GOLD PRICE CLOSED DOWN $16.95 TO $2302.00
SILVER PRICE UP $0.03 TO $28.94
Gold ACCESS CLOSED $2298.20
Silver ACCESS CLOSED: $28.78
Bitcoin morning price:$61,540 DOWN 565 DOLLARS.
Bitcoin: afternoon price: $61,034 DOWN 1071 dollars//
Platinum price closing UP $35.70 TO $1021.50
Palladium price; DOWN $9.20 AT $933.80
END
SHANGHAI GOLD PREMIUM 44 DOLLARS/COMEX GOLD//JULY TO JULY
SHANGHAI GOLD (USD) FUTURES – QUOTES
SHANGHAI GOLD (USD) FUTURES – QUOTES
Last Updated 26 Jun 2024 01:04:57 AM CT.
Market data is delayed by at least 10 minutes.
*CANADIAN GOLD: $3149,41 DOWN 20.04 CDN dollars per oz( * NEW ALL TIME HIGH 3,305.30 CDN DOLLARS PER OZ//MAY 20 2024)
*BRITISH GOLD: 1820.82 DOWN 8.20 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024
*EURO GOLD: 2151.87 DOWN 14.41 Euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)
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END
EXCH: COMEX
EXCHANGE: COMEX
CONTRACT: JUNE 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,316.600000000 USD
INTENT DATE: 06/25/2024 DELIVERY DATE: 06/27/2024
FIRM ORG FIRM NAME ISSUED STOPPED
737 C ADVANTAGE 76 2
905 C ADM 1 4
991 H CME 71
TOTAL: 77 77
MONTH TO DATE: 30,515
ACCESS MARKET
JPMorgan stopped 0/77
FOR JUNE 2024
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 77 NOTICES FOR 7700 OZ or 0.2395 TONNES
total notices so far: 30,515 contracts for 3,051,000 Oz (94.914 tonnes)
FOR JUNE:
SILVER NOTICES: 3 NOTICE(S) FILED FOR 15,000
OZ/
total number of notices filed so far this month :1339 for 6.695 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 DOWN $16.95 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/
: NO CHANGES IN GOLD INVENTORY AT THE GLD/
/ /INVENTORY RESTS AT 829.05TONNES
INVENTORY RESTS AT 829.05 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $0.03 AT THE SLV//
HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A HUGE WITHDRAWAL OF 2/512 MILLION OZ OF SILVER OUT OF THE SLV
// INVENTORY DECREASES TO 438.178 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 438.178 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A MEGA HUMONGOUS SIZED 6629 CONTRACTS TO 166,470 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS SURPRISING HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR HUGE LOSS OF $0.63 IN SILVER PRICING AT THE COMEX ON TUESDAY’S TRADING ON SILVER. WE HAD SOME LONG LIQUIDATION AS WE HAD A NET LOSS OF 2579 CONTRACTS ON OUR TWO EXCHANGES. WE, AGAIN HAD MAJOR SHORT COVERING BY OUR SPECS WITH THE HUGE LOSS IN PRICE AS WELL AS MASSIVE T.A.S. LIQUIDATION WHICH ACCOUNTS FOR THE LOSS ON THE TWO EXCHANGES. WE HAD ANOTHER HUGE SIZED 1158 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 TUESDAY JUNE 4 AND AGAIN ON FRIDAY, JUNE 7 AND AGAIN ON YESTERDAY’S TRADING
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 TUESDAY NIGHT: 1158 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 NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1/2 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES AND THUS THE REASON FOR CONSTANT RAIDS. IT ALSO LOOKS LIKE THE FED (GOV’T) IS BEHIND EVERY DAY 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 $0.63) AND WERE SUCCESSFUL IN KNOCKING SOME SILVER LONGS FROM THEIR PERCH AS WE DID HAVE A HUGE SIZED LOSS OF 2579 CONTRACTS ON OUR TWO EXCHANGES WITH THE LOSS IN PRICE OF $0.63.
WE MUST HAVE HAD:
A MEGA HUGE SIZED 4050 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 5,000 OZ QUEUE JUMP.
//NEW STANDING FOR SILVER//JUNE IS THUS 6.695 MILLION OZ
WE HAD:
/ MEGA HUGE SIZED COMEX OI LOSS //MEGA HUGE SIZED EFP ISSUANCE/ VI) HUMONGOUS SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 1158 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED 619 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 17 DAYS, total 21,087 contracts: OR 105.435 MILLION OZ (1240 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 85.185 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 105.435 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
RESULT: WE HAD A MEGA HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 6505 CONTRACTS WITH OUR HUGE LOSS IN PRICE OF SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 4050 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 5,000 OZ QUEUE JUMP
//NEW TOTAL STANDING FOR JUNE 6.695 MILLION OZ
WE HAVE A MEGA HUGE SIZED LOSS OF 2455 OI CONTRACTS ON THE TWO EXCHANGES WITH THE HUGE LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUMONGOUS SIZED 1158 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX TRADING/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND SOME LIQUIDATION OF LONGS.
THE NEW TAS ISSUANCE TUESDAY NIGHT (1158) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .
WE HAD 3 NOTICE(S) FILED TODAY FOR 15,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 1163 OI CONTRACTS TO 452,190 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 311 CONTRACTS
WE HAD A SMALL SIZED DECREASE IN COMEX OI (1163 CONTRACTS) OCCURRED WITH OUR LOSS OF $13.25 IN PRICE/TUESDAY. 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 700 OZ E.F.P JUMP TO LONDON AS BANKERS SCOUR THE PLANET LOOKING FOR GOLD ON THE THEIR SIDE OF THE POND
NEW STANDING 94.930 TONNES// ALL OF THIS HAPPENED WITH OUR $13.25 LOSS IN PRICE WITH RESPECT TO TUESDAY’S TRADING. WE HAD A FAIR SIZED GAIN OF 1293 OI CONTRACTS (4.021 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2145 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 452,501
IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 982 CONTRACTS WITH 1163 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 2145 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 982 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 1366 CONTRACTS,,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2145 CONTRACTS) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI OF 1163 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 982 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 EFP JUMP OF 0.0217 TONNES
//NEW STANDING /JUNE 94.930 TONNES.
/ 3) HUGE T.A.S. LIQUIDATION OF CONTRACTS WITH ZERO NET LONG SPECS BEING CLIPPED,
4) SMALL SIZED COMEX OPEN INTEREST LOSS 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 1366 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: 50,896 CONTRACTS OR 5,089,600 OZ OR 158.30 TONNES IN 17 TRADING DAY(S) AND THUS AVERAGING: 2993 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 17 TRADING DAY(S) IN TONNES 158.30 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 158.30 DIVIDED BY 3550 x 100% TONNES = 4.45% 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 158.30 tonnes HEADING FOR A WEAKER MONTH AND MUCH LESS THAN THE THREE PREVIOUS MONTHS
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 MEGA HUGE SIZED 6629 CONTRACTS OI TO 166,534 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 4050 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 4505 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 4505 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 6629 CONTRACTS AND ADD TO THE 4050 E.FP. ISSUED
WE OBTAIN A HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2579 CONTRACTS
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 12.895 MILLION OZ
OCCURRED WITH OUR STRONG $0.63 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//
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED UP 22.53 PTS OR 0.76% //Hang Seng CLOSED UP 17.03 PTS OR 0.09%// Nikkei CLOSED UP 493.92 OR 1.26%//Australia’s all ordinaries CLOSED DOWN 0.67%///Chinese yuan (ONSHORE) closed DOWN TO 7,2667 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.3015/ Oil UP TO 81.42 dollars per barrel for WTI and BRENT DOWN AT 85.47 /Stocks in Europe OPENED ALL RED
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED 1163 CONTRACTS TO 452,190 WITH OUR STRONG LOSS IN PRICE OF $13.25 WITH RESPECT TO TUESDAY’S TRADING. WE HAD A HUGE T.A.S. LIQUIDATION ON TUESDAY’S STRONG LOSS WITH ZERO LONGS BEING CLIPPED AND MAJOR SHORT COVERING.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF JUNE.… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A FAIR SIZED 2145 EFP CONTRACTS WERE ISSUED: : AUGUST 2145 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2145 CONTRACTS.
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 1293 CONTRACTS IN THAT 2145 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A SMALL SIZED LOSS OF 1163 COMEX CONTRACTS..AND THIS FAIR SIZED GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR STRONG LOSS IN PRICE OF $13.25/TUESDAY 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 TUESDAY NIGHT WAS A GOOD SIZED 1366 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 TUESDAY’S RAID
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JUNE (94.930 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; 94.930 TONNES. THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $13.25 //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A FAIR SIZED GAIN OF 982 CONTRACTS ON OUR TWO EXCHANGES ACCOMPANYING THE STRONG LOSS IN PRICE. THE T.A.S. ISSUED ON TUESDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 3.054 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 EFP JUMP TO LONDON OF 7 CONTRACTS OR 700 OZ (0.0217 TONNES)
NEW STANDING FOR JUNE: 94.930 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $13.25
WE HAVE REMOVED 311 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET GAIN ON THE TWO EXCHANGES 982 CONTRACTS OR 98200 OZ (3.054 TONNES)
confirmed volume TUESDAY 123,963 contracts//POOR
//speculators have left the gold arena
JUNE 26 JUNE GOLD CONTRACT
/ /// THE JUNE 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | NIL . |
| Deposit to the Dealer Inventory in oz | 22,356.76 oz ASAHI |
| Deposits to the Customer Inventory, in oz | nilOZ |
| No of oz served (contracts) today | 77 notice(s) 7700 OZ 0.2395 TONNES |
| No of oz to be served (notices) | 5 contracts 500 OZ 0.0155 TONNES |
| Total monthly oz gold served (contracts) so far this month | 30,515 notices 3,051,500 oz 94.914 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 |
1 dealer deposits:
i) Into ASAHI 22,356.760 oz
total dealer deposits: 22,356.760 oz
we have 0 customer deposit:
customer withdrawals: 0
TOTAL WITHDRAWALS NIL
Adjustments: 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE
For the front month of JUNE we have an oi of 82 contracts having LOST 98 contracts. We had 91 contracts served on Tuesday so we lost 7 contracts or 700 oz additional ounces will not stand for gold at the comex as they underwent an EFP jump to London to take delivery on their side of the pond.
JULY LOST 401 CONTRACTS TO STAND AT 2079
AUGUST LOST 3745 CONTRACTS DOWN TO 359,069 CONTRACTS
We had 77 contracts filed for today representing 7700 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 notices were issued from their client or customer account. The total of all issuance by all participants equate to 77 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for June /2024. contract month, we take the total number of notices filed so far for the month (30,515) x 100 oz ) to which we add the difference between the open interest for the front month of JUNE (82 CONTRACTS) minus the number of notices served upon today (77 x 100 oz per contract( equals 3,052,700 OZ OR 94.952 TONNES.
thus the INITIAL standings for gold for the JUNE contract month: No of notices filed so far (30,515 x 100 oz +we add the difference for front month of June (82// , OI} minus the number of notices served upon today (77) x 100 oz which equals 3,052,000 oz (94.930 TONNES)
TOTAL COMEX GOLD STANDING FOR JUNE: 94.930 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: 1,682,975.981 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,598,631.903 OZ
TOTAL REGISTERED GOLD 7,834,327.184( 243.68 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,764,304.719 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,151,352 oz (REG GOLD- PLEDGED GOLD)= 191.332 tonnes //
END
SILVER/COMEX
JUN 26/2024
INITIAL
//2024// THE JUNE 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 933,445.226 oz CNT Delaware . |
| Deposits to the Dealer Inventory | nil OZ |
| Deposits to the Customer Inventory | nil oz |
| No of oz served today (contracts) | 3 CONTRACT(S) (15,000 OZ) |
| No of oz to be served (notices) | 0 contracts (0.000 million oz) |
| Total monthly oz silver served (contracts) | 1339 Contracts (6.695 MILLION oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
i) 0 dealer deposit
total dealer deposit : nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 0 customer deposits:
total customer deposit nil oz
JPMorgan has a total silver weight: 127.832million oz/296.265million or 43.13%
adjustment: 1
customer to dealer ASHAI: 3,862,804.700 oz
Comex withdrawals: 2
i) Out of CNT 201,049l150 oz
ii) Out of Delaware: 732,396.072 0z
total withdrawal: 933,445.225 0z
TOTAL REGISTERED SILVER: 73.156MILLION OZ//.TOTAL REG + ELIGIBLE. 296,265
million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE:
silver open interest data:
FRONT MONTH OF JUNE/2024 OI: 3 CONTRACTS HAVING LOST 4 CONTRACT(S).
WE HAD 5 NOTICES SERVED UP ON TUESDAY, SO WE GAINED 1 CONTRACTS OR AN ADDITIONAL 5,000 OZ WILL STAND AT THE COMEX VIA A QUEUE JUMP
JULY SAW A LOSS OF 16,770 CONTRACTS DOWN TO 26,443
AUG, SAW A GAIN OF 121 CONTRACTS TO 854
SEPT SAW A GAIN OF 9894 CONTRACTS TO 118,246
.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 3 for 15,000 oz
CONFIRMED volume; ON TUESDAY 80,020 HUGE
To calculate the number of silver ounces that will stand for delivery in JUNE we take the total number of notices filed for the month so far at 1339 x 5,000 oz = 6.695 MILLION oz
to which we add the difference between the open interest for the front month of JUNE ((3) and the number of notices served upon today 3 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JUNE/2024 contract month: 1339 notices served so far) x 5000 oz + OI for the front month of JUNE (3)x number of notices served upon today minus (3)x 5000 oz of silver standing for the JUNE contract month equates to 6.695 MILLION OZ.
New total standing: 6.695 million oz.
There are 73.156 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 26 WITH GOLD DOWN $16.95 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/:
INVENTORY RESTS AT 829.05 TONNES
JUNE 25 WITH GOLD DOWN $13.25 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD/:/ A STRONG WITHDRAWAL OF 2.88 TONNES OF GOLD FROM THE GLD
INVENTORY RESTS AT 829.05 TONNES
JUNE 24 WITH GOLD UP$14.30 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD/:/ A STRONG WITHDRAWAL OF 1.72 TONNES OF GOLD
/NEW TOTAL TONIGHT 831.93 TONNES
JUNE 21 WITH GOLD DOWN $37.40 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD/:/ A MAMMOTH 8.34 TONNES OF GOLD VAPOUR DEPOSIT/NEW TOTAL TONIGHT 833.65 TONNES
JUNE 20 WITH GOLD UP $23.60 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/://NEW TOTAL TONIGHT 825.31 TONNES
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: 829.05 TONNES, TONIGHTS TOTAL
SILVER
JUNE 26. WITH SILVER UP $0.03//HUGE CHANGES IN SILVER INVENTORY: A HUGE WITHDRAWAL OF 2.512 MILLION OZ OF SILVER FROM THE SLV.// /INVENTORY FALLS TO 438.178 MILLION OZ.//
JUNE 25. WITH SILVER DOWN $0.63//HUGE CHANGES IN SILVER INVENTORY: A MAMMOTH DEPOSIT OF 7.835 MILLION OZ OF SILVER VAPOUR INTO THE SLV.// /INVENTORY RISE TO 440.69 MILLION OZ.//WHAT AN ABSOLUTE FRAUD.
JUNE 24. WITH SILVER DOWN $0.05//HUGE CHANGES IN SILVER INVENTORY: A WITHDRAWAL OF 2.104 MILLION OZ FROM THE SLV.// /INVENTORY LOWERS TO 432.835 MILLION OZ.
JUNE 21. WITH SILVER DOWN $1.15//NO CHANGES IN SILVER INVENTORY’// /INVENTORY REMAINS AT 434.935 MILLION OZ.
JUNE 20. WITH SILVER UP $1.17//HUGE CHANGES IN SILVER INVENTORY’ A DEPOSIT OF 5.164 MILLION OZ INTO THE SLV/// /INVENTORY RISES TO 434.929 MILLION OZ.
JUNE 18. WITH SILVER UP $0.21//NOCHANGES IN SILVER INVENTORY’ A WITHDRAWAL .730 MILLION OZ INTO THE SLV/// /INVENTORY FALLS TO 429.775 MILLION OZ.
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 438.178 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1.PETER SCHIFF SCHIFF GOLD/MIKE MAHARRAY
Is China Hiding How Much Gold It Really Has?
TUESDAY, JUN 25, 2024 – 09:40 PM
Authored by Mike Maharrey via Money Metals,
A few weeks ago, gold sold off on news that the People’s Bank of China didn’t add any gold to its reserves in May.
At the time, I called it a “kneejerk reaction,” and said the news wasn’t “a particularly good reason to sell gold.”
“The fact the PBoC didn’t buy any gold in May is certainly interesting, but it hardly counts as earthshaking news. Standing pat for one month doesn’t mean “China has stopped buying gold” as some news outlets framed it.”
Before the news, China had bought gold for 18 straight months. It ranked as the biggest central bank gold buyer in 2023. Officially, the People’s Bank of China added more than 300 tons of gold to its reserves during its buying spree.
“Officially” is the keyword.
Many analysts have long thought that China has far more gold than it officially reports.
Jim Rickards pointed out on Mises Daily back in 2015 that many analysts believe that China keeps several thousand tons of gold “off the books” in a separate entity called the State Administration of Foreign Exchange (SAFE).
The Official Chinese Gold Numbers Don’t Add Up
Chen Long is the founder and lead economist for Plenum. He’s also a respected journalist who writes extensively about China’s economy, financial markets, and government policies. Long recently wrote a piece for ThinkChina, a Singapore-based news site, after he ran the numbers on China’s gold holdings.
He found the official numbers simply don’t line up.
