GOLD PRICE CLOSED UP $5.000 TO $2361.10
SILVER PRICE UP $0.13 TO $30.75
Gold ACCESS CLOSED $2363.65
Silver ACCESS CLOSED: $30.81
Bitcoin morning price:$57,486 UP 35 DOLLARS. bankers doing a good job destroying the value of bitcoin
Bitcoin: afternoon price: $57,903 UP 452 dollars//
Platinum price closing DOWN $3.40 TO $998.50
Palladium price; down $29.70AT $982,00
END
SHANGHAI GOLD PREMIUM 26 DOLLARS/COMEX GOLD//august to august
SHANGHAI GOLD (USD) FUTURES – QUOTES
Last Updated 09 Jul 2024 09:21:22 AM CT.
Market data is delayed by at least 10 minutes.
*CANADIAN GOLD: $3222.94 UP 5.20 CDN dollars per oz( * NEW ALL TIME HIGH 3,305.30 CDN DOLLARS PER OZ//MAY 20 2024)
*BRITISH GOLD: 1848.50 UP 9.61 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024
*EURO GOLD: 2185.82 UP 5.20 Euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16//.2024)
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END
EXCH: COMEX
EXCHANGE: COMEX
CONTRACT: JULY 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,355.200000000 USD
INTENT DATE: 07/08/2024 DELIVERY DATE: 07/10/2024
FIRM ORG FIRM NAME ISSUED STOPPED
118 C MACQUARIE FUT 3
363 H WELLS FARGO SEC 3
624 H BOFA SECURITIES 6
657 C MORGAN STANLEY 5
690 C ABN AMRO 5
737 C ADVANTAGE 23 4
905 C ADM 7
TOTAL: 28 28
MONTH TO DATE: 2,717
JPMorgan stopped 0/28
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 28 NOTICES FOR 2800 OZ or 0.087 TONNES
total notices so far: 2717 contracts for 271,700 Oz (8.4510 tonnes)
FOR JULY:
SILVER NOTICES: 224 NOTICE(S) FILED FOR 1,120,000 million
OZ/
total number of notices filed so far this month : 5632 for 28.160 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $5.00 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/
: NO CHANGES IN GOLD INVENTORY AT THE GLD/
/ /INVENTORY RESTS AT 834,81 TONNES
INVENTORY RESTS AT 834.81 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $0.13 AT THE SLV//
HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.283 MILLION OZ OF SILVER VAPOUR OZ OUT OF THE SLV//
// INVENTORY LOWERS TO 436.356 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 436.356 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A STRONG SIZED 557 CONTRACTS TO 162,287 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR LOSS OF $0.73 IN SILVER PRICING AT THE COMEX ON MONDAY’S TRADING ON SILVER. WE HAD ZERO LIQUIDATION AS WE HAD A HUGE NET GAIN OF 1382 CONTRACTS ON OUR TWO EXCHANGES. WE, AGAIN HAD CONSIDERABLE SHORT COVERING BY OUR SPECS WITH THE LOSS IN PRICE AS WELL AS MASSIVE T.A.S. LIQUIDATION WHICH ACCOUNTS FOR THE STRONG GAIN ON THE TWO EXCHANGES. WE HAD ANOTHER STRONG SIZED 946 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 SEVERAL TIMES LAST MONTH.
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: 946 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS.IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1/2 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES AND THUS THE REASON FOR CONSTANT RAIDS. IT ALSO LOOKS LIKE THE FED (GOV’T) IS BEHIND EVERY DAY TRADING.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.73) BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS FROM THEIR PERCH AS WE DID HAVE A HUMONGOUS SIZED GAIN OF 1382 CONTRACTS ON OUR TWO EXCHANGES DESPITE THE LOSS IN PRICE OF $0.73.
WE MUST HAVE HAD:
A HUMONGOUS SIZED 825 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 475,000 OZ
//NEW STANDING FOR SILVER//JUNE IS THUS 29.580 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI GAIN //HUMONGOUS SIZED EFP ISSUANCE/ VI) HUGED SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 946 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL ADDED 71 CONTRACTS //
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JUNE ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JULY
TOTAL CONTRACTS for 6 DAYS, total 7154 contracts: OR 35.770 MILLION OZ (1192 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 35.770 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: 35.770 MILLION OZ
RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 557 CONTRACTS DESPITE OUR LOSS IN PRICE OF SILVER PRICING AT THE COMEX//MONDAY.,. THE CME NOTIFIED US THAT WE HAD A HUMONGOUS EFP ISSUANCE CONTRACTS: 825 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 475,000 OZ QUEUE JUMP WHERE THEY WILL TRY AND TAKE DELIVERY ON THIS SIDE OF THE POND.
//NEW TOTAL STANDING FOR JULY 29.580 MILLION OZ
WE HAVE A HUGE SIZED GAIN OF 1382 OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE HUGE LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG SIZED 946 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE MONDAY COMEX TRADING/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND ZERO LIQUIDATION OF LONGS.
THE NEW TAS ISSUANCE MONDAY NIGHT (946) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .
WE HAD 224 NOTICE(S) FILED TODAY FOR 1.120 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 2425 OI CONTRACTS TO 510,067 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 830 CONTRACTS
WE HAD A FAIR SIZED INCREASE IN COMEX OI (2425 CONTRACTS) OCCURRED WITH OUR LOSS OF $29.60 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 3000 OZ QUEUE JUMP
NEW STANDING 8.5505 TONNES
/ ALL OF THIS HAPPENED DESPITE OUR $29,60 LOSS IN PRICE WITH RESPECT TO MONDAY’S TRADING. WE HAD A HUGE SIZED GAIN OF 13,170 OI CONTRACTS (40.96 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 10,745 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 510,067
IN ESSENCE WE HAVE A HUGE SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 13,170 CONTRACTS WITH 2425 CONTRACTS INCREASED AT THE COMEX// AND A HUGE SIZED 10,745 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 13,170 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A MEGA MEGA HUMONGOUS SIZED 32,048 CONTRACTS,,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (10,745 CONTRACTS) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI OF 2425 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 13,170 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 3000 OZ QUEUE JUMP
//NEW STANDING /JULY 8.5505 TONNES.
/ 3) HUGE T.A.S. LIQUIDATION OF CONTRACTS WITH ZERO NET LONG SPECS BEING CLIPPED,
4) FAIR SIZED COMEX OPEN INTEREST GAIN 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///MEGA HUMONGOUS T.A.S. ISSUANCE: 32,048 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: 31,098 CONTRACTS OR 3,109,800 OZ OR 96.733 TONNES IN 6 TRADING DAY(S) AND THUS AVERAGING: 4070 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 6 TRADING DAY(S) IN TONNES 96.733 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 96.733 DIVIDED BY 3550 x 100% TONNES = 2.72% 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: 96.733 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 ROSE BY A STRONG SIZED 557 CONTRACTS OI TO 162,216 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 825 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 825 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 825 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 557 CONTRACTS AND ADD TO THE 825 E.FP. ISSUED
WE OBTAIN A HUMONGOUS SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1382 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 6.91 MILLION OZ
OCCURRED DESPITE OUR $0.73 LOSS IN PRICE …..
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
TUESDAY MORNING/MONDAY NIGHT
SHANGHAI CLOSED UP 36.92 PTS OR 1.26% //Hang Seng CLOSED DOWN 0.83 PTS OR 0.00% // Nikkei CLOSED UP 799.47 OR 1.96%//Australia’s all ordinaries CLOSED UP 0.79%///Chinese yuan (ONSHORE) closed DOWN TO 7,2719 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2899/ Oil DOWN TO 81.92 dollars per barrel for WTI and BRENT DOWN AT 85.38/Stocks in Europe OPENED MOSTLY RED
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 2425 CONTRACTS TO 510,067 DESPITE OUR LOSS IN PRICE OF $29.60 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 ATTEMPTED 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 HUGE SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A HUGE SIZED 3255 EFP CONTRACTS WERE ISSUED: : AUGUST 3255 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3255 CONTRACTS.
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A HUGE SIZED TOTAL OF 13,170 CONTRACTS IN THAT 10,745 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A FAIR SIZED GAIN OF 2425 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $29.60/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 MEGA MEGA HUMONGOUS SIZED 32,048 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. TODAY’S ISSUANCE WAS A WHOPPER.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JULY (8.5505 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: 8.5505 TONNES
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $29.60 //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A HUGE SIZED GAIN OF 13,170 CONTRACTS ON OUR TWO EXCHANGES ACCOMPANYING THE HUGE LOSS IN PRICE. THE T.A.S. ISSUED ON MONDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 40.96 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 3000 OZ QUEUE JUMP//NEW STANDING 8.5505 TONNES
NEW STANDING FOR JULY: 8.5505 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $29.60
WE HAVE REMOVED 830 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET GAIN ON THE TWO EXCHANGES 13,170 CONTRACTS OR 1,317,000 OZ (40.96 TONNES)
confirmed volume MONDAY 336,753 contracts//good
//speculators have left the gold arena
JULY 8 JULY GOLD CONTRACT
/ /// THE JULY 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 96.453 oz brinks 3 kilobars . |
| Deposit to the Dealer Inventory in oz | |
| Deposits to the Customer Inventory, in oz | nil OZ |
| No of oz served (contracts) today | 28 notice(s) 2800 OZ 0.08709 TONNES |
| No of oz to be served (notices) | 32 contracts 3200 OZ 0.0995 TONNES |
| Total monthly oz gold served (contracts) so far this month | 2717 notices 271,700 oz 8.4510 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month | x |
0 dealer deposits:
total dealer deposits: nil oz
we have 0 customer deposit:
total deposit: nil oz
customer withdrawals: 1
i) out of Brinks: 96453 oz (3 kilobars)
TOTAL WITHDRAWALS 96.543 oz Brinks 3 kilobars
Adjustments:0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE
For the front month of JULY we have an oi of 60 contracts having LOST 435 contracts. We had 465 notices filed on Monday so we gained 30 contracts or an additional 3000 oz will stand at the comex (0.0939 tonnes)
AUGUST lost 27,584 CONTRACTS DOWN TO 327,499 CONTRACTS
SEPT. GAINED 18 CONTRACTS TO STAND AT 201.
OCTOBER GAINED 2537 CONTRACTS UP TO 26,826 CONTRACTS
We had 28 contracts filed for today representing 2800 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 28 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for July /2024. contract month, we take the total number of notices filed so far for the month (2717) x 100 oz ) to which we add the difference between the open interest for the front month of JULY 60( CONTRACTS) minus the number of notices served upon today (28 x 100 oz per contract( equals 274,900 OZ OR 8.5505 TONNES.
thus the INITIAL standings for gold for the JULY contract month: No of notices filed so far (2717 x 100 oz +we add the difference for front month of JULY (60 X// , OI} minus the number of notices served upon today (28) x 100 oz which equals 274,900 oz (8.5505 TONNES)
TOTAL COMEX GOLD STANDING FOR JULY: 8.5505 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: 1,686,834.101 oz 52.46 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,699,777.453 OZ
TOTAL REGISTERED GOLD 7,838,185.304( 243.80 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,861,592.151 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,151,351 oz (REG GOLD- PLEDGED GOLD)= 191.332 tonnes //
END
SILVER/COMEX
JULY 8/2024
INITIAL
//2024// THE JULY 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 594,546.475oz Delaware . |
| Deposits to the Dealer Inventory | |
| Deposits to the Customer Inventory | |
| No of oz served today (contracts) | 224 CONTRACT(S) (1.120 million OZ) |
| No of oz to be served (notices) | 284 contracts (1.424 million oz) |
| Total monthly oz silver served (contracts) | 5632 Contracts (28.160 MILLION oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
i) 0 dealer deposit/
total dealer deposit : nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 0 customer deposits:
total customer deposit nil oz
JPMorgan has a total silver weight: 128.402million oz/298.501million or 43.01%
adjustment: 0
customer withdrawals: 1
i) out of Delaware 594,546.475 oz
total withdrawal: 594,546.475 0z
TOTAL REGISTERED SILVER: 69.983 MILLION OZ//.TOTAL REG + ELIGIBLE. 298.501
million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY:
silver open interest data:
FRONT MONTH OF JULY/2024 OI: 508 CONTRACTS HAVING LOST 28 CONTRACT(S). WE HAD 123 NOTICES FILED ON MONDAY SO WE GAINED A HUGE 95 CONTRACTS OR AN ADDITIONAL 475,000 OZ WILL STAND AT THE COMEX VIA A MASSIVE QUEUE JUMP TO TAKE DELIVERY OVER HERE.
AUG, SAW A LOSS OF 142 CONTRACTS TO 1381
SEPT SAW A LOSS OF 299 CONTRACTS TO 131,250
.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 224 for 1.120 MILLION oz
CONFIRMED volume; ON MONDAY 74,245 huge
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 5632 x 5,000 oz = 28.160 MILLION oz
to which we add the difference between the open interest for the front month of JULY (508) and the number of notices served upon today 224 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JULY/2024 contract month: 5632 notices served so far) x 5000 oz + OI for the front month of JULY (508)x number of notices served upon today minus (224)x 5000 oz of silver standing for the JULY contract month equates to 29.580 MILLION OZ.
New total standing: 29.580 million oz.
There are 69.983 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 9 WITH GOLD UP $5.00 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD.//:INVENTORY RESTS AT 834.81 TONNES
JULY 8 WITH GOLD DOWN $26.60 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD.//:INVENTORY RESTS AT 834.81 TONNES
JULY 5 WITH GOLD UP $29.90 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD..A DEPOSIT OF 1.10 TONNES OF GOLD VAPOUR INTO THE GLD//:INVENTORY RESTS AT 833.37 TONNES
JULY 3 WITH GOLD UP $35.25 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD..A MASSIVE DEPOSIT OF 5.76 TONNES OF GOLD VAPOUR INTO THE GLD//:INVENTORY RESTS AT 833.37 TONNES
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: 834.81 TONNES, TONIGHTS TOTAL
SILVER
JULY 9. WITH SILVER UP 13 CENTS//HUGE CHANGES IN SILVER INVENTORY A MAMMOTH WITHDRAWAL OF 3.744 MILLION OZ OF SILVER VAPOUR OUT OF THE SLV.: /INVENTORY FALLS T0 436.356 MILLION OZ.
JULY 8. WITH SILVER DOWN $0.73//SMALL CHANGES IN SILVER INVENTORY A MAMMOTH DEPOSIT OF 3,292,000 OZ OF SILVER VAPOUR INTO THE SLV.: /INVENTORY RISES T0 440.100 MILLION OZ.
JULY 4. WITH SILVER UP $0.85//SMALL CHANGES IN SILVER INVENTORY A MAMMOTH DEPOSIT OF 3,292,000 OZ OF SILVER VAPOUR INTO THE SLV.: /INVENTORY RISES T0 440.100 MILLION OZ.
JULY 3. WITH SILVER UP $1.08//SMALL CHANGES IN SILVER INVENTORY A SMALL WITHDRAWAL OF 639,000 OZ: /INVENTORY LOWERS T0 436,808 MILLION OZ.
JULY 2. WITH SILVER UP $0.19//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 436.356 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1.PETER SCHIFF SCHIFF GOLD/MIKE MAHARRAY
2. ALASDAIR MACLEOD/JIM RICKARDS/PAM AND RUSS MARTENS/ JAMES RICKARDS/ VON GREYERZ//GOLD AND SILVER COMMENTARY
As Political Parties Fall, Gold & Silver Will Rise
TUESDAY, JUL 09, 2024 – 07:20 AM
Authored by Egon von Greyerz via VonGreyerz.gold,
With the collapse of the Western financial and political systems now happening before our eyes, wealth preservation takes on a totally different meaning.
As political parties, currencies, stocks, bonds and other bubble assets fall, the indisputable winners will be gold and silver.
The world and in particular the West is now entering a period of political and social unrest that signifies the end of a major era.
It is the consequence of deficit spending, major debt expansion, currency debasement, inflation leading to political and economic turmoil and misery.
Politics in the West are already a total mess. Whatever party gets into power, the deficit spending will accelerate, probably exponentially. That is certain in the UK with the new Labour led government, in France with a motley coalition government and in the US where one candidate might end up in jail (or become president) and the other one is too senile to stand for election. In either case, the US will have an insoluble debt crisis.
What a mess!
Financial markets will, in coming months and years, reflect this mess.
Geopolitical risk is of course also significant. A major war is a big risk, even nuclear war. But leaders of China, Russia and the US are of course aware of the finality of nuclear war and only an “accident” is likely to start one. But there are so many new ways of modern warfare as drones become so much more sophisticated.
Even more effective are Cyberwars. China, Russia and the US all have the ability to immobilise computer, electronic and electrical systems to the extent that major parts of countries and even the world would be totally paralysed. In today’s sophisticated world, virtually nothing would function without computer systems – financial markets including banks, travel by any means, shipping, supply of goods including food, telecommunications, internet etc, etc.
