that will cause huge damage to its real estate sector
(zerohedge)
China’s New Home Prices Plunge The Most Since October 2014
MONDAY, JUN 17, 2024 – 06:40 PM
So much for that Chinese housing “bailout”, which we correctly warned would be woefully insufficient.
A slew of data published early Monday local time, showed that among various other economic measures, China’s housing slump deepened in May and triggered new calls for the government to pump cash and credit into the economy, while industrial output, which has kept growth on track, fell short of forecasts.
New home prices – the most important indicator of middle-class wealth in the world’s second biggest economy – dropped at the fastest pace since October 2014, falling 0.7% m/m in May (v/s -0.58% in April) and marking the 11th straight decline despite the government’s stimulus to support the property market. On an annual basis, home prices slumped 4.3%, the biggest drop since the summer of 2015. In fact, the last time home prices plunged so much Beijing pursued a massive yuan devaluation that led to a $1 trillion in fx outflows to stabilize and sparked the very first mega meltup in bitcoin which sent it from $200 to far over $1000.
Staying on China retail sales rose +3.7% y/y in May, exceeding market expectations for a +3.0% gain and increasing pace from a +2.3% increase in the previous month but Chinese shoppers remain far from recovering their pre-pandemic mojo. However, other economic metrics failed to surpass market forecasts with industrial output growing +5.6% y/y in May (v/s +6.2% expected), down from an increase of +6.7% in April and missing the median forecast in a Bloomberg survey.
Meanwhile, the nation’s real estate crisis continued to weigh on investment in fixed assets with the overall YTD investment figures expanding +4.0%, also below estimates of +4.2% gain.
“The most disappointing in May’s data is probably that property sales barely saw any improvements even after so many supportive measures,” said Jacqueline Rong, chief China economist at BNP Paribas SA. She said China’s authorities need to find ways to lower the rates on existing mortgages, closing the gap with the cost of new ones.
The numbers – excluding the dire real estate prints – add up to a still-weak recovery most economists said, and will likely require more action from Beijing to bolster consumer demand and tackle imbalances, if this year’s 5% growth target is to be met. That could take the form of stepped-up government spending and heightened efforts by the central bank to put a floor under housing markets and get credit flowing.
On the other hand, if one includes China’s collapsing property market – which once upon a time was the world’s largest asset class – it becomes clear that while Beijing may pretend it does not need a huge fiscal and monetary stimulus, it’s
Late last month, China unveiled a broad rescue package to prop up housing sales as a credit crisis was engulfing some of the country’s biggest real estate developers. It relaxed mortgage rules and encouraged local governments to buy unsold homes. However, as we warned and many others agreed, the financial incentives aren’t big enough and trial programs in several cities have shown progress can be slow.
Subdued demand at home and the deteriorating foreign-trade environment are weighing on business confidence, discouraging companies from investing and driving some to move production overseas. Credit growth has been lackluster and the M1 money supply gauge contracted in May at the fastest rate in data going back to 1996.
Elsewhere, the PBOC on Monday kept a key interest rate unchanged for the tenth straight month. Economists say the bank’s room to cut rates is constrained by the need to prop up the yuan, which faces downward pressure as the US Federal Reserve reinforces its high-for-longer message.
China’s growth remains “highly uneven, with exports and new energy-related capex as the drivers while consumption and property as the drags,” according to economists including Larry Hu at Macquarie Capital Ltd. Still, the slowdown isn’t severe enough to threaten the growth target and while policymakers may take some limited action “the urgency for a major stimulus is low,” they wrote
In a survey of more than 400 top executives conducted by UBS Group AG over roughly a month through mid-May, firms reported weaker prospects for orders, revenue and margins compared with the same period of 2023. There was a drop in the share of respondents who plan to increase capital expenditure in the second half of this year.
“We still need to see new stimulus coming in,” said Helen Qiao, chief Greater China economist at Bank of America Global Research, in a Bloomberg TV interview. “Otherwise the growth momentum could very much weaken.”
end
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
ITALY/EU
How Giorgia Meloni is the new star in Europe despite a lousy economy
(zerohedge)
Giorgia Meloni And Europe’s Future
TUESDAY, JUN 18, 2024 – 03:30 AM
Authored by Conor Gallagher via NakedCapitalism.com,
One burning question following the European parliamentary elections that concluded on June 9: how did Italian Prime Minister Giorgia Meloni’s ruling Fratelli d’Italia (Brothers of Italy – Fd’I) perform so well despite the following:
- A lousy economy. That’s the norm in Italy, but…
- It was made even worse by Project Ukraine, of which Meloni has been a big backer and to which the Italian public is largely opposed.
For comparison’s sake, in Germany, which is the first industrial location in Europe while Italy is the second, the ruling coalition was absolutely hammered. Italy may not have suffered through the humiliation Germany has with the Nord Stream affair, but the economic carnage is similar.
Recently unveiled street art of “Santa Giorgia” in Milan. Source: https://twitter.com/PalomboArtist
Here are some possibilities why Meloni and company emerged strengthened from the EU elections.
(1). Italians are used to the woeful economic conditions.
The decline in living standards is new to Germany, however. The biggest drop since WWII will tend to draw a more passionate response. In Italy, a little more than 48 percent of eligible voters cast a ballot. In Germany, nearly 65 percent of voters went to the polls – the highest in an EU election since reunification.
Germans have not (yet?) given up on the system the way Italians have, and this is clear from detailed polling data from the European Council on Foreign Relations released in January. Notice the difference between the percentages of people who would not vote or don’t know who to vote for:
This data was reflected in the recent vote. The number of Italians who have effectively given up on the system (51.66 percent) and chose not to vote trounce those that support Meloni who got 13.89 percent of eligible voters (which has the news media declaring her the only popular leader at the G7). And it wasn’t just that it was an EU election; Italy’s voter turnout has been dropping in national elections for decades and hit a post-WWII low of 64 percent in 2022. Still, Meloni and the Fd’I were able to come out on top in the EU race:
German voters’ dissatisfaction with the ruling coalition just hit a record high of 71 percent, and used the European elections to voice their displeasure, which is largely the result of discontent with falling living standards in Europe’s largest economy, as the government deals with the energy crisis sparked by the Russia-Ukraine conflict.
Both Italy and Germany are suffering from declines in standard of living; the difference is one of timelines. Italy’s is a decades-long drop, while it is newer in Germany.
(2). Feeble opposition in Italy.
Partito Democratico, which formed in 2007 when parties of the center-left and parties that liked to imagine themselves as left, united to form a bourgeoisie group that is currently led by Elly Schlein. She grew up in Switzerland and got her introduction to politics by working as a volunteer for Obama’s two presidential campaigns in Chicago. According to La Repubblica, it was that experience that taught Schlein, as she says, “you don’t need to ask for votes, but mobilize people with ideas.”
Okay, then. She has taken a liberal stance on issues like same-sex marriage, the environment, and the migrant crisis. But Schlein supports Project Ukraine and has little economically to offer the working class. Partito Democratico, which formed out of the rubble of the Italian Communist Party – once the largest in the Western world – is now nothing more than an offshoot of the US Democratic Party with the same lesser-of-two-evils strategy and focus on cultural issues.
“They write about me that I am a communist, anti-capitalist, radical chic from a rich family, Jewish but anti-Israel. A series of untruths…” Schlein said last year on the TV programme Otto e Mezzo on La7. Good to know.
The Peace Land Dignity (Pace Terra Dignità, PTD) list launched last year and includes three minor left parties, but failed to take off with only 2.2 percent of the vote.
The Five Star Movement, which formed in 2009 and became a populist force against the establishment, laid down with dogs and got fleas. It has mostly flamed out after a series of missteps in recent years, including getting into bed with the rightwing Lega Nord and Partito Democratico and backing the government of unelected former Goldman Sachs executive Mario Draghi. The party split in 2022 and has endured numerous defections since over its opposition to Project Ukraine.
Meanwhile, Meloni and Fd’I are still riding the wave of opposing the Draghi government (despite Meloni essentially becoming a protege of Draghi upon taking office), which helped propel them ahead of their rivals on the right.
In Germany, the recent vote was partially a reversion to the mean. Part of the reason the traffic light coalition (Greens, SPD, FDP) came to power was the messy succession fight in the CDU following Angela Merkel’s departure. The now seemingly stable CDU under former Blackrock executive Friedrich Merz is back on top.
What’s new in Germany is the presence of at least two parties offering clear and disparate alternatives to the status quo: Alternative for Germany (AfD) and Sahra Wagenknecht’s BSW. These parties plundered the ruling coalition’s support:
(3). The successful blaming of immigrants. It Germany, by the opposition. It Italy, by Meloni and the Fd’I.
In Germany, 31 percent of voters believe immigration is a “crisis” issue, and they overwhelmingly back the CDU and AfD to do something about it. More than three million refugees and asylum seekers live in Germany, which is more than in any other European country. The government tried to get tough on this issue in recent months, including passing a law clearing the way for easier deportations of asylum seekers, and criminalizing certain activities by aid workers who assist them, punishable with up to ten years in prison, but as always, voters tend to prefer the real thing. Voters trust the AfD (45 percent) and the CDU (21 percent) most on the issue they’re most concerned about, and as a result, performed well in the recent election.
Italians, on the other hand, continue to view economic issues as the top source of crisis in the country. And yet 47 percent of Italians believe they have nowhere to go on that issue as we saw above.
Meloni and the Fd’I have also done their best sleight of hand trick to blame immigrants for Italy’s economic woes.
There is little to no separation across the Italian political spectrum on the issues of labor, healthcare, education, and public finances. What separates Meloni and the Fd’I is that they claim they have found the culprits behind working class Italians’ declining living standards: immigrants and the threat they pose to national identity. The mission to beat back that threat also creates a sense of empowerment, because while working class Italians have been rendered powerless for decades to stop the selling out of their country, wage suppression, and across-the-board neoliberal reforms, here is an easily identifiable target.
And finally at long last someone is doing something. Even if that something isn’t much at all except making some asylum seekers suffer and using them to further undercut Italian workers.
While Meloni has enacted more border control measures, she has also backtracked and now claims that Italy needs labor migration and adopted a target of 833,000 new migrant workers to fit the needs of capital. According to the 2020 IDOS Statistical Dossier on Immigration, the overall average monthly wage for foreign workers was 1,077 euros in 2019, which was 23.5 percent lower than that of Italians’ 1,408 euros. That gap is only widening in Italy, as well as the EU, and masses of Italians under 35 are emigrating abroad as their employment prospects and wages are so dismal at home.
Importantly, Von der Leyen has championed Meloni’s plan to reroute asylum seekers from Italy to cages in Albania as “out-of-the-box thinking.” That’s one way of putting it. Albania is not an EU member state, and the automatic detention migrants are likely to face there is in breach of Italian and EU law. Von der Leyen’s EU sees Meloni’s Albania plan as a template for the bloc, however. The two have apparently bonded over hardline immigration policies, traveling to Tunisia together for an agreement to limit migrant departures and taking a tour of the migrant reception center on the Italian island of Lampedusa together.
