GOLD PRICE CLOSED DOWN $6.65 TO $2456.00
SILVER PRICE DOWN $0.75 TO $30.17
Gold ACCESS CLOSED $2457.40
Silver ACCESS CLOSED: $30.29
Bitcoin morning price:$65,083 UP 81 DOLLARS. bankers doing a good job destroying the value of bitcoin
Bitcoin: afternoon price: $64,542 DOWN 460
dollars//
Platinum price closing DOWN 2.40 TO $997.95
Palladium price; DOWN $1.70 AT $958.60
END
SHANGHAI GOLD PREMIUM 11 DOLLARS/COMEX GOLD//august to august
SHANGHAI GOLD (USD) FUTURES – QUOTES
Last Updated 17 Jul 2024 06:26:26 AM CT.
Market data is delayed by at least 10 minutes.
*CANADIAN GOLD: $3363,83 DOWN 11.20 CDN dollars per oz( * NEW ALL TIME HIGH 3,375.67 CDN DOLLARS PER OZ//JULY 16 2024)
*BRITISH GOLD: 1,889.53 DOWN 12.40 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024
*EURO GOLD: 2,247,,34 DOWN 16.60 Euros per oz //* (ALL TIME CLOSING HIGH: 2.263.98 EUROS PER OZ//JULY 16//.2024)
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END
EXCH: COMEX
EXCHANGE: COMEX
CONTRACT: JULY 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,462.400000000 USD
INTENT DATE: 07/16/2024 DELIVERY DATE: 07/18/2024
FIRM ORG FIRM NAME ISSUED STOPPED
624 H BOFA SECURITIES 18
657 H MORGAN STANLEY 2
661 C JP MORGAN 11
686 C STONEX FINANCIA 1
726 C PLUS500US FINAN 1
737 C ADVANTAGE 4 2
905 C ADM 1
TOTAL: 20 20
MONTH TO DATE: 3,643
JPMorgan stopped 0/20
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 20 NOTICES FOR 2000 OZ or 0.0622 TONNES
total notices so far: 3643 contracts for 364,300 Oz (11.331 tonnes)
FOR JULY:
SILVER NOTICES: 2 NOTICE(S) FILED FOR 0.010 million
OZ/
total number of notices filed so far this month : 6002 for 30.01 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $6.65 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ HUGE CHANGES IN GOLD INVENTORY AT THE GLD/A MASSIVE DEPOSIT OF 5.49 TONNES OF GOLD VAPOUR INTO THE GLD/
/ /INVENTORY RESTS AT 842.02 TONNES
INVENTORY RESTS AT 842.02 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $0.75 AT THE SLV//
NO CHANGES IN SILVER INVENTORY AT THE SLV:
// INVENTORY REMAINS AT 433.480 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 433.480 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A MEGA HUMONGOUS SIZED 3260 CONTRACTS TO 166,641 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 WITH OUR GAIN OF $0.30 IN SILVER PRICING AT THE COMEX ON TUESDAY’S TRADING ON SILVER. WE HAD ZERO LIQUIDATION AS WE HAD A MEGA HUGE NET GAIN OF 3818 CONTRACTS ON OUR TWO EXCHANGES. WE, AGAIN HAD CONSIDERABLE SHORT COVERING BY OUR SPECS WITH THE STRONG GAIN IN PRICE AS WELL AS MASSIVE T.A.S. LIQUIDATION WHICH ACCOUNTS FOR THE STRONG GAIN OF OI ON THE TWO EXCHANGES. WE HAD ANOTHER STRONG SIZED 564 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 TUESDAY NIGHT: 564 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS.IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1/2 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES AND THUS THE REASON FOR CONSTANT RAIDS. IT ALSO LOOKS LIKE THE FED (GOV’T) IS BEHIND EVERY DAY TRADING.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.30) AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS FROM THEIR PERCH AS WE DID HAVE A MEGA HUMONGOUS SIZED GAIN OF 3560 CONTRACTS ON OUR TWO EXCHANGES WITH THE GAIN IN PRICE OF $0.30.
WE MUST HAVE HAD:
A GOOD SIZED 300 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 5,000 OZ
//NEW STANDING FOR SILVER//JUNE IS THUS 30.505 MILLION OZ
WE HAD:
/ MEGA HUGE SIZED COMEX OI GAIN //GOOD SIZED EFP ISSUANCE/ VI) HUGED SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 564 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED 158
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 12 DAYS, total 11,875 contracts: OR 59.375 MILLION OZ (989 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 59.375 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: 59.375 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH)
RESULT: WE HAD A MEGA HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3260 CONTRACTS WITH OUR GAIN IN PRICE OF SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A GOOD EFP ISSUANCE CONTRACTS: 300 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 5,000 OZ QUEUE JUMP WHERE THEY WILL TRY AND TAKE DELIVERY ON THIS SIDE OF THE POND.
//NEW TOTAL STANDING FOR JULY 30.505 MILLION OZ
WE HAVE A MEGA HUGE SIZED GAIN OF 3560 OI CONTRACTS ON THE TWO EXCHANGES WITH THE GAIN IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG SIZED 564 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX TRADING/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND ZERO LIQUIDATION OF LONGS.
THE NEW TAS ISSUANCE TUESDAY NIGHT (564) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .
WE HAD 2 NOTICE(S) FILED TODAY FOR 0.010 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 HUMONGOUS SIZED 15,741 OI CONTRACTS TO 579,862 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 1347 CONTRACTS
WE HAD A HUGE SIZED INCREASE IN COMEX OI (15,741 CONTRACTS) OCCURRED WITH OUR GAIN OF $38.60 IN PRICE/TUESDAY. 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 5500 OZ QUEUE JUMP
NEW STANDING 11.5769 TONNES
/ ALL OF THIS HAPPENED WITH OUR $38.60 GAIN IN PRICE WITH RESPECT TO TUESDAY’S TRADING. WE HAD A MEGA HUGE SIZED GAIN OF 19,024 OI CONTRACTS (59.17 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 3283 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 579,862
IN ESSENCE WE HAVE A HUMONGOUS SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 19,024 CONTRACTS WITH 15,741 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 3283 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 19,024 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 2684 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3283 CONTRACTS) ACCOMPANYING THE MEGA HUGE SIZED GAIN IN COMEX OI OF 17,028 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 19,024 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 5500 OZ QUEUE JUMP
//NEW STANDING /JULY 11.5769 TONNES.
/ 3) HUGE T.A.S. LIQUIDATION OF CONTRACTS WITH ZERO NET LONG SPECS BEING CLIPPED,
4) MEGA HUGE SIZED COMEX OPEN INTEREST GAIN 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 2684 CONTRACTS//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2024 INCLUDING TODAY
JULY
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: 51,960 CONTRACTS OR 5,196,000 OZ OR 161.61 TONNES IN 12 TRADING DAY(S) AND THUS AVERAGING: 4330 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 12 TRADING DAY(S) IN TONNES 161.61 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 161.61 DIVIDED BY 3550 x 100% TONNES = 4.56% 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: 161.61 TONNES (WILL BE A VERY STRONG ISSUANCE MONTH FOR EXCHANGE FOR PHYSICALS)
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 MEGA HUGE SIZED 3260 CONTRACTS OI TO 166,641 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 300 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 300 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 300 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 3260 CONTRACTS AND ADD TO THE 300 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 3560 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 17.80 MILLION OZ OCCURRED WITH OUR $0.30 GAIN IN PRICE …..
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED DOWN 13.43 PTS OR 0.45% //Hang Seng CLOSED UP 11.43 PTS OR 0.06% // Nikkei CLOSED DOWN 177.39 OR 0.43%//Australia’s all ordinaries CLOSED UP 0.73%///Chinese yuan (ONSHORE) closed UP TO 7,2585 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2682/ Oil UP TO 81.12dollars per barrel for WTI and BRENT UP AT 83.86/Stocks in Europe OPENED ALL RED
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
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 HUGE SIZED 15,741 CONTRACTS TO 579,862 WITH OUR GAIN IN PRICE OF $38.60 WITH RESPECT TO TUESDAY’S TRADING.
WE HAD A HUGE T.A.S. LIQUIDATION ON TUESDAY’S GAIN 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 STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A STRONG SIZED 3283 EFP CONTRACTS WERE ISSUED: : AUGUST 3283 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3283 CONTRACTS.
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A HUGE SIZED TOTAL OF 19,024 CONTRACTS IN THAT 3283 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A HUGE SIZED GAIN OF 15,741 COMEX CONTRACTS..AND THIS HUGE GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR HUGE GAIN IN PRICE OF $38.60/TUESDAY COMEX.
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR TUESDAY NIGHT A FAIR SIZED 2684 CONTRACTS. MOST OF THE TRADING AND SUPPLY OF CONTRACTS WAS ORCHESTRATED BY GOVERNMENT (FEDERAL RESERVE BANK OF NEW YORK)
THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//. IT SEEMS THAT OUR CROOKS ARE HAVING A HARD TIME TRYING TO CONTROL THE PRICE OF GOLD AND THUS THE NEED FOR STRONG T.A.S. ISSUANCE. THE USE OF T.A.S. IS OF EXTREME IMPORTANCE TO OUR CROOKS IN YESTERDAY’S TRADING. TODAY’S ISSUANCE ENDED THE 5 DAYS OF WHOPPER ISSUANCE.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JULY (11.5769 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: 11.5769 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $38.60 //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A HUGE SIZED GAIN OF 19,224 CONTRACTS ON OUR TWO EXCHANGES ACCOMPANYING THE HUGE GAIN IN PRICE. THE T.A.S. ISSUED ON TUESDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 59.17 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 5500 OZ QUEUE JUMP//NEW STANDING 11.5769 TONNES
NEW STANDING FOR JULY: 11.5769 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $38.60
WE HAVE REMOVED XXX CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET GAIN ON THE TWO EXCHANGES 19,024 CONTRACTS OR 1,902,400 OZ (59.17 TONNES)
confirmed volume TUESDAY 314,780 contracts//fair
//speculators have left the gold arena
JULY 17 JULY GOLD CONTRACT
/ /// THE JULY 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | nil oz . |
| Deposit to the Dealer Inventory in oz | |
| Deposits to the Customer Inventory, in oz | nil OZ |
| No of oz served (contracts) today | 20 notice(s) 2000 OZ 0.0622 TONNES |
| No of oz to be served (notices) | 79 contracts 7900 OZ 0.23457 TONNES |
| Total monthly oz gold served (contracts) so far this month | 3643 notices 364300 oz 11.331 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: 0
TOTAL WITHDRAWALS NIL
Adjustment 1
JPmorgan: dealer to customer 9645.300 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JULY
For the front month of JULY we have an oi of 99 contracts having LOST 463 contracts. We had 518 notices filed on Tuesday so we gained a strong 55 contracts or an additional 5500 oz will stand at the comex (0.1710 tonnes). Somebody was in great need of physical gold on this side of the pond again today.
AUGUST LOST 1387 CONTRACTS UP TO 265,245 CONTRACTS
SEPT. GAINED 21 CONTRACTS TO STAND AT 454.
OCTOBER GAINED 3785 CONTRACTS UP TO 40,766 CONTRACTS
We had 20 contracts filed for today representing 2,000 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 11 notices were issued from their client or customer account. The total of all issuance by all participants equate to 20 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 (3643) x 100 oz ) to which we add the difference between the open interest for the front month of JULY 99( CONTRACTS) minus the number of notices served upon today (20 x 100 oz per contract( equals 372,200 OZ OR 11.5769 TONNES.
thus the INITIAL standings for gold for the JULY contract month: No of notices filed so far (3643 x 100 oz +we add the difference for front month of JULY (99 X// , OI} minus the number of notices served upon today (20) x 100 oz which equals 372,200 oz (11.5769 TONNES)
TOTAL COMEX GOLD STANDING FOR JULY: 11.5769 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: 1,669,472.561 oz 51/92 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,699,327.345 OZ
TOTAL REGISTERED GOLD 7,781,184.180 ( 242.02 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,918,143.165 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,111,171 oz (REG GOLD- PLEDGED GOLD)= 190.09 tonnes //
END
SILVER/COMEX
JULY 17/2024
INITIAL
//2024// THE JULY 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1,865,884.516oz ASAHI DELAWARE HSBC CNT . |
| Deposits to the Dealer Inventory | |
| Deposits to the Customer Inventory | 592,797.300 oz JPMorgan |
| No of oz served today (contracts) | 2 CONTRACT(S) (.010 million OZ) |
| No of oz to be served (notices) | 99 contracts (0.495 million oz) |
| Total monthly oz silver served (contracts) | 6002 Contracts (30.010 MILLION oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
i) 0 dealer deposit/
total dealer deposit : nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 1 customer deposits:
i)Into JPMorgan: 592,707.300 oz
total customer deposit 592,707.300 oz
JPMorgan has a total silver weight: 131.967million oz/301.830million or 43.73%
adjustment: 0
customer withdrawals: 4
i) out of CNT 601,490.323 oz
ii) out of Ashai: 592,707.300 oz
iii) out of Delaware 591,678.303 oz
iv) Out of HSBC 80,005.58 oz
total withdrawal: 1,865,884.516 0z
TOTAL REGISTERED SILVER: 69.350 MILLION OZ//.TOTAL REG + ELIGIBLE. 301.830 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY:
silver open interest data:
FRONT MONTH OF JULY/2024 OI: 101 CONTRACTS HAVING LOST 33 CONTRACT(S). WE HAD 34 NOTICES FILED ON TUESDAY SO WE GAINED 1 CONTRACT OR AN ADDITIONAL 5,000 OZ WILL STAND AT THE COMEX VIA A QUEUE JUMP TO TAKE DELIVERY OVER HERE.
AUG, SAW A GAIN OF 13 CONTRACTS TO 1280
SEPT SAW A LOSS OF 1877 CONTRACTS TO 132,099
.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 2 for 0.010 MILLION oz
CONFIRMED volume; ON TUESDAY 75,459 strong
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 6002 x 5,000 oz = 30,010 MILLION oz
to which we add the difference between the open interest for the front month of JULY( 101) and the number of notices served upon today 2 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JULY/2024 contract month: 6002 notices served so far) x 5000 oz + OI for the front month of JULY (101)x number of notices served upon today minus (2)x 5000 oz of silver standing for the JULY contract month equates to 30.505 MILLION OZ.
New total standing: 30.505 million oz.
There are 69.360 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 17 WITH GOLD DOWN $6.60 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD;: A MASSIVE DEPOSIT OF 5.49 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 842.02 TONNES
JULY 16 WITH GOLD UP $38.60 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD;: A DEPOSIT OF 1.44 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 836.53 TONNES
JULY 15 WITH GOLD UP $8.15 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD;: /INVENTORY RESTS AT 835.09 TONNES
JULY 12 WITH GOLD DOWN $0.25 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD;: A DEPOSIT OF 1.72 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 835.09 TONNES
JULY 11 WITH GOLD UP $43.05 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD;:INVENTORY RESTS AT 833.37 TONNES
JULY 10 WITH GOLD UP $12.00 ON THE DAY; HUUGE CHANGES IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 1.44 TONNES OF GOLD VAPOUR FROM THE GLD//.//:INVENTORY RESTS AT 833.37 TONNES
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
GLD INVENTORY: 842.02 TONNES, TONIGHTS TOTAL
SILVER
JULY 17. WITH SILVER DOWN 75 CENTS//NO CHANGES IN SILVER INVENTORY// /INVENTORY REMAINS AT 433.480 MILLION OZ.
JULY 16. WITH SILVER UP 30 CENTS//NO CHANGES IN SILVER INVENTORY// /INVENTORY REMAINS AT 433.480 MILLION OZ.
JULY 15. WITH SILVER DOWN 24 CENTS//HUGE CHANGES IN SILVER INVENTORY: A WITHDRAWAL OF 2.145 MILLION OZ FROM THE SLV.// /INVENTORY LOWERS T0 AT 433.480 MILLION OZ.
JULY 12. WITH SILVER DOWN $.65 CENTS//NO CHANGES IN SILVER INVENTORY /INVENTORY REMAINS CONSTANT AT 435.625 MILLION OZ.
JULY 11. WITH SILVER UP $.72 CENTS//HUGE CHANGES IN SILVER INVENTORY A WITHDRAWAL OF 0.731 MILLION OZ OF SILVER VAPOUR OUT OF THE SLV.: /INVENTORY FALLS T0 435.625 MILLION OZ.
JULY 10. WITH SILVER DOWN $.04 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 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.
CLOSING INVENTORY 433.480 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1.PETER SCHIFF SCHIFF GOLD/MIKE MAHARRAY
end
2. ALASDAIR MACLEOD/JIM RICKARDS/PAM AND RUSS MARTENS/ JAMES RICKARDS/ VON GREYERZ//GOLD AND SILVER COMMENTARY
3.CHRIS POWELL AND DAILY GOLD/SILVER DISPATCHES
Gold jumps to record as traders increase bets on Fed rate pivot
Submitted by admin on Tue, 2024-07-16 15:29 Section: Daily Dispatches
How mistaken and tiresome is the assertion below that gold “bears no interest.” Neither do government currencies, unless they are lent. Just like government currencies, gold pays interest when it is lent. So does silver.
* * *
By Jack Wittels, Mark Burton, and Nick Bartlett
Bloomberg News
Tuesday, July 16, 2024
Gold hit a record high today as hopes for U.S. Federal Reserve rate cuts grow and some traders ramped up bets on a second Donald Trump presidency.
Spot bullion rose as high as US$2,462.54 an ounce, moving past a previous all-time peak set in late May. The rally comes as signs of slowing inflation in the U.S. fuel speculation the central bank will soon start lowering interest rates. High rates tend to be negative for gold, which bears no interest.
ven so, the metal has still soared nearly 20% this year, supported by large purchases from central banks, strong consumer appetite in China, and demand for haven assets amid geopolitical tensions. A recent uptick in holdings by exchange-traded funds is also aiding upward momentum.
“Optimism about U.S. interest rate cuts as more economic data supports the case for a Fed pivot is supporting gold,” Ewa Manthey, a commodities strategist at ING Bank NV, said today. “Gold is poised to keep its positive momentum going amid the current global geopolitical and macroeconomic landscape, while central bank demand is expected to grow.” …
… For the remainder of the report:
4. GOLD PODCASTS//LIVE FROM THE VAULT
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COCOA
ASIA TRADING//WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED DOWN 13.43 PTS OR 0.45% //Hang Seng CLOSED UP 11.43 PTS OR 0.06% // Nikkei CLOSED DOWN 177.39 OR 0.43%//Australia’s all ordinaries CLOSED UP 0.73%///Chinese yuan (ONSHORE) closed UP TO 7,2585 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2682/ Oil UP TO 81.12dollars per barrel for WTI and BRENT UP AT 83.86/Stocks in Europe OPENED ALL RED
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.2585
OFFSHORE YUAN: UP TO 7.2682
SHANGHAI CLOSED DOWN 13.43 PTS OR 0.45 %
HANG SENG CLOSED UP 11.43 PTS OR 0.06%
2. Nikkei closed DOWN 177.39 PTS OR 0.43%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX DOWN TO 103.45 EURO RISES TO 1.0934 UP 33 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1,035 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 156.56 JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and DOWN FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.4280/Italian 10 Yr bond yield DOWN to 3.708 SPAIN 10 YR BOND YIELD DOWN TO 3.192%
3i Greek 10 year bond yield DOWN TO 3.364
3j Gold at $2469.70//Silver at: 31.00 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 28/ 100 roubles/dollar; ROUBLE AT 88.18
3m oil into the 81 dollar handle for WTI and 83 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 156.56/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.035% 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 0.8875 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9704 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: 4.173 DOWN 0 BASIS PTS…
USA 30 YR BOND YIELD: 4.377DOWN 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.463 UP 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 33.10…
10 YR UK BOND YIELD: 4.1145 UP 4 PTS
2a New York OPENING REPORT
Futures Slide As Global Tech Stocks Tumble On Fresh China Chip Trade Crackdown
WEDNESDAY, JUL 17, 2024 – 08:10 AM
US equity futures slide with tech dragging down S&P and Nasdaq futures as both Semis and Mag7 are being sold pre-mkt with ASML -6% on a Bloomberg report the Biden administration is considering using the most severe restrictions available on companies like Tokyo Electron and European chip giant ASML (which tumbled to the lowest since early June), if companies continue to give China access to advanced semiconductor technology. As of 7:45am ET, S&P futures are down 1% and Nasdaq 100 futs tumble 1.4% with tech giants such as AAPL, NVDA, TSLA, AMD, MU, AVGO, MSFT, AMAT all down 1.4% – 4%. Meanwhile, the great rotation continues for another day with Russell futs positive. The yield curve is twisting flatter as 10-year Treasury yields rose while the dollar weakened and the yen jumps, sending the USDJPY lower as much as 200 pips to just above 156. Commodities are lower with Energy/Metals in the red though Ags are strong and WTI is flat. Today’s macro data focus is on Housing data, Industrial Production, and the Fed’s Beige Book. There are two Fed speakers and the 20Y bond auction which JPM rates strategist believe will require a concession.