It is quite frightening how in the last 50-60 years the world has become totally dependent on electrical and electronic systems without which we could quickly go back to the Stone Age.
WARS WITH STICKS AND STONES
As Einstein said:
Sadly, certain humans in power have an innate instinct to self-destruct so Einstein’s prediction is not so unrealistic.
Also, the world is now for the first time in history in possession of weapons such as cyber, drones and nuclear that can all virtually end life on earth.
POLITICAL TURMOIL
Anyone elected to President, Prime Minister or Chancellor in the West in the next few years is likely to at best stay in the position for a full term but more likely to be thrown out before that.
For example, the newly elected UK Prime Minister Kier Starmer won an overwhelming majority in parliament with only 33% of the vote. Even more remarkable is that 80% of all people eligible to vote did not support him.
Well, a day is a very long time in politics. Five years ago, Labour lost so big to the conservatives that no one thought that Labour would come back in the next decade or two.
The US will have a similar problem after the November election. As it looks now Trump will win although a lot can happen before then. But even if Trump wins, he will probably have a thin majority. So around half of the people will be against him. And if a Democrat would win (definitely Biden will not stand) the Trump supporters would never accept the result.
And in France Macron suffered a devastating defeat in the first round. Macron (on the tricycle below) is now a lame duck president. But he is still arrogantly behaving like the French Marshall Foch in the Battle of the Marne in WW I who famously said: “My centre is giving way, my right is retreating; situation excellent, I am attacking!” But Macron is certainly no Marshall Foch.
Still through skilful political manoeuvring, Macron might succeed in being part of a new coalition government with feeble support both from the right and the left.
So, the order in the caricature below from the first week has now reversed although Le Pen’s National Rally is the biggest party.
A WEEK IS A LONG TIME IN POLITICS
Yes, a week is a long time in politics as desperate leaders cling on to power. By the time France holds the presidential election, Le Pen now has a bigger chance of winning. But it is not unlikely that the coalition collapses long before then.
What is important to understand is that new governments are seldom voted in. Instead, it is the sitting government which is voted out. The Brits had had enough of the Conservatives, the French hate Macron, the Germans don’t respect Scholz and the US people are in the unenviable position to choose between two octogenarians (or a new democratic candidate), neither of which is respected by the rest of the world.
Historically these political upheavals always happen at the end of an era whether it was Rome, France, Ottoman or the British to mention a few.
Currently we are seeing the fall of the US empire which is financial rather than territorial. Most European governments are slaves or more appropriately lapdogs under the US might and follow virtually all US dictates whether they are financial like FATCA (Foreign Account Tax Compliance Act) or political like freezing and confiscating Russian assets.
But as the US lead debt bubble bursts, their financial and military superiority will rapidly evaporate.
WITHOUT WEALTH PRESERVATION THERE WILL BE WEALTH DESTRUCTION
For 25 years I have stood on a soap box, advising investors about the importance of wealth preservation in the form of physical gold. During that time, gold as a share of world financial assets has stayed at 0.5% in spite of the fact that gold has outperformed most asset classes including the S&P 500 with dividends reinvested.
Between 2000 and today, the S&P, including reinvested dividends, has returned 7.7% per annum whilst gold has returned 9.2% per year or 8X.
As the world approaches the end of an era, it is fascinating to watch the (un-)awareness among fellow investors.
Having recently spent a couple of days at a family office conference and given a speech on wealth preservation and gold, it is discouraging to observe the total lack of fear and or awareness of risk.
More wealth has been accumulated by the average investor than ever in history. Most investors believe that they are masters of the universe and that their investment trees grow to heaven.
For these investors wealth preservation means spreading risk between a number of investment classes such as stocks, bonds, private equity, property etc.
A typical spread for a Family office is: Stocks 32%, bonds 18%, private equity 18%, property 10%, cash 10%, hedge funds 6% plus a total of 3% in gold, precious metals, art, commodities and antiques.
It could be argued that up to 80% of the above asset classes are correlated since they are affected by credit expansion or money printing. Cash is also correlated as it declines in real terms (measured in gold), the more money supply expands.
US DEBT UP 59X SINCE THE GOLD WINDOW WAS CLOSED
The graph below shows US total debt going from $1.7 billion in 1971 to $100 trillion today.
As the graph shows, the stock market needs a continuous injection of the debt drug to function and grow.
This is how US successive governments buy votes. Just expand credit to artificially inflate stocks. It is amazing how far you can get in a successful Ponzi scheme before investors discover that the whole market rests on quicksand. But it won’t be long now.
GOLD’S INEVITABLE RISE
A simple method for measuring the massive wealth destruction and transformation that especially the West will experience in coming years is the DOW – GOLD ratio.
Back in early 1980 this ratio reached 1 for 1. Thus, Gold was $850 and the Dow index 850. The long term trend line now targets a ratio of 0.5 for 1.
As the graph shows, that could be gold $10,000 Dow 5,000 or it could be gold $ 20,000 and Dow 10,000.
As we enter the golden era with BRICS countries increasing their purchases continuously and central banks selling US treasuries to buy gold.
No country and no central bank will in future hold dollars as a reserve asset.
Physical gold is the only proper reserve asset, just as it has been throughout history.
Also, the total of US held gold has on average been 40% of US treasuries outstanding.
Today it is only 7%.
If gold were to reach the average level it needs to be revalued 6x at least – a gold price of $16,000
And if gold were to reach the 1979 – 80 level of 140% gold need to be revalued 19x to over $40,000.
Silver could move twice as fast.
These are obviously not forecasts but the consequence of gold returning as a reserve asset and also to historical norms.
But investors should not focus on potential targets for gold or silver.
Instead, just think of gold as financial life insurance which just as throughout history will at least preserve investors’ assets but most probably also enhance them.
The only question is what percentage of financial assets to hold in gold.
In my view 20% is a minimum but bearing in mind the magnitude of the coming crisis, 50% or more might be the cheapest insurance that investors can buy.
Remember to only hold physical gold and silver stored in the most secure vaults and the safest jurisdictions.
end
3.CHRIS POWELL AND DAILY GOLD/SILVER DISPATCHES
Jan Nieuwenhuijs: A deep dive into the gold swaps, leases, and forwards market
Submitted by admin on Mon, 2024-07-08 17:44 Section: Daily Dispatches
5:44p ET Monday, July 8, 2024
Dear Friend of GATA and Gold:
Gold researcher Jan Nieuwenhuijs today provides a primer about the gold lending business — swaps, leases, and forwards. It explains how bullion banks can make money in the business, but not so much why central banks sometimes assist the business by putting their metal in play. That’s GATA’s job.
Nieuwenhuijs’ analysis is headlined “Swaps, Leases, and Forwards — A Deep Dive into the Gold Wholesale Market” and it’s posted at the Gainesville Coins internet site here:
https://www.gainesvillecoins.com/blog/swaps-leases-forwards-deep-dive-gold-wholesale-market
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
END
Peter Grandich tells ‘Live from the Vault’ that developments keep favoring gold
Submitted by admin on Fri, 2024-07-05 22:18 Section: Daily Dispatches
10:23p ET Friday, July 5, 2024
Dear Friend of GATA and Gold:
Kinesis Money’s “Live from the Vault” program this week has London metals trader Andrew Maguire in a discussion with gold advocate and mining analyst Peter Grandich, who admits being surprised by the dichotomy between elevated metals prices and depressed prices for mining shares.
Bitcoin, Grandich says, is a scam but it has siphoned demand from gold and mining shares. Even so, he continues, developments continue to favor gold, including the U.S. government’s heavy and growing debt burden, political paralysis in the United States, an aging population, the flood of illegal immigration into the country, and the increasing coordination of the BRICS countries in the international financial system.
Many countries, Grandich says, are realizing that an alternative to the U.S. dollar is becoming necessary, and at least market analysts have stopped mocking him and GATA for complaining about gold market manipulation.
Grandich adds that the investment case for silver has grown stronger because industrial demand is rising amid declining supply.
The discussion is 58 minutes long and can be seen at YouTube here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
* * *
END
Tanzania starts buying domestic gold production to boost FX reserves
Submitted by admin on Fri, 2024-07-05 12:45 Section: Daily Dispatches
By Beatrice Materu
The East African, Nairobi, Kenya
via MSN.com, Redmond, Washington
Saturday, June 29, 2024
The Bank of Tanzania has started a large gold-buying initiative as part of a strategic drive to support the expansion of the mining industry and strengthen foreign exchange reserves.
The information was made public by Emmanuel Tutuba, the governor of the Bank of Tanzania, during his visit to the Geita Gold Refinery and the Mwanza Precious Metals Refinery Co. Ltd.
Under the initiative, the bank has already acquired and refined 418 kilograms of gold.
“As highlighted in the budget by the minister for finance, Dr. Mwigulu Nchemba, the government has allocated funds for the purchase of gold. This yea, our target is to procure six tonnes of gold,from small-scale, middle-scale, and large-scale miners,” he said. …
… For the remainder of the report:
* * *
4. GOLD PODCASTS/OR OTHER GOLD COMMENTARIES
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COFFEE/ROBUSTA
the cheaper blent, Robusta in short supply. Here is why….
(zerohedge)
Robusta Rockets To 16-Year High After Major Grower Vietnam Records Export Plunge
TUESDAY, JUL 09, 2024 – 12:25 PM
The global robusta coffee shortage continues unabated, with prices reaching new highs in London trading on Tuesday. The surge, according to Bloomberg, is directly linked to concerns over sliding bean exports from Vietnam due to ongoing droughts.
Vietnam, the world’s second-largest producer of robusta beans, recorded a 50% plunge in June exports from one year ago to 70,202 tons, according to the country’s customs department. Bloomberg calculations show this is the lowest amount of beans exported since the 2010-11 crop season.
“Dry weather continues to have an impact on production in Vietnam,” said Michael McDougall, managing director at Paragon Global Markets.
Robusta bean contracts in London rose as much as 3.5% to $4,500 a ton on Tuesday, the highest in data going back to 2008. Arabica futures in New York jumped 4%.
Here’s our latest coverage on the global coffee market:
- This Next Bean Is Hyperinflating, And It’s Not Cocoa
- Arabica Coffee Prices See Largest Weekly Jump In Nearly Three Years
- Robusta Coffee Bean Prices Near Half-Century High As Vietnam Supply Woes Spark World Crunch
- Brewing Storm: World’s Top Robusta Coffee Producer Reports Smallest Export Since 2009
Let’s not forget that a third of the world’s robusta beans come from Vietnam. The bean is primarily used in instant coffee and espresso.
Last month, J.M. Smucker Co., whose brands include Folgers, Dunkin’, Café Bustelo, Pilon, and Medaglia d’Oro, warned of imminent price hikes across its brands due to the surge in bean prices.
Get used to elevated food prices.
END
6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/
END
ASIA TRADING//TUESDAY MORNING/MONDAY NIGHT
SHANGHAI CLOSED UP 36.92 PTS OR 1.26% //Hang Seng CLOSED DOWN 0.83 PTS OR 0.00% // Nikkei CLOSED UP 799.47 OR 1.96%//Australia’s all ordinaries CLOSED UP 0.79%///Chinese yuan (ONSHORE) closed DOWN TO 7,2719 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2899/ Oil DOWN TO 81.92 dollars per barrel for WTI and BRENT DOWN AT 85.38/Stocks in Europe OPENED MOSTLY RED
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.2719
OFFSHORE YUAN: DOWN TO 7.2899
SHANGHAI CLOSED UP 36.92 PTS OR 1.26 %
HANG SENG CLOSED DOWN 0.83 PTS OR 0.00%
2. Nikkei closed UP 799.43 PTS OR 1.96%
3. Europe stocks SO FAR: MOSTLY RED
USA dollar INDEX UP TO 104.74 EURO FALLS TO 1.0819 DOWN 10 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1,083 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 161.12 JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen 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 DOWN for WTI and DOWN FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.5480/Italian 10 Yr bond yield DOWN to 3.923 SPAIN 10 YR BOND YIELD UP TO 3.342%
3i Greek 10 year bond yield UP TO 3.593
3j Gold at $2359.60//Silver at: 30.98 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 1 AND 87/ 100 roubles/dollar; ROUBLE AT 88.50
3m oil into the 81 dollar handle for WTI and 85 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 161.12/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.083% 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 0.8988 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9719 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: 4.296 UP 3 BASIS PTS…
USA 30 YR BOND YIELD: 4.484 UP 3 BASIS PTS/
USA 2 YR BOND YIELD: 4.637 UP 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.80…
10 YR UK BOND YIELD: 4.2000 UP 8 PTS
2a New York OPENING REPORT
US Futures Hit 36th Record High Of 2024 As AI Bubble Grows Bigger Ahead Of Powell Testimony
TUESDAY, JUL 09, 2024 – 08:21 AM
There is apparently nothing that can stop this relentless tech momentum juggernaut: after the S&P 500 hit another record high on Monday, US equity futures rose again on Tuesday on pace for a fresh all time high as investors awaited fresh dovish hints from Powell on when the Fed’s first cut would come (and follows Nikileaks Timiraos’ weekend report in the WSJ that September easing is largely assured). As of 8:00am S&P futures were up 0.2%, hitting their 36th record high of the year, with Nasdaq futures rising 0.4% as AI/semi stocks continued their endless meltup. Treasury yields rose 2bps while traders held on to bets for two rate cuts this year. That outlook helped fuel expectations for higher longer-term yields and a steeper curve, even as two-year notes continued to exceed their 10-year counterparts. However, for the curve to materially steepen, the US economy needs to deteriorate decisively enough to push the Fed to lower borrowing costs, Bloomberg argues. The USD is modestly higher while commodities are once again selling off with precious the primary area of safety. Fedspeak is today’s macro focus; Powell speaks at 10am EST.
In premarket trading, all the usual suspects were again up: NVDA +1.25%; MU +1%; INTC +3.6% on the continued AI Chip rally despite Goldman’s head of equity research openly unleashing a firestorm of criticism on the “AI bubble”; BAC is up +1% on an upgrade while BP slides 4% as it warned of weaker refining margins/write-downs. Here are some notable premarket movers:
- Helen of Troy (HELE) falls 28% after the consumer products company cut its adjusted earnings per share guidance for the full year.
- Helios Technologies (HLIO) falls 11% as CEO Josef Matosevic was placed on paid leave following allegations of a potential violation of the manufacturer’s code of conduct.
- Indivior (INDV) drops 36% after the drugmaker cut its net revenue guidance for the full year.
- Intel (INTC) rises 3% and is set to extend gains to a fifth consecutive session.
- Nikola (NKLA) rises 5% as shares are set to extend gains to a fifth consecutive session.
- Tempus AI (TEM), a medical data firm that went public in June, gains 3% as Morgan Stanley, JPMorgan and Stifel initiate coverage with bullish ratings.
Investors will be closely watching for any hints from the Fed chair about how soon the Fed will be in a position to cut interest rates. A long-awaited pivot to easier policy would provide investors sitting on a record $6 trillion of money-market with an incentive to buy bonds and other assets; validation for a rate cut would come from Thursday’s CPI if it prints at or below expectations. Markets are pricing the chance of two rate cuts this year, with a roughly 70% chance of the first in September, according to swaps data compiled by Bloomberg. Powell is also likely to face questions over US plans to force Wall Street lenders to set aside significantly more capital. Reuters reported that regulators are considering a change to its calculations that could save the country’s eight largest banks combined billions of dollars.
“Until they see the Fed truly cutting, there is a level of show-me,” said Anders Persson, chief investment officer at Nuveen. “There’s some skepticism about getting off the cash or money market investments that pay 5% and many retail investors are sitting on and enjoying.”
“With the recent signs of softer growth and labor market, markets will closely watch if Powell gives any hints on the timing of rate cuts,” said Carol Kong, a strategist at Commonwealth Bank of Australia in Sydney. “Market pricing for a September cut can increase and the US dollar can fall further if Powell’s comments are perceived as dovish.”