Von der Leyen’s promotion of Meloni’s efforts is a stamp of approval for the strategy to shift the blame for economic woes caused by EU neoliberalism and NATO wars to immigrants.
The Prototype
As neoliberal politicians of the globalist center-left are so thoroughly discredited (see Macron, Scholz) it is now the right’s turn to keep advancing the great EU neoliberal and NATO anti-Russia projects. They do this while appealing to nationalism and anti-immigration while leaving economic and foreign policy unchallenged.
The Meloni model likely requires a breakdown of faith in the system and corresponding low turnout, but that is happening across Europe as living standards decline and parties across the spectrum are unwilling or unable to offer alternatives to the EU’s neoliberalism and the NATO-directed Project Ukraine.
The Meloni prototype also brings the same foreign policy, being pro Project Ukraine, as well as China hawks.
Here are two potential ways the Meloni prototype can be more successful than the “centrists” like Macron or Scholz in today’s EU:
- Davide Monaco at the University of Manchester department of politics had this interesting paper last year titled “The rise of anti-establishment and far-right forces in Italy: Neoliberalisation in a new guise?” While it is focused on Italy, it can increasingly be applied to elsewhere in the EU as well. His argument boils down to the fact rightwing governments “can further neoliberalisation processes together with a mix of anti-migration and welfare chauvinist measures” and that “far-right parties can advance ‘nation-based’ neoliberalisation processes.” Here’s the real nut of the argument:
The peculiar experiment of anti-establishment and far-right forces in power is best understood against the backdrop of the post-2011 developments, which laid bare the limitations of austerity-based strategies in building sufficiently large and lasting class alliances. Thus, while essentially maintaining the core (neoliberalising) labour market policies of the past, a little additional fiscal room was deployed for measures intended for social groups that had been marginalised during the crisis, namely self-employed and small and medium enterprises (SMEs) mainly located in the North (flat tax and tax amnesty), precarious classes in the South (RdC), and older (male) workers (Quota 100). Moreover, the anti-migration and welfare chauvinist posturing should be viewed as serving the purpose of attracting support from sections of the working class and the petty bourgeoisie by pitting them against the ‘Other’, while hiding an unwillingness to challenge structural socio-economic inequalities. At the same time, welfare chauvinism continued to foster a workfarist logic premised upon the distinction between people ‘deserving’ and ‘undeserving’ of the (supposedly scarce) resources available for social protection, albeit in its nativist variant prioritising Italians as the ‘deserving poor.
The one issue with this is that Meloni and the Fd’I don’t even have a particular interest in prioritizing the Italian oligarchy. Her government is busy selling the country to Americans. the They sold off the fixed-line network of Telecom Italiato New York-based private equity firm KKR, which includes former CIA director David Petraeus as a partner. They are also declaring that “Italy Is For Sale,” with plans for 20 billion euros worth of privatizations, including more of the state rail company Ferrovie dello Stato, Poste Italiane, Monte dei Paschi bank and energy giant Eni. And there could be many more on the way:
Il murale “Santa Giorgia” dello street artist AleXsandro Palombo apparso a #MilanoTranslate post
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- More frighteningly, the possibility exists that the Meloni-style right is effectively taking anger at Brussels-Rome economic policy and NATO foreign policy and redirecting it towards immigrants, therefore strengthening both of the former in the process.
Maybe that’s part of what this recently unveiled street art mural in Milan is depicting?
NEW – EU Commission President on the upcoming elections in Italy, where a right-wing victory is expected: “We will see. If things go in a ‘difficult direction’ – I have spoken about Hungary and Poland – we have tools.”
In the written form, Jonas Elvander, the editor of foreign affairs at the Swedish socialist magazine Flamman and a PhD researcher in history at the European University Institute in Florence, makes a compelling argument this is what is happening:
Since the euro crisis of the 2010s, the EU has gone from projecting its soft-power outward to becoming more defensive and inward-looking, according to Kundnani. The union’s leadership today sees it as being encircled by threats, which since the migration crisis have increasingly become synonymous with non-white migrants and political instability in the neighboring regions. This point was illustrated two years ago by the High Representative of the Union for Foreign Affairs and Security Policy, Josep Borell, when he described the EU as a ”garden” surrounded by a ”jungle”.
This new rhetoric is indicative of what Kundnani calls the EU’s ”civilizational turn”; the civic and cosmopolitan elements of European identity are increasingly being replaced by an emphasis on Europe’s common cultural and civilizational heritage, that is, a more exclusionary understanding of what it means to be European.
When Ursula von der Leyen was picked as new President of the European Commission in 2019, she decided to show that she had heard the voice of the European peoples, which had just given the far right a large increase in seats in the European Parliament. This was translated into a focus on issues like migration and security, as well as the creation of the new Commission portfolio ”Promoting our European Way of Life”, a phrase first used in the early 2000s by the French socialist Prime Minister Lionel Jospin to describe the West European welfare states. What this new position entailed was not very clear; policy areas included migration, security, education, religious dialogue, and the fight against antisemitism (but not islamophobia). Symbolically, however, the move was significant.
In March 2020 a crisis erupted on the border between Turkey and Greece, with migrants trying to enter the EU before being violently pushed back by Greek border security. Even though the violence broke against the rules of conduct of the European border agency Frontex, Von der Leyen hailed the Greek police as Europe’s aspida – Greek for ”shield”.
Such incidents illustrate the ongoing shift in values that the Commission emphasizes, from openness and tolerance to security and cohesiveness. This turn has made it possible for the far right to rediscover the civilizational aspects of the EU and embrace it in the name of the defense of a common European heritage.
The EU “center” – which is plenty right itself these days – welcomes this “far-right” as long as they can control it, which they think they can. Let’s remember Ursula’s warning to Meloni:
That begs the question, however, if today’s EU, which supports Nazis in Ukraine and genocide in Gaza is one in which the right is under control by the center, what would it would look like with an uncontrolled right?
It’s telling that both center and right are engaged in projects to rehabilitate fascists. The EU in recent years has passed resolutions conflating Nazism and communism and attempting to lay the blame for WWII equally at the feet of the Russians. The effect is to rewrite history so that those who were once considered heroes are now enemies, and those long considered the enemy – fascists – are now heroes.
Italy’s right-wing parties are doing much the same with attempts to depict Italian fascists as victims of some communist’s alleged anti-Italian racism. Their accounts almost always completely omit the crimes of Italian fascism. While the EU helps bring the fascist fringe in from the cold across the Balkans, in Armenia, and of course Ukraine, the Fd’I in Italy has likewise helped rebrand militants on the neo-Nazi fringes as the “mainstream right.”
Could a future bargain between the center in Germany that the AfD be in the works? One that would see the AfD pledge fealty to NATO and the European Commission in return for getting to do a few of its National Socialism fantasies?
France will be telling. How will Marine Le Pen’s vote in the European Parliament, and how will it govern if it comes to power in France? The answer will likely provide a clear indication of whether Meloni and the Fd’I are a new popular prototype for furthering the EU goals of neoliberal economic policy, fascist rehabilitation, and war with Russia or if Meloni is just an one-off opportunist. [1] The fact that Le Pen has turned her back on the AfD and wants to team up with Meloni looks like a clear sign of which way she is leaning.
Italy has cycled through governments from across the political spectrum over the past few decades, none of which could (or wanted to) successfully stop the country’s decline in living standards. As a result, voters have largely given up. Germany, long a model of fragile political stability, looks to be just starting on the path that Italy has tread for years. The outcome will likely be similar.Even when voters cycle through their hard-right parties, as just happened in Finland and Sweden, they’re back to more “centrist” parties, but it’s difficult to see what actually changes aside from the accumulation of more power in Brussels under von der Leyen. That, of course, is the point.
EU governance was supposedly designed to swallow up and extinguish any of the unpredictability of nationalism that had long plagued the continent. But the Brussels Borg Cube is now on its own dangerous flight of fancy with its layers of bureaucracy and “tools” preventing anyone from disembarking.
end
SWEDEN,NORWAY/EU//RARE EARTHS
Europe Aims To Reduce Reliance On China For Critical Minerals
TUESDAY, JUN 18, 2024 – 12:00 PM
Authored by Felicity Bradstock via OilPrice.com,
- Europe is looking to boost its domestic production of rare earth metals to reduce reliance on China and enhance energy security.
- Norway has discovered Europe’s largest deposit of rare earth metals, which could be crucial for the development of renewable energy technologies.
- Sweden has also made significant discoveries of rare earths, indicating potential for increased European production.
Europe has been looking for ways to accelerate its rare earth metals production to diversify its supply chain and reduce reliance on China as its main supplier. Several minerals will be crucial for the development of the global renewable energy industry, helping energy companies to produce batteries, solar and wind equipment and clean technologies. To date, the global reliance on China for these minerals has been significant and it continues to dominate worldwide production of lithium and several other critical minerals. However, recent developments could help Europe boost the regional production of critical metals and minerals to strengthen its supply chain and boost energy security during the green transition.
Global mining activities are increasing year on year as energy companies and governments invest heavily in the extraction of lithium, cobalt, nickel and other critical minerals to support the green transition. These minerals are needed for renewable energy components, as well as in most of our everyday electronic devices. As the world reduces its coal mining activities, mineral mining is expanding at a rapid pace that is set to continue. The global demand for critical metals and minerals is expected to rise from around 7.5 million tonnes in the 2020s to 28 million tonnes by 2040, according to the International Energy Agency.
Ten countries dominate critical mineral mining, with China, Russia, Chile and the Democratic Republic of Congo at the top. Due to the heavy dependence on critical minerals to drive a global green transition, the EU decided not to stop importing minerals from Russia, despite introducing a ban on oil and gas imports following the Russian invasion of Ukraine. However, the EU’s main source of minerals continues to be China, which supplies around 90 percent of the European mineral market. This is not surprising given that China is responsible for over half of the global processing capacity for lithium, cobalt and manganese.
Thierry Breton, EU Commissioner for the internal market, stated, “Our main concern is excessive dependencies, meaning dependency on a single source of supply.”
Breton added, “When we have such dependencies and Russia is at war, or China bans exports, or there is an earthquake in Chile, we can have a problem. “
Fears of an overdependence on a singular power for Europe’s mineral supply have driven the EU to look closer to home for its rare earths, to strengthen its supply chain. Europe’s mineral mining industry continues to be underdeveloped, but several energy companies are carrying out exploration efforts to assess the potential to develop new mining activities. The EU established its Critical Raw Materials Act with the aim of extracting a minimum of 10 percent of the region’s annual critical mineral demand from within Europe by 2030.
Nonetheless, there are several constraints to the expansion of mineral mining, such as environmental concerns. As companies dig for minerals to support a green transition, environmentalists are worried that this could cause more harm than good unless done sustainably, leading to stricter regulations on mining in the region.