Long starts by pointing out that Chinese central bank gold purchases are a drop in the bucket compared to the country’s gold imports. The country imported over 1,400 tons of gold in 2023. This is despite the fact that China ranks as the world’s largest gold producer. Chinese mines dug up 375 tons of gold in 2023.
In other words, there is a lot of gold flowing into China, and the country exports very little.
Only a handful of commercial banks hold licenses to import gold due to the PBoC’s tight regulation of the market. According to Long, 17 banks, including four state-owned institutions, reported gold holding of about 1,016 tons as of the end of 2023.
Interestingly, gold holdings by these commercial banks have been falling since around 2016.
Meanwhile, many commercial banks in China no longer sell gold to the public due to a commodities scandal a few years ago.
When you dig into the numbers, total official gold holdings by the PBoC, retail buyers, and the big commercial banks only rose by 431 tons last year. Total gold imports and production came in at 1,775 tons. That’s a gap of more than 1,300 tons.
Over the last two years, there have been about 2,700 tons of gold that is unaccounted for.
So, where in the world did that gold go?
Long said, “It is common to see gaps between these figures, but they are usually within a few hundred tons at most. Such a huge gap is rare.”
Where Is the Chinese Gold?
How do we account for this “missing” gold?
Long offered three possibilities.
Number one is that the People’s Bank of China bought more gold than it reported.
“If the PBoC has massively increased its gold position, it may want to withhold a full disclosure in order to avoid shocking the market.”
If all that missing gold is being held by the central bank, it would double its stated gold reserves to around 5,000 tons.
Long notes that the Chinese central bank has delayed reporting before. In June 2015, the PBoC disclosed a one-off increase in gold reserves of 621 tons. It’s highly unlikely the central bank bought all that gold in a single month.
A second possibility is China’s sovereign wealth fund holds some of that missing gold.
A sovereign wealth fund is a state-owned investment fund that holds surplus government revenues.
“After all, the sovereign wealth fund may not want to put all its money in U.S. dollars either, but the China Investment Corporation does not disclose how much gold it owns,” Long said.
A third possibility is that other numbers have been fudged. Chinese commercial banks may have overstated the reduction in their gold holdings while household gold purchases were understated.
“While the domestic banks have reported a big reduction of gold assets, some investors may have turned to the foreign banks who also have gold import licenses. They may have increased their gold holdings without making disclosures, although we doubt that such increases could completely offset the decline of gold holdings at the Chinese banks.”
With the lack of transparency in China, we’ll probably never know exactly where the gold went.
As Chris Powell recently wrote, “Mainstream financial news organizations don’t yet seem to notice that official statements about gold reserves are, to put it politely, not reliable.”
That means we’ll never know for sure just how much gold the Chinese government and its central bank hold. But you don’t have to be a wild conspiracy theorist to think they probably have far more gold than they’re letting on.
Mike Maharrey is a journalist and market analyst for MoneyMetals.com with over a decade of experience in precious metals. He holds a BS in accounting from the University of Kentucky and a BA in journalism from the University of South Florida.
2. ALASDAIR MACLEOD/JIM RICKARDS/PAM AND RUSS MARTENS/ JAMES RICKARDS/ VON GREYERZ//GOLD AND SILVER COMMENTARY
end
CHRIS POWELL AND DAILY GOLD/SILVER DISPATCHES
Pam and Russ Martens: Fed posts record losses as it pays 5.4% interest to banks
Submitted by admin on Wed, 2024-06-26 11:32 Section: Daily Dispatches
By Pam and Russ Martens
Wall Street on Parade
Wednesday, June 26, 2024
According to Federal Reserve data, for the first time in its history, the Fed has been losing money on a consistent monthly basis since September 28, 2022.
As of the last reporting date of June 19, 2024, those losses add up to a cumulative $176 billion. As shown by the chart posted with this report, which uses Fed data, the losses thus far in 2024 have ranged from a monthly high of $11.076 billion in February to a low of $5.674 billion in May.
These losses are separate and distinct from the unrealized losses the Fed is experiencing on the debt securities it holds on its balance sheet. It does not mark those losses to market since it intends to hold the securities to maturity and their principal is guaranteed at maturity by the U.S. government.
The losses shown in the chart are actual cash operating losses that result from the Fed’s earning significantly less interest on its debt securities than the high interest the Fed is paying to depository banks on their reserves held at the Fed; to mutual funds on its reverse repo operations; and in dividend payments to the banks that are shareowners of the 12 regional Fed banks. …
… For the remainder of the analysis:
* * *
Bank information may be at risk in Russian attempt to blackmail Fed
Submitted by admin on Mon, 2024-06-24 21:57 Section: Daily Dispatches
From Money Metals News Service, Eagle, Idaho
Monday, June 24, 2024
A Russian hacking organization appears to be in the process of blackmailing the Federal Reserve.
On June 23 the criminal organization LockBit 3.0, a Russian ransomware cybercriminal group, publicly stated that it hacked the Federal Reserve and implied it would release more than “33 terabytes of juicy banking information containing details of Americans’ banking secrets” unless a large ransom is paid.
More specifically, the cyber-terrorist organization says the Federal Reserve and the U.S. government have until this afternoon, June 24, at 4:27 p.m. ET to comply with its undisclosed monetary demands. …
… For the remainder of the report:
end
4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS/
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COPPER
END
6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/
END
ASIA TRADING//WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED UP 22.53 PTS OR 0.76% //Hang Seng CLOSED UP 17.03 PTS OR 0.09%// Nikkei CLOSED UP 493.92 OR 1.26%//Australia’s all ordinaries CLOSED DOWN 0.67%///Chinese yuan (ONSHORE) closed DOWN TO 7,2667 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.3015/ Oil UP TO 81.42 dollars per barrel for WTI and BRENT DOWN AT 85.47 /Stocks in Europe OPENED ALL RED
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 WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.2634
OFFSHORE YUAN: DOWN TO 7.3015
SHANGHAI CLOSED UP 22.53 PTS OR 0.76 %
HANG SENG CLOSED UP 17.03 PTS OR 0.09%
2. Nikkei closed UP 493.92 PTS OR 1.26 %
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 105.62 EURO FALLS TO 1.0684 DOWN 26 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1,019 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 160.32 JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN 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 DOWN FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.4355/Italian 10 Yr bond yield UP to 3.946 SPAIN 10 YR BOND YIELD UP TO 3.346%
3i Greek 10 year bond yield UP TO 3.622
3j Gold at $2308.85//Silver at: 28.86 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 99/ 100 roubles/dollar; ROUBLE AT 87,25
3m oil into the 81 dollar handle for WTI and 85 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 160..32/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.019% 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 0.8980 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9595 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: 4.284 UP 5 BASIS PTS…
USA 30 YR BOND YIELD: 4.407 UP 4 BASIS PTS/
USA 2 YR BOND YIELD: 4.735 UP 4 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.94…
10 YR UK BOND YIELD: 4.1425 UP 6 PTS
2a New York OPENING REPORT
Futures Fade Despite Continued Tech Meltup, Japanese Yen Craters
WEDNESDAY, JUN 26, 2024 – 08:20 AM
Futures are trading modestly in the red near sessions lows, erasing earlier gains of as much as 0.2% even as gigacap tech stocks continue their meltup higher. At 8:00am ET, S&P futures were down 0.1%, while Nasdaq futures were still green, rising 0.1% but also fading their earlier gains in another quiet start to the day (volumes this week have been tracking down 10-15% vs 10dma), with the snapback in momentum yesterday looking to continue its rally this am (NVDA +2% in premarket). Bond yields are 2-4bp higher after Fed Governor Michelle Bowman reiterated her view that borrowing costs should remain elevated for some time; USD is higher as the yen plunges above 160 vs the USD, the lowest since 1986 with another BOJ intervention imminent. Commodities are mixed: oil and Ags are higher, while base metals are lower. Today, the key macro focus will be on MBA Mortgage Applications (up 0.8%), New Home Sales (10am, est 633k), $70bn UST 5yr note auction, Fed will release bank stress test results after the close today; Micron, Jefferies and General Mills are among companies reporting results.
Pre-mkt, Tech/Semis are continuing yesterday’s rally: Nvidia climbed more than 2% in US premarket trading, adding to Tuesday’s 7% gain. Rival Micron Technology Inc. rose more than 3% ahead of its third-quarter results later Wednesday (WTD +4.3%). Other tech names rising are QCOM +70bp, AMZN +65bp, AAPL +32bp. Here are the most notable premarket movers:
- FDX +14% pre mkt after company reported EPS upside thanks to higher op. margins and the F25 EPS outlook mid-point is slightly above plan ($21 vs. the Street $20.85). Iin addition to earnings, mgmt. outlined a plan to repurchase $2.5B in shares this FY (including $1B in FQ1) and suggested the FedEx Freight unit could be sold (the potential for a FedEx Freight sale is the key driver of the stock rally).
- Rivian Automotive shares soared 38% after Volkswagen said it plans to establish a joint venture and invest up to $5 billion until 2026 in the electric-car maker. Analysts were positive about the investment and noted that the JV is a vote of confidence for Rivian’s business. VW shares slipped.
- Aptiv shares fell 5.7% as Piper Sandler downgraded to underweight from neutral, saying that the Volkswagen-Rivian JV strikes at the core of the auto parts company’s strategy.
- Southwest Airlines shares drop as much as 10% in premarket trading after the US carrier cut its guidance for operating revenue per available seat mile for the second quarter.
- Whirlpool shares surge as much as 20% in premarket trading after Reuters reported that Robert Bosch GmbH is considering an offer for the appliance maker.
- General Mills shares fall 4.1% in premarket trading after the packaged-food company’s full-year forecast for organic net sales growth missed the average analyst estimate. The cereal maker also reported a steeper-than-expected decline in organic net sales for the fourth quarter.
- Tesla is on the verge of losing a key bragging right it’s held for the past six years: outselling all EV competitors in the US combined.
- Home Depot shares gain 0.5% in premarket trading after D.A. Davidson & Co. raised the home-improvement retailer to buy from neutral, saying a return to positive comparable sales “is in sight” with industry trends no longer getting worse.
- Grindr shares jump 5.9% in premarket trading after Dow Jones reported that the LGBTQ company raised its revenue growth forecast for the year ahead of an investor day.
- Cruise operator Carnival Corp. gained after posting a surprise quarterly profit and raising its earnings outlook.
The volatility in Nvidia shares, which account for one third of the S&P’s advance this year, has raised renewed concern about the concentration of megacap technology stocks in equity indexes.
“Nvidia’s volatility has weighed on market sentiment, but we think the structural investment case for artificial intelligence remains intact,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “We also hold a constructive outlook for broader equities amid solid fundamentals.”
Among other premarket movers, FedEx Corp. surged more than 13% after an upbeat profit forecast. Cruise operator Carnival Corp. gained after posting a surprise quarterly profit and raising its earnings outlook. Southwest Airlines Co. fell as much as 6.7% after cutting guidance.
Fed officials recently forecast just 25 basis points of reductions by the end of this year and a total of 125 basis points by end-2025, while market participants are pricing in about 75 basis points by the first quarter of 2025. But some are starting to hedge against deeper and more rapid easing: positioning in the rate options market shows an increase in bets that stand to benefit if the Fed reduces its key rate to as low as 2.25% over the next nine months — a whopping 3 percentage points of cuts.
The Stoxx Europe 600 index reversed an early advance and slipped 0.4% as declines for car makers and travel and leisure stocks offset gains in the tech sector. Among individual movers in Europe, Danske Bank A/S rose as much as 2.4% after lifting its full-year outlook. Just Eat Takeaway.com NV and Delivery Hero SE fell as much as 4% each after JPMorgan forecast tepid growth for the food delivery sector. Here are the most notable European movers:
- Mail delivery stocks climb on Wednesday after US firm FedEx issued a profit forecast above Wall Street’s expectations.
- Deliveroo shares rise after Reuters reported that US food delivery firm DoorDash approached the company for takeover talks. European food delivery peers waive early gains.
- Sanofi shares rise as much as 2% after Bloomberg reported that the French pharmaceutical giant has called for initial bids for its $20 billion consumer health division ahead of a potential listing.
- Danske Bank shares gain as much as 2.4% after raising its outlook for the full year, citing the strong quality of loans it has issued.
- Philips shares rise as much as 3.3% after Italy’s billionaire Agnelli family raised its holding in the Dutch medical device manufacturer, giving it a stake worth $4.19 billion.
- Future shares gain as much as 8.1% after Jefferies double upgrades to buy, removing the media company’s only negative analyst rating, on renewed confidence over a strong return of revenue growth.
- Fincantieri shares gain as much as 8% in Milan trading, rebounding from a 9.3% drop on Tuesday, after the Italian shipbuilder launched a €400m capital increase earlier this week.
- D’Amico shares advance as much as 8.1% as Pareto adds to the clean sweep of positive ratings, starting coverage with a buy rating as notes strong re-pricing potential for the stock.
- PTWP shares rise as much as 9.2% on their first day of trading on the Warsaw Stock Exchange’s main market, after the application software firm moved its listing from the NewConnect platform for smaller companies.
- Phoenix Group shares slip as much as 1% after the UK insurer said it would explore the sale of its SunLife business.
- Volex shares slump as much as 9.3%, the most since August 2022, after the producer of interconnectors and power products reported full year results.
- Alfen shares fall as much as 43%, the most on record, after the Dutch energy infrastructure firm cuts its revenue forecast and said it expects its Ebitda margin to be mid-single digit for the full year.
In the absence of major data from the euro zone on Wednesday, traders are taking their cues from policy signals. Investor expectations for the European Central Bank to loosen monetary policy twice more this year are fair, according to Governing Council member Olli Rehn, who added that officials shouldn’t overly dampen economic activity.
Earlier, in Asia equities advanced for a second day as tech shares rebounded after Nvidia drove a rally in US peers. The MSCI Asia Pacific Index rose as much as 0.4%, with TSMC and SK Hynix among the biggest boosts. A gauge of the region’s tech shares advanced after a three-day decline. Benchmarks gained in Japan, South Korea and mainland China. Australian stocks slid as a hotter-than-expected inflation data print bolstered the case for the Reserve Bank to resume raising interest rates.
Wall Street’s tech rally overnight helped lift chip-related stocks in the region, though any bullish sentiment may be contained as uncertainties remain on the Federal Reserve’s monetary policy path. Investors are watching the central bank’s preferred inflation gauge due Friday for more clues on its path to easing. China’s 10-year bond yield fell to a more than two-decade low as investors flocked to fixed-income securities amid concern about the slowing economy and expectations for further stimulus.
In FX, it was all about the continued disintegration of the yen, which breached 160 per dollar, a level that triggered a sharp reversal on April 29 due to suspected intervention, raising speculation Japanese authorities may take steps to support the currency again. As of 8:00am, the USDJPY rose to 160.36, the lowest since 1986.
In rates, treasuries are cheaper across the curve on Wednesday, holding on to losses seen during Asian trading hours amid a selloff in Australian government bonds after the country’s May inflation reading beat estimates, raising the odds that the Reserve Bank will resume raising interest rates at its next meeting. US yields are cheaper by 2.5bp to 3.5bp across the curve, with the front and belly of the curve broadly leading losses on the day. US 10-year yields trade at around 4.28%, cheaper by 3bp on the day with bunds and gilts trading broadly in line. Aussie 2-year notes climbed 18bp following CPI data. Treasury coupon issuance resumes at 1pm New York time with $70 billion in 5-year notes, which follows a 2-year sale on Tuesday which stopped on the screws. This week’s auctions conclude Thursday with $44 billion in 7-year notes. The WI 5-year yield at around 4.305% is ~25bp richer than May’s stop-out, which tailed the WI by 1.3bp
In commodities, oil rose ahead of a US government report on crude inventories and fuel demand following the release of mixed industry data. Iron ore climbed for a second day. Copper fell to the lowest in more than two months with prices facing sustained pressure from unusually weak Chinese demand. Gold was little changed. Bitcoin softer but essentially consolidating at the top-end of Tuesday’s range which itself was a consolidation of Monday’s marked Mt. Gox/technical inspired downside; at a base of USD 61.4k
The US economic data slate includes May new home sales at 10am. There are no Fed officials scheduled to speak for the session. The focus for the US session also includes a 5-year note auction, which follows solid demand for Tuesday’s 2-year sale.
Market Snapshot
- S&P 500 futures up 0.2% to 5,549.25
- STOXX Europe 600 up 0.5% to 520.12
- MXAP up 0.3% to 180.97
- MXAPJ up 0.2% to 568.06
- Nikkei up 1.3% to 39,667.07
- Topix up 0.6% to 2,802.95
- Hang Seng Index little changed at 18,089.93
- Shanghai Composite up 0.8% to 2,972.53
- Sensex up 0.7% to 78,604.07
- Australia S&P/ASX 200 down 0.7% to 7,783.01
- Kospi up 0.6% to 2,792.05
- German 10Y yield +2bps at 2.43%
- Euro down 0.2% to $1.0696
- Brent Futures up 0.1% to $85.12/bbl
- Gold spot down 0.2% to $2,315.93
- US Dollar Index up 0.18% to 105.79
Top Overnight Stories
- China’s benchmark bond yields fell to a more than two decade low, even as economists raised growth forecasts on export optimism. But adding to signs of slowing activity, vacancies are climbing at warehouses, souring global investors’ $100 billion bet. BBG
- A rare unscheduled revision to Japan’s first-quarter gross domestic product (GDP) may lead to a sharp downgrade, possibly affecting the central bank’s growth forecasts and the timing of its next interest rate hike, some analysts say. RTRS
- Rivian shares jumped 37% in premarket trading after Volkswagen agreed to invest $5 billion in a joint venture, providing a much-needed cash infusion. VW shares slipped. BBG
- Australia’s CPI came in ahead of expectations in May (+4% vs. the Street’s +3.8% forecast), which means the RBA could be forced to hike rates further in Aug. WSJ
- Switzerland dealt a surprise hit to UBS after opting to proceed with scheduling Basel III bank capital rules in January, despite wrangles over them in the US. UBS had urged the government to delay part of the rules that relate to banks’ trading books. BBG
- The ECB’s Olli Rehn said market expectations for two more cuts this year — and taking the deposit rate to as low as 2.25% in 2025 — were “reasonable,” in some of the most explicit remarks yet on the rate path from a policymaker. BBG
- US companies have been able to reprice almost $400bn of debt at lower interest rates this year due to booming investor appetite for junk loans, in an easing of financing conditions for corporate America. FT
- In New York’s 16th district, George Latimer defeated Rep. Jamaal Bowman in the most expensive congressional primary in US history. Bowman’s loss is a blow to liberals who’ve been trying to push the Democrats further left; he’s a member of the so-called “Squad” and has been critical of Israel. BBG
A more detailed look at global markets courtesy of Newsquawk
APAC stocks followed suit to the mixed performance stateside where the major indices reversed Monday’s price action and tech rebounded as Nvidia snapped its losing streak, while markets continue to await fresh catalysts. ASX 200 was pressured with sentiment not helped by a hot monthly CPI print which saw both Deutsche Bank and Morgan Stanley call for a 25bps hike at the next RBA meeting in August, Nikkei 225 outperforms following recent currency weakness and with tech names boosted after Nvidia’s rebound. Hang Seng and Shanghai Comp. were mixed with the former kept afloat above the 18,000 level, while the mainland was subdued despite another firm liquidity injection by the PBoC with sentiment clouded by tech and trade-related frictions as OpenAI was reportedly taking steps to block China access to its AI tools.