In premarket trading, Nvidia, Advanced Micro Devices, Broadcom and other chipmakers lost more than 3% with Dutch chip giant ASML Holding plunging 7.5%, the most since 2022, even after the Dutch company reported strong orders in the second quarter, after Bloomberg reported that the Biden administration has told allies that it’s considering using the most severe trade restrictions available if companies continue giving China access to advanced chip technology. Nvidia is down 4%. Here are other notable premarket movers:
- Aehr Test Systems rises 11% after the maker of semiconductor test equipment gave a fiscal year revenue forecast that topped the average of two estimates available.
- American Airlines ticks 1% lower after TD Cowen stepped away from its buy rating, fretting over summer discounting.
- Bloom Energy gains 10% after the company said it will provide CoreWeave with power solutions for an AI data center.
- Five Below slides 15% after the discount retailer cut second-quarter earnings-per-share guidance and announced CEO Joel Anderson would step down.
- Gates Industrial rises 7% after the maker of power transmission equipment was included in the S&P Smallcap 600 Index.
- GitLab gains 15% after Reuters reported the software developer was exploring a sale after attracting interest from potential bidders.
- Spirit Airlines (SAVE) declines 6.3% after the low-cost carrier estimated that total revenue for the second quarter would be lower than previously expected mostly due to non-ticket revenue.
The Biden administration is considering using the most severe trade restrictions available if companies including ASML continue to give China access to advanced semiconductor technology, Bloomberg News reported on Wednesday. Meanwhile, an anti-China stance is also at the top of the agenda for Republican nominee Donald Trump who in an interview with Bloomberg questioned whether the US has a duty to defend Taiwan, a major chipmaking hub.
“Regardless of whether it’s a Democrat or Republican victory, there will always be a negative push toward China,” John Taylor, director of global multisector strategies at AllianceBernstein, said in an interview with Bloomberg TV. “One is more brazen and the other is more behind the scenes but the outcome is essentially the same.”
The move in stocks represents a small pullback after a stellar run of gains, fueled by soft inflation data and optimism that the Federal Reserve will cut interest rates. The S&P 500 closed at another all-time high on Tuesday, and in only five days, the Russell 2000 jumped almost 12% — hitting the most-overbought level since 2017.
“We had gotten a little too frothy,” said Tim Graf, head of EMEA macro strategy at State Street Global Markets. “Investors are underweight smalls, hugely overweight large caps and rotating a bit.”
European stocks slumped for a third day as the start of the second-quarter earnings season failed to revive investor optimism and trade tensions between the US and China over semiconductors weighed on sentiment. The Stoxx Europe 600 fell 0.8% and was trading at session lows as technology stocks led the drop, with ASML Holding NV slumping as much as 7.7% after Bloomberg News reported that the Biden administration is mulling more severe measures to restrict the company’s exports to China. ASM International and BE Semiconductors also fell more than 2.5%. Adidas AG gained 5% after raising its annual profit target for the second time in three months. Roche Holding AG jumped on promising early-stage study results for a weight-loss pill. Here are the most notable European movers:
- Adidas shares jump as much as 5.1% in Frankfurt after the sportswear maker reported preliminary second-quarter revenue that topped consensus expectations, and boosted its full-year sales growth and operating profit forecasts.
- Accelleron shares jump as much as 9.4% to a record after the Swiss engine parts maker increased its revenue and margin forecast for the year.
- Barco shares rise as much as 9.4% as investors looked past weaker-than-expected earnings at the electronic components company and focused on its projection for a second-half recovery.
- Handelsbanken advanced as much as 8.3%, most since March 2020, after Sweden’s largest property lender reported better-than-expected revenues, with higher fees and net interest income that helped offset increased costs.
- Roche shares jump as much as 7.4%, the most since March 2020, after the Swiss drugmaker said an early-stage study of its experimental pill showed meaningful weight reduction in patients with obesity.
- ASML shares decline 7.7%, the most since Oct. 2022, after Bloomberg reported that the Biden administration is mulling more severe measures to restrict the company’s exports to China.
- Demant shares slump as much as 14% as the Danish hearing-aids group warned on its full-year growth after preliminary second-quarter results missed expectations.
- Nel shares fell as much as 10%, the most since May 30 after the Norwegian hydrogen technology firm reported slower revenues than consensus, as well as worse cash burn than expected, according to Citigroup.
- Genus shares drop as much as 8.6% after the company warned profits from its cattle-breeding arm ABS will be lower than previously expected in FY25 due to weak demand in several countries, including China and Brazil.
- Scandic falls as much as 7%, the most since February, after the Nordic hotel chain reported second-quarter sales slightly below expectations.
- EssilorLuxottica shares drop as much as 4.4% to a five-month low after the luxury eyewear maker struck a deal to acquire the Supreme brand from VF for $1.5 billion in cash.
Earlier, Asian stocks rose, on course to snap a three-day losing streak, as global bets on Federal Reserve rate cuts increased while the market awaited more details from a key Chinese policy meeting. The MSCI Asia Pacific Index rose as much as 0.6%, with health-care and industrials the biggest boosts as tech stocks declined. Benchmarks climbed in Australia and New Zealand, while equities fell in South Korea and Taiwan and were mixed in Japan. Stocks fluctuated in Hong Kong and mainland China as sentiment remained fragile amid tougher rhetoric from the Biden administration and Trump’s campaign. Traders are focusing on the Third Plenum ending Thursday, in which top leaders will unveil the long-term development agenda for the world’s second-largest economy. Asian equity market performance is “a mixed bag,” said Homin Lee, senior macro strategist at Lombard Odier Singapore. “Investors are in a waiting mode ahead of China’s Third Plenum and also the conclusion of the Republican National Convention where Trump could provide more concrete details on his governing agenda.”
In FX, the dollar fell as traders dissected Donald Trump’s views on FX; the pound topped $1.30 as traders pared bets on an interest-rate cut in August after stickier-than-expected inflation data. The yen rallied 1% against the dollar, reducing the need for Japanese authorities to step into the market again. In his interview, Trump also said the strength of the dollar has been hurting the competitiveness of US exports and pointing to the weakness of yen and yuan; that’s raised some speculation among strategists that he might adopt policies to reduce the value of the greenback if he takes office. Both currencies rose, with the yen climbing to 156.46 versus the greenback, outperforming major currencies, while the offshore Chinese renminbi broke through the 50 day moving average to 7.2640 per dollar.
“The one thing that China and Japan and other Asian currencies are worried about is getting a tariff target on their back,” Mark McCormick, global head of currency and emerging market strategy at TD Bank, said in an interview with Bloomberg TV. “These currencies should be stronger.”
In rates, treasuries bear-flatten as front-end yields rise around 4bp on the day with long-end little changed vs Tuesday’s close. The Treasury yield curve extends Tuesday’s flattening move, tightening 2s10s and 5s30s spreads by ~3bp. The 10-year TSY yield is around 4.17% is ~2bp higher on the day with UK 10-year cheaper by an additional 1.5bp after UK inflation came in hotter than expected. Gilts lag slightly after UK inflation data pointed to stubborn underlying price pressures and swaps traders priced in less monetary easing by the Bank of England. With higher front-end yields, some Fed easing premium leaves the market, though around 62bp by December remains priced in vs 65bp at Tuesday’s close. Treasury coupon issuance resumes with $13b 20-year reopening at 1pm; WI 20-year yield at ~4.475% is ~2bp cheaper than last month’s auction.
In commodities, crude futures were steady. Spot gold was little changed at $2,471/oz. Bitcoin climbed above $65,000.
Looking at today’s calendar, US economic data slate includes June housing starts (8:30am) and industrial production (9:15am). Fed members scheduled to speak include Barkin (9am) and Waller (9:35am). Fed releases latest Beige book at 2pm.
Market Snapshot
- S&P 500 futures down 0.8% to 5,671.50
- STOXX Europe 600 down 0.6% to 514.37
- MXAP up 0.4% to 187.66
- MXAPJ little changed at 581.85
- Nikkei down 0.4% to 41,097.69
- Topix up 0.4% to 2,915.21
- Hang Seng Index little changed at 17,739.41
- Shanghai Composite down 0.5% to 2,962.86
- Sensex little changed at 80,716.55
- Australia S&P/ASX 200 up 0.7% to 8,057.90
- Kospi down 0.8% to 2,843.29
- German 10Y yield little changed at 2.41%
- Euro up 0.2% to $1.0916
- Brent Futures up 0.3% to $83.97/bbl
- Gold spot up 0.2% to $2,474.38
- US Dollar Index down 0.31% to 103.94
Top Overnight News
- The US is said to be considering its most severe trade restrictions yet on China’s chips access. The Biden administration told allies it may impose controls on foreign-made products that use American technology, if companies continue to allow China to access advanced technology. BBG
- ASML shares dropped the most since October 2022 on the risk of tougher trade curbs. Its orders outlook for the third quarter missed estimates, while second-quarter bookings beat. Tokyo Electron fell the most in three months. BBG
- Fed’s Williams (voter) says the Fed is closer but not ready to cut; a rate cut will be appropriate in the coming months; more data will help provide confidence on inflation; seeing broad-based declines in inflation: WSJ.
- US President Biden is set to announce support for major Supreme Court changes, while proposals could include term limits and an enforceable ethics code: Washington Post.
- Former US President Trump said “Trumponomics” equates to low interest rates and tariffs, while he said he would not seek to remove Fed Chair Powell before his term ends and would consider JPMorgan CEO Dimon to serve as Treasury Secretary. Furthermore, he said the Fed should abstain from cutting rates before the November election and wants to bring the corporate tax rate to as low as 15%: Bloomberg Businessweek interview.
- UK CPI runs slightly hot in June, coming in +2% headline (vs. the Street +1.9% and vs. +2% in May), +3.5% core (vs. the Street +3.4% and vs. +3.5% in May), and +5.7% services (vs. the Street +5.6% and vs. +5.7% in May). RTRS
- Bank of America is putting more money and balance-sheet resources behind its trading business, according to Chief Executive Officer Brian Moynihan. “You are seeing much more stability” in sales and trading, with back-to-back quarters of more than $1 billion in profit, Moynihan. “We will keep giving them more — risk-weighted assets, balance sheet, capital and investments in technology — because that is obviously a very expensive business to run from a day-to-day basis,” Moynihan said. BBG
- Donald Trump said he’d allow Jerome Powell to serve out his term if he wins the election, and warned the Fed shouldn’t cut rates before November. In a Businessweek interview conducted in late June, he also said he’d bring the corporate tax rate to as low as 15% and consider JPMorgan’s Jamie Dimon for Treasury secretary, and was cool to the idea of defending Taiwan from Chinese aggression. BBG
- Atlas Capital Group secured a construction loan worth nearly $1B to build a pair of residential towers in downtown NYC, the largest such deal in the city since COVID. NY Post
- Fundraising groups aligned with Donald Trump raised more than $400mn for his presidential election campaign between April and June — a record second-quarter haul that almost matches the sums raised during his entire 2016 campaign. FT
- Amazon’s advertising portal for merchants briefly crashed, disrupting Prime Day. Sales climbed almost 12% in the first seven hours of the event versus last year, according to Momentum Commerce. BBG
- Five Below issued a downside preannouncement (it sees Q2 comps down 6-7% vs. the Street -4.6% w/EPS of 53-56c vs. the Street 63c) and says its CEO is stepping down. RTRS
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mixed despite the positive handover from Wall St where the S&P 500 and DJIA extended to fresh record highs following better-than-expected Retail Sales data, as China trade frictions and tariff threats clouded over Asia-Pac sentiment. ASX 200 gained with notable strength in gold-related stocks after the precious metal rose to a fresh record level, while the mining sector is positive but with upside capped amid indecision in BHP despite posting better-than-expected quarterly iron ore output. Nikkei 225 gradually reversed its initial advances with trade restrained by a lack of drivers and a quiet calendar aside from the monthly Reuters Tankan survey which showed an improvement in large manufacturers’ sentiment. Hang Seng and Shanghai Comp. were lacklustre amid tariff fears and trade frictions after Trump suggested 60%-100% tariffs on China, while the Biden administration is to issue a proposed rule on Chinese connected vehicles in about a month and warned allies of stricter trade rules in the China chip crackdown.
Top Asian News
- PBoC reportedly questions banks on bond holdings in a push to cool the rally, according to Bloomberg.
- US reportedly warned allies of stricter trade rules in the China chip crackdown with the US mulling whether to impose the Foreign Direct Product Rule, while US restriction would hit technology from Tokyo Electron (8035 JT) and ASML (ASML NA), according to Bloomberg.
- Former US President Trump said he no longer plans to ban TikTok, while he wants new tariffs for China of between 60%-100% and would impose a 10% tariff on imports from other countries, according to a Bloomberg interview.
- Japan’s Outgoing Top Currency Diplomat Kanda says will respond appropriately to excessive FX moves, via Kyodo; if speculators cause excessive moves, “we have no choice but to respond appropriately”. In close contact with other countries’ authorities, there has been no criticism.
- Traders suspect Japanese intervention could be behind the surge in JPY, according to Reuters
European bourses, Stoxx 600 (-0.5%) are almost entirely in the red, with sentiment hit after ASML (-6.6%) reported Q2 earnings, which has significantly weighed on the AEX (-0.9%) and more notably on the tech-heavy NQ. Updates from Maersk also factor, Co. noted that Red Sea disruptions have extended beyond far-east Europe. European sectors hold a strong negative bias, with Tech the clear underperformer, dragged down by ASML weakness. Consumer Products were initially the best-performing sector, propped up by post-earning gains in Adidas; but the sector is now flat. US Equity Futures (ES -0.7%, NQ -1.3%, RTY U/C) are entirely in the red, with clear underperformance in the tech-heavy NQ, in reaction to the ASML results; Nvidia (-3.1%), AMD (-3%), Broadcom (-3.1%). The RTY remains fairly resilient to the selling pressure.
Top European News
- ASML (ASML NA) – Q2 (EUR): Revenue 6.24bln (exp. 6.03bln), Net Income 1.58bln (exp. 1.44bln), Bookings 5.57bln (exp. 4.41bln), EPS 4.01 (exp. 3.68). Q3 Outlook Revenue 6.7-7.3bln (exp. 7.66bln). CEO: currently see strong developments in AI, driving most of the industry recovery and growth, ahead of other market segments.
- Maersk (MAERSKB DC) said the Red Sea disruptions have extended beyond far-east Europe routes to the entire ocean network; Asian exports are more impacted than Asian imports by the ongoing situation in the Red Sea
FX
- DXY is firmly below 104 and at its lowest level since 21st March with the USD hit by a combination of strength in low yielders as carry trades are unwound and a strong NZD and GBP post-CPI. Thereafter, commentary from Fed’s Williams who noted the “Fed is closer but not ready to cut”, helped to prop up DXY from a 103.67 base.
- EUR/USD is lifted by the pull back in the USD with the dollar very much the dominant force for the pair. EZ fundamentals are lacking ahead of tomorrow’s ECB; EUR/USD has been as high as 1.0944; next target is the March 14th peak at 1.0954.
- GBP is firmer in the wake of UK inflation data which came in above expectations**; services inflation is markedly above the MPC’s expectation. Cable above 1.30 for the first time since July 19th.
- JPY is the best performer across the majors with USD/JPY now down as low as 156.11 vs. the session high at 158.61. This follows on from a broader move triggered last week by comments from Powell, soft US CPI and Japanese intervention. Some desks are attributing today’s aggressive price action to a reassessment of the JPY’s role as a funding currency alongside the pullback in US yields, which could also have broader implications for high yielders; whilst Reuters suggests intervention could be playing a role.
- NZD performing well despite a miss on both QQ and YY headline inflation with some desks noting the strength in non-tradeable inflation. After an initial dip to a multi-month low at 0.6041, the pair has managed to eclipse yesterday’s 0.6079 high.
- USD/CHF has slipped today to 0.8875, in fitting with the broader unwind of carry trades.
- PBoC set USD/CNY mid-point at 7.1318 vs exp. 7.2630 (prev. 7.1328).
Fixed Income
- USTs are directionally in-fitting with peers but with magnitudes more contained so far, holding just below Wednesday’s 111-13+ peak having been within half a tick overnight and around three shy in the European morning. A modest hawkish reaction was seen following commentary from Fed’s Williams, who noted that “the Fed is closer but not ready to cut”.
- Bunds saw two way action on the UK CPI (more below) but was ultimately softer and printed a 132.35 base, around 14 ticks below opening levels. Thereafter, a deterioration in the broader risk tone was seen and potentially driven by ASML (strong numbers, however Q3 guidance soft & China exposure), Trump tariff talk overnight and an update from Maersk around increasing Red Sea disruptions.
- An essentially unchanged open for Gilts after a sticky UK CPI release. Data which lessens but does not entirely remove the possibility of an August cut; a narrative which, alongside participants waiting for Thursday’s wages. 2029 DMO tap was robust, but not quite as strong as the prior tap, which briefly weighed on Gilts by a couple of ticks.
- UK sells GBP 4bln 4.125% 2029 Gilt: b/c 3.1x (prev. 3.59x), average yield 4.023% (prev. 4.083%), tail 0.9bps (prev. 0.3bps)
- Germany sells EUR 0.824bln vs exp. EUR 1bln 2.50% 2054 Bund and EUR 0.808bln vs exp. EUR 1.5bln 0.00% 2052 Bund.
Commodities
- Initially firmer but then reversed amid the broader risk aversion, though the initial upside were seemingly as a function of the weaker Dollar coupled with the heightened geopolitical landscape after Former President Trump flagged a hawkish policy towards China. Brent September currently holds around USD 83.60/bbl.
- Mixed trade across precious metals with outperformance seen in spot palladium while spot silver is the clear laggard. Spot gold ekes mild gains following yesterday’s rise to fresh ATHs at USD 2,482.42/oz as the yellow metal zeros in on USD 2,500/oz.