This month, the mining company Rare Earths Norway announced it had discovered Europe’s largest proven deposit of rare earth metals, which it believes could be key to greater diversification of the minerals supply chain. The firm stated that its Fen Carbonatite Complex in the southeast of Norway is home to 8.8 million metric tonnes of total rare earth oxides (TREOs) with a reasonable prospect for economic extraction. These TREOs are seen as vital to the rapid expansion of renewable energy activities and the development of clean technologies. Rare Earths Norway announced there was an estimated 1.5 million metric tonnes of magnet-related rare earths, which are suitable for use in electric vehicles and wind turbines.
Alf Reistad, the CEO of Rare Earths Norway, said that the discovery is a “great milestone” for Rare Earths and added, “It is important to state that there is absolutely no extraction of rare earth elements in Europe today.”
Norway is not the only European country aiming to develop its mineral mining industry with Sweden having announced the discovery of rare earths deposits last year. The state-owned company LKAB found that there were rare earths mixed in with the iron ore it was mining in Kiruna, Sweden’s northernmost city. Following initial assessments, the firm announced initial estimates of around 1.3 million metric tonnes of rare earths in the mine. However, drilling is slow work with the company suggesting it could take as long as six or seven years to complete exploration. Once complete, production activities can begin so long as the deposits are deemed viable.
The EU has high hopes for Europe’s rare earth metals market, as several countries across the region invest in exploration activities. New discoveries could help the EU to reduce its dependence on China and Russia for its critical minerals, helping it to diversify its supply chain and enhance energy security during the green transition. However, it will likely take a long time to establish production projects, following several years of exploration and analysis.
5/RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL HAMAS RAFAH
Half of Hamas in Rafah beaten, IDF will gain full control in two weeks
The IDF also revealed that the houses and tunnels in Rafah had new kinds of defenses and boobytraps, with some houses having video surveillance in each room of the given house to facilitate ambushes.
By YONAH JEREMY BOBJUNE 17, 2024 17:00Updated: JUNE 17, 2024 18:08
The IDF on Monday said that its Division 162 has defeated half of Hamas’s battalions in Rafah, including killing at least 550 terrorists, as well as destroyed around 200 tunnel shafts, and eliminated the terror group’s last major rocket inventory.
https://player.jpost.com/public/player.html?player=jpost&media=3728054&url=www.jpost.comDrone view of the IDF’s 401st Brigade raid on the coast of Rafah, in Gaza, June 17, 2024 (IDF SPOKESPERSON’S UNIT)
Further, the IDF said that within a couple of weeks it would likely be in control of all of Rafah and that the final battles with the remaining two Hamas battalions in parts of Tel al-Sultan and the eastern part of Shabura are already underway.
In addition, the IDF said that the tunnel network in Rafah, especially near the Philadelphi Corridor with Egypt has been found to be even more complex than those found in Khan Yunis, Jabaliya, and the military quarter of Gaza City.
Currently, the IDF says Division 162, commanded by Brig. Gen. Itzik Cohen, has already achieved operation control of over 60-70% of all of Rafah with all of the 1.4 million or so civilians having long fled to al-Muwasi on the coast, central Gaza and Khan Yunis.
IDF sources also said they believed they had killed much more than 550 terrorists, but that this number represented actual bodies seen, versus Hamas forces who entered a structure which was then bombed, but without finding a body.
One of the hardest battles was fought over the “NPK” area which is slightly north of the middle of the Philadelphi Corridor, and was the headquarters of Hamas’s Rafah brigade commander.
However, the IDF now has full control there.
IDF’s invasion of Rafah
The IDF’s invasion of Rafah started on May 6 and by May 20, it had control of around 30-40% of Rafah, including the Philadelphi Corridor.
As of May 20, the IDF had said it had killed around 130 Hamas terrorists.
But given that at some point Hamas had 4,000 to 8,000 terrorists in Rafah, it is pretty clear that the vast majority fled with the mass of civilians who left the area.
https://player.jpost.com/public/player.html?player=jpost&media=3728059&url=www.jpost.comFootage of the IDF’s 401st Brigade raid on the coast of Rafah, in Gaza, June 17, 2024 (IDF SPOKESPERSON’S UNIT)
There are some still fighting and some in hiding, waiting for some later point to carry out guerilla warfare style attacks.
Since May 20, IDF progress has been slower, but steady, including the need for extensive time to explore the tunnel networks.
To date, the IDF has identified 25 large tunnels which, at the very least, go up to the border with Egypt.
Strangely, the IDF, while implying that it was likely that many of them went into Egypt, would not yet confirm a single one crossing the border.
It was unclear if the hesitance to confirm was purely a question of inspections and time or if the politics of avoiding embarrassing the Egyptians was part of the calculation.
With Egyptian approval, the IDF is hoping to build underground obstacles and censors on the Philadelphi Corridor to prevent the future re-digging of cross-border smuggling tunnels.
The cross-border smuggling tunnels have been key to Hamas’s armament capabilities, including receiving weapons from Iran.
The IDF also said that the houses and tunnels in Rafah had new kinds of defenses and boobytraps, with some houses having video surveillance in each room of the given house to facilitate ambushes.
From the start of the war until now, Division 162 has suffered 3,800 wounded and 180 killed, with 23 fallen in the Rafah battles.
The importance of Rafah
An estimated 1.2 to 1.4 million Palestinians had taken refuge in Rafah since the outbreak of the war. The military subsequently stated it had evacuated 80% of the population from the area.
Amid international opposition, the IDF took the Palestinian side of the Rafah crossing on May 7, attaining full operational control of the crossing. The military has since been engaged in operations in the area.
Israel had maintained the importance of operating in Rafah to eliminate the last four Hamas battalions, which it believed were still in the region.
The Israel-Hamas war began on October 7 when Hamas launched an attack, with thousands of terrorists infiltrating from the Gaza border and taking more than 240 hostages into the Gaza Strip.
During the massacre, more than 1,200 Israelis and foreign nationals were murdered, including over 350 in the Re’im music festival and hundreds of Israeli civilians across the Gaza border communities.
120 hostages still remain in Gaza captivity.
ISRAEL/HEZBOLLAH
Israel Says It’s On “Brink” Of Wider War With Hezbollah
MONDAY, JUN 17, 2024 – 09:20 PM
There’s been obvious escalation for several weeks at the Israel-Lebanon border, as we’ve been documenting. But on Sunday Israel’s military issued one of the most dire alarms yet, saying it is on the brink of a full-scale war with Hezbollah.
“Hezbollah’s increasing aggression is bringing us to the brink of what could be a wider escalation,” the Israeli military’s chief spokesman, Rear Adm. Daniel Hagari, warned. “We are committed to the diplomatic process, however Hezbollah’s aggression is bringing us closer to a critical point in the decision-making regarding our military activities in Lebanon.”
The statement was tailored largely in response to ongoing pressure from the Biden administration to avoid launching a bigger war at all costs.
The White House has repeatedly warned that escalation in Lebanon would neither be good for Israel nor for the region, and would risk a broader major war with Iran. There is also widespread acknowledgement that Hezbollah, the Shia paramilitary group backed by Iran, is much more powerful and better armed force than Hamas:
“Hezbollah is the crown jewel in the Iranian empire of terror and evil and is by far the most powerful Iranian proxy, equipped with nation state capabilities and even more firepower than several European countries have today,” former IDF spokesman Jonathan Conricus told Fox News.
“In a military comparison, Hezbollah is far more powerful than Hamas,” he added.
Earlier this month Prime Minister Benjamin Netanyahu said, “Whoever thinks he can hurt us and we will respond by sitting on our hands is making a big mistake.” He had added at a time when massive fires were spreading in the north due to constant Hezbollah drone and missile attacks, “We are prepared for very intense action in the north.”
The past several days have seen hundreds more missiles and drones launched by Hezbollah onto northern Israeli bases and settlements.
White House adviser Amos Hochstein has been meeting with Netanyahu in Jerusalem Monday to talk about the escalating crisis. The NY Times described the backdrop as follows: “Hezbollah’s attacks have gradually intensified, with the group using larger and more sophisticated weapons to strike more often and deeper beyond the border. Both sides have refrained from engaging in full-blown war, but the tension has increased in the past week.”
The situation in northern Israel is getting surprisingly little attention in the West. Here’s some background and an explanation of just how dire it is. World War Three gets closer by the day, and I’m not exaggerating. UNSC resolution 1701 (2006) is that Hezbollah agree to stay north of the river Litani in Lebanon. This puts Israeli settlements out of anti-tank rocket range. However, Hezbollah have broken this and since 7th October have fired thousands of rockets into Israel, displacing some 60,000 Israelis from their homes. To be clear, Hezbollah is a direct Iranian proxy, who live like a virus inside the almost-dead body of the Lebanese state. Their fighters are far superior to Hamas, having gained serious experience in the Syrian civil war. They have no real ground manoeuvre or air power, but their tunnels in the chalk rock of southern Lebanon are better than Hamas’ and they have an estimated 150,000 rockets. There are UN Peacekeepers in Lebanon, but (shockingly for the UN, I know) they’re as much use as a bacon sandwich at a Bar Mitzvah. One very senior Israeli source described them to me as “an umbrella that folds when it rains”. So Israel has a real, very serious problem. They do not have the manpower to assault into Lebanon for any kind of sustained campaign, especially whilst Gaza is ongoing. So, in polite terms, they are kicking the shit out of it from the air (over which they have total superiority) and relying on missile defences. Thousands of targets have been struck in the last 9 months but Hezbollah retain very significant missile capability. This is why Israel are beholden to the USA to offer obscenely generous ceasefire terms to Hamas (that Hamas appear to be declining). They cannot afford to lose American military aid with this threat on their northern border. In the videos below, in the first vid you see the war zone northern Israel has become. The second one is the settlement of Katzrin in the Golan Heights. Surrounded on all sides by fires. In a statement to Qatari-funded Muslim Brotherhood mouthpiece Al Jazeera, yesterday Hezbollah said, “We simultaneously attacked 15 bases in the Golan and the Galilee using 150 rockets and 30 drones. This is the most extensive attack carried out by the organization since October 8, this attack came in response to the assassination in Joya and in order to deter Israel from carrying out further assassinations of this type.” On top of that, Iranian proxies in Iraq took responsibility last night for the joint operation they carried out together with the Houthis (Iranian proxies in Yemen), which launched these ballistic missiles and UAVs towards the Israeli cities of Ashdod and Haifa (third video). Iran is besieging Israel on all sides, and Israel is bending, not breaking. This situation is genuinely dire. It explains why Hamas will not sign a ceasefire deal, and why other non-Iran aligned Gulf states are meeting with IDF commanders. The entire region is teetering on the edge of a much more widespread conflict with Iran, and Israel is taking the brunt of it. If this situation deteriorates, our allies in the Gulf may call for aid. As a second front in the war against the Iran-Russia-China-Qatar axis of malign global actors, this could not be more serious or worrying. And all the while we see subversive Iranian proxy organisations organising protests about Gaza on Western streets. Hopefully the West is not defeated domestically before the war even starts in earnest.