Top Asian News
- RBA Assistant Governor Kent said a range of measures shows that monetary policy is restrictive and policy is contributing to slower growth of demand and lower inflation, while he added that recent data reinforced the need to be vigilant to upside inflation risks and hence, they are not ruling anything in or out for interest rates.
European bourses higher across the board following the tech-led upside on Wall St.; Stoxx 600 +0.2%. Sectors mostly in the green, Tech leads while Autos lag amid pressure in Volkswagen after their investment in Rivian. Stateside, futures firmer but only modestly so, ES +0.2% & NQ +0.3% as we count down to Micron earnings after-hours; Fedex leading in the pre-market +13% post-earnings. DigiTimes reported that Nvidia (NVDA) CEO Jensen Huang was reportedly concerned about the company’s business development, with slow data centre expansion possibly impacting chip sales. Equity specifics between Volkswagen-Rivian & FedEx detailed below.
Top European News
- ECB’s Rehn said he sees bets for two more rate cuts this year as reasonable and the market’s terminal rate view of 2.25%-2.50% is also appropriate, while he sees the possibility for rate moves at any policy meeting and noted that rate cuts are contingent on additional disinflation. Rehn said he sees no disorderly market moves in France, as well as noted there is no debt crisis ahead and no need for TPI.
- ECB reportedly to begin the next strategic review once the summer break concludes, via Bloomberg; looking to present findings in H2-2025.
- Volkswagen (VOW3 GY) is to invest an initial USD 1bln in Rivian (RIVN), as part of a new, equally controlled JV to share EV architecture and software. The potential investment could rise to as much as USD 5bln by 2026 if certain milestones are achieved. The transaction could result in an unplanned cash outflow of up to EUR 2bln for Volkswagen in the current FY. Volkswagen expects FY24 net cash flow to range between EUR 2.5-4.5bln. Volkswagen will further its software-defined-vehicles plans via the JV, and transition to a pure zonal architecture. Each company will continue to separately operate their respective vehicle businesses. Rivian’s stock jumped higher by 50% in extended trading, adding around USD 6bln to its market cap. (Volkswagen).
- Switzerland is to implement Basel III trading rules as of January 1st 2025, according to Bloomberg; sees no reason to deviate from the Basel III timetable. Note, the EU has delayed it by one year to January 2026.
FX
- USD/JPY has breached 160.00 to the upside, for the first time since April 29th when it peaked at 160.20, a session which saw intervention and a large pullback in the pair; note, the breach of 160.00 this morning was accompanied by modest two-way action. Currently holding around a 160.06 session high.
- DXY continues to incrementally build on Tuesday’s advances to a current 105.86 peak but is yet to breach Monday’s 105.90 high, which essentially matches Friday’s 105.91 best.
- Action which is weighing on peers across the board; EUR/USD lost 1.07 to a 1.0686 base while Cable continues to slip from 1.27 and is approaching 12650.
- Aussie is the clear outperformer, bolstered by hot CPI which has increased the odds of a August hike to c. 33% (12% pre-release, AUD/USD to a 0.6688 peak; Kiwi softer and weighed on by the cross with NZD/USD just beneath Tuesday’s 0.6107 base.
Fixed Income
- Benchmarks in the red as the overall risk tone saps haven demand and amid a lack of fresh fundamental drivers for the complex, European docket focuses on a speech from ECB’s Lane.
- Bunds at the low-end of a 45 tick band that has seen it slip below Monday’s 132.22 base to a new WTD low, if this goes, support at 132.02 before the figure and then 131.61.
- OAT-Bund spread steady at 71bp with no fall out from an unsurprisingly fiery French election debate.
- Gilts in-fitting with only a modest uptick on the back of a robust 2038 auction, complex looks ahead to the last Sunak-Starmer debate before the election this evening.
- USTs also have a thin docket ahead with no Fed speak due and the main highlight being the 5yr auction, a tap which follows a better-than-average 2yr sale; USTs at a 110-09 fresh WTD base and holding just above last week’s 110-06+ low.
Commodities
- Initially contained trade with specifics quite light after the bearish inventory report has given way to a modest but growing bid for the crude benchmarks which are at the top-end of c. USD 1.0/bbl parameters.
- Action which comes despite a slight easing in the European risk tone (though still constructive overall) and an ongoing grind higher for the USD.
- Precious metals saw a contained start given the twin headwinds of a robust dollar and risk appetite. Yellow metal is at the low-end of a USD 2309-2323/oz band; one that sees it slip further from its 10-, 21- & 50-DMAs.
- Base metals tracking the tone but the gains capped by the dollar, overall the complex is firmer, it is yet to break the downward trend that has been in place for the likes of copper since end-May.
- US Private Inventory Data (bbls): Crude +0.9mln (exp. -2.9mln), Distillate -1.2mln (exp. -0.3mln), Gasoline +3.8mln (exp. -1.0mln), Cushing -0.4mln.
- Trading Hub Europe’s Frank remarks that German gas caverns curently show comfortable filling levels; Europe has enough LNG terminal capacities and southbound transit capacities from the north-west have been boosted.
Geopolitics: Middle East
- US Defense Secretary Austin said Hezbollah’s ‘provocations’ threaten to drag Israeli and Lebanese people into war.
- Pentagon said US Secretary of Defense Austin discussed with his Israeli counterpart efforts to de-escalate tensions on the Israeli-Lebanese border, while he warned that a war between Israel and Hezbollah would be catastrophic for Lebanon, according to Asharq News.
Geopolitics: Other
- Ukrainian President Zelensky will attend Thursday’s European Union summit in Brussels where he is expected to sign an agreement on EU security commitments for Ukraine, according to the French President’s office cited by AFP.
- Russian Defence Minister Belousov warned US Defense Secretary Austin regarding the dangers of an escalation of continued US arms supplies to Ukraine, according to the Russian Ministry.
- North Korea launched a suspected ballistic missile which was believed to have fallen outside of Japan’s EEZ shortly after with no damage reported, while Yonhap later reported that North Korea’s missile launch was believed to have failed and South Korean military said the missile used by North Korea in its failed launch was potentially a hypersonic missile.
- South Korean marines are to conduct live fire drills, according to Dong-A.
- NATO allies select Mark Rutte as the next Secretary General.
US Event Calendar
- 07:00: June MBA Mortgage Applications, prior 0.9%
- 10:00: May New Home Sales MoM, est. -0.2%, prior -4.7%
- 10:00: May New Home Sales, est. 633,000, prior 634,000
DB’s Jim Reid concludes the overnight wrap
I can safely say that this is the first time I have written the EMR from a castle. It’s in the Frankfurt countryside and quite an incredible place. This morning you need to look out at the market from the highest possible watchtower as the last 24 hours have seen a lot of differing trends from all directions.
On the plus side, tech stocks posted a decent recovery, with Nvidia (+6.76%) rebounding from its slump over recent days. But on the more negative side, several data releases were underwhelming, and multiple headlines leant on the hawkish side, i ncluding an upside surprise in both Canadian and Australian CPI. Indeed, DB have overnight changed their RBA call to a hike in August. Moreover, political events have also remained in focus, with the CAC 40 (-0.58%) and other European indices losing ground ahead of France’s election on Sunday.
We’ll start with the good news, as there was finally a bounceback for tech stocks after three consecutive declines, which helped to lift US equities more broadly. In particular, Nvidia was the second best performer in the entire S&P 500, which pushed its market cap back above the $3tn mark again. Those gains were seen amongst all the big tech stocks, with all of the Magnificent 7 (+2.40%) advancing on the day. In turn, that helped the NASDAQ (+1.26%) post a strong rebound, and it also lifted the S&P 500 up +0.39%.
But unfortunately, the good news mostly ended there, as even though the headlines pointed to a recovery for US equities, the move was dominated by the big tech stocks. In fact, over 75% of the S&P 500 actually fell yesterday, and the equal-weighted S&P 500 was down by a significant -0.72%. So as it stands with just a few days of the quarter left, the S&P 500 is up +4.09% in Q2 so far, whereas the equal-weighted index is down -2.89%. So a different story depending on which part of the market you look at, and this builds on the tech outperformance we already saw in Q1.
Matters weren’t helped by several hawkish headlines, with sovereign bonds coming under pressure after Canada’s CPI report for May. That showed headline CPI unexpectedly rising to +2.9% (vs. +2.6% expected), and the two core inflation measures followed by the Bank of Canada also rose. As it happens, the Bank of Canada did announce an initial cut at their meeting earlier this month, but after the inflation report, investors swiftly moved to dial back the chance of a follow-up move in July. Indeed, overnight index swaps had been pricing a 61% chance of a July cut on the previous day, but that was down to 16% by the close. Canadian government bonds also lost ground, with the 10yr yield up +5.0bps.
The inflation surprise has continued in Australia overnight with the latest CPI reading seeing it surge to its highest level this year. It printed at +4.0% y/y in May, above market expectations for a +3.8% gain and up from +3.6% in April. Our Aussie economist now believes the RBA will hike 25bps in August. See his report justifying the call here. Following the CPI data, the Australian dollar has risen +0.44% to trade at 0.6676 versus the dolla r while yields on the policy sensitive 3yr government bonds are currently +16.8bps higher at 4.09%, its biggest one-day gain since April, while yields on the 10yr are +11.7bps, standing at 4.32% as I type.
US Treasuries are also edging up around +1.5bps across the board after the Aussie CPI print after rising yesterday on the Canadian CPI beat. By last night’s close, 2yr Treasury yields were up +1.7bps to 4.74%, and the 10yr yield was up +1.6bps to 4.25%. Treasury yields did come slightly off their intra-day high seen around the European close following a solid 2yr auction which saw the highest bid-to-cover ratio since September. There was also some hawkish Fedspeak though, with Governor Bowman warning that “we are still not yet at the point where it is appropriate to lower the policy rate.” In addition, she said that cutting rates “ too soon or too quickly could result in a rebound of inflation, requiring further future policy rate increases to return inflation to 2 percent over the longer run.” Meanwhile, Fed Governor Cook maintained patience on rate cut prospects, saying these will be appropriate “at some point”.
Back in Europe, risk assets struggled, with the STOXX 600 (-0.23%), the CAC 40 (-0.58%) and the DAX (-0.81%) all posting losses. However, the Franco-German 10yr spread did tighten a bit, coming down by -1.1bps to 76bps, and yields came down across the continent, including on 10yr bunds (-1.1bps). With regards to politics, last night saw the debate between three potential French PM candidates though there are no immediate signs that this will materially alter the election race. Polls continue to put Marine Le Pen’s National Rally party in the lead, and yesterday’s Ifop poll had the National Rally on 36%, the left-wing alliance on 28.5%, and President Macron’s centrist group on 21%.
Asian equity markets are again mixed this morning with the Nikkei (+1.41%) sharply higher and with the KOSPI (+0.23%) edging higher. On the other hand, the S&P/ASX 200 (-0.80%) is the worst performer following the CPI data discussed above. Elsewhere Chinese stocks are also losing ground with the Hang Seng (-0.16%), the CSI (-0.39%) and the Shanghai Composite (-0.36%) all lower in morning trade. S&P 500 (+0.05%) and NASDAQ 100 (+0.08%) futures are slightly higher.
Finally on the data yesterday, the Conference Board’s consumer confidence measure for the US fell back to 100.4 (vs. 100.0 expected). The FHFA’s house price index was also up by +0.2% in April (vs. +0.3% expected).
To the day ahead now, and data releases include US new home sales for May. From central banks, we’ll hear from the ECB’s Rehn, Panetta, Lane and Kazaks.
2B EUROPE OPENING/TRADING
USD/JPY breached 160.00; US equity futures firmer awaiting MU after-hours – Newsquawk US Market Open
WEDNESDAY, JUN 26, 2024 – 06:24 AM
- European bourses higher across the board following the tech-led upside on Wall St, sectors mostly in the green though Autos lag on Volkswagen
- US futures firmer but only modestly so, awaiting Micron earnings after-hours; FedEx and Rivian bid in the pre-market
- USD/JPY breached 160.00; bringing the April 29th peak into view, a session which saw intervention and a large pullback in the pair
- DXY robust to the detriment of peers, Aussie outperforms after hot CPI which has raised the odds of a August hike
- Fixed softer given the tone and awaiting supply; Commodities initially contained though crude has extended in recent trade
- Looking ahead, highlights include Fed Bank Stress Test, Comments from ECB’s Rehn, Panetta & Lane, Supply from the US, Earnings from Micron, Paychex & General Mills
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EUROPEAN TRADE
EQUITIES
- European bourses higher across the board following the tech-led upside on Wall St.; Stoxx 600 +0.2%.
- Sectors mostly in the green, Tech leads while Autos lag amid pressure in Volkswagen after their investment in Rivian.
- Stateside, futures firmer but only modestly so, ES +0.2% & NQ +0.3% as we count down to Micron earnings after-hours; Fedex leading in the pre-market +13% post-earnings.
- DigiTimes reported that Nvidia (NVDA) CEO Jensen Huang was reportedly concerned about the company’s business development, with slow data centre expansion possibly impacting chip sales.
- Equity specifics between Volkswagen-Rivian & FedEx detailed below.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- USD/JPY has breached 160.00 to the upside, for the first time since April 29th when it peaked at 160.20, a session which saw intervention and a large pullback in the pair; note, the breach of 160.00 this morning was accompanied by modest two-way action. Currently holding around a 160.06 session high.
- DXY continues to incrementally build on Tuesday’s advances to a current 105.86 peak but is yet to breach Monday’s 105.90 high, which essentially matches Friday’s 105.91 best.
- Action which is weighing on peers across the board; EUR/USD lost 1.07 to a 1.0686 base while Cable continues to slip from 1.27 and is approaching 12650.
- Aussie is the clear outperformer, bolstered by hot CPI which has increased the odds of a August hike to c. 33% (12% pre-release, AUD/USD to a 0.6688 peak; Kiwi softer and weighed on by the cross with NZD/USD just beneath Tuesday’s 0.6107 base.
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- Benchmarks in the red as the overall risk tone saps haven demand and amid a lack of fresh fundamental drivers for the complex, European docket focuses on a speech from ECB’s Lane.
- Bunds at the low-end of a 45 tick band that has seen it slip below Monday’s 132.22 base to a new WTD low, if this goes, support at 132.02 before the figure and then 131.61.
- OAT-Bund spread steady at 71bp with no fall out from an unsurprisingly fiery French election debate.
- Gilts in-fitting with only a modest uptick on the back of a robust 2038 auction, complex looks ahead to the last Sunak-Starmer debate before the election this evening.
- USTs also have a thin docket ahead with no Fed speak due and the main highlight being the 5yr auction, a tap which follows a better-than-average 2yr sale; USTs at a 110-09 fresh WTD base and holding just above last week’s 110-06+ low.
- Click for a detailed summary
COMMODITIES
- Initially contained trade with specifics quite light after the bearish inventory report has given way to a modest but growing bid for the crude benchmarks which are at the top-end of c. USD 1.0/bbl parameters.
- Action which comes despite a slight easing in the European risk tone (though still constructive overall) and an ongoing grind higher for the USD.
- Precious metals saw a contained start given the twin headwinds of a robust dollar and risk appetite. Yellow metal is at the low-end of a USD 2309-2323/oz band; one that sees it slip further from its 10-, 21- & 50-DMAs.
- Base metals tracking the tone but the gains capped by the dollar, overall the complex is firmer, it is yet to break the downward trend that has been in place for the likes of copper since end-May.
- US Private Inventory Data (bbls): Crude +0.9mln (exp. -2.9mln), Distillate -1.2mln (exp. -0.3mln), Gasoline +3.8mln (exp. -1.0mln), Cushing -0.4mln.
- Trading Hub Europe’s Frank remarks that German gas caverns curently show comfortable filling levels; Europe has enough LNG terminal capacities and southbound transit capacities from the north-west have been boosted.
- Click for a detailed summary
NOTABLE DATA RECAP
- German GfK Consumer Sentiment (Jul) -21.8 vs. Exp. -18.9 (Prev. -20.9, Rev. -21.0)
NOTABLE EUROPEAN HEADLINES
- ECB’s Rehn said he sees bets for two more rate cuts this year as reasonable and the market’s terminal rate view of 2.25%-2.50% is also appropriate, while he sees the possibility for rate moves at any policy meeting and noted that rate cuts are contingent on additional disinflation. Rehn said he sees no disorderly market moves in France, as well as noted there is no debt crisis ahead and no need for TPI.