European stocks reversed Monday gains and dropped 0.4% but were off the lows, as wariness grew over French government spending following the left’s resurgence in the weekend election. France’s CAC 40 underperforms regional peers with a 0.5% fall. Among individual movers, BP fell more than 3% after saying it will take a hit of as much as $2 billion from impairments in second-quarter results. Dassault Systemes SE fell after cutting its full-year earnings forecast. Here are some other notable premarket movers:
- Prysmian rises as much as 4.6% after the cable manufacturer was upgraded to buy at Jefferies, with a Street-high price target. Citi also opened a 30-day positive catalyst watch on the shares
- BMW rises as the German carmaker gets upgraded to buy by HSBC, which says it doesn’t see a calamitous 2Q for the autos sector, though the downgrade cycle continues
- Exclusive Networks gains as much as 8.5% to €23.65 after an investor group backed by Clayton Dubilier & Rice and Permira made a non-binding offer to take the firm private at €24 a share
- Hunting rises as much as 8.4% in London, reaching its highest intraday level since October 2019, after after the oil-field services provider forecast Ebitda for the full year of about $134m-$138m
- Capita shares rise as much as 25% after the UK-based professional services company agreed to sell its standalone software business, Capita One, to Orchard Information Systems Limited
- Addtech jumps as much as 4.3% and to a record high, after ABG Sundal Collier upgraded its view on the Swedish tech group to buy from hold ahead of the firm’s earnings on July 12
- Indivior sinks as much as 44%, the most since November 2020, after the drugmaker cut its net revenue guidance for the full year, in part due to performance of its opioid addiction treatment
- BP drops in London trading after it warned of “significantly lower” refining margins and predicted a writedown on the value of a plant in Germany of $1 billion to $2 billion
- PageGroup shares plunge as much as 15%, hitting their lowest level since October 2022, after the recruitment company warned warned activity levels softened during the second quarter
- Verallia shares plunge as much as 15% to the lowest level since December 2022 after the glass-packaging company cut its annual earnings guidance due to a delayed demand recovery
- Dassault Systemes falls as much as 6.2% to the lowest since 2023 after the French software maker cut full-year guidance, citing delays in large deals and cautious customer decision making
- Mercedes-Benz shares fall as much as 3.6% after analysts at Bank of America downgrade the German automaker to underperform from neutral on earnings concerns
Earlier, Asian stocks rebounded as tech shares in Japan tracked their US peers higher. Chinese equities were volatile moving closer to an upcoming key political meeting. The MSCI Asia Pacific Index rose as much as 0.7% on Tuesday, boosted by Japanese names including Sony Group, Hitachi and Tokyo Electron. The Nikkei 225 hit a new record high as the prospects of lower US interest rates helped prop up semiconductor-related stocks. Benchmarks in Australia, Singapore and Indonesia also advanced. Mainland Chinese and Hong Kong shares gained, paring losses from the morning, as investors try to gauge Beijing’s policy direction at next week’s Third Plenum. Fiscal stimulus announced so far has failed to arrest concerns over China’s ailing property market and sluggish macro picture.
In rates, treasuries dip, pushing US 10-year yields up 2bps to 4.30% as investors await Federal Reserve Chair Jerome Powell’s testimony to Congress for further clues on the central bank’s interest-rate outlook. Treasury 10-year yields cheaper by around 2bp on the day with bunds and gilts lagging by additional 2bp and 3bp in the sector; US 2s10s, 5s30s spreads are steeper by 1.5bp and 1bp on the day. European bonds underperform Treasuries, with bunds snapping two days of gains. French bonds lead a sell off in European government debt. US session also includes 3-year note sale, first of this week’s cycle, which also includes 10- and 30-year auctions.
In FX, the Bloomberg Dollar Spot Index also gains 0.1%. The index has dropped 0.7% this month to its lowest since mid-June after successive data prints suggested the US economy is softening. Moves across G-10 FX have been muted with the euro and pound little changed. Yen trades around 161 per dollar.
Oil prices decline, with WTI falling 0.6% to near $81.85 a barrel. Spot gold rises $4 to around $2,363/oz.
Bitcoin gains 2% and climbs back over $57.5k, while Ethereum sits comfortably above USD 3k.
Looking to the day ahead now, and the main highlight will be Fed Chair Powell’s testimony to the Senate Banking Committee. We’ll also hear from the Fed’s Barr and Bowman, and the ECB’s Cipollone. Data releases include the NFIB’s small business optimism index for June from the US. Finally in the political sphere, the NATO leaders summit will get underway in Washington DC.
Market Snapshot
- S&P 500 futures up 0.2% to 5,637.25
- STOXX Europe 600 down 0.1% to 515.76
- MXAP up 0.6% to 185.09
- MXAPJ up 0.4% to 578.45
- Nikkei up 2.0% to 41,580.17
- Topix up 1.0% to 2,895.55
- Hang Seng Index little changed at 17,523.23
- Shanghai Composite up 1.3% to 2,959.37
- Sensex up 0.5% to 80,327.58
- Australia S&P/ASX 200 up 0.9% to 7,829.71
- Kospi up 0.3% to 2,867.38
- German 10Y yield +1.8 bps at 2.56%
- Euro little changed at $1.0818
- Brent Futures down 0.6% to $85.23/bbl
- Brent Futures down 0.6% to $85.23/bbl
- Gold spot down 0.0% to $2,358.81
- US Dollar Index little changed at 105.08
Top Overnight News
- The White House once hoped the NATO summit that opens Tuesday would showcase President Biden’s leadership of the trans-Atlantic alliance and his differences with Donald Trump. Instead it has become a pivotal test of his fitness for a second term. A solid performance during the three-day gathering of NATO leaders could help shore up his candidacy, reminding voters of his support for the 75-year-old military partnership that his predecessor regularly attacked. Another stumble like his debate against Trump last month could only intensify calls for the 81-year-old commander in chief to exit from the presidential race. WSJ
- Australia, backed by allies including the US, UK and Japan, has accused a Chinese state-backed cyber hacking group of targeting the country’s government and private sector networks. FT
- Temasek’s holdings of Chinese assets fell below its investments in the Americas for the first time in at least a decade. BBG
- France’s political gridlock means its fiscal deficit is an issue for here and now. The yield premium investors demand to hold French bonds over their German peers is still above 60 bps even after markets’ relief at the election result. BBG
- Saudi Aramco is betting the internal combustion engine will be around for a “very, very long time” as the world’s largest oil company spots a business opportunity from the rise of the electric car. The state-owned oil group, which made $500bn in revenues last year mainly from producing and selling crude, last month took a €740mn, 10 per cent stake in Horse Powertrain, a company dedicated to building fuel-based engines. FT
- Hopes of a cease-fire in Gaza ebbed on Monday after Prime Minister Benjamin Netanyahu of Israel and Hamas both issued statements that narrowed the chances of reaching a compromise about the territory’s future. NYT
- Joe Biden won support from Alexandria Ocasio-Cortez and other Democratic progressives who previously criticized him, as the mood seemed to shift against calls on him to step aside. He allowed his physician to share health details to quell concerns. BBG
- Jerome Powell may strike a more dovish tone after unemployment crept ahead of Fed projections. It’s his last scheduled address to lawmakers before the election — he’ll probably have to defend the higher-for-longer policy stance and the Fed’s claim to be independent. BBG
- The Fed is considering a change to capital rules for global systemically important banks that may save the firms billions of dollars. RTRS
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mixed as the region only partially sustained the positive mood seen in the US where the S&P 500 and Nasdaq 100 extended on record highs, but with upside limited amid a lack of major catalysts ahead of upcoming risk events. ASX 200 traded higher as tech, telecoms and real estate stocks benefitted from slightly softer yields. Nikkei 225 extended on its all-time highs with the advances led by electronic and tech-related stocks. Hang Seng and Shanghai Comp. were subdued as the former continued its recent downward momentum to its lowest in more than two months, while sentiment in the mainland was clouded amid lingering trade frictions and ongoing debt-related concerns.
Top Asian News
- China’s exports of auto products to Belt and Road partner countries for January-May rose 13.3% Y/Y to USD 51.32bln, according to Global Times.
- BoJ is releasing briefing material from its meeting with bond market participants; received various views from participants in the survey incl. the idea to reduce monthly buying to JPY 2-3tln or have it at around JPY 4tln
European bourses, Stoxx 600 (-0.1%) are mostly lower, having initially opened entirely in the red; the FTSE 100 managed to climb into the green, whilst peers such as the DAX 40 and CAC 40 continued to trundle lower, the latter pair currently reside near lows. European sectors are mixed, and with the breadth of the market to the upside fairly narrow. Basic Resources is near the top of the pile, paring recent losses and with the metals complex also benefitting from a late pick up in sentiment in China. US Equity Futures (ES +0.2%, NQ +0.3%, RTY +0.3%) are entirely in the green, building on the gains seen in the prior session, which saw the S&P 500 and Nasdaq notch record highs. Today, markets will await Fed Chair Powell’s testimony, though he is unlikely to deviate too far away from comments he made at the Sintra conference last week.
Top European News
- ECB’s Panetta says the ECB can gradually reduce rates in line with the actual and expected inflation rate which will complete the disinflationary process underway. But ECB should be ready to respond quickly and to any shocks in one direction or the other. Previous rate hikes will continue to dampen demand, output and inflation for months to come. Concern about high service sector prices in understandable, but it is normal that they fall with a lag compared to goods prices. Wage growth can also be expected to ease. Italian GDP probably grew by about 0.3% Q/Q in Q2.
- Barclays said UK June Consumer Spending fell 0.6% Y/Y which was the first decline since February 2021.
- German economy minister says not satisfied with German economic situation
FX
- DXY is chopping and changing around the 105 mark as markets await comments from Fed Chair Powell. Upside for DXY sees Friday’s peak at 105.16 and downside sees yesterday low at 104.80.
- EUR/USD is flat vs. the USD and tucked within yesterday’s 1.0803-1.0845 parameters. French political risk remains, however, given the current paralysis of the situation, greater guidance for the EUR/USD pair may be provided by upcoming comments from Fed Chair Powell.
- Cable is back towards the 1.28 handle after venturing as high as 1.2846 yesterday following hawkish comments from BoE’s Haskel. ING suggests that greater guidance on the core thoughts of the MPC may be garnered from Pill’s speech tomorrow.
- JPY is trivially softer vs. the USD as USD/JPY eyes 161. USD/JPY had been as high as 161.13 overnight before moving back onto a 160 handle in quiet trade. If the upside trend resumes, Friday’s 161.39 peak would be the next target.
- Antipodeans are mixed vs. the USD. AUD was unfazed by weak Consumer Sentiment and mixed Business Surveys from Australia. AUD/USD is below yesterday’s 0.6761 peak; highest since Jan 3rd. NZD/USD is holding onto a 0.61 handle after slipping from yesterday’s 0.6153 peak.
- PBoC set USD/CNY mid-point at 7.1310 vs exp. 7.2676 (prev. 7.1286).
Fixed Income
- USTs are softer by only a handful of ticks as markets await Fed Chair Powell’s testimony. Treasuries are currently sitting in a narrow 110-13 to 110-18 band, with support residing at 110-10, 110-04 and 109-17+.
- JGBs were unreactive to overnight Bloomberg reports about the format of the BoJ bond participants meeting. Thereafter, the release of details from the first session sparked some modest pressure in JGBs, seemingly on the initial line of one view being to reduce buying to JPY 2-3tln/month markedly below the exp. 5tln (current 6tln).
- Bunds are holding just above the 131.00 mark in a 131.01-31 band, and unreactive to commentary from ECB’s Panetta. A breach of the 131.00 handle brings into view support at 130.74 and 130.44.
- Gilts are lower by around 25 ticks, and dipped below the 98.00 mark in a 97.92-98.11 parameters which are entirely within Monday’s 97.73-98.27 range.
Commodities
- Another subdued session for the crude complex in what has been a quiet session thus far ahead of Fed Chair Powell’s testimony. Crude prices rose in tandem with Chinese markets in early European hours before that strength faded. Brent Sept currently holding around USD 85.25/bbl.
- Precious metals are firmer across the board following yesterday’s weakness, but price action is modest in the absence of pertinent drivers. Spot gold is caged to a USD 2,355.81-2,368.72/oz range.
- Mixed trade across base metals with an early European rally seen in copper in lockstep with sharp gains in the Chinese markets despite a lack of catalysts. That being said, the complex is awaiting the next driver, possibly via Fed Chair Powell later this afternoon.
- Port of Houston announced that all terminals will remain closed on Tuesday.
- Marathon’s (MPC) Galveston Bay, Texas refinery (535k BPD) reported emissions and that the recent hurricane caused a power loss and multiple units to shut down, while it brought the plant to a safe state waiting for power before resuming operations. However, it was later reported that the refinery was preparing multiple units for a restart, according to Reuters sources.
- Shell (SHEL LN) said it will start the process of redeploying personnel to Perdido and Whale assets beginning on Tuesday.
- NHC said further weakening is forecast for Beryl which was expected to become a tropical depression overnight and a post-tropical cyclone on Tuesday, while NHC later confirmed that Beryl had become a tropical depression.
- Citi says physical gold demand eases, but should rebound into year-end; the bank writes that physical gold demand likely softened in Q2 vs Q1, though off a very strong base
Geopolitics: Middle East
- Syrian state news agency claims Israel launched an air attack today targeting a possibly Iran-linked site around Baniyas, Syria, causing some material losses”, according to Times of Israel’s Berman.
- Violent explosions were reported amid Israeli raids in the city of Latakia, north-western Syria, according to Al Arabiya. It was also reported that Israel launched an air attack targeting the vicinity of Baniyas, according to Syrian state news
- Palestinian media reported that Israeli shelling on a UNRWA school in the new camp in Nuseirat caused casualties.
- US Assistant Secretary of State for Near Eastern Affairs Barbara A. Leaf is on travel July 8th-14th to the United Arab Emirates, Qatar, Egypt, Jordan, Israel, the West Bank, and Italy.
Geopolitics: Other
- US President Biden said Russian missile strikes on Kyiv that damaged a children’s hospital are a horrific reminder of Russia’s brutality, while he added the US will announce together with allies new measures to strengthen Ukraine’s air defences, according to Reuters.
- Ukrainian drone attack caused a fire at an oil depot and power substation in Russia’s Volgograd region, according to the regional governor. It was separately reported that a power plant in Russia’s Rostov region caught on fire after Ukraine launched tens of drones.
- China Qingdao Maritime Safety Administration issued a navigation warning for military exercises to be conducted in some waters of the Yellow Sea from 08:00 local time on July 9th to 08:00 on July 13th with entry prohibited.
- Elite North Korean military trainees were reportedly visiting Russia amid deepening ties.
US Event Calendar
- 06:00: June SMALL BUSINESS OPTIMISM 91.5, est. 90.2, prior 90.5
Central Bank Speakers
- 09:15: Fed’s Barr Speaks on Financial Inclusion
- 10:00: Fed’s Powell Testifies to Senate Banking
- 13:30: Fed’s Bowman Speaks on Promoting Inclusive Financial System
DB’s Jim Reid concludes the overnight wrap
I’m off to Cape Town later today for my first ever work trip there. It snowed there on the outskirts over the weekend so I think I picked the wrong time to go. The last time I went was 20 years ago to watch England play cricket and an ambulance had to meet the plane on the runway on arrival as I was so tired I momentarily fell asleep standing up while waiting for the bathroom. In doing so I fell over and hit a food trolley on the way down and split open my forehead. I got a police and ambulance escort to a local hospital. After getting bandaged up I was sent on my way in time for the test match to start only to then develop a stomach bug that kept me in bed for 2 days. So I missed the first three days of the holiday. Thankfully the cricket was terrible and England got annihilated so I didn’t miss much. I’m hoping for a less eventful trip this time around.
You can contrast my lack of resilience 20 years ago with that of the market today as even with the newsflow becoming more negative politically and data wise of late, last night the S&P 500 (+0.10%) edged to its 35th record high this year. For once the equal weight index (+0.18%) slightly outperformed with the small-cap Russell 2000 also doing so in posting a +0.59% gain. In Asia overnight the Nikkei is flying (+2.15%) this morning to a fresh all time high and is now up nearly +24.5% YTD. For Europe there was a bit of weakness yesterday though, with the STOXX 600 (-0.03%) posting a marginal fall, alongside a larger decline for France’s CAC 40 (-0.63%). There were more positive developments on the fixed income front in Europe, as the Franco-German 10yr spread tightened a further -3.0bps after the French election results, just as Euro IG spreads also reached their tightest in over two years.
In terms of the French situation, the results from the second round now leave the situation pretty gridlocked in the National Assembly, with no group close to reaching a majority. The different outlets differ slightly on how they categorise some MPs, but on Bloomberg’s numbers you’ve got the left-wing New Popular Front as the largest party on 178 seats, followed by President Macron’s centrist alliance on 156 seats, and then Marine Le Pen’s National Rally and their allies on 143. But in some ways this has actually been reassuring to markets, at least on the grounds it makes it difficult for any policies to be implemented, with neither the far-left or the far-right able to implement their programme on these numbers.
The -3.0bps tightening in Franco-German 10yr spreads yesterday to 63bps was the tightest it’s been in nearly four weeks (having peaked at 82bps shortly before the first round). But it’s still above the 48bps level from before the snap election announcement, so it’s clear that investors are still pricing in more political risk than they were. Moreover, the CAC 40 (-0.63%) did underperform the other European bourses yesterday, with fresh losses for financials including BNP Paribas (-1.76%) and Société Générale (-1.27%). So a bit of a mixed reaction, although all eyes are now on what sort of government can be formed. France’s current Prime Minister Gabriel Attal offered his resignation on Monday, but this was rejected by President Macron who asked Attal to stay on “for the time being to ensure the country’s stability”.