- Base metals trade mostly firmer despite the broader risk aversion following back-to-back sessions of losses amid China woes earlier in the week. In more recent trade, the complex is seemingly propped up by the softer Dollar.
- US Private Inventory Data (bbls): Crude -4.4mln (exp. +1mln), Distillate +4.9mln (exp. -0.5mln), Gasoline +0.4mln (exp. -1.7mln), Cushing -0.7mln.
- Russia plans to make extra crude production cuts to compensate for pumping above its OPEC+ quota in the warm seasons of this year and next, according to Bloomberg sources.
- Antofagasta (ANTO LN) Q2’24 Production report: quarterly production +20%, FY production exp. in lower end of guidance range of 670-710k tonnes. Gold Production 33,600 ounces.
Geopolitics: Middle East
- Israeli media reported more than 80 rockets were fired from Lebanon on Tuesday night, according to Sky News Arabia.
- Lebanon’s Hezbollah chief says Israel persistence in targeting civilians will push Lebanon to target “new colonies” that were not previously targeted.
Geopolitics: Other
- Russian Deputy PM Novak says the latest EU sanctions targeting Russia’s LNG industry are illegal, according to TASS.
- Hungarian Foreign Minister said efforts are being made to hold a second peace conference on Ukraine this year, according to RIA.
- Japan is making the final arrangement to contribute USD 3.3bln to Ukraine aid using frozen Russian assets which is about 6% of the total G7 package, according to Kyodo.
- Former US President Trump said Taiwan should pay the US for protection from China and that he is at best lukewarm about standing up to Chinese aggression, according to a Bloomberg interview. It was later reported that Taiwan’s Premier said regarding the Trump interview that the relationship between Taiwan and the US is very firm, while he added that peace and stability of the Taiwan Strait and the Indo-Pacific region are our common responsibility and that Taiwan is willing to take on more responsibility.
US Event Calendar
- 07:00: July MBA Mortgage Applications 3.9%, prior -0.2%
- 08:30: June Housing Starts, est. 1.3m, prior 1.28m
- June Building Permits, est. 1.4m, prior 1.39m, revised 1.4m
- 09:15: June Capacity Utilization, est. 78.4%, prior 78.7%, revised 78.2%
- June Manufacturing (SIC) Production, est. 0.1%, prior 0.9%
- June Industrial Production MoM, est. 0.3%, prior 0.9%, revised 0.7%
- 14:00: Federal Reserve Releases Beige Book
DB’s Jim Reid concludes the overnight wrap
Rotation is the key word in financial markets at the moment as the leadership of the US market has very rapidly shifted away from the Mag-7 to the wider market. This trend is only a few days old but so far its been done without any damage to the overall market as last night the S&P 500 (+0.64%) closed at its 38th all-time high of 2024 so far, having now risen for 10 of the last 11 sessions. A further rise today would be the first 11 out of 12 run since April 2019. Zooming out the S&P 500 has risen for 28 out of the last 37 weeks, the best such streak in 35 years.
The small-cap Russell 2000 (+3.50%) reached another two-and-a-half year high, with a massive +11.54% increase seen over the last week alone, its largest 5-day gain since April 2020. This strength has been spread across many sectors, including those that have struggled in recent times, with the KBW Regional Banking Index up +14.88% in the last week alone. In this period the Mag-7 is down -2.68% and was -0.43% lower yesterday. The YTD price outperformance of the Mag-7 versus the Russell 2000 has thus narrowed from nearly 50pp a week ago (+49% vs 0% respectively) to about 33pp now (+45% vs +12%).
The equal-weighted S&P 500 (+1.74%) also closed at an all-time high last night, surpassing its previous record back in March and marking its best 5-day outperformance over the market-cap weighted S&P 500 since 2020. Our CoTD on Friday (link here) looked at how unloved sectors can rocket once a rotation away from tech occurs and yesterday’s (link here) looked at the stretched positioning for Mega Cap Growth and Tech versus the rest and plotted this against earnings growth. Our strategists think the earnings gap will narrow sharply into year-end which will influence the respective positioning. So rotation is indeed the word du jour. Yesterday did show that overall markets have to be slightly careful of the rotation trade as heavyweights Nvidia (-1.62%), Microsoft (-0.98%), Meta (-1.28%) and Alphabet (-1.40%) were all notably lower. For now having 446 S&P 500 advancers on the session meant that these losses could be absorbed.
For the most part, sentiment was supported by the retail sales data, which showed headline retail sales were unchanged in June (vs. -0.3% expected). The details were also pretty good, as the measure excluding autos had its fastest growth in 3 months at +0.4% (vs. +0.1% expected), and there were positive revisions to the May number as well. In turn, that led to growing optimism about the Q2 GDP release next week, and the Atlanta Fed’s GDPNow estimate now sees growth coming in at an annualised rate of +2.5%. It got as low as +1.5% on July 3.
Admittedly, that strength in retail sales did work against the other main theme at the moment, which is the growing anticipation about rate cuts. But ultimately, near-term expectations for rate cuts didn’t shift too much, as the positive retail sales data wasn’t enough to push back against the other data over recent weeks, and futures are still fully pricing in a rate cut by the Fed’s September meeting. Those expectations for rate cuts got some support yesterday from commodity price moves, with Brent crude oil prices (-1.28%) falling back to a one-month low of $83.76/bbl. In addition, Canada’s CPI also surprised on the downside in June, coming in at +2.7% (vs. +2.8% expected).
Altogether a lower yield narrative dominated, as 1 0yr US yields (-7.1bps to 4.16%) closed at their lowest level in 4 months with a temporary 4bps intra-day sell-off after retail sales not holding. And 2yr yields fell to a 5-month low (-4.1bps to 4.42%). The rally in Treasuries was helped along by dovish-leaning comments from Fed Governor Kugler who said that “continued rebalancing [in the labour market] suggests that inflation will continue to move down toward our 2% target”. Meanwhile, with the strong US data doing little to damage rate cut hopes, gold prices (+1.19%) also closed at an all-time nominal high of $2,459/oz.
Overnight a Bloomberg interview with Trump has come out with the former President highlighting that he would allow Powell to serve out his term as Fed Chair (until 2026) and that he believes tariffs are great economically and great as a negotiating tool with other countries.
Back to markets and sovereign bonds also rallied in Europe yesterday, with attention now increasingly shifting to the ECB’s decision tomorrow, and yields on 10yr bunds (-4.6bps), OATs (-3.2bps) and BTPs (-4.7bps) all fell back. However, there were fresh losses for European equities, with the STOXX 600 (-0.28%), the DAX (-0.39%) and the CAC 40 (-0.69%) all losing ground for a second day running.
This morning in Asia equity markets are mostly trading lower with the Shanghai Composite (-0.45%), the CSI (-0.20%) and the Hang Seng (-0.10%) all dipping. Elsewhere, the KOSPI (-0.22%) is also losing ground while the Nikkei (+0.08%) is trading just above flat. Meanwhile, the S&P/ASX 200 (+0.98%) is notably outperforming reaching an all-time high. S&P 500 (-0.13%) and NASDAQ 100 (-0.26%) futures are pausing for breath in Asia hours and Treasury yields have edged up a bit.
Early morning data showed that New Zealand’s Q2 CPI rose +3.3% y/y against +3.4% expected and slowing from the prior quarter’s +4.0%.
Looking forward, attention will be on the UK today, as the CPI release is coming out shortly after we go to press. That’s an important one for the Bank of England, as current market pricing is saying there’s a 49% chance of a rate cut at the next meeting, so this could well be an important piece of data in tilting that balance either way. Elsewhere in the UK, we’ve also got the State Opening of Parliament happening today, where the King’s Speech will outline the new government’s legislative agenda for the upcoming parliamentary session.
Otherwise, the IMF updated their growth forecasts yesterday, which painted a broadly similar picture for the global economy relative to three months ago. For this year, they still see global growth at +3.2%, and the 2025 number was revised up a tenth to +3.3%. That said, there were some bigger moves at the country level, and several emerging markets saw decent upgrades. That included China, where growth in both 2024 and 2025 was revised up four-tenths, and they now forecast growth of +5.0% in 2024 and +4.5% in 2025. India’s growth was also revised up two-tenths this year to +7.0%.
Finally on yesterday’s other data, the German ZEW survey came in a bit stronger than expected in July, with the current situation up to a one-year high of -68.9 (vs. -74.8 expected). However, the expectations component did fall to 41.8 (vs. 41.0 expected), which ended a run of 11 consecutive monthly gains. Meanwhile in the US, the NAHB’s housing market index fell to a seven-month low of 42 in July (vs. 43 expected).
To the day ahead now, and data releases include the UK CPI print for June, US industrial production, capacity utilisation, housing starts and building permits for June. From central banks, we’ll hear from the Fed’s Barkin and Waller, and the Fed will also be releasing their Beige Book. Finally in the political sphere, the King’s Speech is taking place in the UK, where the government will announce their legislative agenda.
2B EUROPE OPENING/TRADING
ASML earnings hit the Tech-heavy NQ, DXY slips as JPY surges & GBP breaches 1.30 – Newsquawk US Market Open
WEDNESDAY, JUL 17, 2024 – 06:38 AM
- European equities almost entirely in the red with sentiment hit following ASML earnings; results which has led to significant NQ weakness
- Dollar is weaker and slips to 103.70, carry trade unwinding seen with significant strength in JPY & CHF, GBP climbs past 1.30
- Fixed complex is rangebound, with Bunds underpinned but USTs capped near Tuesday’s best into supply
- Crude is incrementally firmer, initially catching a bid amid the weaker Dollar, a move which also helped to prop up XAU
- Looking ahead, US Industrial Production & Building Permits, Comments from Fed’s Barkin & Waller, Supply from the US, Earnings from Johnson & Johnson, US Bancorp & United Airlines.
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EUROPEAN TRADE
EQUITIES
- European bourses, Stoxx 600 (-0.5%) are almost entirely in the red, with sentiment hit after ASML (-6.6%) reported Q2 earnings, which has significantly weighed on the AEX (-0.9%) and more notably on the tech-heavy NQ. Updates from Maersk also factor, Co. noted that Red Sea disruptions have extended beyond far-east Europe.
- European sectors hold a strong negative bias, with Tech the clear underperformer, dragged down by ASML weakness. Consumer Products were initially the best-performing sector, propped up by post-earning gains in Adidas; but the sector is now flat.
- US Equity Futures (ES -0.7%, NQ -1.3%, RTY U/C) are entirely in the red, with clear underperformance in the tech-heavy NQ, in reaction to the ASML results; Nvidia (-3.1%), AMD (-3%), Broadcom (-3.1%). The RTY remains fairly resilient to the selling pressure.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- DXY is firmly below 104 and at its lowest level since 21st March with the USD hit by a combination of strength in low yielders as carry trades are unwound and a strong NZD and GBP post-CPI. Thereafter, commentary from Fed’s Williams who noted the “Fed is closer but not ready to cut”, helped to prop up DXY from a 103.67 base.
- EUR/USD is lifted by the pull back in the USD with the dollar very much the dominant force for the pair. EZ fundamentals are lacking ahead of tomorrow’s ECB; EUR/USD has been as high as 1.0944; next target is the March 14th peak at 1.0954.
- GBP is firmer in the wake of UK inflation data which came in above expectations**; services inflation is markedly above the MPC’s expectation. Cable above 1.30 for the first time since July 19th.
- JPY is the best performer across the majors with USD/JPY now down as low as 156.11 vs. the session high at 158.61. This follows on from a broader move triggered last week by comments from Powell, soft US CPI and Japanese intervention. Some desks are attributing today’s aggressive price action to a reassessment of the JPY’s role as a funding currency alongside the pullback in US yields, which could also have broader implications for high yielders; whilst Reuters suggests intervention could be playing a role.
- NZD performing well despite a miss on both QQ and YY headline inflation with some desks noting the strength in non-tradeable inflation. After an initial dip to a multi-month low at 0.6041, the pair has managed to eclipse yesterday’s 0.6079 high.
- USD/CHF has slipped today to 0.8875, in fitting with the broader unwind of carry trades.
- PBoC set USD/CNY mid-point at 7.1318 vs exp. 7.2630 (prev. 7.1328).
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- USTs are directionally in-fitting with peers but with magnitudes more contained so far, holding just below Wednesday’s 111-13+ peak having been within half a tick overnight and around three shy in the European morning. A modest hawkish reaction was seen following commentary from Fed’s Williams, who noted that “the Fed is closer but not ready to cut”.
- Bunds saw two way action on the UK CPI (more below) but was ultimately softer and printed a 132.35 base, around 14 ticks below opening levels. Thereafter, a deterioration in the broader risk tone was seen and potentially driven by ASML (strong numbers, however Q3 guidance soft & China exposure), Trump tariff talk overnight and an update from Maersk around increasing Red Sea disruptions.
- An essentially unchanged open for Gilts after a sticky UK CPI release. Data which lessens but does not entirely remove the possibility of an August cut; a narrative which, alongside participants waiting for Thursday’s wages. 2029 DMO tap was robust, but not quite as strong as the prior tap, which briefly weighed on Gilts by a couple of ticks.
- UK sells GBP 4bln 4.125% 2029 Gilt: b/c 3.1x (prev. 3.59x), average yield 4.023% (prev. 4.083%), tail 0.9bps (prev. 0.3bps)
- Germany sells EUR 0.824bln vs exp. EUR 1bln 2.50% 2054 Bund and EUR 0.808bln vs exp. EUR 1.5bln 0.00% 2052 Bund.
- Click for a detailed summary
COMMODITIES
- Initially firmer but then reversed amid the broader risk aversion, though the initial upside were seemingly as a function of the weaker Dollar coupled with the heightened geopolitical landscape after Former President Trump flagged a hawkish policy towards China. Brent September currently holds around USD 83.60/bbl.
- Mixed trade across precious metals with outperformance seen in spot palladium while spot silver is the clear laggard. Spot gold ekes mild gains following yesterday’s rise to fresh ATHs at USD 2,482.42/oz as the yellow metal zeros in on USD 2,500/oz.
- Base metals trade mostly firmer despite the broader risk aversion following back-to-back sessions of losses amid China woes earlier in the week. In more recent trade, the complex is seemingly propped up by the softer Dollar.
- US Private Inventory Data (bbls): Crude -4.4mln (exp. +1mln), Distillate +4.9mln (exp. -0.5mln), Gasoline +0.4mln (exp. -1.7mln), Cushing -0.7mln.
- Russia plans to make extra crude production cuts to compensate for pumping above its OPEC+ quota in the warm seasons of this year and next, according to Bloomberg sources.
- Antofagasta (ANTO LN) Q2’24 Production report: quarterly production +20%, FY production exp. in lower end of guidance range of 670-710k tonnes. Gold Production 33,600 ounces.
- Click for a detailed summary
NOTABLE DATA RECAP
- UK CPI YY (Jun) 2.0% vs. Exp. 1.9% (Prev. 2.0%); Services YY (Jun) 5.7% vs. Exp. 5.60% (Prev. 5.70%)
- UK CPI MM (Jun) 0.1% vs. Exp. 0.1% (Prev. 0.3%); Services MM (Jun) 0.6% vs. Exp. 0.40% (Prev. 0.60%)
- UK Core CPI YY (Jun) 3.5% vs. Exp. 3.5% (Prev. 3.5%); MM (Jun) 0.2% vs. Exp. 0.1% (Prev. 0.5%)
- ONS May UK House Prices +2.2% Y/Y (prev. +1.3% in Apr)
- EU HICP Final YY (Jun) 2.5% vs. Exp. 2.5% (Prev. 2.5%)
NOTABLE EUROPEAN HEADLINES
- ASML (ASML NA) – Q2 (EUR): Revenue 6.24bln (exp. 6.03bln), Net Income 1.58bln (exp. 1.44bln), Bookings 5.57bln (exp. 4.41bln), EPS 4.01 (exp. 3.68). Q3 Outlook Revenue 6.7-7.3bln (exp. 7.66bln). CEO: currently see strong developments in AI, driving most of the industry recovery and growth, ahead of other market segments.
- Maersk (MAERSKB DC) said the Red Sea disruptions have extended beyond far-east Europe routes to the entire ocean network; Asian exports are more impacted than Asian imports by the ongoing situation in the Red Sea.
NOTABLE US HEADLINES
- Fed’s Williams (voter) says the Fed is closer but not ready to cut; a rate cut will be appropriate in the coming months; more data will help provide confidence on inflation; seeing broad-based declines in inflation, via WSJ. The labour market is not weak. Williams pushes back against concerns that bringing inflation back to 2% would be more difficult than it had been so far. Even if the Fed starts to lower rates, they would remain at a setting that still restrains economic activity. Last three months of data are getting the Fed closer to the disinflationary trends the Fed is looking for. The current rate stance is appropriate to achieve goals.
- US President Biden is set to announce support for major Supreme Court changes, while proposals could include term limits and an enforceable ethics code, according to The Washington Post.
- Former US President Trump said “Trumponomics” equates to low interest rates and tariffs, while he said he would not seek to remove Fed Chair Powell before his term ends and would consider JPMorgan CEO Dimon to serve as Treasury Secretary. Furthermore, he said the Fed should abstain from cutting rates before the November election and wants to bring the corporate tax rate to as low as 15%, according to a Bloomberg Businessweek interview.
- Elevance Health (ELV) Q2 2024 (USD): EPS 10.12 (exp. 10.01), Revenue 43.20bln (exp. 43.05bln). FY EPS view 37.20 (exp. 37.28), FY Revenue view (exp. 172.bln).
- Capital One Financial (COF) pledges USD 265bln to lending and philanthropy in the scenario that the Discovery Financial (DFS) deal goes through
GEOPOLITICS
MIDDLE EAST
- Israeli media reported more than 80 rockets were fired from Lebanon on Tuesday night, according to Sky News Arabia.
- Lebanon’s Hezbollah chief says Israel persistence in targeting civilians will push Lebanon to target “new colonies” that were not previously targeted.
OTHER
- Russian Deputy PM Novak says the latest EU sanctions targeting Russia’s LNG industry are illegal, according to TASS.
- Hungarian Foreign Minister said efforts are being made to hold a second peace conference on Ukraine this year, according to RIA.
- Japan is making the final arrangement to contribute USD 3.3bln to Ukraine aid using frozen Russian assets which is about 6% of the total G7 package, according to Kyodo.
- Former US President Trump said Taiwan should pay the US for protection from China and that he is at best lukewarm about standing up to Chinese aggression, according to a Bloomberg interview. It was later reported that Taiwan’s Premier said regarding the Trump interview that the relationship between Taiwan and the US is very firm, while he added that peace and stability of the Taiwan Strait and the Indo-Pacific region are our common responsibility and that Taiwan is willing to take on more responsibility.
CRYPTO
- Bitcoin climbs and holds above USD 65k, whilst Ethereum gains but still yet to firmly breach USD 3.5k.
APAC TRADE
- APAC stocks were mixed despite the positive handover from Wall St where the S&P 500 and DJIA extended to fresh record highs following better-than-expected Retail Sales data, as China trade frictions and tariff threats clouded over Asia-Pac sentiment.
- ASX 200 gained with notable strength in gold-related stocks after the precious metal rose to a fresh record level, while the mining sector is positive but with upside capped amid indecision in BHP despite posting better-than-expected quarterly iron ore output.
- Nikkei 225 gradually reversed its initial advances with trade restrained by a lack of drivers and a quiet calendar aside from the monthly Reuters Tankan survey which showed an improvement in large manufacturers’ sentiment.