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1.2M Views
Below is an interesting perspective on what’s really happening from Middle East researcher and historian Ori Goldberg…
* * *
The Israeli military is the main force behind the public push towards a war with Lebanon. There are three reasons for this state of affairs. The first is the growing realization in the IDF that there will be no “victory” in Gaza. The “war” is an abysmal failure. …Israel convinced itself it could “eradicate” Hamas exclusively. Israel failed. Israelis don’t care about the death of Palestinian civilians.
So the lack of “victory” necessitates an alternative form of ״redemption”. This, the IDF believes, can be found in a “real” war. It will be difficult and costly, they say, but it will provide a clear sense of achievement. That is how you snap out of an existential funk.
The second reason for wanting war has to do with Israel’s strategic error – the decision to evacuate more than a 100000 civilians from our Northern border. They were evacuated under the false pretenses that Hizballah was about to invade and start a two-front war.
The IDF is now stuck. The civilians were told there was an impending invasion. How will they return home? How will the IDF fulfill its most basic duty in its own perception- defending Israeli civilians? The IDF can recommend negotiations with Lebanon. Not really.
The IDF does not believe in negotiations. It assumes Israel will, ultimately, have to go to war against Lebanon (remember, they all want to destroy us). The IDF can deploy more troops at the border to calm the civilians down. That is seen as expensive and impractical.
War is the only “option” on the table. It is “inevitable” (to be clear, I think Israel will not start a war). It is the only “resolution”. The third reason the IDF wants war is because the Israeli political system is beginning to break down across the board.
The citizens may agree with government policy (support for the genocide) but they don’t trust the government. The government itself is torn between settlers (pining for empire) and generals (focused on “military dominance), and is soing very little governing.
PM Netanyahu never accepts responsibility for his actions. He is a world class outsourcer of blame. The IDF knows that Netanyahu will blame the military leadership for the only “mistake” Israelis care about- the very occurrence of the October 7th massacre.
Nobody in Israel cares about the genocide. This is as astounding as it is true. Israeli want a scapegoat to “take responsibility” for what they perceive as the initial failure (no context or history preceding the massacre). Netanyahu wants to indict the military brass.
A war in Lebanon will vindicate the military there as well. As Israel implodes, they will be able to present a success. Lessons will have been learned and “order” restored. This is Israel now, so consumed with itself it thinks nothing of consuming everyone else.
ISRAEL/HEZBOLLAH
ISRAEL/HOUTHIS/RED SEA
ISRAEL
6.COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES
Exposure To Heavy Metals Linked To Dementia Risk
TUESDAY, JUN 18, 2024 – 05:00 AM
Authored by George Citroner via The Epoch Times (emphasis ours),
As the prevalence of Alzheimer’s disease and dementia continues to rise, a growing body of research is sounding the alarm on a possible culprit: heavy metal exposure.
From the medications we take to the water we drink and potentially even the air we breathe, metals like lead, cadmium, and aluminum are widespread in our environment. These metals can increase the risk of cognitive decline and neurological conditions.
Environmental Factors Fueling Cognitive Decline
Nearly 7 million Americans live with Alzheimer’s disease, and this number is projected to almost double by 2050, according to the Alzheimer’s Association.
Studies on humans consistently demonstrate that exposure to lead, cadmium, and manganese is associated with impaired cognitive function and cognitive decline.
Cadmium, in particular, has been increasingly released into the environment through industrial activities such as coal mining and the use of phosphate fertilizers on crops.
Aluminum, another metal linked to an increased risk of dementia, is being considered as part of potential geoengineering methods to mitigate climate change through the injection of aerosols into the lower stratosphere. This could lead to an increased risk of exposure to aluminum compounds for humans and ecosystems.
The legalization of marijuana in a growing number of U.S. states may also exacerbate the problem of toxic metal exposure. A 2023 study found that cannabis users had significantly higher levels of lead and cadmium in their blood and urine compared to nonusers. Researchers discovered that the cadmium levels in cannabis users were, on average, 22 percent higher in blood and 18 percent higher in urine. Lead levels were elevated by 27 percent in blood and 21 percent in urine among these users.
According to the Environmental Protection Agency (EPA), there is no safe level of lead exposure.
Trace Metals That Mitigate Dementia Risk
While some metals can adversely affect neurological health, many essential trace metals could potentially reduce the risk of Alzheimer’s disease and other forms of dementia. These trace metals, or minerals, play a crucial role in maintaining brain health and mitigating the risk of neurodegenerative diseases when not consumed in excess.
- Magnesium: Neuroprotective; reduces oxidative stress and inflammation
- Zinc: Essential for immune functions and brain communication
- Copper: Reduces oxidative stress and inflammation
- Selenium: Improves cognition in mild cognitive impairment
Food sources rich in these trace metals include:
- Various nuts like almonds, walnuts, and pecans, and seeds (chia, flax, sunflower)
- Legumes (lentils, chickpeas, black beans)
- Whole grains, including whole oats, quinoa, and barley
While these trace metals may have a neuroprotective effect, they are not a substitute for established treatments for Alzheimer’s disease and dementia. A comprehensive treatment plan that includes lifestyle changes, medications, and cognitive training is still necessary to manage these conditions effectively.
Exposure to Heavy Metals in Daily Life
Prolonged exposure to low levels of aluminum can lead to changes associated with brain aging and neurodegeneration, a scientific review published in Toxicology showed. The use of antacids made with aluminum hydroxide is one of the main sources of aluminum exposure in humans.
There is no known way to reverse the damage caused by aluminum exposure, Dr. Charles M. Janssens, an internal medicine specialist in Cincinnati, told The Epoch Times. “The brain is demonstrated to have some plasticity and regenerative ability,” he said. “But the best course of action is to remove the source causing the insult.”
The way we’re exposed to these metals varies. “With lead and arsenic, it is primarily through dietary sources, and for other metals, it is more due to occupational exposure,” Dr. Janssens said.
Certain foods and spices, including imported candy, coriander, turmeric, and chili powder, have also been found to contain lead.
While aluminum has been associated with impaired cognition, this doesn’t necessarily mean you need to throw out your aluminum cookware. These metals need to be in a certain state, such as gas or liquid, to be absorbed into our bodies and cause harm, Dr. Janssens said.
WORLD EVENTS NOTEWORTHY
END
WORLD HEALTH ISSUES
DR PAUL ALEXANDER
It is over for Biden, get him OFF the world stage and it is time he steps back, he is not capable of partaking in the debates or leading USA one more day, this is embarrassing and DANGEROUS as our
enemies are watching and will exploit this devastating weakness; Trump:”Our adversaries like China, Russia, and Iran are no doubt watching Biden’s obvious decline and plotting” against us
| DR. PAUL ALEXANDERJUN 17 |
Trump campaign statement on Biden’s ’embarrassing’ G7 trip | Sharyl Attkisson
See Trump’s statement after the G7 embarassment:
SLAY NEWS
| The latest reports from Slay News |
The latest reports from Slay News
| The latest reports from Slay News |
| Elite Scientists Link Sudden Cardiac Deaths to mRNA ShotsAn elite team of Japanese scientists has just uncovered a smoking gun after conducting a major study on the autopsies of people who have recently suffered sudden cardiac deaths.READ MORE |
| Major Study: Covid Shots Trigger Psychiatric Adverse EventsA large-scale study of two million vaccinated people has uncovered evidence that Covid mRNA shots trigger psychiatric adverse events.READ MORE |
| CNN: ‘Biden Is a Drag on the Democrats’ Ticket’CNN’s Jake Tapper has warned that President Joe Biden is standing in the way of the Democrats winning the presidential election in November. Tapper made the remarks on CNN’s “State of the Union” show while interviewing Sen. Chris Murphy (D-CT) on Sunday. Responding to newly released polling, Tapper said “Joe Biden is a drag on the ticket” for Democrats. “Let’s …READ MORE |
| Supreme Court Considers Key Climate Case That Could Outrage DemocratsThe U.S. Supreme Court is considering a review of a significant climate lawsuit that could have a major impact on the Democrats’ globalist green agenda.READ MORE |
| Biden Gave ‘Campaign Surrogate’ Jack Smith a ‘Blank Check’ to Prosecute Trump before ElectionNew court documents have alleged that President Joe Biden gave a “blank check” to Special Counsel Jack Smith to fund lawfare attacks against the Democrats’ number one political enemy.READ MORE |
| Rep Luna: ‘We’re Hearing on Capitol Hill’ That Biden Will Be Replaced as Democrat NomineeRepublican Rep. Anna Pauline Luna (R-FL) has revealed that lawmakers on Capitol Hill are being told that President Joe Biden is going to be replaced as the Democrats’ presidential nominee.READ MORE |
| Lara Trump Launches Effort to Secure November Elections with Extensive Poll Watcher and Legal TeamsRepublican National Committee (RNC) Co-Chair Lara Trump has launched a major initiative to deploy over 100,000 poll watchers and 500 lawyers across the country.READ MORE |
| Steve Bannon: Democrat Judge Will Sentence Trump to ‘Multiple Years in Prison’Steve Bannon has warned that the Democrat judge overseeing the “hush money” case will sentence President Donald Trump to “multiple years in prison.”READ MORE |
| ‘Deadliest Catch’ Veteran Nick Mavar Dies Suddenly of ‘Natural Causes’ at 59Nick Mavar, a veteran of the reality TV series “Deadliest Catch,” has died suddenly at 59 years old.READ MORE |
| The latest reports from Slay News |
EVOL NEWS
| LATEST NEWS: |
A groundbreaking new study has finally confirmed what many had suspected all along – that Covid mRNA shots are far more deadly to humans than the virus they were supposed to protect against.
READ THE FULL REPORT
Dr. David Martin Explains Landmark Court Ruling That Opens Door for Lawsuits Against COVID Vaccine Manufacturers (VIDEO)
The COVID “vaccines” aren’t vaccines after all, according to a ruling from the 9th Circuit Court of Appeals.
READ THE FULL REPORT
John Legend’s Wife Chrissy Teigen Fears Trump Will ‘Come After Her’ If Re-elected
Chrissy Teigen, model and social media influencer, recently voiced a bizarre concern that former President Donald Trump might target her if he were to be reelected.
READ THE FULL REPORT
BREAKING NEWS: Federal Title IX Transgender Rule Has Been Blocked in Six Additional States
On June 17, a federal judge issued a temporary injunction halting the Biden administration’s updated Title IX transgender policy in six more states.
READ THE FULL REPORT
Maryland’s Democrat Governor Wes Moore Pardons over 175,000 Marijuana Convictions
Maryland Governor Wes Moore, a Democrat, is set to pardon more than 175,000 marijuana convictions on Monday, calling it the most extensive and proactive executive action to address the consequences of the war on drugs.