Staying on the politics, yesterday saw US President Joe Biden try to prevent any further rebellion against his 2024 election candidacy. He wrote a letter to congressional Democrats, which said that “despite all the speculation in the press and elsewhere, I am firmly committed to staying in this race”. Towards the end of the letter, he also warned that “Any weakening of resolve or lack of clarity about the task ahead only helps Trump and hurts us.” That came alongside a call-in with MSNBC’s Morning Joe, where he challenged his opponents to run against him and challenge at the Democratic convention. Biden is now set to host the NATO leaders’ summit in Washington DC from today, with the convention not taking place until August 19.
When it comes to the US economy, the focus is increasingly on this Thursday’s CPI report for June, and whether that can open the door for a Fed cut as soon as September. Ahead of that, we did get the New York Fed’s Survey of Consumer Expectations, but it painted a mixed picture on inflation expectations in June. On the one hand, 1yr expectations were down to 3.0%, the joint-lowest since October 2020. But on the other, 3yr expectations ticked up to 2.9%.
Looking forward, today’s focus will now be on Fed Chair Powell, who’s speaking before the Senate Banking Committee, and then the House Financial Services Committee tomorrow. That’s his usual semiannual testimony before the two committees, and it’ll be interesting to see if he has any commentary on the weaker data of late, including the highest unemployment rate (4.1%) since November 2021. Currently, investors are pricing in two full cuts by the December meeting, above the one cut that the median dot pencilled in back at the June meeting.
With that to look forward to, Treasury yields ticked slightly higher yesterday. The 10yr yield was little changed (+0.1bps) at 4.28%, while the 2yr yield was up +2.4bps to 4.63%. Meanwhile in Europe, there was also a flattening of the curve, but that came alongside a stronger overall performance, with yields on 10yr bunds (-1.6bps), OATs (-4.6bps) and BTPs (-4.6bps) all seeing a clear move lower.
In Asia, outside of the surge in the Nikkei discussed above, the S&P/ASX 200 (+0.77%) and the KOSPI (+0.19%) are also trading higher while Chinese stocks are lagging again with the Hang Seng (-0.44%), the CSI (-0.11%) and the Shanghai Composite (-0.05%) all edging lower. S&P 500 (+0.23%) and NASDAQ 100 (+0.36%) futures are healthily higher for this time of the day.
Early morning data showed that Australia’s NAB Business Confidence rose from a revised reading of -2 to 4 in June, marking its highest level since early 2023 and returning to positive territory. However, Business Conditions fell from 6 to 4.
To the day ahead now, and the main highlight will be Fed Chair Powell’s testimony to the Senate Banking Committee. We’ll also hear from the Fed’s Barr and Bowman, and the ECB’s Cipollone. Data releases include the NFIB’s small business optimism index for June from the US. Finally in the political sphere, the NATO leaders summit will get underway in Washington DC.
2B EUROPE OPENING/TRADING
US handover only partially sustained in APAC trade, Powell ahead – Newsquawk Europe Market Open
TUESDAY, JUL 09, 2024 – 01:21 AM
- APAC stocks were mixed as the region only partially sustained the positive mood seen in the US where the S&P 500 and Nasdaq 100 extended on record highs.
- European equity futures indicate a lower open with Euro Stoxx 50 future -0.2% after the cash market closed down by 0.2% on Monday.
- DXY lingers around the 105 mark, USD/JPY eyes 161 to the upside with FX markets broadly contained.
- Hamas said Israel’s PM Netanyahu is placing hurdles in front of ceasefire negotiations.
- Looking ahead, highlights include NFIB Business Optimism Index, BoJ Meeting with Bond Market Participants, Comments from ECB’s Cipollone, Fed’s Powell, Barr & Bowman, Supply from Netherlands & US.
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US TRADE
EQUITIES
- US stocks finished relatively flat in which most major indices eked marginal gains in what was an uneventful session amid a lack of major catalysts and with participants awaiting this week’s key risk events including Fed Chair Powell’s testimony in the Senate on Tuesday and the House on Wednesday, followed by US CPI on Thursday.
- SPX +0.10% at 5,572, NDX +0.23% at 20,439, DJI -0.08% at 39,344, RUT +0.59% at 2,038.
- Click here for a detailed summary.
NOTABLE HEADLINES
- US Presidential Candidate Trump’s VP announcement will occur by next Monday, according to ABC.
APAC TRADE
EQUITIES
- APAC stocks were mixed as the region only partially sustained the positive mood seen in the US where the S&P 500 and Nasdaq 100 extended on record highs, but with upside limited amid a lack of major catalysts ahead of upcoming risk events.
- ASX 200 traded higher as tech, telecoms and real estate stocks benefitted from slightly softer yields.
- Nikkei 225 extended on its all-time highs with the advances led by electronic and tech-related stocks.
- Hang Seng and Shanghai Comp. were subdued as the former continued its recent downward momentum to its lowest in more than two months, while sentiment in the mainland was clouded amid lingering trade frictions and ongoing debt-related concerns.
- US equity futures (ES +0.2%) edged slightly higher albeit with trade contained ahead of Fed Chair Powell’s testimony.
- European equity futures indicate a lower open with Euro Stoxx 50 future -0.2% after the cash market closed down by 0.2% on Monday.
FX
- DXY eked slight gains and reclaimed the 105.00 level but with upside capped ahead of Powell’s testimony.
- EUR/USD lacked decisiveness following its recent choppy performance and current political uncertainty in France.
- GBP/USD traded little changed around the 1.2800 focal point after yesterday’s intraday pullback.
- USD/JPY briefly returned to the 161.00 territory amid mild pressure in haven currencies.
- Antipodeans were choppy after weak Consumer Sentiment and mixed Business Surveys from Australia, while NZD/USD was also lacklustre as participants awaited tomorrow’s RBNZ policy announcement.
- PBoC set USD/CNY mid-point at 7.1310 vs exp. 7.2676 (prev. 7.1286).
FIXED INCOME
- 10-year UST futures lacked demand with price action contained ahead of Powell’s testimony and US supply.
- Bund futures took a breather after the prior day’s mild advances and the recent return to above the 131.00 level.
- 10-year JGB futures were contained amid a lack of fresh catalysts and as the BoJ begins its 2-day meeting with bond market participants, while firmer demand at the 5-year JGB auction provided only brief support.
COMMODITIES
- Crude futures languished around the prior day’s lows amid mixed geopolitical headlines and with attention also on Beryl which disrupted ports and facilities in Texas but has since weakened to a tropical depression.
- Port of Houston said terminal operations will continue to be suspended as they prepare the terminal to resume operations, while it later announced that all terminals will remain closed on Tuesday.
- Marathon’s (MPC) Galveston Bay, Texas refinery (535k BPD) reported emissions and that the recent hurricane caused a power loss and multiple units to shut down, while it brought the plant to a safe state waiting for power before resuming operations. However, it was later reported that the refinery was preparing multiple units for a restart, according to Reuters sources.
- Shell (SHEL LN) said it will start the process of redeploying personnel to Perdido and Whale assets beginning on Tuesday.
- NHC said further weakening is forecast for Beryl which was expected to become a tropical depression overnight and a post-tropical cyclone on Tuesday, while NHC later confirmed that Beryl had become a tropical depression.
- Spot gold nurses some losses after bouncing off support near USD 2050/oz but with the recovery limited by a steady dollar.
- Copper futures were rangebound amid the mixed risk tone and lack of pertinent catalysts.
CRYPTO
- Bitcoin found some reprieve from recent selling pressure and returned to above the USD 57,000 level.
- CNBC reported that spot ether ETFs are coming and that the SEC ruling could be made maybe as soon as this week or next.
NOTABLE ASIA-PAC HEADLINES
- China’s exports of auto products to Belt and Road partner countries for January-May rose 13.3% Y/Y to USD 51.32bln, according to Global Times.
DATA RECAP
- Australian NAB Business Confidence (Jun) 4.0 (Prev. -3.0)
- Australian NAB Business Conditions (Jun) 4.0 (Prev. 6.0)
- Australian Consumer Confidence Index (Jul) 82.7 (Prev. 83.6)
- Australian Consumer Sentiment MM (Jul) -1.1% (Prev. 1.7%)
GEOPOLITICAL
MIDDLE EAST
- Violent explosions were reported amid Israeli raids in the city of Latakia, north-western Syria, according to Al Arabiya. It was also reported that Israel launched an air attack targeting the vicinity of Baniyas, according to Syrian state news
- Palestinian media reported that Israeli shelling on a UNRWA school in the new camp in Nuseirat caused casualties.
- Yemen’s Houthis said they carried out a joint-military operation with the Iraqi Islamic resistance targeting Israel’s Eilat with drones.
- Hamas Chief said Israeli military escalation could return negotiations back to square zero and he holds Israeli PM Netanyahu responsible, according to Reuters citing a statement.
- Senior Hamas official told Axios that Hamas believes that in the wake of the new Israeli evacuation order in the western neighbourhoods of Gaza City, “negotiations cannot succeed in light of these moves”.
- Hamas said Israel’s PM Netanyahu is placing hurdles in front of ceasefire negotiations and it called on meditators to interfere against the ‘maneuvers and crimes’ of Israeli PM Netanyahu.
- White House said gaps remain between the sides on the Israeli ceasefire and hostage release deal.
- US Assistant Secretary of State for Near Eastern Affairs Barbara A. Leaf is on travel July 8th-14th to the United Arab Emirates, Qatar, Egypt, Jordan, Israel, the West Bank, and Italy.
OTHER
- US President Biden said Russian missile strikes on Kyiv that damaged a children’s hospital are a horrific reminder of Russia’s brutality, while he added the US will announce together with allies new measures to strengthen Ukraine’s air defences, according to Reuters.
- Ukrainian drone attack caused a fire at an oil depot and power substation in Russia’s Volgograd region, according to the regional governor. It was separately reported that a power plant in Russia’s Rostov region caught on fire after Ukraine launched tens of drones.
- China Qingdao Maritime Safety Administration issued a navigation warning for military exercises to be conducted in some waters of the Yellow Sea from 08:00 local time on July 9th to 08:00 on July 13th with entry prohibited.
- Elite North Korean military trainees were reportedly visiting Russia amid deepening ties.
EU/UK
NOTABLE HEADLINES
- Barclays said UK June Consumer Spending fell 0.6% Y/Y which was the first decline since February 2021.
DATA RECAP
- UK BRC Retail Sales YY (Jun) -0.5% (Prev. 0.4%)
- UK BRC Total Sales YY (Jun) -0.2% (Prev. 0.7%)
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END
2e) JAPAN
3 CHINA
CHINA/
end
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
POLAND/RUSSIA/ UKRAINE
Zelensky: Poland Has Committed To Shooting Down Russian Missiles Over Ukraine Territory
TUESDAY, JUL 09, 2024 – 04:15 AM
Ukrainian President Volodymyr Zelensky is in Warsaw on Monday, where he signed a new security agreement with Polish Prime Minister Donald Tusk.
Given that the sought-after admission into NATO has been on hold, Zelensky has been inking separate defense pacts with individual G7 and NATO countries, including Germany, the US, UK, France, and the EU. But there’s a key and unprecedented provision in this newest pact with Poland, centered on authorization for Polish forces to intercept inbound Russian missiles over Ukrainian territory.
According to the agreement, Ukraine has formally given its permission for such anti-air intercepts in the scenario where Warsaw believes a Russian rocket is headed toward Polish territory.
According to Ukrainian media:
Ukraine and Poland agreed to further develop political, military, and economic cooperation, and “cooperate closely in the reconstruction of Ukraine as a sovereign and democratic state.”
During the joint press conference with Tusk, Zelensky thanked Poland for the “special agreements” in the document.
The president added that the security agreement includes a provision to develop “a mechanism” for intercepting Russian missiles and drones in Ukraine’s airspace aimed at Poland.
Tusk said in a press conference that the two partners “will work together to work out how we can quickly implement this point” of the deal.
Tusk confirmed that the provision is mentioned as part of the agreement, but still attempted to downplay it, explaining that it “indicates the need for talks on this matter,” as cited in regional reports.
Apparently recognizing the potential that this could trigger Article 5, Tusk continued: “We need clear cooperation within NATO here, because such actions require joint NATO responsibility.”
He stipulated, just ahead of this week’s annual NATO summit in Washington D.C., that “We will include other NATO allies in this conversation. So we treat the matter seriously as open, but not yet finalized.”
The provision appears a desperate attempt of Zelensky to get a NATO country to ink deals premised on commitments to come directly to Ukraine’s military aid. If Poland did so, it would not be merely defending its neighbor Ukraine, but would be intervening against Russia’s military.
While there have been ‘errant’ missiles from the Ukraine war which have fallen on Polish territory, in once instance causing a civilian’s death, neighboring NATO states have thus far not fired directly on Russian forces or assets.
END
This is very troublesome. First the “squad” in Congress and now radicals in the French and European Parliaments.
(zerohedge)
Antifa Radicals Elected To The French And European Parliaments
(courtesy Jonathan Turley)
TUESDAY, JUL 09, 2024 – 09:10 AM
For many years, I have testified and written about Antifa and its growing anti-free speech philosophy. Some Democratic leaders have embraced this violent movement, which continues to gain strength on campuses and its cities across the nation. It is also a global movement. That is reflected in the alarming election of Antifa candidates to the French National Assembly as well as the European Parliament. That is quite an accomplishment for a movement that President Joe Biden dismissed as “just an idea.”
As discussed in my new book, “The Indispensable Right: Free Speech in an Age of Rage,” I explore the history of Antifa as a movement that began in Germany:
“Antifa originated with European anarchist and Marxist groups from the 1920s, particularly Antifaschistische Aktion, a Communist group from the Weimar Republic before World War II. Its name resulted from the shortening of the German word antifaschistisch. In the United States, the modern movement emerged through the Anti- Racist Action (ARA) groups, which were dominated by anarchists and Marxists. It has an association with the anarchist organization Love and Rage, which was founded by former Trotsky and Marxist followers as well as offshoots like Mexico’s Amor Y Rabia. The oldest U.S. group is likely the Rose City Antifa (RCA) in Portland, Oregon, which would become the center of violent riots during the Trump years. The anarchist roots of the group give it the same organizational profile as such groups in the early twentieth century with uncertain leadership and undefined structures.”
Despite the denial of its existence by figures like Rep. Jerry Nadler (D., N.Y.), I have long written and spoken about the threat of Antifa to free speech on our campuses and in our communities. This includes testimony before Congress on Antifa’s central role in the anti-free speech movement nationally.
As I have previously written, it has long been the “Keyser Söze” of the anti-free speech movement, a loosely aligned group that employs measures to avoid easy detection or association. Yet, FBI Director Chris Wray has repeatedly pushed back on the denials of Antifa’s work or violence. In one hearing, Wray stated “And we have quite a number” — and “Antifa is a real thing. It’s not a fiction.”
We have continued to follow the attacks and arrests of Antifa followers across the country, including attacks on journalists.
Some Democrats have played a dangerous game in supporting or excusing the work of Antifa. Former Democratic National Committee deputy chair Keith Ellison, now the Minnesota attorney general, once said Antifa would “strike fear in the heart” of Trump. This was after Antifa had been involved in numerous acts of violence and its website was banned in Germany.
Ellison’s son, Minneapolis City Council member Jeremiah Ellison, declared his allegiance to Antifa in the heat of the protests this summer. During a prior hearing, Democratic senators refused to clearly denounce Antifa and falsely suggested that the far right was the primary cause of recent violence. Likewise, Joe Biden has dismissed objections to Antifa as just “an idea.”
It is at its base a movement at war with free speech, defining the right itself as a tool of oppression. That purpose is evident in what is called the “bible” of the Antifa movement: Rutgers Professor Mark Bray’s Antifa: The Anti-Fascist Handbook.
Bray emphasizes the struggle of the movement against free speech: “At the heart of the anti-fascist outlook is a rejection of the classical liberal phrase that says, ‘I disapprove of what you say but I will defend to the death your right to say it.’”
Bray admits that “most Americans in Antifa have been anarchists or antiauthoritarian communists… From that standpoint, ‘free speech’ as such is merely a bourgeois fantasy unworthy of consideration.”
The movement continues to take hold among parties on the left. An Antifa leader who is on France’s national security watchlist was elected to the National Assembly as a member of the New Popular Front leftist bloc. Raphaël Arnault will represent Vaucluse in Provence in the French parliament after winning with 54.98 per cent of the vote, according to Le Figaro.
French President Emmanuel Macron and his moderate party worked with the New Popular Front in a power deal to defeat conservatives.
