GOLD PRICE CLOSED DOWN $4.45 TO $2324.75
SILVER PRICE UP $0.19 TO $29.46
Gold ACCESS CLOSED $2329.80
Silver ACCESS CLOSED: $29.55
Bitcoin morning price:$62,569 DOWN 238 DOLLARS.
Bitcoin: afternoon price: $62094 DOWN 713 dollars//
Platinum price closing UP; $18.70 TO $997.85
Palladium price; UP $39.45 AT $1019.35
END
SHANGHAI GOLD PREMIUM 39 DOLLARS/COMEX GOLD//JULY TO JULY
SHANGHAI GOLD (USD) FUTURES – QUOTES
SHANGHAI GOLD (USD) FUTURES – QUOTES
Last Updated 02 Jul 2024 09:22:54 AM CT.
Market data is delayed by at least 10 minutes.
*CANADIAN GOLD: $3185.72 DOWN 18.28 CDN dollars per oz( * NEW ALL TIME HIGH 3,305.30 CDN DOLLARS PER OZ//MAY 20 2024)
*BRITISH GOLD: 1836.47 DOWN 7.86 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024
*EURO GOLD: 2168,16 DOWN 4.05 Euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)
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EXCH: COMEX
EXCHANGE: COMEX
CONTRACT: JULY 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,327.600000000 USD
INTENT DATE: 07/01/2024 DELIVERY DATE: 07/03/2024
FIRM ORG FIRM NAME ISSUED STOPPED
118 C MACQUARIE FUT 176
190 H BMO CAPITAL 600
363 H WELLS FARGO SEC 116
624 H BOFA SECURITIES 262
657 C MORGAN STANLEY 13
661 C JP MORGAN 17
686 C STONEX FINANCIA 8 1
690 C ABN AMRO 5 4
726 C PLUS500US FINAN 1
737 C ADVANTAGE 1 23
905 C ADM 1
TOTAL: 614 614
MONTH TO DATE: 2,206
JPMorgan stopped 17/614
FOR JULY 2024
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 614 NOTICES FOR 61400 OZ or 1.909 TONNES
total notices so far: 2206 contracts for 220,600 Oz (6.8615 tonnes)
FOR JULY:
SILVER NOTICES: 331 NOTICE(S) FILED FOR 1.655 million
OZ/
total number of notices filed so far this month : 4922 for 24,610 million oz
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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 $4.45 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/
: NO CHANGES IN GOLD INVENTORY AT THE GLD/
/ /INVENTORY RESTS AT 827.61TONNES
INVENTORY RESTS AT 827.61 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $0.19 AT THE SLV//
NO CHANGES IN SILVER INVENTORY AT THE SLV:
// INVENTORY REM,AINS AT 437.447 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 437.447 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A STRONG SIZED 689 CONTRACTS TO 154,647 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS SURPRISINGLY ACCOMPLISHED WITH OUR GAIN OF $0.05 IN SILVER PRICING AT THE COMEX ON MONDAY’S TRADING ON SILVER. WE HAD SOME MINOR LIQUIDATION AS WE HAD A NET LOSS OF 329 CONTRACTS ON OUR TWO EXCHANGES. WE, AGAIN HAD SOME SHORT COVERING BY OUR SPECS DESPITE THE LOSS IN PRICE AS WELL AS MASSIVE T.A.S. LIQUIDATION WHICH ACCOUNTS FOR THE LOSS ON THE TWO EXCHANGES. WE HAD ANOTHER STRONG SIZED 826 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 MONDAY NIGHT: 826 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 UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.05) BUT WERE SUCCESSFUL IN KNOCKING SOME SILVER LONGS FROM THEIR PERCH AS WE DID HAVE A SMALL SIZED LOSS OF 255 CONTRACTS ON OUR TWO EXCHANGES DESPITE THE GAIN IN PRICE OF $0.05.
WE MUST HAVE HAD:
A GOOD SIZED 350 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 28.490 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S QUEUE JUMP OF 635,000 OZ
//NEW STANDING FOR SILVER//JUNE IS THUS 28.930 MILLION OZ
WE HAD:
/ STRONG SIZED COMEX OI LOSS //GOOD SIZED EFP ISSUANCE/ VI) HUGED SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 826 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED 344 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 2 DAYS, total 1610 contracts: OR 8.050 MILLION OZ (805 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 8.050 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 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 8.050 MILLION OZ
RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 689 CONTRACTS DESPITE OUR SMALL GAIN IN PRICE OF SILVER PRICING AT THE COMEX//MONDAY.,. THE CME NOTIFIED US THAT WE HAD A GOOD EFP ISSUANCE CONTRACTS: 360 ISSUED FOR SEPT 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 JULY OF 28.496 MILLION OZ ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 635,000 OZ QUEUE JUMP
//NEW TOTAL STANDING FOR JULY 28.930 MILLION OZ
WE HAVE A SMALL SIZED LOSS OF 329 OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE SMALL GAIN IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG SIZED 826 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE MONDAY COMEX TRADING/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND SOME LIQUIDATION OF LONGS.
THE NEW TAS ISSUANCE MONDAY NIGHT (826) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .
WE HAD 331 NOTICE(S) FILED TODAY FOR 1.655 million OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 3354 OI CONTRACTS TO 451,708 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,733 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW MUCH FURTHER FROM OUR ALL TIME LOW OF 390,000 CONTRACTS.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 516 CONTRACTS
WE HAD A FAIR SIZED INCREASE IN COMEX OI (3354 CONTRACTS) OCCURRED WITH OUR LOSS OF $0.30 IN PRICE/MONDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER. WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNE AT 7.5645 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 20,100 OZ QUEUE JUMP
NEW STANDING 8.2612TONNES/ ALL OF THIS HAPPENED WITH OUR $0.30 LOSS IN PRICE WITH RESPECT TO MONDAY’S TRADING. WE HAD A STRONG SIZED GAIN OF 5959 OI CONTRACTS (18.534 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2605 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 451,708
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5959 CONTRACTS WITH 3354 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 2605 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 5959 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED 2435 CONTRACTS,,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2605 CONTRACTS) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI OF 3354 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 5959 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 7,5645 TONNES FOLLOWED BY TODAY’S 20,100 OZ QUEUE JUMP
//NEW STANDING /JULY 8.2612 TONNES.
/ 3) HUGE T.A.S. LIQUIDATION OF CONTRACTS WITH ZERO NET LONG SPECS BEING CLIPPED,
4) FAIR SIZED COMEX OPEN INTEREST GAIN 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///STRONG T.A.S. ISSUANCE: 2435 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 JULY. :
TOTAL EFP CONTRACTS ISSUED: 4857 CONTRACTS OR 485,700 OZ OR 15.107 TONNES IN 2 TRADING DAY(S) AND THUS AVERAGING: 2429 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 2 TRADING DAY(S) IN TONNES 15.107 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 15.107 DIVIDED BY 3550 x 100% TONNES = 0.425% 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 175.11 tonnes HEADING FOR A WEAKER MONTH AND MUCH LESS THAN THE THREE PREVIOUS MONTHS
JULY: 15.107 TONNES
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 AUGUST. 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 (AUG), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUGE SIZED 689 CONTRACTS OI TO 154,647 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 360 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 360 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 360 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 689 CONTRACTS AND ADD TO THE 360 E.FP. ISSUED
WE OBTAIN A SMALL SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 329 CONTRACTS
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 1.645 MILLION OZ
OCCURRED DESPITE OUR $0.05 GAIN IN PRICE …..
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
TUESDAY MORNING/MONDAY NIGHT
SHANGHAI CLOSED UP 2.28 PTS OR 0.08% //Hang Seng CLOSED UP 50.53 PTSS OR .29% // Nikkei CLOSED UP 443.62 OR 1.12%//Australia’s all ordinaries CLOSED DOWN 0.41%///Chinese yuan (ONSHORE) closed DOWN TO 7,2713 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.3088/ Oil UP TO 84,07 dollars per barrel for WTI and BRENT DOWN AT 87.26 /Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 3354 CONTRACTS TO 451,708 DESPITE OUR LOSS IN PRICE OF $0.30 WITH RESPECT TO MONDAY’S TRADING. WE HAD A HUGE T.A.S. LIQUIDATION ON MONDAY’S LOSS IN PRICE WITH ZERO LONGS BEING CLIPPED AND SOME SHORT COVERING.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW ENTERING INTO THE NON ACTIVE DELIVERY MONTH OF JULY.… 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 2605 EFP CONTRACTS WERE ISSUED: : AUGUST 2605 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2605 CONTRACTS.
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 5959 CONTRACTS IN THAT 2605 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A FAIR SIZED GAIN OF 3354 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR SMALL LOSS IN PRICE OF $0.30/MONDAY COMEX.
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR MONDAY NIGHT WAS A GOOD SIZED 2435 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 FRIDAY’S TRADING
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JULY (8.612 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; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 8.2612 TONNES
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $0.30 //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A STRONG SIZED GAIN OF 6475 CONTRACTS ON OUR TWO EXCHANGES ACCOMPANYING THE SMALL LOSS IN PRICE. THE T.A.S. ISSUED ON MONDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 20.14 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JULY (7.5645 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 20,100 OZ QUEUE JUMP//NEW STANDING 8.2612 TONNES
NEW STANDING FOR JULY: 8.612 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $0.30
WE HAVE REMOVED 548 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET GAIN ON THE TWO EXCHANGES 6475 CONTRACTS OR 647,500 OZ (20.14 TONNES)
confirmed volume MONDAY 157,475 contracts//poor
//speculators have left the gold arena
JULY 2 JULY GOLD CONTRACT
/ /// THE JULY 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 202,079,015 oz hsbc . |
| Deposit to the Dealer Inventory in oz | |
| Deposits to the Customer Inventory, in oz | 14,202.283 OZ JPMorgan |
| No of oz served (contracts) today | 614 notice(s) 61400 OZ 1.909 TONNES |
| No of oz to be served (notices) | 450 contracts 45,000 OZ 1.399 TONNES |
| Total monthly oz gold served (contracts) so far this month | 2206 notices 220,600 oz 6.8615 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month | x |
0 dealer deposits:
total dealer deposits: nil oz
we have 0 customer deposit:
total deposit: oz
customer withdrawals: 1
i) Out of HSBC: 202,079.015 oz
TOTAL WITHDRAWALS 202,079.015 oz
Adjustments: 1 customer to dealer JPMorgan: 3858.120 o
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE
For the front month of JULY we have an oi of 1064 contracts having GAINED 167 contracts. We had 34 notices filed on Monday so we gained 201 contracts or an additional 20,100 oz will stand at the comex (0.6251 tonnes)
AUGUST LOST 3136 CONTRACTS DOWN TO 343,959 CONTRACTS
SEPT. GAINED I31 CONTRACTS TO STAND AT 132.
OCTOBER GAINED 425 CONTRACTS UP TO 20,697 CONTRACTS
We had 614 contracts filed for today representing 61400 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 614 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 17 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for July /2024. contract month, we take the total number of notices filed so far for the month (2206) x 100 oz ) to which we add the difference between the open interest for the front month of JULY (1064 CONTRACTS) minus the number of notices served upon today (614 x 100 oz per contract( equals 265,600 OZ OR 8.2612 TONNES.
thus the INITIAL standings for gold for the JULY contract month: No of notices filed so far (2206 x 100 oz +we add the difference for front month of JULY (1064// , OI} minus the number of notices served upon today (616) x 100 oz which equals 265,600 oz (8.612 TONNES)
TOTAL COMEX GOLD STANDING FOR JULY: 8.612 TONNES WHICH IS HUGE FOR THIS NOT VERY ACTIVE DELIVERY MONTH IN THE CALENDAR.
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: 1,677,731.971 oz 52.18 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,566,511.560 OZ
TOTAL REGISTERED GOLD 7,838,185.304( 243.80 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,732,184.376 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,160,454 oz (REG GOLD- PLEDGED GOLD)= 191.615 tonnes //
END
SILVER/COMEX
JULY 2/2024
INITIAL
//2024// THE JULY 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 671,954.559 oz Delaware HSBC . |
| Deposits to the Dealer Inventory | 589,083.300 OZ ASAHI |
| Deposits to the Customer Inventory | 598,808.100 oz Loomis |
| No of oz served today (contracts) | 331 CONTRACT(S) (1.655 million OZ) |
| No of oz to be served (notices) | 864 contracts (4.320 million oz) |
| Total monthly oz silver served (contracts) | 4922 Contracts (24.610 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 |
ASAHI into ASAHI dealer
i) 1 dealer deposit/ASAHI 589,083.300
total dealer deposit : 589,083.300 oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 1 customer deposits:
i) Into Loomis; 595,808.100 oz
total customer deposit 595,808.100 oz
JPMorgan has a total silver weight: 128.402million oz/298.178million or 42.92%
adjustment: 1 dealer to customer//ASAHI
a) dealer to customer ASAHI 5,219,223.040 oz
customer withdrawals: 2
i) Out of Delaware 591,787.459 oz
ii) Out of HSBC 80,167.100 oz
total withdrawal: 671,954.559 0z
TOTAL REGISTERED SILVER: 69.914MILLION OZ//.TOTAL REG + ELIGIBLE. 298.178
million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY:
silver open interest data:
FRONT MONTH OF JULY/2024 OI: 1195 CONTRACTS HAVING LOST 597 CONTRACT(S). WE HAD 724 NOTICES FILED ON MONDAY SO WE GAINED 127 CONTRACTS OR 635,000 OZ WILL STAND AT THE COMEX VIA A QUEUE JUMP TO TAKE DELIVERY OVER HERE.
AUG, SAW A GAIN OF 39 CONTRACTS TO 1483
SEPT SAW A LOSS OF 474 CONTRACTS TO 129,058
.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 331 for 1.655 oz
CONFIRMED volume; ON MONDAY 49,196 good
To calculate the number of silver ounces that will stand for delivery in JULY we take the total number of notices filed for the month so far at 4922 x 5,000 oz = 24.610 MILLION oz
to which we add the difference between the open interest for the front month of JULY ((1195) and the number of notices served upon today 331 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JULY/2024 contract month: 4922 notices served so far) x 5000 oz + OI for the front month of JULY (1195)x number of notices served upon today minus (331)x 5000 oz of silver standing for the JULY contract month equates to 28.930 MILLION OZ.
New total standing: 28.930 million oz.
There are 69.914 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!
JULY 2 WITH GOLD DOWN $4.45 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD../:INVENTORY RESTS AT 827.61 TONNES
JULY 1 WITH GOLD DOWN $.30 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/:INVENTORY RESTS AT 829.05 TONNES
JUNE 28 WITH GOLD UP $3.80 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/:INVENTORY RESTS AT 829.05 TONNES
JUNE 27 WITH GOLD DOWN $16.95 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/:INVENTORY RESTS AT 829.05 TONNES
JUNE 26 WITH GOLD UP $23.70 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
GLD INVENTORY: 827.61 TONNES, TONIGHTS TOTAL
SILVER
JULY 2. WITH SILVER UP $0.019//NO CHANGES IN SILVER INVENTORY: /INVENTORY REMAINS AT 437.447 MILLION OZ./
JULY 1. WITH SILVER UP $0.05//XXX CHANGES IN SILVER INVENTORY: A DEPOSIT OF 182,000 OZ OF SILVER INTO THE SLV./.// /INVENTORY RISES AT 437.447 MILLION OZ./
JUNE 28. WITH SILVER UP $0.27//HUGE CHANGES IN SILVER INVENTORY: A WITHDRAWAL OF 913,000 OZ FROM THE SLV./.// /INVENTORY REMAINS AT 437.265 MILLION OZ./
JUNE 27. WITH SILVER UP $0.01//NO CHANGES IN SILVER INVENTORY: .// /INVENTORY REMAINS AT 438.178 MILLION OZ.//
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
CLOSING INVENTORY 437.447 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1.PETER SCHIFF SCHIFF GOLD/MIKE MAHARRAY
Seems that most countries do not want the risk of their gold being used for illegal purposes. Nigeria is planning to repatriate its gold back home
Even Nigeria Plans To Bring Gold Reserves Home To Minimize Risk
MONDAY, JUL 01, 2024 – 09:00 PM
Authored by Mike Maharrey via Money Metals Exchange,
Nigeria is bringing its gold reserves home to keep it safe.
According to a report by The Star, Nigerian officials decided to repatriate the country’s gold in April “to mitigate risks associated with the weakening U.S. economy.”
“Economic indicators such as rising inflation, escalating debt levels, and geopolitical tensions have raised apprehensions among Nigerian policymakers about the stability of the U.S. financial system.”
Nigeria holds about 21 tons of gold in its reserves.
Economist Fatima Abubakar called the gold repatriation plan “a strategic decision,” and that the country was taking “proactive measures to safeguard its wealth and strengthen its financial resilience.”
Nigerian officials also said bringing gold home would reflect the country’s self-reliance.
“By bringing its gold reserves back within its borders, Nigeria not only asserts greater control over its financial assets but also demonstrates prudence in managing economic risks amidst global uncertainties.”
Nigeria isn’t alone in wanting to control its gold reserves and bring them home. India recently repatriated 100 tons of gold from vaults in the U.K.
Many countries have expressed concern about the U.S. and Western powers using gold and dollar reserves as a foreign policy weapon.
According to a World Gold Council survey in 2023, a “substantial share” of central banks expressed concern about potential sanctions after the U.S. and other Western countries froze almost half of Russia’s $650 billion gold and forex reserves in the wake of its invasion of Ukraine. According to the WGC, 68 percent of the banks surveyed said they plan to keep their gold reserves within their country’s borders. That was up from 50 percent in 2020.
One anonymously quoted central bank official told Reuters, “We did have it [gold] held in London… but now we’ve transferred it back to our country to hold as a safe haven asset and to keep it safe.”
Invesco head of official institutions Rod Ringrow told Reuters this reflects a widely held view.
“‘If it’s my gold then I want it in my country,’ has been the mantra we have seen in the last year or so.”
There has been speculation that countries have been moving gold and other assets out of the U.S. in the wake of economic sanctions on Russia, but it has been difficult to confirm because the Federal Reserve refuses to release information about the amount of gold in its vaults.
In March, Federal Reserve Chairman Jerome Powell dodged Rep. Alex Mooney’s (R-W.Va) questions about the central bank’s foreign gold holdings. Fed officials also refused to comply with a Freedom of Information Act request for records about such holdings.
As investigative reporter Ken Silva wrote, Headline USA filed a FOIA request with the Fed for records reflecting how much gold the Federal Reserve Bank of New York currently holds in its vault, as well as records reflecting the ownership stake that each of FRBNY’s central bank/government clients have in that gold following Powell’s evasive response. The FOIA request also sought records about the Fed’s gold holdings prior to Russia’s February 2022 invasion of Ukraine.
The gold repatriation trend started long before the West slapped sanctions on Russia. In 2019, Poland brought home 100 tons of gold. Hungary and Romania also repatriated some of their gold reserves around that same time. In the summer of 2017, Germany completed a project returning roughly half of its gold reserves back inside its borders. In 2015, Australia launched efforts to bring half of its reserves home. The Netherlands and Belgium have also initiated repatriation programs.
This gold repatriation trend underscores the importance of holding physical gold free from counterparty risk.
If you store your gold and silver with a third party, you could lose your metal through theft, fraud, or an act of God. Of course, you could lose silver and gold stored in your home the same way (except for fraud), so you have to weigh the risk of using third-party storage and keeping large amounts of silver and gold at home.
If you opt for third-party vaulting, it is important to choose a trusted company.
END
The Vast Majority Of Professional Investors Own Some Gold
TUESDAY, JUL 02, 2024 – 07:20 AM
Authored by Mike Maharrey via Money Metals Exchange,
Despite the generally negative attitude toward gold you hear in the mainstream financial media, the vast majority of professional investors in North America own at least some gold and the number has been growing in recent years.
A World Gold Council survey of 525 North American investors found a steadily growing trend of gold ownership. The survey included large institutions, consultants, and financial advisors.
In 2018, 69 percent of the survey respondents said they had some allocation to gold. In the most recent survey, 85 percent reported owning some gold.
Given all of the negative talk we hear about gold in the financial media, this seems like an exceptionally high number. But digging in deeper, we find that just over a quarter of the investors who reported owning gold hold less than 1 percent of assets under management in the yellow metal.
About half of the respondents said they held at least 1 percent of their portfolio in gold. About 24 percent have an allocation of 3 percent or more.
Over one-quarter of respondents said they plan to increase gold allocations in the next 12 to 18 months. That was more than double the number who said they plan to reduce their exposure to gold.
According to the World Gold Council, “At the aggregate level, North American investors seem likely to increase their allocations to gold over the year ahead. We recently flagged that gold is historically under-owned in the U.S., signaling the potential for headroom and supporting a positive outlook for gold ownership.”
The reasons these investors reported holding gold include its role as a portfolio diversifier and as a hedge against inflation. They also reported that they believe holding gold decreases portfolio risk.
Gold’s role as a “proven diversifier, especially in periods of financial turmoil and economic uncertainty” was the most commonly cited reason for increasing gold allocations with 46 percent of the sample choosing it as one of their top three reasons for holding gold.