- Hang Seng and Shanghai Comp. were lacklustre amid tariff fears and trade frictions after Trump suggested 60%-100% tariffs on China, while the Biden administration is to issue a proposed rule on Chinese connected vehicles in about a month and warned allies of stricter trade rules in the China chip crackdown.
NOTABLE ASIA-PAC HEADLINES
- PBoC reportedly questions banks on bond holdings in a push to cool the rally, according to Bloomberg.
- US reportedly warned allies of stricter trade rules in the China chip crackdown with the US mulling whether to impose the Foreign Direct Product Rule, while US restriction would hit technology from Tokyo Electron (8035 JT) and ASML (ASML NA), according to Bloomberg.
- Former US President Trump said he no longer plans to ban TikTok, while he wants new tariffs for China of between 60%-100% and would impose a 10% tariff on imports from other countries, according to a Bloomberg interview.
- Japan’s Outgoing Top Currency Diplomat Kanda says will respond appropriately to excessive FX moves, via Kyodo; if speculators cause excessive moves, “we have no choice but to respond appropriately”. In close contact with other countries’ authorities, there has been no criticism.
- Traders suspect Japanese intervention could be behind the surge in JPY, according to Reuters
DATA RECAP
- New Zealand CPI QQ (Q2) 0.4% vs. Exp. 0.5% (Prev. 0.6%); YY (Q2) 3.3% vs. Exp. 3.4% (Prev. 4.0%)
- New Zealand Q2 CPI Non-Tradeable rose 5.4% Y/Y.
- RBNZ Sectoral Factor Model Inflation Index (Q2) 3.6% (Prev. 4.2%)
2e) JAPAN
JAPAN
3 CHINA
CHINA/THE GLOBE
This sparked a global semiconductor sell off
(zerohedge)
US Officials Consider Severe Chip Crackdown On China, Sparking Global Semiconductor Sell-Off
WEDNESDAY, JUL 17, 2024 – 08:00 AM
The Biden administration is considering imposing the strictest trade restrictions available if companies like Tokyo Electron and ASML Holding continue providing China with advanced semiconductor technology, according to a Bloomberg News report. This headline sparked risk-off sentiment across Japan, Europe, and the US markets.
Seeking leverage with allies, the US is mulling whether to impose a measure called the foreign direct product rule, or FDPR, said people familiar with recent discussions. -BBG
FDPR was first introduced in the late 1950s to regulate the transfer of foreign-made products utilizing US technology, software, or equipment. The rule gives the Department of Commerce’s Bureau of Industry and Security the power to control the reexport and transfer of these items.
“Such a step — seen by allies as draconian — would be used to clamp down on business in China by Japan’s Tokyo Electron and the Netherlands’ ASML, which make chipmaking machinery that’s vital to the industry,” Bloomberg said, adding, sources said US officials are currently talking with their counterparts in Hague and Tokyo about FDPR maneuvers.
In markets, chip stocks tumbled, with Nikkei heavyweight Tokyo Electron sinking 7.5%. Even earnings from the Dutch semiconductor ASML were not enough to reverse losses, down 8%, sending tech shares lower across Europe.
In the US, Nvidia was down 4%, Advanced Micro Devices and Broadcom lost more than 3%, Apple 2%, and Intel half a percent in premarket trading.
According to analysts, the news overshadowed ASML’s better-than-expected orders in the second quarter, which had bolstered confidence that the firm’s upper end of its 2025 sales guidance is attainable. Citi and JPMorgan noted that a high proportion of bookings recorded by logic customers suggests that TSMC is likely to place more orders.
Citi analyst Andrew Gardiner told clients, “The geopolitical angle, however, is likely to be in more focus today than results, with Bloomberg reporting the US is pressing for additional restrictions on ASML,” adding, “Pressure is building to restrict service activity on the installed base.”
Shares of ASML tumble to a near two month low.
This comes as price momentum in the MSCI World Semiconductor and Semiconductor Equity Group Index has stalled since mid-June.
Here’s more from Bloomberg:
The administration is in a tenuous position. US companies feel that restrictions on exports to China have unfairly punished them and are pushing for changes. Allies, meanwhile, see little reason to alter their policies when the US presidential election is just a few months away.
The goal is to persuade allies, who have already restricted some shipments of key equipment, to limit their companies’ ability to service and repair restricted gear that’s already in China — which US firms are barred from doing. The US is also weighing additional sanctions on specific Chinese chip companies, Bloomberg reported earlier.
Chinese Foreign Ministry spokesman Lin Jian responded to the report at a regular press briefing in Beijing, indicating that the US “politicized trade and the concept of national security.”
Meanwhile, the three largest US chip equipment manufacturers—Lam Research, Applied Materials, and KLA—have expressed deep concerns with US officials that current restrictive trade policies are backfiring. According to sources citing the US chip firms, these policies harm American semiconductor companies while failing to stop China’s technological advancements.
end
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
GERMANY
Germany launches a massive crackdown on right wing press freedom with a raid on Compact Magazine](Remix)
German Govt Launches Massive Crackdown On (Right Wing) Press Freedom
WEDNESDAY, JUL 17, 2024 – 02:00 AM
In what may be the most aggressive move against press freedom since the Second World War, Germany has banned Compact Magazine and had over 200 police officers raid the office and home of the publisher, Jürgen Elsässer, along with the homes of other employees and financial backers.
At 6:00 a.m., masked German police officers raided the home of Elsässer and confiscated hard drives and assets. The magazine has a large readership in Germany and a Youtube channel with millions of views and over 300,000 subscribers. The website and its social media channels have now been erased from the web.
Far-left German Interior Minister Nancy Faeser took to X to celebrate the banning of the publication, which she says she personally ordered.
“Today, I banned the right-wing extremist ‘COMPACT Magazine.’ It agitates in an unspeakable way against Jews, against Muslims and against our democracy. Our ban is a hard blow against the right-wing extremist scene,” she wrote.
While speaking about the incident, she stated:
“We will not allow ethnic definitions of who belongs to Germany and who does not. Our constitutional state protects all those who are persecuted because of their faith, their origin, their skin color or their democratic stance.”
Massive crackdown on the press in Germany In what may be the most aggressive move against press freedom since the Second World War, Germany has banned Compact Magazine and raided the office of the publisher, Jürgen Elsässer. The press was informed ahead of time of the raid, and was on hand to photograph Elsässer in his night robe while he was surrounded by masked police officers. The magazine has over 300,000 subscribers on Youtube and a large readership. The German government accuses it of “right-wing extremism.”
·
19.9K Views
https://twitter.com/RMXnews/status/181314877177512388
The press was informed ahead of time of the raid, and was on hand to photograph Elsässer in his night robe while he was surrounded by masked police officers. In addition, his video production company, Conspect Film GmbH was also banned.
It also marked the first time a media outlet of this size has been targeted in such an extraordinary manner,
Alternative for Germany (AfD) co-leaders, Alice Weidel and Tino Chrupalla issued a joint statement on X, writing:
“The ban on Compact magazine is a serious blow to press freedom. We are watching these events with great concern. Banning a press organ means denying discourse and diversity of opinion. A ban is always the most far-reaching step. Federal Minister of the Interior Nancy Faeser is abusing her powers to suppress critical reporting. We call on the minister to respect press freedom.”
According to Germany’s Welt, the ban came about because Compact allegedly violated the constitutional order in a “combative and aggressive manner.”
The private homes of various employees were also raided in Brandenburg, Hesse, Saxony, and Saxony-Anhalt, including the home of Elsässer in Falkensee near Berlin. In addition, financial backers of the outlet also had their properties raided and digital and personal assets confiscated.
The Nöbeditz manor of former AfD politician André Poggenburg in Stößen near Naumburg was also reportedly raided.
What is Compact Magazine?
Compact has described itself as a “magazine for sovereignty.” As Welt notes, on the magazine’s website, which has now been deleted from the web, along with its social media channels, it wrote that “It does not prescribe a political line, but rather an attitude: That is walking upright, that is the spirit of freedom and pride in our history.”
Welt, which is a mouthpiece of the rival Christian Democrats party, clearly is against the magazine, writing: “What the editors meant by this could be seen on the front pages. Compact presented its readers with doomsday scenarios and racism, conspiracy theories and agitation against politicians from the hated ‘old parties’ — and as a way out of all this misery: the AfD.”
“Compact specifically addressed right-wing extremists, conspiracy theorists and opponents of democracy with well-known narratives: of the ‘lying press’ and ‘high finance,’ of ‘corrupt politicians’ and ‘powerful puppet masters in the background’ who were deceiving them.”
However, Welt does not note how any of this is illegal or even factually incorrect, as high finance exists, there are corrupt politicians, and in the background, there are powerful people who call the shots in many different scenarios. Calling them “puppet masters” may be a theatrical take, and some may take the phrase “lying press” as a harsh term to use against journalists, but the fact that many journalists have lied or distorted the truth has been proven to be correct on many occasions.
It is hard to address many of these allegations, as the entire website has been erased from the web.
Welt also goes on to detail how Compact became highly successful during the pandemic, and was making substantial profit margins on its merchandise sales, which allowed the team to “professionalize” the media outlet’s operations.
The Office for the Protection of the Constitution (BfV) placed the publication under monitoring in 2021, and was listed as a “confirmed extremist endeavor.”
The ban is sure to be met with legal challenges, and even some on the left are questioning the legitimacy of such a ban, as it appears to violate a number of provisions on free speech guaranteed in the constitution.
German media outlet Tichys Einblick writes that “The Compact magazine undoubtedly represents right-wing extremist positions and calls for the overthrow of the government. However, Article 5 of the Basic Law also protects these radical views.”
Speaking with constitutional lawyer and former Federal Minister of Defense Rupert Scholz, he said: “Freedom of opinion enjoys such a high constitutional status that it cannot simply be undermined by an executive decision. A medium can only be banned if it represents a revolutionary position, i.e., calls for the overthrow of the existing order by force. But that would then have to lead to criminal proceedings.”
In other words, Elsässer would first have to be prosecuted and convicted before his outlet could be shut down; however, there are so far no signs that he has even been charged with anything. Nevertheless, his entire publication was targeted for closure before any criminal proceedings even began.
Scholz also stated that in his opinion, the “ethnic concept of the people” that Compact uses, which makes a distinction between ethnic Germans and those simply with German citizenship, is also “not unconstitutional” and is protected constitutional speech. He added that “Faeser’s actions are clearly unconstitutional.”
Other top lawyers took to X to write about the unprecedented raid, including, Carsten Brennecke, a lawyer in the renowned Chancellor Höcker law firm. He stated that among other things, the presence of a press photographer for the raid was clearly a criminal act.
“The Compact magazine is banned and, strangely and of course purely by chance, there are images staged for press effect of the people being attacked, taken by surprise in their private lives and presented to the press. Such ‘coincidences’ are becoming more frequent. Just think of the Reich Citizens’ raid, the search of Zumwinkel or Cardinal Woelki. Of course, leaking search dates in advance by ministries or other authorities for the purpose of self-promotion is not only potentially punishable, it also represents an unlawful infringement of the general personal rights of those affected,” Brennecke writes on X.
In addition, journalists are also pouring on the criticism, including from various mainstream papers. For instance, Zeit journalist Lars Weisbrod wrote on X. “Freedom of the press is so important. I think that in Germany a court should always decide first about banning a medium, not the Interior Minister or the Office for the Protection of the Constitution,” wrote Weisbrod. He also questioned whether such a ban is even constitutionally possible
Mal juristische Fragen beiseite: ich finde das kein gutes werbeFoto für einen liberalen rechtsstaat. Sturmhauben-cops klingeln morgens rechtsradikale Publizisten aus dem Bett und bringen gleich presse mit die möglichst peinliche Fotos davon macht? Finde ich komplett verkehrt pic.twitter.com/lrr0xw64gV— @larsweisbrod@det.social (@larsweisbrod) July 16, 2024
Faeser herself famously wrote for Antifa Magazine, which was a publication supported by the VVN-BdA, which had been classified by the Office Protection of the Constitution (BfV) as “left-wing extremist.” She wrote the article shortly before she became interior minister.
As for the publisher of Compact, the 67-year-old editor, Jürgen Elsässer, originally aligned with the far left and supposedly coined the phrase: “Never again Germany,” a popular slogan shouted at Antifa events. He wrote for a variety of left-wing parties before he took on a far more right-wing oriented world view and founded Compact in the 2010s.https://www.youtube.com/embed/yXvuJQFJCbY
5/RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL HAMAS/USA
END
ISRAEL/HAMAS
Interesting read.
(Jerusalem Post)
Yahya Sinwar is deeply in love with Benjamin Netanyahu – opinion
Bibi then played directly into Sinwar’s supple hands, making every mistake a lover can.
By CHUCK FREILICHJULY 17, 2024 00:10
There is no other way to characterize it. Hamas leader Yahya Sinwar is deeply in love with Israel’s prime minister, a love story written in blood.
For nearly a year prior to the war’s outbreak, Prime Minister Benjamin Netanyahu embroiled the country in a totally unnecessary judicial reform, focusing our national attention inward, instead of on the growing external threats to our security.
Rather than preparing for potential conflicts with Hamas, Hezbollah, and an Iran now on the nuclear threshold, the IDF and the intelligence community were overwhelmingly preoccupied with the struggle to simply keep themselves from being torn apart by the reform process. Israel’s defense leaders repeatedly warned Bibi that the political-judicial crisis was tearing apart the country’s social contract and undermining its national security. It provided the setting for the catastrophic intelligence and operational failures of October 7 that took even Sinwar by surprise. All love stories have their moment of infatuation.
Bibi then played directly into Sinwar’s supple hands, making every mistake a lover can. Rather than planning and implementing a carefully thought-out strategy with achievable objectives, he launched a headlong frontal attack against Hamas, promising more than could be delivered. The war’s objectives were defined as Hamas’s destruction, its ousting as the governing body in Gaza, and the freeing the hostages.
Had electoral considerations not been uppermost in Bibi’s mind, he would have defined the objectives more cautiously – the destruction of Hamas as a coherent military force and its weakening as a governing body paving the way for the emergence of a successor government. Had he done so, Israel could have declared victory as early as December, by which time these objectives had been achieved. We could have used the time ever since to focus on the hostages’ release.
Not that Israel’s full-on attack was not fully justified. It was. But it was also clear to anyone familiar with asymmetric warfare in densely populated areas that a large-scale campaign, lacking clearly defined objectives, would eventually stall and that Israel would be caught in an ongoing quagmire. In fact, this is precisely what happened, what Sinwar predicted and dreamed Bibi would do.
Israel, the victim, is seen as the villain
One thousand two hundred Israelis were slaughtered in an unpremeditated attack on the single worst day in Jewish history since the Holocaust, and it is Israel that has become the global villain, excoriated and blamed for overkill in Gaza, accused of genocide and the focus of international legal action. Incredibly, warrants may soon be issued for the arrest of Israel’s premier and defense minister, the first ever to be issued against leaders of a democratic state. Sinwar’s infatuation had started to become an obsession.
His ardor was further aroused by Bibi’s refusal to heed President Joe Biden’s recurring exhortation, from the war’s outset, to do everything possible to minimize humanitarian suffering and civilian casualties, thereby enabling the United States to continue providing Israel with maximum support. Instead of taking ownership of the humanitarian issue and announcing from the outset that Israel would take responsibility for the provision of all humanitarian needs, Bibi failed to heed the American advice. Israel is blamed today, falsely, as in so many other areas, for using privation and even starvation as tools of war.
SINWAR’S CONCUPISCENCE has been further inflamed by Bibi’s ongoing refusal, even now, nine months later, to define an endgame. Even Biden, the most pro-Israel president in history, has torn his hair out in frustration. The failure to define an endgame has left Israel without a realistic strategy for who will take over as the governing body in Gaza when the IDF ultimately withdraws.
Its ongoing refusal to countenance the eventual reinstatement of a “revitalized” Palestinian Authority (PA), or to provide any other realistic alternative, has ensured one of two outcomes: Either a temporarily weakened Hamas will remain in power, or Israel will end up with responsibility for over two million desperately impoverished Gazans, in addition to the self-eviscerating occupation of three million of their brethren in the West Bank. Sinwar himself could think of no better way to ensure that Israel erodes its international standing, military prowess, and societal resilience.
Remarkably, one of the outcomes of the war has been a growing rift between Israel and its all-important superpower patron, the US. In point of fact, serious difficulties in the relationship were brewing long before the war broke out, and it merely served to briefly postpone, but intensify, the moment of reckoning.
The war’s early months saw Biden put aside all other considerations and provide Israel with extraordinary strategic, military, and diplomatic support; Israel could not have asked for more.
As the fighting continued, however, with no end in sight, and the casualties mounted, American public opinion predictably began turning, primarily on the Democratic Left, whose active support is critical to Biden’s reelection. Decades of pent-up frustration and fury, primarily over Israel’s policies towards the Palestinians, but also its ongoing commitment to basic American values, and other issues, finally erupted. At the very best, the US-Israeli relationship has taken a significant hit, possibly considerably worse. To further deepen Sinwar’s now boundless love, Netanyahu decided to try to save his cratering electoral prospects at home, by once again addressing Congress and stoking partisan tensions.
Moreover, the war achieved what was probably one of Sinwar and his Iranian allies’ overarching objectives: postponement and possibly complete derailment of Saudi-Israel normalization and with it the establishment of a US-led regional military alignment against Iran and its allies.
AROUND 120 Israelis remain in Hamas captivity. Dozens of them are no longer alive. Following the initial hostage release, Bibi appears to have undercut every realistic opportunity for a further deal since then.
Time and again, his own electoral priorities – keeping his coalition together and himself in power and out of jail – have taken precedence over all other considerations. Who would ever have imagined that an Israeli premier would knowingly risk the lives of hundreds of Israeli citizens? It is not that Bibi’s intentions are malevolent; he has lost the ability to differentiate between his own interests and those of the state.
Thus, Bibi has managed to paint Sinwar as the side more avid to reach a deal. Sinwar’s love has reached new heights.
The writer is a senior fellow at the Institute for National Strategic Studies (INSS) and a former deputy national security advisor in Israel.
END
ISRAEL HAMAS
Sinwar is in the tunnels and is cut off. It is difficult to reach him
(JerusalemPost
Hamas leader Sinwar under internal pressure to accept hostage deal, CIA director says
According to a former Shin Bet official, Israel has had opportunities to strike Yahya Sinwar but has aborted that operation over fear of hitting hostages.
By SHAKED SADEHJULY 17, 2024 09:41
The CIA estimates that Hamas leader Yahya Sinwar is under pressure from those under his command to agree to a ceasefire deal and end the war with Israel, according to CIA Director Bill Burns, who reported this in a closed committee on Saturday.
Sinwar “is not worried about his death,” but he faced pressure concerning the blame that will be directed at him due to the extent of suffering in Gaza. American intelligence officials added that they believed Sinwar was hiding in underground tunnels in Khan Yunis and that he was the primary decision-maker for Hamas surrounding the decision on a ceasefire and hostage deal.
Hamas’s tactic of hiding in tunnels causes difficulties in transmitting messages to and from him on behalf of Israel, thereby slowing down the pace of talks between the two sides and hindering the progress of the deal.Following the report, Micha Kobi, a former senior Shin Bet official and Yahya Sinwar’s interrogator when the former was in Israeli prison said in a conversation with Maariv that “no one interferes with Sinwar’s decisions regarding the hostages. Despite his affiliation with Hamas, he operates independently, does not coordinate with any entity, and makes independent decisions.
“He does not listen to Hamas’s political leadership abroad, even though Ismail Haniyeh and Khaled Mashal are supposed to be the leaders and top commanders of the organization – in practice, Sinwar decides on the actions simply because he is a strong character. He does what suits him and serves his interests,” Kobi said.