READ THE FULL REPORT
NEWS ADDICTS
| mRNA Inventor Blows Whistle on ‘Weaponized Fear’ Agenda: ‘Psychological Bioterrorism’The world-renowned scientist behind mRNA vaccine technology has blown the whistle on a shocking agenda to push the entire human race into complying with the globalist vaccination agenda.READ THE FULL REPORTWEF Using Food Supply to Control Citizens WorldwideThe unelected globalist organization the World Economic Forum (WEF) is using the food supply to seize control of citizens worldwide.READ THE FULL REPORTVIEW MORE NEWS |
| LATEST REPORTS FO |
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
Holding And Hoping
BY TYLER DURDEN
TUESDAY, JUN 18, 2024 – 10:40 AM
By Bnejamin Picton, Senior Macro Strategist at Rabobank
Holding and Hoping
US stocks reset record highs overnight as the NASDAQ rose 1.25% and the S&P500 closed up 0.77%. Even European stocks shook off the turmoil of the last few days to close higher. The EuroStoxx 100 was up 0.85%, the DAX rose 0.37% and the CAC40 rebounded from steep losses last week to close up 0.91%.
Oil prices also posted gains with Brent crude up 2.2% to trade back above $84/bbl and WTI closing above $80/bbl. Spot gold sold off 0.58% to $2,319/oz, which may have come as a result of 10-year Treasury yields rising by more than 6bps to 4.27% while the 2-year yields posted similar gains to see the sovereign curve parallel-shift higher. French bonds outperformed Bunds after Marine Le Pen said that she was not seeking “institutional chaos” and was willing to work with Emmanuel Macron if her RN party is as successful in upcoming elections as recent polling suggests.
Overall, yesterday’s price action looks very much like a garden variety risk-on move.
The day ahead will be dominated by the RBA’s June policy rate decision, the publication of the German ZEW survey and the release of May retail sales figures for the United States. The RBA is widely expected to leave the cash rate unchanged at 4.35%, so traders will mainly be searching for signs of an amping up of the Aussie central bank’s minor hawkish bias in the Decision Statement or Governor Bullock’s subsequent press conference.
Rabobank maintains a contrarian forecast on the next move from the RBA being a hike rather than a cut (in fact, we are forecasting two hikes this year). We adopted that forecast following the upside inflation surprise in Q1, which gelled with signals from Australia’s positive output gap, a labour market operating beyond full employment, rising asset prices, accelerating credit growth (which never recaptured the 2019 lows), PMIs back in expansion, a gradual improvement in consumer confidence since early 2023, virtually non-existent productivity growth and subsequent monthly inflation readings that showed the RBA’s favoured core inflation measure drifting higher.
The RBA also has to contend with a fiscal stance that is swinging from mildly contractionary to unambiguously expansionary. The Australian Federal budget included $24bn/year worth of income tax cuts and $10bn worth of additional spending in 2024/25. Additional spending and lower receipts will see the current fiscal year’s small surplus transform into an expected $28bn deficit next year. At the state government level, the purse strings have been loosened even further as a number of long-in-the-tooth administrations throw the proverbial kitchen sink at campaigns for re-election. Australia’s three most populous states are all forecasting large operating deficits in the year ahead. Two of those had previously been forecasting small operating surpluses, so the fiscal pendulum has certainly swung.
The futures market does not agree with our view on Aussie rates. RBA-dated OIS suggests that the cash rate will remain unchanged for the duration of 2024, with a 95% chance of a rate cut at the February policy meeting. It would be remiss of me not to note that there are plenty of arguments in favour of that view. Annual GDP growth of just 1.1% in Q1 was well below conventional estimates of potential growth (2.5% p.a.), and suggests that the output gap is narrowing, while labour market lead indicators (job ads, for instance) continue to show ongoing gradual deterioration – albeit from a generationally strong starting point.
China’s economic performance has an outsized bearing on Australia’s fortunes. Data released yesterday again confirmed ongoing weakness in the Chinese real estate sector, as new home prices fell 0.71% in May, used home prices fell 1%, residential property sales declined 30% year-on-year and the PBOC kept the 1-year MLF rate unchanged at 2.50%. Consequently, SGX iron ore futures and LME copper both finished lower on the day, which is bad news for Australia’s terms of trade.
The June ZEW survey is expected to show further improvement for both the ‘expectations’ and ‘current situation’ readings, continuing a developing theme of things starting to look better for Europe (at least economically). The expectations index has been rising since late 2022, and the consensus estimate of economists surveyed by Bloomberg suggests that it will rise another 2.9pts to a 50 reading today. The ‘current situation’ index has been tracking broadly sideways since October of last year, but surveyed economists expect a pickup to -65 from last month’s -72 reading. With the ECB having recently delivered the first cut of an expected easing cycle, the hope will be that assessments of the current situation begin to converge on the much more upbeat view of the road ahead.
US retail sales are expected to rebound from a -0.3% month-on-month slump in April to post growth of 0.5% in May. Signs of resilience in retail spending would justify the caution of Philly Fed President Harker, who commented yesterday that the Fed needed to wait for several more months of data before cutting rates. Harker said that the softer-than-expected May CPI result was encouraging, but not sufficient, and that one rate cut in 2024 would be appropriate based on the current outlook. That’s a little more conservative than Rabobank’s house view on the Fed Funds rate. We expect the Fed to cut rates in September and December as the US economy softens into a mild recession in the final quarter of the year.
END
7.OIL PRICES/GAS PRICES/OIL ISSUES
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0716 DOWN .0024
USA/ YEN 158.10 UP 0.413 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2685 DOWN .0028
USA/CAN DOLLAR: 1.3747 UP .0033 (CDN DOLLAR DOWN 33 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 14.36 PTS OR .48%
Hang Seng CLOSED DOWN 20.57 PTS OR 0.11%
AUSTRALIA CLOSED UP 0.91%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 5.66PTS OR 0.03 %
/SHANGHAI CLOSED UP 14.36 PTS OR .48%
AUSTRALIA BOURSE CLOSED UP 0.91%
(Nikkei (Japan) CLOSED UP 379.67 PTS OR 1.00%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2308.90
silver:$29.12
USA dollar index early TUESDAY morning: 105.12 UP 18 BASIS POINTS FROM MONDAY’s CLOSE.
TUESDAY MORNING NUMBERS ENDS
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And now your closing TUESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.121% DOWN 3 in basis point(s) yield
JAPANESE BOND YIELD: +0.934% UP 0 AND 2/ 100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.309 DOWN 5 in basis points yield
ITALIAN 10 YR BOND YIELD 3.882 DOWN 5 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.4025 DOWN 6 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0747 UP 0.0006 OR 6 basis points
USA/Japan: 157,93 UP 0.235 OR YEN IS DOWN 24 BASIS PTS
Great Britain 10 YR RATE 4.104 DOWN 4 BASIS POINTS //
Canadian dollar UP .0006 OR 6 BASIS pts to 1.3720
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The USA/Yuan, CNY ON SHORE CLOSED UP AT 7.2543 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2726)
TURKISH LIRA: 32.59 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.934…
Your closing 10 yr US bond yield DOWN 3 in basis points from MONDAY at 4.249% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.390 DOWN 3 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.720 DOWN 4 BASIS PTS.
GOLD AT 11;30 AM 2322.20
SILVER AT 11;30: 29.57
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: TUESDAY CLOSING TIME 12:00 PM//
London: CLOSED UP 49.14 PTS OR 0.60%
German Dax : CLOSED UP 63.76 PTS OR 0.35%
Paris CAC CLOSED UP 57.24 PTS OR 0.16 %
Spain IBEX CLOSED UP 108.20 OR 0.99%
Italian MIB: CLOSED UP 407.63 PTS OR 1.24% PTS
WTI Oil price 81.30 12EST/
Brent Oil: 84.99 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 86.49 ROUBLE UP 2 AND 22/100
GERMAN 10 YR BOND YIELD; +2.4025 DOWN 6 BASIS PTS.
UK 10 YR YIELD: 4.104 DOWN 4 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0737 DOWN 0.0003 OR 3 BASIS POINTS
British Pound: 1.2707 DOWN 0.0006 OR 6 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.075 DOWN 2 BASIS PTS//
JAPAN 10 YR YIELD: 0.934%
USA dollar vs Japanese Yen: 157.83 UP 0.131YEN DOWN 13 BASIS PTS//
USA dollar vs Canadian dollar: 1.3718 DOWN 0005 //CDN dollar UP 5 BASIS PTS
West Texas intermediate oil: 81.40
Brent OIL: 85..24
USA 10 yr bond yield DOWN 6 BASIS pts to 4.281
USA 30 yr bond yield DOWN 5 BASIS PTS to 4.406%
USA 2 YR BOND: DOWN 5 PTS AT 4.710
USA dollar index: 104.89 DOWN 5 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32.58 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 85.37 UP 3 AND 34/100 roubles
GOLD 2,329.30 3:30 PM
SILVER: 29.54 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 56.76 PTS OR 0.15%
NASDAQ UP 6.11 PTS OR 0.03 %
VOLATILITY INDEX: 12.38 DOWN 0.37 PTS OR 2.90%
GLD: $215.47 UP 0.86 OR 0.40%
SLV/ $26.92 UP 0.05. OR 0.15%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
‘Magnificent 7′ Stocks Fade As NVDA Becomes World’s Largest Company… Ever
TUESDAY, JUN 18, 2024 – 04:00 PM
In an attempt to not bury the lead, NVDA continued its irrepressible charge higher (up $375 BN in the last week, up $1.44 TN in the last two months, and up $2.2 TN YTD)…
Source: Bloomberg
… topping MSFT and AAPL as the world’s largest market cap company… ever…
Source: Bloomberg
Did America’s capital markets just become a ‘Magnificent One’ market as the rest of the MAG7 faded today…
Source: Bloomberg
Earlier in the day, weak retail sales but strong industrial production offered a mixed background for today’s trading and stocks trod water for most of the early going (apart from Small Caps) as bond yields tumbled.
Also a mixed bag of FedSpeak today (with Goolsbee the standout dove as always against the other realists)
- *FED’S MUSALEM: COULD TAKE ‘QUARTERS’ TO SEE DATA TO SUPPORT CUT
- *FED’S MUSALEM: WOULD SUPPORT HIKE IF INF. PROGRESS STALLS, REVERSES
- *FED’S LOGAN: I’M STILL WORRIED ABOUT UPSIDE RISKS TO INFLATION
- *FED’S KUGLER: RETAIL SALES INDICATE ECONOMIC ACTIVITY MAY BE COOLING
- *FED’S GOOLSBEE SAYS MAY CPI NUMBERS WERE ‘EXCELLENT‘
The CBO estimated a much bigger deficit than expected which briefly spooked stocks but as always any dip was bought.