- ECB reportedly to begin the next strategic review once the summer break concludes, via Bloomberg; looking to present findings in H2-2025.
- Volkswagen (VOW3 GY) is to invest an initial USD 1bln in Rivian (RIVN), as part of a new, equally controlled JV to share EV architecture and software. The potential investment could rise to as much as USD 5bln by 2026 if certain milestones are achieved. The transaction could result in an unplanned cash outflow of up to EUR 2bln for Volkswagen in the current FY. Volkswagen expects FY24 net cash flow to range between EUR 2.5-4.5bln. Volkswagen will further its software-defined-vehicles plans via the JV, and transition to a pure zonal architecture. Each company will continue to separately operate their respective vehicle businesses. Rivian’s stock jumped higher by 50% in extended trading, adding around USD 6bln to its market cap. (Volkswagen).
- Switzerland is to implement Basel III trading rules as of January 1st 2025, according to Bloomberg; sees no reason to deviate from the Basel III timetable. Note, the EU has delayed it by one year to January 2026.
NOTABLE US HEADLINES
- FedEx (FDX): shares gained 13.9% in extended trading after the freight and logistics company reported a profit beat, issued constructive guidance, and it said it was will carry out an assessment of its freight trucking business (which generated revenues of USD 2.3bln in the quarter)
- US FAA is to adopt a new airworthiness directive for Boeing (BA) 757-200 airplanes; directive mandates repetitive inspections, reinforcing structures, and replacing or repairing damaged parts to ensure safety.
GEOPOLITICS
MIDDLE EAST
- US Defense Secretary Austin said Hezbollah’s ‘provocations’ threaten to drag Israeli and Lebanese people into war.
- Pentagon said US Secretary of Defense Austin discussed with his Israeli counterpart efforts to de-escalate tensions on the Israeli-Lebanese border, while he warned that a war between Israel and Hezbollah would be catastrophic for Lebanon, according to Asharq News.
OTHER
- Ukrainian President Zelensky will attend Thursday’s European Union summit in Brussels where he is expected to sign an agreement on EU security commitments for Ukraine, according to the French President’s office cited by AFP.
- Russian Defence Minister Belousov warned US Defense Secretary Austin regarding the dangers of an escalation of continued US arms supplies to Ukraine, according to the Russian Ministry.
- North Korea launched a suspected ballistic missile which was believed to have fallen outside of Japan’s EEZ shortly after with no damage reported, while Yonhap later reported that North Korea’s missile launch was believed to have failed and South Korean military said the missile used by North Korea in its failed launch was potentially a hypersonic missile.
- South Korean marines are to conduct live fire drills, according to Dong-A.
- NATO allies select Mark Rutte as the next Secretary General.
CRYPTO
- Bitcoin softer but essentially consolidating at the top-end of Tuesday’s range which itself was a consolidation of Monday’s marked Mt. Gox/technical inspired downside; at a base of USD 61.4k
APAC TRADE
- APAC stocks followed suit to the mixed performance stateside where the major indices reversed Monday’s price action and tech rebounded as Nvidia snapped its losing streak, while markets continue to await fresh catalysts.
- ASX 200 was pressured with sentiment not helped by a hot monthly CPI print which saw both Deutsche Bank and Morgan Stanley call for a 25bps hike at the next RBA meeting in August,
- Nikkei 225 outperforms following recent currency weakness and with tech names boosted after Nvidia’s rebound.
- Hang Seng and Shanghai Comp. were mixed with the former kept afloat above the 18,000 level, while the mainland was subdued despite another firm liquidity injection by the PBoC with sentiment clouded by tech and trade-related frictions as OpenAI was reportedly taking steps to block China access to its AI tools.
NOTABLE ASIA-PAC HEADLINES
- RBA Assistant Governor Kent said a range of measures shows that monetary policy is restrictive and policy is contributing to slower growth of demand and lower inflation, while he added that recent data reinforced the need to be vigilant to upside inflation risks and hence, they are not ruling anything in or out for interest rates.
DATA RECAP
- Australian Weighted CPI YY (May) 4.00% vs. Exp. 3.80% (Prev. 3.60%)
2C ASIA
APAC stocks continued tech-inspired US gains; hot Aussie CPI – Newsquawk Europe Market Open
WEDNESDAY, JUN 26, 2024 – 01:41 AM
- APAC stocks followed suit to the mixed performance stateside where tech rebounded as Nvidia snapped its losing streak.
- European equity futures indicate a firmer open with Euro Stoxx 50 future +0.5% after the cash market closed lower by 0.2% on Tuesday.
- DXY is caged in a tight range on a 105 handle, AUD boosted post-CPI, EUR/USD sits just above the 1.07 level.
- Australian monthly CPI data saw markets price around a 33% probability for an RBA hike at the August meeting vs around 12% pre-release.
- Looking ahead, highlights include German Gfk Consumer Sentiment, Fed Bank Stress Test, Comments from ECB’s Rehn, Panetta & Lane, Supply from UK & US
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US TRADE
EQUITIES
- US stocks saw another mixed trading session in a reversal of fortunes for the major indices as the S&P 500 and Nasdaq clawed back Monday’s losses with the latter helped as Nvidia (NVDA)(+6.8%) snapped its three-day losing streak, while the Dow and small-cap Russell 2000 reversed the previous day’s gains. It was a fairly quiet day as participants awaited the next risk events including Micron (MU) earnings on Wednesday and the eagerly anticipated core PCE numbers on Friday, while mixed data releases and comments from Fed Governors Bowman and Cook did little to alter the dial.
- SPX +0.39% at 5,469, NDX +1.16% at 19,701, DJI -0.76% at 39,112, RUT -0.42% at 2,022.
- Click here for a detailed summary.
NOTABLE HEADLINES
- Fed’s Cook (voter) said the current policy is ‘well positioned’ to respond to the economic outlook and at some point, it will be appropriate to cut rates. Cook said monetary policy is restrictive, while she added the timing of any policy adjustment will depend on economic data and its implications for the outlook and balance of risks.
APAC TRADE
EQUITIES
- APAC stocks followed suit to the mixed performance stateside where the major indices reversed Monday’s price action and tech rebounded as Nvidia snapped its losing streak, while markets continue to await fresh catalysts.
- ASX 200 was pressured with sentiment not helped by a hot monthly CPI print which saw both Deutsche Bank and Morgan Stanley call for a 25bps hike at the next RBA meeting in August,
- Nikkei 225 outperforms following recent currency weakness and with tech names boosted after Nvidia’s rebound.
- Hang Seng and Shanghai Comp. were mixed with the former kept afloat above the 18,000 level, while the mainland was subdued despite another firm liquidity injection by the PBoC with sentiment clouded by tech and trade-related frictions as OpenAI was reportedly taking steps to block China access to its AI tools.
- US equity futures were rangebound in which E-mini S&P (+0.1%) and Nasdaq 100 (+0.1%) futures marginally extended on yesterday’s best levels.
- European equity futures indicate a firmer open with Euro Stoxx 50 future +0.5% after the cash market closed lower by 0.2% on Tuesday.
FX
- DXY kept to within a tight range of 105.60-105.70 after the muted reaction seen to mixed US data, while the latest Fed commentary also provided very little incrementally to influence price action as Fed’s Cook noted that current policy is well-positioned and it will be appropriate to cut rates at some point with the timing of any policy adjustment to depend on economic data.
- EUR/USD was contained albeit off the prior day’s lows after rebounding from a brief dip beneath 1.0700.
- GBP/USD lacked direction and loitered beneath the 1.2700 handle where it recently hit resistance.
- USD/JPY marginally edged higher and moved closer towards testing the 160.00 level.
- Antipodeans were somewhat mixed with AUD/USD underpinned following firmer-than-expected monthly CPI data from Australia which resulted in money markets pricing around a 33% probability for the RBA to hike the Cash Rate at the August meeting vs around a 12% chance before the data.
FIXED INCOME
- 10-year UST futures were lower after yesterday’s choppy mood with headwinds from this week’s supply.
- Bund futures lacked demand after recent indecision and global inflationary pressures.
- 10-year JGB futures followed suit to the uninspired mood in global peers in the absence of additional BoJ purchases and with 10-year yield lingering above 1.00%
COMMODITIES
- Crude futures nursed some of the prior day’s losses but with upside limited after bearish private inventory data.
- US Private Inventory Data (bbls): Crude +0.9mln (exp. -2.9mln), Distillate -1.2mln (exp. -0.3mln), Gasoline +3.8mln (exp. -1.0mln), Cushing -0.4mln.
- Spot gold was lacklustre amid the absence of pertinent catalysts but remained above the psychological USD 2,300/oz level.
- Copper futures were subdued amid the mixed risk tone and with this month’s downward channel intact.
CRYPTO
- Bitcoin was ultimately flat on the session with price action choppy on both sides of the USD 62,000 level.
NOTABLE ASIA-PAC HEADLINES
- RBA Assistant Governor Kent said a range of measures shows that monetary policy is restrictive and policy is contributing to slower growth of demand and lower inflation, while he added that recent data reinforced the need to be vigilant to upside inflation risks and hence, they are not ruling anything in or out for interest rates.
DATA RECAP
- Australian Weighted CPI YY (May) 4.00% vs. Exp. 3.80% (Prev. 3.60%)
GEOPOLITICAL
MIDDLE EAST
- US Defense Secretary Austin said Hezbollah’s ‘provocations’ threaten to drag Israeli and Lebanese people into war.
- Pentagon said US Secretary of Defense Austin discussed with his Israeli counterpart efforts to de-escalate tensions on the Israeli-Lebanese border, while he warned that a war between Israel and Hezbollah would be catastrophic for Lebanon, according to Asharq News.
- US and Israel agreed to reschedule the meeting of the US-Israel strategic consultative group on Iran which was supposed to take place last Thursday but was cancelled by the White House in protest of Netanyahu’s accusations video, while officials said they expect the meeting to take place in Washington in mid-July, according to Axios’s Barak Ravid.
OTHER
- Ukrainian President Zelensky will attend Thursday’s European Union summit in Brussels where he is expected to sign an agreement on EU security commitments for Ukraine, according to the French President’s office cited by AFP.
- Russian Defence Minister Belousov warned US Defense Secretary Austin regarding the dangers of an escalation of continued US arms supplies to Ukraine, according to the Russian Ministry.
- Russia’s Deputy Foreign Minister said their Western opponents underestimate Russia’s readiness to stand up for itself and this could become tragic and fatal. Furthermore, the official said they can answer the West with both rhetoric and with practical steps, as well as noted there is a significant danger that the West could make a mistake, while Russia will try to avoid making a mistake.
- North Korea launched a suspected ballistic missile which was believed to have fallen outside of Japan’s EEZ shortly after with no damage reported, while Yonhap later reported that North Korea’s missile launch was believed to have failed and South Korean military said the missile used by North Korea in its failed launch was potentially a hypersonic missile.
- South Korean marines are to conduct live fire drills, according to Dong-A.
EU/UK
NOTABLE HEADLINES
- ECB’s Rehn said he sees bets for two more rate cuts this year as reasonable and the market’s terminal rate view of 2.25%-2.50% is also appropriate, while he sees the possibility for rate moves at any policy meeting and noted that rate cuts are contingent on additional disinflation. Rehn said he sees no disorderly market moves in France, as well as noted there is no debt crisis ahead and no need for TPI.
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
Yen Tumbles To 1986 Lows After Japanese ‘Currency Chief’ Comments; Gold, Oil, & Bonds Dump
BY TYLER DURDEN
WEDNESDAY, JUN 26, 2024 – 09:52 AM
The market is testing Japanese officials… and so far it’s winning…
Reaffirming its constant stance of jawboning over actual intervention, Vice Finance Minister Masato Kanda said late Wednesday that the government is watching the yen with a high level of urgency as he described the currency’s latest moves as “rapid” and “one sided.”
“I have serious concern about the recent rapid weakening of the yen and are closely monitoring market trends with a high sense of urgency,” Kanda told reporters late Wednesday.
“We will take necessary actions against any excessive movements,” he said.
Kanda refrained from commenting if the yen’s latest move was excessive.
This ‘status quo’ sent the yen lower against the dollar…
Source: Bloomberg
…breaking down to its weakest since 1986…
Source: Bloomberg
Earlier this week, Kanda said authorities were ready to intervene in currency markets at any time around the clock if needed.
Finance Minister Shunichi Suzuki said they are closely monitoring developments in the market and will take all possible measures as needed.
“If the moves start to get disorderly north of 160, they may come in to smooth the move,” said Win Thin, global head of markets strategy at Brown Brothers Harriman & Co in New York.
“Buy until the BOJ tilts more hawkish, upside for USD/JPY is the path of least resistance.”
Well, it’s starting to look ‘disorderly’.
“Given quarter-end dollar demand and the fact that the volatility environment remains contained, Japanese authorities might wait a bit more before intervening once again,” said Roberto Cobo Garcia, head of G-10 FX strategy at Banco Bilbao Vizcaya Argentaria SA in Madrid.
“Volatility needs to rise more if they are to step in again.”
The yen weakness sent the dollar higher and triggered selling in Gold…
…and oil…
…and Treasuries…
Japan has acknowledged it spent ¥9.8 trillion ($61.3 billion) intervening in currency markets between April 26 and May 29.
Although specific dates weren’t disclosed, trading patterns suggest major interventions occurred on April 29 and May 1.
Data on foreign reserves suggest Japan sold Treasuries to fund these actions.
Previous action by Japan to support its currency market has raise eyebrows overseas, with the US Treasury Department last week adding the nation to its “monitoring list” for foreign-exchange practices.
3 CHINA
CHINA/
end
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
EUROPE/
5/RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL HAMAS
Hamas stands firm against global pressure to accept hostage deal
Hamas has reiterated its call for a full ceasefire, while Defense Minister Yoav Gallant met with US officials, including counterpart Lloyd Austin to discuss phases of the war.
By TOVAH LAZAROFFJUNE 25, 2024 22:44
Hamas stood firm Tuesday against global pressure that it accept the proposed three-phase deal, stressing that any deal which did not guarantee a permanent ceasefire from the start “was not an agreement.”
The Qatar-based Hamas leader Ismail Haniyeh released the statement after his sister was killed during an IDF airstrike in Gaza, accusing Israel of deliberately targeting her to pressure the group to take the deal.
“If [Israel] thinks targeting my family will change our position or that of the resistance, they are delusional,” he said.
He spoke out as Qatar and Egypt continued their efforts to close a deal; debate continued in Israel around the three-phase plan that US President Joe Biden first unveiled on May 31.
US State Department spokesperson Matthew Miller told reporters in Washington that Hamas had sent a written response to the deal several weeks ago. That response “rejected the proposal that had been put forward by Israel, [which] President Biden had outlined,” he said.
Miller recalled that the United Nations Security Council approved the proposal.
The deal would have delayed the issue of a permanent ceasefire, a sticking point between Israel and Hamas, to the second phase. It offered a first phase, during which talks over a permanent ceasefire would continue, while some 33 of the hostages would be freed in exchange for an immediate lull to the war.
The absence of a deal was one of the topics on Defense Minister Yoav Gallant’s agenda during the conversations he held in Washington during his visit this week, including with his American counterpart Lloyd Austin at the Pentagon on Tuesday.
Austin called on Hamas to accept the deal. “The onus is on Hamas to accept this roadmap to a durable end to this war,” he said.
“The failure of Hamas to accept this important proposal is prolonging the agony of Palestinian civilians and Israeli civilians,” he said.
“Israel recently conducted a daring operation to rescue four hostages unjustly held by Hamas in Gaza. We won’t rest until all the hostages are safely home. Including American citizens,” Austin said. He referenced the eight hostages with dual Israeli-US citizenship, of which five are still considered to be alive.
Austin, other officials call for Israel to engage in mediation to return hostages
“The only way to bring them [the hostages] all home is principle diplomacy. We must not miss this moment, and we must not risk indefinite war or insurgency,” he said.
In Israel, at the 21st Herzliya Conference, the country’s National Security Adviser, Tzachi Hanegbi, spoke of the importance of supporting the deal.
“We need to stand firmly behind this, together with the whole world,” he said, adding that it begins the process of returning the remaining 120 hostages.
Hanegbi’s words were a subtle dig at Prime Minister Benjamin Netanyahu, who on Sunday said he partially supported the deal, and those in the government who have vocally opposed it, such as Finance Minister Bezalel Smotrich and National Security Minister Itamar Ben-Gvir.
Netanyahu then backtracked in the Knesset plenum, pledged his support to the deal, and admitted that it was actually an Israeli proposal.
Hanegbi said on Tuesday that “Time is working against the hostages,” adding that this is why the issue has to be prioritized. Adding that he was among those who are optimistic that an agreement was possible, even though almost a month has passed and Hamas has not accepted the deal.
“I think that given the tremendous international pressure on Hamas today, there is a chance that it will do something,” Hanegbi said. He referenced the United Nations Security Council resolution to back the deal, noting that even those countries that usually side with Hamas had supported the resolution or didn’t oppose it.
That resolution was based on “the Israeli proposal for a deal that was adopted by Biden,” he said.
“There’s tremendous pressure on Qatar. And it is also placing pressure on its side on the Hamas leadership in Qatar to accept this deal as it is,” Hanegbi said. It’s possible that both the regional and the international pressure could be effective, he added.
Hanegbi recalled that he had just returned from Washington, where he and Strategic Affairs Minister Ron Dermer met last week with US officials, including US National Security Adviser Jake Sullivan and US Secretary of State Antony Blinken.
“We had a very intimate conversation very much focused on the issue of hostages,” Hanegbi said.“It’s our impression that the US’s commitment to the deal is 100%,” Hanegbi said.
