GOLD PRICE CLOSED DOWN $4.40 TO $2393.40
SILVER PRICE UP $0.02 TO $29.12
Gold ACCESS CLOSED $2399.30
Silver ACCESS CLOSED: $29.17
Bitcoin morning price:$67,355 UP 3904 DOLLARS. bankers doing a good job destroying the value of bitcoin
Bitcoin: afternoon price: $67,806 UP 4355
dollars//
Platinum price closing DOWN $15.40 TO $949.40
Palladium price; DOWN $3.00 AT $909.10
END
SHANGHAI GOLD PREMIUM 2 DOLLARS/COMEX GOLD//august to august
SHANGHAI GOLD (USD) FUTURES – QUOTES
Last Updated 22 Jul 2024 06:31:54 AM CT.
Market data is delayed by at least 10 minutes.
*CANADIAN GOLD: $3300.11 UP 6.10 CDN dollars per oz( * NEW ALL TIME HIGH 3,375.67 CDN DOLLARS PER OZ//JULY 16 2024)
*BRITISH GOLD: 1,855.58 DOWN 3.24 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024
*EURO GOLD: 2,204.85 DOWN 34.68 Euros per oz //* (ALL TIME CLOSING HIGH: 2.263.98 EUROS PER OZ//JULY 16//.2024)
DONATE
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
END
EXCH: COMEX
JPMorgan stopped 0/0
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 0 NOTICES FOR 0 OZ or 0.00000 TONNES
total notices so far: 3649 contracts for 364,900 Oz (11.349 tonnes)
FOR JULY:
SILVER NOTICES: 3 NOTICE(S) FILED FOR 0.015 million
OZ/
total number of notices filed so far this month : 6014 for 30.070 million oz
XXXXXXXXXXXXXXXXXX
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
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 $4.40 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ NO CHANGES IN GOLD INVENTORY AT THE GLD
/ /INVENTORY RESTS AT 840.01 TONNES
INVENTORY RESTS AT 840.01 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $.02 AT THE SLV//
HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 3.920 MILION OZ OF SILVER INTO THE SLV/
// INVENTORY RISES AT 439.780 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 439.780 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A HUMONGOUS SIZED 289 CONTRACTS TO 159,702 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR HUGE LOSS OF $0.94 IN SILVER PRICING AT THE COMEX ON FRIDAY’S TRADING ON SILVER. WE HAD LITTLE LIQUIDATION AS WE HAD A HUGE NET LOSS OF 1545 CONTRACTS ON OUR TWO EXCHANGES TO GO ALONG WITH THE MASSIVE LIQUIDATION OF T.A.S. CONTRACTS. WE, AGAIN HAD CONSIDERABLE SHORT COVERING BY OUR SPECS DESPITE THE LOSS IN PRICE AS WELL AS THE MASSIVE T.A.S. LIQUIDATION MENTIONED ABOVE WHICH ACCOUNTS FOR THE HUGE LOSS OF OI ON THE TWO EXCHANGES. WE HAD ANOTHER HUGE SIZED 1147 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 AND AGAIN ON FRIDAY.
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 FRIDAY NIGHT: 1195 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS.IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1/2 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES AND THUS THE REASON FOR CONSTANT RAIDS. IT ALSO LOOKS LIKE THE FED (GOV’T) IS BEHIND EVERY DAY TRADING.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.94) AND WERE SOMEWHAT SUCCESSFUL IN KNOCKING SOME SILVER LONGS FROM THEIR PERCH AS WE DID HAVE A HUGE SIZED LOSS OF 1604 CONTRACTS ON OUR TWO EXCHANGES WITH THE LOSS IN PRICE OF $0.94. THE MAJORITY OF THE LOSS WAS DUE TO T.A.S. LIQUIDATION.
WE MUST HAVE HAD:
A MEGA HUMONGOUS SIZED 1295 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 195,000 OZ
//NEW STANDING FOR SILVER//JUNE IS THUS 30.735 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI LOSS //HUMONGOUS SIZED EFP ISSUANCE/ VI) HUGED SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 1147 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED 22 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 15 DAYS, total 16,035 contracts: OR 80.175 MILLION OZ (1069 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 80.175 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: 80.175 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/OVER 100 MILLION OZ/)
RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2899 CONTRACTS WITH OUR LOSS IN PRICE OF SILVER PRICING AT THE COMEX//FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A HUMONGOUS EFP ISSUANCE CONTRACTS: 1295 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 195,000 OZ QUEUE JUMP WHERE THEY WILL TRY AND TAKE DELIVERY ON THIS SIDE OF THE POND.
//NEW TOTAL STANDING FOR JULY 30.735 MILLION OZ
WE HAVE A HUGE SIZED LOSS OF 1604 OI CONTRACTS ON THE TWO EXCHANGES WITH THE HUGE LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE SIZED 1147 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE FRIDAY COMEX TRADING WHICH ACCOUNTS FOR THE MAJOR PORTION OF THE COMEX OI LOSS/// MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND SOME LIQUIDATION OF LONGS.
THE NEW TAS ISSUANCE FRIDAY NIGHT (1147) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .
WE HAD 45 NOTICE(S) FILED TODAY FOR 0.225 million OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A HUGE SIZED 13,340 OI CONTRACTS TO 585,452 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 779 CONTRACTS
WE HAD A HUGE SIZED DECREASE IN COMEX OI (13,340 CONTRACTS) OCCURRED DESPITE OUR LOSS OF $56.10 IN PRICE/FRIDAY. 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 800 OZ QUEUE JUMP
NEW STANDING 11.6140 TONNES
/ ALL OF THIS HAPPENED DESPITE OUR $56.10 LOSS IN PRICE WITH RESPECT TO FRIDAY’S TRADING. WE HAD A HUGE SIZED GAIN OF 4450 OI CONTRACTS (13.84 PAPER TONNES) ON OUR TWO EXCHANGES., WITH OUR LONGS TOTALLY OBLIVIOUS TO THE RAID ORCHESTRATED BY THE STUPID BANKS AGAIN FRIDAY.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A HUMONGOUS SIZED 17,790 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 584,673
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4450 CONTRACTS WITH 13,340 CONTRACTS DECREASED AT THE COMEX// AND A HUMONGOUS SIZED 17,790 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 4450 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 1768 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A HUMONGOUS SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (17,790 CONTRACTS) ACCOMPANYING THE HUGE SIZED LOSS IN COMEX OI OF 13,340 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 4450 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 800 OZ QUEUE JUMP
//NEW STANDING /JULY 11.614 TONNES.
/ 3) CONSIDERABLE T.A.S. LIQUIDATION OF CONTRACTS WITH ZERO NET LONG SPECS BEING CLIPPED,
4) HUGE SIZED COMEX OPEN INTEREST LOSS 5) HUMONGOUS ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 1425 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: 79,338 CONTRACTS OF 7,933,800 OZ OR 246.774 TONNES IN 15 TRADING DAY(S) AND THUS AVERAGING: 5289 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 15 TRADING DAY(S) IN TONNES 246.774 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 246.774 DIVIDED BY 3550 x 100% TONNES = 6.95% 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: 246.774 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 FELL BY A HUGE SIZED 2899 CONTRACTS OI TO 159,702 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 1435 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 1430 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1435 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 2899 CONTRACTS AND ADD TO THE 1295 E.FP. ISSUED
WE OBTAIN A HHUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1585 CONTRACTS
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 8.020 MILLION OZ OCCURRED WITH OUR HUGE $0.94 LOSS IN PRICE …THE MAJORITY OF THE OI LOSS WAS DUE TO SPREADER/T.A.S. LIQUIDATION.
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//
MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED DOWN 18.09 PTS OR 0.61% //Hang Seng CLOSED UP 218.20 PTS OR 1.25% // Nikkei CLOSED DOWN 464.79 OR 1.16%//Australia’s all ordinaries CLOSED DOWN 0.52%///Chinese yuan (ONSHORE) closed DOWN TO 7,2731 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2926/ Oil DOWN TO 79.73dollars per barrel for WTI and BRENT UP AT 82.21/Stocks in Europe OPENED ALL RED
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 13,340 CONTRACTS TO 585,673 WITH OUR HUGE LOSS IN PRICE OF $56.10 WITH RESPECT TO THURSDAY’S TRADING. THE LONGS COULDN’T CARE LESS WITH THE RAID ORCHESTRATED BY THE CROOKS. CENTRAL BANKS ARE PATIENT. THEY WERE WAITING FOR THE ATTACK OCCURRING EARLY FRIDAY MORNING AS THEY ACCUMULATED THEIR LONG PURCHASES THROUGHOUT THE DAY ESPECIALLY WHEN THE PRICE HIT 2400. THEY TENDERED FOR PHYSICAL GOLD AT THE END OF THE FRIDAY SESSION.