Antifa was part of that front.
In Italy, Ilaria Salis, a school teacher by trade from Milan, Italy, has been elected to the European Parliament despite being arrested in 2023 in Budapest for allegedly taking part in the organized attack by Antifa on attendees of an event commemorating the anniversary of the siege of the Buda castle by the Soviet forces in 1945. Salis’ far-left green alliance Alleanza Verdi e Sinistra (AVS) succeeded in securing the seat with the backing of far-left Jean-Luc Mélenchon’s La France Insoumise (LFI) party — a member of the New Popular Front alliance.
These two milestones were secured only with the help of mainstream parties and leaders who continue to delude themselves about Antifa and its true agenda. While convenient allies now to win elections, these same leaders could soon find themselves the next reactionaries denounced by these same radical groups as they gain greater power.
end
EUROPE/RUSSIA/SAUDI ARABIA
Interesting: Saudi Arabia will sell European bonds if they went ahead and confiscated frozen Russian assets and sold them for cash
(zerohedge)
‘Veiled Threat’ – Saudis Warned G-7 Against Russian Asset Seizure Plan
TUESDAY, JUL 09, 2024 – 01:45 PM
In a fascinating geopolitical shift, Bloomberg reports that, according to people familiar with the matter, that Saudi Arabia privately hinted earlier this year it might sell some European debt holdings if the G-7 decided to seize almost $300 billion of Russia’s frozen assets.
As a reminder, we noted in Maythe European Union approved a US-backed plan to use seized Russian assets to generate profits which will in turn help arm Ukraine.
Associated Press reports that “The 27-nation EU is holding around 210 billion euros ($225 billion) in Russian central bank assets, most of it frozen in Belgium, in retaliation for Moscow’s war against Ukraine. It estimates that the interest on that money could provide around 3 billion euros ($3.3 billion) each year.” A first tranche of funds could be available as early as July.
Starting in February, US Treasury Secretary Janet Yellen began getting more vocal on the “moral case” for using Russian assets to aid Ukraine, telling allies they must find a way to “unlock the value” of the hundreds of billions in immobilized Russian assets, also with an eye towards Ukraine’s post-war reconstruction.
Previously some Ukrainian officials floated the idea of “reparation bonds” backed by future claims for war damages against Moscow, and utilizing frozen Russian assets. These initiatives have gained steam under US leadership.
Most of the $300 billion in frozen Russian assets are held in Europe – particularly France, Germany, and Belgium.
Which makes today’s report from Bloomberg even more interesting from a geopolitical fissures perspective.
The Kingdom’s finance ministry told some G-7 counterparts of its opposition to the idea, which was meant to support Ukraine, with one person describing it as a veiled threat.
The Saudis specifically mentioned debt issued by the French treasury, two of the people said.
Now, notably, Macron called an election and that election swung wildly to the far-left in the interim, but since these ‘talks’ happened with the Saudis, French bond yield spreads to Germany have exploded wider…
Just a coincidence, we are sure.
We also note that the G-7 eventually agreed to tap the profits generated and leave the assets themselves alone despite a US and UK push for allies to consider bolder options, including a direct seizure.
Some euro-member nations were against that idea, concerned it could undermine the currency.
Sure enough, the Saudi position changed after G-7 nations went with a proposal that didn’t expropriate the assets, one of the people Bloomberg spoke to said.
We wonder if the Saudi threats influenced this decision and the reluctance of those countries?
Is that what helped relieve the pressure on French spreads?
While Saudi Arabia has maintained strong relations with Moscow, it has also built ties with Ukraine.
Bloomberg concludes by noting that whatever its motive, Saudi Arabia’s move underscores its growing clout on the world stage and the G-7’s difficulty in garnering support from so-called Global South nations for Ukraine in the face of Russia’s aggression.
Finally, we note that this is not the first time that The Kingdom has pre-emptively threatened retaliation for West’s actions – they previously hinted at Treasury purchase pullbacks if US authorities allowed citizens to sue the Saudis over 9/11.
5/RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL HAMAS
Hamas weakness exposed: IDF evacuation orders causes terror org. to panic – analysis
In response to Adraee’s tweets, the head of Hamas’s political bureau, Ismail Haniyeh, held urgent talks with mediators.
By MAARIV ONLINEJULY 9, 2024 12:56
The IDF Arabic Spokesperson, Lieutenant-Colonel Avichay Adraee, published a series of tweets in recent days, asking the residents of the Gaza Strip to evacuate to humanitarian areas due to the fighting.
The terrorist organization Hamas responded to these statements, thereby exposing its main weakness.
In a statement issued by Hamas’s information office, it was written, “The occupation is trying to implement its plans to evacuate the city of Gaza to ‘achieve security,’ according to it. It calls on the residents of Gaza to leave the city and even forces them to do so by force.”
It was also claimed that “the occupation is trying to make the city of Gaza an uninhabitable area in order to empty it of its residents and move them south. The occupation publishes misleading evacuation maps directing residents to ‘safe areas.'”
Haniyeh panics
In response to Adraee’s tweets, the head of Hamas’s political bureau, Ismail Haniyeh, held urgent talks with mediators and told them that the IDF’s calls to evacuate large neighborhoods in Gaza, acts of massacre, killing, and expulsion could return the negotiations to square one.
Additionally, Haniyeh placed the responsibility for the collapse of this negotiation path on Netanyahu and the IDF.
END
ISRAEL /HAMAS
Scores of terrorists killed in central, southern Gaza, Hamas hostage video published
Houthis attack ships, claims to conduct airstrikes on Eilat with Iraqi terror groups • Hezbollah claims attack on Mt. Hermon
IDF kills dozens of terrorists in Gaza City after reinvasion, dozens more in Rafah
The reinvasion of Gaza City followed a reinvasion of Shejaia, a neighborhood in the eastern portion of the city.
By SAM HALPERNJULY 9, 2024 09:43Updated: JULY 9, 2024 12:59
https://player.jpost.com/public/player.html?player=jpost&media=3738257&url=https://www.jpost.com/breaking-news/article-809540IDF troops continue operational activity in the Gaza Strip. July 9, 2024. (Credit: IDF Spokesperson’s Unit)
After the IDF initiated a reinvasion of Gaza City, the IDF reported on Tuesday morning that it had eliminated dozens of terrorists in the area.
Israeli forces also reportedly found numerous weapons in the area.
The reinvasion of Gaza City followed a reinvasion of Shejaia, a neighborhood in the eastern portion of the city.
In Shejaia, the IDF also eliminated numerous terrorists and located weapons, including sniper gear, RPGs, grenades, and AK-47 assault rifles, during both above and below-ground operational activity, the military added.
Subterranean terror infrastructure in the vicinity was also demolished by Israeli troops.
More operation activity in Rafah
To the south, in Rafah, IDF soldiers continued operational activity, killing dozens of additional terrorists in both close-quarters combat and via Israel Air Force airstrikes, the military added.
Throughout Gaza, over the past day, the IAF struck numerous targets, including subterranean shafts and other terror structures.
Rocket sirens blare in South
Later, in the early afternoon, rocket sirens blared in the Israeli Gaza-border communities of Avshalom, Yevul, and Yated.
The three southern communities are located near the southern portion of the Strip, near the Egyptian border.
Shortly after that, the IDF reported that the military’s Aerial Defense Array intercepted a projectile that had crossed into Israeli territory from Rafah.
No injuries were reported as a result of the launch.
END
ISRAEL/SYRIA
Syrian media claims Israeli airstrike on Latakia port in northwestern Syria – report
By JERUSALEM POST STAFFJULY 9, 2024 02:43
Explosions were heard in Latakia, northwestern Syria, in the early hours of Tuesday morning, leading to local reports of Israeli airstrikes targeting the city’s port, according to Saudi network al-Hadath.
Al-Hadath also reported that the Israeli raids on Latakia coincided with the arrival of two Iranian ships to the port of Latakia, and alleged that an air defense system belonging to Iranian militias was targeted on the coast of Baniyas.
end
ISRAEL/HEZBOLLAH/LEBANON
end
ISRAEL/HAMAS/HEZBOLLAH
ISRAEL/HEZBOLLAH
ISRAEL/HOUTHIS/RED SEA
Houthis claim ‘joint operation’ with Iraqis militias against Israel
Houthi rebels, backed by Iran, claimed joint drone operations with Iraqi groups targeting Israel’s Eilat, while IDF intercepted aerial threats from the Red Sea and East.
By SETH J. FRANTZMANJULY 9, 2024 13:43
The Iranian-backed Houthis claimed that they carried out a “joint drone operation” against Israel, working with Iranian-backed groups in Iraq.
They claimed to have carried out the operation against an “important Israeli position in the occupied Palestinian territories.” The IDF intercepted threats coming from the Red Sea on the morning of July 8 and also another threat coming from the East on the morning of July 9.
The report of the Houthi claims was released via Iranian state media and also the Houthi media in Yemen. Al-Masirah news network reported that Yehya Saree, the spokesman of the Houthis, “announced on Monday night the country’s forces, together with the Islamic Resistance in Iraq, launched a drone attack on the occupied port city of Umm al-Rashrash, also known as Eilat in response to the Zionist regime’s crimes against the people of Gaza,” the IRNA Iranian state media report said.
The report went on to note that the Houthi spokesman said the “drones successfully hit their targets.” Furthermore, “the spokesman emphasized that the joint military operation will continue until the Zionist regime stops its bloodshed and ends its blockade on Gaza.” The Iraqi-based “Islamic Resistance,” which is a front group for pro-Iranian militias, also put out a statement that said they would continue to target Israel.
The Houthis have been targeting Eilat since October, and they have targeted dozens of ships seeking to transit the Red Sea. They have sunk several boats and have extended the range of their drones, missiles, and kamikaze drone boats in recent months.
In contrast to the Houthis, the Iraqi militias began their attacks in October by attacking US forces in Iraq and Syria. They carried out more than 100 attacks and then escalated by killing three US soldiers in Jordan in January. The groups also targeted Israel with drones. However, their attacks have been mostly unsuccessful. Several drones flown by the Iraqi militias have targeted Eilat, and one of them struck a hangar in Eilat in April.
Heightened tensions in the region
The IRNA reports claimed that “the Yemeni and Iraqi resistance groups have carried out several such operations in recent weeks targeting vital Israeli position in the occupied territories using drones and rockets. The [Houthi] army first began its naval operation against Zionist ships and banned other vessels heading to ports in occupied territories. Dozens of ships, including those from the US and the West, have been targeted in the Red and Arabian seas for breaching the ban.”
The IDF said at four in the morning on July 9 that “a short while ago, a suspicious aerial target that approached southern Israel from the East was successfully intercepted by an IDF fighter jet. The target did not cross into Israeli territory, and no sirens were sounded by protocol.”
At Three in the morning on July 8, the IDF also said that “a short while ago, a suspicious aerial target that approached Israeli territory from the area of the Red Sea was successfully intercepted by an IDF fighter jet. The target did not cross into Israeli territory, and no sirens were sounded by protocol.” It is unclear if these statements relate to the Houthi and Iraqi militia claims, although it would appear that they do.
END
RUSSIA/UKRAINE
end
6.COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES
WORLD EVENTS NOTEWORTHY
END
WORLD HEALTH ISSUES
DR PAUL ALEXANDER
EVOL NEWS
.
LATEST NEWS:
SLAY NEWS
| The latest reports from Slay News |
| Covid-Vaxxed Suffer Staggering Loss of Life ExpectancyPeople who were “vaccinated” for Covid with mRNA injections have had decades wiped from their life expectancy, a new peer-reviewed study has revealed.READ MORE |
| Hollywood Actor Mike Heslin Dies Suddenly of Cardiac Arrest at 30, Doctors BaffledHollywood actor Mike Heslin has tragically died suddenly at just 30 years old.READ MORE |
| Chip Roy Calls House Meeting to Discuss Removing Biden with 25th AmendmentGOP Rep. Chip Roy (R-TX) has called a meeting with House Republicans to discuss options for removing Democrat President Joe Biden under the 25th Amendment of the U.S. Constitution.READ MORE |
| NFL Star Khyree Jackson Killed in Auto Accident at 24Up-and-coming NFL star Khyree Jackson was killed in a tragic auto accident over the weekend. READ MORE |
| Trump Receives Temporary Halt in Jack Smith’s Classified Documents CaseJack Smith’s team just suffered yet another setback with potentially significant implications as the Left’s lawfare against President Donald Trump continues to hit roadblocks at every turn.READ MORE |
| Biden’s Doctor Met with Parkinson’s Specialist at White House at Least 9 TimesDemocrat President Joe Biden’s doctors held multiple meetings at the White House with a top Parkinson’s Disease specialist, according to reports.READ MORE |
| Congressional Democrats Plan Meetings to Discuss Removing Biden before NovemberSeveral House and Senate Democrats are planning to hold meetings to discuss President Joe Biden’s future.READ MORE |
| Black Radio Host Fired for Colluding with Biden Campaign on Interview QuestionsThe black Philadelphia radio host who recently interviewed Democrat President Joe Biden has been fired after it emerged that she colluding with his campaign on the questions.READ MORE |
| Dozens Shot during Chicago’s Bloodbath July 4th WeekendDozens of people were shot during yet another bloodbath Fourth of July weekend in Democrat-controlled Chicago.READ MORE |
The latest reports from Slay News
NEWS ADDICTS
| Top Doctors Raise Alarm over ‘Deadly Plague’ Killing VaxxedLeading doctors are warning the public about a “deadly plague” that is killing off people who have received Covid mRNA shots.READ THE FULL REPORT |
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
Scene Of Misery
TUESDAY, JUL 09, 2024 – 12:05 PM
By Michael Every of Rabobank
Today’s market action is obviously going to be Fed Chair Powell’s first round of semi-annual Congressional testimony. The expectation is that recent US data will have been enough for him to open the door to September as being the magical date when the Fed first cuts rates in this cycle, something market Pavlov’s dogs had first penciled in for this January. Better late than never, as far as markets are concerned, as after that first cut, it’s all (more) gravy, baby. Of course, if Powell doesn’t deliver on that promise, yet again, we can expect some testy money.
While we are waiting for him –and developments in post-election France, which markets decided ‘doesn’t matter much’ with a shoulder-shrugging arrogance any Parisian would be proud of, but ‘Fractured France’ by Erik-Jan Harn shows does— I want to ponder the bigger picture.
In that light, here’s my mise-en-scène. (Subtitle: “Scene of misery.”)
President Biden has made it even clearer that he won’t be stepping down, regardless of what his own party or big donors in Hollywood or Silicon Valley say. Some press reports he is personally convinced he still has 2024 in the bag, even if the bagmen aren’t. Others say Jill and Hunter Biden, and a coterie of senior advisors, are circling wagons around him.
The Wall Street Journal has an article introducing US Senator Vance, reportedly a strong contender for Trump’s Vice-Presidential slot. Long story short: Vance is an intelligent, eloquent, energetic proponent of a ‘national conservatism’ opposed to Reaganomics and Gordon Gecko-ism; imagine him alongside now neo-Hamiltonian former USTR Lighthizer as Treasury Secretary, and the signal that would send to Wall Street. Yes, Trump would have to win first, and neither appointment might happen if he does, but the potential should be evident that we could see a paradigm shift which markets can’t say ‘doesn’t matter much’.
‘China’s financial elite face pay caps, bonus clawbacks’ “to comply with President Xi Jinping’s “common prosperity” campaign. The nation’s largest financial conglomerates have asked senior staff to forgo deferred bonuses, and in some cases return pay from previous years to comply with a pre-tax cap of 2.9m yuan, according to sources familiar with the matter. Vilified by Beijing as “hedonists” over their lavish lifestyles, top-earning finance workers including investment bankers and fund managers have been among the hardest hit by Xi’s push for a more equal distribution of wealth.” Of course, that pay cap is still vastly higher than any comparable local position, and in the West we also saw action taken on bonuses and higher taxes post-2008; and the French LFI party angling for a role in government are no fans of markets, and in favour of 90% top income tax rates.
‘Chinese bond traders fear ‘dagger to the heart’ as bond yields vanish’. The pay-cap means the plunge in yields this year (the 2-year has fallen from 2.31% to 1.64%, the 10-year from 2.61% to 2.27% and the 30-year from 2.83% to 2.49%) won’t translate into anything extra in the pay packet, while traders wonder how long they will have a job at all if this slide continues, looking at the JGB market as portent. Ironically, the JGB market is roaring back to life as the BOJ tries to normalise rates, and Western bond markets flirted with death by a thousand cuts prior to this latest rate hike cycle. Yet China seems very unlikely to follow that lead given its very high debt levels and evidently slower GDP growth (on the housing/consumer side).
However, even that yield trend has a sting in the tail.