Regarding the Mossad talks via Egyptian and Qatari mediators in Doha on the issue of the hostages in Gaza, Kobi explained Hamas’s conduct, saying, “The Israeli delegations to Qatar conduct talks in Doha, and Egypt and Qatar convey the content of the talks to Hamas, which then passes them on to Sinwar. All the waiting periods between conversations result from consultations with Sinwar,” he explained.
Communication difficulties between Hamas leaders create hostage deal challengesBecause Sinwar is staying in underground tunnels in Khan Yunis, cut off from communication means, access to him is almost blocked.
“To agree or refuse the deal, Sinwar’s approval is necessary – he is the actual decision-maker. Messengers are sent to the underground tunnels in Khan Yunis to reach him,” Kobi added.
“He receives the main messages through his brother, Mohammed Yahya. However, communication difficulties between Hamas leaders also create challenges in the progress of the hostage deal. Not all commanders have contact with Sinwar, and in general, they cannot communicate freely with each other, knowing that any communication means poses a danger to them and is a method for eavesdropping and surveillance,” he explained.”In the end, mainly through his brother Mohammed, Sinwar receives information and hears the messages from Doha – and he is the one who decides how matters will progress. When he wants to reorganize and replenish ammunition, he will request a ceasefire according to his interests.”Beyond the communication difficulties among Hamas commanders, their relationships are also strained.
“In recent months, the terrorist organization has experienced upheaval, and internal relations between Hamas commanders have deteriorated,” the former Shin Bet official continued. “Many commanders have been eliminated, the organization’s strategic assets have been lost, the tunnels have collapsed, and so has the civilian governance.
“All this tension leads to internal conflicts among the organization’s senior officials. Sinwar, for his part, wants to continue inflicting as much damage as possible on Israel, is not interested in negotiations with Israel, wants to remain the leader of the Strip, and aims to achieve a ceasefire to reestablish the terrorist organization in the Strip.
|However, he gets pressured when he hears about a senior commander being eliminated, knowing he could be next – and, of course, he fears that. Despite his fears, his stance does not change. He will fight to the last bullet and do everything possible to cause as many Israeli casualties as possible.”
Kobi also stated that just as the IDF has eliminated other senior Hamas commanders and reached them, they have also come close to Sinwar.”The Israeli security forces were close to Sinwar but did not act because they did not want to harm the hostages who were near him. They are essentially the card of this lone and murderous leader. They are his human shields,” he said
end
ISRAEL /HOUTHIS
ISRAEL/HAMAS
end
ISRAEL/HEZBOLLAH/LEBANON
Massive barrage by Hezbollah after Israel eliminated Syrian national
(JerusalemPost)
After massive Hezbollah barrage leaves homes burning, northern residents call on gov’t to do more
Rita Ben Yair, an evacuee from the North, told reporters the time has come to “exact a price from the state of Lebanon.”
By JERUSALEM POST STAFF, MAARIVJULY 16, 2024 23:55Updated: JULY 17, 2024 00:14
Firefighters from Israel’s Fire and Rescue Authority are working to control flames ignited in the North in Meron by launches from the Hezbollah terror group in Lebanon, Maariv reported on Tuesday night.
Between 20 and 30 launches were detected crossing from Lebanon, some of which were intercepted by Israel’s air defenses and the rest fell in open areas.
There are no casualties.
Residents of the North react to Hezbollah’s latest attack
Residents of Israel’s North, in response to the latest Hezbollah barrage, told reporters that their “house is on fire” and their “children are shaking in the beds”
Another family told reporters, “We were abandoned, I have no other words. While we are sitting like ducks in a shooting range, Netanyahu is trying to promote an agreement that will cause us more years of suffering.”
Some residents advocate for an escalated response to Hezbollah
Rita Ben Yair, an evacuee from the North who also has a leadership role in an organization advocating for citizens from and in the North, said “The time has come to change the equation, get out of the fixed patterns, and exact a price from the state of Lebanon.
“It is not possible that our houses are burning and under such a threat and Lebanon is not burning. It’s time to win this war and give peace for decades to come. We will not return with a surrender agreement.”
Matan Dodian, also a resident of the North, added “It seems that the Israeli government, and in particular the defense minister, simply does not care about us. We were abandoned, I have no other words.”
Limor Etzion, a resident of the north, further stated, “As it appears from the Lebanese side, Hezbollah is celebrating the existence of Gallant’s red line. A very heavy barrage along the entire length of the northern border is a result of the normalization of the situation.
“Tens of thousands of residents will not sleep again tonight and are in anxiety. Government of Israel, there is less than a month left for the ultimatum!”.
Shlomo Salem, a member of the Shlomi city council and one of the organizations leaders added, “Thousands of residents are under an unprecedented attack, children and parents are trembling, scared and frustrated in the shelters. How long will the policy of ‘containment’ last?
“We demand a serious and powerful attack that will shake the whole of Lebanon, and we call on the prime minister to respond in a way that has not been seen since the First Lebanon War, and to destroy the Hezbollah organization.”
end
Hezbollah claims responsibility for overnight barrage on northern Israel
Hezbollah claimed to have fired the barrage of projectiles in response to the alleged deaths of 3 Syrian children caught up in an Israeli airstrike.
By JERUSALEM POST STAFF, MAARIVJULY 17, 2024 03:05Updated: JULY 17, 2024 05:14
https://player.jpost.com/public/player.html?player=jpost&media=3741917&url=https://www.jpost.com/breaking-news/article-810623IDF, IAF fighter jets strike Hezbollah infrastructure in southern Lebanon, July 16, 2024. (IDF SPOKESPERSON’S UNIT)
Air defenses shot down some of the dozens of launches directed at the western Galilee in the early hours of Wednesday morning.
The remaining launches landed in open areas.
Sirens were sounded in Nahariya, Shlomi, Achziv, Gesher Ziv, Liman and Sa’ar.
What you are seeing is not a light show. It is our aerial defense systems working to defend our civilians against a rocket attack from Hezbollah. In the past few hours alone, Hezbollah has shot more than 50 projectiles toward Israel.
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Hezbollah, according to Ynet, claimed responsibility for the barrage on northern Israel and claimed that the attacks were in response to “the death of three Syrian children in an Israeli attack aimed at the village of Umm al-Tut.”
IDF strikes on southern Lebanon
Late on Tuesday night, the IDF confirmed that fighter jets had struck military buildings and terrorist infrastructure belonging to Hezbollah.
IAF fighter jets also attacked Hezbollah military buildings in the areas of Kfar Kila and Aita al-Sha’ab in southern Lebanon and terrorist infrastructure in the areas of Itatron and Aita al-Sha’ab in southern Lebanon.
end
ISRAEL/SYRIA
ISRAEL/HOUTHIS/RED SEA
END
end
RUSSIA/UKRAINE/USA
Ukraine demands 25 patriot batteries and more F 16’s from allies
(ReMix))
Ukraine Demands 25 Patriot Batteries & More F-16s From Its Allies
BY TYLER DURDEN
WEDNESDAY, JUL 17, 2024 – 03:30 AM
Authored by Denes Albert via ReMix News,
According to Ukrainian President Volodymyr Zelensky, his country needs more missiles and fighter planes than promised to defend its airspace.
“In order to ensure the full protection of Ukraine, in the opinion of our soldiers, we need 25 Patriot systems,” the head of state stressed at a press conference in Kyiv.
However, Zelensky did not mention how many Patriot air defense systems Ukraine currently has. He claimed that his country needs other weapons systems of different ranges and capabilities for comprehensive air defense; he also noted that at the NATO summit in Washington, Ukraine’s allies had offered five additional Patriot systems with similar capabilities.
A month earlier, during the G7 summit in Italy, he had said that at least seven Patriot systems were needed. One Patriot battery costs $1 billion, while missiles are at least $3 million apiece.
Since the start of the war on Feb. 24, 2022, Ukraine has received at least four Patriot systems.
However, according to press reports, several launch sites have been damaged or destroyed by Russian air strikes.
As for the F-16 fighter jets, Zelensky said they would be delivered in two waves, in the summer and by the end of the year. However, the Ukrainian leader acknowledged that the fighter jets alone will not change the course of the war, given the much larger Russian air force.
Zelensky also said that Russia should attend the second international peace summit, for which a date has not yet been set, after Moscow was not represented at the first such meeting in Switzerland.
END
6.COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES
WORLD EVENTS NOTEWORTHY
END
WORLD HEALTH ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
Dr. Sanjay Gupta lied to us, for 4 years, this CNN bitch lied to us for 4 years on CNN, lying, deceiving us, and now Gupta is saying Biden must have a cognitive test? Why? Because the nation SAW it so
now you can’t lie anymore? Your medical license Gupta should be stripped and you should be investigated; you knew Biden was shitting on himself yet you lied UNTIL you could not lie no more…
| DR. PAUL ALEXANDERJUL 17 |
end
SLAY NEWS
| The latest reports from Slay NewsTurbo Colon Cancer Surges 500% Among Covid-VaxxedDoctors have issued an urgent warning after a bombshell study revealed that rapidly developing “turbo” cases of colon cancer are skyrocketing among those who have been injected with Covid mRNA shots.READ MOREModerna Covid Shots Cause 30% More Deaths Than Pfizer, CDC Data ShowsOfficial data from the U.S. Centers for Disease Control and Prevention (CDC) shows that Moderna’s Covid mRNA injections are even more deadly than Pfizer’s equivalent offering.READ MOREPolice Officer Reported Man Carrying Range-Finder Outside Trump Rally 30 Minutes before Assassination AttemptA local police officer reported spotting a man carrying a ranger-finder “in or just outside” the venue for President Donald Trump’s fateful rally in Butler County, Pennsylvania on Saturday night, according to reports.READ MOREDemocrat Jan 6 Committee Chair Bennie Thompson Fires Staffer for Glorifying Trump Assassination AttemptDemocrat Rep. Bennie Thompson (D-MS) has fired one of his staff members for glorifying the attempted assassination of President Donald Trump. READ MORERussia Blames ‘Atmosphere’ of Biden Government for Assassination Attempt on TrumpRussia has weighed in on why it believes a shooter came alarmingly close to assassinating President Donald Trump over the weekend.READ MOREJan 6 Protester Asks Supreme Court to Rule on ‘Parading’ ChargeA Jan. 6 protester from Florida, who was jailed for illegal “parading,” has asked the Supreme Court to hear his appeal this week.READ MOREBiden’s Support Among Young Voters Plunges to Lowest for a Democrat since 1988Democrat President Joe Biden’s support among the youngest age group of voters has just plunged to record lows, a new poll has revealed.READ MOREElon Musk Is Pumping $45 Million PER MONTH into Pro-Trump Super PACX boss Elon Musk is donating a staggering $45 million per month to a new super political action committee (super PAC) to help re-elect President Donald Trump in November.READ MOREBiden & Democrats Smear J.D Vance as ‘Extremist’ after Trump’s VP AnnouncementThe Democrats have wasted no time in smearing Sen. J.D. Vance (R-OH) as a so-called “election denier” and “MAGA extremist” after President Donald Trump announced that the Republican senator will be his VP running mate for November.READ MORETrump Receives Private Letter from King Charles Following Assassination AttemptBritain’s King Charles III has personally reached out to President Donald Trump by sending him a private letter.READ MORE‘The View’ Uses Trump Assassination Attempt to Push Gun Control Agenda, Blames ‘White Guys’ for ShootingThe co-hosts of ABC’s “The View” weighed in on the attempted assassination of President Donald Trump but used the shocking attack to push the Democrats’ radical gun control agenda.READ MORETexas Lawmakers Demand Resignation of Democrat Rep Who Tried to Strip Trump’s Secret Service ProtectionIn the wake of the historic failed assassination of President Donald Trump, Texas state lawmakers are demanding the resignation of Rep. Jasmine Crocket (D-TX) after the Democrat congresswoman pushed to have the 45th POTUS stripped of his Secret Service protection.READ MOREHero Trump Supporter Died Shielding Family during Assassination AttemptThe hero firefighter, who was killed by assassin’s bullets that were intended for President Donald Trump, died while shielding his family at the rally in Pennsylvania.READ MORE |
The latest reports from Slay News
EVOL NEWS
| LATEST NEWS: |
NEWS ADDICTS
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7.OIL PRICES/GAS PRICES/OIL ISSUES
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0934 UP .0033
USA/ YEN 156.56 DOWN 1.78 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.3037 UP 0.0060
USA/CAN DOLLAR: 1.3671 UP .0003 (CDN DOLLAR DOWN 3 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 13.43 PTS OR 0.45%
Hang Seng CLOSED UP 11.43 PTS OR 0.06%
AUSTRALIA CLOSED UP 0.73%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 11.43 PTS OR 0.06 %
/SHANGHAI CLOSED DOWN 13.43 PTS OR 0.45%
AUSTRALIA BOURSE CLOSED UP .73%
(Nikkei (Japan) CLOSED DOWN 177.39 PTS OR 0.43%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2468.50
silver:$30.97
USA dollar index early WEDNESDAY morning: 103.45 DOWN 51 BASIS POINTS FROM TUESDAY’s CLOSE.
WEDNESDAY MORNING NUMBERS ENDS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now your closing WEDNESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.016% DOWN 0 in basis point(s) yield
JAPANESE BOND YIELD: +1.035% UP 1 AND 0/ 100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.200 DOWN 0 in basis points yield
ITALIAN 10 YR BOND YIELD 3.720 DOWN 0 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.4305 DOWN 0 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0936 UP 0.0034 OR 34 basis points
USA/Japan: 156.42 DOWN 1.948 OR YEN IS UP 195 BASIS PTS
Great Britain 10 YR RATE 4.1140 DOWN 0 BASIS POINTS //
Canadian dollar DOWN .0002 OR 2 BASIS pts to 1.3672
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan, CNY ON SHORE CLOSED UP AT 7.2606 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.2747)
TURKISH LIRA: 33.10 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +1.035…
Your closing 10 yr US bond yield UP 2 in basis points from TUESDAY at 4.1802% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.389 UP 2 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.470 UP 2 BASIS PTS.
GOLD AT 10;30 AM 2469.75
SILVER AT 10;30: 30.66
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY CLOSING TIME 12:00 PM//
London: CLOSED UP 22.56 PTS OR 0.28%
German Dax : CLOSED DOWN 80.73 PTS OR 0.44%
Paris CAC CLOSED DOWN 9.22 PTS OR 0.12 %
Spain IBEX CLOSED UP 14.70 OR 0.63%
Italian MIB: CLOSED UP 10.45 PTS OR 0.03% PTS
WTI Oil price 82.31 12EST/
Brent Oil: 84.7212:00 EST
USA /RUSSIAN ROUBLE /// AT: 88.633ROUBLE UP 0 AND 6/100
GERMAN 10 YR BOND YIELD; +2.4305 DOWN 0 BASIS PTS.
UK 10 YR YIELD: 4.1140 DOWN 0 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0938 UP 0.0036 OR 36 BASIS POINTS
British Pound: 1.3011 UP 0.0033 OR 33 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.110 UP 3 BASIS PTS//
JAPAN 10 YR YIELD: 1.035
USA dollar vs Japanese Yen: 156,09 DOWN 2.22 YEN UP 222 BASIS PTS//
USA dollar vs Canadian dollar: 1.3685 UP 0015 //CDN dollar DOWN 15 BASIS PTS
West Texas intermediate oil: 82.91
Brent OIL: 85.06
USA 10 yr bond yield DOWN 2 BASIS pts to 4.148
USA 30 yr bond yield DOWN 2 BASIS PTS to 4.365%
USA 2 YR BOND: DOWN 1 PTS AT 4.432
USA dollar index: 103.42 DOWN 53 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 33.08 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 88.60 DOWN 0 AND 21/100 roubles
GOLD 2,458.15 3:30 PM
SILVER: 30.26 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 243.73 PTS OR 0.60%
NASDAQ DOWN 599.48 PTS OR 2.94 %
VOLATILITY INDEX: 14.56 UP 1.37 PTS OR 10.39%
GLD: $227.23 DOWN 1.06 OR 0.46%
SLV/ $27.67 DOWN 0.94 OR 3.29%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM:
Nasdaq Pukes To Worst Day In 19 Months, Bonds & Black Gold Bid
BY TYLER DURDEN
WEDNESDAY, JUL 17, 2024 – 04:00 PM
So much for the “broadening out of the rally” bullshit!
Semis were slammed – their biggest drop since the COVID lockdowns – as the market had trouble with weaker than expected 3Q guidance from European semi bellwether, ASML (and headline chatter of further crackdowns on chip exports to China)
Source: Bloomberg
The Nasdaq damn broke today as it suffered its biggest single-day drop since Dec 2022…
Source: Bloomberg
Small Caps actually had a down day today (though outperformed Nasdaq) as The Dow hit a new record high…
The last five days have seen Small Caps (Russell 2000) outperform Large Caps (Russell 1000) by the largest amount in history (going back to 1979)…
Source: Bloomberg
The Magnificent 7 stocks have lost a staggering $1.1 Trillion in market cap in the last five days…
Source: Bloomberg
But that’s still a drop in ocean in context of how far they have come…
Source: Bloomberg
Under the hood, Goldman’s trading desk noted that volumes +17% vs the trailing 20 days and can feel it flow-wise on the desk. S&P top of book tracking much higher as well +11%. Our floor is skewed much better for sale (-8%) with most moving their feet in TMT. Across Semis, we have seen significant supply most concentrated in AI winners. We have also seen supply across rideshare names (UBER, LYFT) + ADRs.
- LO activity concentrated in tech, followed by Hcare but slow elsewhere.
- HFs also moving their feet in tech, but also active across Consumer Discretionary on the buy side, vs selling Fins, and Hcare. Short ratios elevated across staples.
For context, in cumulative notional terms, the de-grossing activity over the past 5 sessions is the largest since Nov ’22 and ranks in the 99th percentile on a 5-year lookback…
Dovish comments from Fed’s Waller were largely ignored – though did provide some juice for the initial short squeeze on Small Caps at the cash open…
Source: Bloomberg
Treasuries were mixed today with the long-end very modestly outperforming overall (2Y +1bps, 30Y -1bps). Weakness overnight gave way to a strong bid during the US session as equities sold off…
Source: Bloomberg
Rate-cut expectations remained dovish with 2025 expectations rising today…
Source: Bloomberg
The dollar tumbled further below June Payrolls lows today, back near two-month lows…
Source: Bloomberg
Much of the dollar weakness was the further implosion of the yen carry trade (which strengthens the yen vs the dollar)…
Source: Bloomberg
Crude prices soared today, helped by a big inventory decline…
Source: Bloomberg
Bitcoin ETFs continued to see stronger inflows…
Source: Bloomberg
But bitcoin was weighed down modestly today by the overall tech turbulence (notably strong relative performance though)…
Source: Bloomberg
Gold dipped back from record highs but spot found support at $2450…
Source: Bloomberg
Finally, if you thought you had a bad day in the markets, President Biden’s odds of getting the nomination collapsed… again…
Source: Bloomberg
Kamala’s awful quiet, eh?
END
MORNING TRADING/
AFTERNOON TRADING///
II USA DATA
Renewed Fed Rate-Cut Hopes Spark Modest Rebound In Housing Starts/Permits In June
WEDNESDAY, JUL 17, 2024 – 08:42 AM
Housing Start s and Building Permits rose more than expected in June (+3.0% MoM and +3.4% MoM respectively) and May’s disappointments were revised modestly higher too (-4.6% MoM and -2.8% MoM respectively)…
Source: Bloomberg
That lifted the SAAR totals for both starts and permits just off their COVID lockdown lows..