WE HAD A HUGE T.A.S. LIQUIDATION ON FRIDAY’S LOSS IN PRICE WITH ZERO LONGS BEING CLIPPED AND SOME SHORT COVERING.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW ENTERING INTO THE NON ACTIVE DELIVERY MONTH OF JULY.… THE CME REPORTS THAT THE BANKERS ISSUED A HUGE SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A HUGE SIZED 17,790 EFP CONTRACTS WERE ISSUED: : AUGUST 17,790 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 17,790 CONTRACTS.
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 4450 CONTRACTS IN THAT 17,790 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A STRONG SIZED LOSS OF 13,340 COMEX CONTRACTS..AND THIS STRONG GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $56.10/FRIDAY COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, FRIDAY NIGHT TO EXERCISE FOR PHYSICAL GOLD.
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 FRIDAY NIGHT A FAIR SIZED 1768 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 THIS WEEK’S TRADING//RAIDS.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JULY (11.514 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: 11.614 TONNES
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $56.10 //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A HUGE SIZED GAIN OF 5229 CONTRACTS ON OUR TWO EXCHANGES DESPITE THE HUGE LOSS IN PRICE. THE T.A.S. ISSUED ON THURSDAY 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 13.84 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 800 OZ QUEUE JUMP//NEW STANDING 11.614 TONNES
NEW STANDING FOR JULY: 11.615 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $56.10
WE HAVE REMOVED 779 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET GAIN ON THE TWO EXCHANGES 4450 CONTRACTS OR 445000 OZ (13.84 TONNES)
confirmed volume FRIDAY 324,641 contracts//good
//speculators have left the gold arena
JULY 22 JULY GOLD CONTRACT
/ /// THE JULY 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 482.265 oz Loomis 15 kilobars . |
| Deposit to the Dealer Inventory in oz | |
| Deposits to the Customer Inventory, in oz | nil |
| No of oz served (contracts) today | 2 notice(s) 200 OZ 0.00622 TONNES |
| No of oz to be served (notices) | 83 contracts 8300 OZ 0.2581 TONNES |
| Total monthly oz gold served (contracts) so far this month | 3651 notices 365,100 oz 11.356 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 deposits:
customer withdrawals: 1
io) Out of Loomis: 482.265 oz 15 kilobars
TOTAL WITHDRAWALS 482.265 oz oz
Adjustment 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JULY
For the front month of JULY we have an oi of 85 contracts having GAINED 8 contracts. We had 0 notices filed on FRI so we GAINED 8 contracts or an additional 800 oz will stand at the comex (0.0248 tonnes)
AUGUST LOST 26,797 CONTRACTS DOWN TO 229,542 CONTRACTS
SEPT. GAINED 109 CONTRACTS TO STAND AT 1085.
OCTOBER GAINED 1646 CONTRACTS UP TO 46,516 CONTRACTS
We had 2 contracts filed for today representing 200 oz
This is a major assault on the comex for gold and this time it is physical that will be requested.
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 2 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 (3651) x 100 oz ) to which we add the difference between the open interest for the front month of JULY 85( CONTRACTS) minus the number of notices served upon today (0 x 100 oz per contract( equals 373,400 OZ OR 11.614 TONNES.
thus the INITIAL standings for gold for the JULY contract month: No of notices filed so far (3651 x 100 oz +we add the difference for front month of JULY (85 X// , OI} minus the number of notices served upon today (0) x 100 oz which equals 373,400 oz (11.614 TONNES)
TOTAL COMEX GOLD STANDING FOR JULY: 11.614 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: 17,822,433.525 OZ
TOTAL REGISTERED GOLD 7,781,890.388 ( 242.04 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 10,040,543.137 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,112,418 oz (REG GOLD- PLEDGED GOLD)= 190.12 tonnes //
END
SILVER/COMEX
JULY 22/2024
INITIAL
//2024// THE JULY 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1933.920oz Delaware CNT . |
| Deposits to the Dealer Inventory | |
| Deposits to the Customer Inventory | 12,194,605.540 oz Loomis JPMorgan |
| No of oz served today (contracts) | 45 CONTRACT(S) (.225 million OZ) |
| No of oz to be served (notices) | 88 contracts (0.440 million oz) |
| Total monthly oz silver served (contracts) | 6059 Contracts (30.285 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 2 customer deposits:
i)Into Loomis: 598,122.290 oz
ii) Into JPMorgan: 596,483.300 oz
total customer deposit 1,194,605.590 oz
JPMorgan has a total silver weight: 132.563million oz/302.525million or 43.80%
adjustment: 1//error 905.99 oz removed from eligible account JPMorgan.
customer withdrawals: 2
i) out of Delaware: 989.120 oz
ii) Out of CNT 944.800 oz
total withdrawal: 1933.920 0z
TOTAL REGISTERED SILVER: 69.377 MILLION OZ//.TOTAL REG + ELIGIBLE. 302.525 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY:
silver open interest data:
FRONT MONTH OF JULY/2024 OI: 133 CONTRACTS HAVING GAINED 36 CONTRACT(S). WE HAD 3 NOTICES FILED ON FRIDAY SO WE GAINED 39 CONTRACT OR AN ADDITIONAL 195,000 OZ WILL STAND AT THE COMEX VIA A QUEUE JUMP TO TAKE DELIVERY OVER HERE.
AUG, SAW A LOSS OF 57 CONTRACTS TO 1345
SEPT SAW A LOSS OF 3054 CONTRACTS TO 124,812
.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 45 for 0.225 MILLION oz
CONFIRMED volume; ON FRIDAY 84.801 large
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 6059 x 5,000 oz = 30.295 MILLION oz
to which we add the difference between the open interest for the front month of JULY( 133) and the number of notices served upon today 45 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JULY/2024 contract month: 6059 notices served so far) x 5000 oz + OI for the front month of JULY (133)x number of notices served upon today minus (45)x 5000 oz of silver standing for the JULY contract month equates to 30.735 MILLION OZ.
New total standing: 30.735 million oz.
There are 69.377 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 22 WITH GOLD DOWN $4.40 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD// ///INVENTORY RESTS AT 840.01 TONNES
JULY 19 WITH GOLD DOWN $56.10 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD;:A WITHDRAWAL OF 2.01 TONNES OF GOLD FROM THE GLD// ///INVENTORY RESTS AT 840.01 TONNES
JULY 18 WITH GOLD DOWN $2.20 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD;: ///INVENTORY RESTS AT 842.02 TONNES
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: 840.01 TONNES, TONIGHTS TOTAL
SILVER
JULY 22 WITH SILVER UP 2 CENTS//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 3.920 MILLION OZ OF SILVER INTO THE SLV./// /INVENTORY RISES AT 439.780 MILLION OZ
JULY 19 WITH SILVER DOWN 94 CENTS//NO CHANGES IN SILVER INVENTORY/// /INVENTORY REMAINS AT 435.854 MILLION OZ
JULY 18 WITH SILVER DOWN 13 CENTS//HUGE CHANGES IN SILVER INVENTORY” A DEPOSIT OF 2.374 MILLION OZ INTO THE SLV/// /INVENTORY RISES TO 435.854 MILLION OZ
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 439.780 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
Putting The National Debt Into Perspective We Can All Understand
BY TYLER DURDEN
SATURDAY, JUL 20, 2024 – 02:00 PM
Authored by Mike Maharrey via Money Metals,
The federal government ran another big deficit in June, as the national debt inches closer to $35 trillion.
$35 trillion USD.
Trillion with a ‘T.’
That’s an unfathomable number. It’s meaningless to most people. We simply can’t comprehend a number that big.
Let’s try to put the $34.9 trillion national debt into perspective.
According to the National Debt Clock, every American citizen would have to write a check for $103,565 to pay off the national debt.
Of course, a lot of people don’t pay taxes. That means the taxpayer burden is much higher. Every U.S. taxpayer would have to write a check for $266,953 to wipe out the debt. And that’s on top of the taxes we already pay!
To put it another way, $35 trillion is more than the total economies of China, Japan, Germany, and the UK combined.
Visualizing 1 Trillion
1,000,000,000,000
It’s hard to wrap your head around how big 1 trillion is, much less 35 trillion. Here are a few factoids to help you visualize just how big that number is:
- There are 1 million seconds in 11.5 days. A trillion seconds is about 32,000 years.
- If you could say one number every second, it would take about 11.5 million days to count to 1 trillion.
- If you had spent $1 million every day since the birth of Christ, you still wouldn’t have spent $1 trillion.
- If you line up dollar bills end-to-end, you could go to the moon and back around 203 times with $1 trillion. You could wrap them around the earth about 3,893 times.