When the PBOC recently stepped into their bond market, the expectation –based on Western experience– was that they would buy bonds to push yields lower in an attempt to jump-start their low-demand economy, as we did via QE. Yet the PBOC, based on the same Western experience, instead borrowed bonds and sold them at a lower price to try to push yields UP(!) Why? Because the last thing the PBOC is interested in is financial speculation in assets. China is focused on channeling capital into “productive capital”, meaning making things, not into making money from money, which Marx called “fictitious capital”. Yes, they want low rates to encourage productive investment – but only that.
Yet once the Fed starts cutting, there will inevitably be a flood of ‘What if they have to go back to zero?’ speculation, especially if data turn south, and/or, ‘What if they have to do that even if inflation isn’t under control?’ Ignoring the latter, no doubt, Wall Street would not just be salivating but swimming in an Olympic pool of its own drool: Zero rates! Speculation! Financialisation! Leverage! Bonuses! Buy All The Things! And just imagine what this would translate into in assets elsewhere, like Australian house prices: a starter home in Sydney might be, what, A$10m? I’m making that number up: but lots of spruikers would be doing it for real too.
So, let’s join the dots from the above:
Powell might open the door to a September cut today — which has been our house call for months — but he almost certainly won’t open the door to pre-Covid ‘new normal’ monetary policy.
After all, even if he cuts on ‘stag’ not ‘flation’, a further step-up in US/Western fictitious capital would be of no use in a world which the need for productive capital of some kinds is going to be underlined by the NATO summit held in Washington, DC – where President Biden is clearly going to try to look his most vigorous. China; and Russia; and Iran; and North Korea are making it abundantly clear what really matters in that regard.
More broadly, France, the UK, and both Biden and Trump, all in very different ways, show the door is opening for significant changes in the Western political economy to recognise this harsh geopolitical reality.
As such, markets’ golden age of ‘elections don’t matter’ is seeing the door slowly closed on it. L’Age d’Or (Subtitle: “Large Door”)
FIN (Subtitle: “Isn’t fine”)
7.OIL PRICES/GAS PRICES/OIL ISSUES
Beryl Sparks Power Outages For Over 2 Million, Disrupts Port And Energy Operations
TUESDAY, JUL 09, 2024 – 07:45 AM
Hurricane Beryl battered Texas on Monday, leaving over 2 million homes and businesses without power. The storm unleashed torrential rains and high winds that forced major port closures, disrupted some of the nation’s largest oil/gas producers, and sparked travel delays at surrounding airports.
As now Tropical Depression Beryl moves out of Texas, here is a look at some of the rainfall totals
WIDESPREAD heavy rain of 6-10”+ across the greater Houston area, with vast amounts of flood warnings/advisories
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Texas officials warned residents, especially those in the Houston metro area, that it could take days to restore power after Beryl made landfall as a Category 1 hurricane on Monday morning.
Hurricane Beryl’s death toll has now reached 7 people in the Houston area. 3 people were killed by fallen trees, one died in a fire, two drowned, and a public servant died after being trapped in his vehicle in floodwaters on the way to work.
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According to the power tracking website PowerOutage.us, 2.3 million homes and businesses in eastern Texas had lost power.
About 85% of the customers served by the Houston area’s top electric utility—CenterPoint Energy—lost power on Monday. By early Tuesday morning, about a million homes and businesses had seen their power restored as the utility deployed 10,000 workers to fix transmission and power lines.
“I do not have power at my house — I know what it’s like,” Houston Mayor John Whitmire on Monday night.
It’s critical to note that Houston is a major energy port in the Western Hemisphere and also critical for US petrochemical production. Other surrounding ports were disrupted, and many of these are connected to global shipping lanes.
Reuters noted, “Oil refining activity slowed and some production sites were evacuated in the state that is the nation’s biggest producer of US oil and natural gas.”
Here’s more on the gas and shipping disruptions from Reuters:
Closures of major oil-shipping ports around Corpus Christi, Galveston and Houston ahead of the storm could disrupt crude oil exports, along with shipments of crude to refineries and motor fuel from the plants. The Corpus Christi Ship Channel has re-opened, while the Port of Houston was projected to resume operations on Tuesday afternoon.
Some oil producers, including Shell, opens new tab and Chevron, opens new tab, evacuated personnel from their Gulf of Mexico offshore production platforms ahead of the storm.
Marathon Petroleum Corp’s, opens new tab refinery in Texas City, Texas was hit by a power interruption on Monday amid the storm, the company said in a statement.
As for ports, Seatrade Maritime reported earlier that Port of Houston and the Port of Galveston will remain closed today, while the Port of Corpus Christi has reopened
Beryl was a close call for the Biden administration because if the storm knocked out refineries, it would’ve sent gasoline prices at the pump to the politically sensitive $4 level.
END
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: 1.0819 DOWN .00010
USA/ YEN 161.12 UP 0.258 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2806 DOWN .0009
USA/CAN DOLLAR: 1.3644 UP .0013 (CDN DOLLAR DOWN13 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 36.92 PTS OR 1.26%
Hang Seng CLOSED DOWN 0.83 PTS OR 0.00%
AUSTRALIA CLOSED UP 0.79%
// EUROPEAN BOURSE: MOSTLY RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: MOSTLY RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 0.83 PTS OR 0.00 %
/SHANGHAI CLOSED UP 36.92 PTS OR 1.26%
AUSTRALIA BOURSE CLOSED UP .79%
(Nikkei (Japan) CLOSED UP 799.47 PTS OR 1.96%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2361.05
silver:$31.04
USA dollar index early TUESDAY morning: 104.74 UP 7 BASIS POINTS FROM MONDAY’s CLOSE.
TUESDAY MORNING NUMBERS ENDS
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And now your closing TUESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.179% UP 5 in basis point(s) yield
JAPANESE BOND YIELD: +1.074% DOWN 1 AND 4/ 100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.349 UP 4 in basis points yield
ITALIAN 10 YR BOND YIELD 3.946 UP 6 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.550 UP 5 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 1.0815 DOWN 0.0015 OR 15 basis points
USA/Japan: 161.28 UP 0.421 OR YEN IS DOWN 42 BASIS PTS
Great Britain 10 YR RATE 4.206 UP 6 BASIS POINTS //
Canadian dollar DOWN .0007 OR 7 BASIS pts to 1.3637
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The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.2723 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2921)
TURKISH LIRA: 32.91 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +1.083…
Your closing 10 yr US bond yield UP 4 in basis points from MONDAY at 4.309% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.497 UP 4 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.643 UP 3 BASIS PTS.
GOLD AT 11;30 AM 2360.25
SILVER AT 11;30: 30.90
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: FRIDAY CLOSING TIME 12:00 PM//
London: CLOSED DOWN 53.68 PTS OR 0.66%
German Dax : CLOSED DOWN 235.86 PTS OR 1.28%
Paris CAC CLOSED UP 118.79 PTS OR 1.56 %
Spain IBEX CLOSED DOWN 123.30 OR 1.12%
Italian MIB: CLOSED DOWN 182.07 PTS OR 0.53% PTS
WTI Oil price 82.30 12EST/
Brent Oil: 85.86 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 87.79 ROUBLE UP 0 AND 17/100
GERMAN 10 YR BOND YIELD; +2.550 UP 5 BASIS PTS.
UK 10 YR YIELD: 4.2010 UP 9 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0814 DOWN 0.0017 OR 17 BASIS POINTS
British Pound: 1.2787 DOWN 0.0028 OR 28 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.194 UP 3 BASIS PTS//
JAPAN 10 YR YIELD: 1.074%
USA dollar vs Japanese Yen: 161.29 UP 430 YEN DOWN 43 BASIS PTS//
USA dollar vs Canadian dollar: 1.3632 UP 0002 //CDN dollar DOWN, 2 BASIS PTS
West Texas intermediate oil: 81.52
Brent OIL: 84.69
USA 10 yr bond yield UP 3 BASIS pts to 4.296
USA 30 yr bond yield UP 3 BASIS PTS to 4.487%
USA 2 YR BOND: DOWN 2 PTS AT 4.622
USA dollar index: 104.52 DOWN 56 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32.99 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 86.99 UP 0 AND 28/100 roubles
GOLD 2,364.45 3:30 PM
SILVER: 30.80
3;30 PM
DOW JONES INDUSTRIAL AVERAGE: DOWN 52.82 PTS OR 0.073%
NASDAQ UP 13..48 PTS OR 0.07 %
VOLATILITY INDEX: 12.50 UP 0.13 PTS OR 1.05%
GLD: $218.56 UP 0.37 OR 0.16%
SLV/ $28.12 DOWN 0.01 OR 0.03%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Crypto Bid, Crude Skids, Stocks & Bonds Sluggish As CPI Looms
TUESDAY, JUL 09, 2024 – 04:00 PM
Somehow, Small Business Optimism rose in June (for the third straight month) to its highest since Dec 2023 despite aggregate economic data collapsing dramatically, PMIs plunging, and even The Fed admitting the labor market is tightening. Doe this look normal? We saw a decoupling of this sort in June 2021 after which small business optimism collapsed to fresh cycle lows…
Source: Bloomberg
Powell was his ubiquitously neutral self with maybe a slight dovish tilt lifted rate-cut expectations rising modestly on the day…
Source: Bloomberg
Small Caps lagged on the day with The Dow also sliding into the red. Some very choppy trading intraday – with the new normal intraday reversion of trend (very long gamma). The Nasdaq and S&P were basically unchanged…
Goldman Sachs trading floor notes that overall volumes were down (-11% vs the 20dma) nothing this is a function of:
1) little micro news flow,
2) non-existent index volatility (see VIX hovering near multi year lows),
3) and investors prepping for earnings.
Traders noted investors tracking slightly better to buy (+39bps) with both HF’s and LO’s leading the way, though volume feels relatively light tracking down -115 vs the 20dma. Top of book stands out for the second day in a row, tracking +46% vs the trailing 20days.
- Both LOs & HF’s are active on the buyside in Tech, + Cons Discretionary.
- HFs are better for sale across Fins and Industrials.
- Lots of focus on Software… Client activity relatively quiet today across the space & dispersion of performance relatively low… possibly suggesting top-down pressure on the space vs. aggressive selling of single stocks.
But 1-month implied correlation remains dramatically low…
Source: Bloomberg
Tesla keeps soaring/squeezing higher with an RSI of 87 now…
Source: Bloomberg
Treasury yields basically trod water again today with the long-end very modestly underperforming (30Y +3bps, 2Y unch). This pulled the entire curve higher on the week – though very marginally…
Source: Bloomberg
Bitcoin surged back above $58,000 today after yesterday’s large ETF inflows…
Source: Bloomberg
The dollar limped higher today but again in a narrow range…
Source: Bloomberg
Gold did the same as the dollar, inching higher in a narrow range…
Source: Bloomberg
Crude prices slipped to one week lows…
Source: Bloomberg
Finally, the options market is pricing in some actual volatility in the next couple of days as Powell speaks and CPI strikes on Thursday. After that, traders expect everything to calm down again until the July FOMC…
Source: Bloomberg
Will CPI satisfy Biden’s needs?
AFTERNOON TRADING///
II USA DATA
Inflation is killing consumer products
(zerohedge)
Consumer Slowdown Spreads: Helen Of Troy Shares Crash After Big Earnings Miss, EPS Outlook Cut
TUESDAY, JUL 09, 2024 – 09:32 AM
Consumer products company Helen of Troy crashed in premarket trading in New York after missing earnings expectations and slashing its full-year outlook. This is yet another warning of lingering inflation and high interest rates impacting consumer spending.
“We are disappointed with the start to our fiscal year. We battled an unusual number of internal and external challenges in the quarter, which resulted in net sales and adjusted EPS below our outlook,” CEO Noel Geoffroy wrote in a statement.
Geoffroy said, “Many of these challenges became more pronounced toward the end of the first quarter and some continue to evolve.”
Helen of Troy designs, develops, and markets branded housewares, health and home products, and beauty products worldwide. Some of those brands include kitchen supplies manufacturer OXO, water bottle maker Hydro Flask, and electric shaver maker Braun.
The company reported a big fiscal first-quarter earnings miss, coming in at 99 cents a share a share on revenue of $416.8 million. Analysts tracked by Bloomberg expected earnings of $1.59 a share on revenue of $445.8 million.
Here’s a snapshot of the first quarter results (courtesy of Bloomberg):
- Adjusted EPS 99c vs. $1.94 y/y, estimate $1.59
- Net sales $416.8 million, -12% y/y, estimate $445.8 million
- Home & Outdoor net sales revenue $198.5 million, -8.6% y/y, estimate $221.8 million
- Beauty & Wellness net sales rev $218.4 million, -15% y/y, estimate $224.8 million
- Adjusted Ebitda $52.4 million, -28% y/y, estimate $64.8 million
- Adjusted operating margin 10.3% vs. 13.9% y/y, estimate 13.1%
- Gross margin 48.7% vs. 45.4% y/y, estimate 46.6%
- Inventory $444.7 million, +2.5% y/y
Notice above how quarterly sales in beauty and wellness plunged. The company blamed “softer consumer demand” and “shifts in consumer spending” and “shipping disruption at the Company’s Tennessee distribution facility due to automation startup issues” for its woes.
For fiscal 2025, the company slashed its outlook:
- Sees adjusted EPS $7.00 to $7.50, saw $8.70 to $9.20, estimate $8.93 (Bloomberg Consensus)
- Sees net sales $1.89 billion to $1.94 billion, saw $1.97 billion to $2.03 billion, estimate $1.99 billion
“We now see this fiscal year as a time to take action to reset and revitalize our business. As a result, we are lowering our annual outlook, which delays the delivery of the long-term financial algorithm in our strategic plan,” CEO Geoffroy said.
As a result of this dismal outlook for the company and major warning signs of a consumer slowdown will persist, shares in premarket trading in New York crashed as much as 25.5%.
If premarket losses hold into the cash session, Helen of Troy will be set for its biggest daily decline on record and lowest level since early 2015.
Helen of Troy is the latest example of consumer companies crushed in the consumer slowdown. Bloomberg noted:
Consumer companies, including Nike Inc. and Walgreens Boots Alliance Inc., saw shares tumble to multi-year lows after disappointing earnings and guidance.
With the S&P500 index hitting new highs by the day, let’s not forget about apparel stocks negatively diverging on weak consumer trends.
Bloomberg pointed out in a report Monday, “A labor market indicator signaled it has passed a tipping point for recession ahead, and options skew favors calls on Fed funds futures.”
We have been vocal about the ongoing consumer slowdown:
- Goldman Tells Top Clients To Start “Shorting The Middle-Income Consumer”
- Goldman’s Commentary On Consumer Health Is An Ominous One
- “Did Something Change?”: Goldman Trading Desk Warns Hedge Funds Are Suddenly Dumping Consumer Stocks
It’s clear that cracks in the middle class are widening as folks reduce their spending. Is a recession ahead?
III USA ECONOMIC COMMENTARIES
“What The Heck?!”: United Airlines Boeing 757 Loses Wheel After LAX Takeoff
MONDAY, JUL 08, 2024 – 04:40 PM
“United Airlines @united @Boeing wheel fell off after take off from LAX this morning going to Longmont, Colorado! Is this another maintenance issue?! What the heck?! husband was on flight and texted me the pilot luckily landed the plane safely,” X user SusanRealtor wrote around noon.
United Airlines
wheel fell off after take off from LAX this morning going to Longmont, Colorado! Is this another maintenance issue?! What the heck?! husband was on flight and texted me the pilot luckily landed the plane safely.
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Bloomberg has just confirmed the mid-air incident involving United Airlines.
https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-
United Airlines says another of its Boeing aircraft lost a main landing gear wheel while taking off Monday, a near repeat of an incident that occurred in March that helped trigger a federal safety review of the carrier.
United Plane Loses Wheel After Takeoff in Repeat of March Flight
A spokesperson for the carrier told the media outlet that United Flight 1001, a Boeing 757-200, lost a main landing gear wheel while taking off from Los Angeles International Airport at 0716 local time. The plane landed safely at Denver International Airport at 1010 local time.
The mishap appears to be a downstream issue, likely related to the airline’s ground crew instead of Boeing.
In mid-March, United CEO Scott Kirby issued a statement to customers, reassuring them that the carrier’s planes are safe following a series of mid-air incidents.
Here are some of those incidents:
BOEING SUFFERS ANOTHER MID-AIR ENGINE FIRE The United Airlines flight had to make an emergency landing in Texas minutes after take-off when flames began shooting from one of its engines. This is the second mid-air engine fire to affect Boeing in the U.S this year, after a 747 engine caught fire over Miami in January. Source: NY Post
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Quote
Mario Nawfal
@MarioNawfal
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Mar 7
NTSB CRITICIZES BOEING OVER MISSING DOCUMENTS IN 737 MAX PROBE National Transportation Safety Board Chair Jennifer Homendy expressed frustration with Boeing on Wednesday, stating that the company has not provided certain documents and information related to the investigation
0:55
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https://twitter.com/MarioNawfal/status/176568840791991940
There’s nothing to worry about.