Source: Bloomberg
The modest rebound in permits – forward-looking – appears to have been triggered by a renaissance in Fed rate-cut hopes…
Source: Bloomberg
Under the hood things are very uneven with multi-family unit permits and starts soared while single-family home permits and starts both declined…
Source: Bloomberg
Not a great picture for the housing market with four straight months of declines in single-family home construction plans (inventories high) and renter nation demand growing (inflation?).
- June single family starts -2.2% to 980K SAAR, lowest since Oct 2023
- June multi-family starts +22% to 360K SAAR, highest since Feb 2024
- June single-family permits -2.3% to 934K SAAR, lowest since early 2023
- June multi-family permits +19.2% to 460K, highest since Feb 2024
And as ‘Starts’ languish near COVID lockdown lows, ‘completions’ are at their highest since Jan 2007…
“If we build them, they will buy?” is not working..
end
Big surge!
US Industrial Production, Manufacturing Jumps In June
WEDNESDAY, JUL 17, 2024 – 09:25 AM
US industrial production rose a better than expected 0.6% MoM in June (double the 0.3% jump expected but slower than the 0.9% surge in May). This pulled industrial production up 1.6% YoY – the best since Oct 2022…
Source: Bloomberg
Manufacturing production also surge in June (jumping 0.4% MoM vs +0.1% exp) and May was revised up from 0.9% to +1.0% MoM). That MoM jump pulled the YoY change up to +1.1%…
Source: Bloomberg
Capacity Utilization also increased significantly to 78.8% in June…
Source: Bloomberg
Is this good news gonna help the bad news-sponsored rate-cut euphoria?
III USA ECONOMIC COMMENTARIES
Trump’s Economic program……Pretty good.
Trump Reveals Key Pillars Of “Trumponomics”: Low Taxes, Sky High Tariffs, Powell Not Fired, Treasury Secretary Dimon And Much More
TUESDAY, JUL 16, 2024 – 10:40 PM
Before the failed assassination attempt, before the catastrophic (for Biden) first presidential debate, Donald Trump gave Bloomberg an extensive interview in which he laid out the core tenets of Trumpono
mics 2.0 that will define his next presidency. Here are the key highlights:
According to the interview, if Trump wins, he will…
- enforce huge bilateral sanctions even though he claims “I don’t love sanctions,” he says. He keeps circling back to William McKinley, who he says raised enough revenue through tariffs during his turn-of-the-20th-century presidency to avoid instituting a federal income tax yet never got the appropriate credit.
- allow Jerome Powell to serve out his term as chair of the Federal Reserve, which runs through May 2026
- will lower the corporate tax rate to as low as 15%
- no longer plans to ban TikTok.
- considers Jamie Dimon to serve as secretary of the Department of the Treasury
- ambivalent (if not outright hostile) to the idea of protecting Taiwan from Chinese aggression and to US efforts to punish Putin for invading Ukraine.
While the broad strokes of Trumponomics might not be different from what they were during his first term, what’s new is the speed and efficiency with which he intends to enact them. He believes he understands the levers of power much more deeply now, including the importance of selecting the right people for the right jobs. “We had great people, but I had some people that I would not have chosen for a second time,” he says. “Now, I know everybody. Now, I am truly experienced.”
Maybe he is, or maybe he just is surrounded by better people. Here is the inner circle of Trump economic policy advisors:
In a world where everything else has been tried – and has pushed US debt to stratospheric levels that virtually assure the US will lose the dollar reserve status in coming years, Trump is betting that his unorthodox agenda of tax cuts, more oil, less regulation, higher tariffs and fewer foreign financial commitments will appeal to enough swing state voters to hand him the election. And it’s working: debate and assassination attempt boosts aside, recent polling has showed that Black and Hispanic men are shifting to the Republican Party as they tire of historically high prices for food, housing and gas. As many as 20% of Black men now back Trump while Biden is struggling to sell key voters on his catastrophic economic record (not to mention the panic over his age). While Trump is almost assured a win in November according to online prediction markets, many Democratic leaders are increasingly concerned he’ll also deliver Republicans control of the House and Senate along with the White House: a sweeping red tsunami. In such an outcome, Trump would have unprecedented leverage to shape the US economy, the climate for global businesses and trade with allies for decades to come.
But there is one hurdle: while the business leaders Trump would be working with prize stability and certainty, they didn’t get much of either in Trump’s first presidency. This time around, his campaign is more professionally run, but he hasn’t produced a detailed economic policy agenda to reassure them. The vacuum has generated confusion among those who are planning for a second Trump term.
So Trump took advantage of the interview to set the record straight on some key items:
The Fed
In late April, a few of Trump’s informal policy advisers leaked to the Wall Street Journal an explosive draft proposal to severely curb the independence of the Federal Reserve. It was inferred that Trump had endorsed the idea, which didn’t seem like a stretch given his prior attacks on Powell. In fact, the Trump campaign insisted he’d endorsed neither the proposal nor the leak, and his top campaign brass were furious about it. But the episode was a consequence of Trump’s still-unformed policy, which has left wonks from such think tanks as the Heritage Foundation battling to fill in the details and jockey for influence. Other conservative policy entrepreneurs have been pushing proposals to devalue the dollar or institute a flat tax. At Mar-a-Lago, Trump makes it clear he’s fed up with the unauthorized freelancing. “There’s a lot of false information,” he complains. He’s eager to set the record straight on several topics.
First, there’s Powell. While in February, Trump told Fox News that he wouldn’t reappoint the Fed chair; now he states unequivocally that he’ll let Powell finish his term, which would last well into a second Trump administration. “I would let him serve it out,” Trump says, “especially if I thought he was doing the right thing.”
Even so, Trump has thoughts on interest-rate policy, at least in the near term. The Fed, he warns, should abstain from cutting rates before the November election and giving the economy, and Biden, a boost. That would be a problem for a market that has already priced in not one but two rate cuts in the second half (the first of which in September). “It’s something that they know they shouldn’t be doing,” he said.
Inflation
Trump has been ruthlessly critical of Biden’s stewardship of the economy. But he sees, in the anger generated by high prices and interest rates, an opportunity to woo voters who typically don’t support Republicans, such as Black and Hispanic men. Trump says he’ll bring down prices by opening up the US to more oil and gas drilling. “We have more liquid gold than anybody,” he says, even though the tariffs he plans on implementing will certainly lead to higher prices for imported goods. A report from the Peterson Institute estimates that Trump’s tariff regime would impose an additional annual cost of $1,700 for the average middle-income family. And Oxford Economics estimates that Trump’s combination of tariffs, immigration restrictions and extended tax cuts could also increase inflation and slow economic growth. The through line of these policies, says Bernard Yaros, lead US economist at Oxford Economics, is “an increase in inflation expectations.”
Immigration
He believes harsh restrictions are key to boosting domestic wages and employment. He characterizes immigration restrictions as “the biggest [factor] of all” in how he’d reshape the economy, with particular benefits for the minorities he’s eager to win over. “The Black people are going to be decimated by the millions of people that are coming into the country,” he says. “They’re already feeling it. Their wages have gone way down. Their jobs are being taken by the migrants coming in illegally into the country.” Trump’s language turns apocalyptic. “The Black population in this country is going to die because of what’s happened, what’s going to happen to their jobs—their jobs, their housing, everything,” he continues. “I want to stop that.”
Budget deficit
Trump’s desire to renew his landmark 2017 Tax Cuts and Jobs Act and to further reduce corporate taxes means that the budget deficit, having ballooned to war levels, will not shrink any time soon if ever. Coupled with the upward pressure on interest rates that economists expect from his protectionist policies, Trump’s plans could exacerbate the country’s growing debt burden. In the end, however, Trump’s other positions could be enough to sway business leaders to his side. Harold Hamm, a Trump donor and the executive chairman of oil giant Continental Resources Inc., writes in an email: “There seems to be outright hostility to free markets in the Biden Administration. As a result, capital is parked on the sidelines. Why? Because of regulatory uncertainty and in some cases downright regulatory hostility toward certain sectors.” Hamm cites the pause Biden put on liquefied natural gas projects in January as one example. “When Trump is re-elected,” he predicts, “that capital that was parked on the sidelines will be unleashed once again.”
Treasury Secretary Dimon
It is no secret that most Fortune 1000 CEOs have never been fans of Trump, but slowly the tide is turning. Overnight, the world’s richest man, Elon Musk, announced he would donate $45 million a month to a Trump PAC. Expect many others to follow. But the biggest praise for Trump in recent months has come from a card-carrying Democrat and the CEO of the largest US bank: “Be honest,” Jamie Dimon said at the World Economic Forum in Davos in January. “He was kind of right about NATO, kind of right about immigration. He grew the economy quite well. Tax reform worked. He was right about some of China. … He wasn’t wrong about some of these critical issues, and that’s why they’re voting for him.” According to Bloomberg, Trump relishes the compliment. He’s changed his view of the man he attacked on Truth Social last year as “Highly overrated Globalist Jamie Dimon” and now says he could envision Dimon, who’s thought to be contemplating a political career, as his secretary of the Treasury. “He is somebody that I would consider,” Trump says.
Tariffs and Foreign Policy
As president, Trump shattered the long-standing Republican orthodoxy of favoring free trade. He says he’ll go further if reelected. To Bloomberg, he offered an impassioned defense of US tariffs — he’s been studying McKinley, dubbing him “the Tariff King” — to make it clear he intends to ratchet up levies not just on China but on the European Union, too. “McKinley made this country rich,” Trump says. “He was the most underrated president.” In Trump’s reading of history, McKinley’s successors squandered his legacy on costly government programs such as the New Deal (“the whole thing with the parks and the dams”) and unjustly poisoned an important tool for economic statecraft. “I can’t believe how many people are negative on tariffs that are actually smart,” Trump says. “Man, is it good for negotiation. I’ve had guys, I’ve had countries that were potentially extremely hostile coming to me and saying, ‘Sir, please stop with the tariff stuff.’”
Another confirmation that Trump was right: despite rampant criticism, Biden maintained Trump’s tariffs on China, even increasing ones on steel, aluminum, semiconductors, electric vehicles, batteries and other goods. “This is going to add price inflation across the board, all in the name of ‘tough guy’ election-year politics,” Yaël Ossowski, deputy director of the Consumer Choice Center, a nonpartisan advocacy group, said in May. And sure enough, in Trumpworld, Biden’s actions are seen as validation that Trump was right, and his Democratic critics were wrong, about the threat China poses to the US economy and security. Trump is eager to prescribe more of the same medicine, including to European allies. In addition to targeting China for new tariffs of anywhere from 60% to 100%, he says he’d impose a 10% across-the-board tariff on imports from other countries, citing a familiar litany of complaints about foreign countries not buying enough US goods.
“The ‘European Union’ sounds so lovely,” Trump says. “We love Scotland and Germany. We love all these places. But once you get past that, they treat us violently.” He mentions reluctance in Europe to import US automobiles and agricultural products as key drivers of the more than $200 billion trade deficit, a statistic he considers a critical measure of economic fairness.
Taiwan
Asked about America’s commitment to defending Taiwan from China which views the Asian democracy as a breakaway province, Trump makes it clear that despite recent bipartisan support for Taiwan, he’s at best lukewarm about standing up to Chinese aggression. Part of his skepticism is grounded in economic resentment. “Taiwan took our chip business from us,” he says. “I mean, how stupid are we? They took all of our chip business. They’re immensely wealthy.” What he wants is for Taiwan to pay the US for protection. “I don’t think we’re any different from an insurance policy. Why? Why are we doing this?” he asks. Another factor driving his skepticism is what he regards as the practical difficulty of defending a small island on the other side of the globe. “Taiwan is 9,500 miles away,” he says. “It’s 68 miles away from China.” Abandoning the commitment to Taiwan would represent a dramatic shift in US foreign policy, as significant as halting support for Ukraine. But Trump sounds ready to radically alter the terms of these relationships.
Saudi Arabia
His views about Saudi Arabia are far more amicable. He says he’s spoken to Crown Prince Mohammed bin Salman Al Saud within the past six months, though he declines to elaborate on the nature and frequency of their talks. Asked if he worries that increasing US oil and gas production would upset the Saudis, who wish to maintain their primacy in energy, Trump replies that he doesn’t think so, pointing once more to a personal relationship. “He likes me, I like him,” he says of the crown prince. “They’re always going to need protection … they’re not naturally protected.” He adds: “I’ll always protect them.” Trump blames Biden and former President Barack Obama for eroding US relations with Saudi Arabia, saying they pushed the country toward a key adversary. “They’re not with us anymore,” he says. “They’re with China. But they don’t want to be with China. They want to be with us.”
Ukraine
Western allies are taking extensive measures to prepare for his possible return to the White House. These include increasing defense spending, transferring control of military aid for Ukraine to NATO, racing to improve relationships with Trump’s advisers and affiliated think tanks, and reaching out to Republican governors and thought leaders to divine his intentions. At a NATO summit in Washington, Ukrainian President Volodymyr Zelenskiy urged allies to act quickly to help his country repel Russia’s invasion instead of waiting for the election results in November to decide what to do. Dan Caldwell, a policy adviser at the right-leaning think tank Defense Priorities, says that “it’s actually in Europe’s interest to ‘America-proof’ their defense and to start operating on the assumption that the United States has other, more urgent national security priorities, and domestic ones as well.”
TikTok
The one exception to Trump’s claim to not want to harm US tech companies, and to privilege domestic ones over foreign ones, is TikTok. Discussing his recent embrace of the Chinese-owned social media platform, where he’s already quite popular, Trump mentions that banning it in the US would benefit a company and a CEO he has no desire to reward. “Now [that] I’m thinking about it, I’m for TikTok, because you need competition,” he says. “If you don’t have TikTok, you have Facebook and Instagram—and that’s, you know, that’s Zuckerberg.” It’s an outcome he won’t abide. He’s still stung by Facebook’s decision to bar him indefinitely in the wake of the Jan. 6 attacks. “All of a sudden,” Trump grouses, “I went from No. 1 to having nobody.”
Crypto
His reversal on cryptocurrency has been marked by similar dynamics: not long ago he criticized Bitcoin as a “scam” and a “disaster waiting to happen.” Now he says it and other cryptocurrencies should be “made in the USA.” He frames this about-face as a practical necessity. “If we don’t do it, China is going to figure it out, and China’s going to have it—or somebody else,” he says.
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Florida governor vows to ban CBDCs in the state and says the government doesn’t like crypto because it can’t be controlled.
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Not coincidentally, the crypto industry – spurned by the Democratic Party, brimming with cash and eager for friends in Washington – has now found its way to Trump. “Thanks largely to the actions of the Securities and Exchange Commission, the Biden administration has stumbled into becoming anti-crypto,” says Justin Slaughter, policy director at the crypto-focused investment firm Paradigm. “Given that about 20% of Democrats own crypto, per polling, and its ownership skews young and non-White, this was politically unwise.” Trump has moved to fill the void, declaring in a May speech that he would “stop Joe Biden’s crusade to crush crypto.” The following month he reaped the benefits, raising money from Bitcoin miners at a Mar-a-Lago fundraiser. Trump’s campaign then announced it would “build a crypto army,” and it now accepts crypto contributions.
More in the full Bloomberg interview here.
END
Cory Mills demands to investigate the Trump assassination attempt
(zerohedge)
“Intentional” Failures? Rep. Cory Mills Triggers CNN Host, Vows ‘J13 Committee’ To Investigate Trump Assassination Attempt
TUESDAY, JUL 16, 2024 – 09:50 PM
Former sniper and defense contractor Rep. Cory Mills (R-FL) triggered a CNN host on Tuesday after suggesting that “intentional” failures may have resulted in the assassination attempt on Donald Trump on Saturday.
“The amount of negligence, the amount of mistakes that was made here, I have a very difficult time not leaning myself towards this was intentional, as opposed to fecklessness,” Mills told anchor Kate Bolduan.
“If I have a building 160 yards perfectly adjacent to the stage, that’s an obvious threat,” he continued. “Especially with an elevated position that has overwatch? That’s a sniper’s paradise.“
Mills, an Iraq war veteran and former DynCorp security specialist, co-founded private security company Pacem Defense, and says he’s overseen security for thousands of events.
After a stunned Boulduan pressed Mills, he replied: “I sit here and scratch my head. You don’t want to be the conspiracist. That’s the issue. You walk this fine balance, but you look at it and think ‘How could this have gone so wrong?’.”
TRUMP SHOOTING “COULD HAVE BEEN” SET UP *
Meanwhile, journalist Laura Loomer spoke with Mills outside the Republican National Convention, where he told her that he plans to create a ‘J13 committee’ that’s ‘bigger than the J6 committee,’ and that he will push to be in charge of it.
WATCH: Today, at the RNC Convention, I spoke with Florida Congressman Cory Mills
@CoryMillsFL about the attempted assassination of President Trump and what he plans to do to get answers about this massive security blunder that many are calling an inside job. He told me he plans to create a J13 committee bigger than the J6 committee and that he is going to push to be in charge of the J13 Committee. Thank you, Congressman Mills!
Americans continue to fall behind on the car payments. Repos soar a huge 23%
(zerohedge)
Auto Insider Warns More Americans Fall Behind On Car Payments As Repos Soar 23%
TUESDAY, JUL 16, 2024 – 07:20 PM
The delayed day of reckoning has arrived for millions of Americans who purchased vehicles with absurdly high monthly payments they no longer can afford. New data shows auto repossessions surged in the first half of the year, driven by elevated inflation and high interest rates, resulting in increased consumer distress (read: here & here) as the labor market slows.
Before we delve into the data from Cox Automotive, let’s revisit several of our reports from mid-2022, showing how we have been diligently tracking the perfect storm brewing for auto repossessions:
- July 2022: Are We Headed For An “Auto Loan Crisis” As Delinquencies Begin To Rise?
- December 2022: Perfect Storm Arrives: “Massive Wave” Of Car Repossessions And Loan Defaults To Trigger Auto Market Disaster, Cripple US Economy
- January 2023: “It’s The Perfect Storm”: More Americans Can’t Afford Their Car Payments Than During The Peak Of Financial Crisis
- November 2023: Americans Panic Search “Give Car Back” As Subprime Auto Loan Delinquency Erupts
- February 2024: “Garbage Deals”: Dealership Puts Customers In Cars With $3,000 Monthly Payments
Two years later, the deterioration has accelerated. Cox data shows repos jumped 23% in the first six months of this year compared with the same period in 2023. Repos started moving higher last year and have now exceeded pre-Covid levels, up 14% compared to the first half of 2019.
“When you think about the costs for rent and shelter and insurance, all those things hit consumers and they have to choose what they will pay,” Jeremy Robb, senior director of economic and industry insights at Cox, told Bloomberg.
Robb warned, “More people are getting behind on payments because everything is more expensive.”
Fitch Ratings data shows that the percentage of subprime auto borrowers who were at least 60 days late on their bill in June was around 5.62%, down from the record in February.
Data from Bankrate indicates that the average interest rate for a new 60-month auto loan is now 7.94%, while for a used car, it’s around 12%. The average monthly payments have risen to $739 for new vehicles and $549 for used cars.
What’s clear is that consumers have used more debt than ever to fund near-record new car purchases. Fast-forward to today and the ominous new development is that high monthly payments in a period of elevated inflation and high interest rates have made these vehicles unaffordable for some.