But, of note, Nasdaq was the day’s laggard and Small Caps led the day (but all with very modest changes)…
Small Caps swings did not appear to come from any squeezes as ‘most shorted’ was very quiet again…
Source: Bloomberg
Rate-cut expectations (dovishly) rose today…
Source: Bloomberg
And combined with weak retail sales data and a super strong 20Y auction, Treasury yields tumbled, erasing all of yesterday’s yield rises…
Source: Bloomberg
The dollar dipped lower today…
Source: Bloomberg
Bitcoin ETFs have seen 5 net outflows in the last six days…
Source: Bloomberg
…spot bitcoin breaking down towards $64,000…
Source: Bloomberg
Gold managed modest gains as the dollar dipped today…
Source: Bloomberg
Oil extended its gains, with WTI testing up towards $82 near 7 week highs…
Source: Bloomberg
Finally, remember the dotcom bubble… and CSCO’s dominance… well you ain’t seen nothing…
Source: Bloomberg
…meh, it’s probably different this time, right!
MORNING TRADING//
AFTERNOON TRADING///
II USA DATA
We continue to show that the economy is faltering
(zerohedge0
Retail Sales Disappoint In May, April Revised Even Lower…
TUESDAY, JUN 18, 2024 – 08:41 AM
BofA’s practically omniscient analysts were more in line with consensus this month for their US retail sales forecast, with a return to growth expected in May’s data (after a less enthusiastic April print).
Notably, however, consensus and BofA were over optimistic as the headline retail sales rose just 0.1% MoM (vs +0.3% MoM exp). Worse still, April’s 0.0% change was revised down to a 0.2% MoM decline, leaving the headline (nominal) retail sales print up just 2.3% YoY…
Source: Bloomberg
Ex-Autos, the picture was worse with sales dropping 0.1% MoM (vs +0.2% exp) and Ex Autos and Gas Stations rose just 0.1% MoM (vs +0.4% MoM exp).
Gas Stations and Food Services spending were the biggest downside drivers, offsetting increased spending on motor vehicles and non-store (online) retailers…
Source: Bloomberg
The crucial control group – which is used in the GDP calculation also disappointed in May and April was revised lower – not a great start for Q2’s GDP (April -05%, May +0.4%). That is the fourth monthly miss in a row…
Source: Bloomberg
And finally, admittedly a crude approximation, adjusting the nominal retail sales print for inflation (CPI), we see real retail sales declined in May…
Source: Bloomberg
ah, Bidenomics…
end
ISM data is always better than PMI and USA industrial production
(zerohedge)
US Industrial Production Surges In May, Biggest MoM Jump Since Jan 2023 As ISM Tumbles
TUESDAY, JUN 18, 2024 – 09:32 AM
US Industrial Production surged 0.9% MoM in May (triple the 0.3% MoM expected and well up from the unchanged MoM print in April). That is the biggest MoM jump since Jan 2023 and lifted the YoY print to +0.39%…
Source: Bloomberg
That is the biggest beat of expectations since July 2023 (and above all estimates)…
Source: Bloomberg
Manufacturing output also climbed 0.9%, led by consumer goods, after a revised 0.4% April decrease, lifting the YoY change in manufacturing output 0.1% YoY….
Source: Bloomberg
Capacity Utilization picked up also to 78.7% (better than expected)…
Source: Bloomberg
The figures stand in contrast to other data showing manufacturing has had difficulty building momentum amid elevated input prices, inconsistent consumer demand and high borrowing costs. The Institute for Supply Management’s latest measure of factory activity shrank in May at a faster pace as a gauge of output came close to stagnating.
Source: Bloomberg
Now we wait for the downward revisions…10
III USA ECONOMIC COMMENTARIES
Why Consumer Sentiment Fell To A Seven-Month Low
TUESDAY, JUN 18, 2024 – 10:00 AM
The University of Michigan Consumer Sentiment Survey plummeted to its lowest level in seven months.
The index reading for June came in at 65.6, down from 69.1 in May and under the consensus expectation of 72. In the current conditions and expectations categories, the survey fell below economists’ expectations.
Year-ahead inflation expectations were unchanged this month at 3.3%, but above the 2.3–3.0% range seen in the two years prior to the pandemic, according to the press release. Long-run inflation expectations rose from 3.0% last month to 3.1% in June, significantly above the 2.2-2.6% range seen in the two years pre-pandemic. This survey indicates how weak the U.S. economy is and how consumers are feeling the persistent inflation.
Joe Biden posted on X “Zero. That was monthly inflation in May. There is more to do still, but this is welcome progress.”
Inflation was 3.3% in May, and services, shelter, and electricity increased by 5.3%, 5.4%, and 5.9%, respectively.
A zero increase in June in the CPI reading is not zero inflation in the month. Consumers in America may find these optimistic messages exaggerated and almost propagandistic.
Furthermore, CPI inflation should have been significantly lower, close to 2%, months ago. Is it welcome progress, as the president says? Not really. However, the underlying message of the X post is probably closer to “it could have been worse.”.
We must remember that the Inflation Reduction Act has perpetuated inflation, as unnecessarily aggressive fiscal policy sabotaged the Fed’s decision to reduce the quantity of money in the system. The federal deficit is fueling inflation and keeping the CPI measure above the level where it should have been for at least twelve months.
Neo-Keynesians frequently point to the path of disinflation as a triumph of the soft-landing approach. The economy did not enter a recession, unemployment is low, and prices are cooling off gradually. There is an evident counterargument to this optimistic view. The United States economy would have recovered faster, and consumers would not have suffered flat real wage growth, a loss of purchasing power and crippling debt. The idea that government spending has strengthened the economy has no merit. Excessive government intervention is a direct cause of the unsustainable deficit, rising taxes, ongoing inflation, and weaker productivity growth.
Both the labour participation rate and employment-to-population ratios remain below pre-pandemic levels. Real wage growth has been almost flat for years. Inflation is a hidden tax, and it has worsened the recovery path of the United States. The deficit has fueled inflation.
The U.S. consumer has been adding debt to maintain consumption, and credit card debt has reached new record levels. This is not a strong economy.
The problem is that the economy is weakening in the middle of an enormous fiscal expansion and debt continues to rise at an alarming pace while interest expenses reach new highs. Keynesian policies have weakened the fabric of the private sector and small and medium-sized businesses.
The discontent we are seeing in all developed countries is typical. Governments have focused on inflating headline macro figures, forgetting the average consumer and small businesses. Large corporations have been able to navigate these incorrect policies because of their financial muscle. However, families and small businesses are living a Keynesian nightmare. Employed yet impoverished, while businesses struggle to stay afloat. So, what is the problem? The imbalances in the public sector will generate less growth, higher taxes, and more challenges in the future. Public debt is not a tool for growth; it is a burden.
There have been a few comments in financial papers stating that the consumer confidence reading may come from negative analysis on social media. The St. Louis Fed reports that “observers have cited disproportionally circulated negative economic news on social media as one possible reason for poor sentiment, disconnected from a robust economy.” Another common view is that while inflation is cooling, the price level is still higher than it was a few years ago, and consumers have not yet adjusted. High prices are a factor, but they primarily work by eroding incomes, which has been found to have considerable influence on consumer sentiment.” Blaming negative economic news makes no sense. The Consumer Sentiment Survey was at an all-time high in 2019, a period when there was general media negativity regarding the economy and the administration. Inflation and higher taxes are more likely reasons why consumers are depressed. Even the gross domestic income figure shows that things are not as solid as the government thinks. If we look at the discrepancy between GDP and GDI, or the difference between the unemployment rate and labour force participation, as well as real wages compared to nominal readings, we can understand why citizens are unhappy. Bloating GDP with debt always ends badly.
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
VDH: How Left-Wing Conspiracies Work
MONDAY, JUN 17, 2024 – 05:40 PM
Authored by Victor Davis Hanson via American Greatness,
Since 2016, there has been a clear pattern to left-wing conspiracies – beyond the obvious fact that they traffic in lies, stereotypes, and paranoia to serve precise political agendas.
We now know that the conspiracy to cook up the Russian-collusion hoax – Donald Trump allegedly conniving with Vladimir Putin to rig the 2016 vote – was perpetrated by the Hillary Clinton campaign. Its funding was hidden by the Democratic National Committee, the law firm Perkins Coie, and Fusion GPS.
The Russian “disinformation” laptop hoax – the notion that the same Russians four years later created a fake Hunter Biden laptop to smear the Biden family on the eve of the first 2020 debate – was jumpstarted by the Biden campaign’s then-chief foreign policy advisor, current Secretary of State Antony Blinken.
There was never much evidence that a wayward bat or pangolin in a meat market birthed the COVID-19 pandemic, despite the efforts of China, Western and international health officials, and Dr. Fauci’s health bureaucrats to spread that lie.
The January 6th riot was certainly wrong and buffoonish. But the idea that it was an insurrection aiming to violently overthrow the U.S. government was also a left-wing myth fueled by the Democratic House leadership and the media.
All these schemes have their commonalities:
1) They are aimed at achieving political objectives.
False claims of Russian collusion likely drained millions of votes from the 2016 Trump candidacy.
A later conservative poll found that Russian disinformation may have swung enough voters to ensure a 2020 Trump loss. It certainly saved Joe Biden in the first debate when he faced the American people and flat-out lied about the laptop, quoting “experts” that his own team had rounded up to legitimize his obvious untruths.
The last thing the global health community wanted was to confront China about its culpability for killing millions worldwide. And what the Fauci health conglomerate most feared was the airing of the truth that U.S. “scientists” had helped fund and enhance quite-dangerous, understandably-outlawed, viral gain-of-function research at a Chinese lab soon to be run by the People’s Liberation Army. These functionaries’ clear hatred of President Trump was a subtext to their distortions and lies that only a complete shut-down of the U.S. economy could save America from millions of unnecessary deaths. In other words, for well over two years, anyone who dared suggest a laboratory origin for COVID was pilloried, while the accusers privately knew that it was likely true and that they were complicit.
The January 6th myth—that conservatives were violent insurrectionaries—led to the greatest militarization of Washington, DC, since the Civil War. Barbed wire and fencing around all the major tourist spots helped advance the myth of a besieged nation that Joe Biden, that old moderate, would heal from the existential threats birthed by the soon-to-be-impeached-twice Donald Trump.
2) These conspiracies involved the most powerful U.S. government agencies.
James Comey’s FBI altered a FISA warrant. Comey himself misled the president of the United States, lying that the latter was not the target of an FBI investigation while leaking confidential, if not classified, documents. The FBI hired foreign national Christopher Steele to compile dirt on a presidential candidate. The FBI’s Peter Strzok, Lisa Page, Andrew McCabe, and James Baker were knee-deep in efforts to leak the dossier and other disinformation to ensure Trump was not elected. The CIA’s John Brennan and the Department of Justice’s Loretta Lynch were well aware of their own agencies’ involvement in fueling the slander.