But the survey revealed that professional investors aren’t aware of gold’s solid long-term returns. Sixty percent of the respondents said gold tends to deliver less than sparkling returns compared to other asset classes.
In fact, gold has outperformed most asset classes over the last 25 years. In fact, with an average 8 percent return each year, gold has outperformed equities over the last quarter century.
About 21 percent of the survey respondents acknowledged that gold delivers “excellent” comparative long-term returns.
According to the survey, a lot of professional investors also fail to grasp gold’s liquidity. Just under half of respondents agreed that gold is a liquid asset. Almost a quarter of respondents with no gold holdings cited liquidity as a barrier to investing in gold.
Again, the perception doesn’t match up with reality. In fact, the gold market is more liquid than several major financial markets, including the euro/yen and the Dow Jones Industrial Average. The trading volume for gold averaged approximately $163 billion per day in 2023.
One of the things that makes gold so liquid is the fact that it is valued around the world. Whether you go to Europe, Asia, or South America, people recognize gold as a store of value. You will never be left without a buyer if you want to sell gold.
The survey shows that there are plenty of misconceptions about gold within the investment community, but despite the generally negative messaging in the financial media, most professional investors in North America do recognize the value of holding at least a small amount of gold within their portfolios.
2. ALASDAIR MACLEOD/JIM RICKARDS/PAM AND RUSS MARTENS/ JAMES RICKARDS/ VON GREYERZ//GOLD AND SILVER COMMENTARY
CHRIS POWELL AND DAILY GOLD/SILVER DISPATCHES
New Jersey legislature again votes unanimously to end taxes on gold and silver
Submitted by admin on Mon, 2024-07-01 21:24 Section: Daily Dispatches
By Jp Cortez
Money Metals News Service, Eagle, Idaho
Monday, July 1, 2024
For the second time in less than a year, the New Jersey legislature has voted to end the sales tax on purchases of gold and silver coins, bars, and rounds without a single dissenting vote.
A2812 and S721, carried by Sens. Steinhardt and Sarlo and Asms. Greenwald, Swain, and Egan, enjoyed overwhelming support, passing the Senate by a vote of 40-0 and the Assembly with a 71-0 vote.
Last year’s bills, A5294 and S1825, had passed out of both committees and both chambers of the New Jersey legislature without a single no vote. This popular bill had more than a dozen cosponsors and had unanimous approval in each legislative chamber.
Despite this, Gov. Phil Murphy chose not to enact the bill into law.
Kentucky, Wisconsin, Alabama, Tennessee, Virginia, Mississippi, and Ohio have all recently enacted legislation to exempt gold and silver from state sales tax, or extend their existing exemption on the metals. In total, 45 states have ended sales tax on gold and silver — including all three of New Jersey’s neighboring states. …
… For the remainder of the report:
*END
A gold buying frenzy in Vietnam and Thailand
SCMP
Gold-buying frenzy grips Vietnam and Thailand as economic fears mount
Submitted by admin on Mon, 2024-07-01 07:57 Section: Daily Dispatches
By Su-Lin Tan
South China Morning Post, Hong Kong
Monday, July 1, 2024
Anxious consumers in Vietnam and Thailand are rushing to buy gold — a sign of Asia’s mounting alarm, analysts say, over currency devaluations against the US dollar, inflation, and geopolitical uncertainty.
Visible queues of buyers waiting to snap up chunks of the yellow metal have persisted outside banks in the Southeast Asian nations for months, in scenes that underscore a growing sense of economic and geopolitical instability rippling through the region.
“What they are trying to do is to protect themselves against local currency depreciation,” said Singapore-based commodities and financial markets expert Michael Langford.
“If you don’t have much money in life, and all the goods that you buy and sell are ultimately priced in U.S. dollars, and your local currency is going down, that doesn’t feel good. You have got inflation working against you, plus you’ve got currency depreciation. You are getting hit twice.”
Southeast Asia’s rush for gold has pushed prices up over the last six to 12 months, said Langford, who is executive director of corporate consultancy Airguide International. …
… For the remainder of the report:
END
Futures market’s rigging of silver prices explained by Steer to Finance and Liberty
Submitted by admin on Fri, 2024-06-28 21:55 Section: Daily Dispatches
9:53p ET Friday, June 28, 2024
Dear Friend of GATA and Gold (and Silver):
Dunagun Kaiser of the Liberty and Finance channel at YouTube today interviewed GATA board member Ed Steer, proprietor of Ed Steer’s Gold and Silver Digest, to get an description of how the silver futures market in New York is used to control the monetary metal’s price by trading banks working in collusion
They also discuss the resentment developing worldwide about the control of the international financial system by the United States and the resulting moves away from the U.S. dollar.
The discussion begins with Steer’s recollection of silver market analyst and market-rigging opponent Ted Butler, with whom Steer worked closely for years.
The interview is 48 minutes long and can be heard at YouTube here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
end
4. other gold commentaries/podcasts/live from the vault Andrew Maguire 179
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COPPER
END
6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/
END
ASIA TRADING//TUESDAY MORNING/MONDAY NIGHT
SHANGHAI CLOSED UP 2.28 PTS OR 0.08% //Hang Seng CLOSED UP 50.53 PTSS OR .29% // Nikkei CLOSED UP 443.62 OR 1.12%//Australia’s all ordinaries CLOSED DOWN 0.41%///Chinese yuan (ONSHORE) closed DOWN TO 7,2713 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.3088/ Oil UP TO 84,07 dollars per barrel for WTI and BRENT DOWN AT 87.26 /Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.2713
OFFSHORE YUAN: DOWN TO 7.3088
SHANGHAI CLOSED UP 2.28 PTS OR 0.08 %
HANG SENG CLOSED UP 50.53 PTS OR .27%
2. Nikkei closed UP 47.98 PTS OR 0.12 %
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 105.67 EURO FALLS TO 1.0717 DOWN 19 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1,08 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 161.65 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 UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6090/Italian 10 Yr bond yield UP to 4.132 SPAIN 10 YR BOND YIELD UP TO 3.474%
3i Greek 10 year bond yield UP TO 3.762
3j Gold at $2322.30//Silver at: 29.31 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 1 AND 62/ 100 roubles/dollar; ROUBLE AT 88.37
3m oil into the 84 dollar handle for WTI and 86 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 161.65/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.08% 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 0.9035 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9687 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: 4.453 DOWN 3 BASIS PTS…
USA 30 YR BOND YIELD: 4.621 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 4.756 DOWN 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.69…
10 YR UK BOND YIELD: 4.2990 UP 3 PTS
2a New York OPENING REPORT
US Futures Slide As European Relief Rally Reverses, Oil Hits 2 Month High
TUESDAY, JUL 02, 2024 – 08:13 AM
US equity futures are sliding, reversing all of Monday’s gains and then some, with tech and small-caps stocks underperforming even though bond yields are lower by 2bps ahead of the latest JOLTS data that will give clues on the outlook for US interest rates while French stocks give up all of the post-vote gains as the relief rally reversed. As of 8:00am ET, S&P futures are down 0.5% and Nasdaq futures lose 0.6%. Treasury yields held most of Monday’s rise, which was fueled by speculation that a Donald Trump presidency would lead to greater US fiscal deficits and higher inflation. The US Dollar is stronger for a second day and commodities continue to find a bid, led by oil and energy. Today’s macro focus will be on JOLTS and Powell (9.30a) as the world adjusts to the new political outlook, one where Trump replaces Biden in November, and which appears to be the near-term driver of bond yields and commodity prices; the hurricane in the Atlantic is also supporting energy prices. These moves may be exacerbated by the low volume associated with the holiday week.
In premarket trading, Mag7 and Semis are lower with Energy names higher. Tesla fell more than 1% surrendering some of yesterday’s 6% gain. Nvidia, Meta and Apple also declined. Paramount Gobal gained 3% on a NYT report Barry Diller is considering making a bid. Here are some of the other notable premarket movers:
- CS Disco (LAW) falls 6% after JPMorgan cut its rating, saying the setup for the legal software company looks challenging.
- Incyte (INCY) slips 3% after BMO downgraded the stock to underperform, giving the drugmaker its only negative analyst rating.
- Lennar (LEN) slips 2% as Raymond James and Citi downgrade the homebuilder to hold-equivalent ratings, due partly to concerns around a softening Florida housing market.
- Polestar Automotive Holding (PSNY) drops 5% as the company cuts costs further after losses deepened in the first quarter.
- R1 RCM (RCM) tumbles 9% as New Mountain Capital and TCP-ASC failed to reach an agreement on a joint takeover of the health-care technology firm.
- WideOpenWest (WOW) declines 4% after Raymond James downgraded the cable and internet provider to underperform, citing a lack of upside for the stock.
Recent data has showed inflation in the US moderating, which is supportive of stocks in the short term, according to UBS chief strategist Bhanu Baweja. But signs of slowing economic growth will weigh on shares more broadly in the medium term, calling for defensive positioning, he said on Bloomberg TV.
“The central pillar of how markets are likely to trade over the next six months is lower inflation first in the US, followed by lower growth in the US.” Baweja said. “We are risk-off in equities, broadly.”
European stocks dropped, wiping out the prior day’s gains as French political uncertainty lingers ahead of the final round of voting on Sunday. The Stoxx 600 was down 0.6%, as insurance and auto sectors underperform while France’s CAC40 erased Monday’s post-vote gains, sliding 1.1%. Here are the biggest European movers:
- Teleperformance gains as much as 4.5% after Morgan Stanley upgrades the French call-center operator to overweight from equal-weight, saying the stock is pricing in too much risk from potential impact of artificial intelligence
- HelloFresh shares jump as much as 18% after JPMorgan removed a negative catalyst watch on the stock, saying recent data indicate stabilization in the key North America meal-kit business
- Chemometec shares gain as much as 13%, the most since February, after the Danish lab-equipment firm reported preliminary full-year results for the 2023/2024 financial year, with fourth-quarter revenues growing 13.5% year-on-year
- Tritax EuroBox shares rise as much as 3.2% after the firm, which owns large warehouses in Europe, said its board has engaged “extensively” with Brookfield including through the provision of due diligence information and has received a series of indicative proposals from the asset manager
- Michelin shares fall as much as 4.8% in early Paris trading, with analysts citing a pre-close call with the company after markets closed on Monday
- Sodexo shares fall as much as 6.8%, the biggest drop since May 2022, after the food services and facilities management company reported third-quarter results
- Stabilus slips as much as 0.5% as Berenberg analysts cut their price target on the stock, noting concerns that the German engineering company’s profit warning last month could impact the acquisition of automation equipment maker DESTACO
Earlier, Asian equities were little changed, with a rally in Hong Kong and Japanese shares countered by selling in South Korea.
The MSCI Asia Pacific Index rose as much as 0.4% to the highest level since May 28 before paring most of the gains. Shares of Japanese firms including Mitsubishi UFJ Financial Group, Daiichi Sankyo and Toyota contributed the most to the index’s gain as the Topix gauge closed close to a record high. Stocks declined in Taiwan and Australia. Chinese shares in Hong Kong advanced, boosted by a catch up rally in property shares after better-than-expected June home sales lifted investors’ enthusiasm for the embattled sector. Mainland China stocks closed lower after seesawing through the day.
“Some exposure to China still makes sense,” Vasu Menon, managing director for investment strategy at OCBC Bank Singapore told Bloomberg TV. With the third plenum coming up, “investors are hopeful that the Chinese government will unleash more measures to boost the economy,” he said.
In rates, Treasuries are marginally richer across the curve following an aggressive, two-day bear-steepening move. Treasury yields richer by as much as 1.5bp in belly of the curve which outperforms slightly, steepening 5s30s by almost 1bp on the day. The 10-year yield is around 4.44%, down 2bps vs Monday’s close with gilts outperforming by 2bp in the sector
European bonds outperform, led by gilts after June inflation in UK stores fell close to zero for the first time since October 2021. French government bonds fall, lagging their German peers and widening the 10-year yield spread by 2bps to 76bps as Eurozone inflation prints 2.5% though Core printed 2.9%, 10bps hotter than surveyed.
In FX, the Bloomberg Dollar Spot Index rises 0.1% while the euro dips, falling 0.2% against the greenback. ECB policymakers reiterated that there is no convincing evidence yet that inflation threat is over, biding their time for more data while at their annual retreat. Meanwhile, traders looked past euro area CPI, which slowed as expected in June.
In commodities, oil prices advance, with WTI rising 0.7% to trade near $84 a barrel with Brent trading above $87 and a fresh 2 month high. Spot gold is steady around $2,330/oz. Under modest pressure as the USD remains bid and BTC takes a breather from Monday’s upside around this time.
Looking at today’s calendar, US economic data slate includes May JOLTS job openings at 10am ET. Fed’s Powell is on a panel with ECB President Lagarde and Brazil’s Campos Neto beginning at 9:30am
Market Snapshot
- S&P 500 futures down 0.4% to 5,510.50
- STOXX Europe 600 down 0.6% to 510.12
- MXAP little changed at 180.61
- MXAPJ down 0.6% to 563.60
- Nikkei up 1.1% to 40,074.69
- Topix up 1.1% to 2,856.62
- Hang Seng Index up 0.3% to 17,769.14
- Shanghai Composite little changed at 2,997.01
- Sensex little changed at 79,420.05
- Australia S&P/ASX 200 down 0.4% to 7,718.17
- Kospi down 0.8% to 2,780.86
- German 10Y yield little changed at 2.59%
- Euro down 0.2% to $1.0717
- Brent Futures up 0.5% to $87.03/bbl
- Gold spot down 0.1% to $2,329.88
- US Dollar Index up 0.10% to 106.01
Top Overnight News
- European stocks declined ahead of data on euro-region inflation, after policy makers signaled they need more evidence that price pressures are easing before considering another interest rate cut.
- Federal Reserve Bank of Chicago President Austan Goolsbee said policymakers should cut interest rates if US inflation continues to fall back to the 2% target.
- Financial giants from Goldman Sachs & Co. to Morgan Stanley and Barclays Plc. are taking a fresh look at how a Donald Trump victory in November could play out in the bond market.
- Three weeks after recommending investors sell five-year Treasuries, strategists at JPMorgan Chase & Co. say it’s time to pocket profits from the trade.
- The European Central Bank doesn’t yet have sufficient evidence that inflation threats have passed, President Christine Lagarde and her top economist said — feeding expectations that officials will take a break from cutting interest rates this month.
- Oil traded near a two-month high after breaking out of its recent trading range on an escalation in tensions in the Middle East and concerns over the rapid start to the Atlantic hurricane season. SFZGNSDWX2PS
- As the UK prepares to head to the polls on Thursday, the country’s financial markets appear to be shedding their recent reputation for volatility.
- President Emmanuel Macron’s centrist alliance and the left-wing New Popular Front have until this evening to strategically pull candidates from France’s final round of voting Sunday in a last-ditch effort to keep a dominant far-right out of power.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were ultimately mixed amid the backdrop of rising global yields and recent soft US data. ASX 200 was subdued by weakness in real estate and miners, while RBA Minutes did little to shift the dial. Nikkei 225 recouped early losses and eventually reclaimed the 40,000 level for the first time since early April. KOSPI retreated after North Korea claimed it successfully test-fired a new tactical ballistic missile on Monday capable of carrying a super large warhead, while index heavyweight Samsung Electronics traded indecisively after its workers’ union announced a 3-day strike. Hang Seng and Shanghai Comp. were marginally positive as the former gained on return from the long weekend in which property stocks briefly lifted the index to just shy of 18,000, while the mainland index was rangebound and attempted to reclaim the 3,000 status.
Top Asian News
- China’s Vice Premier He said China is willing to work with Switzerland to deepen and expand cooperation in economic and trade fields, while he added that China welcomes Japanese firms to further expand investment and cooperation in the country, according to Xinhua.
- RBA Minutes from the June meeting stated the Board judged the case for holding rates steady was stronger than for hiking, while they needed to be vigilant to upside risks in inflation and data suggested upside risk for May CPI. RBA stated that economic uncertainty meant it was difficult to rule in or out future changes in policy and recent data was not sufficient to change the outlook for inflation returning to target by 2026, as well as noted that inflation expectations are still anchored, but market premia had drifted higher. Furthermore, the RBA judged it is still possible to bring inflation to target while keeping employment gains but stated a hike might be needed if the Board judged policy was not “sufficiently restrictive” and that a material rise in inflation expectations could require significantly higher rates.
- Outgoing Japanese top currency diplomat Kanda says recent FX moves are showing signs of speculative activity.
European bourses are softer across the board to varying degrees with losses deepening since the cash open despite a lack of fresh fundamentals, Stoxx 600 -0.5% & Euro Stoxx 50 -0.9%. Energy bucks the trend and is the only sector in the green given ongoing crude upside; other sectors lower but choppy. Insurance names in focus as Hurricane Beryl continues to intensify and has made landfall. US futures are lower across the board (ES -0.4%, NQ -0.5%, RTY -0.6%) with price action generally in-fitting with European peers ahead of Fed’s Powell & JOLTS; Tesla (-1.2%) in focus ahead of their Q2 delivery report.
Top European News
- ECB’s Lane says they will have to see what the French gov’t decides, via Bloomberg TV; do not currently have the conditions for disorder regarding the French election (when asked on TPI). June inflation data appears to be in-line with the ECB’s assessment. Going forward will need more information around services, information that will not be provided in June, a comment which was made pre-data. Adds, July is a live meeting.
- ECB’s Wunsch says that barring any major negative surprises, the ECB has space for a second rate reduction. Adds, subsequent moves should only follow when the ECB has confidence that inflation is falling to target.
- ECB’s Kazaks says if inflation moves sideways and the outlook does not change then a September cut is a possibility, via Econostream; if the economy & lending growth remain weak, then this opens “more possibilities” for cutting. Do not have to move at only projection meetings. Re. strategic review: no need for a massive overhaul. Would like a balance sheet discussion next year, though there is no rush to attain a conclusion.
- ECB’s de Guindos says the ECB does not have a predetermined path, inflation to hover around current levels but with some ups and downs this year. Evolution of the French market has been quite orderly.
- ECB’s Muller says they can probably cut more if the baseline holds, need to be patient with further rate cuts; risk of underestimating price stickiness.
- ECB’s Centeno says we must be prudent on rates, but we are confident, via CNBC. Expects a few more cuts in 2024.
- ECB’s Vasle says rates can be lowered further if things go as planned. Tightness of the labour market is causing pressure in wages. Need additional data to confirm the inflation trajectory.
FX
- DXY broadly firmer against peers and holding above the 106.00 mark in proximity to the current 106.05 peak, ahead of Powell and data.
- EUR continues to fade Monday’s French-driven relief rally, down to a 1.0710 low and not finding any real support from sticky super-core EZ HICP; Friday’s trough at 1.0685.
- Sterling softer but against the USD is towards the mid-point of 1.2616-1.2653 parameters. Cable is currently back below its 100 and 50DMAs @ 1.2641 and 1.2654 respectively; last week’s base at 1.2612 before the figure.
- USD/JPY at a fresh multi-decade peak of 161.75 overnight, has pulled back incrementally from this in relatively contained trade since but remains in close proximity. Largely unreactive to comments from outgoing FX head Kanda.
- Antipodeans pressured alongside the general risk tone; RBA minutes overnight said a hike might be needed if the Board judged policy was not “sufficiently restrictive”.
- PBoC set USD/CNY mid-point at 7.1291 vs exp. 7.2774 (prev. 7.1265)
Fixed Income
- OAT-Bund 10yr yield spread around 76bps, towards the top-end of Monday’s range, updates thus far somewhat limited and very much focused on the dropping out of candidates in three/four-way races ahead of tonight’s deadline before Sunday’s second round.
- Bunds slipped to the unchanged mark ahead of Flash EZ HICP where the data which came in as expected aside from the slightly hotter-than-expected super-core Y/Y rate, a print which sent Bunds to a fresh 130.35 base.
- Gilts treading water for the most part. Nothing by way of fresh specific driver for the complex as we continue to countdown to Thursday’s election.
- USTs incrementally firmer into Chair Powell & JOLTS, no reaction to earlier remarks from Fed’s Goolsbee; support comes in at 109-00 and then 108-17+ below while any further upside brings into play Monday’s 109-24 peak and thereafter 109-27+.
Commodities
- Crude benchmarks have extended on yesterday’s gains, after settling higher by over USD 1.50/bbl; complex remains support by several factors incl. geopols, Hurricane Beryl and summer demand.
- WTI Aug and Brent Sep up to highs of USD 84.13/bbl and USD 87.34/bbl respectively.
- Gas contracts relatively contained after pressure on Monday, downside some have attributed to higher inventories.
- Precious metals somewhat mixed but XAU is holding around its 21-DMA at USD 2326/oz, within Monday’s USD 2,318.36-2,338.52/oz parameter.
- Base metals are higher across the board though with upside limited given the general risk tone.
- NHC says Hurricane Beryl is expected to bring life-threatening winds and storm surge to Jamaica on Wednesday, Hurricane watch issued for Cayman Islands.
Geopolitics
- North Korea said it successfully test-fired a new tactical ballistic missile on Monday that is capable of carrying a 4.5-ton super large warhead, according to KCNA.