- If you stacked up 1 trillion dollar bills, the dollar tower would rise to 67,866 miles.
- If a cup of coffee costs $3, you could buy 333 billion cups of coffee with $1 trillion.
- If you had 1 trillion dollars, you could give every person on Earth approximately $125.
- One trillion grains of rice would weigh about 20,000 metric tons.
Keep in mind that all of these examples only illustrate the size of $1 trillion. The national debt is nearly 35 times that number.
James Madison once called a large national debt a “public curse.”
“I go on the principle that a Public Debt is a Public curse and in a Rep. Govt. a greater than in any other.”
We’re certainly cursed to the tune of $35 trillion USD.
Thomas Jefferson said he considered “public debt as the greatest of the dangers to be feared.”
In his Farewell Address, George Washington urged us to use debt sparingly – and, get this, actually pay it off as quickly as possible!
“As a very important source of strength and security, cherish public credit. One method of preserving it is to use it as sparingly as possible, avoiding occasions of expense by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it.”
We failed to heed the warning of the Anti-federalist writer Brutus.
“I can scarcely contemplate a greater calamity that could befall this country, than to be loaded with a debt exceeding their ability ever to discharge. If this be a just remark, it is unwise and improvident to vest in the general government a power to borrow at discretion, without any limitation or restriction.”
And here we are.
end
3.CHRIS POWELL AND DAILY GOLD/SILVER DISPATCHES
Suppressing silver prices has been official U.S. policy since 1965
Submitted by admin on Sun, 2024-07-21 15:27 Section: Daily Dispatches
3:24p ET Sunday, July 21, 2024
Dear Friend of GATA and Gold:
In the July 18 edition of Gold Newsletter, editor and publisher Brien Lundin wrote about the failure of silver prices to keep up with gold prices. “I’m not the kind of conspiracy buff that many of my friends in the industry are,” Lundin wrote, “but it’s hard to look at silver and not see some hidden hands at work (especially considering who holds so much of the metal in both physical and paper forms while acting as custodian for the biggest silver exchange-traded fund).”
Of course Lundin meant investment bank JPMorganChase and silver ETF SLV.
Why anyone would invest in silver or the other precious and monetary metals with JPMorganChase can be explained only by ignorance.
In the last decade the bank has pleaded guilty to five felonies and has paid more than a billion dollars in government fines and civil lawsuit settlements, including a fine of $920 million for manipulation of the monetary metals markets by some of its traders:
But silver market manipulation long has been bigger than even JPMorganChase.
Indeed, silver price suppression has been U.S. government policy since President Lyndon B. Johnson signed the Coinage Act of 1965, which removed silver from the country’s money.
Signing the act into law, Johnson proclaimed: “If anybody has any idea of hoarding our silver coins, let me say this. Treasury has a lot of silver on hand, and it can be and it will be used to keep the price of silver in line with its value in our present silver coin. There will be no profit in holding them out of circulation for the value of their silver content”:
https://www.presidency.ucsb.edu/documents/remarks-the-signing-the-coinage-act
https://www.gata.org/node/15838
It’s not known how long the U.S. government’s strategic silver inventory lasted after 1965 and how much was used for executing the price-suppression policy Johnson proclaimed, but eventually collectors and investors did exactly what the president warned would bring them no profit. They removed the silver coins from circulation and hoarded them as the steady inflation of the U.S. dollar made them worth far more than their face value.
JPMorganChase Bank long has been a primary dealer in U.S. government securities and has been particularly close to the U.S. Treasury Department, so when SLV was launched in 2006 and the bank became custodian of the fund’s silver, suspicion of government involvement with the bank and the ETF was fairly aroused. (The bank now is also custodian of the metal of the major gold ETF, GLD, prompting more fair suspicion.)
After SLV was founded, complaints that JPMorganChase was manipulating the silver market grew loud enough that the bank felt obliged to answer them publicly.
First the bank’s CEO, Jamie Dimon, said the bank had no interest of its own in the monetary metals and traded them only for clients. Then in 2012 the head of the bank’s commodity desk, Blythe Masters, went on CNBC to emphasize this denial particularly in regard to silver.
“There’s been a tremendous amount of speculation, particularly in the blogosphere, on this topic,” Masters told the CNBC reporter. “I think the challenge is that it represents a misunderstanding of the nature of our business. … Our business is a client-driven business where we execute on behalf of clients to achieve their financial and risk-management objectives. … We have offsetting positions. We have no stake in whether prices rise or decline.”
See: https://www.gata.org/node/11216
But since CNBC is a mainstream financial news organization, its reporter failed to put the critical follow-up question to Masters: Do JPMorganChase’s clients trading silver and other monetary or precious metals include governments, particularly the U.S. government, directly or indirectly?
The answer to that question was provided inadvertently 10 years later, and barely noticed by mainstream financial news organizations, during the trial of the JPMorganChase traders charged with and convicted of “spoofing” the monetary metals futures markets. In the very last paragraph of its July 31 report about the trial, Bloomberg News reported:
“Another set of important clients were central banks, which trade gold for their reserves and are among the biggest players in the bullion market. At least 10 central banks held their metal in vaults run by JPMorgan in 2010, according to documents disclosed in court”:
https://gata.org/node/22108
A mechanism for governments to use for surreptitious manipulation of the monetary metals futures markets was already in place at CME Group, operator of all the major futures exchanges in the United States. It is called the Central Bank Incentive Program, whereby CME Group exchanges provide volume trading discounts to governments, central banks, and international organizations for trading all futures contracts on CME Group’s exchanges.
CME Group’s master statement to the U.S. Securities and Exchange Commission says: “The customer base of our derivatives exchanges includes professional traders, financial institutions, institutional and individual investors, major corporations, manufacturers, producers, governments, and central banks”:
https://www.gata.org/node/18925
http://investor.cmegroup.com/node/43571/html
So there remain some compelling questions in the monetary metals sector.
— Would Western governments and particularly the U.S. government have worked so hard for so long to control the price of gold, as documented by GATA here —
— while leaving the other major monetary metal, silver, alone?
After all, for many years the world might have sensed monetary debasement almost as readily from a rising silver price as from a rising gold price, even if these days, with inflation sending most important prices soaring, it’s hard not to sense monetary debasement nearly everywhere one looks, except maybe, as Lundin notes, when one looks at silver.
— Why do all the major bullion banks seem to trade gold and silver the same way at the same time? It sure looks like collusion. If it is collusion, it would violate anti-trust law in the United States, United Kingdom, and other Western countries — unless, of course, the bullion banks are simply executing government trades and thus giving camouflage to government intervention.
The Gold Reserve Act of 1934 authorizes the U.S. Treasury Department, through its Exchange Stabilization Fund, to intervene secretly in any market in the world:
https://home.treasury.gov/policy-issues/international/exchange-stabilization-fund
That intervention like this is going on has been essentially confirmed by the U.S. Commodity Futures Trading Commission, which repeatedly has refused to answer not just for GATA but even for a U.S. representative whether the commission has jurisdiction over manipulative futures trading undertaken by or at the behest of the U.S. government or whether such manipulation is legal:
https://www.gata.org/node/19917
— By amassing a big hoard of silver “for clients” and serving as custodian of the silver ETF SLV, has JPMorganChase in effect reconstituted the U.S. government’s strategic silver reserve for interventional purposes?
— What exactly goes on every day on the trading desk at the Federal Reserve Bank of New York? What markets are being traded there by the U.S. government, how are they being traded, and why? Is the desk trading more than the government bonds it reports trading? Why can’t the public be allowed to observe this trading?
— Is the Bank for International Settlements trading the monetary metals for the U.S. government, directly or through intermediaries?
In 2005 the head of the BIS’ monetary and economic department, William R. White, told a conference at BIS headquarters in Switzerland that a primary purpose of cooperation among central banks is “the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful”:
https://www.gata.org/node/4279
The United States is a member of the BIS and White’s “asset prices” easily could cover the prices of the other traditional monetary metal, silver.
Gold Newsletter’s Lundin is right that it’s hard not to suspect that “hidden hands” are at work against the silver price just as they have been against gold. Or at least it’s hard not to suspect that “hidden hands” are at work as long as you’re not part of a mainstream financial news organization or an executive of the typically oblivious silver-mining company.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
end
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.
Even 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:
end
Trump will stop this crazy introduction of digital currencies
(GATA/Bloomberg)
Trump’s disdain for digital dollar risks ‘Cold War era’ in money
Submitted by admin on Sat, 2024-07-20 09:30 Section: Daily Dispatches
By María Paula Mijares Torres
Bloomberg News
Friday, July 19, 2024
Central bank digital currencies were once looked upon as nothing short of the future of money around the world. Yet at least in the United States, that sunny outlook for CBDCs is in serious doubt for one simple reason: Donald Trump and his Republican allies hate them.