Reuters contributed to this report.
ISRAEL/HEZBOLLAH/LEBANON
Benny Gantz: Israel can destroy Hezbollah’s military in days
Reichman University President Boaz Ganor, while speaking at the Herzliya Conference, said Iran pre-arranged its false denial of knowledge of Hamas invasion.
By YONAH JEREMY BOBJUNE 25, 2024 18:06Updated: JUNE 25, 2024 20:31
The IDF can destroy Hezbollah’s military capabilities in a matter of days, National Unity Party leader Benny Gantz said on Tuesday.
Speaking at the 21st Herzliya Conference at Reichman University, Gantz said a major challenge for Israel is to “return the southern and northern residents back to their homes, even at the price of escalation.”
He said he heard the reports about the Hezbollah threat to bring down Israel’s electrical grid, and responded, “We can bring Lebanon completely into the dark, and take apart Hezbollah’s power in days.”
The former defense minister and IDF chief of staff said the price to “Israel will be heavy. We need to back up our institutions. We need to be ready for major incidents of harm [to the public]. We should try to avoid it, but if we need to do it, we cannot be deterred from it.
“We cannot let Hezbollah keep threats close to the northern border,” he added, “we need to get the [northern] residents back by September 1.”
Forming a team
Another challenge for Israel that Gantz discussed was building a regional and global alliance against Iran.
“We still have the opportunity of normalization with the Saudis and other states, to build what we started to build, the Middle East air defense, to form a stranglehold on the Iranian axis,” he said.
He emphasized that Israel must work hard with the US “to build up Israel’s defenses and to be ready for ‘the Judgment Day’ of stopping Iranian nuclear weapons.”
The day after
A third challenge he noted was the long-term conflict with Hamas, including the need for a political plan to replace the terror group’s management of Gaza.
He pushed hard for a hostage deal, even at the cost of ending the war for now.
Gantz noted that the US only killed Osama Bin Laden of al-Qaeda in 2011, 10 years after 9/11, meaning that even a long ceasefire would in no way mean that Israel would allow Gaza Hamas chief Yahya Sinwar to live out his days without killing him.
Rather, he said, it was clear that Hamas would continue to promote terror and their actions would give Israel the later excuse to eliminate him and other top Hamas leaders.
In any event, he said it would take years to replace Hamas at a governance level, but credited the IDF with destroying Hamas’s existing military capacities.
In matters relating to direct news of the day, Gantz praised the High Court of Justice for its ruling to order a draft for eligible ultra-Orthodox (haredi) men. He expressed his disappointment in the political class for mishandling the issue earlier, instead of passing the ball over and over again to the court.
He further suggested that now the political class must create mechanisms for integrating haredim into the IDF in much higher numbers.
Earlier at the conference, Reichman University President Boaz Ganor said, “Hamas is a tactical threat, Hezbollah is a strategic threat, and Iran is an existential threat.”
He warned that Israel had fallen into Iran’s trap, spending nine months fighting a player of minimal importance and wasting large amounts of goodwill globally, while Tehran has mostly gotten to sit back and watch.
Further, he said Iran is playing long-term chess, with Israel playing short-term poker.Ganor even argued that Iran knew more than Israeli intelligence has said, meaning that it really did plan the entire October 7 invasion.
In addition, he argued that Iran and Hezbollah’s denials of knowing Hamas’s plans were also pre-coordinated.
He did not specifically say that Tehran knew the date of the invasion, but Ganor has argued that Hamas was not sophisticated enough to pull off the coordinated massive rocket attack land invasion simultaneously on its own, nor was it capable of the extreme information security it undertook to avoid the IDF detecting the moment of the invasion.
ISRAEL/HOUTHIS/RED SEA
ISRAEL/IRAN //USA
Gallant to Austin: This is the moment for US to prevent a nuclear Iran
Austin told Gallant, “We stand together to ensure that Iran, which is the source of so much of the region’s violence and instability, can never achieve a nuclear weapon.”
By YONAH JEREMY BOBJUNE 25, 2024 20:32Updated: JUNE 25, 2024 20:51
This is the moment for the US to finally prevent a nuclear Iran, Defense Minister Yoav Gallant told US Secretary of Defense Lloyd Austin during a Tuesday visit to the Pentagon.
“This is the time to fulfill the promises of all US governments in recent years – to prevent a nuclear Iran which would constitute a danger to the entire world,” said Gallant.
The defense minister said that regarding preventing a nuclear Iran, “time is running out.”
Austin told Gallant, “We stand together to ensure that Iran, which is the source of so much of the region’s violence and instability, can never achieve a nuclear weapon.”
Gallant spoke after a series of recent greater focus and scrutiny on the Islamic Republic’s nuclear program from the US and the E3 (England, France, and Germany) as well as the IAEA nuclear inspectors.
With Tehran having increased its nuclear violations on a steady basis since mid-2019, and also gradually reduced the IAEA’s ability to continue surveillance of its nuclear program since 2021, the IAEA Board of Governors finally condemned Iran for its nuclear violations on June 5.
Since then, the US and the E3 have continued to pressure the Islamic Republic, including with another statement on Tuesday, to restore its compliance with IAEA surveillance as well as to return to the limits placed on it by the 2015 nuclear deal.
In addition, the E3 seemed more ready to potentially refer the issue in the coming months to the UN Security Council, which could potentially snap back the global sanctions on Tehran that were part of the deal – with the snapback being veto-proof.
To date, Israel had remained comparatively silent over the past month on the issue until Gallant’s dramatic statement on Tuesday.
Time is running out
As of October 2025/January 2026, significant aspects of limits on Iran’s centrifuges from the nuclear deal as well as the snapback sanctions threat will expire, leaving a limited amount of time to bring Iran back into the deal’s nuclear limits.
Currently, estimates are that Iran has enough enriched nuclear material to the 60% and 20% levels that if it spent some weeks or months, it could weaponize half a dozen or more weapons-worth of uranium.
There is a debate as to whether it would need six more months or two years to master remaining nuclear weapons issues.
end
ISRAEL
Netanyahu’s Wife Accuses Army Leaders Of Planning Coup
TUESDAY, JUN 25, 2024 – 07:00 PM
Sarah Netanyahu accused Israel’s army chiefs of seeking to carry out a coup against her husband, Prime Minister Benjamin Netanyahu, Haaretz reported on Tuesday, based on leaked audio obtained by the newspaper.
In a meeting last week with families of some of the captives held by Hamas in Gaza, Sarah Netanyahu stated several times in the tape that she has no confidence in the army’s senior officers. The families became upset by Mrs Netanyahu’s comments, saying the fate of their captive family members depended on the army.
In response, Mrs Netanyahu clarified her comments. She said that her lack of confidence is not in the army as a whole but in its senior commanders. Haaretz adds that she “vehemently claimed that they are interested in carrying out a coup” and repeated the claim multiple times.
The meeting was also attended by army officers, including Colonel (Ret.) Verda Pomerantz, formerly head of the casualty division, and Gal Hirsch, a former army commander tasked by the prime minister to coordinate the government’s effort to free the captives. Sarah’s statements were brought to the attention of senior officers in the army.
The meeting took place a few days after the Prime Minister’s son, Yair Netanyahu, attacked the army chiefs as well, accusing them of treason.
On Saturday, Yair shared a video in which Chief of Staff Herzi Halevi, Shin Bet Chief Ronan Bar, and retired Army military intelligence chief Aharon Haleva were called “fatal failures” for not preventing the 7 October Hamas attack.
After that, Yair also posted on the social media site X, writing, “What are they (army chiefs) trying to hide? If there was no treason, why are they so afraid that external and independent parties will check what happened?”
A statement issued by the prime minister’s office on behalf of Sarah Netanyahu said she had been “working on her own initiative for the families of the abducted, the bereaved families, the families of the murdered and all the circles of pain associated with this difficult war, and helps as much as she can.”
The statement then called the leak of the audio a “heinous injustice. Despite the voices that try to harm her and loosen her hands, Mrs Netanyahu will continue her activities for those who were harmed in the war and prays for the speedy return home of all 120 abductees.”
On 7 October, members of the Hamas wing, the Qassam Brigades, crossed through the Gaza border fence to attack Israeli military bases and settlements. In the process, they took some 240 Israeli soldiers and civilians as captives.
Some captives were released in a temporary ceasefire deal in November, while many others have been killed by the same Israeli bombing of Gaza that has killed a reported over 37,000 Palestinians. It is estimated that 120 remain captives of Hamas and other groups such as Islamic Jihad (PIJ).
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#Haretz In a meeting with hostage families, PM #Netanyahu‘s wife Sara accused IDF chiefs of seeking to stage a military coup against her husband. Remember, Sara Netanyahu has been already sentenced for corruption, she faced up to 5 years in prison on the charges against her.
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Roughly 1,200 Israelis were killed during the 7 October Hamas attack, known as Operation Al-Aqsa Flood. Some were killed by Qassam fighters. Others were killed by Israeli forces, which responded to the attack using heavy weapons from helicopters, drones, and tanks.
The Israeli army issued the Hannibal Directive, ordering its forces to kill Israelis to prevent them from being taken captive by Hamas. As a result, Israeli forces themselves may have killed many of the Israelis who died on 7 October.
UKRAINE/RUSSIA//usa
Trump Peace Plan Will Withhold Weapons From Zelensky Unless He Agrees To Negotiate
TUESDAY, JUN 25, 2024 – 07:20 PM
Details of a potential Trump peace plan for Ukraine have been revealed, according to a Tuesday Reuters report, which could be formally unveiled if he wins the November 5th presidential election. The plan centers on giving an ultimatum to Ukraine – that it will only receive more American weapons and defense aid if it agrees to enter peace talks with Moscow.
The proposal has been presented to Trump by advisers on his national security team, retired Lieutenant General Keith Kellogg, and Fred Fleitz. Both men had served as chiefs of staff Trump’s National Security Council during his first term in office. A key ‘controversial’ part of the plan is to freeze battle lines where they are during the progression of peace talks, something which is likely to be unpopular among Ukrainian and NATO officials.
While the Zelensky government could face the withholding of badly needed Washington aid, Moscow would simultaneously be warned that the US would increase its support for Ukraine if Putin refuses to enter the negotiations. However, this point presents a possible incentive for both sides to simply keep refusing talks (and each side could simply keep blaming the other for lack of dialogue).
Fleitz told Reuters that so far there’s been a favorable reaction after Trump was briefed on the plan:
They have presented their strategy to Trump, and the Republican presidential candidate responded favorably, Fleitz added. “I’m not claiming he agreed with it or agreed with every word of it, but we were pleased to get the feedback we did,” he said.
…The strategy outlined by Kellogg and Fleitz is the most detailed plan yet by associates of Trump, who has said he could quickly settle the war in Ukraine if he beats President Joe Biden in the Nov. 5 election, though he has not said how he would do that.
The Trump campaign noted that nothing is official until it is issued from a designated campaign spokesperson.
The Biden White House has repeatedly said that the ball is entirely in Kiev’s court. Only Ukrainian leadership can decide the when and where of ceasefire talks. Zelensky has repeatedly said he will not contemplate sitting at the table with Moscow representatives so long as Putin is in power. Tens of billions continue flowing into Kiev’s coffers from Western backers.
Zelensky’s office has already reacted negatively to news of the potential Trump peace plan, with presidential adviser Mykhailo Podolyak saying Tuesday that freezing current battle lines would be “strange” given that Russia is the invader and illegal occupier of Ukraine territory.
“Ukraine has an absolutely clear understanding and it is spelled out in the peace formula proposed by President (Volodymyr) Zelenskiy, it is clearly stated there – peace can only be fair and peace can only be based on international law,” he said to Reuters. Zelensky’s 10-point plan centers on Russian troops withdrawing from all Ukrainian territory before there can be peace. Putin has at the same time vowed to never give up the four annexed eastern territories which have since last year been declared absorbed into the Russian Federation.
Last year Zelensky in a CNN interview posed the following: “We’re not ready [to give up territory to Russia]. But the question for Trump – or to someone else, maybe it’s not his idea – is ‘is the United States ready to give up territory after Putin has said he would use nuclear weapons?”
Meanwhile, the Kremlin has reacted somewhat positively. “The value of any plan lies in the nuances and in taking into account the real state of affairs on the ground,” Kremlin spokesman Dmitry Peskov said in response. “President Putin has repeatedly said that Russia has been and remains open to negotiations, taking into account the real state of affairs on the ground,” he said.
Back in April, Zelensky issued his own conditions in a Meet the Press appearance:
WATCH: President Zelenskyy says he doesn’t believe “rumors” about former President Trump’s plan to end Russia-Ukraine war.
: “When Trump comes here and will tell me their formula of peace, then I will be able to provide the response.”
·
10.9K Views
It appears the Trump campaign is fully aware of the general war weariness that long ago took hold of the American public and even much of Europe. Trump has previously vowed to kick-start negotiations ‘within 24 hours’ if he enters the White House again. He has accused Biden and his policy of simply fueling an endless war. According to more fresh statements from team Trump:
Fleitz said Ukraine need not formally cede territory to Russia under their plan. Still, he said, Ukraine was unlikely to regain effective control of all its territory in the near term.
“Our concern is that this has become a war of attrition that’s going to kill a whole generation of young men,” he said.
A lasting peace in Ukraine would require additional security guarantees for Ukraine, Kellogg and Fleitz said. Fleitz added that “arming Ukraine to the teeth” was likely to be a key element of that.
“President Trump has repeatedly stated that a top priority in his second term will be to quickly negotiate an end to the Russia-Ukraine war,” Trump spokesperson Cheung said.
To be expected, the White House and the Biden campaign are already charging Trump with an unwillingness to ‘stand up’ to Putin. This will also likely be used as another talking point to claim that Trump is playing softball with Putin as he’s somehow ‘compromised’ (cue Russiagate etc…)
And yet, for there to ever be peace, significant concessions will have to be made, something which the Biden administration has utterly failed in. Instead it has only continued to escalate with policies like greenlighting strikes inside Russian territory using American weapons.
END
RUSSIA/
6.COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES
.
WORLD EVENTS NOTEWORTHY
END
WORLD HEALTH ISSUES
DR PAUL ALEXANDER
EVOL NEWS
| LATEST NEWS: |
SLAY NEWS
| The latest reports from Slay News |
| Scientists Raise Alarm over Surging Neurological Deaths Among Young PeopleA group of scientists is raising the alarm after a disturbing new study revealed a huge surge in deaths among young people suffering from neurological diseases.READ MORE |
| Klaus Schwab Tells WEF Elites: ‘We Must Force’ Humanity into ‘Collaboration’ with Globalist AgendaWorld Economic Forum (WEF) founder Klaus Schwab has told global elites that ushering in the globalist agenda will require humanity to be forced into a “collaboration” with the unelected organization.READ MORE |
| ‘Sopranos’ Star Suggests Hollywood Celebrities Are Getting Paid to Support Biden“The Sopranos” actress Drea de Matteo has suggested that Hollywood stars and other celebrities are being paid to publicly support President Joe Biden and the Democrats.READ MORE |
| Massive Public Database Exposes Criminal Illegal Aliens: ‘Bidenvasion Crime Wave’A massive public database has been launched that details thousands of crimes committed by illegal aliens. READ MORE |
| Top Biden Pentagon Official: Pushing ‘Nonbinary Identities’ for Service Members Is Essential for ‘National Security’A senior official in Democrat President Joe Biden’s Department of Defence (DOD) has declared that focusing on policies to promote “nonbinary identities” of service members is essential for “national security.”READ MORE |
| Trump Confirms He’s Chosen VP, but Pick Remains Secret until RNC AnnouncementAs speculation mounts over his running mate, President Donald Trump has confirmed that he has chosen his vice-presidential candidate.READ MORE |
| Trump Vows to Scrap Education Department in Second TermPresident Donald Trump has pledged to shut down the federal Education Department if he wins re-election in November.READ MORE |
| Jack Smith Files New Motion with Judge Cannon, Claims Trump Supporters Pose ‘Imminent Threat’The Democrats’ special prosecutor Jack Smith has filed another aggressive motion with the courts in an effort to target President Donald Trump.READ MORE |
| Julian Assange Released: WikiLeaks Founder Returns HomeWikiLeaks founder Julian Assange has finally been released after securing a plea deal with the U.S. government to return home to his native Australia.READ MORE |
| Obama’s White House Doctor Calls for Biden to Pass Drug Test before Debate with TrumpBarack Obama’s former White House doctor has issued a statement calling on Democrat President Joe Biden to take and pass a drug test before taking part in the first presidential debate on Thursday.READ MORE |
| SCOTUS Refuses to Hear Appeal of Reality Star Josh Duggar’s Conviction for Crimes Against ChildrenThe United States Supreme Court has refused to hear reality star Josh Duggar’s appeal against his recent conviction for crimes against children.READ MORE |
| Trump Campaign Slams ‘Debate Moderator’s History of Anti-Trump Lies’ after CNN Host Cuts FeedCNN has revealed that it has no plans for a fair presidential debate after one of the network’s hosts cut the feed during an interview with President Donald Trump’s campaign spokeswoman.READ MORE |
| Welfare Offices Caught Giving Illegal Aliens Voter Registration Forms without Proof of CitizenshipIllegal aliens across the country are being given voter registration forms by welfare offices without being asked for proof of citizenship.READ MORE |
NEWS ADDICTS
| WEF: 99% of Humans Will Be Replaced by AIThe World Economic Forum (WEF) has promised globalists attending the “Summer Davos” event in China that artificial intelligence (AI) will soon replace 99% of humans on Earth.READ THE FULL REPORT |
| Judge Cannon Demands Testimony from Agents Involved in Mar-a-Lago RaidU.S. District Judge Aileen Cannon held a hearing on June 25, marking the fourth session in five days concerning former President Donald Trump’s motion for relief in his classified documents case.READ THE FULL REPORT |
| FBI Shut Down Security Cameras During 2022 Mar-a-Lago RaidSpecial Counsel Jack Smith’s team has filed a response to President Trump’s motion to dismiss the classified documents case, which alleges spoliation of evidence seized by agents during the 2022 raid on Mar-a-Lago.READ THE FULL REPORT |
| Trump Files New Appeal Against Decision Not to Disqualify DA Fani WillisPresident Donald Trump has filed an appeal challenging the ruling that upheld Fulton County District Attorney Fani Willis’ eligibility in the Georgia Court of Appeals on June 24.READ THE FULL REPORT |
| Federal Judge Blocks Key Parts in Biden’s Student Loan Repayment PlanOn June 24, federal judges in Missouri and Kansas issued separate rulings blocking key parts of the Biden administration’s Saving on a Valuable Education (SAVE) program.READ THE FULL REPORT |
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7.OIL PRICES/GAS PRICES/OIL ISSUES
Soaring Costs Put New U.S. LNG Export Projects At Risk of Delays
TUESDAY, JUN 25, 2024 – 03:20 PM
By Tsvetana Paraskova of OilPrice.com
Surging labor and construction costs are plaguing some major U.S. LNG export projects, threatening to delay new LNG supply to international markets.