We believe this surge in nominal auto debt and elevated interest rates will crush the subprime borrowers as more fall behind on their car payments—a trend that should only accelerate.
Recently, Consumer Financial Protection Bureau officials have been concerned about troubling signs in the auto market, particularly among so-called subprime borrowers.
Now, it’s a race against time for the Federal Reserve to provide relief to consumers. Traders are anticipating the first rate cut in September, driven by cooling inflation data.
END
Former Snipers Agree: It’s A Miracle Trump Is Still Alive
TUESDAY, JUL 16, 2024 – 05:20 PM
One of the more interesting aspects in the flood of analysis on the attempted Trump assassination is the commentary by former military and SWAT snipers experienced in providing security details for political figures. Nearly all of them confirm that the Secret Service surveillance planning during the Butler, PA rally was perhaps the worst they have ever seen. It was so bad, in fact, that it almost appears as if the massive holes in the perimeter were deliberate.
So far it is not clear who specifically was in charge of the security plans for that event. However, many former snipers agree that it’s a miracle Donald Trump is still alive. In fact, they agree almost entirely with our own analysis published on July 15th.
In an interview with KJRH in Oklahoma, former SWAT sniper Maj. Nate Norton of the Sapulpa Police Department lays out the scary reality:
“I’m glad they’re calling him a shooter because he ain’t a sniper,” Norton said. “If he was a sniper, President Trump would be dead on the very first shot. There’s no ifs, ands, or buts about this. This is somebody that has some weird, sick agenda and did at best mediocre train(ing) in my opinion. Because at 130 yards, 190 yards, that is piece of cake gravy range for somebody that shoots.”
The 140 yard shot gift-wrapped and handed to alleged shooter Thomas Crooks was so easy, even for an amateur, that Trump should not be alive today. The bullet, reportedly fired from an AR15 running 5.56 (or .223 ammunition), would have left a deadly and expansive impact wound had it been less than an inch to the shooter’s right. Here is test footage of .223 rounds impacting a realistic ballistic gel head for a visual reference:
Multiple experts in the sniping arena have noted that the miss might have been some kind of divine intervention. In the below interview, Republican representative and former sniper Cory Mills outlines his take on the attack on the assumption that the shooter’s range was 230 yards. Crooks was actually much closer.
The explanation for Thomas Crooks miraculous miss might be found in reports that Crooks was, in fact, a verified terrible shot. Investigations into his school history indicate that Crooks tried to join his High School Shooting Club in Bethel Park, but he failed to make the shooting team and was asked to leave the club because he was incredibly unsafe with his rifle.
In other words, Trump lucked out with the worst assassin possible. This does not take away from the fact that Crooks was somehow allowed to casually approach the AGR building and climb to the roof with a rifle only 140 yards away from the rally stage without any intervention from Secret Service. Crooks had every card stacked in his favor. Why was there no security on that roof? We are still waiting for answers.
END
David Sacks attacks Biden for continuing the Ukraine war
(zerohedge)
David Sacks Torches Biden For Provoking Ukraine “Forever” War
BY TYLER DURDEN
WEDNESDAY, JUL 17, 2024 – 06:55 AM
Two days after the assassination attempt against Donald Trump, Venture Capitalist David Sacks gave an impassioned speech in front of the former president at the Republican National Convention – where he slammed Democrats for their disastrous policies which have led to chaos and decay both domestically and abroad.
“They’re in disarray after shielding President Biden from a vigorous primary and gaslighting the entire country about his fitness to serve,” Sachs said, pointing out that Democrats are now the kids in their own proverbial cages (that Obama built).
Sacks – no doubt doing a victory lap over the ascension of JD Vance to Trump’s running mate, also noted how Democrat policies have ruined San Francisco.
“In my hometown of San Francisco, Democrat rule has turned the streets of our beautiful city into a cesspool of crime, homeless encampments, and open drug use.”
He then slammed their open border policies.
“Democrats — led by Border Czar Kamala Harris — have allowed millions of illegal migrants to invade our country. They tasked Homeland Security not with stopping the illegal aliens, but with busing them all over our country,” adding “But worst of all, the Biden-Harris administration has taken a world that was at peace under President Trump, and they lit it on fire.“
To that end, Sacks blamed the Biden administration for provoking the war in Ukraine.
“Then, he provoked — yes, provoked — the Russians to invade Ukraine with talk of NATO expansion. Afterward, he rejected every opportunity for peace in Ukraine, including a deal to end the war just two months after it broke out,” he opined.
Sacks ended by calling for “a president who can be president and lead, not a puppet controlled by his or her staff,” adding “We need order in our cities, order at our border, and order restored to a world on fire.”
Watch:
David Sacks Torches the Biden Administration at the 2024 Republican National Convention (Full Speech) “The Biden / Harris administration has taken a world that was at peace under President Trump and they lit it on fire…Rather than bolstering confidence in American leadership as he promised, President Biden has become the symbol of an America in decline. This may be our present but it does not have to be our future.”
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As we noted on Monday, Sacks has come under heavy fire from the corporate media for using his ‘megaphone’ to spread ‘narratives’ about the assassination attempt on President Trump. Sacks’ response: an artfully worded ‘go fuck yourself.’
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CALIF0RNIA/TEXAS/MUSK
New law is idiotic/ Many will leave California
“This Is The Final Straw”: Musk Announces SpaceX Moving From CA To Texas After Newsom Passes Anti-Parent Gender Law
TUESDAY, JUL 16, 2024 – 04:40 PM
Elon Musk on Tuesday announced that SpaceX headquarters will be moving from California to Texas, after California Governor Gavin Newsom (D) signed a law which bans schools from notifying parents if their child identifies as transgender.
“This is the final straw,” Musk posted on X. “Because of this law and the many others that preceded it, attacking both families and companies, SpaceX will now move its HQ from Hawthorne, California, to Starbase, Texas.”
Musk later added that he made it clear to Newsom that “laws of this nature would force families and companies to leave California to protect their children.”
his is the final straw. Because of this law and the many others that preceded it, attacking both families and companies, SpaceX will now move its HQ from Hawthorne, California, to Starbase, Texas.
So the state is the parent in California now @GavinNewsom? x.com/libsoftiktok/s…
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Newsom passed AB1955 on Monday, which bars schools from informing parents when their child decides to change their gender, effectively stripping parents’ rights to know about gender transitions.
According to an official summary of the law:
This bill would prohibit school districts, county offices of education, charter schools, and the state special schools, and a member of the governing board or body of those educational entities, from enacting or enforcing any policy, rule, or administrative regulation that requires an employee or a contractor to disclose any information related to a pupil’s sexual orientation, gender identity, or gender expression to any other person without the pupil’s consent unless otherwise required by law, as provided. The bill would prohibit employees or contractors of those educational entities from being required to make such a disclosure unless otherwise required by law, as provided. The bill would prohibit employees or contractors of school districts, county offices of education, charter schools, or the state special schools, or members of the governing boards or bodies of those educational entities, from retaliating or taking adverse action against an employee on the basis that the employee supported a pupil in the exercise of specified rights, work activities, or providing certain instruction, as provided.
When asked last year by Breitbart why parents shouldn’t have the right to know about their children’s gender transitions, Newsom said it wasn’t worth discussing – suggesting instead that transgender ‘kids” lives were in danger.
“The kids just want to live,” he said, without elaborating.
Attorney Harmeet Dhillon said of the bill:
AB 1955 is an outrageous attempt to keep parents in the dark while schools indoctrinate kids with radical gender ideology. In school districts across California, parents fought back against parental secrecy policies by running for school boards and passing policies that ensure parents are informed about their kids’ education and wellbeing. By signing the bill, Gov. Newsom is transferring power away from our local communities and centralizing it in Sacramento, blatantly undermining our democratic values. AB 1955 is a cowardly response to legal battles over parental notification policies adopted by the Chino Valley Unified School District and other districts that require schools to inform parents when their children request a name or gender change at schools. Our brave clients, Jessica Konen and Aurora Regino, along with Chloe Cole and Layla Jane, have all been harmed by the ideology driving these policies. It’s crucial that we uphold local voices and the integrity of the democratic process in shaping the education of our children.
Breitbart also notes that a recent Rasmussen poll found that an overwhelming majority of California voters support parental notification policies.
end
Drought Status Returns To California For First Time In 2024
TUESDAY, JUL 16, 2024 – 05:00 PM
Authored by Sophie Li via The Epoch Times (emphasis ours),
Drought-free since earlier this year, California has now recorded its first dry spot in Northern California on the Oregon border.
Siskiyou County reported moderate drought in its northern region, according to the latest drought monitor map released on July 11 by the National Oceanic and Atmospheric Administration and Climate Prediction Center.
“It was a hot and dry week over the region with only some spotty precipitation in areas of California,” a drought map summary states. “Abnormally dry conditions were expanded over a large area of northern California, western Nevada, and Oregon as well as in central Idaho.”
The update showed that about 20 percent of the county is in “moderate drought” and nearly 78 percent is considered “abnormally dry.”
The last time Siskiyou County reported any level of drought was in May 2023. It had previously recorded drought conditions since February 2020.
Statewide, the last time any sizable drought was reported was last summer. In 2022, California was almost in 100 percent moderate-to-exceptional drought.
Much of the state was also currently reported to be about 12 degrees to 15 degrees above normal temperatures, according to the climate prediction center.
Wildfires
Drought conditions have further complicated efforts to battle the four wildfires that have erupted in Siskiyou County since the start of July.
The largest, the Shelly Fire, has grown to 14,309 acres and is only 6 percent contained since it started on July 3 in the Marble Mountain Wilderness near Shelly Lake and the Pacific Crest Trail.
“Due to hot dry weather and difficult access, the fire has grown and now threatens communities, private timberlands, cultural resources and wilderness areas,” Cal Fire said in a statement on July 15.
The cause of the fire remains unknown.
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM
iiiC USA COVID //VACCINE ISSUES/IMPORTANT MEDICAL ISSUES
end
END
FREIGHT ISSUES/USA/BOEING
END
VICTOR DAVIS HANSON OR NEWT GINGRICH/TUCKER CARLSON
TUCKER CARLSON….
Tucker Carlson: ‘Not Crazy’ to Think ’It Wasn’t Just a Lone Gunman’ – YouTube
“Likelihood is there .. there maybe more: ROBERT H.
END
SWAMP NEWS
Anti-Biden Dems Rush To Block DNC’s ‘Virtual Nomination’ Scheme
BY TYLER DURDEN
WEDNESDAY, JUL 17, 2024 – 09:05 AM
Saturday’s near-assassination of Donald Trump likely boosted the former president’s chances of winning the November election — and also forced a pause in what had been a steadily-boiling controversy over President Biden’s fitness to finish the race and start a new term.
While Biden’s mental deterioration was nudged out of media spotlight, his campaign was quietly scheming with the Democratic National Committee to orchestrate a “virtual nomination” held weeks before the party convention kicks off on August 19. Now, indignant anti-Biden Democrats on Capitol Hill are organizing a counter-strike.
Biden allies trying to avoid “shitshow in August,” in the words of one, by solidifying nom before DNC. But Dems on the Hill are working to formalize outrage to a virtual process they say is indefensible post-debate W/
https://cnn.com/2024/07/16/politics/joe-biden-dnc-process/index.html…
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twitter.com/kaylatausche/status/1813282112008822838?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E18132821120
“I just think it’s a terrible idea for the DNC to do this. I just think people see right through it,” said progressive California Rep. Jared Huffman. “At a time when we have this huge enthusiasm gap with the Republicans, to do a stunt like this is just going to make it worse.” Separately, he told CNN, “If the election were held today, he would get crushed. We have got to do something about it.”
The DNC, which rigged the primary process for Biden by refusing to host debates and by rearranging the sequences of state balloting, is now working to hold a “virtual roll call” where delegates would vote online between July 29 and Aug. 5, Axios reports. However, the New York Times reported voting could start as early as Monday, July 22.
Either way, the extraordinary advance vote would serve two DNC goals: icing the contest for Biden and avoiding a tumultuous, contested convention next month in Chicago. Democratic “insiders” told the Times that upwards of 80% of delegates would back Biden in a virtual vote.
Congressional Democrats who see Biden as a doomed candidate — who threatens to carry down-ballot candidates with him — are now racing against the clock to keep their drive to replace him alive. At the moment, they’re channeling their energy into drafting and circulating a joint letter from House Democrats to the DNC, urging party headquarters to cancel its plan. Here’s a passage from a draft obtained by the Financial Times:
“Stifling debate and prematurely shutting down any possible change in the Democratic ticket through an unnecessary and unprecedented ‘virtual roll call’ in the days ahead is a terrible idea. It could deeply undermine the morale and unity of Democrats — from delegates, volunteers, grassroots organisers and donors to ordinary voters — at the worst possible time.”
“People are back to being angry at Biden and a push to sign on to this letter is going around … the ‘replace Biden’ movement is back,” said an unnamed Democratic representative.
Texas Rep. Lloyd Doggett, the first congressional Democrat to urge Biden to quit the race, said the virtual-nomination scheme was inconsistent with Biden’s own comments: “Such misguided DNC action would be contrary to President Biden’s own recommendation that those seeking an alternative nominee come to the convention.”
A key milestone in the intrigue will come at 11am this Friday, when the convention’s rules committee conducts a video call. “A majority of its members have deep ties to Mr. Biden and were vetted for their loyalty to him,” reports the Times. Contrary to Axios, the Times reported that virtual nomination balloting could start as early as Monday, July 22.
One House representative used creative imagery to describe dissidents’ view of the situation, telling CNN, “The disbelief that they’d expedite the nomination is as widespread as the recognition the DNC is leading Democrats into a house fire with water bottles.”
Word of the behind-the-scenes maneuvering comes as new polling by YouGov shows Trump leading in all seven battleground states. His lead is narrowest in Michigan (+2) and Pennsylvania (+3), and largest in Arizona (+7). Notably, the poll was taken after Biden’s alarmingly poor June 27 debate with Trump, but before Trump survived the assassination attempt at a rally in western Pennsylvania.
Beyond the Biden camp, there’s another group that’s wildly enthusiastic about the idea of a virtual vote that locks in the failing, 81-year-old as the Democrats’ standard-bearer: Republicans. When asked what he thought of the DNC’s maneuvering, Citizens United president and Trump 2016 deputy campaign manager David Bossie said, “Great idea. I want that hole in the Titanic as soon as possible.”
end
Secret Service Explanations For Security Failures Not Adding Up; DHS Inspector General Launches Investigation
BY TYLER DURDEN
WEDNESDAY, JUL 17, 2024 – 11:45 AM
In the wake of Saturday’s attempted assassination of Donald Trump, the #1 question is how the Secret Service could have failed to secure a rooftop a little over 400ft away – which former Army sniper Rep. Cory Mills called a “sniper’s paradise” that was so obvious he wondered aloud whether it was an “intentional” failure.
And in typical government fashion, their excuses aren’t adding up.
Sloped roof?
According to Secret Service Director Kimberly Cheatle – who has rejected calls to resign, there was no agent placed on the building because it had a “sloped roof.”
“That building in particular has a sloped roof at its highest point, and so there’s a safety factor that would be considered there, that we wouldn’t want to put somebody up on a sloped roof,” she said in a Tuesday interview with ABC News. “So, you know, the decision was made to secure the building from inside.”
This is obviously absurd. For starters, the counter-snipers near Trump were perched on a roof with a steeper slope.
Snipers had eyes-on the shooter before Trump went onstage:
Conspicuously absent from the Secret Service’s explanation are reports that a local PD sniper stationed on the second floor inside the building saw the shooter, Thomas Matthew Crooks, outside the building and looking up at the roof. He then walked away, returned, whipped out his phone, when one of the snipers took the first of two pictures of him.
Crooks then took out a rangefinder – at which point the sniper radioed to a command post. Crooks then disappeared again and came back a third time with a backpack. The snipers called in once again with information that he had a backpack and that he (Crooks) was walking toward the back of the building.
By the time other officers came for backup, he had climbed on top of the building and was positioned above and behind the snipers inside the building, the officer said.
Two other officers who heard the sniper’s call tried to get onto the roof. State police started rushing to the scene, but by that time, a Secret Service sniper had already killed Crooks, the officer said. –CBS News
So – law enforcement had eyes-on the shooter the entire time, took pictures of him, notified their command post – and nothing was done until Crooks shot Trump, at which point Secret Service snipers returned fire and killed him.
Secret Service spokesman Anthony Guglielmi has said that local police officers radioed agents about a possible suspicious person before Mr. Trump came onstage. It’s unclear if the sniper teams were alerted. -NYT
What’s more, a Butler County Sheriff Michael Slupe told CNN that a Butler Township officer encountered Crooks on the roof of the building before the shooting, but retreated down a ladder after Crooks pointed his gun at him. According to Slupe, there was a security failure, but said “there is not just one entity responsible.”
Three hours?
Further complicating matters is a NYT report citing a law enforcement official who said that the local PD forces were in an adjacent building, not the one the shooter was firing from.
Nothing from the Secret Service on this report – and not one mention of it in today’s breakdown in the Washington Post – which is now suggesting that the slope could have hindered counter-snipers’ view.
Meanwhile, while law enforcement has suggested that the Crooks used an air conditioning unit to climb onto the dangerously sloped roof, while questions are being asked about various ladders.
Resources diverted?
According to RealClearPolitics, resources were diverted away from Trump’s rally to an event where First Lady Jill Biden was speaking. USSC spox Anthony Guglielmi denied this was the case.
Blame Game:
In the immediate aftermath of the shooting, the Secret Service blamed local law enforcement for failing to secure the building, and vice-versa.
“There was local police in that building – there was local police in the area that were responsible for the outer perimeter of the building,” Cheatle said during her interview with ABC News.
Yet – according to Butler County DA Richard Goldlinger, the “Secret Service was in charge,” and that “it was their responsibility to make sure that the venue and the surrounding area was secure.”
“For them to blame local law enforcement is them passing the blame when they hold the blame, in my opinion,” he told the Washington Post on Tuesday.
One former Secret Service agent told CNN: “The Service is responsible for everything, not just the inner perimeter. They should make sure all of this is covered.“
Former secret service agent Jeffrey James told the Daily Caller that protection “works in a series of concentric circles,” in which there is an inner circle of secret service agents, a second circle that’s a mix of both agents and local law enforcement, and an outer ring that is largely state and local partners.
If the agent in charge of the site told a local law enforcement officer on the outer perimeter that the building is his responsibility, then anything that happens is on the officer.
“But if that agent didn’t find one of the local law enforcement partners and give very clear, direct directions…then it’s going to be the responsibility or the fault of that agent for not delegating that,” he told the DCNF.
It’s unclear what instructions the Secret Service gave to local law enforcement. -Daily Caller
“Whatever happened in Butler, this was not a failure of the local, state or federal officers on the ground who responded to the shots fired at former President Trump. They acted heroically and put their lives on the line to protect everyone at the event and we must recognize that,” said Patrick Yoes, national president of the Fraternal Order of Police. “This is a failure at the management or command level who failed to secure an obvious weakness in the security of this event.“
Here’s Matt Walsh’s simple explainer of the official narrative you are supposed to believe (via Instagram)
Here’s the official story so far:
a random 20 year old acting completely alone walked within 150 yards of a presidential campaign rally with a rifle, climbed onto a rooftop in full view of Secret Service snipers, set up his shot and fired without anyone intervening and with no help from anyone.
This 20 year old is also so politically radical as to attempt an assassination and yet not radical enough to have ever posted any political writings or commentary on any social media site ever in his life.
He also wrote no manifesto and left behind no indication about why he did it.