Along with Trump’s newfound support for cryptocurrencies comes a disdain for the idea of creating a digital dollar, a sentiment prominent among executives in the industry who rage against CBDCs as dangerous surveillance tools of the state because their usage can be tracked by authorities.
Of course digital forms of fiat currencies also present major competition for the crypto industry since they undermine major uses for crypto by allowing for the elimination of financial intermediaries and faster, simpler transmission of money.
Yet Trump’s vow to never allow the dollar to be digitized carries significance far beyond the crypto world: It may turn money into a new front in the former president’s trade war with China, which has emerged as a leader in the nascent world of CBDCs. …
… For the remainder of the report:
end
Dr Daniel Lacalle…
Central Banks Purchase Gold To Offset Their Own Money Destruction
MONDAY, JUL 22, 2024 – 09:25 AM
Why is the price of gold rising if the global economy is not in recession and inflation is allegedly under control? This is a question often heard in investment circles, and I will try to answer it.
We must begin by clarifying the question. It is true that inflation is slowly decreasing, but we cannot say that it is under control. Let us remember that the latest CPI data in the United States was 3% annualised and that in the Eurozone it is 2.6%, with eight countries publishing data above 3%, including Spain.
This is why central banks need to give the impression of hawkishness and maintain rates or lower them very cautiously. However, monetary policy is far from being restrictive. Money supply growth is picking up, the ECB maintains its “anti-fragmentation mechanism,” and the Federal Reserve continues to inject money through the liquidity window. We can say, without a doubt, that monetary policy is beyond accommodative.
At the end of this article, the price of gold is above $2,400 an ounce, up 16.5% between January and July 19, 2024. In the same period, gold has performed better than the S&P 500, the Stoxx 600 in Europe, and the MSCI Global. In fact, over the past five years, gold has outperformed not only the European and global stock markets, but also the S&P 500, with only the Nasdaq surpassing the precious metal. This is a period of alleged recovery and strong expansion of the stock markets. On the one hand, the market is discounting the central banks’ continued accommodative and expansionary policies, even possible high debt monetization, given the unsustainable deficits in the United States and developed countries. That is, the market assumes that the Federal Reserve and the ECB will not be able to maintain the reduction of their balance sheets in the face of rising debt and public spending in many economies. As a result, gold protects many investors against the erosion of the currency’s purchasing power, i.e., inflation, without the extreme volatility of Bitcoin. If the market discounts further monetary expansion to cover the accumulated deficits, it is normal for the investor to seek protection with gold, which has centuries of history as an alternative to fiduciary money and offers a low-volatility hedge against currency debasement.
Another important factor is the central bank’s purchase of gold. JP Morgan is credited with the phrase “gold is money and everything else is credit.” All the world’s central banks include treasury bonds from countries that serve as global reserve currencies in their asset base. This allows central banks around the world to try to stabilize their currencies. When we read that a central bank buys or sells dollars or euros, it is not making transactions with physical currency but with government bonds. Hence, as the market price of government bonds has fallen 7% between 2019 and 2024, many of these central banks are facing latent losses from a slump in the value of their assets. What is the best way to strengthen a central bank’s balance sheet, thereby diversifying and reducing exposure to fiat currencies? Purchase gold.
The rising purchases of gold by central banks are an essential factor justifying the recent increase in demand for the precious metal. Central banks, especially in China and India, are trying to reduce their dependence on the dollar or the euro to diversify their reserves. However, this does not mean full de-dollarization. Far from it.
According to the World Gold Council, central banks have accelerated their gold purchases to more than 1,000 tonnes per year in 2022 and 2023. This means that monetary authorities account for almost a quarter of the annual demand for gold during a period when supply and production have not grown significantly. The ratio of output to demand stands at 0.9 in June 2024, according to Morgan Stanley.
Global official gold reserves have increased by 290 net tonnes in the first quarter of 2024, the highest since 2000, according to the World Gold Council, 69% higher than the five-year quarterly average (171 metric tonnes).
The People’s Bank of China and the Central Bank of India are the biggest buyers as they aim to balance their reserves, adding more gold to reduce loss-making exposure to government securities. According to Metals Focus, Refinitiv GFMS, and the World Gold Council, China has been increasing its gold purchases for seventeen months, and since 2022, it has shot up its reserves by 16%, coinciding with the increase in global polarization and the trade wars.
That does not mean full de-dollarization, as the People’s Bank of China has 4.6% of its total reserves in gold. US Treasury bonds are the most important asset, accounting for more than 50% of the Chinese central bank’s assets. However, its goal is to raise gold reserves to at least 14%, according to local media. Thus, it would imply a significant annual purchase of gold for years.
India’s central bank increased its gold reserves by 19 metric tonnes during the first quarter. Other central banks that are diversifying and buying more gold than ever are the National Bank of Kazakhstan, the Monetary Authority of Singapore, the Central Bank of Qatar, the Central Bank of Turkey, and the Central Bank of Oman, according to the sources cited above. During this period, both the Czech National Bank and the National Bank of Poland increased their gold reserves in Europe, reaching the highest level since 2021. In these cases, the aim is to balance the exposure in the asset base with more gold and less eurozone government bonds.
The goal of this central bank trend is to increase the weight of an asset that does not fluctuate with the price of government bonds. It is not about de-dollarization but about balancing the balance sheet from the volatility created by their own misguided expansionary policies. For years, the policy of central banks has been to reduce their gold holdings, and now they must come back to logic and rebalance after suffering years of latent losses on their government bond holdings. In fact, one could say that the world’s central banks anticipate their own widespread erosion of the purchasing power of reserve currencies due to the saturation of fiscal and monetary policies, and for that reason, they need more gold.
After years of thinking that money can be printed without limits and without creating inflation, monetary authorities are trying to return to logic and have more gold on their balance sheets. At the same time, many expected that the trade war between China and the United States and global polarisation would be reversed in the Biden years, and the opposite has happened. It has accelerated. Now, the latent losses in the sovereign bond asset portfolio are leading all these central banks to buy more gold and try to protect themselves from new bursts of inflationary pressures.
In an era of high correlation between assets and perpetual monetary destruction, gold serves as a low volatility, low correlation, and strong long-term return addition to any prudent portfolio.
4. GOLD PODCASTS//LIVE FROM THE VAULT
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COCOA
ASIA TRADING/MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED DOWN 18.09 PTS OR 0.61% //Hang Seng CLOSED UP 218.20 PTS OR 1.25% // Nikkei CLOSED DOWN 464.79 OR 1.16%//Australia’s all ordinaries CLOSED DOWN 0.52%///Chinese yuan (ONSHORE) closed DOWN TO 7,2731 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2926/ Oil DOWN TO 79.73dollars per barrel for WTI and BRENT UP AT 82.21/Stocks in Europe OPENED ALL RED
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.2731
OFFSHORE YUAN: UP TO 7.2926
SHANGHAI CLOSED DOWN 18.09 PTS OR 0.61 %
HANG SENG CLOSED UP 218.20 PTS OR 1.25%
2. Nikkei closed DOWN 464.79 PTS OR 1.16%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 103.99 EURO RISES TO 1.0885 UP 6 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1,066 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 156,72 JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.4550/Italian 10 Yr bond yield UP to 3.750 SPAIN 10 YR BOND YIELD UP TO 3.227%
3i Greek 10 year bond yield UP TO 3.390
3j Gold at $2401.50//Silver at: 28.97 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 3/ 100 roubles/dollar; ROUBLE AT 87.99
3m oil into the 79 dollar handle for WTI and 82 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 156.72/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.066% STILL ON CENTRAL BANK (JAPAN) INTERVENTION
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8876 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9662 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: 4.220 DOWN 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.424 DOWN 3 BASIS PTS/
USA 2 YR BOND YIELD: 4.519 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 33.05…
10 YR UK BOND YIELD: 4.1640 UP 3 PTS
10 YR CANADA BOND YIELD: 3.395 DOWN 1 BASIS PTS
2a New York OPENING REPORT
Futures Jump Led By Megacap Tech As Trump Trades Reverse
MONDAY, JUL 22, 2024 – 08:14 AM
Global markets are relatively muted after a second consecutive historic weekend for US politics, one where Joe Biden ended his reelection campaign and (reluctantly) endorsed Vice President Kamala Harris. As of 7:45am, S&P futures are up 0.5%, led by tech with small caps also positive but lagging as the rotation takes a break; Nasdaq 100 futures gained 0.9%, reversing some of last week’s painful 4% slump. European stocks rose more than 1%, snapping a five-day losing streak and their worst week this year as the Trump Trade looks a bit shaky this morning (his odds on Predictit are down from 70% to 60% in the past week): the dollar is sliding slightly, havens like the Swiss franc and Treasuries edge higher as the yield curve twists flatter. Commodities are mixed with Ags higher and Energy/Metals lower. The biggest news this weekend is Biden dropping out of the Presidential race and VP Harris is now the presumptive nominee, though others may enter the race. As JPM’s Market Intel desk writes this morning, we have seen “some unwinds of the Trump Trade, it is possible that unwinds further as the market looks to Trump with a split Congress.” Elsewhere, it is a light macro day as we enter the second busiest week of earnings season with ~20% of the SPX reporting.