Subscribe
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1.9M Views
Sigh…
END
Bidenomics? Business Bankruptcies Jump 34% In First Half Of 2024
TUESDAY, JUL 09, 2024 – 04:20 PM
Authored by Naveen Athrappully via The Epoch Times,
Bankruptcy filings by commercial entities grew by more than a third this year as businesses struggled under an environment of high costs and interest rates, according to the American Bankruptcy Institute (ABI).
A total of 3,016 commercial Chapter 11 bankruptcies were filed in the January–June period this year, up 34 percent from last year, said a July 3 ABI press release. Small-business filings rose by 61 percent. Total bankruptcy filings rose by 15 percent, with individual filings increasing by 15 percent.
“The continued increase in bankruptcy filings reflects the growing economic strain on businesses and households,” said ABI Executive Director Amy Quackenboss.
Michael Hunter, vice president of bankruptcy data provider Epiq AACER, said he expects an increase in individual filings ahead, “especially considering the large increase in commercial filings, consumer debt levels, high interest rates, and overall increased costs with relatively flat household income.”
Businesses have been battered in an environment of high inflation and high interest rates. The 12-month inflation rate has been hovering above 3 percent since June last year, although some analysts calculate that it maybe much higher than that. Meanwhile, the Federal Reserve has kept interest rates within a range of 5.25–5.5 percent since July last year. This combination of higher expenses is putting pressure on businesses.
Despite such an environment, many executives remain positive about the future. A recent survey by professional services network Grant Thornton found that 58 percent of chief financial officers (CFOs) are optimistic about the U.S. economy, the highest in almost three years.
Three in four CFOs expect their net profits to grow over the next 12 months, with 69 percent expecting revenues to rise.
The Q2 Small Business Index survey from the U.S. Chamber of Commerce showed that almost three-quarters of respondents foresee their revenues increasing next year. More than half cited inflation as the top challenge they face.
Bankruptcies and Interest Rates
According to S&P Global, there have been 275 corporate bankruptcy filings in the United States so far this year until May. This is slightly lower than the 277 filings in 2023 during the same period. However, it is the second-highest filing number during the January–May period since 2011.
S&P’s bankruptcy numbers, however, only take into account large companies exceeding certain asset and liability thresholds.
Some of the largest bankruptcies so far this year involving companies with more than $1 billion in liabilities include IT firm Dynata, seafood chain Red Lobster, biotechnology company Invitae Corp., and Enviva, the world’s largest industrial biomass producer.
Companies in the consumer discretionary sector accounted for the most number of bankruptcies this year, followed by health care, industrials, consumer staples, IT, and financials.
Apparel retailer Bob’s Stores recently filed for bankruptcy and announced shutting down all stores nationwide, citing difficulty in maintaining operations after its primary lender stopped funding them.
Specialty fashion retailer Rue21 filed for bankruptcy in May. Back in April, Express Inc., which dealt in casual office attire, filed for bankruptcy. In addition, fabrics and crafts retailer Joann and cosmetics brand The Body Shop also ceased operations in the United States.
In May, S&P Global attributed the high bankruptcy filings to interest rates.
“Fading hopes of lower interest rates are likely contributing to the increase in filings, as companies that may have held out hope for rate cuts at the beginning of the year come to terms with the reality that they will remain higher for longer,” it said.
The Fed has not announced an exact schedule for rate cuts. During the recently concluded policy-making meeting of the Federal Open Market Committee in June, Fed members suggested that if inflation remained elevated, they may even raise the rates.
Policymakers have no plans on cutting down interest rates until they have “greater confidence” that inflation is heading down to the target of 2 percent, according to minutes from the meeting.
However, officials admitted that implementing tighter monetary policies could result in “deteriorating household financial positions, especially for lower-income households,” which could end up having a “larger negative effect on economic activity than the staff anticipated.”
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM
iiiC USA COVID //VACCINE ISSUES/IMPORTANT MEDICAL ISSUES
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FREIGHT ISSUES/USA
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VICTOR DAVIS HANSON OR NEWT GINGRICH/TUCKER CARLSON
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SWAMP NEWS
Watch: Chaos Erupts During White House Press Briefing Over Biden-Parkinson’s Questions
MONDAY, JUL 08, 2024 – 06:40 PM
White House Press Secretary Karine Jean-Pierre got into a heated exchange with multiple reporters, where she declined to answer why a Parkinson’s specialist had been to the White House at least nine times in the past year.
Jean-Pierre admitted that Biden had seen a neurologist three times during his presidency as part of his annual physical, but then began to demur when asked for specifics about the visitor logs.
“Ed, I also said to you for security reasons, we cannot share names. We cannot share names,” she told CBS News senior White House correspondent Ed O’Keefe, who said she should be able to answer questions regarding Biden’s health.
“You cannot share names of others he would’ve met with, but you can share names in regards if someone came here in regards to the president,” O’Keefe shot back.
“We cannot share names of specialists broadly. From a dermatologist to a neurologist. We cannot share names,” she replied. “There are security reasons—Ed, I hear you. I cannot from here confirm any of that because we have to keep their privacy. I think they would appreciate that too.”
Watch:
Subscribe
BREAKING: In a very animated White House press briefing, a combative and frustrated
admits
has seen neurologist 3x but refuses to give other details. “Out of security & privacy, I am not giving names” but denies treatment for Parkinson’s. It seems that the entire White House press corps is united in their demands to be given more transparency, but the White House is clearly doubling down on its coverups and refusal to share information. Watch for yourself!
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102.7K Views
Jean-Pierre then went on the offensive…
KJP whines about the press asking her questions: “Personal attacks is not okay.”
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89.3K Views
erohedge.com/political/watch-chaos-erupts-during-white-house-press-briefing-over-biden-parkinsons-questions
Meanwhile…
Peter Doocy: “I’m here for the show”
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5,030 Views
https://twitter.com/Simply4Truth_/status/181039795469778569
As we noted on Saturday, evidence has emerged that Dr. Kevin R Cannard traveled to the White House’s medical clinic at least nine times, meeting with either President Joe Biden’s personal physician Dr. Kevin O’Connor, or a naval nurse who coordinates care for the president and other senior officials. O’Connor notably gave Biden a clean bill of health after his February annual physical.
The visits spanned July 28, 2023 with the latest being March 28 of this year, according to visitor logs.
According to Cannard’s physician profile page, he is a “neurologist and movement disorders specialist at Walter Reed National Military Medical Center” who specializes in treatments for “early Parkinson’s disease.” Since 2012, he has served as the “neurology specialist supporting the White House Medical Unit,” per his LinkedIn page.
His most recent paper was published in August 2023 in the journal Parkinsonism & Related Disorders, and focuses on the “early-stage” of the crippling disease.
Since Biden’s health is O’Connor’s primary responsibility, it is highly probable the meeting was about the commander in chief, according to Rep. Ronny Jackson (R-Tx), the doctor for both Presidents Obama and Trump.
“It’s highly likely they were talking about Biden,” Jackson told The Post. -NY Post
“He should only be [regularly] treating the president and the first family,” Jackson continued.
Walter Reed cardiologist Dr. John. E. Atwood was also present during a Jan. 17 meeting, the NY Post reports.
According to Jackson, who has never treated Biden, O’Connor and Biden’s family are trying to “cover up” Biden’s declining cognitive health.
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New York City Hotels Housing Illegal Aliens Receive Over $1 Billion In Taxpayer Funds; Report
MONDAY, JUL 08, 2024 – 07:00 PM
Authored by Eric Lundrum via American Greatness,
In New York City, hotels that have converted into shelters for hordes of illegal aliens have been given over $1 billion in taxpayer money to keep them in business.
As reported by Fox News, the average hotel room for an illegal costs $156 per night, with some costing over $300 per night. As such, the city government has already spent at least $1.98 billion on housing for illegals, with 80% of that amount going to hotels or inns that have been converted into shelters, rather than to shelters operated by the city. Overall, the city has spent at least $4.88 billion on the mass migration crisis.
Some of the contracts agreed upon between the city and various hotels include a deal for $5.13 million per month with the Row NYC hotel, located in Midtown Manhattan. In South Jamaica, Queens, the Crowne Plaza JFK is being given $2 million per month to continue renting out its 335 rooms to illegals.
In September of 2023, the city secured a contract with the Hotel Association of New York City (HANYC) for $1.3 billion over the next three years. In January, another deal was signed between the city and HANYC for $76.69 million to provide “last resort” shelters to illegals at 15 different hotels across the Bronx, Queens, and Brooklyn through July.
Business owners in the surrounding neighborhoods have noted the decline in economic revenue for their businesses and others around them, as the tourists that would normally stay in such hotels and subsequently patronize their own businesses have been replaced by illegals who have no money.
“Our taxes are being used to pay for the migrants, and where are we supposed to make revenue?” asked William Shandler, manager at the Iron Bar located across the street from the Row hotel.
“How as a business could we function?”
Republican Councilwoman Joann Ariola also criticized the gutting of the tourism industry in favor of illegals, pointing out that hotels were built to be used by tourists, “not for sheltering the masses of people pouring over our borders every day.”
“These locations were meant to boost the economy of this city,” Ariola continued, “but instead they’ve become a net drain and are costing us enormously.”
KING REPORT
| The King Report July 9, 2024 Issue 7279 | Independent View of the News |
| Team Biden canceled the scheduled WH meeting with Democratic leadership and defiantly published a letter to Dems and the world that The Big Guy is “firmly” committed to stay in the campaign. Desperate Biden pens letter to Congressional Dems who want him to drop re-election bid: ‘Firmly committed’ – I am firmly committed to staying in this race, to running this race to the end, and to beating Donald Trump,” Biden wrote in his letter, which was addressed to “fellow Democrats.”… “I feel a deep obligation to the faith and the trust the voters of the Democratic Party… Not the press, not the pundits, not the big donors, not any selected group of individuals, no matter how well intentioned,”.. https://t.co/p8OwvgO4ov (Few people believe Joe wrote the letter.) Team Biden then had The Big Guy call into the friendliest media outlet they could find – MSNBC. NYT’s Dowd: “Joe Scarborough, a supporter and confidant of the president…” It did NOT go well. The Big Guy did his usual mumbling, bumbling, and goofing. @bennyjohnson: SERIOUS: Did Joe Biden just have a stroke on LIVE TV!? LISTEN for Yourself – This is directly from the broadcast: https://x.com/bennyjohnson/status/1810320685136302277 @RNCResearch: You can literally hear Biden fumble with the pre-written scripts his handlers gave him to read (on MSNBC)… https://x.com/RNCResearch/status/1810312244531548354 @RNCResearch: BIDEN: “I’m not letting up, Joe. I am not letting up a little bit and by the way, you know, you know, France registered, uh, you know, I, look, you talk about Europe.” https://x.com/RNCResearch/status/1810312796128620643 @RNCResearch: Crooked Joe Biden is clearly reading from a pre-written script and he still makes absolutely no sense. “The reason I’ve been on the road so much, all over the country while Trump is riding around in his golf cart, filing out his golf card, before golf cart before he even hits the ball. Anyway…” https://x.com/RNCResearch/status/1810308407984894221 BIDEN: “I wanted to make sure I was right that the average voter out there still wanted Joe Biden, and I’m confident they do!” https://x.com/RNCResearch/status/1810309106533556732 @RNCResearch: “The American public is not going to move away from me as the average voter,” Crooked Joe claims — as his approval rating is lower than any president in modern history. https://x.com/RNCResearch/status/1810311729668141398 Biden: “Come with me, watch, WATCH! I’m getting so frustrated by the elites. I’m not talking about you guys but about the elites in the party. They know so much more. If any of these guys don’t think I should run, run against me. Go ahead… Challenge me at the convention.” (Joe is a certified DC elite!) https://x.com/TheChiefNerd/status/1810321150276153647 @HansMahn This is incredible on so many levels. The man who epitomizes corrupt elites suddenly has a problem with corrupt elites. MSNBC: “Have you been tested for any age-related illnesses… that might explain having a night like that where you couldn’t finish sentences?” Joe Biden: “That’s why I’ve been out. I’ve been testing myself… going out and making the case… it drives me nuts people talking about this!” https://x.com/RNCResearch/status/1810311012941279398 @RNCResearch: CNN’s JAKE TAPPER: It’s quite telling how the Biden campaign, in an effort to show he hasn’t missed a step, felt the need to feed questions to the host for a call-in radio interview — and Biden STILL failed to deliver. https://x.com/RNCResearch/status/1810454535988518933 Trump approval rating tops 50% as he leads Biden on voters’ top two issues: poll https://t.co/PGGsOx5GTw Trump, who has been unnaturally restrained since the debate, should continue that restraint. In fact, Trump should coopt Team Obama-Biden’s 2020 campaign strategy and go sub rosa. Make the election a referendum on a highly unpopular incumbent president and not about Trump’s character. Bill Clinton political guru, Dick Morris, famously noted that Hillary’s approval rating goes up when she didn’t appear in public – and vice versa. The same looks to be true for Trump. Star NYT columnist, Maureen Dowd: Joe Biden, in the Goodest Bunker Ever The Times’s chief White House correspondent, Peter Baker, told me he has started using translation headsets on overseas trips, even when he is 20 feet away from the president, because they offer a magnified volume when Biden starts to mumble… After my column posted Saturday morning, T.J. Ducklo, a Biden campaign spokesman, emailed me to “flag” that ABC News had updated its transcript to read: “I’ll feel as long as I gave it my all and I did the good as job as I know I can do, that’s what this is about.” Ducklo asked if I could “tweak” the column and change the word “goodest” to make my piece “consistent with the corrected transcript,” even though the revised version was also gobbledygook… The White House had asked ABC News to check whether the president said “goodest” or “good as,” https://www.nytimes.com/2024/07/07/opinion/joe-biden-goodest.html @CortesSteve: This CNN election analyst says Joe Biden’s in his worst polling position ever against President Trump: “Biden’s the first Democrat to trail in national July polls since 2000.” https://t.co/SpebAyNJ19 Bush won in 2004 and Trump in 2016. GOP candidates do worse than reality in July polls because July is the biggest vacation month. More GOP voters than Dems are not answering pollsters in July. Jill Biden had three public events on Monday. The Big Guy had NONE. Who’s the real POTUS? https://x.com/KarluskaP/status/1810341874843935206 @greg_price11: Docta Jill left her dementia ridden husband at the White House to do another rally today: “For all the talk out there about this race, Joe has made it clear that he is all in. That’s the decision he has made… I am all in too.” https://x.com/greg_price11/status/1810356530606137672 @CortesSteve: Shadow President Jill Biden is not used to facing hostile press reporters: “Why are you screaming at me!? Don’t scream at me! Just let me talk.” https://t.co/EDnkEwKrQi ESUs sank on the French election, during Nikkei trading, hitting a low of 5610.75 at 20:58 ET. After making a double bottom near 2:00 ET, ESUs commenced the Monday Rally. ESUs jumped to 5620. 50 at 4:33 ET. They then went inert until another rally leg materialized after the 7 ET US repo market opening. The usual suspects poured into ESUs, which surged to a daily high of 5637.50 at 9:48 ET. Mag 7/Fangs led the early rally, of course. The DJTA opened modestly higher but quickly sank. Commodities, including precious metals, were down sharply. A ‘risk off’ day was underway – but USUs were negative for the day, except for two brief moments (until the afternoon). ESUs then sank, hitting a low of 5617.50 at 12:08 ET. Thereafter, USUs and ESUs rallied. Traders told their media stooges that they were getting long stuff because Powell would be dovish when he gives his Semiannual Monetary Policy report to the Senate Banking Committee today. As USUs and ESUs rallied in the early afternoon, Mag 7 and related trading sardines turned negative for the day. Meta, -2% near 14:15 ET, led the decline. However, Nvidia was +2.42 % and Broadcom was + 2.37% at the time. Apple was +0.46% and Tesla was +0.31%. The six other Fangs were negative. ESUs hit a peak of 5628.00 at 13:40 ET. They then fell to 5615.25 at 14:46 ET. But traders were bullish for the Monday Rally and hoped for dovish comments from Powell today. So, ESUs rallied to 5625.00 at 14:57 ET. They retreated to 5619.25 at 15:30 ET. The late manipulation took ESUs to 5629.75 at 16:05. USPS to increase the cost (by 5%, to .73 from .68) of postage stamps – again https://t.co/gcbPV8cVcR United Airlines Boeing jet loses wheel seconds after takeoff — again https://t.co/QjAZS3iZaK Positive aspects of previous session Nasdaq rallied despite Mag 7’s weakness. ESUs and stocks rallied before and after the NYSE open Bonds turned positive in the afternoon. Negative aspects of previous session The Mag 7/Fang Bubble inflated further. Commodities and stocks declined on recession angst – but bonds could only rally modestly. Ambiguous aspects of previous session Biden is staying in the race. Good for Trump, the GOP, and social media; but bad for Dems & USA. 