- “Security sources for Channel 12: The military achievement in Gaza now allows the cessation of fighting if Israel is forced to move the file of negotiations”, according to Al Jazeera.
- “Belarus defense (official): a demonstration of tactical nuclear missiles sent by Russia in Minsk tomorrow”, according to Al Arabiya
US Event Calendar
- June Wards Total Vehicle Sales, est. 15.8m, prior 15.9m
- 10:00: May JOLTs Job Openings, est. 7.95m, prior 8.06m
Central Bank Speakers
- 03:40: Fed’s Goolsbee on Bloomberg Television
- 09:30: Powell, Lagarde, Campos Neto Speak in Sintra
DB’s Jim Reid concludes the overnight wrap
Markets got Q3 off to a mixed start yesterday, with a pretty divergent performance across countries and asset classes. On the positive side, there was a noticeable recovery for French assets after the election results, with the Franco-German 10yr spread (-5.8bps) seeing its biggest decline since President Macron announced the election last month. However, that came alongside more weakness in US markets after investors became increasingly focused on the fiscal outlook, with the presidential election now just four months away. That saw the 10yr Treasury yield rise a further +6.5bps to 4.461%, building on its +11.0bps move on Friday and closing +20.3bp higher than the lows that came after Friday’s soft core PCE. So had you got that data print right in advance you may have got bond markets totally wrong. I thought some of it was month-end shenanigans from Friday but a narrative has built up that due to the aftermath of the Trump/Biden debate, markets should be pricing in a higher probability of a Trump victory and larger fiscal deficits.
In terms of the French situation, the main news yesterday (as we discussed 24 hours ago) was that Marine Le Pen’s National Rally slightly underperformed the opinion polls from before the election. But DB’s economist thinks that their underperformance relative to polls likely reflected stronger participation in urban areas to some degree, in seats that the National Rally were unlikely to win anyway. He writes (link here) that the probability of a National Rally government (minority or majority) is actually now marginally higher than it was before round 1, and there is also the possibility that other MPs on the right or centre-right could implicitly support a minority government. So a slightly different view to the prevailing market narrative yesterday that a far-right majority was less likely. The house view is still a hung parliament though.
The second round will take place on Sunday, but the other parties are now attempting to keep the National Rally from gaining power, and there are negotiations on candidates standing down from districts where they wish to give another party a better chance of victory. For reference, candidates who receive more than 12.5% of registered voters can go forward to the second round, but there is a deadline tonight (6pm CET) for candidates to file papers to go forward, so it’s possible that those who did pass the threshold will withdraw, particularly if they came in third place. So once we know who’s actually standing where, we should get a better idea of the likely prospects going into Sunday’s vote.
In terms of the market reaction, there was an initial surge for equities at the open, with the CAC 40 up by +2.79% first thing. But those gains were then pared back, and the index “only” closed +1.09% higher. Other indices also advanced in Europe, but the gains were concentrated in the south, with Italy’s FTSE MIB (+1.70%) and Spain’s IBEX 35 (+1.04%) both outperforming. Meanwhile for sovereign bonds, the gap between French and German yields tightened back to 74bps, which is its tightest level in over two weeks, whilst Italian and Spanish spreads also fell. Nevertheless, yields still moved higher across the continent, and in absolute terms, the French 10yr yield (+5.1bps) was up to 3.349%, which is its highest closing level since November, whilst those on 10yr bunds were up by +10.7bps on the day. The US bond move from Friday afternoon was a big influence.
Well after the European close, ECB President Lagarde spoke at the annual retreat in Sintra, Portugal. She struck a slightly more hawkish tone, saying that Europe’s “still facing several uncertainties regarding future inflation, especially in terms of how the nexus of profits, wages and productivity will evolve and whether the economy will be hit by new supply-side shocks.” She added, “ It will take time for us to gather sufficient data to be certain that the risks of above-target inflation have passed.” There is now 38.2bps of cuts priced in by year-end, down -5.0bps from Friday’s close.
As discussed earlier, US Treasuries continued their significant last 36 hour decline from Friday as investors moved to focus on the upcoming election and the fiscal implications. That led to another fairly sharp curve steepening yesterday, with the 2s10s curve up +6.1bps to -29.9bps, having been at -49.6bps just one week earlier. For what it’s worth, this week is actually the second anniversary of the 2s10s inversion in July 2022, so we’re on track for yet more records in terms of this being the longest ever 2s10s inversion. And in terms of the specific moves, the 2yr yield was largely unchanged (+0.2bps) at 4.755%, but the 10yr yield saw a larger +6.5bps move to 4.461%. With the attention on the long end, fed futures were barely changed as the amount of cuts priced in by the December meeting was up just +1.0bps to 45bps. This morning in Asia, yields on the 10yr USTs have edged back down -2bps to around 4.44% as I type.
Risk appetite in the US was dampened by some weak data prints, with the ISM manufacturing for June falling to 48.5 (vs. 49.1 expected). Moreover, the subcomponents for new orders (49.3) and employment (49.3) were in contractionary territory as well so there was little respite in the report. The bright spot came on the inflation side, with the prices paid component down to a 6-month low of 52.1. That backdrop meant that US equities were mixed with tech once again saving the day with the Magnificent 7 surging +1.76%, even as the small-cap Russell 2000 was down -0.86%. The S&P 500 split the difference and was up +0.27%, even while 76% of the index members were lower on the day. S&P 500 (-0.23%) and NASDAQ 100 (-0.38%) futures are both trading notably lower this morning.
In Asia, the Nikkei (+0.38%) is trading higher with the Hang Seng (+0.57%) also gaining after returning from a public holiday. Elsewhere, Chinese stocks are struggling to gain traction with the CSI (-0.08%) and Shanghai Composite (+0.04%) relatively flat. Meanwhile, the KOSPI (-0.82%) is losing ground after a busy morning of inflation data. Indeed, South Korea’s inflation cooled more than expected, rising +2.4% y/y in June (v/s +2.6% expected), its slowest pace since July last year. It followed a +2.7% increase in the prior month. Meanwhile, core CPI came in +2.2% higher in June than a year before, in line with May’s reading.
In FX, the Japanese yen (-0.13%) is weakening to a fresh 38-year low of 161.68 against the dollar despite some verbal intervention from the authorities. Japanese Finance Minister Shunichi Suzuki stated that he is “closely watching FX moves with vigilance” while refraining from commenting on specific levels.
Finally, minutes from the RBA’s June monetary policy meeting indicated that board members discussed raising interest rates but eventually decided to hold rates steady at 4.35%. The board emphasized the need to remain vigilant to upside risks to inflation, noting that May’s inflation data hadn’t been enough to derail its inflation outlook of returning to target in 2026. However these minutes are slightly dated as a week after the meeting we had a strong CPI print. So our economists believe an August hike is likely.
To the day ahead now, and data releases include the Euro Area flash CPI print for June, along with the unemployment rate for May. Over in the US, there’s also the JOLTS report of job openings for May. From central banks, we’ll hear from Fed Chair Powell, ECB President Lagarde, ECB Vice President de Guindos, and the ECB’s Elderson and Schnabel
2B EUROPE OPENING/TRADING
Equities pressured, DXY & USTs firmer into Chair Powell – Newsquawk US Market Open
TUESDAY, JUL 02, 2024 – 06:46 AM
- European bourses pressured despite a lack of fresh drivers with US futures softer ahead of Chair Powell
- DXY firmer and above 106.00, USD/JPY hit another peak of 161.75, EUR unreactive to HICP
- EGBs slipped incrementally on sticky super-core EZ HICP but remain near the unchanged mark overall, USTs slightly firmer
- Crude continues to climb while XAU pivots its 21-DMA and base metals lift marginally
- ECB’s Lane said conditions around France are not disorderly, added that July is a live meeting
- Looking ahead, highlights include Canadian Manufacturing PMI, US JOLTS, Comments from Fed’s Powell, ECB’s Lagarde, Schnabel, BCB’s Neto
- Click for the Newsquawk Week Ahead
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EUROPEAN TRADE
EQUITIES
- European bourses are softer across the board to varying degrees with losses deepening since the cash open despite a lack of fresh fundamentals, Stoxx 600 -0.5% & Euro Stoxx 50 -0.9%.
- Energy bucks the trend and is the only sector in the green given ongoing crude upside; other sectors lower but choppy. Insurance names in focus as Hurricane Beryl continues to intensify and has made landfall.
- US futures are lower across the board (ES -0.4%, NQ -0.5%, RTY -0.6%) with price action generally in-fitting with European peers ahead of Fed’s Powell & JOLTS; Tesla (-1.2%) in focus ahead of their Q2 delivery report.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- DXY broadly firmer against peers and holding above the 106.00 mark in proximity to the current 106.05 peak, ahead of Powell and data.
- EUR continues to fade Monday’s French-driven relief rally, down to a 1.0710 low and not finding any real support from sticky super-core EZ HICP; Friday’s trough at 1.0685.
- Sterling softer but against the USD is towards the mid-point of 1.2616-1.2653 parameters. Cable is currently back below its 100 and 50DMAs @ 1.2641 and 1.2654 respectively; last week’s base at 1.2612 before the figure.
- USD/JPY at a fresh multi-decade peak of 161.75 overnight, has pulled back incrementally from this in relatively contained trade since but remains in close proximity. Largely unreactive to comments from outgoing FX head Kanda.
- Antipodeans pressured alongside the general risk tone; RBA minutes overnight said a hike might be needed if the Board judged policy was not “sufficiently restrictive”.
- PBoC set USD/CNY mid-point at 7.1291 vs exp. 7.2774 (prev. 7.1265)
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- OAT-Bund 10yr yield spread around 76bps, towards the top-end of Monday’s range, updates thus far somewhat limited and very much focused on the dropping out of candidates in three/four-way races ahead of tonight’s deadline before Sunday’s second round.
- Bunds slipped to the unchanged mark ahead of Flash EZ HICP where the data which came in as expected aside from the slightly hotter-than-expected super-core Y/Y rate, a print which sent Bunds to a fresh 130.35 base.
- Gilts treading water for the most part. Nothing by way of fresh specific driver for the complex as we continue to countdown to Thursday’s election.
- USTs incrementally firmer into Chair Powell & JOLTS, no reaction to earlier remarks from Fed’s Goolsbee; support comes in at 109-00 and then 108-17+ below while any further upside brings into play Monday’s 109-24 peak and thereafter 109-27+.
- Click for a detailed summary
COMMODITIES
- Crude benchmarks have extended on yesterday’s gains, after settling higher by over USD 1.50/bbl; complex remains support by several factors incl. geopols, Hurricane Beryl and summer demand.
- WTI Aug and Brent Sep up to highs of USD 84.13/bbl and USD 87.34/bbl respectively.
- Gas contracts relatively contained after pressure on Monday, downside some have attributed to higher inventories.
- Precious metals somewhat mixed but XAU is holding around its 21-DMA at USD 2326/oz, within Monday’s USD 2,318.36-2,338.52/oz parameter.
- Base metals are higher across the board though with upside limited given the general risk tone.
- NHC says Hurricane Beryl is expected to bring life-threatening winds and storm surge to Jamaica on Wednesday, Hurricane watch issued for Cayman Islands.
- Click for a detailed summary
NOTABLE DATA RECAP
- EU HICP Flash YY (Jun) 2.5% vs. Exp. 2.5% (Prev. 2.6%); Ex-Food & Energy 2.8% vs. Exp. 2.8% (Prev. 2.9%); Ex-Food, Energy, Alcohol & Tobacco 2.9% vs. Exp. 2.8% (Prev. 2.9%)
- UK BRC Shop Price Index YY (Jun) 0.2% (Prev. 0.6%)
ECB SPEAKERS
- ECB’s Lane says they will have to see what the French gov’t decides, via Bloomberg TV; do not currently have the conditions for disorder regarding the French election (when asked on TPI). June inflation data appears to be in-line with the ECB’s assessment. Going forward will need more information around services, information that will not be provided in June, a comment which was made pre-data. Adds, July is a live meeting.
- ECB’s Wunsch says that barring any major negative surprises, the ECB has space for a second rate reduction. Adds, subsequent moves should only follow when the ECB has confidence that inflation is falling to target.
- ECB’s Kazaks says if inflation moves sideways and the outlook does not change then a September cut is a possibility, via Econostream; if the economy & lending growth remain weak, then this opens “more possibilities” for cutting. Do not have to move at only projection meetings. Re. strategic review: no need for a massive overhaul. Would like a balance sheet discussion next year, though there is no rush to attain a conclusion.
- ECB’s de Guindos says the ECB does not have a predetermined path, inflation to hover around current levels but with some ups and downs this year. Evolution of the French market has been quite orderly.
- ECB’s Muller says they can probably cut more if the baseline holds, need to be patient with further rate cuts; risk of underestimating price stickiness.
- ECB’s Centeno says we must be prudent on rates, but we are confident, via CNBC. Expects a few more cuts in 2024.
- ECB’s Vasle says rates can be lowered further if things go as planned. Tightness of the labour market is causing pressure in wages. Need additional data to confirm the inflation trajectory.
NOTABLE US HEADLINES
- US President Biden said regarding the presidential immunity ruling that there are no kings in America and no one is above the law, while he added the decision means there are virtually no limits on what a president can do and it is a dangerous precedent. Biden said it is highly unlikely that a decision on Trump and January 6th will come before the election and the American people must decide whether Trump’s assault on democracy makes him unfit to be president, as well as noted that Trump will be more emboldened to do what he wants to do. In relevant news, former President Trump moved to overturn his Manhattan conviction citing the Supreme Court immunity decision, according to NYT.
- Fed’s Goolsbee (2025 voter) says US unemployment rate is still quite low but has been rising, via BBG TV interview; US rates are restrictive now. Monthly inflation readings feel like path to 2%. Acknowledges many data points will be released between now and the next Fed meeting. US is still grappling with housing inflation. There are some warning signs in the job market. Reiterates data dependency when asked about rate cutting cycle.
GEOPOLITICS
- North Korea said it successfully test-fired a new tactical ballistic missile on Monday that is capable of carrying a 4.5-ton super large warhead, according to KCNA.
- “Security sources for Channel 12: The military achievement in Gaza now allows the cessation of fighting if Israel is forced to move the file of negotiations”, according to Al Jazeera.
- “Belarus defense (official): a demonstration of tactical nuclear missiles sent by Russia in Minsk tomorrow”, according to Al Arabiya
CRYPTO
- Under modest pressure as the USD remains bid and BTC takes a breather from Monday’s upside around this time.
APAC TRADE
- APAC stocks were ultimately mixed amid the backdrop of rising global yields and recent soft US data.
- ASX 200 was subdued by weakness in real estate and miners, while RBA Minutes did little to shift the dial.
- Nikkei 225 recouped early losses and eventually reclaimed the 40,000 level for the first time since early April.
- KOSPI retreated after North Korea claimed it successfully test-fired a new tactical ballistic missile on Monday capable of carrying a super large warhead, while index heavyweight Samsung Electronics traded indecisively after its workers’ union announced a 3-day strike.
- Hang Seng and Shanghai Comp. were marginally positive as the former gained on return from the long weekend in which property stocks briefly lifted the index to just shy of 18,000, while the mainland index was rangebound and attempted to reclaim the 3,000 status.
NOTABLE ASIA-PAC HEADLINES
- China’s Vice Premier He said China is willing to work with Switzerland to deepen and expand cooperation in economic and trade fields, while he added that China welcomes Japanese firms to further expand investment and cooperation in the country, according to Xinhua.
- RBA Minutes from the June meeting stated the Board judged the case for holding rates steady was stronger than for hiking, while they needed to be vigilant to upside risks in inflation and data suggested upside risk for May CPI. RBA stated that economic uncertainty meant it was difficult to rule in or out future changes in policy and recent data was not sufficient to change the outlook for inflation returning to target by 2026, as well as noted that inflation expectations are still anchored, but market premia had drifted higher. Furthermore, the RBA judged it is still possible to bring inflation to target while keeping employment gains but stated a hike might be needed if the Board judged policy was not “sufficiently restrictive” and that a material rise in inflation expectations could require significantly higher rates.
- Outgoing Japanese top currency diplomat Kanda says recent FX moves are showing signs of speculative activity.
DATA RECAP
- South Korean CPI MM (Jun) -0.2% vs. Exp. 0.1% (Prev. 0.1%); YY 2.4% vs. Exp. 2.7% (Prev. 2.7%)
- New Zealand NZIER Business Confidence (Q2) -44.0% (Prev. -25.0%); QSBO Capacity Utilisation 88.7% (Prev. 90.2%)
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
3 CHINA
CHINA/
end
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
FRANCE
5/RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL HAMAS
Another offensive to begin in Khan Younis
(Jerusalem Post)
DF tells Gazans to evacuate some Khan Younis neighborhoods in wake of rocket attack
Signaling fresh offensive, army publishes list of areas in southern Gaza city whose residents should leave for their safety; troops find, destroy major Islamic Jihad rocket factory
By EMANUEL FABIAN, FOLLOW
TOI STAFF and AGENCIESToday, 3:42 amUpdated at 5:22 a
Palestinians displaced war in the Gaza Strip flee from parts of Khan Younis following an evacuation order by the Israeli army to leave the eastern part of Gaza Strip’s second largest city on July 1, 2024. (Jehad Alshrafi/AP)
The Israeli military on Monday called on Palestinians in eastern neighborhoods of Khan Younis to evacuate the area and head toward the designated “humanitarian zone,” likely preceding a renewed ground offensive in the southern Gaza city.
The Israel Defense Forces pulled out of Khan Younis in April after operating there for four months, similar to its withdrawal from the northern Gaza Strip earlier in the campaign against Hamas. The IDF has since returned to those areas to carry out smaller, localized operations, and looks set to repeat this in the southern city.
Col. Avichay Adraee, the IDF’s Arabic-language spokesman, published a list of the zones that need to be evacuated alongside the announcement, including the Khan Younis suburbs of al-Qarara and Bani Suheila, the Abasan neighborhoods, the town of Khuza’a, and several other areas.
The move came after the Palestinian Islamic Jihad terror group fired a barrage of at least 20 rockets from the Khan Younis area at Israeli border communities, in the largest volley in at least seven months.
“Fear and extreme anxiety have gripped people after the evacuation order,” said Bani Suhaila resident Ahmad Najjar. “There is a large displacement of residents.”
UN Secretary-General Antonio Guterres’s spokesman said “it just shows yet again, that no place is safe in Gaza, more efforts need to be made to protect civilians.”
واحيائها، بما في ذلك احياء معن، قيزان النجار، القرين، جورت اللوت، المنارة والسلام، عبسان الجديدة واحيائها، عبسان الكبيرة واحيائها، بلدية الخزاعة واحيائها، بلدية الفخاري واحيائها، المناطق الاقليمية، بلدية الشوكة وبلدية النصر في بلوكات – 37, 39, 42, 68-84, 114-116, 121-124, 212-225, 231-256, 260, 270, 2270, 2280 من أجل امنكم – عليكم الاخلاء بشكل فوري الى المنطقة الانسانيةTranslate post
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“It’s another stop in this deadly circle of movement that the population in Gaza has to undergo on a regular basis,” added the spokesman, Stephane Dujarric.
Further south in the city of Rafah, Islamic Jihad’s largest rocket manufacturing site found to date was located and demolished, the military said.
The IDF said troops of the Commando Brigade, 401st Armored Brigade, and elite Yahalom combat engineering unit raided an Islamic Jihad compound and underground site in Rafah’s northwestern Tel Sultan neighborhood, where they found a subterranean facility used by the Hamas ally to manufacture rocket parts and long-range rockets.
According to the IDF, the facility was used to build hundreds of projectiles in recent years.
During the raid on the site, the IDF said the commandos and elite combat engineers battled gunmen above and below ground, killing several operatives using drones and guided missiles.
In central Gaza, the military said troops recently located and destroyed a kilometer-long tunnel in the Netzarim Corridor area where the IDF controls an East-West strip that divides the territory in two.
The IDF said the tunnel — located by troops serving under the 99th Division — included several branching paths that were used by terror operatives to move around the area.
The tunnel was blown up by troops of the elite Yahalom combat engineering unit.
Also in the Netzarim Corridor, the 99th Division’s forces — the Alexandroni Reserve Infantry Brigade and 8th Reserve Armored Brigade — killed dozens of gunmen and destroyed more than 100 sites belonging to terror groups in the past two months — since being deployed there — according to the military.
The IDF said the sites included weapon depots, observation posts, rocket launching sites and tunnels.
The army also said a recent airstrike was carried out against a mosque that was used by gunmen as a staging ground, and that it identified secondary blasts following the attack, indicating the site was used to store weapons.
The Netzarim Corridor, built around a road south of Gaza City, enables the IDF to carry out raids in northern and central Gaza while allowing Israel to control access to the north for Palestinians seeking to return after fleeing south. It also enables Israel to coordinate deliveries of humanitarian aid directly to northern Gaza.
‘A yes, but’
As mediators attempt to jumpstart talks for a hostage deal, US Secretary of State Antony Blinken said Monday that Hamas’s June response to the latest Israeli ceasefire proposal can “most charitably be described as ‘a yes, but,’” with the terror group “trying to impose new conditions, moving the line, actually coming back on positions that it had already agreed to and trying to get more.”