In premarket trading, Mag7 and Semis are leading with small caps lagging. Nvidia shares rise 1.6% premarket amid reports the company is working on a version of its new flagship AI chips for the China market that will be compatible with current US export controls. CrowdStrike falls 4% as Guggenheim cut its rating to neutral after a faulty software update from the cybersecurity firm affected 8.5 million devices that rely on Microsoft’s Windows operating system. Bank of America dropped 1.1% after Warren Buffett’s Berkshire Hathaway sold about 34 million shares in the lender for $1.48 billion, according to a public filing. Here are some other notable movers:
- 10X Genomics (TXG) climbs 4% after Jefferies raised its rating to buy on conviction of a recovery in the firm’s single-cell sequencing business.
- Globe Life (GL) gains 1% after saying its audit committee completed its review of allegations raised by short sellers Fuzzy Panda Research and Viceroy Research, and determined there is no merit to the short sellers’ various allegations regarding financial accounting, reporting and disclosure.
- Tellurian (TELL) soars 64% after Woodside Energy Group agreed to buy the US liquefied natural gas project developer for about $900 million.
- ON Semiconductor (ON) gains 2% after the company announced a multi-year pact with Volkswagen Group.
- Verizon Communications (VZ) slips 3% after posting 2Q results.
After this week’s shocking news of Biden’s unexpected reversal and decision to drop out of the race (following relentless pressure from the “Democratic” party, a full account of what happened can be found here), Democrats now face the task of uniting around a new nominee just weeks before their convention, and must rapidly make up ground against Donald Trump who remains an odds-on favorite to win the presidency. Investors have been wagering on Trump’s return to the White House for weeks, trimming holdings of long-term US bonds and buying Bitcoin, among other things. Now, they’re considering whether the “Trump Trade” is still on. The uncertainty may translate into volatility for markets, though for now, much attention is on earnings and the outlook for monetary policy.
“We are more focused on the cadence of the business cycle than on the outcome of the election,” said Morgan Stanley strategist Michael Wilson. “While markets have been digesting the rising odds of a Trump win, cyclical upside from here will likely be dependent on growth” the bearish MS strategist added, noting that the rotation into small caps is almost over (which likely means it is only just starting).
Investors have their hands full dealing with major earnings this week. Tesla and Alphabet will be the first of the “Magnificent Seven” to report on Tuesday. Analysts will likely press Elon Musk’s electric-vehicle giant on the progress of its plans for robotaxis. And investors will delve into the details of Google’s parent revenue boost from artificial intelligence.
“It’s a good reporting season so far, but you have to wonder what are the catalysts for the market to keep on rising further?” said Andrew Pease, global head of investment strategy at Russell Investments Ltd. “A lot of the hope is that we get this rotation away from the Mag Seven to the S&P 493 and the equal-weighted index starts to catch up with the cap-weighted. Asymmetry is still the watchword right now.”
European stocks surge as they look to snap a five-day losing streak. Technology, construction and consumer product shares are leading gains. Strategists at Morgan Stanley said companies in Europe have made a positive start to the second-quarter reporting season, with 29% beating profit expectations. Ryanair failed to boost that track record Monday, however, falling as much as 16% after the Irish budget carrier cut its outlook for ticket prices in the crucial summer travel period and predicting “materially lower” fares. Rivals EasyJet Plc and IAG SA also fell. Here are the top European movers:
- Nordea Bank shares rise as much as 1.9% after the Nordic lender was upgraded to buy from hold at Jefferies.
- Rentokil shares gain as much as 15% after the Sunday Times reported that Philip Jansen, the former chief executive officer of BT, is in talks with private equity firms about acquiring the pest controller.
- Finecobank shares jump as much as 7.4% following reported interest from Zurich Insurance Group, with likely support of PE funds.
- Barry Callebaut shares climb as much as 5.1% after Citi upgrades to buy and opens a 90-day positive catalyst watch, saying the Swiss chocolate producer offers a “potential valuation anomaly.”
- Belimo shares rise as much as 12% after the Swiss manufacturer of heating, ventilation and air conditioning equipment lifted its guidance for the year following a strong first half.
- Entain shares advance as much as 6.1% after the sports betting firm appointed industry veteran Gavin Isaacs as its news chief executive officer.
- Ocado shares rise as much as 7.6% after the online grocer said Kroger had placed an order for a wide range of new automated technologies to roll out in customer fulfillment centers across its network.
- Suess MicroTec shares gains as much as 8.1% after Oddo BHF lifts its rating on the German semiconductor equipment provider to outperform from neutral, saying the valuation now screens as attractive.
- Ceres Power shares jump as much as 18%, the most since January, after the UK fuel cell technology company struck a new manufacturing license deal and raised its guidance for 2024 in its trading update.
- Ryanair shares slide as much as 13%, the most since May 2020, after the low-cost carrier cut its outlook for ticket prices in the key summer travel period.
- Buzzi shares slip as much as 3.8% in Milan trading after JPMorgan downgraded the stock to underweight from neutral, seeing increased earnings risk.
- Invisio shares fall as much as 7.8% after SEB cut its recommendation on the Swedish tactical communications firm to hold from buy, seeing “an attractive case, but stretched valuation.”
In Asia, stocks suffered a third-straight day of losses as they were dragged lower by a weak tech sector amid valuation concerns ahead of key corporate earnings. Chinese bonds were a highlight, gaining after the central bank cut a policy interest rate. The country’s stocks fell, as investors continued to express disappointment at a lack of strong stimulus measures from a recent major Communist Party meeting. The MSCI Asia Pacific Index fell as much as 1.2% Monday, with TSMC and Samsung among the biggest contributors to the decline. Taiwan’s benchmark index ended 2.7% lower, taking its 4-day plunge to more than 7%, the most since October 2022. Key gauges in Japan and South Korea shed more than 1% each. Tech stocks have suffered sharp losses over the past couple of weeks as the upcoming US election and the Federal Reserve rate cuts injected new uncertainties to the once-mighty sector. Morgan Stanley recommended investors book profits on Asian and emerging-market tech and pivot to consumer staples. Traders were also game-planning the implications of President Joe Biden’s exit from the race.
In FX, the Bloomberg Dollar Spot Index is off the lows but still down 0.2%, snapping a two-day advance, as investors weighed what US President Joe Biden’s exit from the presidential race would mean for markets. The yen was the strongest of the G-10 currencies, rising 0.5% against the greenback. The Australian dollar is the weakest, falling 0.3%.
In rates, treasuries are mixed as the short-end underperforms. The yield on 10-year US Treasuries was down as much as 4bps earlier. It’s now little changed 4.23%. Gilts lead a selloff in European bonds.
In commodities, oil prices are little changed, with WTI trading near $80 a barrel. Spot gold is steady around $2,402/oz.
On today’s econ calendar, the lone event is July’s Chicago Fed National Activity Index (8:30am). This week, traders will be focused on economic activity data in Europe, US second-quarter growth and a Bank of Canada rate decision. Fed members scheduled to speak before the next FOMC meeting begins July 30 — a period during which a self-imposed quiet period is customary — include only Governor Bowman and Dallas Fed President Logan on July 24, both at an event on Texas community partnerships
Market Snapshot
- S&P 500 futures up 0.4% to 5,573.75
- STOXX Europe 600 up 0.8% to 514.14
- MXAP down 0.7% to 182.05
- MXAPJ down 0.6% to 565.46
- Nikkei down 1.2% to 39,599.00
- Topix down 1.2% to 2,827.53
- Hang Seng Index up 1.3% to 17,635.88
- Shanghai Composite down 0.6% to 2,964.22
- Sensex little changed at 80,552.59
- Australia S&P/ASX 200 down 0.5% to 7,931.74
- Kospi down 1.1% to 2,763.51
- German 10Y yield little changed at 2.47%
- Euro little changed at $1.0892
- Brent Futures up 0.4% to $82.93/bbl
- Gold spot up 0.1% to $2,403.36
- US Dollar Index down 0.16% to 104.23
Top Overnight news
- Joe Biden announced in a tweet that he is stepping aside as a candidate and will focus on fulfilling his duties for the remainder of his term, while in a subsequent tweet he endorsed Vice President Harris and will speak to the nation later this week.