His last and only political act, before attempting to kill the Republican candidate, was to register as a Republican.
You must believe this and ask no questions about it or else you are a conspiracy theorist.
And one thing we know about assassination attempts is that there’s never any conspiring involved.
Good news: the government is investigating itself again!
While House Oversight Chairman James Comer (R-KY) is set to investigate the incident – with a vow to subpoena Cheatle, and both the Oversight Panel and the Homeland Security Committees are trying to schedule briefings, and Rep. Cory Mills wants to launch a ‘J13 Committee’ to investigate the assassination attempt – the Department of Homeland Security (DHS) has launched its own internal investigation into the Secret Service’s handling of the rally.
A new bulletin listed under “ongoing projects” on the DHS Office of Inspector General website said the project objective is to “evaluate the United States Secret Service’s (Secret Service) process for securing former President Trump’s July 13, 2024 campaign event.” –ABC News
We’re sure the government will do a great job investigating itself.
KING REPORT
| he King Report July 17, 2024 Issue 7285 | Independent View of the News |
| The Trump attempted assassination controversy worsened considerably on Tuesday. The affair is now transitioning into a ginormous political scandal with the USSS Chief and Jill Biden as the central figures. Trump assassination attempt: Secret Service director faces new heat for ‘sloped roof’ comment “That building in particular has a sloped roof at its highest point. And so, you know, there’s a safety factor that would be considered there that we wouldn’t want to put somebody up on a sloped roof. And so, you know, the decision was made to secure the building, from inside,”… (Not too slopey for shooter!) “Our snipers used to set in on mountain tops in Afghanistan. On the down slopes if need be,” former Army Ranger and author Sean Parnell wrote on X, calling Cheatle’s explanation a “total BS excuse.” “The stupidity of this statement explains so much of why s— hit the fan that day. Absolute incompetence,” he added… “The snipers above President Trump were on a sloped roof so why couldn’t they secure the sloped roof that the assassin was on?” said Jim DeMint, a former U.S. senator from South Carolina. “She should have been fired days ago. We need accountability.”… @KatiePavlich: The “sloped” roof where the shooter was able to engage in his assassination attempt is far less sloped than the one with SS snipers. Nobody believes this excuse. (It was a resource issue!) @cb_doge: Just a picture of a Secret Service agent standing on the roof of the White House. https://x.com/cb_doge/status/1813289249288134660 @elonmusk: Looks very slopey … Secret Service watched shooter climb building, take out range-finder, retrieve backpack, and setup rifle for nearly 30 MINUTES https://t.co/kCOEGh93fz @CollinRugg: Thomas Crooks “locked eyes” with counter sn*pers before the Trump rally from inside the secure rally area. According to CNN, Crooks and sn*pers were looking at each other: Crooks through his rangefinder and the sn*per through his scope. https://x.com/CollinRugg/status/1813354679797166249 @susancrabtree: Gop Rep @michaelgwaltz on @FoxNews just now pushing back strongly against Secret Service spokesman Anthony Gugliemi’s attempts to discredit his sources — which Waltz says are special agents — on the contention that the extra resources were requested for Trump and the rally in Butler that day — and were denied by USSS management… “I suspect strongly this was a headquarters resources issue, who said we’re not going to get all these agents for all of his rallies. We’re not going to exhaust our budget.”.. Secret Service had ramped up security after receiving intel on an Iranian plot to assassinate Trump; no known connection to Saturday shooting (WHAT???) https://t.co/FyxopTXJ2K The Iranian plot revelation greatly enflamed the controversy. How could the USSS provide such horse Schiff protection for Trump, including a patchwork (not even a backup crew) USSS team? Secret Service Director Kim Cheatle landed job after push by Jill Biden’s office, sources say Embattled Secret Service Director Kimberly Cheatle… landed her role thanks largely to a close relationship with first lady Jill Biden… “Anthony is obsessed with being DEI-compliant,”… https://nypost.com/2024/07/15/us-news/secret-service-director-kim-cheatle-landed-job-after-push-by-jill-bidens-office-sources/ @kylenabecker: NEW UNSEEN FOOTAGE. Secret Service and state police were in a mad scramble after the Trump assassination attempt to get the reactionary squad through a fence to get to the former president. This was a security breakdown of monumental proportions. https://x.com/kylenabecker/status/1813298095494447197 @JsnFostr: The @SecretService excluded that building from the immediate security perimeter, leaving it to state and locals. Why? Not for any legit security reasons, it seems, but for lack of resources. Top police group blasts Secret Service for blaming local cops for Trump assassination attempt https://t.co/gNM0t4ACnp Here is how this MIGHT become political TNT: Cheatle hired as USSS Director and NOT fired because she is a Jill Biden BFF. Cheatle diverts Trump ‘A’ team protection – at an outdoor setting – to Jill Biden’s indoor dinner soiree in Pittsburg. The patchwork USSS detail for Trump is GREATLY under resourced and inexperienced. Cliff Notes: Resources to BBF Jill, DJT gets shafted. @amuse: This story keeps getting more bizarre. CNN is reporting Crooks bought 50 rounds of ammo, a 12′ ladder from Home Depot and walked a mile to the rally with his father’s AR-15, the ammo, and the ladder in tow. Nobody noticed him or stopped him? https://x.com/amuse/status/1813290589695156296 Ex-GOP Sen Coburn’s chief investigator @seanmdav: This is treason. They deliberately starved Trump’s security detail of manpower and resources. Their plan deliberately did not place spotters on the roof. And when law enforcement radioed the command post with details of a suspicious person using a range finder to determine precise distance to Trump, they kept Trump on the stage and didn’t do a thing until after Trump was shot and an innocent man was murdered. And when it was all done, Biden’s DHS secretary said he had “100% confidence” in the entire operation. The coverup into security at the DJT shooting intensified on Tuesday. GOP @RepBoebert: On Tuesday, the Secret Service had agreed to brief the House Oversight Committee. Homeland Security has stepped in, superseded all communications with the Oversight Committee and has refused to confirm a briefing will occur. This is shady. I won’t be backing off! (Is it the Jill angle?) GOP @RepAndyBiggsAZ: Secret Service agreed to brief @GOPoversight, but Mayorkas’s DHS has commandeered their communications and refuses to confirm a time. This corrupt administration has stonewalled Republicans’ investigations at every turn. We will not back down GOP @Jim_Banks: I believe a Select Com to investigate the attempted assassination of President Trump is necessary… I do not believe that the FBI, which raided President Trump’s home & unfairly targeted his supporters, can be trusted to conduct the sole investigation into this attack on our democracy. @CollinRugg: CNN host loses it after former US Army sn*per Cory Mills (GOP Rep, FL) suggests the July 13 assas*ination attempt on Trump *could have been* a setup. https://x.com/CollinRugg/status/1813244738503594184 Trump’s USSS detail at the GOP Convention had a noticeable change: https://x.com/margommartin/status/1813034920878518553 WSJ: Musk Has Said He Is Committing About $45 Million a Month to New Pro-Trump Super PAC Other backers of America PAC include Palantir Technologies co-founder Joe Lonsdale and the Winklevoss twins. (registering voters, get constituents to vote early, use mail-in ballots in swing states) The rotation into laggards and out of Fangs intensified on Tuesday. The DJITA, DJTA, and Russell 2k soared; the NY Fang+ Index declined 0.19% (late rally truncated losses). Bonds jumped 1 3/32; gold soared 38.90. ESUs traded moderately higher but sideways from the Nikkei opening until they broke down after 2 ET. After hitting a daily low of 5673.00 at 4:09 ET, ESUs persistently rallied until they hit 5714.25 at 11:09 ET. After a retreat to 5691.50 at 12:15 ET, ESUs rebounded moderately and traded sideways until they soared after 14:35 ET. ESUs hit a daily high of 5721.25 at 15:56 ET. ESUs lost 9 handles by 16:00 ET. @unusual_whales: Grocery prices have risen just 1% in the past year, according to data from the U.S BLS. But food at home prices have climbed more than 24% since May 2019, per CNBC. @junogsp7: This is by pulling coffee and cocoa out is the equation and idk how the H they are disguising chicken and eggs which have soared 60 % ytd from bird flu culling. Positive aspects of previous session The DJITA, DJTA, DJUA, and Russell 2k soared; USUs rallied 1 3/32 Negative aspects of previous session Fangs declined; Precious Metals soared The latest US stock bubble has inflated further. Ambiguous aspects of previous session Has the latest US stocks bubble passed the point of no return. 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]: 5658.63 Previous session S&P 500 Index High/Low: 5669.67; 5639.02 California Gov. Newsom signs bill banning schools from notifying parents of child’s gender identity @elonmusk: This is the final straw. Because of this law (Anti-parent gender change) and the many others that preceded it, attacking both families and companies, SpaceX will now move its HQ from Hawthorne, California, to Starbase, Texas. I did make it clear to Governor Newsom about a year ago that laws of this nature would force families and companies to leave California to protect their children. And 𝕏 HQ will move to Austin. Have had enough of dodging gangs of violent drug addicts just to get in and out of the building. Trump camp rips Biden campaign’s immediate attacks on Vance after VP selection: ‘Poor taste’ “I think that response, given the events that have transpired in this country where President Trump had an assassination attempt on his life, for the sitting U.S. president to be calling for anything other than unity, but instead using this opportunity to attack President Trump’s new vice presidential nominee, go after him on policy, it seems really out of touch, really in poor taste,” Sunshine said. Sunshine continued, “It’s very clear that Joe Biden is not the person who can unify this country, as evidenced by that statement.” Democrats wasted no time going after Vance, with many labeling the Ohio Republican as an “extremist.“…”The staffers at Biden HQ are continuing to use wildly inflammatory rhetoric less than 2 days since an assassin nearly killed President Trump,” Miller wrote… https://www.foxnews.com/politics/trump-camp-rips-biden-campaigns-immediate-attacks-on-vance-after-vp-selection-poor-taste Team Trump is fighting like Dems now, making them play by their own rules and standards. @CBSNews: Sean O’Brien, president of the International Brotherhood of Teamsters, gave Monday’s keynote speech as the first boss in the organization’s 121-year history to address the RNC. (Huge!) Trump’s big tent invitation to MAGA converts scores surprising takers https://t.co/IdjEp5ROEH Dem Sen. (NJ) Bob Mendez has been found guilty of 16 felony counts including obstruction of justice, bribery, extortion, wire fraud and acting as a foreign agent. @stlouisfed: Sticky price CPI (slow-to-change consumer prices) from @AtlantaFed rose 2.6% on an annualized basis in June, following a 2.4% increase in May. https://t.co/LSZJcTXtjo ZH: This is the largest five-day outperformance of Small Caps over the S&P 500 since Oct 1987… https://www.zerohedge.com/markets/gold-soars-record-high-stocks-do-something-not-seen-oct-1987 Trump Won’t Seek to Remove Fed Chair Powell Before Term Ends – BBG 17:01 ET. (DJT signals to Jerome that he doesn’t have to cut rates to save his gushy job!) Trump Questions Whether US Has Duty to Defend Taiwan – BBG 17:01 ET (Probably because, despite the huge threat, Taiwan spends little on defense.) Trump plans to lower corporate income tax to 15% if elected – BBG (Is DJT a factor in the rally?) Bloomberg: Trump says, he’d “consider Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., to serve as secretary of the Department of the Treasury.” Today is Weird Wednesday, which usually marks the peak intensity of the Expiry Week manipulation. With most indices at or near all-time highs, there is little to squeeze. However, traders are over-the-moon exuberant for equities. The bubble must run its course unless some profound negative bursts it. It’s too early to short stocks and it could be too late for the expiry week rally. But the upward bias for earnings season is still in its early stages. This usually ends after Apple reports. How much of the rabid rotation into economically sensitive equities and out of Fangs is due to DJT? NQUs are -29.00; ESUs are -5.50; and USUs are -2/32 at 20:50 ET. Expected econ data: June Housing Starts 1.3m, Permits 1.4m; June Industrial Production 0.3% m/m, Mfg. Production 0.1%, Capacity Utilization 78.4; Fed Beige Book 14:00 ET; Richmond Fed Pres Barkin 9 ET, Fed Gov. Waller 9:35 ET Expected earnings: NFLX 4.74, MMC 2.39, DHI 3.77, TXT 1.49, ABT 1.10 S&P Index 50-day MA: 5387; 100-day MA: 5258; 150-day MA: 5115; 200-day MA: 4932 DJIA 50-day MA: 39,207; 100-day MA: 38,976; 150-day MA: 38,594; 200-day MA: 37,494 (Green is positive slope; Red is negative slope) S&P 500 Index (5667.20 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 5364.74 triggers a sell signal Daily: Trender and MACD are positive – a close below 5556.67 triggers a sell signal Hourly: Trender is positive; MACD is negative – a close below 5624.40 triggers a sell signal @politico: Biden defended his “pretty damn good” mental acuity in a testy interview with NBC News: “What I’m doing is going out and demonstrating to the American people that I’m in command of all my faculties, that I don’t need notes, I don’t need teleprompters.” https://t.co/153QJdwYQD Joe is so accustomed to lying and the media ignoring it that he told a national audience that he is proving to Americans that he doesn’t need notes or teleprompters! @ChuckRossDC: Among the many highlights from Biden’s interview tonight — he was unable to recall whether he’s talked to President Obama since the debate. “I may have. I don’t think so.” https://t.co/eZo3KwKVP5 @RNCResearch: Does Biden know his Secret Service director is a woman? (Biden: “I’ve heard from HIM…” https://x.com/RNCResearch/status/1813020197357305865 @justin_hart: Lester Holt: “If you were to have, continue to run and be officially nominated, what happens if you have another episode like we saw during the debate?” Biden: “What happensuvinimina?” Holt: “Yeah, what happens if you have another performance on that par, on that level?” Biden: “I don’t planon havenumenemanav….” https://x.com/justin_hart/status/1813229374696833430 @TPostMillennial: Biden at the NAACP National Convention:” And you peacefully protested George Floyd’s murder, Donald Trump called for the National Guard to go after you. What in the hell’s the matter with this man?” https://x.com/TPostMillennial/status/1813326963605381453 @TrumpWarRoom: Crooked Joe Biden falsely claimed (again) that he “got started out” at Delaware State — an HBCU. The university has confirmed that “Biden did not attend DSU.” https://x.com/TrumpWarRoom/status/1813326095543947724 @TheKevinDalton: The NAACP Convention breaks into applause after Joe Biden just announces he is going to cap raises of rent to $55. That of course is not remotely true… https://x.com/TheKevinDalton/status/1813325997548445706 @greg_price11: As Joe Biden is speaking about lowering rents, he forgets what he’s talking about mid-sentence. https://x.com/greg_price11/status/1813328597655888192 @mirandadevine: “What the hell’s the matter with this man?” Biden yells in his NAACP speech, trashing Trump again despite calling for unity and civility after the assassination attempt. @kylenabecker: “I know what a black job is… it’s the Vice President of the United States.” This is surely it. Biden’s got to be done after this… right? https://x.com/kylenabecker/status/1813329123579732072 What happened to ‘unity’ and ‘toning down the rhetoric,’ Joe? @RNCResearch: After Biden spoke to the NAACP convention today, one attendee says he should step aside for Kamala instead. Sad! https://x.com/RNCResearch/status/1813360714787983601 @TrumpWarRoom: CNN panelist @niamalikah says Biden’s unhinged speech today “signaled that the gloves are back off” for Democrats — just days after the attempted assassination of President Trump. https://x.com/TrumpWarRoom/status/1813334725727039908 @TrumpWarRoom: Former top Biden staffer and current CNN contributor Kate Bedingfield just said Democrats need to “turn their fire on Donald Trump” — days after a deranged lunatic shot him in a failed assassination attempt. Democrats just can’t help themselves. https://t.co/aXFTWnUChu @kylenabecker: CNN guest @ScottJenningsKY *BLASTS* the network as “pathetic” for spreading the “bloodbath” and “dictator” lies in the wake of the Trump assassination attempt. Trump’s “bloodbath” comment was about the economy. Here is the full context of his remarks from his Ohio rally in March: “No, we’re going to put a 100 percent tariff on every single car that comes across the line, and you’re not going to be able to sell those cars if I get elected,” he said. “Now, if I don’t get elected, it’s going to be a bloodbath for the country; that’ll be the least of it. But they’re not going to sell those cars. They’re building massive factories.” Donald Trump in an interview with @seanhannity in December made a sarcastic remark about being a “dictator for a day.” TRUMP: “He says, ‘You’re not gonna be a dictator, are you?” I said no, no, no … other than Day One. We’re closing the border and we’re drilling, drilling, drilling. After that, I’m not a dictator, OK?'” The American media is back to spreading the same kind of lies that have led to Trump assassination attempts in the past, just days after a bullet came within inches of killing the former president. https://x.com/kylenabecker/status/1813217541033967733 @eyeslasho: Usha Chilukuri Vance is a lawyer. She grew up in San Diego, the child of immigrants from India (from the affluent Kamma caste). She holds degrees from Yale, Yale Law (where she met Vance and was an editor at the Yale Law review), and Cambridge University. She clerked for Chief Justice John G. Roberts, Jr at the Supreme Court. She works as a litigator in the Washington, D.C. office of Munger, Tolles & Olson. (Clerked for Chief Justice Robers? Another sneaky plus for JD Vance) @NBCNews: The Trump campaign and the Republican National Committee have filed suit against Michigan Gov. Gretchen Whitmer and others for allowing federal Veterans Affairs and Small Business Administration sites to be used for voter registration efforts. https://t.co/ZlWztyi92b @AlexThomp: Donald Trump Jr. to @mikeallen at @axios event in Milwaukee on Rupert Murdoch’s influence: “It’s not what it used to be.” Says you used to have to “bend the knee.” Notes that: “I haven’t been on Fox News in two years.” And says he was black-listed from the network. @greg_price11: Lets recap all the insane security failures that led to the attempted assassination on President Trump: More Secret Service resources diverted to Lady MacBeth attending a dinner than a 50,000+ rally with a former President. – A roof less than 200 yards from where Trump was speaking with a direct line of sight was unsecured by snipers because according to the head of the Secret Service it had a “sloped roof.” – Shooter was spotted by law enforcement officials nearly 30 minutes before the rally started but nobody confronted him. – Shooter was spotted using a literal range finder and still nobody confronted him – Three counter snipers were in the building that the shooter used and took pictures of him but still nothing was done. – Members of the crowd pointed out the shooter on the roof to law enforcement but still nothing was done to engage him – A law enforcement officer confronting the shooter just before he fired but not engaging because he pointed his rifle at him This is the either the most incompetent security failure in American history or a deliberate attempt to leave President Trump vulnerable. Biden to push for Supreme Court ethics reform, term limits and amendment to overturn immunity ruling https://www.cnn.com/2024/07/16/politics/supreme-court-reform-joe-biden-ethics-immunity-term-limits The self-absorbed, narcissistic, and fake-tough guy Biden is throwing a hissy fit that the SOTUS isn’t rubberstamping his lawfare against Trump and his unconstitutional Eos and programs. The Big Guy is the last person in DC that should be advocating ethics standards and TERM LIMITS! George Clooney floats JB Pritzker as candidate in op-ed calling for Biden to step aside (Does Clooney have Biden’s mental acuity? JB is purportedly the ‘Fredo’ of the Pritzker family!) https://www.nbcchicago.com/news/local/chicago-politics/george-clooney-jb-pritzker-biden-alternative-op-ed/3486004/ | |
GREG HUNTER
SEE YOU ON TUESDAY
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