International mediators have been trying to reach a deal that would secure freedom for the hostages and some form of ceasefire, however gaps remain between Israel and Hamas on how permanent the lull in fighting would be.
“We’ve been in an intense effort with the Egyptians, with the Qataris to see if we can close the gaps that Hamas created,” Blinken said during an on-stage interview at the Brookings Institution, acknowledging that ultimately it is up to Hamas leader Yahya Sinwar to decide whether the war will continue.
Blinken said that recently, “the Israelis talk about a significant downshifting of their operations in Gaza. That remains to be seen.”
“When this conflict ends, it cannot and must not end with a vacuum in Gaza. It has to end in a way that makes sure that there are clear, coherent, achievable plans for Gaza’s governance, security and reconstruction,” Blinken continued.
“The post-conflict plans are critical because if we get to a moment where the conflict really does shift dramatically at home — [hopefully]… via a ceasefire — if we’re not ready, if the region’s not ready, then you’re going to have a vacuum, and vacuums tend to get filled by bad things before they get filled with good things.
“We know that there are three things that are unacceptable for Gaza’s future: an Israeli occupation; Hamas perpetuating its leadership; or chaos, anarchy, lawlessness — which is what we’re seeing in big parts of Gaza today.
US Secretary of State Antony Blinken participates in a conversation about foreign policy at the Brookings Institution, in Washington July 1, 2024. (Manuel Balce Ceneta/AP)
“We’ve told the Israelis that we expected them to develop their own plans, their own ideas. We’ve not seen enough of that from Israel,” Blinken lamented.
Prime Minister Benjamin Netanyahu meanwhile asserted Monday that Israel was “progressing toward the end of the phase of eliminating Hamas’s terror army.”
“There will be a continuation in order to strike the remnants,” Netanyahu told students from the National Defense College, pledging that Israel will achieve all its war aims.
But even as Netanyahu declared that Israel is close to eliminating Hamas’s military capabilities, a lawmaker in his own party claimed the months-long offensive in Gaza has yielded few results.
Speaking to the Knesset Channel, Likud MK Amit Halevi said, “The results in Gaza are very bad, they’re very poor. The IDF has barely made any strategic achievement in the Gaza Strip.”
Likud MK Amit Halevi at the Knesset, in Jerusalem, on July 3, 2023. (Yonatan Sindel/ Flash90)
Halevi said the responsibility for this failure lies with the military as well as the government, though he mainly elaborated on the army’s portion.
“The government set goals — the elimination of Hamas’s military and governing capabilities — and the IDF brought a plan that can’t fulfill these goals,” he said, urging IDF Chief of Staff Herzi Halevi to “rethink and bring forward a different plan.”
He argued the same approach will not work in countering the threat posed by Hezbollah, arguing that Israel should delay the start of a potential full-on offensive in Lebanon to ensure its success.
The war in Gaza was started by Hamas’s October 7 attack, in which Palestinian terrorists killed some 1,200 people, mostly civilians, and seized 251 hostages. Israel responded with a military campaign to destroy the Gaza-ruling terror group and free the hostages.
The Hamas-run Gaza health ministry says close to 38,000 people in the Strip have been killed or are presumed dead in the fighting so far, though the toll cannot be verified and does not differentiate between civilians and fighters. Israel says it has killed some 15,000 combatants in battle and some 1,000 terrorists inside Israel during the October 7 attack.
319 troops have been killed during the ground offensive against Hamas and amid operations along the Gaza border. The toll includes a police officer killed in a hostage rescue mission. A civilian Defense Ministry contractor has also been killed in the Strip.
A woman and her children walk past a wall with photographs of hostages who were kidnapped during the October 7, 2023, Hamas cross-border attack in Israel, seen in Jerusalem, February 26, 2024. (Leo Correa/AP)
It is believed that 116 hostages abducted by Hamas on October 7 remain in Gaza — not all of them alive — after 105 civilians were released from Hamas captivity during a weeklong truce in late November, and four hostages were released prior to that. Seven hostages have been rescued by troops alive, and the bodies of 19 hostages have also been recovered, including three mistakenly killed by the military.
The IDF has confirmed the deaths of 42 of those still held by Hamas, citing new intelligence and findings obtained by troops operating in Gaza.
One more person is listed as missing since October 7, and their fate is still unknown.
Hamas is also holding two Israeli civilians who entered the Strip in 2014 and 2015, as well as the bodies of two IDF soldiers who were killed in 2014.
ISRAEL/IRAN/HEZBOLLAH
end
ISRAEL/HEZBOLLAH/LEBANON
end
ISRAEL/HEZBOLLAH
Blinken: Israel effectively lost sovereignty in north due to Hezbollah
Blinken said that there is a “momentum” leading to a larger war between Hezbollah and the IDF, but that the paradox was, that no one really wants to see a a larger war break out.
By TOVAH LAZAROFFJULY 1, 2024 20:41Updated: JULY 1, 2024 21:48
Israel has “lost sovereignty” in the northern part of its country due to the persistent cross-border attacks Hezbollah has launched against Israel since October, US Secretary of State Antony Blinken said on Monday.
“People don’t feel safe to go to their homes,” he said during a public interview at the Brookings Institute in Washington. “Absent doing something about the insecurity, people won’t have the confidence to return,” he said.
He spoke as close to 60,000 Israelis from northern border communities are unable to return home and the areas remain largely deserted.
International concern remained high that the almost nine months of cross-border violence would escalate into a third Lebanon War.
Lufthansa Group on Monday halted night flights to and from Beirut until July 31 due to the situation in the Middle East, a spokesperson for the company said.
The change had begun on June 29 and daytime flights would operate as before.
Swiss Air Lines also moves Beirut night flights to daytime
Swiss International Air Lines, a Lufthansa Group subsidiary, also said it would move its Beirut night flights to the daytime until the end of July “due to the political developments at the border between Lebanon and Israel.
Blinken said that there is “momentum” leading to a larger war between Hezbollah and the IDF, but that paradoxically no one really wants to see a larger war break out.
“None of the main actors actually want a war. Israel doesn’t want a war, although they may well be prepared to engage in one, if necessary,” he said.
“I don’t believe Hezbollah actually wants a war. Lebanon certainly doesn’t want a war, because it would be the leading victim in such a war,” Blinken said.
“I don’t believe that Iran wants a war in part because it wants to make sure that Hezbollah is not destroyed, and that it can hold on to Hezbollah as a card if it needs it if it ever gets into a direct conflict with Israel,” Blinken stated.
The best option is a diplomatic arrangement by which Hezbollah would pull back from the border area near Israel, he said.
The “United States has been deeply engaged in trying to advance this diplomacy,” he stated.
In Israel, MK Benny Gantz, who heads the National Unity Party, called on the Lebanese army to act against Hezbollah and ensure that the Iranian proxy group is relocated away from the border with Israel.
“They need to make sure Hezbollah stops. Hezbollah needs to decide whether it’s an Iranian branch or a Lebanese organization and pay the price for what comes with this, Gantz told a group of European ambassadors.
He spoke at an event sponsored by The European Leadership Network, stressing, “I will not agree to the reality as it is now in our northern arenas to continue.”
Gantz, a former IDF chief of staff and a former defense minister had been a minister in the government’s war cabinet, but withdrew from the national unity coalition in June, thereby rendering him unable to participate in decisions regarding the war.
Reuters contributed to this report.
ISRAEL/HOUTHIS/RED SEA
ISRAEL/SERBIA
UKRAINE/RUSSIA/
A plot to remove Zelensky foiled
(zerohedge)
Analyzing The Alleged J6-Like Plot That Was Just Foiled In Kiev
TUESDAY, JUL 02, 2024 – 03:30 AM
Authored by Andrew Korybko via substack,
The Ukrainian Prosecutor General revealed on Monday that the SBU foiled an alleged J6-like plot to seize power in Kiev the day prior by orchestrating a protest that would deliberately descend into a riot whose participants, including military personnel and PMCs, would then storm the Rada.
Zelensky has been fearmongering since November about a so-called “Maidan 3” that he claimed was being organized by Russia against him so it’s very likely that he’ll spin this latest development as proof of that supposed plot.
It serves his political interests to discredit the possibility that this was a truly homegrown regime change attempt which might even potentially be tied to disgruntled members of the military irrespective of whether they have any connection with former Commander-in-Chief Zaluzhny. He used to be Zelensky’s chief rival before being replaced and designated as the new Ukrainian Ambassador to the UK and was of the opinion that it had become impossible to attain Zelensky’s maximalist objectives in the conflict.
Observers should also remember that Zelensky’s term expired in late May so he’s illegitimate due to the compelling legal argument made by President Putin last month that the Speaker of the Rada is now the head of state if the Ukrainian Constitution is still being followed. Moreover, there’s a lot of anger over the country’s forcible conscription measures that have ramped up due to Russia’s fresh push in Ukraine’s Kharkov Region in early May, so genuine anti-government sentiment veritably exists nowadays.
It therefore can’t be ruled out that this was indeed the work of bonafide domestic dissidents with no relationship whatsoever to Russia despite whatever Kiev might claim. Lying about that country’s alleged connection to the conspirators serves the dual purpose of justifying further crackdowns on society while reminding the West of the supposed “Russian threat” ahead of next week’s NATO Summit in an attempt to pressure them into extending more meaningful support for Ukraine.
The timing with which everything just unfolded is also worthy of further examination keeping in mind that upcoming event. According to the Prosecutor General, the culprits began disseminating anti-government messages on social media in May and continued doing so into June, which was what presumably attracted the state’s attention. It can thus be surmised that the authorities were aware of everything about this plot from its early stages and that it accordingly never posed a credible threat.
The reason why it wasn’t busted right away could have been to identify the full extent of their plans and expose everyone else within this network in order to take them all down at once. That’s sensible enough, but there might have also been an ulterior motive at play too, namely to make sure that this story circulates in the run-up to the NATO Summit for Zelensky’s previously mentioned self-interested political reasons instead of prematurely introducing it into the global information ecosystem weeks in advance.
Moreover, seeing as how Ukraine has reportedly begun a military buildup along the Belarusian border, it’s possible that Kiev planned to make this J6-like news public around the same time in order to exploit predictable allegations of Russian involvement in the plot as the pretext for the aforesaid measures. In that way, this move could then be spun as “defensive” even though it’s arguably predicated on at least conveying an intent to threaten Russia’s mutual defense ally, the purpose of which was explained here.
Putting it all together, it appears as though the conspirators are homegrown dissidents without any ties to Russia, though they might have some connections to disgruntled members of the military. The authorities knew about their plans early on but declined to bust them right away since they wanted to obtain more information. The ulterior motive was to have this story coincide with the latest Belarusian tensions and the upcoming NATO Summit, however, thus possibly presaging more Western escalations.
END
RUSSIA/UKRAINE/USA
end
6.COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES
.
WORLD EVENTS NOTEWORTHY
END
WORLD HEALTH ISSUES
DR PAUL ALEXANDER
Chevron doctrine is dead! Supreme Court strikes down Chevron, curtailing power of federal agencies; by vote of 6-3, the justices overruled their landmark 1984 decision in Chevron v. Natural Resources
Under that doctrine, if Congress has not directly addressed the question at the center of a dispute, a court was required to uphold the agency’s interpretation of the statute as long as reasonable
| DR. PAUL ALEXANDERJUL 2 |
But now it’s done! In lay man terms, courts would usually make decisions based on the interpretations and feedback and guidance of USA government agencies.
As seen above, Chief Justice John Roberts appeared to have found at least one of his missing testicles.
So, the administrative state has been dealt a death blow, it has in this one ruling lost most of its illicit teeth. So, in a nutshell, courts cannot anymore turn to some corrupt federal agency with their own rules and laws or guidance and needs and interests…no more deference.
Now no more, the alphabets have no power to do their dirty work anymore, to affect serious far reaching national court rulings, it’s gone, the power to do this anymore, to make unaccountable unelected guidance to courts (back to congress and courts) and you may not have focused on this, but this Chevron (came about in 1984 due to a SCOTUS Supreme Court case and decision Chevron U.S.A. versus Natural Resources Defense Council para)is a very major cataclysmic ruling (Chief Justice Roberts penned to ruling). This one SCOTUS ruling will affect how USA runs and your/our lives bigtime for decades to come…
before, it was the crooked arbitrary corrupted and malevolent biased alphabets e.g. CDC, HHS, EPA etc. etc. (I named just a few corrupt agencies as their actions harmed us in COVID and empowered the often, devastating court rulings), these nefarious agencies and its corrupted thieving officials, who largely helped determine court rulings. People not elected…just overpaid crooked people…who ‘coffee-ed, screwed, gave illicit kickbacks & bogus contracts their WAYS’ to their positions in government…that was their claim to fame, still is…go ask Willie Brown…how he did it, who he advanced that way…ask him…you might giggle and cackle when you understand.
SLAY NEWS
| he latest reports from Slay NewsAll-Cause Deaths Surge Among Covid-VaccinatedA major new study has revealed that deaths from all causes are soaring among those who have received Covid mRNA shots.READ MORE17-Year-Old Badminton Star Drops Dead from Cardiac Arrest Mid-GameShocking scenes have emerged from a major badminton championship after a teenage player dropped dead on the court mid-game.READ MOREBiden Campaign Sends Instructions to Supporters on How to Defend Debate PerformancePresident Joe Biden’s campaign, the White House, and the Democrats are now taking their gaslighting efforts to the next level as the November election draws near.READ MORESupreme Court Sends Trump’s Immunity Claim Back to Lower CourtPresident Donald Trump’s claim of presidential immunity has just been sent back to a lower court by the United States Supreme Court.READ MOREBiden’s ‘Good Neighbor’ Green Agenda Regulation Shot Down by Supreme CourtThe United States Supreme Court has just dealt a massive blow to Democrat President Joe Biden’s green agenda.READ MOREMultiple Court Orders Force Biden Admin to Freeze Student Debt ForgivenessDemocrat President Joe Biden’s administration has been forced to stop all student debt forgiveness programs after multiple court orders.READ MOREAtlanta Journal-Constitution Joins Media Calls for Biden to Retire over Debate PerformanceIn the wake of his disastrous presidential debate performance, a growing number of the Democrats’ allies in the corporate media are calling on President Joe Biden to call it a day and retire.READ MOREIllegal Alien Brutally Kills Young Woman in New York on Her 21st BirthdayA young woman has been brutally killed in New York by a violent illegal alien, according to authorities.READ MOREKlaus Schwab Accused of Sexual Harassment by WEF EmployeesWorld Economic Forum (WEF) founder Klaus Schwab has been accused of sexual harassment, discrimination, and various forms of inappropriate behavior by several employees.READ MORE |
The latest reports from Slay News
NEWS ADDICTS
| LATEST REPORTS FOR NEWS JUNKIESPfizer Buys Up Companies That Profit from Treating Vaccine InjuriesPfizer has been investing billions of dollars to buy up several companies that treat conditions caused by Covid mRNA vaccines.READ THE FULL REPORTEmployee Fired for Refusing COVID Vaccine Scores Major VictoryA federal jury has ordered Blue Cross BlueShield of Tennessee (BCBST) to pay nearly $700,000 to a former employee, Tanja Benton, who was terminated for refusing the COVID-19 vaccine based on her religious beliefs.READ THE FULL REPORTLeo Terrell Drops Hammer on Jack Smith after Epic SCOTUS Smackdown on Presidential Immunity CaseIn a recent X post, civil rights lawyer Leo Terrell didn’t mince words when he addressed the Supreme Court’s decision regarding the immunity claim of President Donald Trump.READ THE FULL REPORTTucker Carlson Demolishes Democrats’ Hopes and Dreams with One X Post: ‘Biden Is Done…’The political landscape in the United States has taken a dramatic turn, with prominent Democrats suggesting that President Joe Biden is “brain damaged” and must be removed from office.READ THE FULL REPORTBREAKING: Texas Supreme Court Upholds Ban on Child Transgender Procedures in 8-1 RulingOn June 28, the Texas Supreme Court ruled that a Texas law prohibiting doctors from performing sex change surgeries on children does not violate the state’s constitution.READ THE FULL REPORTVIEW MORE NEWS |
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7.OIL PRICES/GAS PRICES/OIL ISSUES
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
BOLIVIA
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0717 DOWN .0019
USA/ YEN 161.65 UP 0.136 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2643 DOWN .0002
USA/CAN DOLLAR: 1.3733 DOWN .0005 (CDN DOLLAR UP 5 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 2.28 PTS OR 0.08%
Hang Seng CLOSED UP 50.53 PTS OR .29%
AUSTRALIA CLOSED DOWN 0.41%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 50.53 PTS OR .29%
/SHANGHAI CLOSED UP 2.28 PTS OR 0.08%
AUSTRALIA BOURSE CLOSED DOWN .41%
(Nikkei (Japan) CLOSED UP 443.63 PTS OR 1.12%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 2324.20
silver:$29.32
USA dollar index early TUESDAY morning: 105.67 UP 9 BASIS POINTS FROM MONDAY’s CLOSE.
TUESDAY MORNING NUMBERS ENDS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now your closing TUESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.264% DOWN 2 in basis point(s) yield
JAPANESE BOND YIELD: +1.08% UP 2 AND 4/ 100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.407 DOWN 7 in basis points yield
ITALIAN 10 YR BOND YIELD 4.075 DOWN 7 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6004 UP 0 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0737 UP 0.0007 OR 7 basis points
USA/Japan: 161.47 DOWN 0.041 OR YEN IS UP 4 BASIS PTS
Great Britain 10 YR RATE 4.2910 DOWN 2 BASIS POINTS //
Canadian dollar UP .0038 OR 38 BASIS pts to 1.3698
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.2712 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.3046)
TURKISH LIRA: 32.58 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +1.080…
Your closing 10 yr US bond yield DOWN 4 in basis points from FRIDAY at 4.437% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.618 DOWN 2 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.718 DOWN 5 BASIS PTS.
GOLD AT 11;30 AM 2329.00
SILVER AT 11;30: 29.68
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: TUESDAY CLOSING TIME 12:00 PM//
London: CLOSED DOWN 45.56 PTS OR 0.56%
German Dax : CLOSED DOWN 126.40 PTS OR 0.69%
Paris CAC CLOSED DOWN 22.84 PTS OR 0.30 %
Spain IBEX CLOSED DOWN 144.20 OR 1.30%
Italian MIB: CLOSED DOWN 235.14 PTS OR 0.70% PTS
WTI Oil price 83,18 12EST/
Brent Oil: 86.25 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 88.19 ROUBLE DOWN 1 AND 44/100
GERMAN 10 YR BOND YIELD; +2.604 DOWN 6 BASIS PTS.
UK 10 YR YIELD: 4.2910 DOWN 2 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0743 UP 0.0007 OR 7 BASIS POINTS
British Pound: 1.2684 UP 0.0037 OR 37 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.285 UP 3 BASIS PTS//
JAPAN 10 YR YIELD: 1.077%
USA dollar vs Japanese Yen: 161.48 DOWN 0.029 YEN UP 3 BASIS PTS//
USA dollar vs Canadian dollar: 1.3675 DOWN 0063 //CDN dollar UP 63 BASIS PTS
West Texas intermediate oil: 82.93
Brent OIL: 86.33
USA 10 yr bond yield DOWN 5 BASIS pts to 4.432
USA 30 yr bond yield DOW 3 BASIS PTS to 4.610%
USA 2 YR BOND: DOWN 3 PTS AT 4.743
USA dollar index: 105.39 DOWN 20 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32.55 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 87,85 DOWN 1 AND 09/100 roubles
GOLD 2,329.20 3:30 PM
SILVER: 29.54 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 162.33 PTS OR 0.41%
NASDAQ UP 199.67 PTS OR 1.01 %
VOLATILITY INDEX: 11.98 DOWN 0.24 PTS OR 1.96%
GLD: $215.56 DOWN 0.01 OR 0.05%
SLV/ $26.97 UP 0.12 OR 0.45%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Bonds & Stocks Bid As Government Job Openings Suddenly Surge
TUESDAY, JUL 02, 2024 – 04:00 PM
Despite the near-perfect track record of downward revisions over the last 17 months, the market seemed buoyed today by a better than expected JOLTS print – which was juiced almost entirely by government jobs
Source: Bloomberg
And that was enough to send rate-cut expectations (dovishly) higher
Source: Bloomberg
Which pulled stocks and bonds higher in price…
Source: Bloomberg
In equity land, Nasdaq was the biggest gainer while Small Caps lagged
…as the energy-tech/AI pair continued to flip-flop (today’s winner was tech over energy)…
Source: Bloomberg
TSLA had a big day, up almost 10% after beating expectations for deliveries (getting back towards unchanged for the year)…
Which helped lift the Mag7 to fresh record-er highs…
Source: Bloomberg
Treasury yields were lower across the curve with the belly outperforming (7Y -4bp[s, 2Y & 30Y -2bps)…
Source: Bloomberg
The dollar dived on the dovishness….