- Kamala Harris said she is honoured to have the President’s endorsement and she intends to earn and win the nomination, while she added that she will do everything in her power to unite the Democratic Party and unite the nation to defeat Donald Trump. Super PAC Priorities USA and liberal super PAC Unite the Country said they will support Kamala Harris as the 2024 Democratic presidential nominee, while Bill and Hillary Clinton announced their endorsement of Harris. It was separately reported by CBS News that California Governor Newsom and Michigan Governor Whitmer do not plan to challenge Harris and Newsom later endorsed Harris for the Democratic Presidential nomination.
- DNCChair Harrison said the American people will hear from the Democratic Party on the next steps and the path forward for the nomination process.
- Republican presidential candidate Donald Trump said he thinks that Kamala Harris will be easier to defeat than President Biden in the November election, according to a CNN reporter via X.
- China surprised markets by cutting major short and long-term interest rates on Monday, its first such broad move since August last year, signaling intent to boost growth in the world’s second-largest economy just days after a Communist Party leadership meeting. PBOC said it would cut the seven-day reverse repo rate to 1.7% from 1.8%, and would also improve the mechanism of open market operations. That is the first cut to the rate since August 2023. Minutes later, China cut benchmark lending rates by the same margin at the monthly fixing. The one-year loan prime rate (LPR) was lowered to 3.35% from 3.45% previously, while the five-year LPR was reduced to 3.85% from 3.95%. RTRS
- National Sec Advisor Sullivan warned to expect more sanctions over China’s aid to Russia (this is consistent with the stern warning contained in the recent NATO communique about Chinese assistance to Putin). SCMP
- Nvidia is working on a version of its new flagship AI chips for the China market that would be compatible with current U.S. export controls. RTRS
- President Biden exited the 2024 presidential race yesterday and endorsed VP Kamala Harris. Harris’ prediction market-implied odds of winning the Democratic nomination stood at 80% following the news. Democrats’ odds of winning the White House ticked up slightly, while House and Senate control odds were little changed. The implied odds of a Republican sweep edged down to around 41% but this remains the most likely outcome by a significant margin. The deadline for Democrats to nominate their candidate is at their convention August 19-22. However, the party has been considering a virtual nomination in August ahead of the convention and this remains a possibility. GIR
- Mysterious buyers with suspected links to Russia have begun amassing dozens of vessels capable of carrying liquefied natural gas, in moves that suggest Moscow is expanding its “dark fleet” of energy tankers. Shipping industry insiders say a clutch of previously unknown companies, largely registered in the United Arab Emirates, have rapidly acquired LNG vessels over the past year, driving up market prices, especially for the oldest ships. FT
- The number of UK companies in “significant financial distress” rose sharply in the second quarter, with leisure and tourism under particular pressure due to weak consumer demand. According to Begbies Traynor’s Red Flag report, which tracks the health of businesses, 601,950 companies are facing significant financial distress, up 8.5 per cent on the previous quarter and 37 per cent higher than the same period last year. FT
- The Secret Service denied requests for more security at Trump events in the two years leading up to his assassination attempt, the WaPo reported. Director Kimberly Cheatle faces hostile lawmakers at a House panel hearing today. BBG
- Luxury brands are starting to permanently trim prices in a bid to rejuvenate sales following a softening in demand from “aspirational shoppers”. WSJ
- Warner Bros faces a Monday deadline to submit a bid to the NBA as the company is at risk of being squeezed out of its only major foothold in sports. FT
A more detailed look at global markets courtesy of Newsquawk
APAC stocks mostly began the week on the back foot after last Friday’s selling pressure on Wall St and despite China’s surprise cuts, while markets also reflected on President Biden’s decision to bow out of the election race. ASX 200 was led lower by the commodity-related sectors with energy the worst hit after oil prices tumbled on Friday, while miners also suffered including South32 with its shares down by a double-digit percentage following its output update where it also flagged an impairment charge of USD 554mln for its Worsley Alumina operations. Nikkei 225 extended on its recent declines after gapping beneath the key 40,000 level. Hang Seng and Shanghai Comp. were mixed in which the former bucked the trend owing to the resilience in local tech-related stocks, while the mainland was pressured after President Xi noted China’s development entered a period of coexistence of strategic opportunities, risks and challenges, as well as increasing uncertainties and unpredictable factors. Furthermore, the PBoC’s surprise announcement to cut its 7-day reverse repo rate by 10bps, which Chinese banks followed through with similar cuts to the benchmark LPRs, failed to spur risk appetite as some viewed the cut to short-term funding rates as underwhelming and not the big measures needed to revive the economy and China’s slowing property industry.
Top Asian News
- China will change the release time of the monthly LPR fixing to 09:00 local time (02:00BST/21:00EDT) from 09:15 local time (02:15BST/21:15EDT) on the 20th of each month.
- PBoC announced a cut to the 7-day reverse repo rate to 1.70% from 1.80% and will strengthen counter-cyclical adjustment to better support the real economy, while it is to lower collateral requirements for the Medium-term Lending Facility Loans from July with the move meant to increase the size of tradable bonds in the market and to alleviate pressure on supply and demand of bonds in the market.
- Chinese President Xi said China’s development has entered a period of coexistence of strategic opportunities, risks and challenges, increasing uncertainties and unpredictable factors, while he added that various black swan and grey rhinoceros events may occur at any time, according to state media.
- China’s reform plan will push the collection stage of the consumption tax back and delegate it to local governments steadily, while it will study merging urban maintenance, construction tax, education surcharge and local education surcharge into a local surcharge and authorise local governments to determine specific applicable tax rates within a certain range. China will improve the coordination of investment and financing in the capital market, prevent risks, strengthen supervision and promote the market’s healthy and stable development. Furthermore, China will create a market-oriented, law-based and internationalised first-class business environment, while it will protect the rights and interests of foreign investment in accordance with the law.
- Chinese Finance Ministry said will extend tariff exemptions for imports of some US products until Feb 28th 2025
- Indian FY25 GDP growth seen between 6.5-7%, according to Reuters sources citing Indian Economic survey.
European equities, Stoxx 600 (+0.4%) are entirely in the green, shrugging off a mostly weaker APAC session overnight. European sectors hold a strong positive bias; Tech takes the top spot, whilst Travel & Leisure lags, following poor Ryanair (-12%) earnings. US equity futures (ES +0.3%, NQ +0.5%, RTY +0.2) are modestly firmer to various degrees, with slight outperformance in the NQ, as traders digest news that US President Biden is dropping out of the election race.
Top European News
- UK Chancellor Reeves said she will consider inflation-busting pay rises for almost 2mln public sector workers this month to avert crippling strikes, according to Reuters.
- UK Treasury ministers are reportedly softening up public opinion for a tough autumn Budget and potential tax increases, while Chancellor Reeves said she wanted to “level” with the public about the fiscal “mess”, according to FT.
- ECB’s Makhlouf said there is no need to rush to make decisions and that rapid interest-rate action from the central bank is not required, according to an interview with the Irish Examiner.
- ECB’s Kazimir said doors remain open to additional easing should the environment warrant it; market bet on two more cuts by year-end is not entirely misplaced but a given; no need to rush decisions, data will set stage for Sept decision.
FX
- USD is steady vs. peers with DXY tucked within Friday’s 104.13-42 range. Little follow-through in FX markets from US President Biden’s decision to drop out of the election race as it remains unclear if Harris (yet to be officially nominated) would be able to change the electoral calculus.
- EUR is a touch firmer vs. the USD but EUR/USD is unable to gain a footing above 1.09. EZ newsflow remains light with ECB officials continuing to echo caution on the rate-cutting cycle.
- GBP is flat vs. peers as speculation over potential tax hikes/additional borrowing has little follow-through. For now, Cable remains tucked within Friday’s 1.2901-1.2951 range.
- JPY strengthened in early European trade after the pair tripped through 157.00 and Friday’s low @ 156.96 in quiet newsflow before basing out at 156.29.
- Yuan is a touch softer vs. the USD following stimulus efforts by Chinese officials. Desks remain of the view that measures are too piecemeal to have a materially stimulative impact. USD/CNH now eyeing 7.30; last breached 4th July.
- PBoC set USD/CNY mid-point at 7.1335 vs exp. 7.2624 (prev. 7.1315)
Fixed Income
- USTs are flat and saw a muted reaction seen in fixed income markets to Biden dropping out of the Presidential race. It is unclear if Harris is any more likely to beat Trump than Biden was. Plus, desks still fancy Republicans to control both houses. Sep’24 UST contract sits within Friday’s 110.25-111.07 range.