Wage growth since 2021, a shortage of skilled workers, and rising costs of materials with the inflation over the past three years have increased overall contractor costs for U.S. LNG export projects, analysts tell Reuters.
Wages for skilled workers have jumped by 20% since 2021, and in some cases contractors have had to pay a per diem rate to retain these workers, Travis Woods, president of Gulf Coast Industrial Group representing more than 1,500 contractors in Texas and Louisiana, told Reuters.
In addition, engineering, procurement, and construction (EPC) contracts for new LNG export plants have jumped by up to 25% since 2021, according to consultancy Rapidan Energy Group.
In one of the biggest setbacks so far, Zachry Holdings, the contractor building Exxon and QatarEnergy’s Golden Pass LNG project, initiated a voluntary court-supervised Chapter 11 process in May and fired thousands of workers. Progress on the $10-billion LNG export project stalled.
“As the project’s lead contractor, we have navigated significant challenges and disruptions stemming first from the COVID-19 pandemic and, more recently, international geopolitical issues,” chairman and CEO John Zachry said.
“Because we have been unable to find a path forward, we have been forced to take action to protect our business. The process we are starting today provides us mechanisms to initiate a structured exit from the GPX project.”
Last week, Exxon and QatarEnergy asked a bankruptcy court to immediately remove Zachry Industrial from the project.
“Zachry has stopped performing its obligations under the EPC (engineering, procurement and construction) contract, fired thousands of workers, stopped paying its subcontractors and abandoned the Golden Pass project that it committed to building at a lump-sum fixed price,” Exxon and QatarEnergy said in a court filing carried by Reuters.
To share the burden of rising costs, some other U.S. LNG developers are welcoming foreign investors in their projects.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
CANADA
Trudeau In Trouble After Conservative Upset In Toronto “Must-Win” Special Election
TUESDAY, JUN 25, 2024 – 03:40 PM
Two years ago, Canadian Prime Minister Justin Trudeau declared war on conservatives – invoking the Emergencies Act to punish protesting truckers in a move that was ruled flatly unconstitutional in January.
Now, his political future is on the line after the ruling liberal party lost a key ‘safe seat’ in the Toronto-St. Paul’s special election.
In an upset victory, Conservative candidate Don Stewart beat Liberal Leslie Church by a slim, but hugely significant 590 votes, dislodging a seat that the governing Liberals have held for more than 30 years.
In response to the win, Conservative leader Pierre Poilivere demanded Trudeau call a snap election following what he called a “shocking upset” on social media Tuesday morning.
“Here is the verdict: Trudeau can’t go on like this. He must call a carbon tax election now,” he posted on X.
Congratulations to Common Sense Conservative candidate,
, on a shocking upset in Toronto-St. Paul’s, where people voted to axe the tax, build the homes, fix the budget and stop the crime. Here is the verdict: Trudeau can’t go on like this. He must call a carbon tax election now. Sign if you agree: https://conservative.ca/cpc/call-for-a-carbon-tax-election-now/…
·
396.8K Views
Stewart’s upset victory came in the dead of night, with the results flipping just before 4 a.m. when Tories jumped into the lead with just three polls remaining in the count, the Toronto Sun reports.
The results represent a massive victory for party Leader Pierre Poilievre and his Conservatives, who haven’t won a single seat in Toronto proper since 2011.
The race was considered a must-win for Prime Minister Justin Trudeau, and the loss is a massive blow that could trigger calls for him to step down after 11 years as Liberal leader.
The crushing defeat for the Liberals is a kick to a party that is already down in the polls.
As the Sun notes further, if these results pan out country-wide, it could change the dynamics of the next election, according to Ginny Roth, a Conservative strategist who served as Poilievre’s director of communications during his leadership race.
“It’s a really buoyant, exciting prospect for Conservatives who, I think, now can point to a very broad coalition of support,” she said.
KENYA
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0684 DOWN .0026
USA/ YEN 160.32 UP 0.619 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2649 DOWN .0034
USA/CAN DOLLAR: 1.3694 UP .0031 (CDN DOLLAR DOWN 31 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 22.53 PTS OR 0.76%
Hang Seng CLOSED UP 17.03 PTS OR 0.09%
AUSTRALIA CLOSED DOWN 0.67%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 17.03 PTS OR 0.09 %
/SHANGHAI CLOSED UP 22.53 PTS OR 0.76%
AUSTRALIA BOURSE CLOSED DOWN 0.67%
(Nikkei (Japan) CLOSED UP 493.92 PTS OR 1.26%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2307.20
silver:$28.86
USA dollar index early WEDNESDAY morning: 105.62 UP 37 BASIS POINTS FROM TUESDAY’s CLOSE.
WEDNESDAY MORNING NUMBERS ENDS
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And now your closing WEDNESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.186% UP 6 in basis point(s) yield
JAPANESE BOND YIELD: +1.023% UP 3 AND 0/ 100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.377 UP 7 in basis points yield
ITALIAN 10 YR BOND YIELD 3.992 UP 7 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.4515 UP 6 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0680 DOWN 0.0029 OR 29 basis points
USA/Japan: 160.64 UP 0,945 OR YEN IS DOWN 94 BASIS PTS
Great Britain 10 YR RATE 4.1790 UP 10 BASIS POINTS //
Canadian dollar DOWN .0032 OR 32 BASIS pts to 1.3694
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The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.2667 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.3012)
TURKISH LIRA: 32.85 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +1.023…
Your closing 10 yr US bond yield UP 4 in basis points from TUESDAY at 4.316% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.448 UP 6 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.747 UP 1 BASIS PTS.
GOLD AT 11;30 AM 2301.90
SILVER AT 11;30: 28.87
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY CLOSING TIME 12:00 PM//
London: CLOSED DOWN 24.46 PTS OR 0.27%
German Dax : CLOSED DOWN 22.35 PTS OR 0.12%
Paris CAC CLOSED DOWN 53.15 PTS OR 0.69 %
Spain IBEX CLOSED DOWN 88.40 OR 0.60%
Italian MIB: CLOSED DOWN 165.23 PTS OR 0.44% PTS
WTI Oil price 80.73 12EST/
Brent Oil: 85.13 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 88.25 ROUBLE DOWN 0 AND 19/100
GERMAN 10 YR BOND YIELD; +2.4515 UP 6 BASIS PTS.
UK 10 YR YIELD: 4.1790 UP 10 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0676 DOWN 0.0032 OR 32 BASIS POINTS
British Pound: 1.2618 DOWN 0.0065 OR 65 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.1290 DOWN 1 BASIS PTS//
JAPAN 10 YR YIELD: 1.023%
USA dollar vs Japanese Yen: 160.883 UP 1.133 YEN DOWN 113 BASIS PTS//
USA dollar vs Canadian dollar: 1.3706 UP 0045 //CDN dollar DOWN 45 BASIS PTS
West Texas intermediate oil: 80.66
Brent OIL: 84.93
USA 10 yr bond yield UP 9 BASIS pts to 4.321
USA 30 yr bond yield UP 8 BASIS PTS to 4.452%
USA 2 YR BOND: UP 1 PTS AT 4.747
USA dollar index: 106.09 UP 49 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32.82 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 87.25 UP 0 AND 99/100 roubles
GOLD 2,298.25 3:30 PM
SILVER: 28.76 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 15.57 PTS OR 0.04%
NASDAQ UP 49.92 PTS OR 0.25 %
VOLATILITY INDEX: 12.49 DOWN 0.35 PTS OR 2.73%
GLD: $212.58 DOWN 1.98 OR 0.92%
SLV/ $26.31 DOWN 0.09 OR 0.36%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Yen-sanity Blows As Jensenity Slows: Bonds & Bullion Dumped As Big-Tech (Ex-NVDA) Jumps
WEDNESDAY, JUN 26, 2024 – 04:00 PM
Today’s market was brought you by the number 160 (yen per dollar) and the letters ‘A’ and ‘I’ as Japan’s Kanda spoiled the party in the FX markets and NVDA’s Huang failed to spark a panic back into AI stocks during today’s shareholder meeting.
USDJPY broke above 160 for the first time since 1986 as Japan’s currency chief failed to ignite enough fear with his comments about intervention…
Source: Bloomberg
NVDA failed to follow-through on yesterday’s big rebound even as CEO Jensen Huang delivered a rousing vision of the future for the use of his company’s products…
Source: Bloomberg
Well, everything went fucking vertical in the last few seconds of the day smashing NVDA into the green…
AI companies overall faded today, giving back much of yesterday’s gains (but the selloff was more broad-based today)…
Source: Bloomberg
But while AI stocks were hit, MAG7 basket rallied, thanks in large part to AMZN…
Source: Bloomberg
…as AMZN hit a new record high, topping $2 trillion market cap for the first time…
Source: Bloomberg
Add to all that the fact that the US housing market appears to have literally imploded in May (according to today’s new home sales data) and onemight have expected a more “bad news is good news” day… but instead, rate-cut expectations fell hawkishly…
Source: Bloomberg
Overall, Small Caps were the day’s biggest losers with the other US Majors clinging to either side of unchanged ahead of tonight’s bank stress test results. The last few seconds of the day saw everything go vertical as NVDA spiked…
Goldman’s trading desk noted that overall activity levels are down -5% vs. the trailing 2 weeks with market volumes flat vs the 10dma
- Our floor tilts -1% better for sale, driven by HFs
- HFs lean -8% better for sale but short ratio back below 50%. They are net for sale in every sector ex-REITs & Macro Products. Supply is heaviest in Tech where net supply is 3x larger than Energy, while the other sectors net supply is more modest.
- LOs are +2% better to buy, buying Tech, Staples, Energy, Fins & Macro Products. Supply is heaviest in HCare & Industrials.
Bonds were dumped though with the longer-end underperforming on the day (2Y +4bps, 30Y +7bps)..
Source: Bloomberg
…which steepened the yield curve dramatically, back up to pre-CPI levels…
Source: Bloomberg
The yen weakness sent the dollar index soaring higher, closing at its highest since Nov 2023…
Source: Bloomberg
Dollar strength made gold suffer, with spot prices back below $2300…
Source: Bloomberg
…and oil, which was also piled on from a big crude build. WTI bounced back off the early selling but was sold back down to close basically unchanged…
Source: Bloomberg
Bitcoin faded back from $62,000 as headlines around US Govt moving its Mt.Gox holdings to Coinbase sparked some selling pressure (though it appears the market has already soaked in the potential supply from that, which built on yesterday’s FUD-inspiring German govt move headlines)…
Source: Bloomberg
And finally, ahead of the first debate tomorrow night, Goldman Sachs shows us this chart shows how institutional investors view November’s outcome…Unified government is a major risk for bonds – Equities most sensitive to a Trump win…
Source: Goldman Sachs
Did today’s bond selloff and usd gains signal some bets that Trump will come away from tomorrow’s brawl for the better?
MORNING TRADING//
AFTERNOON TRADING///
II USA DATA
US New Home Sales Crashed In May
WEDNESDAY, JUN 26, 2024 – 10:10 AM
US new home sales were expected to dip 0.2% MoM in May… but they didn’t…
New home sales crashed 11.3% MoM (after April’s 4.7% drop was revised up to a 2.0% MoM rise). That is the biggest MoM drop since Sept 2022…
Source: Bloomberg
This is the biggest YoY drop since Feb 2023, taking the SAAR down to the same level as it was in 2016…
Source: Bloomberg
Median new home price fell 0.9% YoY to $417,400 – lowest since April 2023 – (with the average selling price at $520,000) with a big downward revision for April from $433k to $417k!…
Source: Bloomberg
For the first time since June 2021, median existing home prices are above median new home prices…
Source: Bloomberg
As BofA warned yesterday:
“The US housing market is stuck, and we are not convinced it will become unstuck anytime soon. After a surge in housing activity during the pandemic, it has since retreated and stabilized. We view the forces that have reduced affordability, created a lock-in effect for homeowners, and limited housing activity will remain in place through our forecast horizon “
At the same time, the supply of available homes increased to 481,000, still the highest since 2008.
Source: Bloomberg
New home sales are catching down to the reality of mortgage rates continuing to hold above 7%…
Source: Bloomberg
It seems homebuilders finally gave up filling that gap in anticipation of an imminent Fed rate-cut to save the world.
END
GENERAL MILLS
Many companies falling apart
(zerohedge)
General Mills Shares Slide On Dismal Sales Outlook Amid Consumer Pullback
WEDNESDAY, JUN 26, 2024 – 12:05 PM
General Mills shares plunged nearly 8% at the start of the US cash session, marking its steepest intra-day drop since May 2022. The decline followed the packaged-food company’s report of fourth-quarter sales that missed average analyst estimates, coupled with a full-year sales forecast that also fell short. This disappointing outlook signals more evidence of a consumer pullback amid elevated food prices and builds on our weak consumer theme.
The maker of Lucky Charms cereal and Yoplait yogurt reported net sales of $4.71 billion, -6.3% year over year for the quarter, below the average estimate tracked by Bloomberg of $4.87 billion. Volumes for the quarter were also lower in its North American retail business and pet segment. Also, retailers were reducing inventory in the quarter.
Here’s a snapshot of General Mills’ fourth quarter results (courtesy of Bloomberg):
- Adjusted EPS $1.01 vs. $1.12 y/y, estimate $1.00
- Adjusted gross margin 34.9% vs. 35% y/y, estimate 34%
- Net sales $4.71 billion, -6.3% y/y, estimate $4.87 billion
- North America Retail Net Sales $2.85 billion, -6.9% y/y, estimate $2.93 billion
- North America Foodservice Net Sales $589.0 million, +4.4% y/y, estimate $571.1 million
- Pet Segment Net Sales $602.1 million, -8.1% y/y, estimate $627.4 million
- International net sales $667.5 million, -10% y/y, estimate $730.2 million
- Organic net sales -6%, estimate -3.31%
- North America Retail organic net sales -7%, estimate -4.41%
- Pet organic net sales -8%, estimate -4.32%
- Change in North America Foodservice Organic Net Sales +4%, estimate +1.04%
- Change in International Organic Net Sales -10%, estimate -2.58%
- Organic sales volume -2.0 pts, estimate -2.36
- North America retail organic sales volume -6.0 pts, estimate -2.3
- Pet organic sales volume -7.0 pts, estimate -5.27
- International organic sales volume +1.0 pts, estimate -2.67
- North America retail organic sales price/mix -1.0 pts, estimate -2.91
- Pet organic sales price/mix -1.0 pts, estimate +1.05
- North America foodservice organic sales price/mix +1.0, estimate +0.98
For the current fiscal year, the company forecasts organic sales to range between flat and a 1% increase, falling short of the average analyst estimate of 1.18%.
- Sees organic net sales 0% to +1%, estimate +1.18% (Bloomberg Consensus)
- Sees adj. EPS in constant currency -1% to +1%
- Sees Adjusted operating loss in constant-currency -2% to 0%
General Mills Chairman and Chief Executive Officer Jeff Harmening called the macroeconomic landscape “a more challenging operating environment.”
This comes as elevated interest rates and persistent inflation have triggered a consumer slowdown, mainly affecting the working poor segment, but new evidence of stress has emerged in the middle class.
Consumers have been cutting back on spending in recent months and buying less food. Some consumers are replacing branded goods with cheaper, private label versions, while others are simply making do with less — particularly for packaged foods. The company said it expects consumers to continue seeking value given the economic environment. -Bloomberg
Pro subs have been provided the theme of the consumer slowdown in various notes, the most recent one being titled Goldman Tells Top Clients To Start “Shorting The Middle-Income Consumer.”
III USA ECONOMIC COMMENTARIES
Federal Judges Block Parts Of Student Loan Repayment Plan
TUESDAY, JUN 25, 2024 – 10:00 PM
Authored by Caden Pearson via The Epoch Times (emphasis ours),
Federal judges in Missouri and Kansas issued separate rulings on June 24 blocking key sections of the Biden administration’s Saving on a Valuable Education (SAVE) program, which is designed to lower student loan payments and forgive debts.
A new version of the program that would reduce payments and shorten maximum repayment periods was set to take effect in July.
U.S. District Judge Michael Crabtree for the District of Kansas ruled that the Republican states were likely to succeed in their claim that the department lacked explicit congressional authority to enact this portion of the program.
“Defendants have offered colorable, plausible interpretations of the Higher Education Act that could authorize the SAVE Plan, but those interpretations fall short of clear congressional authorization,” Judge Crabtree, who was appointed under President Barack Obama, wrote on Monday.
However, he declined to block the program entirely, expressing concerns about the practicality of reversing parts of the plan that had already been implemented. He also said that Republicans’ delay in filing their lawsuits undermined their arguments that there was an immediate need to halt the entire program.