Source: Bloomberg
Gold traded sideways once again (despite the dollar weakness)…
Source: Bloomberg
Oil prices touched a new two-month highs before legging back down for the day with WTI holding around $83 into tonight’s API data…
Source: Bloomberg
Having rallied back up to the scene of the Mt.Gox headline crime, Bitcoin slipped back lower today…
Source: Bloomberg
…despite 5 straight days of ETF inflows leading into this…
Source: Bloomberg
Finally, for the first time on over a year, macro-economic surprises have turned negative across every major region in the world…
Source: Bloomberg
Tim for The Fed to save the world (from Tyrannical Trump… with Simple Joe?)
MORNING TRADING//
AFTERNOON TRADING///
II USA DATA
end
III USA ECONOMIC COMMENTARIES
Totally wrong for Biden to do this! Biden to pause student loan payments and interest for 3 million borrowers. This goes against the Supreme Court ruling but Biden does not care
(zerohedge)
Federal Government To Pause Student Loan Payments, Interest For 3 Million Borrowers
MONDAY, JUL 01, 2024 – 11:00 PM
Authored by Bill Pan via The Epoch Times,
In response to court rulings blocking key elements of the federal government’s new student loan repayment program, the Biden administration will be giving about 3 million borrowers a reprieve from their monthly payments.
The 3 million borrowers eligible for the pause are enrolled in the income-driven repayment program dubbed SAVE and have a monthly payment that is more than zero, according to the U.S. Department of Education. About 4.5 million SAVE enrollees who qualify for zero-dollar payments because of low incomes will not be included in the pause.
The payment pause is similar to the COVID-19 student loan relief that lasted for 3 1/2 years, from March 2020 through September 2023, during which borrowers didn’t have to pay monthly bills and interest didn’t accrue.
Borrowers who are eligible for the new pause will be informed directly in the coming days, a spokesperson for the Education Department told The Epoch Times.
The announcement was made days after a federal judge in Kansas, siding with attorneys general of three Republican-led states, blocked the implementation of the final segment of the SAVE plan but declined to unwind the portions of it that are already in place.
The blocked segment is a calculation formula update scheduled to take effect on July 1. It would have allowed borrowers with undergraduate loans to have their monthly payments capped at 5 percent of their discretionary income, down from the current 10 percent limit.
Borrowers with undergraduate and graduate school loans would also have seen a reduction in repayments, with the amount depending on the proportion of their graduate and undergraduate loan debt.
A separate ruling by a federal court in Missouri put SAVE’s debt discharge provisions on hold while litigation challenging the program moves forward. The SAVE plan offered debt cancellations for those who originally took out $12,000 or less in loans and have made at least 10 years of monthly payments.
Both of the judges presiding over the twin cases agreed that the SAVE plan, which uses the Higher Education Act to forgive hundreds of billions of dollars in loan debt, goes beyond what the statute authorizes.
In his opinion, Judge John Ross of the Eastern District of Missouri said Congress did not intend to make debt forgiveness under the law as economically far-reaching as President Biden’s program.
“The court is not free to replace the language of the statute with unenacted legislative intent,” Judge Ross wrote.
“Congress has made it clear under what circumstances loan forgiveness is permitted, and the [income-contingent repayment] plan is not one of those circumstances.”
A Congressional Budget Office estimate said SAVE could cost $230 billion over the next decade, while researchers at the Wharton School of the University of Pennsylvania placed the price tag at $475 billion over the same 10-year period.
The pair of rulings prompted some Democrat lawmakers to urge the Education Department to place affected borrowers on forbearance, citing the confusion that could result from the injunctions.
“This damning and harmful lawsuit will only throw struggling borrowers further into chaos, deny them the student debt cancellation they demand and deserve, and prevent them from purchasing homes, growing their families, and so much more,” Rep. Ayanna Pressley (D-Mass.) said in a statement.
“The Biden Administration must continue to take immediate action to ensure borrowers receive the student debt cancellation they were promised.”
The federal government has promised a continued push for student loan forgiveness.
“President Biden, Vice President [Kamala] Harris, and Secretary [Miguel] Cardona remain committed to fixing a broken student loan system and making college more affordable for more Americans,” an Education Department spokesperson said in a statement to The Epoch Times.
“They will not stop vigorously defending the SAVE Plan, the most affordable repayment plan in history, and will continue to fight for this long-overdue relief.”
Some 414,000 borrowers have had their federal student loan debts erased under SAVE, according to the department.
The injunctions will not affect any forgiveness that has already been granted.
end
The house wants the Hur tapes
(Richman/EpochTimes)
House Republicans Sue Garland For Tapes Of Hur Interview With Biden
MONDAY, JUL 01, 2024 – 09:40 PM
Authored by Jackson Richman via The Epoch Times,
House Republicans filed a lawsuit on July 1 against Attorney General Merrick Garland, seeking to force the Department of Justice (DOJ) to release the audiotapes of special counsel Robert Hur’s interview with President Joe Biden in his classified documents probe.
The lawsuit, filed in the U.S. District Court for the District of Columbia, also asks the court to require the DOJ to hand over the audio of Mr. Hur’s interview with President Biden’s ghostwriter, Mark Zwonitzer, who wrote two memoirs for him.
The legal action came after the House Republicans last month voted to hold Mr. Garland in contempt for failing to comply with a subpoena for tapes of Mr. Hur’s interview with the president. The White House has asserted executive privilege.
The Justice Department declined to prosecute the attorney general, citing the department’s “longstanding position” not to pursue criminal action against those who refuse to comply with subpoenas over which executive privilege has been claimed.
House Republicans sought material relating to Mr. Hur’s investigation into the president’s handling of classified material after the special counsel declined to recommend charges against President Biden.
Mr. Hur’s report, in reaching its conclusion not to go forward with charges, cited an assessment that President Biden would present to a jury as a “well-meaning, elderly man with a poor memory.”
The Justice Department has handed over transcripts and notes on the interview and argues that it is not necessary to provide the tapes. Doing so would deter future presidents from cooperating with similar investigations, the DOJ said.
House Republicans have insisted that they need the tapes to verify the transcript’s accuracy and to confirm that Mr. Hur’s observation was justified.
The Justice Department and Democrats pushed back, contending that Republicans wanted the tapes solely for partisan reasons.
“The absence of a legitimate need for the audio recordings lays bare your likely goal—to chop them up, distort them, and use them for partisan political purposes,” Ed Siskel, President Biden’s counsel, wrote to House Oversight Chair James Comer (R-Ky.) and House Judiciary Chair Jim Jordan (R-Ohio) in a May letter.
In its 56-page suit, the GOP-led House Judiciary Committee contends that the Biden administration’s executive privilege claim is “frivolous.” The committee also argues that the president had waived privilege when it released a transcript of the interview to Congress.
The Epoch Times has reached out to the Justice Department for Mr. Garland’s response to the lawsuit.
Rep. Anna Paulina Luna (R-Fla.) this past week said that she would force a vote on an obscure measure, known as an inherent contempt resolution, which would direct the House sergeant at arms to arrest Mr. Garland for failing to comply with the subpoena.
The resolution is privileged, so the House will be forced to vote on it within two legislative days once she brings it to the floor. Ms. Luna had said she would bring it to the floor on June 28 but did not.
The Epoch Times has reached out to Ms. Luna’s office to ask when she will put it on the floor and why she did not do so on June 28.
According to Mr. Hur’s report, classified materials from 2009 about the war in Afghanistan were found at a Virginia home that President Biden rented and where he met with Mr. Zwonitzer to work on the two books.
The classified documents were eventually sent to Delaware.
The Epoch Times has reached out to Mr. Zwonitzer’s attorney, Louis Freeman, for comment.
end
Biden stupidly blasts the Supreme Court decision on immunity even though he is President and may need this
(zerohedge)
“The American People Should Dissent, I Dissent” – President Biden Blasts Supreme Court’s “Dangerous Precedent”
MONDAY, JUL 01, 2024 – 08:20 PM
Update (2000ET): Despite the Supreme Court’s direct ruling that “the President is not above the law”, President Biden delivered lying remarks to the American people this evening about the “terrible disservice to the people of this nation” that SCOTUS delivered today.
President Biden directly attacked SCOTUS (and the ‘far-right’ justices that Trump appointed) for “gutting voting rights and civil rights, taking away a woman’s right to choose, and today’s decision that undermines the rule of law of this nation.”
Then he lied some more, telling Americans that “my predecessor sent a violent mob to the US Capitol to stop the peaceful transfer of power…”
Biden quoted directly from Justice Sotomayor’s dissent (which was remarkably political and perfectly bite-sized for today’s social media-consuming listener) where she said, “…with fear for our democracy, I dissent”, to which Biden added “so should the American people dissent, I dissent.”
“Biden was only able to speak for 3-4 minutes and refused questions from even his most reliably allies in the press, as per usual. He is apparently unwilling or unable to speak without the teleprompter.”
This is what the leader of the free world has been reduced to…
We strongly suggest putting down all sharp objects and emptying your mouth of food before watching…
* * *
The Supreme Court on Monday ruled in a 6-3 vote that former presidents, including Trump, enjoy immunity from criminal prosecution for conduct involving official acts during tenure in office, but he’s not immune from unofficial acts.
As Bloomberg notes, the decision – which kicks the ball back to the lower court – ‘all but ensures’ that a trial won’t happen in Trump’s classified documents case before the November election.
The justices, voting 6-3 along ideological lines, said a federal appeals court was too categorical in rejecting Trump’s immunity arguments, ruling for the first time that former presidents are shielded from prosecution for some official acts taken while in office. The majority ordered the lower courts to revisit the case to decide the extent of the allegations that are off limits to prosecution.
“Just as former presidents have immunity from civil liability for official acts, they have immunity from criminal prosecution unless they are impeached and removed from office for the crime alleged. This decision is supported by the writings of the framers of the Constitution, the text of the Constitution and Supreme Court precedent,” wrote X user Martin Harry.
As constitutional law professor Jonathan Turley notes, now “the issue is whether what constitutes official acts,” adding that the ruling will “further delay the lower court proceedings, but Trump will have to argue that his actions fall within these navigational beacons.”
“The lower court judge has been highly favorable for Jack Smith in the past. Yet the court is arguing that there is a presumption of immunity for their official acts beyond the absolute immunity on core constitutional powers.”
Meanwhile, Justice Thomas called into question the legality of Smith’s office:
In a blistering dissent, Justice Sotomayor writes that the ruling “makes a mockery of the principle, foundational to our constitution and system of government, that no man is above the law.”
“Relying on little more than its own misguided wisdom… the court gives former President trump all the immunity he asked for and more.“
Special counsel Jack Smith is leading two federal probes against Trump, both of which led to criminal charges. In Washington, Trump has been targeted over alleged efforts to overturn the 2020 election, while a Florida case revolves around the mishandling of classified documents – for which Trump has claimed presidential immunity.
In response to the ruling, Trump said on Truth Social that it was a “”BIG WIN FOR OUR CONSTITUTION AND DEMOCRACY.”
END
Powerful storm Beryl heading to lower Texas and the Mexican peninsula
(zerohedge)
Cruise Ship Stocks Slide As Powerful Hurricane Beryl Churns In Caribbean
MONDAY, JUL 01, 2024 – 11:20 PM
Shares of Carnival Corp, Royal Caribbean, and Norwegian Cruise Line fell in New York on Monday after reports of a record-breaking hurricane sweeping through the Caribbean.
Earlier, Hurricane Beryl made landfall on Carriacou Island, a Caribbean island part of Grenada. The powerful Category 4 storm was just seven mph below the threshold for becoming a Category 5 (157 mph) on the Saffir-Simpson scale.
“Residents in Grenada, the Grenadine Islands, and Carriacou Island should not leave their shelter as winds will rapidly increase within the eyewall of Beryl,” Brad Reinhart, a senior hurricane specialist at the National Hurricane Center, wrote in a note.
Reinhart said, “Remain in place through the passage of these life-threatening conditions and do not venture out in the eye of the storm.”
The Caribbean is heavily trafficked by cruise ships, resulting in traders selling Carnival Corp. (-5%), Royal Caribbean Cruises (-2.3%), and Norwegian Cruises (-6%).
According to Philip Klotzbach, a Colorado State University hurricane researcher, Beryl strengthened into a Category 3 hurricane Sunday morning. It became the first major hurricane east of the Lesser Antilles on record for June. The reason is due to the extremely warm water in the Atlantic Basin.
“Beryl is an extremely dangerous and rare hurricane for this time of year in this area,” hurricane specialist and storm surge expert Michael Lowry told CBS News.
Looking ahead, Beryl has set its crosshairs for the Dominican Republic, Haiti, Jamaica, Mexico, Belize, and Honduras. The storm could make landfall in Mexico or Belize on Friday.
end
If The High Cost Of Groceries Makes You Feel Sick, You Are Not Alone
BY TYLER DURDEN
TUESDAY, JUL 02, 2024 – 08:30 AM
Authored by Michael Snyder via The Economic Collapse blog,
If you are really struggling with the high cost of living, I want you to know that you aren’t alone. In recent months, I have been hearing from so many people that feel like they are drowning financially. Have you experienced a palpable sense of panic when you compare your rising bills to the level of income that you are currently bringing in? So many people out there are stressed out of their minds because it has become such a struggle to pay the bills each month. As I discussed a few days ago, a typical U.S. household must now spend $1,069 more a month just to buy the exact same goods and services that it did three years ago. Over the course of an entire year, that is almost an extra $13,000 dollars. Month after month, prices just keep going higher, but those that are running things continue to insist that everything is just fine.
No, everything is not just fine.
Last week, a TikTok video about rising grocery prices at Walmart quickly garnered more than a million views. The person that made the video found a grocery order that he had placed two years ago, and he decided to hit the “Reorder All” button to see what that same order would cost today…
A recent TikTok video has gone viral, showing a user’s surprising experience with Walmart’s grocery prices. The user explained in his video that he tried to use the “Reorder All” button for an order he placed two years ago, which originally cost $126.67. To his shock, the same order would now cost $414.39.
I was quite stunned by this video.
Many of the things that I regularly purchase at the grocery store have doubled or more than doubled in price, but in this case the total cost of the grocery order had more than tripled…
The TikTok (@sewerlidd) explained that the original $126.16 purchase was for a month’s worth of groceries, which included 53 items.
“A whole month of groceries just for me,” he said in the video.
The total was updated to $414.39, almost quadrupling.
“I feel like I’m going to be sick,” he said.
Needless to say, this video has generated a ton of discussion online.
When Walmart was asked about this, they responded by saying that the primary reason there was such a difference is because the person that made the video was attempting to order “discontinued items”…
Walmart representatives have responded, stating that the claims in the video are not accurate. According to them, the discrepancies in prices are due to discontinued items rather than actual inflation.
But this explanation certainly did not satisfy everyone.
Another person hit the “Reorder All” button on an old order, and that order went from $180 back then to $430 today…
Viewers expressed both shock and frustration in the comments.
“Now I feel a little less gaslit about grocery prices because it has gone crazy, and it’s not just me!” wrote one person.
“Walmart, can you explain yourself, please,” added another.
A fellow shopper said they used to spend $180 for two weeks’ worth of groceries and are now spending over $430 for the same amount.
If you think that the price of groceries is not a problem, I have a challenge for you.
Fill up a grocery cart all the way to the very top with items that you typically eat, and try to keep the final bill under 300 dollars.
If you are smart, you can do it, but it won’t be easy.
In the old days, you could buy a used vehicle for 300 dollars.
Now, many people burn through more than 300 dollars in just one trip to the grocery store.
This is just one of the reasons why inflation has become such a huge political issue.
According to Gallup, inflation was not really considered to be an important issue at all prior to 2022…
For the third year in a row, the percentage of Americans naming inflation or the high cost of living as the most important financial problem facing their family has reached a new high. The 41% naming the issue this year is up slightly from 35% a year ago and 32% in 2022. Before 2022, the highest percentage mentioning inflation was 18% in 2008. Inflation has been named by less than 10% in most other readings since the question was first asked in 2005.
The last three years have been an inflationary nightmare, and no matter how much our leaders try to deny it, a lot more inflation is on the way.
Things are particularly bad in our major cities. In fact, it is being reported that Manhattan is the most expensive place to live in the United States by a wide margin…
The New York borough of Manhattan is the most expensive place to live in the U.S. — and the cost of living in the No. 2 place isn’t even close.
The cost of living in Manhattan is more than twice the national average. The second- and third-most expensive places are Honolulu and San Jose, California, but in comparison, they are much more affordable. Manhattan is 24% more expensive than Honolulu and 30% more expensive than San Jose.
It isn’t a big mystery why this is the case.
When our leaders pumped trillions upon trillions of dollars into the system, the financial markets benefitted greatly.
So Manhattan is swimming in cash, and prices there have gone into the stratosphere.
Many of us relentlessly warned about what would happen when our leaders flooded the system with cash, and now we are facing economic distortions that are extremely painful.
For most Americans, prices have been rising much faster than their paychecks.
As a result, our national standard of living has been steadily declining.
And now we have entered a time when it appears that economic conditions are really slowing down.
For example, it is being reported that Ford is preparing for yet another round of layoffs…
Ford Motor is preparing for a new round of layoffs for its salaried workers in the United States, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
The company in March last year announced plans to reduce structural costs of up to $3 billion at its gas-powered vehicle unit. In August, Ford said it would cut a total of 3,000 salaried and contract jobs, mostly in North America and India.
Over the past several years, our politicians in Washington have borrowed and spent trillions upon trillions of dollars, and the “experts” at the Federal Reserve have pumped trillions upon trillions of dollars into the financial system.
All that did was buy us a little more time.
All that did was delay the inevitable.
Now we are facing a crisis of absolutely epic proportions, and the economic suffering that we are currently experiencing is nothing compared to the economic suffering that is ahead of us.
* * *
Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM
iiiC USA COVID //VACCINE ISSUES/IMPORTANT MEDICAL ISSUES
end
END
FREIGHT ISSUES/USA
END
VICTOR DAVIS HANSON OR NEWT GINGRICH/TUCKER CARLSON
VDH: The Lies We Have Lived Through
MONDAY, JUL 01, 2024 – 07:00 PM
Authored by Victor Davis Hanson via American Greatness,
“You can fool some of the people all of the time, and all of the people some of the time, but you cannot fool all of the people all of the time.”
– Often attributed to Abraham Lincoln
After last Thursday’s debate, Biden himself laid to rest the Democratic lie that he was robust and in control of his faculties. In truth, he demonstrated to the nation that he is a sad, failing octogenarian who could not perform any job in America other than apparently the easy task of President of the United States and Commander-in-Chief in charge of our nuclear codes.
In 2019, Democratic primary candidates often hit rival Joe Biden for his apparent senior moments and incoherence.
During the 2020 campaign, Biden often became in bizarre fashion animated and nasty (“you ain’t black”/“fat”/“lying dog-faced pony soldier”/“junkie”).
His “corn pop” stories were grotesque and had a senile accentuation of his earlier “super-predator” and “clean” black riffs.
As president, his mental decline progressed geometrically, in the sense that every three months, Biden became far, far worse than during the prior 90 days. His handlers long ago had determined that masking his feebleness at the expense of the security and safety of the nation was a small price to pay to retain power.
What followed was the most comprehensive deceit in presidential history, analogous to insisting that frail and dying FDR in 1944 was just fine as the November election approached or that Woodrow Wilson was expertly running the country as he lay bedridden and near comatose.
Any who questioned the vigorous Biden narrative was trashed as “ageist.”
Special counsel Robert Hur was dubbed a “hack” for accurately describing Biden as so amnesiac he would win nullification acquittal from a sympathetic jury.
An array of court sycophants periodically gave interviews, insisting that the robust Biden was smarter and wiser than ever. His press secretary, Karin Jean-Pierre, helped coin a new slur, “cheap fake,” for any who collated video and audio clips demonstrating that Biden was obviously non compos mentis. Would she say the same today after the about-face CNN panelists reviewed Biden’s serial debate lapses to support their now-opportune advocacy that he not run for reelection? Would she wish to be a passenger in a car driven by Biden?
In sum, the “dynamic Biden” farce was finally laid to rest by a debate, but not before it had served the original leftist Faustian bargain. Under the guise of COVID, an enfeebled and stationary Biden outsourced his entire 2020 campaign to toady journalists and surrogate politicians.
His task was to pose from his basement as the uniter, ‘good ol’ Joe from Scranton,’ serving as the pseudo-moderate veneer for the most far left agenda in recent history. In the bargain, Joe and Jill enjoyed the privileges of power and status, while they farmed out the presidency to an array of former Obama subordinates and the hard left of what is left of the old Democratic Party.
The useful lie continued throughout his presidency, escalating in direct proportion to Joe’s mounting stumbles, brain freezes, rambling, and incomprehensible speech. When our president said something either outrageous or unfathomable, the public was to assume that it was intemperate to attribute his failures to senility.
So, the nation became acculturated to deciphering about 60 percent of what he said and writing off the rest to his never-to-be-spoken-of disability. It was the cognitive bookend to the ruse that FDR was able to stand and walk—although far worse because being wheel-chair bound is not a limitation for a president, whereas cognitive incapacity of Biden’s magnitude most certainly is.
The Biden lie was the crown jewel of a number of other left-wing/media fabrications. The more they spread, the more they seemed absurd, and the more they were refuted—so all the more others took their place and the more their promulgators never apologized but simply moved on to their next one. The common denominator was that all the lies, during their existence, were useful to the progressive project.