Fifty-one former “intelligence authorities” brazenly lied in 2020 when they signed a letter claiming that the Biden laptop—then in the possession of the FBI, which knew of its authenticity—had all the hallmarks of Russian disinformation. Grandee signatories like James Clapper, John Brennan, Michael Hayden, and Leon Panetta had no evidence that the laptop had anything to do with the Russians. Lots of contacts in the FBI confirmed that it did not. Yet they signed their names and, in doing so, ruined their former agencies’ credibility, all for the short-term agenda of getting Joe Biden elected.
From 2020 to 2023, at the height of the pandemic, the main players in the U.S. health apparat—the NIH, the CDC, and the NIAID—all created narratives that were obvious lies, or at least had no evidence to sustain them. There was never clear-cut evidence for the bat/pangolin theory of COVID genesis, for state-imposed mass masking and social distancing as scientifically-proven effective tools to control the pandemic, for the assurance that a national quarantine would do far less damage than the virus, and for the idea that experimental mRNA coronavirus vaccinations and their serial boosters in the long term would prevent the vaccinated from being either infected or infectious.
The reaction to the January 6th riot was likely politicized by the Speaker of the House, the Pentagon and the Capitol Police on the theory that the small number of violent rioters, if left to run amok and then severely punished after show trials in federal courts, would do lasting damage to the conservative cause and Donald Trump in particular.
3) The media conspired with government agencies to spread the hoaxes.
On the eve of the 2016 election and in its aftermath, Buzzfeed, CNN, the Washington Post and other news outlets all rushed to leak the most salacious made-up smears from the Steele dossier, fed to them by the FBI and other government officials. Their unsourced yellow journalism soon ensured the ill-fated Mueller investigation that was designed, quite successfully, to derail or slow the early Trump administration agenda.
In 2020, top members of the FBI partnered with social media companies, especially Twitter and Facebook, to censor news that contradicted the yarn that the Biden laptop was Russian disinformation.
While Anthony Fauci and his team, along with officials at the CDC and NIH, were furiously corresponding to tamp down any suggestion of a lab-leak origin for COVID or that their own policies were scientifically unproven, the media was fed their heroic stories and spread them as gospel.
As a result, the nation was assured that Fauci et al. stood for “science,” and their skeptics were little more than ultra-MAGA, Trumpist yahoos. The old time-tested, safe, and life-saving Ivermectin, well aside from the debate over its actual efficacy in treating COVID, was rendered a dangerous “horse dewormer,” while the mRNA vaccines were deemed perfectly safe for young, healthy men, despite being in little danger from COVID but susceptible to vaccination-caused myocarditis.
So effective were our bureaucrats in using the media in their propaganda that ancient canons of medical science—viruses can indeed provide valuable natural immunity; vaccines are of only temporary efficacy against the quickly-mutating coronaviruses; complete nationwide quarantines would lead to untenable social, economic, and political damage; viral pandemics are unlikely to be of direct animal origin if the virus has never been observed in an animal prior to human infections, etc.—were often mocked as self-interested pseudoscience.
The media ensured that reports of numerous FBI informants present on January 6 were suppressed. They also smothered evidence that the loaded January 6th congressional committee was manipulating evidence, suppressing testimonies, and deliberately not interviewing inconvenient witnesses.
Instead, the media ran with wild lies of violent and often-armed “insurrectionists” who had long planned a systematic takeover and who had succeeded in killing “five law enforcement officers” (only one, Brian Sicknick, died—a day later on January 7, from natural causes). The media smeared the name and reputation of the unarmed Ashli Babbitt, killed while going through a broken window into the Capitol, and then hid the name of the Capitol Police officer who had lethally shot her.
4) Few, if any, in the media or the government were ever punished for their conspiracies to create and spread such complete fabrications.
Few at CNN who spread the Russian collusion lie were ever permanently punished. No Pulitzer Prizes for such false coverage were revoked. James Comey (claiming amnesia 245 times while under congressional oath), James Clapper (previously lying under congressional oath), John Brennan (previously lying twice while under congressional oath), and Andrew McCabe (lying repeatedly to federal investigators) were never formally charged—unlike those who went to jail after falsely being indicted for collusion. All instead used their liberal notoriety to land lucrative network consultantships or book deals—and to persist in the Russian collusion hoax.
None of the 51 intelligence authorities who lied to the nation and thereby helped warp an election have ever retracted their statements, much less apologized. All knew then, and are currently without a doubt after the conviction of Hunter Biden, that his laptop and contents were not just authentic but proven to be so by the FBI. Barring apologies, the assumption remains that they believe their misinformation and disinformation led to the election of Joe Biden and, thus, that their noble ends were properly justified by any means necessary.
Dr. Francis Collins, Dr. Fauci and his lieutenants, Peter Daszak and a string of others have never been formally disciplined for their efforts to spread misinformation that likely contributed to tens of thousands of deaths from the unwarranted national lockdowns. Even to this day, Dr. Fauci insists U.S. funding for Wuhan had nothing to do with gain-of-function research and still does not concede that it is almost certain that the virus originated in the lab.
* * *
From the above, we can assume that conspiracies successfully achieve left-wing goals.
The hoaxes are used by bureaucracies against conservatives and Republican candidates. They are spread like wildfire by a corrupt media and, when exposed and refuted, rarely lead to legal culpability or disgrace rather than publicity-driven lucrative post-scandal employment.
One chief common trait is projection. By accusing others of high crimes and misdemeanors, the conspirators become exempt from criminal charges.
Hillary Clinton and her campaign were never charged with illegally hiring a foreign national to draw on Russian sources to smear their 2016 campaign opponent.
The Biden campaign was never held accountable for conspiring to organize so-called retired intelligence experts to formally lie to the American people to influence an election.
High officials of the U.S. government lied under oath with impunity about their role in funding gain-of-function research after conspiring to circumvent U.S. law prohibiting such research.
U.S. elected and bureaucratic officials deliberately suppressed the use of law enforcement on January 6 despite the ensuing lax security, warped a U.S. House committee investigation, and used the Washington D.C. court system to convict hundreds for dubious crimes in order to use their convictions and prison terms for political agendas.
No wonder, then, that we should expect some sort of similar hoax to arise before the 2024 election. Do not be surprised when told of a “secret” Trump plan uncovered to round up critics in 2025 and send them to “camps,” or lurid revelations about “evidence” that Trump is in worse physical and mental shape than is a debilitated Biden, or some fantastic MAGA plot to implement “voter suppression,” or allegations that the Trump campaign’s “dark money” involves “collusion,” “disinformation,” and “sinister foreign actors.”
When we hear such things in the months to come, remember that these mythologies are usually a warning: what the left is alleging is, quite often, precisely what the left is already doing.
END
SWAMP NEWS
awful…mother of 5 killed by an illegal alien gang member
(zerohedge)
“Shouldn’t Be Happening”: Illegal Alien Gang Member Arrested In Death Of Maryland Mom Of Five
MONDAY, JUN 17, 2024 – 08:40 PM
Marylanders were outraged to learn this weekend that an illegal alien suspected gang member, who entered the US under President Biden’s open southern borders and with the support of woke leftist politicians in Annapolis who have transformed parts of the state into ‘Lil Mexico,’ was responsible for last year’s high profile murder of a Maryland mother.
In a press conference Saturday, Harford County Sheriff Jeffrey Gahler revealed an arrest was made in the murder of Rachel Morin, the mother of five who was killed while on a jog on a popular hiking trail in Harford County last August.
Gahler said Victor Antonio Martinez Hernandez, a 23-year-old from El Salvador, was arrested on Friday at a bar in Tulsa, Oklahoma, and taken into custody in connection with the killing of Morin.
The World Awakens Part 1: Pawn Storms The elites are using illegal immigrants as pawns worldwide to gain control. Even Cesar Chavez fought against it, pointing out that it was an attack on locals. If you liked this content, pls consider following. It would be a big help in distributing future content. Thank you.
·
686K Views
“Over the past two weeks, investigators continued their diligent investigation and tracked our suspect all the way from Prince George’s County (woke leftist hellhole that borders DC) into Tulsa, Oklahoma,” the sheriff said, noting, “Our investigators also obtained an arrest warrant (Friday) afternoon.”
“We are 1,800 miles from the southern border here in Harford County,” Sheriff Gahler said, adding, “This is the second woman in our county to be killed by illegal suspects.”
“In both cases, they are suspects from El Salvador with ties to criminal gangs,” the sheriff said.
He continued, “Victor Hernandez did not come to this country to make a better life for him or his family, he came here to escape the crimes he committed in El Salvador. He came here to murder Rachel and God-willing, no one else.”
Local police say Hernandez crossed over Joe Biden’s open southern border in February 2023, just one month after he killed a young woman in El Salvador.
Another high-profile case was Laken Hope Riley, 22, who was killed while jogging in a park on the University of Georgia campus by an illegal alien earlier this year.
The illegal alien killers would’ve never crossed into the US if it wasn’t for Biden’s disastrous open southern border policies that have flooded the nation with ten-plus million unvetted migrants. At the same time, Democratic mayors and politicians have prioritized illegals over their own constituents.
Biden’s unlawful mass parole of illegal aliens and its “catch and release” policy have allowed illegal aliens to roam freely.
he World Awakens Part 1: Pawn Storms The elites are using illegal immigrants as pawns worldwide to gain control. Even Cesar Chavez fought against it, pointing out that it was an attack on locals. If you liked this content, pls consider following. It would be a big help in distributing future content. Thank you.
·
686K Views
.Xcom/WinterRewind/status/1796490446228656272
Polling data shows a majority of Americans are fed up with the crime and chaos Democrats are sparking with the illegal alien invasion and not enforcing common sense law and order in imploding progressive cities.