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]: 5572.82 Previous session S&P 500 Index High/Low: 5583.11; 5562.51 @visegrad24: Final result of the second round of the French parliamentary election: Le Pen 37.05% (143 seats); Mélenchon 25.95% (182 seats); Macron 24.54% (168 seats) @Geiger_Capital: Truly an incredible election in France…10+ million voted RN (“far-right”)’ 7+ million voted NFP (socialist). But due to the left alliance, France gives majority control to the socialists. They now have a very narrow path forward to avoid a debt crisis. @marklevinshow: As I pointed out a while ago, Amy Coney Barrett is flipping. The media now owns Amy Coney Barrett. She’s the latest in a long line of formerly conservative justice nominees who is smitten with media adulation. It’ll get worse. @bennyjohnson : (NSC Spokesman) John Kirby just said Biden will have a “big boy press conference, we’re calling it, and take some question from y’all” (on Thursday)… This administration is a JOKE. https://x.com/bennyjohnson/status/1810381693284667430 Obama speechwriter Jon Favreau: ‘Voters have been voicing’ Biden concerns for months “This is not an elite thing. This is not a media thing. This is not a one-bad-debate-freakout thing… The voters have been voicing these concerns for months now. Denying them or dismissing them is not the way to overcome them.”… https://www.foxnews.com/politics/prominent-democrat-voters-have-been-voicing-biden-concerns-months @RNCResearch: Absolute CHAOS erupts in the briefing room as Karine Jean-Pierre repeatedly declines to say why a renown Parkinson’s expert has visited the Biden White House so many times in recent months. https://x.com/RNCResearch/status/1810390760119734690 The media excoriated KJP, slamming her for misleading them about Biden’s condition. KJP was irate. CBS’s @kathrynw5: Long story short: KJP is not directly answering whether neurologist Dr. Cannard visited the WH in relation to the president. She’s been asked the question every which way possible. “I am not going to confirm a particular neurologist, anybody.” “It is out of security reasons; it is out of protecting someone’s privacy.” She’s said she can’t confirm anything both for the privacy of a specialist, even though his name appears in the WH logs, and for the privacy of all the service members who receive care VP Harris blasted over resurfaced clips defending Biden’s mental sharpness: ‘Kamala lied’ https://www.foxnews.com/politics/vp-harris-blasted-over-resurfaced-clips-defending-bidens-mental-sharpness-kamala-lied From late afternoon on Monday through the early even more Dem Reps asked Joe to not run. The media peppered Dem senators and Reps with questions about Biden’s mental health and their support for The Big Guy. Some were pro; some were against; most equivocated or ignored the questions. The Big Guy is now The Issue for the 2024 Elections. Dems want to run on ‘Trump is Hitler’ and abortion. However, the GOP Platform undercuts Dems’ abortion fear mongering. GOP adopts platform that softens language on abortion, same-sex marriage “We will oppose late term abortion while supporting mothers and policies that advance prenatal care, access to birth control, and IVF (fertility treatments).”… The platform reflects a full Trump takeover of the party… https://www.washingtonpost.com/politics/2024/07/08/trump-abortion-republican-platform/ ‘No one is picking up the phone:’ Joe Biden’s fundraising confronts new hurdles after debate https://t.co/L6u3QzkWTh Schumer moves to deny Trump immunity for election challenge after SCOTUS ruling I will work with my colleagues on legislation classifying Trump’s election subversion acts as unofficial acts not subject to immunity,” Schumer said Monday, according to The Hill… https://justthenews.com/politics-policy/schumer-moves-strip-trump-immunity-election-challenge-after-scotus-ruling Chuckie Premature Cheese is just grandstanding. The SCOTUS has already made a Constitutional ruling and no Dem legislation can reverse it. If fact, even an Amendment might be unconstitutional. Chuckie Cheese is acting like an insurrectionist. He’s a threat to Democracy! @MacFarlaneNews: Sen. Chuck Schumer (D-NY) blisters Supreme Court in floor speech this PM: “The American people are tired… just tired.. of justices who think they are beyond accountability. The Supreme Court’s ruling in Trump v. US was the finishing touch in one of the most destructive terms.“ @GunjanJS: For the first time ever, the Russell 2000 is down 128 trading days into the year while the S&P 500 is up —@bespokeinvest https://t.co/MYxhOD3w6o @zerohedge: If the Dems, media and donors want to bounce Biden they just need the BLS to admit the truth about the labor market and inflation. And if they got to the “anti-Biden bureaucrat resistance”, Thursday’s CPI will be quite something. Today – Powell give his Semiannual Monetary Policy Report to the Senate Banking Com 10:00 ET. Instead of the usual Monday Rally, investors did defensive asset allocation on recession fear. Traders tried to play the long side, but organic sellers put a lid on the general stock market. Traders will get long ESUs and stocks for a Turnaround Tuesday and hope that Powell will issue dovish remarks at his Senate Banking Committee. NQUs are +78.50; ESUs are +12.50; USUs are -3/32 at 20:55 ET. Traders expect a dovish Powell! Expected econ data: June NFIB Small Biz Optimism 90.2; Fed Gov Barr 9:15 ET; NATO Soiree begins S&P Index 50-day MA: 5301; 100-day MA: 5210; 150-day MA: 5060; 200-day MA: 4882 DJIA 50-day MA: 38,946; 100-day MA: 38,877; 150-day MA: 38,367; 200-day MA: 37,265 (Green is positive slope; Red is negative slope) S&P 500 Index (5537.02 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 5423.05 triggers a sell signal Hourly: Trender and MACD are positive – a close below 5507.45 triggers a sell signal Hunter Biden’s the real point person in Joe’s White House… Democrats trying to dislodge Joe Biden will first have to combat the proxy commander-in-chief, Hunter Biden… Hunter is glued to his father’s side for a reason. He was with him at Camp David to help prepare for the disastrous debate; was there for the vainglorious Annie Leibovitz family photo shoot post-debate… He reportedly is acting as “gatekeeper” to his father and helping write speeches for him… Hunter has always regarded himself as smarter than his father’s aides… Hunter’s role also has caused concern for the powerful House Intelligence Committee, with Chairman Mike Turner (R-Ohio) demanding to know if Hunter is “receiving classified information.”… Hunter is not even trying to hide his position of influence, and instead is acting proprietorial, important and in charge… That’s bad news for Democrats — and disastrous for the country… “I think the Bidens are going to fight all the way into the ground,” said another. “[They] only give a s- -t about themselves and the Bidens.”… Hunter has a lot at stake personally in Joe remaining in office. Perhaps the only way to remove the Biden family grift machine is to bribe them out… https://nypost.com/2024/07/07/opinion/hunter-bidens-the-real-point-person-in-joes-white-house-dont-underestimate-the-first-son/ Joe Biden has been a self-absorbed, narcissist, dolt since at least 1972, when he won his 1st Senate seat. Now, he will take down the Democratic Party to satisfy himself and his family. @amuse: If you’ve wondered how Biden is able to craft error-free tweets while he is speaking at a rally you might not be surprised to learn he doesn’t actually tweet. 20-somethings like Megan Coyne pretend to be the president on social media apps like X. https://x.com/amuse/status/1810011755533279625 @mirandadevine: The Bidens v Obamas animus coming to the surface. Miranda Devine, in her above article, notes that Hunter in 2021 wrote that he did go to Obama WH soirees because, “I didn’t want to be in the position of walking into a barbecue on a Sunday with the president and the White House staff after reading about someone throwing my dad under the bus. I knew I couldn’t control my temper and keep my mouth shut.” Fox News host Shannon Bream slams ‘dozens’ of Biden allies who weren’t ‘able or willing’ to defend president on show – The “Fox News Sunday” host said her team reached out to “dozens of lawmakers and Biden advocates and allies” in the days before the show in search of a Democrat to defend President Joe Biden’s decision to stay on the ticket… https://trib.al/QCXRo5g @CortesSteve: Joe Biden’s campaign is massively outspending President Trump’s campaign right now (desperate damage control), and Biden’s still getting spanked. https://t.co/RkkQ9Tjdxx Over the past few years, there have been numerous images on social media of Biden holding a cheat-card with reporters’ names, portraits, questions for Joe, and the answers to the questions. Here is just one: https://x.com/redsteeze/status/1809696494318153997 @BillAckman: Clearly there was a deal with certain media organizations. We give you the question in advance and @POTUS Biden will call on your reporter. A win win except for transparency and democracy. And yes, if none of the MSM reported on this deal then they were all in on it. How would The Big Guy have performed without the cheat cards and advance knowledge of questions! @MZHemingway: “The White House press corps should resign in mass!” “The WH press corps that had no problem running wild with accusations, anonymous sources and conspiracy theories when it was Donald Trump. Now we’re supposed to believe that they were somehow duped…I don’t buy it, I don’t think any Americans buy it. The level of media corruption that we’re seeing is complete at this point…and now they’re covering it because they’ve lost confidence in their ability to drag Joe Biden across the finish line.” “Democrat voters just had a primary election, they just overwhelmingly chose this man to be their nominee, and now the media are acting like that doesn’t matter, they don’t feel confident in Biden they want to replace.” https://x.com/Eddies_X/status/1809984069003854163 @libsoftiktok: Whoopi Goldberg says she would still vote for Biden even if he poops his pants and can’t put a sentence together because she also has “poopy days.” https://x.com/libsoftiktok/status/1810344522481803774 Cut-off for Democrats to replace Biden: A state-by-state breakdown for running alternate candidates (most deadlines appear by late September) https://t.co/EJ4pN3Xz1z Lefties are all kinds of offended that Kamala Harris is being called a DEI hire. Here’s Joe Biden calling her a DEI hire… https://notthebee.com/article/lefties-are-all-kinds-of-offended-that-kamala-harris-is-being-called-a-dei-hire-heres-joe-biden-calling-her-a-dei-hire GOP Rep. @claudiatenney: The 51 (US intel officials) should all be prosecuted for knowingly pushing a false statement (Hunter’s PC is Russian disinformation). See 18 U.S.C. § 1001, it’s a felony crime to: make a “false statement” to an agent of the federal government related to a federal matter. @JDunlap1974: Biden election official has been arrested for widespread election fraud in Texas. They have been charged with election fraud, illegal voting, illegal vote-by-mail, possession of official ballots. https://t.co/4CnbROeLk5 @PeterBernegger: Here is Claire at 3:06am Nov 4th 2020 leaving Milwaukee’s Central Count, police squad SUV 554. See tweet below naming the guy who brought the fraudulent ballots in at 1:15am on Nov.4th. She kicked out Republican observers the night before at around 10:30pm telling them all ballots had been counted… Claire was done with the LEGAL ballots at 10:30pm on Nov.3rd. She needed the time from then until 3:06am to stuff the tabulators with fake ballots for Joe Biden… The two police officers were so concerned about Claire’s behavior (she acted it up, about the missing USB stick) they went to the FBI the next day to file a report with them. https://x.com/PeterBernegger/status/1805622496407769461 I allege that Dwayne Johnson of DJ & Sons Trucking LLC out of Milwaukee, WI, was the person who brought the fraudulent ballots into Milwaukee’s central count around 1:15am on November 4th, 2020… The big spike for Joe Biden came in around 1:42am on November 4th… On July 8, 2022, the State Supreme Court slammed Wolfe by name several times in their ruling, stating that drop boxes were never legal. And who gave Wolfe permission to do this? “Republican” Speaker Robin Vos of the state assembly… https://x.com/PeterBernegger/status/1805593057607221477 Some pundits believe that the Wisconsin GOP Establishment is virulently anti-Trump because of their loyalty to Trump-hating ex-Speaker Paul Ryan. @DC_Draino: 3 of the biggest vulnerabilities in our 2020 elections that we… must fix before November: 1. Ballot harvesting Republican votes. We can’t rely on just election day turnout b/c as we saw in Maricopa County, they’ll just shut down the machines and cause long lines that make people go home w/o voting. We have to treat election day for what it now is – election season. Harvest those GOP ballots the entire time. 2. GOP Observers – DO NOT GO HOME DURING COUNTING. Democrats lied in multiple swing states about how there was a “pipe burst” or “all counting is done” and then Dems stay behind and stuff the machines at 3 AM. Make the police drag you out of those counting centers. Do NOT leave Democrat ballot counters unattended. 3. 24/7 surveillance of ballot drop boxes and counting centers. They stuff the ballot drop boxes and then have trucks filled with ballots show up at 3 AM when everyone is asleep. We not only need observers and cameras stationed 24/7, but we also need lawyers who can file *emergency injunctions* to stop these illicit ballot dumps. We’ve now learned that the courts will not reverse the fraud no matter how much evidence we have. We must *prevent* the fraudulent ballots from being intermingled. Once they stuff those ballots, it’s too late to stop them. @nedryun: In 2020, in Arizona alone, 11,600 non-citizens got a federal ballot and voted. Biden only won the state by about 10,500. Since then, they’ve imported about 12 million more illegals. Ask yourself what Dems plan on doing in the Fall in key states. The answer is pretty obvious. @elonmusk: Arizona requires proof of citizenship to vote in state elections, but explicitly does not for federal elections. This is messed up. (Why do Dems want/need illegals to vote? We all know why.) @IngrahamAngle: Know this — Democrats will do everything in their power to get illegal aliens to vote in November and in every election going forward. Along with drop boxes, flimsy election security, it’s their only hope of winning. @Riley_Gaines_: You can’t check out a book from the library without an ID, but the President of our country doesn’t want to require an ID to vote. Let that really sink in. @SpeakerJohnson: It should alarm every American citizen that the sitting President of the United States, who has opened our border to over 9 million illegals, just announced that he would veto our bill to prevent noncitizens from voting. @amconmag: Robert F. Kennedy Jr speaks about his father’s assassination: “My father was killed by four shots from behind. Sirhan was always five feet in front of him. There were seventy-seven eyewitnesses, he was always in front, he was never behind my dad.” https://t.co/zHgOo1Sj8k @wideawake_media: Dr. Patrick Moore, co-founder of Greenpeace: “There are three things you need to know to know that [the climate crisis] is false.” “First, it is not too hot now. It is one of the coldest periods in the history of the Earth.” “Second, CO2 is lower now in the atmosphere than it has been throughout nearly the entire history of the Earth.” “The third thing you need to know is that all the CO2 that we are putting into the atmosphere, where did it come from? How did it get in the fossil fuels? By plants pulling it out of the atmosphere, and the oceans. The plankton in the sea, the vegetation on the land, turned into coal, oil and gas.” “So all we’re doing is replacing carbon dioxide… If there wasn’t enough CO2 for the plants, we would all die too… We are replenishing the CO2 to a much better level than it had gone down to. We are the actual salvation of life on Earth.” @YayAreaNews: Mob of 80 to 100 looters broke into and robbed an Oakland gas station market of an estimated $100K in merchandise on Friday morning. It took police 9 hours to arrive on the scene. https://t.co/Dn2kboz6qA Armed guards escort some South Bay (San Jose, CA) delivery drivers due to crime concerns https://www.nbcbayarea.com/news/local/armed-guards-escort-delivery-drivers/3582651/ @greg_price11: Over 100 people were shot in Chicago last weekend, including 18 (19) fatally. Mayor Brandon Johnson blamed it on Richard Nixon in his press conference today. No, that is not a joke. https://t.co/dorETLl5os @robbystarbuck: Expect to hear very little about the shooting in Kentucky from this week. Here’s why: 7 people were shot and it appears this was only possible because a left wing Judge named Kathleen Lape gave a child rapist probation and no jail time. https://t.co/bcUlpLg67w GOP Platform Highlights 1. Seal the border 2. Carry out largest deportation op in US history 3. End inflation 4. Make US dominant energy producer 5. Stop outsourcing manufacturing 6. Large tax cuts for workers, no tax on tips 7. Defend the Constitution and fundamental freedoms 8. Prevent WW3 9. End weaponization of gov’t 10. Stop migrant crime epidemic 11. Rebuild US cities, make them safe, clean again 12. Strengthen/modernize military 13. Keep US $$ as reserve currency 14. Protect SS and Medicare 15. Cancel EV mandate 16. Cut funding for schools pushing gender ideology 17. Keep men out of women’s sports 18. Deport pro-Hamas radicals, esp from colleges 19. Secure elections: voter ID, paper ballots, proof of citizenship 20. Unite our country by bringing it to record levels of success https://www.npr.org/2024/07/08/nx-s1-5033015/rnc-republican-party-platform-2024 | |
GREG HUNTER
SEE YOU ON WEDNESDAY
harveyorganblog.com 