The Russian collusion hoax helped lose Trump the 2016 popular vote. Its resumption during his presidency ate up 22 months of his administration during the Special Counsel Robert Mueller farce.
The October surprise laptop disinformation lie may have cost Trump the 2020 election. But it was concocted so that Joe Biden could stare at the debate camera and swear to the American people that Trump was a liar, citing “51 intelligence authorities” who insisted Hunter Biden’s laptop was a likely hallmark of Russian disinformation.
We were asked to believe that clever Russian disinformationists fabricated all the sick photos and selfies of poor Hunter, knew the Biden family’s intimate tensions and fault lines as evidenced in the computer’s texts and emails, and were able to package and deposit the computer to either a Russian operative masquerading as a computer repairment or have it delivered to the supposedly useful idiot. The truth was, the FBI had the laptop during the debate and had long verified its authenticity—and thus kept mum as its brethren intelligence apparatchiks lied to the nation.
What the untruth did not fully reveal was that Biden’s campaign foreign policy guru, Anthony Blinken (the current Secretary of State), cooked up the entire ruse. He enlisted former CIA grandee Mike Morell, who then rounded up on spec the confessed lying duo of John Brennan and James Clapper, who in turn drafted still more deceivers, among them the once esteemed Leon Panetta.
And the lie worked perfectly as envisioned, far better than even Russian “collusion.” The nation was deceived into believing that the “asset” Trump was reduced once again to colluding with Putin to enlist his former KGB soldiers to smear the upright Biden family and thus warp yet another election.
Note that all these lies were never retracted. No one ever apologizes. No one is ever punished, even when the lie is given under oath. No one ever has any regrets. And no one ever has any hesitation to lie again, given the utility of the prior untruth.
We were told by the deceitful Alejandro Mayorkas that the border was “secure” as he deliberately destroyed it and welcomed in over 10 million illegal aliens. That lie survived even the absurdity of years of nightly news clips (“cheap fakes?”) of thousands swarming an open border. And it died only when the 2024 election approached and the Biden administration read polls showing that a vast majority wanted the border closed and illegal entrants deported. Then suddenly, the lie that the border was secure transmogrified into the back-up lie that “Republicans would not help us close the now-insecure border.” Translated into Orwellian terms, the border that was crossed by 10 million was always secure but could have been made even more secure had Republicans joined Democrats to secure what was already “secure.”
We live in an era of lies. Sometimes they are purely political, like the Charlottesville “both sides” yarn. And sometimes they change history, like the fabrications that bats and pangolins, not the communist Chinese Wuhan virology lab, birthed the COVID-19 virus, or the Anthony Fauci contortion that his offices did not fund and help out, stealthily and in circumvention of U.S. law, deadly gain-of-function virology research in communist China.
Yet another lie was institutionalized: the January 6 riot was a full-fledged, carefully planned armed insurrection to overthrow the government. In contrast, the four months in 2020 of killing, assault, arson, and looting that saw over 35 dead, 1,500 injured law enforcement officers, $2 billion in damage, and a federal courthouse, a police precinct and a historic church torched were “cries of the heart” from the oppressed and victimized.
Those untruths ensured that hundreds of mostly naïve protestors who showed up in the capitol soon became convicted felons serving long sentences, while the 14,000 arrested for the 2020 mayhem were mostly released as overzealous but otherwise sympathetic activists.
These lies changed the course of the nation. They are birthed by the incestuous marriage of a Washington-New York political culture and a corrupt media.
The purveyors are Juvenal’s “who will police the police.” They are the administrative overseers in the FBI, CIA, DOJ, and the various cabinets and agencies. They feel they are exempt from any consequences for the damage they do, given that in their day jobs they operate as judges, jury and executioners.
Finally, while all governments lie, the left is far more adroit at it because, in their any-means-necessary/the-ends-justify-the-means credo, they spread supposedly good “lies” that stop the Hitlerian Trump, neuter the creepy deplorables/irredeemables/chumps/clingers or save the good people from the MAGA anti-vaxers and assorted yahoos.
Will the lies continue?
Indeed, they will thrive until the people slash the administrative state of its unaccountable and unelected “experts”; until they indict those in the future like Andrew McCabe, James Clapper, John Brennan and their brethren who lie under oath or to federal investigators; until they ostracize and utterly discredit those like Mayorkas, Fauci, and the Bidens whose deceptions took hostage an entire nation; and until they tune out a bankrupt media, the power cord of the entire Pravda enterprise.
END
SWAMP NEWS
DNC Weighs Early Nomination For Biden To Quash Internal Party Dissent
MONDAY, JUL 01, 2024 – 08:10 PM
Update (1615ET): Democrat strategists are throwing many things against walls and hoping some stick as the gaslighting continues.
Bloomberg reports that the Democratic National Committee is considering formally nominating Joe Biden as early as mid-July to ensure that the president is on November ballots, while helping to stamp out intra-party chatter of replacing him after last week’s poor debate performance.
Democrats had already planned to nominate Biden, 81, before the convention in order to ensure he appears on the ballot in Ohio, which had an Aug. 7 deadline for candidates to be certified.
A potential date for Biden’s nomination is July 21, when the Democratic convention’s credentials committee meets virtually, according to people familiar with the matter who spoke on condition of anonymity.
The panel is meeting to finalize procedures before the party’s convention in Chicago starts on Aug. 19.
Interestingly, former President Trump’s sentencing hearing is set for July 11th, so he may well be in prison by then given the amount of pressure we assume is being placed on Judge Merchan’s shoulders to “lock him up”.
Additionally, July 21 is just three days after Trump is scheduled to accept his party’s nomination at the Republican convention in Milwaukee.
The desperate attempted message from all this narrative-shaping is simple – …nothing to see here, move along.
Except we all saw the fireworks factory exploding with our own eyes.
* * *
At a Camp David gathering on Sunday, President Biden’s extended family urged him to ignore the growing number of voices asking him to quit the race — and many of his loved ones blamed his disastrous debate on his advisors. According to Politico, the two who most forcefully encouraged the 81-year-old Biden to continue were his wife Jill and his son Hunter — the two people whose opinion he reportedly values most.
The reports will strengthen a growing sense that Jill Biden is putting her own interests above that of her humiliated and failing husband. As one Democratic advisor told the New York Post over the weekend, “Jill Biden likes being First Lady…she doesn’t want to give that up.”
Meanwhile, Hunter, who doesn’t exactly have strong reputation for sound judgment, is said to long for Americans to see a version of his father that — as paraphrased by the Times — is “scrappy and in command of the facts.” Much as he once was in denial about his drug problem, Hunter now seems incapable of admitting that that version of his father is gone forever:
Biden family members are said to have blamed the debate debacle on three advisors: Anita Dunn, her husband Bob Bauer — who played the role of Trump in practice sessions — and Biden’s former chief of staff Ron Klain, who was in charge of the debate training. Aides to Biden denied these reports from multiple outlets.
With Biden having spent a full week at Camp David gearing up for the debate, his family members and others are claiming the team worked the 81-year-old too hard, and tried to pack him full of too many statistics. They even fault advisors for a debate-night makeup job that transformed his summer-tanned face to one that was pale and unhealthy-looking. Relatives also blamed debate-host CNN for not “fact-checking” Donald Trump and not telling Biden which camera would be on him as he blankly stared a thousand miles into space with his mouth agape.
John Morgan, a top donor and friend of Biden’s brother Frank, was not at the family meeting, but joined the delusional pile-up on Biden’s advisers, telling the Times that the week-long debate prep — which involved rehearsals at various times of the day — was excessive:
“It would be like if you took a prizefighter who was going to have a title fight and put him in a sauna for 15 hours then said, ‘Go fight.’ I believe that the debate is solely on Ron Klain, Bob Bauer and Anita Dunn.”
Unlike his family, the president is said to still hold confidence in the trio. Klain assured the Times that Biden will see the race through, saying, “He is the choice of the Democratic voters…We had a bad debate night. But you win campaigns by fighting — not quitting — in the face of adversity.”
Of course, Biden is “the choice of Democratic voters” largely because the Democratic National Committee made sure he was the only choice available. A post-debate CBS News poll found that just 54% of registered Democrats think Biden should be in the race. The poll found 41% of Democrats think Biden lacks has the requisite mental and cognitive health. More importantly, 72% of all voters give him a failing grade on mental health.
The family gathering at Camp David was reportedly scheduled before the debate, with the expectation that it would be a celebration of his performance and an opportunity for the extended Biden family — including his children and grandchildren — to be photographed by famed celebrity photographer Annie Leibovitz.
Zoomed in video of Jill Biden leading Joe off the debate stage. This is insane.
·
9M Views
In the wake of a historically-horrendous performance that’s prompted many liberal pundits and the New York Times and Atlanta Journal-Constitution editorial boards to urge Biden to quit, the gathering morphed into a summit meeting in which Biden and his family discussed the future of his campaign.
In one of the more pathetic vignettes illustrating the Biden family’s failure to grasp the depth of Biden’s political woes, the Times reports that “at least one of the president’s grandchildren has expressed interest in getting more involved with the campaign, perhaps by talking with influencers on social media.”
That should do it!
end
Trump Sentencing Delayed Two Months, ‘If Such Is Still Necessary’
TUESDAY, JUL 02, 2024 – 03:05 PM
Update (1505ET): Donald Trump’s sentencing date has been kicked down the road more than two months – from July 11th to September 18th, ‘if such is still necessary.’
BREAKING
Judge Merchan has vacated Donald Trump’s July 11th sentencing date and will delay it until September 18th “if such is still necessary”
·.com/james_jinnette1/status/180821509879783839
918 Views
Interestingly, New York prosecutors agreed to a delay.
* * *
Hours after the US Supreme Court granted Donald Trump immunity for official acts committed in office, the former president began an effort to toss his recent conviction in Manhattan and postpone his upcoming sentencing over 34 felony counts related to his cover-up of a sex scandal leading up to the 2016 US election.
In a letter to judge Juan Merchan just hours after the Supreme Court ruling – and 10 days before he’s set for sentencing, Trump’s lawyers sought permission to file a motion to set aside the verdict while Merchan considers whether the Supreme Court ruling affects the conviction.
That said, Trump’s attempt might be a long shot given the fact that the Manhattan case revolves around acts Trump took as a candidate, not as president.
As the NY Times notes, however, Trump’s lawyers are likely to argue that prosecutors partially built their case using evidence from his time in office. Under the Supreme Court’s new ruling, prosecutors may not charge a president for official acts, but also cannot cite evidence involving official acts that affect other accusations.
It is unclear how the Manhattan district attorney’s office, which brought the case, will respond, or whether the judge will delay the first sentencing of an American president. But Mr. Trump’s effort appeared to cause at least a brief interruption: The district attorney’s office did not on Monday make a sentencing recommendation to the judge about whether to imprison Mr. Trump, as was expected.
Merchan may also punt on the request, as the deadline for filing post-trial motions ended last month. Instead, Merchan may instruct Trump’s attorneys to raise the issue when they appeal the conviction post-sentencing.
As the Times further notes, Merchan faces an ‘unprecedented conundrum’ with massive legal and political ramifications. Imprisoning Trump would drop-kick a hornet’s nest, while sparing Trump from prison would immediately draw the wrath of vengeful Democrats who say he gave Trump special treatment.
While there’s no requirement that Trump be sentenced to time behind bars, Merchan could sentence him to months or several years in prison – or he could be sentenced to home confinement or probation. He could also postpone any sentence until after the election, or after Trump serves another term in office, should be he reelected.
Meanwhile, Trump’s other criminal cases have been largely derailed or otherwise postponed – including his trial in Washington DC, where he stands accused of mishandling classified information while still in office.
KING REPORT
| The King Report July 1, 2024 Issue 7274 | Independent View of the News |
| The NYT Editorial Board: To Serve His Country, President Biden Should Leave the Race The president’s performance cannot be written off as a bad night or blamed on a supposed cold, because it affirmed concerns that have been mounting for months or even years… https://www.nytimes.com/2024/06/28/opinion/biden-election-debate-trump.html Atlanta Journal-Constitution @ajc: The AJC Editorial Board is publishing a front-page editorial Sunday calling on President Joe Biden to step aside after Thursday’s debate in Atlanta… https://www.ajc.com/opinion/its-time-for-biden-to-pass-the-torch/6PO45RNWDFH4FAUYGR56TPRMHM/ NBC: ‘It’s a mess’: Biden turns to family on his path forward after his disastrous debate President Joe Biden is expected to discuss the future of his re-election campaign with family at Camp David on Sunday… Senior congressional Democrats, including Reps. Hakeem Jeffries of New York, Jim Clyburn of South Carolina and Nancy Pelosi of California, have privately expressed concerns about his viability, said two sources apprised of those discussions, even as they all publicly back the president… Biden was described by one person familiar with his mood as humiliated, devoid of confidence and painfully aware that the physical images of him at the debate — eyes staring into the distance, mouth agape — will live beyond his presidency… https://www.nbcnews.com/politics/2024-election/biden-family-path-forward-disastrous-debate-mess-rcna159591 Biden’s Family Tells Him to Keep Fighting as They Huddle at Camp David – NYT One of the strongest voices imploring Mr. Biden to resist pressure to drop out was his son Hunter Biden, whom the president has long leaned on for advice… some aides were not happy to see him relying on a teleprompter in fund-raisers, a practice pushed by advisers.. https://www.nytimes.com/2024/06/30/us/politics/biden-debate-anxious-democrats.html State laws, potential legal battles add to Dems’ problem if they axe Joe Biden – Many states may not allow a replacement on the ballot, including swing states like Georgia, Nevada and Wisconsin. https://justthenews.com/government/white-house/state-laws-and-potential-legal-battles-add-dems-problem-if-they-axe-joe Inflation in Japan’s capital accelerates, keeps BOJ rate hike prospects alive The core consumer price index (CPI) in Tokyo… rose 2.1% in June from a year earlier, accelerating from the previous month’s 1.9% gain and exceeding market forecasts for a 2.0% gain… A separate index that excludes the effects of fresh food and fuel costs, closely watched by the BOJ as a broader price trend indicator, also rose 1.8% in June after a 1.7% gain in May… https://t.co/2AcypPGGL6 US May PCE was the expected 0.0% m/m and 2.6% y/y. May Core PCE was the expected 0.1% m/m and 2.6% y/y; but April was revised to 0.3% m/m from 0.2%. May Personal Income 0.5% m/m, 0.4% exp., prior 0.3%; Spending 0.2% m/m, 0.3% exp., prior revised to 0.1% from 0.2% June Chicago PMI 47.4, 40 expected, 35.4 prior @RealEJAntoni: Consumer spending is increasingly being fueled by gov’t transfers, like welfare payments, w/ May hitting the highest level since Apr ’21; that was when they were still doling out trillions of dollars in “covid stimulus” – this is completely unsustainable… https://x.com/RealEJAntoni/status/1806797326167556519 Astonishingly, 40.8% of the increase in personal income in Q1 was from more transfers (gov’t benefits) and was the largest contributor to personal income growth in 20 states; also note that the annualized rates of increase pictured here are nominal, not adjusted for inflation: https://x.com/RealEJAntoni/status/1806841057679904954 The UM Sentiment for June is 68.2, 66 exp., 65.6 prior; Current Conditions 65.9, 64 exp., 67.6 prior; Expectations 69.6, 68 exp., 67.6 prior; 1-year Inflation 3.0%, 3.2% exp., 3.3% prior; 5-1-year Inflation 3.0%, 3.1% expected and prior The usual suspects, including the media, quickly proclaimed that the inline PCE data means the Fed can cut rates. They, of course, ignored the slight upward revision for April. Mr. Bond did not share the usual suspects’ sanguine view. USUs initially sank to 118 22/32, -20/32, two minutes before the official release of the PCE data. They then surged to a daily high of 119 20/32 at 9:25 ET. USUs then plunged, falling to 118 3/32, -1 7/32, at 11:250 ET. After a rally to 118 13/32 at 13:24 ET, USUs methodically declined to a new low of 117 14/32, -1 28/32, at 16:03 ET. ESUs rallied from the Nikkei opening until they hit 5573.00 at 8:28 ET. ESUs slid to 5547.75 at the NYSE open. Of course, conditioned dip buyers aggressively bought; ESUs jumped to a daily high of 5585.00 at 10:16 ET. It was all downhill, with only 3 minor rallies, until ESUs hit a daily low of 5510.75 at 15:31 ET. The late manipulation took ESUs to 5536.50 at 15:42 ET. ESUs hit 5521.25 at 1600 ET. Target Lowers Bar for Workers to Stop Thefts to as Little as $50 – BBG Employees can now stop shoplifting incidents worth $50 (previously $100) Shoplifting and other inventory issues have weighed on profits Info Tech +13.61% and Communication Services +9.11% were the Q2 best S&P Sectors. Positive aspects of previous session The DJTA rallied sharply on Uber (+3.37%), NSC (+2.29%), and JB Hunt (+2.0%) Negative aspects of previous session Bonds got hammered (¥/$ hit 161.27); equity indices, ex-DJTA, declined sharply after an early rally. The was NO Q2 performance gaming for stocks & bonds; there was liquidation. Ambiguous aspects of previous session To what degree are US politics affecting the markets? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5478.41 Previous session S&P 500 Index High/Low: 5523.64; 5451.12 Supreme Court overturns Chevron decision, curtailing federal agencies’ power The 6-3 decision on the so-called, 40-year-old Chevron decision upends the agencies’ authority to issue regulations unless Congress has spoken clearly… (A huge blow to the unelected administrative state!) https://justthenews.com/government/courts-law/supreme-court-overturns-chevron-decision-curtailing-federal-agencies-power @gregg_re: When OHSA unilaterally mandated that tens of millions of private sector workers take the COVID shot or wear masks, appellate courts cited the Chevron doctrine for allowing it. People don’t understand how important it is that Chevron deference is dead. Supreme Court ruling narrows Jan 6 obstruction charges, similar to those Trump faces According to the ruling, obstruction could still be charged if prosecutors can prove that rioters were intentionally trying to stop the arrival of certificates used to certify electoral votes at the U.S. Capitol. https://justthenews.com/government/courts-law/supreme-court-makes-it-harder-charge-jan-6-rioters-obstruction-same-charge @charliekirk11: SCOTUS has overturned the DOJ’s use of the Enron-era obstruction of an official proceeding in J6 cases, 1512(c)(2). The Court says 1512 was not used lawfully when prosecuting President Donald Trump and 350+ J6ers. A massive win for restoring true justice in this country. @bennyjohnson: Trump comments on today’s Supreme Court ruling making it harder to charge J6 defendants with obstruction: “The Supreme Court ruled that Biden’s Department of Injustice has wrongly prosecuted hundreds of Americans for peacefully protesting on January 6th … So, we’re asking, based on the decision, they should immediately be released.” Amy Coney Barrett joined the dissent on “Fisher” (a Jan. 6 defendant). Barrett has regularly sided with liberals on the court. Critics are labeling her ‘Trump’s Justice Suter.’ The Supreme Court also ruled (6-3) in “City of Grant Pass v. Johnson”: “The enforcement of generally applicable laws regulating camping on public property does not constitute “cruel and unusual punishment” prohibited by the Eighth Amendment. Pp. 15–35… https://www.supremecourt.gov/opinions/23pdf/23-175_19m2.pdf China Is Waging a Proxy War on Israel Both Israel and Taiwan are seen as allies and proxies of the United States… Massive amounts of recently acquired advanced Chinese military equipment and weapons technology were found in Gaza by the Israel Defense Forces… two tunnel engineers from China’s People’s Liberation Army were discovered by the IDF, meaning that China helped Hamas significantly in its construction of the massive tunnel networks under the Gaza Strip… https://www.newsweek.com/china-waging-proxy-war-israel-opinion-1910156 @IsraelRadar_com: Main phase of Gaza war will be over soon. IDF achieved its first critical objective: Demolishing the Hamas terror army. Next comes a Gaza buffer zone, stronger border defenses & pinpoint raids on remaining terror sites, possibly for years to come. Iran threatens ‘obliterating war’ if Israel launches full-scale conflict with Hezbollah https://trib.al/LFc5x6v (Saudi Arabia told its citizens in Lebanon to leave immediately.) Shock reality for US of Venezuela’s epic drop in MURDER as ‘thugs who think crime is part of regular life’ come to America – Gangsters have crossed into the US illegally and are unleashing chaos in Dallas, Chicago and Miami (More Bidenomics!) https://www.dailymail.co.uk/news/article-13568151/Venezuela-crime-DROP-gangs-entering-mexico-border.html Macron’s snap election gamble blew up big time. In the first round of voting (2nd is 7/7), Le Pen’s National Rally garnered 34%; NFP 28.1% (left wing); and Macron’s Ensemble 20.3%. (Highest turnout since 1997; There’s a strong rightward wind in the EU.) https://x.com/DrEliDavid/status/1807483954066293153 @sentdefender: Mass Demonstrations and Riots by Far-Left Groups alongside Islamists are ongoing tonight in the French Capital of Paris as well as several other Cities around the Country, in Response to today’s Election Results which saw the Right-Wing Populist Party, National Rally led by Marine Le Pen make Major Gains in the French Parliament. Notice how out all of the Flags being waved by these Demonstrators, none are the French Flag. https://t.co/UTPvzCZi8R @LucasFoxNews: All U.S. military bases in Europe have been put on heightened alert status due to a potential terrorist attack. “There is credible intel pointing to an attack against U.S. bases in Europe over the next week or so,” a U.S. defense official tells Fox News. Fed’s Bowman: would like US return to ‘strength’ in leadership as under Reagan “The ability of President Reagan to work so closely together with like-minded leaders from around the world in such a pivotal time for our national defense… instilled that idea of strength as leadership,” Bowman told the Ronald Reagan Presidential Foundation and Institute Leadership Council Conference, in answer to a question about the legacy of the 40th U.S. president… https://www.reuters.com/world/us/feds-bowman-would-like-us-return-strength-leadership-under-reagan-2024-06-28/ Today – Traders will play for the Monday, Start-of-the Quarter, and pre-4th of July Rallies. Traders’ Alamance: First trading day in July, S&P Up 30 of last 34… KISS! NQUs are +58.50; ESUs are +14.50 (for above reasons); and USUs are -2/32 at 21:13 ET. Expected econ data: June A&P Global US Mfg. PMI 51.7; June ISM Mfg. 49.2, Prices Paid 55.4, New Orders 49, Employment 50; May Construction Spending 0.3% m/m S&P Index 50-day MA: 5270; 100-day MA: 5194; 150-day MA: 5041 200-day MA: 4866 DJIA 50-day MA: 38,870; 100-day MA: 38,858; 150-day MA: 38,308; 200-day MA: 37,196 (Green is positive slope; Red is negative slope) S&P 500 Index (5460.48 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 4796.32 triggers a sell signal Weekly: Trender and MACD are positive – a close below 5256.61 triggers a sell signal Daily: Trender and MACD are positive – a close below 5406.18 triggers a sell signal Hourly: Trender and MACD are negative – a close above 5506.39 triggers a sell signal The Biden competency crisis is an historic first. Americans did NOT know the truth about FDR or Woodrow Wilson’s conditions. Only the most brain-washed Joey Kool-Aid drinkers don’t see the truth. @EndWokeness: In 1919, President Woodrow Wilson was incapacitated by a stroke. Immediately thereafter, his wife Edith took control. Edith made decisions on his behalf and controlled access to her husband, thus effectively turning herself into de facto president, without anyone realizing. The entire episode was covered up. Does this sound familiar? @JarrettStepman: Interestingly, NYT reporter Louis Seibold did an “interview” with Wilson while he was incapacitated for which he won a Pulitzer. He said Wilson had “his old-time decisiveness, method, & keenness of intellectual appraisement.” But it was bogus. Fake news. Some things don’t change. The WSJ reports that Democrats and European officials have repeatedly expressed concerns about Biden’s mental health but have been repeatedly rebuffed by the White House. The World Saw Biden Deteriorating. Democrats Ignored the Warnings. European officials expressed worries about Biden’s focus and stamina before Thursday’s debate Two senior European officials cited an EU-U.S. summit last October in Washington where Biden had struggled to follow the discussions. Both said that he stumbled over his talking points at several moments, requiring Secretary of State Antony Blinken to intervene and point out the lines he should use… “The reading in Europe is that this has been an unmitigated disaster,” said Nathalie Tocci, director of the Institute of International Affairs in Rome… In the hours after Thursday’s debate, Poland’s Prime Minister Donald Tusk told reporters that the Democrats have a problem… https://www.wsj.com/politics/elections/biden-age-concerns-world-leaders-democrats-6d753921 Per the WSJ: Biden ‘stumbled’ at the D-Day 80th anniversary events; spoke so softly in Paris at a meeting with Zelensky that reporters could not hear him; needed assistance to get up from his chair at the recent Juneteenth concert on the WH South Lawn; and has had problems at private fundraisers for at least two years, despite using Teleprompters. Even at private fundraisers, questions are screened for Joe. Axios: Beyond the politics of whether Biden can beat Trump again, the aides expressed new worries about whether the president can carry out his duties through another four-year term… From 10am to 4pm, Biden is dependably engaged — and many of his public events in front of cameras are held within those hours. (Team Biden’s rationalization to stay in the race!) Outside of that time range or while traveling abroad, Biden is more likely to have verbal miscues and become fatigued, aides told Axios… https://www.axios.com/2024/06/29/two-bidens-trump-debate-2024-president Before the debate, Team Biden told the world that Joe was sharp as a tack. Now that the world saw an impaired Biden, Team Joey Baby is trying to convince people that 6 hours of a ‘dependably engaged’ guy means Biden is able enough to stay in the race and be president for 4.6 more years! @MonicaCrowley: The puppet “president” is wheeled out for just 6 hours a day, while his puppeteers actually run things. After 4pm, he sundowns and must be whisked from view. The endgame is upon us. @TheBabylonBee: Jill Biden Refuses to Drop Out of Presidential Race https://buff.ly/4br8bwU Remember this? Jill Biden @FLOTUS: Prepping for the G7. Jun 9, 2021 https://x.com/FLOTUS/status/1402674407324229637 Daily Mail: Democrat insiders reveal the President was set up to fail in a ‘soft coup’ A former aide to Hillary Clinton said: ‘There has never been a debate this early before. Traditionally the debates are held after the Republican and Democratic conventions, which are in July and August. Most years the first debate is early September ahead of the November election. ‘Biden’s inner circle demanded this early debate. There is a growing belief this was a ‘soft coup’ because they know he isn’t fit to govern and have known for some time… ‘There were whispers for weeks that ‘Joe’s going down at the debate‘.’… One of the favorites to replace Biden – Michigan Governor Gretchen Whitmer, 52 – secretly sent an advance team to Washington DC ‘weeks ago’ to prepare for her possible presidential run… https://www.dailymail.co.uk/news/article-13583907/pressure-mounts-Joe-Biden-quit-Elton-John-turns-Democrat-insiders-President-set-fail.html The NYT: The White House Brushed Off Questions About Biden’s Age. Then the Debate Happened. – President Biden’s allies can no longer wave away concerns about his capacity after his unsteady performance at Thursday’s debate as worries among Democrats grow. https://www.nytimes.com/2024/06/28/us/politics/biden-debate-age-white-house.html Behind the Curtain: Biden oligarchy will decide fate – Axios Dr. Jill Biden; his younger sister, Valerie Biden; and 85-year-old Ted Kaufman, the president’s longtime friend and constant adviser — plus a small band of White House advisers — are the only Biden deciders… The president engaged in no organized process outside his family in deciding to run for a second term, the N.Y. Times’ Peter Baker reports… Biden insiders are already finding it easier than many realized to rationalize staying in. (They don’t want to give up the power and the perks!)… https://www.axios.com/2024/06/29/biden-debate-replace-advisers Biden’s debate disaster not lost on one of Dems’ biggest bases: Only 19% of women think he won https://nypost.com/2024/06/28/us-news/post-debate-polling-shows-joe-bidens-disaster-debate-not-lost-on-voters/ Increasing numbers of voters (72% from 63% before debate) don’t think Biden should be running after debate with Trump — CBS News poll (27% from 35% say Biden has mental capacity to be prez) https://www.cbsnews.com/news/poll-debate-should-biden-be-running-mental-abilities/ USA Today: Influential donors want to pressure Biden to drop out https://www.usatoday.com/story/news/politics/elections/2024/06/28/influential-donors-biden-drop-out/74243603007/ Variety: Hollywood’s Top Donors Freak Out After Biden’s Debate: ‘If He Doesn’t Drop Out, We’re Not Giving Any More Money to Democrats’ https://variety.com/2024/biz/news/hollywood-democrats-panic-biden-debate-1236056752/ Biden’s horrific debate performance made worse by multiple lies and gaffes https://trib.al/6GLa0My (The regime media is mum on The Big Buy’s beaucoup lies, which were far more than DJT’s fibs!) @ClayTravis: Donald Trump’s newest ad is just Joe Biden talking at the debate last night. Trump doesn’t say a word: https://x.com/ClayTravis/status/1806682926035206392 At a Friday rally, Biden’s countenance and speaking were worse and more troubling than at the debate. https://x.com/JoelWBerry/status/1806790394996285492 https://x.com/DjtAlways/status/1806743976776528050 @RNCResearch: BIDEN: “Donald Trump says he thinks roroereerevwareroeerere!” https://x.com/RNCResearch/status/1806741729137021217 BIDEN: “16 Nobel p—winners of the economic Nobel prize!” https://x.com/RNCResearch/status/1806742943165743532 BIDEN (VERY CONFUSED): “Historic creation of small business and black and br— all communities across the nation particularly in rural areas!” https://x.com/RNCResearch/status/1806743134014955603 BIDEN: “I give you my word as a Biden … (garbled words) I can do this job!” https://x.com/RNCResearch/status/1806743641462841546 BIDEN: *INCOHERENT SLURRING* https://x.com/RNCResearch/status/1806744168288358513 The Big Guy is now in conflict with Democrats that fear Biden will hurt other Dems in November. Disturbing thought: Unless Biden resigns or is 25th Amendmented, he will be POTUS for 7 more months. Three Major Post-Debate Themes First: Dems and their media stooges have lied and perpetrated a fraud on Americans about Biden’s condition for years – and they will pay a price in November. Second: Who is really running the USA? Third: Jill Biden is being blamed and excoriated for Biden’s plight. Two weeks ago, Team Obama-Biden and the media, operating from Dem instructions and talking points, tried to convince Americans that the numerous videos of an impaired Biden were ‘deep fakes.’ @greggutfeld: The media democrat complex is reacting in horror over joe’s condition not because they saw it – it’s because you saw it. Bari Weiss: They Knew – Biden is no longer fit to be president. Last night’s debate exposed the lies we’ve been told… The debate was not just a catastrophe for President Biden… It was a catastrophe for an entire class of experts, journalists, and pundits, who have, since 2020, insisted that Biden was sharp as a tack, on top of his game… https://www.thefp.com/p/bari-weiss-president-biden-debate-june-27 @ggreenwald: Just **3 weeks ago**, the North-Korean-level propagandists on “Morning Joe” viciously attacked the WSJ for reporting that Biden was vacant and disoriented in meetings. Scarborough angrily swore that Biden is more alert and in command that any House Speaker in the last 30 years: https://x.com/ggreenwald/status/1806685970470728010 @paulsperry_: Biden’s cognitive collapse on stage last night shows just how big the cover-up over his failing faculties has been inside the White House and Democrat quarters, including the White House press corps, and makes you wonder what else they’re covering up. Jill Biden accused of ‘elder abuse’ as she hunkers down with Joe at Camp David https://trib.al/ZCkdSfx @BillAckman: I no longer blame Biden for not stepping aside. He no longer has the mental acuity to make important judgments about himself. It is becoming increasingly clear however that the fault lies with Jill Biden. FL (1st Lady) Jill Biden becomes irrelevant the moment her husband is no longer president. No more Air Force One. No more glamorous life. No more White House dinners for dignitaries. No more being treated like a queen when traveling the world… Her power has clearly grown as he gets weaker. And she likes the feeling of power… Which begs the question, how many decisions of the president are actually made by the FL?.. Axios reported that a Biden official tried to blame Joe’s horrid performance on being “over-prepared!” Biden’s debate is a “DEFCON 1” moment for Democrats – Axios “He was over-prepared and relying on minutiae when all that mattered was vigor and energy,” one person in Biden’s orbit told Axios. “They prepared him for the wrong debate. He was over-prepared when what he needed was rest. It’s confounding.”… The debate was Biden’s idea… Biden’s team nailed down the logistics — and they bet that they would see their polling numbers improve when voters realized Trump could be president again… https://www.axios.com/2024/06/28/biden-trump-debate-defcon1-2024-election Republicans declare Biden ‘unfit for office’ following ‘disastrous’ debate performance https://t.co/jQ3H9xTpqR Biden speaks at Georgia Waffle House following debate performance: ‘I think we did well’ https://t.co/E7eekoIY8I Obama defends Biden, hammers Trump after televised showdown (Doesn’t want to lose his puppet) https://trib.al/WJvwP7g Trump on Friday: “Last night was a defeat, not only for Biden, but for the entire radical left Democrat party and fake news media who have been lying to the American people as our country was being destroyed.” https://x.com/RealAmVoice/status/1806784710129131699 Big-money donors ‘extremely disappointed’ ahead of Biden’s weekend Hamptons fundraiser “We have no choice but to believe Biden will redeem himself. The alternative is so unthinkable,” a source attending the Saturday event said. “I’m going and everyone I know is still going.”… “Everyone going [to the fundraiser] is extremely disappointed. Everyone paid in advance… so it could be an opportunity to encourage him to drop out.”… “Lots of people are blaming his wife … for not telling him [to step aside].” https://nypost.com/2024/06/28/us-news/big-money-donors-disappointed-ahead-of-biden-fundraiser/ @DougKass on Fri: What I am hearing regarding Joe Biden. Ron Klain and Barack Obama are having a sit down with the President today. Jill Biden is insistent that Joe runs. Kamala is furious that she is not being considered as a replacement (Whitmer and Newsom are). Interestingly my neighbor in East Hampton is hosting the Bidens tomorrow. It will be an important tell if the fundraiser is cancelled. The feedback from President Biden’s East Hampton fund raiser yesterday was not very positive. I spoke to five attendees who confirmed the view that the President did little to dispel the notion that his feeble debate showing was a one off. He did not instill confidence. @BillAckman: I keep finding articles today which say dismissively that Biden had a bad debate, but, the articles go on to say, so did Obama and others and they were able to recover and win the office. The issue, however, was not that Biden had a bad debate. Rather, in just a few minutes, the entire world, including all of our enemies became definitively aware, if they were not already, that the President of the United States is not fit for office, let alone a second term. This is not just an issue of Biden’s fitness for office. It is an issue of national security. We know from the rally the day after the debate that Biden is still capable of reading from a teleprompter. But being president of the US requires more than reading words written by others… @NEWSMAX: Biden has “always had a misperception of himself” that his legacy is larger than it really is (Due to media coddling & enabling), and that will keep him from stepping out of the race for the White House, even after his failures in last week’s debate, former Sen. Rick Santorum said. @Geiger_Capital: The Democrats have one big problem with choosing Newsom over Kamala Harris. The optics of choosing a white man over a black woman who is the sitting VP is so bad that they will lose key voters, specifically black women. Their own identity politics is now holding them hostage. WSJ Editorial Board: The Mess Democrats Have Made, Kamala Harris Edition Imagine if Biden had chosen a Vice President for competence rather than identity politics. The problem is that Democrats are now left with a likely nominee who is in obvious mental decline, and a Vice President in Kamala Harris who is even less popular than Mr. Biden… https://www.wsj.com/articles/the-mess-democrats-have-made-kamala-harris-edition-biden-debate-election-24b7a214 43% of likely Democratic voters want Kamala Harris to replace The Big Guy. 16% want Newsome. https://www.surveyusa.com/client/PollReport.aspx?g=92c0a94c-3531-4584-a468-f8145c8aa811 RealClearPolling averages show that limited surveys suggest that Harris has an even bigger disadvantage than Biden if she were to run against Trump. The former president leads Harris by 6.6 percentage points, with 49.3 percent support to the Democrat’s 42.7 percent. RCP averages show Trump ahead of Biden by just 1.5 points, with 46.6 percent to the president’s 45.1 percent… https://www.newsweek.com/kamala-harris-chances-beating-donald-trump-if-she-replaces-biden-polls-1918689 Over the weekend, Team Biden, and reportedly The Big Guy himself, used Harris and other Dems’ worse polling versus Trump as THE excuse to keep Joe in the race. The old “for the good of the country.” ABC: Biden campaign argues president dropping out would ‘lead to weeks of chaos’ The president dropping out would only “lead to weeks of chaos” and leave the eventual replacement weakened… “The bedwetting brigade is calling for Joe Biden to ‘drop out.’ That is the best possible way for Donald Trump to win and us to lose,” Biden deputy campaign manager Rob Flaherty argued in the email to supporters. “First of all: Joe Biden is going to be the Democratic nominee, period….” Flaherty added. “And if he were to drop out, it would lead to weeks of chaos, internal foodfighting, and a bunch of candidates who limp into a brutal floor fight at the convention, all while Donald Trump has time to speak to American voters uncontested.”… https://t.co/YPPJbZC3oS NYT: Democratic Donors’ Big Question: What’s Plan B? – Any change would have to come around the Democratic Party convention. Delegates are generally bound to a candidate, but NBC News notes that they have a tiny amount of wiggle room to defect, which would lead to a contested convention… https://www.nytimes.com/2024/06/28/business/dealbook/biden-debate-donors.html Political pundits believe that logistics win campaigns, and it is too late to cobble together a national presidential campaign for a new candidate. Plus, it would likely throw the Senate to the GOP. Time: Inside Biden’s Debate Disaster and the Scramble to Quell Democratic Panic https://time.com/6993760/joe-biden-debate-disaster-democratic-panic/ AP: A private call of top Democrats fuels more insider anger about Biden’s debate performance DNC Chairman Jaime Harrison held a Saturday afternoon call with dozens of committee members across the country, a group of some of the most influential members of the party… Multiple committee members on the call, granted anonymity to talk about the private discussion, described feeling like they were being gaslighted — that they were being asked to ignore the dire nature of the party’s predicament… Harrison offered what they described as a rosy assessment of Biden’s path forward… https://apnews.com/article/bidendebatetrumpdnc-aa08cc2b556b315e728d1e9c2bf81be9 Trump leads Biden in New Jersey, 41% to 40%, in a pre-debate Coefficient poll (June 26-27 | 810 LV) https://x.com/IAPolls2022/status/1806733290822410719 @CGasparino: Trump calling his kitchen cabinet this morning asking for an assessment of his debate performance. He was sky high, I am told, “cloud nine,” according to one person. But he was told point blank that his debate performance was great only compared to what Biden did. He needs to sharpen his answers on Roe; he needs to lay off the name calling. They also told him it’s not over—it’s on the fifth inning. One takeaway: this is a different Trump, someone willing to listen. The blowhard must stop the hyperbole and overusing ‘like no one’s ever seen’, especially when bragging about the economy, job growth, etc. during his presidency. The Spectator: Kim Darroch, Britain’s former ambassador to the United States, summed it up well. “Every answer from Trump, if you listen to them carefully, is a mixture of wild exaggeration and total fantasy… his performance is pretty terrible too, but it was fluent and confident nonsense rather than stumbling, losing-my-train-of-thought nonsense.”… Commentators and observers in the US and around the world are running with this theory: the Biden-Trump reality show is a reflection of America’s decline and an indictment on waning US global power. https://thespectator.com/topic/disastrous-debate-show-america-decline/ @PhilipWegmann: Almost 24 hours after the debate, the lion’s share of the coverage has been about fears that Biden may lose election, not whether Biden is capable of governing for another four years. “Nobody is talking about the moderator (Dana Bash) signaling multiple times to direct his (Biden) attention.” https://x.com/OneBadDude_/status/1807257598116180165 GOP Rep. @mattgaetz: I have been informed by a source at CNN that CNN believes Dana was signaling Trump to keep the debate moving early on. I hope Dana can provide direct clarity on this. The moderators were very fair in this debate. This was just a curious moment that shouldn’t overshadow an otherwise solid job by CNN. @RNCResearch: “Three U.S. troops died in Jordan this year and more in Afghanistan in 2021. How can the president say NONE have died during his admin?” KARINE JEAN-PIERRE: “I’ll refer you to the campaign about specifics about fact-checking.” Gold Star families react after Biden denies troop deaths under his watch: ‘Beyond ticked off, disrespected’ https://trib.al/88dzqOu @RNCResearch: Perhaps sending Crazy Nancy out to defend Biden’s cognitive ability wasn’t the best idea. (Nancy looks & sounds like The Big Guy!) https://t.co/gWzmWA7Nxq @TheBabylonBee: Dems Stick with Biden as It Would Be a Real Pain to Reprint These Ballots They Already Filled Out https://buff.ly/3LqZEjj | |
Independent View of the News
The left’s $7 trillion lie: Biden far outpaces Trump in racking up the national debt
Over Trump’s entire term, including the 2020 spate of emergency COVID spending, the debt increased by $7.7 trillion — a staggering total, to be sure. However, about 15% of that debt total was the result of Treasury’s choice to keep additional cash on hand during the pandemic.