The ruling noted the judge’s reluctance to issue a nationwide injunction.
In a separate decision on the same day, U.S. District Judge Judge John Ross for the Eastern District of Missouri, also a President Obama appointee, blocked the department from forgiving “any further loan[s]” under SAVE until he decides the full case. His order said that such actions would likely strip state loan operators of revenue.
Judge Ross also suggested that the SAVE program might have exceeded the authority of Education Secretary Miguel Cardona and that Missouri would likely be harmed by the program.
Attorneys General Welcome Rulings
Kansas Attorney General Kris Kobach, who spearheaded one of the legal challenges, issued a statement celebrating the ruling as a victory.
“As the court correctly held, whether to forgive billions of dollars of student debt is a major question that only Congress can answer,” he said. “This is not only unconstitutional, it’s unfair. Blue collar Kansas workers who didn’t go to college shouldn’t have to pay off the student loans of New Yorkers with gender studies degrees.”
The Kansas challenge was supported by 11 other Republican states. Of these 12 states, only four—Alaska, Texas, and South Carolina—were found to have standing.
Missouri Attorney General Andrew Bailey also hailed the ruling, calling it a “huge win for the rule of law and Americans who would have been forced ”to pay off someone else’s debt.”
“Only Congress has the power of the purse, not the President,” Mr. Bailey said in a statement on Monday.
SAVE Plan
The SAVE plan, a reworking of a previous plan, aims to halve the required payment on student loans from 10 percent to 5 percent of discretionary income and shorten the repayment period for those with lower initial loan balances. This means that borrowers with smaller loan balances could have their loans forgiven in just 10 years instead of 20.
Some parts of the plan have already been implemented, resulting in the forgiveness of loan balances for hundreds of thousands of individuals.
President Biden created the SAVE program after the Supreme Court rejected his plan to forgive broader debts. Following that decision, the Education Department pursued another way to provide debt relief under the Higher Education Act.
White House press secretary Karine Jean-Pierre said in April that the plans would “fully eliminate” accrued interest for 23 million borrowers, cancel the full amount of debt for over 4 million borrowers, and give over 10 million borrowers around $5,000 in debt relief or more.
25 million borrowers owe more than the amount they originally borrowed due to accruing interest. Currently, nearly 8 million people are enrolled in the program, according to the White House.
The Biden administration, as of April, touted that it had provided around $146 billion in student debt relief via more than two dozen executive actions.
Normally, federal student loan borrowers must repay their debts for around 20 years to qualify for forgiveness under the Education Department’s income-driven repayment plans. The SAVE plan offered a shorter timeline for forgiveness, canceling debt after just 10 years for borrowers who initially took out less than $12,000.
*end
IRS Hammers US Taxpayers With Record Penalties In FY-23
TUESDAY, JUN 25, 2024 – 09:00 PM
Authored by Martin Armstrong via ArmstrongEconomics,
The government has become desperate for funding, seeking out money from their own citizens through taxation.
Not only have they raised taxes for every bracket, but the IRS managed to squeeze more money out of Americans through audits for fiscal year 2023 than any year on record. In fact, the IRS shook down Americans for an additional $7 billion in tax penalties alone – a 300% increase from FY22.
These funds are mere chump change as we send out far more than this to Ukraine on a regular basis. The people do not vote on how their taxes are frivolously spent, but they are responsible for the government’s spending. Biden claimed he would target the hated “rich” but reports have found that the majority of those targeted were gig economy workers and freelancers. Biden has done everything in his power to kill the gig economy. The IRS hates the gig economy because they believe those workers are stealing from Uncle Sam.
The average penalty for underestimating taxes was around $150 in 2022. This year, the average penalty was around $500.
The IRS also ramped up its campaign to fine anyone who missed the tax deadline. Late payment fees increased to $485 or 100% of the tax owed if that amount is less. Then there is the question of “How much do I owe?” The tax system in the US is so complex that there are careers dedicated toward figuring out that predicament. Every citizen and business would prefer if the government simply told them how much they needed to pay. Instead, they deliberately make the tax code vague in order to penalize everyone and anyone.
The penalty for underpayment rose in the past year from 3% to 8%. There is no grace for those who cannot afford to pay their due amount as the IRS charges interest on all payments that are not made in full. Those who intentionally disregarded their payments faced a $630 penalty or 10% of the amount owed.
Yet, the Biden Administration wants you to believe they care deeply about the working man. Biden wanted to hire far more IRS agents this year to raise these penalties. Public confidence dissolves when the state begins to hunt their own citizens for taxes. The government becomes the clear enemy. We have seen it happen countless times throughout history when citizens flee and later protest or revolt over absurdly high taxes. The fact that the Biden Administration has been using US taxpayer funds for foreign causes only adds insult to injury.
END
South west was a great airline. Now revenues falter as troubles mount
(zerohedge)
Southwest Plunges After Revenue Guidance Slashed As Troubles Mount
WEDNESDAY, JUN 26, 2024 – 09:10 AM
Just over two weeks after activist shareholder Elliott Investment Management was revealed to have nearly a $2 billion equity stake in budget airline Southwest, the investment firm’s head, Paul Singer, is already experiencing a turbulent ride.
Shares of Southwest plunged as much as 10% in premarket trading in New York, with some of those losses reversed as of 0815 ET, following news the airline slashed its guidance for revenue per available seat mile, a commonly used top-line metric also known as “RASM,” for the second quarter.
Southwest wrote in a filing with the Securities and Exchange Commission that it expects a revenue per available seat mile decline of as much as 4.5% in the second quarter, down from a prior estimate of 1.5% to 3.5%.
“Based on revenue performance to date, the Company now expects second-quarter 2024 RASM to decline in the 4.0 percent to 4.5 percent range compared with its prior expectation of a 1.5 percent to 3.5 percent decline, both on a year-over-year basis,” the airline said.
Southwest explained, “The reduction in the Company’s RASM expectations was driven primarily by complexities in adapting its revenue management to current booking patterns in this dynamic environment.”
Despite the downward revision in RASM, the airline noted, “The Company continues to expect an all-time quarterly record for operating revenue in the second quarter of 2024.”
In late April, Southwest shares tumbled after the company reported a wider-than-expected first-quarter loss and lower-than-expected revenue due to delays in Boeing jet deliveries.
“The recent news from Boeing regarding further aircraft delivery delays presents significant challenges for both 2024 and 2025,” Southwest CEO Bob Jordan wrote in the company’s first-quarter financial results statement.
Meanwhile, as of early April, Paul Singer has become one of Southwest’s largest shareholders and aims to turn the struggling airline around. However, someone should warn Singer not to elimate the ‘bags fly free’ policy or face a wave of angry passengers.
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM
END
iiiC USA COVID //VACCINE ISSUES/IMPORTANT MEDICAL ISSUES
end
END
FREIGHT ISSUES/USA
END
VICTOR DAVIS HANSON OR NEWT GINGRICH
The Logic In All The Madness: VDH
TUESDAY, JUN 25, 2024 – 05:00 PM
Authored by Victor Davis Hanson via American Greatness,
Most Americans believe it is unhinged to deliberately destroy the border and allow 10 million illegal aliens to enter the country without background audits, means of support, any claims to legal residency, and definable skills.
And worse still, why would federal authorities be ordered to release repeat violent felons who have gone on to commit horrendous crimes against American citizens?
Equally perplexing to most Americans is borrowing $1 trillion every 90 days and paying 5-5.5% interest on the near $36 trillion in ballooning national debt.
Servicing that debt at current interest exceeds the size of the annual defense budget and may soon top $1 trillion in interest costs, or more than 13% of the budget.
Why would the United States suspend military aid to Israel as it tries to destroy the Hamas architects of the October 7 massacres? Why would it lift sanctions on a terrorist Iran? Why would it suppress Israel’s response to Iran’s missile attack on the Jewish homeland? Why would it prevent Israel from stockpiling key munitions as it prepares to deal with the existential threats posed by Hezbollah?
Why would the Biden administration cancel key pipeline projects and put vast swaths of federal lands rich in oil and gas off limits to production, even as it further drains the strategic petroleum reserve? Why not pump rather than drain our own oil from strategic stockpiles?
Why would the Biden White House’s counsel’s office meet with Nathan Wade, the former paramour chief prosecutor in the Fani Willis Fulton County prosecution of Donald Trump? Why would the third-ranking prosecutor in the Biden Justice Department step down to lead Alvin Bragg’s Manhattan prosecution of Donald Trump? Why would the Biden Justice Department under Attorney General Merrick Garland select Jack Smith as a special prosecutor of Donald Trump—given his past failures as a special counsel and known political biases?
Nihilism only explains so much. A better explanation is that the Biden administration and its handlers knew that there was a good chance that most of their policies would prove unpopular and might even jeopardize Biden’s reelection.
But they also were confident the changes were of such magnitude that the United States would either become—in the infamous phrase of Barack Obama—“fundamentally transformed” or force the next Republican administration to adopt such tough medicine that it would prove untenable politically and the malady would still prove mostly impossible to undo.
After all, how would a Trump administration deal with 10 million illegal aliens who entered the US without audit or legality? Where are they? How would they be found and deported? How many court suits in blue-jurisdictions before blue judges would have to be overcome?
The country has become accultured to a nonexistent border.
And so, the left assumes, it would be expensive and difficult to finish the wall, to stop catch and release, to insist refugee status must be obtained before entry, and to deport what is likely now 20-30 million illegal aliens in toto.
In other words, the Biden administration may sigh, “Our work is done. Whatever you think about our illegal methods, we forever changed the idea of immigration and the demographics of the country.”
All presidents—Bush, Obama, Trump, and Biden—have run deficits and vastly increased the debt since the Bill Clinton-Newt Gingrich compromises that resulted in a temporary period of balanced budgets.
But in the case of Biden, there was no need to keep up the multitrillion-dollar deficits, especially as interest rates on the national debt tripled and the service costs now approach $1 trillion per year.
Biden, after all, inherited a recovering economy, flush with post-COVID-19 lockdown stimulatory dollars, pent-up consumer demand, and ossified supply chains. And then he stupidly poured gasoline on the explosive mix by dousing the country with even more federal spending.
Now we have the worst of both worlds: high interest rates and nearly $36 trillion to service.
But in the leftist mind, it was worth it, given that left-wing constituencies received vast expansions of entitlements that will be hard to prune back. And unprecedentedly vast debt at levels like our current burden of 123% of annual GDP prove unsustainable.
And the historic correctives are brutal:
1) major cuts in entitlements and redistributive spending programs;
2) tax hikes at a time when state, local, federal, and gas, sales, and property taxes—and other “fees”—already take over half the income of most middle-class Americans;
3) hyper-inflation to pay back what is owed with cheap funny money, with the added leftist fillip that those who have dollars lose wealth and those who don’t gain greater access to them;
4) renunciation of debt. We already saw in the Obama era that liberal bureaucrats and courts often reversed the orders of creditors in bankruptcy hearings.When debt becomes unsustainable, historically arise cries of “Why should the poor suffer more when the rich already have enough money and don’t really need to be paid back?”;
and 5) efforts to “confiscate” private wealth by giving, in exchange, government “credits.” For example, there have already been floated ideas that 401Ks could be absorbed into the insolvent Social Security system for credit in government benefits.
Most Americans poll strong support for Israel. They oppose the Biden effort to triangulate by revisiting the old Obama nihilist agendas of emboldening the Iranian/Hezbollah/Hamas/Houthis axis to play off against our traditional allies of Israel and the more moderate Arab regimes.
By failing to prosecute nine months of domestic violence committed by pro-Hamas lawbreakers, by allowing leftist campuses to normalize anti-Semitism and pro-terrorist advocacy, and by destroying the once close alliance of Israel and the United States, the left feels it will be almost impossible to go back to the pre-Obama/Biden years. Their legacy, they hope, is a mendicant Israel utterly dependent on U.S. largess—a condition itself predicated on essentially destroying the idea of a secure Jewish state within its present borders.
The Biden administration sought to curb oil and gas production—save for brief periods before the midterm and reelection campaigns, when it drained the strategic petroleum reserve. The point was to acculturate the public to high gasoline prices, to make inefficient solar/wind/EVs projects competitive against artificially costly fossil fuels, and to institutionalize policies that will make it difficult to reopen closed fields, to reboot federal oilfield leasing, and to dismantle costly subsidies for inefficient green fuels.
That Americans paid hundreds of billions of dollars more for their fuels under Biden, that the auto industry is stuck with vast inventories of money-losing electric vehicles that the public does not want, and that the entire economy has been shackled by counterproductive green mandates were considered worth the cost of alienating the public.
The left knows that neither Alvin Bragg, E. Jean Carroll, Letitia James, Jack Smith, nor Fani Willis would have gone to court against Donald Trump if he was either a leftist or had bowed out of the 2024 presidential race.
They know no one has been tried on such pseudo-charges, and no one will again be so charged after Trump. And they accept that no republic can long survive if the opposition party seeks to remove the names of its political opponents from the ballot.
But they also know that the left has now established a valuable precedent: oppose woke progressivism, and one will either become bankrupted by indictments or land before a blue-city jury eager to nullify evidence to ensure the accused is jailed and broke.
So the left believes that its new lawfare was well worth the destruction of the entire tradition of equality under the law:
1) Donald Trump has lost a half-billion dollars in fines and legal fees;
2) a court-bound Donald Trump was robbed of weeks of valuable campaign time;
3) Donald Trump can be forever now libeled as a “convicted felon”;
and 4) the left has played chicken with the American Constitution and believes it has won, given conservatives would never enter into a destructive cycle of tit-for-tat.
The Biden years did the country great damage and rendered Biden himself one of the most unpopular incumbent presidents in American history.
But his agendas may have fundamentally changed the country for decades, if not longer—and will require tough remedies that may be almost as unpopular as the wreckage they wrought.
END
SWAMP NEWS
‘Squad’-Member Jamaal Bowman Loses Primary Race To Moderate
TUESDAY, JUN 25, 2024 – 10:40 PM
So much for “showing f**king AIPAC the power of the mother-f**king South Bronx”…
Fire alarm specialist Rep. Jamaal Bowman of New York just became the first member of the far-left ‘Squad’ to be unseated as he lost his primary battle to ‘moderate’ Westchester County executive George Latimer.
Mr. Latimer leads Mr. Bowman 54.5 percent to 45.5 percentage points, with 53 percent reporting.
The Associated Press called the race at 9:38 p.m ET.
The two-term congressman is also the first Democratic incumbent to lose their primary this year, capping off a contest that laid bare divisions within the Democratic party that have ruptured over the Israel-Hamas war.
As The Epoch Times’ Michael Washburn reports, the American Israel Public Affairs Committee (AIPAC), a major pro-Israel group, emerges as another winner from the race after it poured $14 million in ads to boost Mr. Latimer, helping to make this primary the most expensive House race ever, according to ad tracker AdImpact.
Mr. Bowman’s District 16, which covers the northern Bronx and Westchester County, is solidly blue, so Mr. Latimer is likely to win the seat in November.
Bowman’s Two Terms
Washburn goes on to point out that, in 2020, Mr. Bowman unseated longtime incumbent Democrat Rep. Eliot Engel in the primary and then easily crushed his Republican challenger in the fall general election. Mr. Bowman won a second term in 2022, during which he consolidated his reputation as one of the most outspokenly progressive members of the Squad, with a message of antiracism, social justice, and economic equity.
In the race that just concluded, he enjoyed the endorsement of fellow Squad members such as Rep. Alexandria Ocasio-Cortez (D-N.Y.), Rep. Rashida Tlaib (D-Mich.), and Rep. Cori Bush (R-Mo.), along with powerful Sen. Bernie Sanders (D-Vt.) and Sen. Elizabeth Warren (D-Ma.).
Mr. Bowman has courted controversy over his staunch pro-Palestinian stance, and by calling accounts of the sexual abuse of Israeli hostages “propaganda,” for which he later apologized.
Last year, he also pulled a fire alarm inside a congressional building during a House vote, for which he pled guilty to misdemeanor charges. He maintains it was an accident.
Middle East in Focus
The congressman’s defeat is consistent with predictions in the run-up to the June 25 election from pollsters, as well as establishment Democrats.
FiveThirtyEight polls gave Mr. Latimer double-digit leads, while prominent Democrats, ranging from former Secretary of State Hillary Clinton to former state Gov. Andrew Cuomo, had signaled their support for the challenger, who enjoys a reputation of being more in touch with the mainstream sentiment on the Gaza conflict and support for Israel’s war on Hamas.
“The message is clear: antisemitism in any and all forms will not be tolerated in New York. And you can’t call yourself a progressive without making progress,” Mr. Cuomo wrote in a post on X, formerly Twitter, on the morning of June 25, predicting Mr. Bowman’s defeat.
David Carlucci, a former New York state senator who ran in the District 17 primary, north of District 16, in 2020, and who worked for Mr. Engel two decades ago, acknowledged that many voters in Tuesday’s election considered first and foremost where the two candidates stood on Middle East policy.
“The contrast between Latimer’s pro-Israel stance and Bowman’s more critical perspective on U.S.-Israel relations has sharpened the divide among voters with strong opinions on this issue, and has been front and center in this race,” Mr. Carlucci told The Epoch Times.
Democratic candidate for New York’s 16th District George Latimer speaks during a press conference at the Mount Vernon Democratic headquarters on June 24, 2024, in Mount Vernon, N.Y. (Michael M. Santiago/Getty Images)
At the same time, some voters made choices based on Rep. Bowman’s and Mr. Latimer’s respective positions on such issues as criminal justice reform, policing and public safety, climate action, and environmental sustainability, Mr. Carlucci said.
Hence, while the Middle East loomed large in this race, many voters’ decisions signify a wide schism between the radical and centrist factions of the Democratic Party, a divide that could grow still further in the months and years to come, he observed.