KING REPORT
| The King Report June18, 2024 Issue 7266 | Independent View of the News |
| France’s Le Pen says she will work with Macron to appeal to moderates “I’m respectful of institutions, and I’m not calling for institutional chaos,” Le Pen told Le Figaro newspaper. “There will simply be cohabitation.”… “The chaos is him,” she told Le Figaro. “Social chaos, chaos on security issues, chaos with migration, and now, institutional chaos.”… https://www.japantimes.co.jp/news/2024/06/17/world/politics/le-pen-macron-moderates/ China new home prices fall at fastest clip in nearly 10 years. 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… https://t.co/oeTcP73aoK Copper Slides to Eight-Week Low After More Soft Data From China – BBG Deepening housing slump triggers calls for more Beijing action Aluminum declines after output in China climbs to a record Prices fell as much 1.6% to $9,587 a ton on the London Metal Exchange, after capping a fourth straight weekly drop. The world’s second-biggest economy released figures on Monday that bolstered concerns over a disappointing demand recovery. While retail sales were stronger in May, growth in industrial output and fixed-asset investment slowed, and the housing slump deepened… https://finance.yahoo.com/news/industrial-metals-deepen-retreat-mixed-025930704.html US bonds declined sharply on diminished concern about French politics after Le Pen’s gambit. Yesterday’s King Report: Traders will play for the Monday and the Expiry Week Rallies… 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. ESUs traded sideways but mostly negative from the Nikkei opening until a rally for the European opening appeared minutes before 3:00 ET. The rally was modest and ended quickly. ESUs then stair stepped to a daily low of 5489.75 at 9:48 ET. Then, as we noted in the above passage from yesterday’s King Report, traders poured into ESUs and Mag 7 stocks. ESUs soared with only two minor interruptions until hitting a daily high of 5561.00 at 14:11 ET. Due to the Juneteenth holiday tomorrow (US markets closed), yesterday was the last trading session for June VIX options. Today is settlement. So, the usual suspects manipulated ESUs higher and produced a daily peak just 4 minutes before the 14:15 ET VIX Fix. After a retreat to 5549.50 at 14:14 ET, ESUs had an A-B-C rally that effectively produced a double top (5560.00) at 15:28 ET. ESUs sank to 5544.25 at 15:59 ET. Mag 7 stocks/Fangs led the rally, which is a characteristic of the Expiry Week Manipulation & Squeeze. The NY Fang+ Index rallied as much as 2.5%. Positive aspects of previous session The Monday Rally appeared; the Expiry Week Rally commenced. Mag 7/Fangs soared again and lifted the entire equity market. The S&P 500 Index and Nasdaq hit all-time highs, again. Negative aspects of previous session US stocks are bubbling up in the summertime with a receding economy! US equity breadth is abysmal. ESUs and stocks sold off in late trading ZH: The percentage of stocks outperforming the S&P reached the lowest level on record: Morgan Stanley Ambiguous aspects of previous session Gold declined sharply, good or bad? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5460.72 Previous session S&P 500 Index High/Low: 5488.50, 5420.40 FT: Xi Jinping claimed US wants China to attack Taiwan – Chinese president told European Commission president (April 2023) that Washington was trying to goad Beijing into war https://www.ft.com/content/7d6ca06c-d098-4a48-818e-112b97a9497a Axios: U.S. faces “serious threat” of terror attack, expert and former CIA chief warn Michael Morell and Graham Allison write that there are striking echoes of the run-up to 9/11… https://www.axios.com/2024/06/17/us-terrorist-attack-morell-allison @TonySeruga: After carefully and methodically invading the U.S. and spreading across the U.S., awaiting their marching orders from Iran, Hezbollah Unit 910 was just activated. A wave of attacks are coming to a U.S. city near you!… Are you connecting the dots yet? FYI – remember Arian Taherzadeh and Haider Ali, who tricked actual Secret Service officers, offering expensive apartments and luxury gifts to curry favor with law enforcement agents, including one agent assigned to protect the First Lady, Jill Biden… What wasn’t made public is one of the men worked for Iran Intelligence and the other, Pakistan… Recall the Pakistani family Awan who infiltrated the Congress Caucus thru Xavier Becerra and Debbie Wasserman Schultz controlling 100% of both House’s IT servers, obtaining terabytes of congressional intelligence and defense secrets on behalf of the Pakistani Intelligence? Today – Beaucoup Fed academics are scheduled to pontificate. Stocks are now bubbling up with a softening economy on the sole notion that the Fed will be forced to ease, despite its strong denials. We noted several missives ago, that the most dangerous environment for stocks is when equities rally sharply at the end of a long equity and economic bull cycle on the notion that the ebbing economy will force the Fed to ease – even if it is reluctant to do so. It is even more perilous when the administration is desperately trying to extend the cycle for political purposes. Be careful! Anyone with any sense of financial history knows this will end badly and probably violently. Today is settlement for VIX June Option. Therefore, be alert for manipulation into the 14:15 ET VIX Fix. Like yesterday, after a rally into the VIX Fix, look for a retreat. US markets are closed tomorrow. NQUs are -7.50; ESUs are +3.50; USUs are +4/32; and gold is +8.30 at 21:30 ET. Expected economic data: May Retail Sales 0.3% m/m, Ex-Autos 0.2%, Ex-Autos & Gas 0.4%; May Industrial Production 0.3% m/m, Mfg. Production 0.3%, Capacity Utilization 78.6%; April Business Inventories 0.3% m/m; Richmond Fed Pres Barkin 10 ET, Boston Fed Pres Collins 11:40 ET, Dallas Fed Pres Logan 13:00 ET, St. Louis Fed Pres Musalem 13:20 ET, Chicago Fed Pres Goolsbee 14:00 ET S&P Index 50-day MA: 5215; 100-day MA: 5149; 150-day MA: 4989; 200-day MA: 4826 DJIA 50-day MA: 38,729; 100-day MA: 38,794; 150-day MA: 38,078; 200-day MA: 367,016 (Green is positive slope; Red is negative slope) S&P 500 Index (5473.27 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 5348.04 triggers a sell signal Hourly: Trender and MACD are positive – a close below 5450.38 triggers a sell signal Daily Mail: Secret Democrat plot to replace Biden revealed: How Clinton, Obama, Pelosi and Schumer would topple the aging President… and when they’d do it In the latest incident, former president Barack Obama was seen on Saturday reaching for Biden’s hand and seemingly guiding the 81-year-old Commander-in-Chief off the stage at a Los Angeles fundraiser. And that came after Biden stood motionless and stared blankly for a full minute at a Juneteenth celebration at the White House on Monday, as others sang and danced around him. Eventually, Philonise Floyd, brother of the late George Floyd, noticed Biden’s concerning pause and wrapped his arm around him to help… According to Democratic bigwig, Obama campaign guru David Axelrod, the Biden team scheduled one of the earliest presidential debates in history (June 27 on CNN) to prove to naysayers that Joe’s not going anywhere… (Team Obama and Jill runs virtually every aspect of Biden’s life.) Now DailyMail.com has learned that if Joe stumbles in that first face-off with Trump or if his polling numbers keep falling, it’ll take a united front of the liberal grandees to make Joe throw in the towel. ‘The only people who could force him out would be Barack Obama, Bill Clinton, Nancy Pelosi and Chuck Schumer,’ one Democratic strategist told DailyMail.com. ‘It would have to be the four of them collectively.’… https://www.dailymail.co.uk/news/article-13481849/democrat-plot-biden-replacement-clinton-obama-pelosi-schumer.html @TonySeruga: I shared yesterday a yelling match between Biden and Obama over Joe having done his job but it was time to step aside. Obama tried to communicate how incredible his accomplishments were to deliver the next phase and his legacy will attest to them. Last week Biden seemed to warm to the idea but then Jill stepped in. She is not going to go quietly. Cue Hillary Clinton? @toddstarnes: Another theory is that Biden has ignored Obama’s demands to exit the race. Last night, Obama publicly humiliated Biden before big dollar Democrat donors. The moment he escorted Biden off that stage – was the dagger that will ultimately end Joe’s run. @RNCResearch: BIDEN: We have the “highest unemployment” in 50 years! “You know, my, my, my son says, you ought to have a, uh, you know, we all have, uh, various short-term descriptions for your jobs, for what you’re accomplished. You should say, ‘Joe jobs.’” https://t.co/UWa8xEdBB8 @bennyjohnson YIKES: Watch Joe Biden incoherently babble at his Hollywood fundraiser as Obama looks on in SHOCK. This is so bad… https://x.com/bennyjohnson/status/1802743522895749456 The Obama/Biden arm-grab wasn’t just a senior moment — it was the moment everyone realized the president’s not fit for office – Piers Morgan https://t.co/uXv4GrLprw @EndWokeness: The official transcript of Biden’s speech at the fundraiser. Holy hell. https://x.com/EndWokeness/status/1802751698030735635 @nicksortor: Biden is devolving with each passing hour. When is the mainstream media going to call him out??! https://x.com/nicksortor/status/1802804095226347973 Per several reports, Team Biden is asking CNN to allow Biden and Trump to sit during their debate. @libsoftiktok: (WH Press Sec) KJP claims that the videos of Joe Biden freezing are “cheap fakes” and “manipulated” videos. https://x.com/CollinRugg/status/1802781175767007677 @townhallcom: Karine Jean-Pierre gets visibly agitated when repeatedly pressed on various video that appear to show Biden’s declining cognitive abilities. https://x.com/townhallcom/status/1802785481370771817 @mirandadevine: If the White House doesn’t like this video then they should have asked Obama not to treat the president like a helpless dementia patient in public. https://x.com/mirandadevine/status/1802801242315641204 Trump resurrects Biden’s ‘devastating’ 1994 crime bill as he courts Black Detroit voters… Trump announced the launch of a coalition, Black Americans for Trump “Biden wrote the devastating 1994 crime bill, talking about ‘super predators.’ That was Biden. You know, he walks around now talking about the Black vote. He’s the king of the ‘super predators,’” Trump said during the event… Biden co-sponsored another bill that soon became controversial, the Anti-Drug Abuse Act of 1986. That legislation, which was signed into law by President Reagan, established harsher sentencing penalties for possession of crack cocaine than the drug’s powder form… Biden has since distanced himself from the 1986 and 1994 legislation… (MSM complicit silence) https://www.foxnews.com/politics/trump-resurrects-bidens-devastating-1994-crime-bill-he-courts-black-detroit-voters-super-predators Most Hispanics now support mass deportation of illegal migrants in US: poll https://trib.al/HHGlwiz Trump’s ‘modern day Salem witch trial’ verdict signals ‘open season’ on former presidents: experts https://www.foxnews.com/politics/trumps-modern-day-salem-witch-trial-verdict-signals-open-season-former-presidents-experts @Geiger_Capital: Chuck Schumer was getting clowned so bad for putting cheese on a raw burger that he deleted the tweet… Our modern “leaders” are absolute losers. Chuck Schumer deletes Father’s Day photo tweet in front of grill after critics slam his spatula skills The Brooklyn-born senator initially posted a photo to X of himself in front of a grill with burger patties and hot dogs – and an ear-to-ear smile… But commenters were quick to grill the New York legislator and wondered if a piece of cheese on a patty was placed there prematurely… (Chuckie Premature Cheese?) Ex-National Republican Senatorial Committee Matt Whitlock tweeted, “Seeing that piece of cheese on a raw patty,” with a gif of a concerned Steve Carell slinking away… https://t.co/VeWo9MLgud Secret Service agent robbed at gunpoint during Biden’s California trip for star-studded fundraiser https://t.co/zf4zUUE9V0 @CollinRugg: Massive brawl breaks out at a Los Angeles high school graduation for students on probation… https://x.com/CollinRugg/status/1802717774462189601 Actor Morgan Freeman derides Black History Month: ‘My history is American history’ “I detest it,” the 87-year-old actor told Variety Saturday. “The mere idea of it. You are going to give me the shortest month in a year? And you are going to celebrate ‘my’ history?! … My history is American history… I am going to stop calling you a White man, and I’m going to ask you to stop calling me a Black man,” Freeman told the interviewer… https://www.foxnews.com/media/actor-morgan-freeman-derides-black-history-month-my-history-american-history | |
GREG HUNTER I
SEE YOU ON WEDNESDAY
harveyorganblog.com 