Former Treasury Secretary Steve Mnuchin, unsure how much tax revenue would be collected, borrowed well over $1 trillion — but kept it in reserve, without ever spending it. Biden, however, spent that reserve, then borrowed another $7 trillion on top of it…
All told, Biden will likely oversee a net increase in the debt of more than $9 trillion in a single term — a new record… https://nypost.com/2024/06/30/opinion/a-7-trillion-lie-biden-worse-than-trump-on-national-debt/
Wall Street Sees Presidential Debate as a Game Changer – BBG
“I do think that what happened on Thursday meaningfully increases the likelihood of a Republican sweep in November,” said JPMorgan’s David Kelly this morning on Surveillance. “If Joe Biden is the candidate it’s quite possible a lot of independents will stay home and so Republicans will sweep.”…
“The risk is that yields do move higher.” Neither party is considering austerity, “so get used to higher Treasury issuance to fund the deficits.”…
https://www.bloomberg.com/news/newsletters/2024-07-01/wall-street-sees-presidential-debate-as-game-changer-sees-hit-to-bond-yields
Wall Street Maps Out What a Trump Victory Would Mean for Bonds
Trump’s rise in the polls since Thursday’s debate means investors have to contemplate economic policies that could lead to more rate cuts from the Federal Reserve, along with a Republican sweep that leads to fiscal expansion and pressures longer-term bond yields higher, Morgan Stanley said…
McIntyre said he “is worried that the bond vigilantes are coming out early in response to the debate fall out.” The odds of a Republican sweep in November will increase from a combination of “Biden’s performance, weaker data, higher oil prices.”…
https://finance.yahoo.com/news/treasury-yields-resume-climb-morgan-134723177.html
Bloomberg reports the Democratic party is considering “formally nominating Joe Biden as early as mid-July” to “stamp out intra-party chatter of replacing him.” The Dem Convention is August 19-22.
The Yen/$ sank to 161.73; USUs got crushed, hitting a low of 116 17/32 at 9:27 ET. USUs then jumped to 117 6/32 at 10:00 ET because the June ISM Mfg. PMI fell to 48.5 from 48.7; 49.1 was expected. Fifteen minutes earlier, the June S&P Global US Mfg. PMI fell to 51.6 from 51.7, 0.1 lower than exp.
The USUs manipulators/ rabid buyers got caned. USUs tumbled to a new daily low of 116 1/32 at 11:51 ET. After a modest rally that created a double top, USU fell to a new daily low of 115 30/32 at 14:25 ET. There is an ill wind in the bond market. If its genesis is something other than the cascading yen, look out below! Are people, notably foreigners, unloading US bonds because of L’affaire Biden?
@Geiger_Capital: Atlanta Fed’s Q2 GDP Estimate is now just 1.7% down from 4.2% in mid-May…
The economy is slowing.
It is possible, and a shock to bond operators without gray hair, that bonds can decline with a slowing economy due to concern about the US budget deficit soaring and inflation. PS – The Eighties proved that the economy could have robust growth AND bond yields can tumble – because real prices went down!
ESUs traded moderately higher during Nikkei trading on seasonal buying: Monday, Start-of-Q3, and Pre-4th of July Rallies. After hitting the daily high of 5541.00 two minutes after the 3 ET European opening, ESUs sank to 5521.00 and turned a marginally negative for the session, at 5:12 ET. This apparently alarmed some traders; so, buyers got busy and ran ESUs to 5537.75 at 8:05 ET. A retreat to 5528.25 at 9:14 ET, the buying for the NYSE opening began. ESUs jumped to 5539.25 at 9:29 ET.
Because Mr. Bond was throwing a fit, astute traders commenced the dump as the NYSE opened. ESUs sank to 5521.00 at 9:48 ET. Conditioned dip buyers got aggressive; ESUs jumped to 5534.75 at 10:00 ET. But bonds continued to sink; so, operators unloaded ESUs, which fell to 5505.50 at 10:13 ET.
But it was still the first hour of trading; so, dip buyers got jiggy. ESUs soared to 5524.50 at 10:20 ET. Sellers returned; ESUs fell to a new daily low of 5504.50 at 10:55 ET. Because Mag 7 stocks were on fire; the usual suspects again bought ESUs. Eventually, ESUs hit 5536.75 at 14:18 ET and then sank to 5518.50 at 15:24 ET. But many traders were long for the upward bias, and they aren’t passive actors. Someone manipulated ESUs to 5539.50 at 15:56 ET. ESUs fell to 5531.75 at 16:00 ET.
24-Hour Stock Trading Is Booming – and Wall Street Is Rattled
Momentum in the overnight market is building, but some are concerned there could be trouble after dark.
https://www.bloomberg.com/news/articles/2024-06-30/when-do-markets-close-24-hour-stock-trading-push-spooks-wall-street
Positive aspects of previous session
Fangs soared on continued bubble buying.
Negative aspects of previous session
Bonds got hammered again; ¥/$ hit 161.73; Gasoline soared on pre-4th of July buying
The only start-of-Q3 buying appeared in the bubble stocks
The DJTA declined smartly.
Ambiguous aspects of previous session
To what degree is the turmoil (and it probably worsens) in US politics affecting the markets?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5467.06
Previous session S&P 500 Index High/Low: 5479.55; 5446.53
Supreme Court rules Trump has absolute immunity for official acts, but not unofficial ones
This ruling may undermine Special Counsel Jack Smith’s prosecution against Trump in Washington, D.C.
https://justthenews.com/government/courts-law/hldsupreme-court-rules-trump-hasdoes-not-have-immunity-federal-prosecution
@gregg_re: SCOTUS notices that Trump’s indictment includes only “select” January 6 tweets and “brief snippets” of his speech, “omitting its full text or context.” https://x.com/gregg_re/status/1807793883155255439
@baldwin_daniel_: Crucial point for when District Court Judge Tanya Chutkan gets the immunity case back: The court can’t inquire into the President’s motives in determining official/unofficial acts. This would’ve been a strategy employed by Jack Smith. Another dagger to his indictment.
https://x.com/baldwin_daniel_/status/1807790985671307660
@JonathanTurley: The decision today also reminds citizens that it is more important to get these questions answered right than fast. For all of the criticism of Judge Cannon in Florida for holding hearings and considering arguments, this is why it is important to give serious and sufficient attention to these questions. Judge Chutkan was praised for her speed in supporting Smith’s effort to try Trump before the election. She was wrong as was the D.C. Circuit. I do not blame them in an area with good arguments on both sides. However, speed should not be the measure of performance for the courts.
@bhweingarten: Justice Thomas’ concurrence in Trump v. U.S. is hugely significant. He questions whether Special Counsel Jack Smith’s office is constitutional. “If there is no law establishing the office that the Special Counsel occupies, then he cannot proceed with this prosecution. A private citizen cannot criminally prosecute anyone, let alone a former President. We cannot ignore the importance that the Constitution places on who creates a federal office. To guard against tyranny, the Founders required that a federal office be ‘established by Law.’“… https://supremecourt.gov/opinions/23pdf
@bhweingarten: Justice Thomas launches a legal missile at AG Merrick Garland: “It is difficult to see how the Special Counsel has an office ‘established by Law,’ as required by the Constitution… None of the statutes cited by the Attorney General appears to create an office for the Special Counsel, and especially not with the clarity typical of past statutes used for that purpose… Even if the Special Counsel has a valid office, questions remain as to whether the Attorney General filled that office in compliance with the Appointments Clause.” https://x.com/bhweingarten/status/1807791060971626765
@bykatiebuehler: A 9-0 Supreme Court punts on constitutionality of FL & TX laws barring social media platforms from removing content/users based on viewpoint, returning it to lower courts. (Moody v. NetChoice/NetChoice v. Paxton, No. 22-277/22-555) https://supremecourt.gov/opinions/23pdf
@barnes_law: SCOTUS ruling upshot: if you can’t sue the President for civil damages, then you likely cannot indict him. Extended civil immunity principles to criminal cases. Thomas noted Jack Smith illegally appointed. Federal cases & Georgia case now DOA. NY case also in trouble.
The Dem House Leader, Pelosi, and other Dems called for an insurrection against the SCOTUS!
@maxpcohen: Hakeem Jeffries reacts to SCOTUS immunity ruling: “House Democrats will engage in aggressive oversight and legislative activity with respect to the Supreme Court to ensure that the extreme, far-right justices in the majority are brought into compliance with the Constitution.”
This idiotic Dem ‘leader’ thinks Congress can bring the SCOTUS “into compliance with the Constitution!” A middle school civics student knows that it is the SCOTUS that puts Congress’ laws into compliance with the Constitution. Where do Dems get these idiots and insurrectionists?
Ocasio-Cortez @AOC: The Supreme Court has become consumed by a corruption crisis beyond its control. Today’s ruling represents an assault on American democracy. It is up to Congress to defend our nation from this authoritarian capture. I intend on filing articles of impeachment upon our return.
@SpeakerPelosi: Today, the Supreme Court has gone rogue with its decision, violating the foundational American principle that no one is above the law. The former president’s claim of total presidential immunity is an insult to the vision of our founders, who declared independence from a King. The Supreme Court placed itself on trial with this decision – and its credibility has been further diminished in the eyes of all those who believe in the rule of law.
@DC_Draino: After seeing prominent Democrat voices openly calling for Trump’s assassination today and to impeach the Supreme Court, I am unfortunately now confident that Trump’s 2nd term is going to be filled with historic levels of Leftist violence and disorder These Marxists do NOT want to relinquish control of the federal gov’t and they will engage in terrorism to stop it. Brace yourselves.
@BRICSinfo: Donald Trump’s campaign manager says far-left extremist influencer Harry Scisson will get a visit from the United States Secret Service following his tweet calling for the assassination of President Trump. https://x.com/BRICSinfo/status/1807841201787199778
@jarvis_best: Sotomayor’s dissent littered with citations to things she heard on podcasts.
The WH said Biden would comment on the SCOTUS decision at 19:45 ET. Obviously, this is a lame attempt to divert focus from Biden’s self-indicting debate and make the SCOTUS a campaign issue.
Biden, reading from a Teleprompter, deceitfully stated the SCOTUS decision makes a president immune from any illegal actions and undermines the rule of law. “Today’s decision almost certainly means that there are virtually no limits on what a president can do.” – The Big Guy
The SCOTUS clearly delineated between official and unofficial acts. Chief Justice Roberts in the ruling wrote, “Clearly the president is not above the law.” Biden then invoked Jan. 6, which everyone knows is a key pillar of the Biden Campaign. Joe said presidents can now ignore the law, which is a total lie. Joe took no questions after his 4-minutes reading. Biden had a new tan (Who bronzed him?).
@DogRightGirl: The man is a disaster even with a teleprompter. For those who missed it……he read “end of quote” AGAIN https://x.com/DogRightGirl/status/1807933249181635062
@Kerri_Kupec: Think about how remarkable this is: a president delivering a televised, primetime statement criticizing the highest court in the nation for not rubber stamping his DOJ’s prosecution of his political opponent
@bonchieredstate: I can’t stop laughing at Biden’s handlers. They really tried to change the narrative by lathering him up in self-tanner and sending him out to speak for just four minutes.
GOP Sen. Tim Scott said Biden put a political target on the back of the SCOTUS to win an election. Other commentators claimed Biden’s desperate enunciation of the SCOTUS is extremely dangerous.
GOP Sen. @JDVance1: Tonight’s rant from Joe Biden is further evidence that all of the lawfare against President Trump was cooked up by Biden and his team. The corrupt lawfare against Trump was their main election strategy and they’re furious that it’s backfiring on them.
@jimmyfailla: The guy who keeps telling us democracy is on the ballot just gave a nationally televised address to complain that he can’t put his political opponent on trial again before the election.
@RNCResearch: Biden: “I know I will respect the limits of the presidential power, as I have for 3.5 years!” Also Biden: “Supreme Court blocked me from relieving student debt — but they didn’t stop me!”
@redsteeze: The President who bragged about going around a SCOTUS ruling on student loans is now worried Presidents can do whatever they want. The shamelessness is the point.
@themarketswork: Joe Biden saying “no one is above the law” after he used his DOJ to run out the Statute of Limitations on Hunter & attack his political opponents was my favorite part.
PS – SCOTUS Justice Ketanji Brown wondered if the ruling allows a president to poison his AG!
This is the kind of leftist dolt that Team Biden has placed throughout the government.
Today – The strong seasonal upward bias on Monday only appeared in Fangs and trading sardines. Bonds tumbled, which induced fundamental investors to sell ESUs and equities. Bonds, particularly the 10-year, are at technical support. There should be some type of pre-4th of July bounce.
However, if the 10-year blows through 4.5% support, look out! The political mess in the USA has profound implications. It is unknown how much of this dynamic is in the markets.
Though bonds thwarted most of the upward equity seasonal bias on Monday, the usual suspects will continue to play for the Pre-4th of July Rally and the Mag 7 Bubble.
NQUs are -75.50; ESUs are -10.50; USUs are +11/32 (Risk off for today?) at 20:55 ET.
Expected econ data: May JOLTS Job Openings 7.864m; June Wards Total Vehicle Sales 15.8m; Powell, Lagarde, Campos Neto speak (Brazil CB chief) in Sinatra, Portugal 9:30 ET
S&P Index 50-day MA: 5279; 100-day MA: 5199; 150-day MA: 5047; 200-day MA: 4871
DJIA 50-day MA: 38,898; 100-day MA: 38,865; 150-day MA: 38,334; 200-day MA: 37,219
(Green is positive slope; Red is negative slope)
S&P 500 Index (5475.09 close) – BBG trading model Trender and MACD for key time frames
Monthly: Trender and MACD are positive – a close below 4796.32 triggers a sell signal
Weekly: Trender and MACD are positive – a close below 5256.61 triggers a sell signal
Daily: Trender is positive; MACD is negative – a close below 5406.18 triggers a sell signal
Hourly: Trender and MACD are negative – a close above 5500.12 triggers a sell signal
@TuckerCarlson: From an unusually good source: Obama’s tweet supporting Joe Biden was disingenuous. In private, Obama is telling people Biden can’t win, and he is therefore in favor of an open convention. Obama will not say whom he supports, nor as of yesterday afternoon had he met personally with Biden to deliver the message. Relations between the Obamas and the Bidens have never been warm. At times they’ve been hostile. But recently they’ve deteriorated further, mostly due to Jill Biden. In the hours and days after the debate, she kept her husband cloistered away from anyone who might convince him to drop out. Jill Biden is the driving force behind her husband’s reelection campaign, just as she was in 2020, when other members of the family (including Biden’s sister Val) considered him too impaired to run. The next generation of potential Democratic candidates understands all this as an opportunity and they’re circling, particularly Gretchen Whitmer, who is promoting herself aggressively.
@RNCResearch: CNN: Biden’s handlers are considering having him “sit for a high-profile interview” to stop the bleeding from his humiliating debate. “The fact that we’re even having this conversation that the president can do an interview sort of shows you where they are right now.”
https://x.com/RNCResearch/status/1807859935994171754
Team Joe wants a soft-toss session by some Dem sycophant to euchre Americans about his mental acuity.
@txsalth2o: Realizing that our country is run by a woman with a doctorate in education who is besties with the head of the teachers union– school closures and $190 billion “covid” dollars given to schools makes a whole lot more sense.
Jill Biden vows not to give up on Joe after disastrous debate as she appears on cover of Vogue https://trib.al/cFdcjRX
Jill has eight Vogue covers in 4 years; the same as Michelle Obama had in 8 years. Melania Trump, a former model, had ZERO Vogue covers.
A Gallup poll conducted June 3-23 (pre-debate!) shows Americans who identify as independent are a record high 51%. Republicans: 25%; Dems: 23% https://news.gallup.com/poll/15370/party-affiliation.aspx
The Democratic Party is in turmoil because party officials and solons cannot ascertain if down-ballot Dems suffer more if Biden resigns or if The Big Guy remains on the ballot. The factions are coalescing, and some are digging in, over the binary choice. It might take a few more weeks to decide.
Do the old farts in the Democratic Party leadership fear that if The Big Guy is jettisoned over age-related physical and mental impairments that they will be next?
Democrats fear replacement scenarios as much as keeping Biden – CNN
“It would be a Category 5 hurricane,” said one top Democratic official nervous about Biden considering what would happen if the president stepped aside. “People don’t understand the sheer destruction that would be unleashed.”…
Multiple Democratic officials and operatives, some of whom are affiliated with alternatives and those who are not, rage that Biden has demonstrated too much of an ego to have bowed out before. The president’s argument that he was the Democrat best able to beat Trump, several said, has now been turned on its head and they are left feeling he’s the option least able to beat Trump…
A debate watch party in Los Angeles on Thursday night happened to feature Harris’ husband Doug Emhoff, Pritzker, Whitmer and Beshear. There were other high-profile attendees – by a few answers in, Rob Reiner was screaming about losing and Jane Fonda had tears in her eyes, according to people in the room… https://www.cnn.com/2024/06/30/politics/democratic-party-replacement-worries-joe-biden/index.html
Michigan governor warned Biden campaign her state is no longer winnable: report
Gov Gretchen Whitmer is distancing herself from efforts to force President Biden out of the race
https://www.foxnews.com/politics/michigan-governor-warned-biden-campaign-her-state-no-longer-winnable-report
Biden Campaign Gives Supporters List of Talking Points to Defend President https://t.co/oC9PnG69bu
Pundits noticed that a 38 second (new) WH video of The Big Guy pontificating on Democracy had 10 cuts (edits). https://x.com/WhiteHouse/status/1807549678747042139
@RNCResearch: Nurse Jill escorts Crooked Joe down the stairs after arriving in New Jersey for a ritzy fundraiser. .. https://x.com/RNCResearch/status/1807210359071130096
@bonchieredstate: Pretty incredible that Biden’s strategy is just to keep lecturing on democracy in heavily edited videos. He’s got nothing left.
@RNCResearch: Biden campaign co-chair Jim Clyburn claims he hasn’t “heard a single person express anything negative” about Biden’s disastrous debate performance.
https://x.com/RNCResearch/status/1807560449992339611
For decades, the MSM has enabled and facilitated Dem lies. So, Dems believe they can say the stupidest and most deceitful Schiff and get away with it.
Democrat Media Aren’t Upset Biden Is Senile, They’re Mad They Can’t Hide It Anymore
The only reason anyone ever believed Biden was up to the job is that they were lied to, even though most Americans have always understood Biden has been exhibiting signs of dementia before he ever became president. At this point, it’s impossible to deny that Democrats and their media allies have betrayed and endangered America by spending the last few years lying to us about Biden’s age-related mental competency… It’s not just that the debate made it impossible to deny Biden’s cognitive decline, it’s that the media’s desperation to defend him is also laying bare the total moral and ethical collapse of journalism…
https://thefederalist.com/2024/07/01/democrat-media-arent-upset-biden-is-senile-theyre-mad-they-cant-hide-it-anymore/
New details emerge about Biden’s mental state — and the steps staffers take to shield the ‘10am to 4pm president’ – the 81-year-old president’s cognitive slips have been nothing new to his inner circle…
In addition to his mental issues, the elderly president reportedly often wears orthopedic shoes and has undergone physical therapy to help combat stiffness, the White House physician previously disclosed…
A former White House staffer who was tasked with helping to tend to the president’s accommodations in the executive mansion told Axios that senior officials often “wouldn’t let us do anything for them,” suggesting it is to keep Biden’s issues on the down-low…
“This is no longer about Joe Biden’s family or his emotions,” an adviser in touch with the West Wing fumed to Axios. “This is about our country. It’s an utter f–king disaster that has to be addressed…
https://nypost.com/2024/06/30/us-news/disturbing-new-details-emerge-about-bidens-mental-state-and-the-steps-staffers-go-to-hide-them/
@RNCResearch: CNN’s JAKE TAPPER: There is a discernable pattern of Democrat officials seemingly trying to convince you, the public, to not believe what you saw and what you heard with your eyes and with your ears on Thursday night. https://x.com/RNCResearch/status/1807884522001736057
The dilemma for Team Biden is that the only way to disabuse Americans of the notion that The Big Guy is too old and senile to be president is to push The Big Guy in front of the public more often. For 4 years, they have hidden Joe, restricted access to Biden, and wet-nursed Joe. Americans will not buy Teleprompter Joe; Pinocchio must cut the strings and show that he is his own candidate.
The Lies We Have Lived Through – Victor Davis Hanson
During the 2020 campaign, Biden often became in bizarre fashion animated and nasty (“you ain’t black”/“fat”/“lying dog-faced pony soldier”/“junkie”). His “corn pop” stories were grotesque and had a senile accentuation of his earlier “super-predator” and “clean” black riffs. As president, his mental decline progressed geometrically, in the sense that every three months, Biden became far, far worse than during the prior 90 days. His handlers long ago had determined that masking his feebleness at the expense of the security and safety of the nation was a small price to pay to retain power…
https://victorhanson.com/the-lies-we-have-lived-through/
Newsom to headline Democratic campaign event in New Hampshire
https://www.foxnews.com/politics/newsom-headline-democratic-campaign-event-new-hampshire
“Joe Biden is the walking embodiment of the exhausted American Establishment. More and more people have simply lost their faith in our Ruling Class. You could scarcely have a more potent symbol of its impotence.” — Rod Dreher
Republican on powerful House committee says GOP has the votes to hold Garland in inherent contempt – The contempt charges stem from Garland’s refusal to comply with a Congressional subpoena to hand over audio recordings of President Joe Biden’s interview with special counsel Robert Hur…
Inherent contempt would normally force the House Sergeant at Arms to detain Garland and bring him before the lower chamber. However, Luna introduced a resolution last week that would fine Garland $10,000 a day until he complies with their subpoena instead of arresting him…
https://justthenews.com/government/congress/gop-rep-ralph-norman-says-republicans-have-votes-hold-garland-inherent-contempt
GREG HUNTER
SEE YOU ON WEDNESDAY
harveyorganblog.com 