- Contained price action within European fixed income markets as the ECB heads for its summer break. Sep’24 Bund has breached 132.00 and Friday’s low (131.93) to the downside.
- Gilts are lower by only a handful of ticks ahead of this week’s PMI before the BoE next week. UK 10yr is now below Friday’s trough after slipping below the 98.00 level. Next target is the 12th July low at 97.81.
Commodities
- Modestly firmer intraday but more-so a consolidation following the slump on Friday. Overnight, China conducted surprise rate cuts overnight to the RRR, LPR, and SLF in a bid to inject stimulus, although markets are seemingly overlooking these efforts. Brent Sept sits in the middle of a USD 82.75-83.22/bbl parameter.
- Mixed trade arcross precious metals with the complex awaiting the next catalyst. Spot gold resides in a narrow range on either side of USD 2,400/oz.
- Mixed trade across base metals with little follow-through seen on the surprise Chinese rate cuts, with some participants suggesting the announcements were ultimately underwhelming.
- Dubai set official crude differential to DME Oman for October at USD 0.10/bbl premium.
Geopolitics
- Israeli military called on Gazans to clear out of eastern parts of the Khan Younis ahead of a ‘forceful’ operation which comes after ‘significant terrorist activity and rocket fire’.
- Israel conducted a strike on Yemen’s Hodeidah on Saturday which killed six people and injured 80, while it was separately reported that Yemen’s Houthis said they fired missiles at Israel’s Eilat.
- Israeli PM Netanyahu will meet with US President Biden on Tuesday, while Netanyahu said the port that Israel conducted a strike on was an entry port for weapons from Iran and the port attack reminds enemies that there is no place that Israel cannot reach. Israeli PM Netanyahu also said Israel will send a delegation to hostage deal talks on Thursday.
- Ukrainian President Zelensky called for long-range weapons after drone attacks on Kyiv. In relevant news, Russia’s Defence Ministry announced their forces captured two settlements in Ukraine.
- Philippine Foreign Ministry said China and the Philippines reached an understanding on a provisional arrangement for resupply missions in the disputed South China Sea shoal.
DB’s Jim Reid concludes the overnight wrap
Planes couldn’t take off, trains struggled to run, TV shows got pulled off the air, traders couldn’t trade, payments got delayed, hospitals had to cancel operations… oh and the EMR couldn’t get published on time. Friday was a fascinating day of learning how reliant we all are on tech companies. Although the DB IT infrastructure survived the outage exceptionally well, DB Research use a third-party provider to send out research and this was completely down for much of Friday. We ended up using a manual back up to send the EMR out late, but we couldn’t include links. Apologies for the late running. As we couldn’t include links, we’ll keep our global markets survey open until 8am (London time) this morning. So all last responses very welcome. It includes questions on the US election, US tech versus the rest of the US equity market, and a few other relevant questions that include several we now have a long-term series for. It should only take a couple of minutes and feel free to skip any questions you want.
One question that we don’t need to ask anymore is whether you think Joe Biden will be the Democratic Party nominee for President in November. On Friday speculation was rife that he would stand down as early as the weekend but bullish remarks by Biden in the early part of the weekend put some doubts to that speculation. However by Sunday afternoon US time Mr Biden had withdrawn and endorsed VC Kamala Harris. It seems difficult to see a path for someone to pip her to the nomination but we are in uncharted territory so you couldn’t completely rule it out. The Democratic convention starts on August 19th so if someone was going to challenge they’d need to be building up momentum well ahead of that. Unless there was a groundswell of support for that candidate it seems a very high hurdle to supplant Harris. The Clintons have endorsed Harris even if Obama hasn’t, although his practise is not to do so until a nomination has been secured. Overnight, potential rivals Newsom and Buttigieg have also thrown their support behind Harris. In terms of the polls, the match-up between Trump and Harris has been slightly narrower than with Biden in recent times with Trump 1.9pp ahead at the national level instead of 3pp according to Real Clear Politics poll aggregates. However with the attention now likely to be firmly on Harris this could move notably in either direction over the next few days and weeks. Perhaps for now it slightly reduces the impetus for Trump trades but there’s a long way to go.
It’s hard to say markets have reacted much to the news so far. 10yr US Treasury yields are -1.7bps lower which may reflect a little less risk of even more fiscal spending. The dollar is around a tenth of a percent lower but the Peso was initially +0.6% higher against the dollar but has pared that back to around a tenth of a percent gain. S&P 500 (+0.21%) and NASDAQ 100 (+0.32%) futures are higher but well within normal trading ranges.
The rest of Asia is marching to its own beat with a China rate cut doing as much to unsettle as improve sentiment. Across the region, the KOSPI (-1.35%) is the biggest underperformer closely followed by the Nikkei (-1.17%) with the CSI (- 0.65%) and the Shanghai Composite (-0.69%) also lower. The Hang Seng (+0.67%) is bucking the regional trend though.
Coming back to China, the PBOC unexpectedly trimmed the seven-day reverse repo rate for the first time in almost a year, lowering it by 10 bps to 1.7% to reinvigorate the economy. Chinese banks have lowered one and five-year loan prime rates by 10bps each to 3.35% and 3.85%, bringing the rates further into record-low territory. Following the decision, yields on 10yr Chinese government bonds fell around -2.0bps.
As for this week, most roads point to Friday’s US core PCE deflator. En route to this, the main other highlights are US Q2 GDP on Thursday, the global flash PMIs and the Bank of Canada rate decision on Wednesday, alongside a big week for earnings that includes Alphabet, Tesla and LVMH (all tomorrow). Don’t expect to hear from Fed officials as they are on their blackout period ahead of next week’s FOMC.
With the core PCE deflator, our economists expect a 0.14% MoM reading given the CPI and PPI components that feed into it. There could be some downward revisions to prior months that could edge this month up nearer to 0.2% so one to watch as a whole rather than the June number alone. The base case at DB is that the YoY rate will dip to 2.5% which is below the Fed’s YE ’24 prediction of 2.8% at their June FOMC. However our econ team point out that base effects from low H2 prints last year will make further progress much more challenging. Nevertheless the recent run, especially in rents, suggest that the Fed will be having increasing confidence that inflation is moving back closer to 2%. For Q2 US GDP, our economists expect 2.1% annualised growth (consensus 1.9%) although with durable goods out at the same time there might be a bit more uncertainty than usual.
Recapping last week, it was an incredibly eventful time for markets, with various ups and downs through the week. It began fairly positively, with the S&P 500 hitting new records on both Monday and Tuesday. But on Wednesday, the rally came to an abrupt halt, mainly driven by chipmakers at first, but spreading among equities more broadly. That meant the S&P 500 fell -1.97% last week (-0.71% Friday) in its worst weekly performance since April. But under the surface there was also a rotation taking place away from mega-caps towards small-cap stocks, as the Magnificent 7 was down -4.78% last week (-1.24% Friday), even as the Russell 2000 was up +1.68% (-0.63% Friday).
That volatility was clear in several ways. For instance, the VIX index was up +4.06pts to 16.52pts, marking its biggest weekly increase since March 2023 during the week of SVB’s collapse. In other regions the losses were even bigger, and Europe’s STOXX 600 fell every day last week to close -2.68% lower (-0.77% Friday), in its worst weekly performance since October. And with the massive IT outage on Friday, Crowdstrike ended the week down -17.87% (-11.10% Friday), marking its worst daily and weekly performance since November 2022.
For sovereign bonds however, there was a bit more divergence on either side of the Atlantic. In the US, 10yr yields ended the week up +5.6bps (+3.7bps Friday) at 4.24%. But yields fell back in Europe after the ECB’s decision, which had several dovish elements and maintained an implicit direction towards further easing, even as they left rates unchanged and hawkish sources emerged in the aftermath of the meeting. Overall, that helped yields on 10yr bunds fall by -2.8bps (+3.6bps Friday) to 2.47%.
Finally, the risk-off tone coupled with concerns over Chinese growth meant that it was a very bad week for commodities across the board. For instance, Brent crude oil fell -2.82% (-2.91% Friday) to close at $82.63/bbl, its lowest in over a month. Copper prices were also down every day last week to a 3-month low, posting their worst weekly performance since July 2022 with a -8.25% decline (-1.10% Friday). Similarly, it was a bad week for precious metals, and even though gold closed at an all-time nominal record earlier in the week of $2469/oz, it ended the week as a whole down -0.44% (-2.26% Friday) at $2401/oz.
2B EUROPE OPENING/TRADING
Dollar & USTs unreactive to Biden dropping out of the election race; European equities soar – Newsquawk US Market Open
MONDAY, JUL 22, 2024 – 05:46 AM
- European equities are entirely in the green and reside near session highs; US futures are modestly firmer with slight outperformance in the NQ.
- US President Biden has dropped out of the Presidential race and endorsed VP Harris.