“This race could reflect broader national trends within the Democratic Party, regarding its diverse opinions and large tent,” he said.
end
Robert H to us;
Congressional Report: CIA Interfered in 2020 Election, Conspired to Discredit Hunter Biden Laptop Story
And you wonder why confidence is dropping in governments everywhere ?
KING REPORT
| The King Report June 26, 2024 Issue 7271 | Independent View of the News |
| Tuesday’s King Report: There is an extremely high probability that at some point today, especially if NVDA gets to -20% from its high, whales will try to protect their massive NVDA positions by halting the downside momentum and changing trader psychology back to a least neutral. If Nvidia does rally, the unknown is if the general market will follow or if the DJIA and DJTA will decline on a reversal of the past few sessions rotational/relative value buying. Nvidia rebounded sharply on Tuesday, carrying Mag 7 and related trading sardines higher. The DJIA and DJTA got hammered on the reversal of the rotational/relative value buying of the previous few sessions. ESUs traded in a clear megaphone pattern on Tuesday. ESUs vacillated between modest gains and losses during Asian trading until a rally appeared after 23:00 ET. After peaking at 525.50 at 1:42 ET, ESUs sank to a low of 5511.00 at 4:02 ET. Then, a megaphone pattern within a larger megaphone pattern developed. After hitting a new high of 5532.25 at 11:16 ET, ESU sank to 511.75 at 13:04 ET. ESUs then soared to a new high of 5536.25 at 14:28 ET. After a retreat to 5525.25 at 14:46 ET, ESUs rallied to a new high of 5538.50 at 15:28 ET. After a retreat to 5528.75 at 15:50 ET, ESUs hit a daily high of 5539.75 at 15:59 ET on the usual, and purportedly illegal, manipulation. The DJIA hit its low at 12:45 ET; the DJTA hit its low at 12:48 ET. The NY Fang+ Index hit its high at 12:01 ET. After an 83-handle decline by 13:04 ET, the index hit a minor new high at 15:28 ET. Home prices hit new record high as shortage deepens pain for would-be buyers Prices increased 6.3% (HPI) nationally in April when compared with the previous year, the S&P CoreLogic Case-Shiller index showed on Tuesday… The 10-city composite, which encompasses Los Angeles, Miami and New York, rose 8% annually, compared with an increase of 8.3% in March. The 20-city composite, which also tracks housing prices in Dallas and Seattle, posted an annual gain of 7.2%, which marks a decrease from the 7.5% figure recorded the previous month… https://trib.al/ygShWU8 A sizeable discrepancy in April house prices between the US government’s FHFA and S&P CoreLogic: April FHFA House Price Index 0.2% M/M, 0.3% expected, prior to 0.0% form 0.1% April S&P CoreLogic 20-city house prices 0.38% m/m & 7.2% y/y, 0.3% m/m & 7.0% y/y expected, prior to 0.32% m/m from 0.33% m/m & to 7.46% y/y from 7.38% @CNBC: Home prices set another record in April, even as mortgage rates rose and the supply of homes for sale increased. Usually, under those circumstances, prices would weaken, but today’s housing market is unlike any other in recent history. http://cnb.cx/4bzCKAV Fed’s (Gov.) Cook: Including OER in Inflation Measurement Is Defensible – BBG 12:27 ET (OER greatly understates housing inflation. That’s why it is utilized.) @StockMKTNewz: KKR MAKES ITS BIGGEST FORAY INTO APARTMENTS, BETTING ON RISING RENTS – KKR has completed its largest-ever purchase of apartment buildings paying $2.1 billion for more than 5,200 apartment units across the country – WSJ Fed’s Bowman Warns of Upside Risks to Inflation, Not Time to Cut – BBG 8:08 ET Flagged risks of immigration policy on labor markets, rents Fed’s Bowman Ready to Hike Rates if inflation disappoints – City A.M. 11:20 ET Fed’s Cook Says Rate Cut Needed at Some Point But Timing Unclear – BBG 13:25 ET The Chapwood Index – THE REAL COST OF LIVING INCREASE INDEX The inaccuracy of the CPI began in 1983, during a time of rampant inflation, when the U.S. Bureau of Labor Statistics began to cook the books on its calculation in order to curb the increase in Social Security and federal pension payments… The CPI no longer measures the true increase required to maintain a constant standard of living. This is the main reason that more people are falling behind financially, and why more Americans rely on government entitlement programs… https://chapwoodindex.com/ “The Chapwood Index’s actual costs on the top 150 items that Americans buy in the 50 largest cities rose by between 7.8% and 13.6% last year (2023). In 2022, the range was 11.3% to 18.8%.” https://x.com/hkuppy/status/1805418371346813151/photo/1 More companies announce bankruptcies, shutter operations, citing inflation Retailers are closing nearly 3,200 stores this year, according to a recent analysis from CoreSight Research. The closures are a 24% increase from 2023. U.S. drug stores and pharmacy closures led to 8 million square feet of shuttered retail space this year, the research company said. It also notes that retailers are losing inventory and customers due to retail theft. “Retail shrink” is closely connected to “organized retail crime,” it notes… Inflation has also hit the car insurance market, causing rates to surge 26% nationwide in one year and remain elevated until 2025. Potential home buyers are also not immune from inflationary woes. In 2024, home buyers needed 80% more income to purchase a home than they did in 2020… https://www.thecentersquare.com/national/article_855c5962-2d76-11ef-9203-df87a1043f89.html @charliebilello: The US Money Supply grew 0.6% over the last year, the biggest YoY increase since October 2022. The return of money printing? https://x.com/charliebilello/status/1805665425465696297 @RealEJAntoni: The money metric M2 grew again in May to the highest level since Feb ’23, and about $3 trillion above pre-pandemic trend; inflation isn’t done… https://x.com/RealEJAntoni/status/1805670546262122909 The ‘experts’ that relentlessly cited the sharp decline in M2 after its explosion during the Covid Crisis as proof that recession was nigh are now deafeningly silent. ‘Months to correct, if not years’: Car dealerships and customers feel the impact as CDK outage drags on – A CDK Global system outage has affected nearly every aspect of the Mazda dealership in Seekonk, Massachusetts, where Ryan Callahan is general sales manager… “The financial impact it will directly have on us will take months to correct, if not years,” Callahan said. Car buyers and dealers are grappling with the shutdown of the retail software provider, which has left nearly 15,000 car dealerships across North America struggling to provide services to customers and scrambling to find temporary analog solutions to operate… “It reduces their ability to get a deal,” he said. “It limits the customer’s leverage.” Some dealers also can’t apply factory rebates without CDK’s software, so customers may miss out on money-saving deals… https://www.cnn.com/2024/06/25/business/car-dealership-cdk-cyber-attack/index.html Russia promises retaliation against US for Ukraine strike on Crimea – Ukraine struck Crimea with U.S. ATACMS, Russia says (Seems important but most MSM mum) https://www.reuters.com/world/europe/kremlin-blames-us-barbaric-atacms-missile-attack-crimea-2024-06-24/ Treasury Targets Shadow Banking Network Moving Billions for Iran’s Military June 25, 2024 Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning nearly 50 entities and individuals that constitute multiple branches of a sprawling “shadow banking” network used by Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL) and Islamic Revolutionary Guard Corps (IRGC) to gain illicit access to the international financial system and process the equivalent of billions of dollars since 2020. MODAFL and the IRGC engage in several commercial revenue-generating activities, most notably the sale of Iranian oil and petrochemicals… https://home.treasury.gov/news/press-releases/jy2431 Positive aspects of previous session Nvidia and Mag 7 stocks rallied sharply; Google hit an all-time high; the S&P 500 gained 21.43. Negative aspects of previous session The DJIA and DJTA got hammered; the DJUA declined sharply. USUs hit a high of 120 20/32 at 8:20 ET; a low of 119 27/32 at 12:44 ET; were 120 5/32, +5/32 at 16 ET Ambiguous aspects of previous session Fed officials continue to proffer differing views on inflation and interest rate policy. First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5462.91 Previous session S&P 500 Index High/Low: 5472.88 5446.56 Bond Traders Boldly Bet on 300 Basis Points of Fed Cuts by March – BBG The Secured Overnight Financing Rate shows an increase in bets that stand to benefit if the central bank reduces its key rate to as low as 2.25% by the first quarter of 2025… Fed Swaps… continue to price almost 50bp of rate cuts by year-end… A 38-yr Grand Super Cycle bond bull market can distort judgement for decades, especially among those that have NO experience in a secular bond bear market! FedEx soared as much as 16.6% after it announced a $2.5B buyback; Adj. EPS of 5.41, 5.34 expected; and the company projected 2025 Adj. EPS at $20.00 to $22.00, $20.85 expected. Today – Tuesday was a relatively easy call; today is much harder. The odds favor a further rally in Nvidia and Mag 7, especially in the morning. The key for today could be the ability of Nvidia and related trading sardines to hold their morning lows. The unknown: If the rotation between Mag 7/ trading sardines and the Dow Indices is still operative. NQUs are +11.00; ESUs are -1.00; USUs are -6/32; and gold is +0.60 at 21:35 ET. FedEx’s aftermarket rally is not boosting ESUs in Tuesday night trading. Expected econ data: May New Home Sales 633k S&P Index 50-day MA: 5244; 100-day MA: 5178; 150-day MA: 5022; 200-day MA: 4851 DJIA 50-day MA: 38,788; 100-day MA: 38,840; 150-day MA: 38,226; 200-day MA: 37,129 (Green is positive slope; Red is negative slope) S&P 500 Index (5469.30 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 and MACD are positive – a close below 5241.78 triggers a sell signal Daily: Trender and MACD are positive – a close below 5396.10 triggers a sell signal Hourly: Trender and MACD are negative – a close above 5482.52 triggers a buy signal House Judiciary Com, Subcom on Weaponizing Government: The Intelligence Community 51: How CIA Contractors with the Biden Campaign Mislead Americans Voters The CIA, at its highest levels, was aware of the Hunter Biden statement prior to its approval and publication… Then-CIA Director Haspel instituted a review process ensuring she would have seen the Hunter Biden statement prior to its approval… The CIA alerted the Office of the Director of National Intelligence about the draft of the Hunter Biden statement… The CIA’s Office of Chief Operating Officer informed the PCRB that it could approve the Hunter Biden statement… Some of the signatories of the Hunter Biden statement were on active CIA contracts at the time of the statement… Several signatories of the Hunter Biden statement had active contracts with the CIA on the statement’s publication date… Officials inside the CIA recognized that the Hunter Biden statement was political… https://judiciary.house.gov/sites/evo-subsites/republicans-judiciary.house.gov/files/evo-media-document/2024-06-25%20The%20Intelligence%20Community%2051%20-%20How%20CIA%20Contractors%20Colluded%20with%20the%20Biden%20Campaign%20to%20Mislead%20American%20Voters.pdf ‘Spies Who Lie’ leader, cosigners were CIA contractors when they falsely claimed Hunter Biden laptop was Russian fake – The CIA indicated Morell and Buckley were contractors in a table which specified that former CIA director John Brennan and fellow letter-signers Nick Rasmussen and Marc Polymeropoulos had no such arrangement… Morell’s colleague at Beacon Global Strategies, fellow letter-signer Jeremy Bash, is identified in the second table as an “independent contractor” as well… https://nypost.com/2024/06/25/us-news/cia-admits-some-spies-who-lie-were-active-contractors-as-records-show-internal-fear-of-long-run-harm-of-letter/ @FrancisBrennan: CNN’s Dana Bash, who will be moderating the presidential debate on Thursday, ex-husband Jeremy Bash was involved. “Jeremy Bash, is identified in the second table as an “independent contractor” as well...” This debate will anything but be fair and unbiased. Two signers of Biden laptop letter were active CIA contractors: report – CIA Director Gina Haspel and other senior CIA officials knew ahead of the publication that the letter was coming… “We knew that the rushed statement from the 51 former intelligence officials was a political maneuver between the Biden campaign and the intelligence community. Now with this interim report, we reveal how officials at the highest levels of the CIA were aware of the statement and CIA employees knew that several of the so-called former officials were on active contract with the CIA. The report underscores the risks posed by a weaponized federal government,” said Judiciary Committee Chairman Jim Jordan said in a statement… former CIA Director Michael Morell testified a phone call from then-Biden campaign official (current US Sec of State) Antony Blinken triggered the effort to draft the letter, raising even more concerns about political motivations for the letter… https://justthenews.com/government/congress/two-signers-biden-laptop-letter-were-active-cia-contractors-report GOP Sen. (UT) @BasedMikeLee: Senators received a classified briefing in the summer of 2020. The briefers warned us not to believe inflammatory stories that might be written about Hunter Biden—insisting that such things would be the product of “Russian disinformation.” They flat-out lied to us. Sadly, this wasn’t the first time I’ve been lied to in the SCIF… @themarketswork: This is insane. Five former CIA Directors colluded to alter the outcome of the 2020 election by falsely claiming Hunter’s Laptop was Russian Disinformation. Now we find the active CIA Director was also involved. How can this be seen as anything other than a Deep State Coup? @MikeBenzCyber: The CIA is rigging the 2024 election cycle thru the massive open borders to illegal voter pipeline, in which the entire vast archipelago of NGOs carrying it out all have exactly one thing in common: they’re all funded by the CIA’s primary financial arm — USAID. FBI Wants 20 Years to Produce Records on Its Involvement W/ OKC Bombing https://headlineusa.com/fbi-wants-20-years-to-produce-records-on-its-involvement-w-okc-bombing/ Bill Clinton, who was very unpopular at the time, claimed his approval changed after the OKC bombing. Congressman Burchett suggests Trump target federal agencies like ‘Grant during the Civil War’ “I think he needs to dismantle them,” Burchett said in reference to former President Trump and government agencies… https://justthenews.com/government/federal-agencies/congressman-burchett-suggests-trump-attack-federal-agencies-grant Biden ghostwriter may be held in contempt of Congress for not turning over materials in classified docs probe https://trib.al/epxCj8M Trump lawyers claim Mar-a-Lago search done without probable cause as prosecutors slam ‘conspiracy theory’ https://t.co/Om3Fmm4bTD 50 immigrants brought to US through an ISIS-tied smuggling ring are unaccounted for by DHS https://justthenews.com/government/security/dhs-says-50-immigrants-brought-us-through-isis-tied-human-smuggling-ring-are NYC activists slam DA Bragg for dropping charges against anti-Israel Columbia protesters: ‘A betrayal’ – “What Alvin Bragg is saying to all New Yorkers who follow the law is if you conceal your identity, if you harass Jews long enough, if you break property, if you take maintenance workers hostage, if you do that, you will not be prosecuted,” seethed activist protester and Harvard University grad student Shabbos Kestenbaum. “That is un-American. That is antisemitic. And that is unacceptable in the great city of New York.”… https://t.co/MaLRyFoLqw Two courts pause parts of Biden admin student loan repayment plan The injunctions stop the Biden administration from cancelling any additional student loans, and from implementing additional provisions of the Saving on a Valuable Education (SAVE) plan. https://justthenews.com/government/courts-law/two-courts-pause-part-biden-student-loans-repayment-plan @lucaforsure: Why they hid the JAN 6th tapes ENLARGE THE CIRCLE (Fed disguised as Trump supporter flashes his badge!) https://x.com/lucaforsure/status/1805543529831178599 Turley: Cannon Fodder: The Media Piles on Federal Judge After Lionizing Manhattan Judge Cannon was randomly selected, as opposed to Merchan, who was hand-picked to try Trump even though he is a political donor to President Joe Biden and has a daughter who is a major Democratic operative… The left expressed nothing short of horror that Judge Cannon allowed the Trump team to argue a point of constitutional law in a hearing… The New York Times recently reported that two judges attempted to get Cannon to hand off the case when it was randomly assigned to her. So, the suggestion is that two of her colleagues breached any sense of collegiality and confidentiality to contribute to a hit piece on Cannon… https://jonathanturley.org/2024/06/25/cannon-fodder-the-media-piles-on-federal-judge-after-lionizing-manhattan-judge/ Felony charge for driver who tossed Big Gulp on Kim Foxx during roadway dispute Prosecutors have charged a suburban man with two felonies after he allegedly threw a Big Gulp on Cook County State’s Attorney Kim Foxx during an argument near her Flossmoor home… Prosecutors charged Swetz with aggravated battery in a public place and aggravated assault with a motor vehicle, both felonies. The battery charge is the more serious of the two counts filed against Swetz. Courthouse veterans who spoke with CWBChicago on Sunday questioned the decision of Foxx’s office to charge Swetz with aggravated battery when he is only accused of tossing a drink on her. People accused of far more serious attacks are routinely charged with misdemeanors in the county. One example that springs to mind is that of Gary Coleman, who, in October 2021, punched a 60-year-old woman unconscious in the Loop. She fell and hit her head on the sidewalk, but he was only charged with misdemeanor battery… After a group of teenagers attacked a couple in Streeterville on May 31, news outlets reported that the female victim lost the baby she was carrying. Police arrested a 14-year-old boy and a 17-year-old girl nearby. Both were charged with misdemeanor battery and released… https://cwbchicago.com/2024/06/felony-charge-for-driver-who-tossed-big-gulp-on-kim-foxx-during-roadway-dispute.html Jocelyn Nungaray, 12, fought back with her dying breath — leaving bite and scratch marks on illegal migrant: prosecutors https://trib.al/AAACxYI WaPo: (NOT Babylon Bee!): We’ve been accidentally cooling the planet — and it’s about to stop Humans’ fossil fuel burning has cooled the planet while warming it — presenting problems for the future… https://www.washingtonpost.com/climate-environment/2024/06/25/climate-aerosols-shipping-global-cooling/ “Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters.” – Benjamin Franklin, 1787 | |
GREG HUNTER
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