- Dollar is flat, JPY outperforms after catching a bid in early European trade, whilst the Antipodeans lag after disappointing stimulus efforts by the PBoC.
- USTs are flat and unreactive to Biden dropping out of the election, Bunds slip below 132.00.
- Crude holds around the unchanged mark, XAU is flat and trades on either side of USD 2400/oz & base metals are mixed.
- Looking ahead, highlights include a light calendar and a lack of pertinent releases.
More Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
EUROPEAN TRADE
EQUITIES
- European equities, Stoxx 600 (+0.4%) are entirely in the green, shrugging off a mostly weaker APAC session overnight.
- European sectors hold a strong positive bias; Tech takes the top spot, whilst Travel & Leisure lags, following poor Ryanair (-12%) earnings.
- US equity futures (ES +0.3%, NQ +0.5%, RTY +0.2) are modestly firmer to various degrees, with slight outperformance in the NQ, as traders digest news that US President Biden is dropping out of the election race.
- Citi (C) has added NVIDIA (NVDA) to Upside Catalyst Watch on the pullback. Direction: Upside, Duration: Within 30 Days, expected event date 29 Jul, Catalyst: Corporate event. Click for more details.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- USD is steady vs. peers with DXY tucked within Friday’s 104.13-42 range. Little follow-through in FX markets from US President Biden’s decision to drop out of the election race as it remains unclear if Harris (yet to be officially nominated) would be able to change the electoral calculus.
- EUR is a touch firmer vs. the USD but EUR/USD is unable to gain a footing above 1.09. EZ newsflow remains light with ECB officials continuing to echo caution on the rate-cutting cycle.
- GBP is flat vs. peers as speculation over potential tax hikes/additional borrowing has little follow-through. For now, Cable remains tucked within Friday’s 1.2901-1.2951 range.
- JPY strengthened in early European trade after the pair tripped through 157.00 and Friday’s low @ 156.96 in quiet newsflow before basing out at 156.29.
- Yuan is a touch softer vs. the USD following stimulus efforts by Chinese officials. Desks remain of the view that measures are too piecemeal to have a materially stimulative impact. USD/CNH now eyeing 7.30; last breached 4th July.
- PBoC set USD/CNY mid-point at 7.1335 vs exp. 7.2624 (prev. 7.1315)
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- USTs are flat and saw a muted reaction seen in fixed income markets to Biden dropping out of the Presidential race. It is unclear if Harris is any more likely to beat Trump than Biden was. Plus, desks still fancy Republicans to control both houses. Sep’24 UST contract sits within Friday’s 110.25-111.07 range.
- Contained price action within European fixed income markets as the ECB heads for its summer break. Sep’24 Bund has breached 132.00 and Friday’s low (131.93) to the downside.
- Gilts are lower by only a handful of ticks ahead of this week’s PMI before the BoE next week. UK 10yr is now below Friday’s trough after slipping below the 98.00 level. Next target is the 12th July low at 97.81.
- Click for a detailed summary
COMMODITIES
- Modestly firmer intraday but more-so a consolidation following the slump on Friday. Overnight, China conducted surprise rate cuts overnight to the RRR, LPR, and SLF in a bid to inject stimulus, although markets are seemingly overlooking these efforts. Brent Sept sits in the middle of a USD 82.75-83.22/bbl parameter.
- Mixed trade arcross precious metals with the complex awaiting the next catalyst. Spot gold resides in a narrow range on either side of USD 2,400/oz.
- Mixed trade across base metals with little follow-through seen on the surprise Chinese rate cuts, with some participants suggesting the announcements were ultimately underwhelming.
- Dubai set official crude differential to DME Oman for October at USD 0.10/bbl premium.
- Click for a detailed summary
NOTABLE EUROPEAN HEADLINES
- UK Chancellor Reeves said she will consider inflation-busting pay rises for almost 2mln public sector workers this month to avert crippling strikes, according to Reuters.
- UK Treasury ministers are reportedly softening up public opinion for a tough autumn Budget and potential tax increases, while Chancellor Reeves said she wanted to “level” with the public about the fiscal “mess”, according to FT.
- ECB’s Makhlouf said there is no need to rush to make decisions and that rapid interest-rate action from the central bank is not required, according to an interview with the Irish Examiner.
- ECB’s Kazimir said doors remain open to additional easing should the environment warrant it; market bet on two more cuts by year-end is not entirely misplaced but a given; no need to rush decisions, data will set stage for Sept decision.
NOTABLE US HEADLINES
- US President Biden announced he is stepping aside as a candidate and will focus on fulfilling his duties for the remainder of his term, while he endorsed Vice President Harris and will speak to the nation later this week.
- US Vice President Harris said she is honoured to have the President’s endorsement and she intends to earn and win the nomination, while she added that she will do everything in her power to unite the Democratic Party and unite the nation to defeat Donald Trump.
- Super PAC Priorities USA and liberal super PAC Unite the Country said they will support Kamala Harris as the 2024 Democratic presidential nominee, while Bill and Hillary Clinton announced their endorsement of Harris. It was separately reported by CBS News that California Governor Newsom and Michigan Governor Whitmer do not plan to challenge Harris and Newsom later endorsed Harris for the Democratic Presidential nomination.
- Democratic National Committee Chair Harrison said the American people will hear from the Democratic Party on the next steps and the path forward for the nomination process.
- Independent Senator Manchin is weighing to re-register as a Democrat as part of a potential bid to replace Biden as candidate, according to a source familiar cited by Reuters
- Republican presidential candidate Donald Trump said he thinks that Kamala Harris will be easier to defeat than President Biden in the November election, according to a CNN reporter via X.
GEOPOLITICS
MIDDLE EAST
- Israeli military called on Gazans to clear out of eastern parts of the Khan Younis ahead of a ‘forceful’ operation which comes after ‘significant terrorist activity and rocket fire’.
- Israel conducted a strike on Yemen’s Hodeidah on Saturday which killed six people and injured 80, while it was separately reported that Yemen’s Houthis said they fired missiles at Israel’s Eilat.
- Israeli PM Netanyahu will meet with US President Biden on Tuesday, while Netanyahu said the port that Israel conducted a strike on was an entry port for weapons from Iran and the port attack reminds enemies that there is no place that Israel cannot reach. Israeli PM Netanyahu also said Israel will send a delegation to hostage deal talks on Thursday.
OTHER
- Ukrainian President Zelensky called for long-range weapons after drone attacks on Kyiv. In relevant news, Russia’s Defence Ministry announced their forces captured two settlements in Ukraine.
- Philippine Foreign Ministry said China and the Philippines reached an understanding on a provisional arrangement for resupply missions in the disputed South China Sea shoal.
CRYPTO
- Bitcoin is flat and holding around USD 67k, whilst Ethereum slips below USD 3.5k.
APAC TRADE
- APAC stocks mostly began the week on the back foot after last Friday’s selling pressure on Wall St and despite China’s surprise cuts, while markets also reflected on President Biden’s decision to bow out of the election race.
- ASX 200 was led lower by the commodity-related sectors with energy the worst hit after oil prices tumbled on Friday, while miners also suffered including South32 with its shares down by a double-digit percentage following its output update where it also flagged an impairment charge of USD 554mln for its Worsley Alumina operations.
- Nikkei 225 extended on its recent declines after gapping beneath the key 40,000 level.
- Hang Seng and Shanghai Comp. were mixed in which the former bucked the trend owing to the resilience in local tech-related stocks, while the mainland was pressured after President Xi noted China’s development entered a period of coexistence of strategic opportunities, risks and challenges, as well as increasing uncertainties and unpredictable factors. Furthermore, the PBoC’s surprise announcement to cut its 7-day reverse repo rate by 10bps, which Chinese banks followed through with similar cuts to the benchmark LPRs, failed to spur risk appetite as some viewed the cut to short-term funding rates as underwhelming and not the big measures needed to revive the economy and China’s slowing property industry.
NOTABLE ASIA-PAC HEADLINES
- PBoC 1-Year Loan Prime Rate (Jul) 3.35% vs Exp. 3.45% (Prev. 3.45%)
- PBoC 5-Year Loan Prime Rate (Jul) 3.85% vs Exp. 3.95% (Prev. 3.95%)
- PBoC cuts Standing Lending Facility (SLF) rate by 10bps across all maturities, according to a statement. Overnight rate from 2.65% to 2.55%7-day rate from 2.80% to 2.70%. 1-month rate from 3.15% to 3.05%.
- China will change the release time of the monthly LPR fixing to 09:00 local time (02:00BST/21:00EDT) from 09:15 local time (02:15BST/21:15EDT) on the 20th of each month.
- PBoC announced a cut to the 7-day reverse repo rate to 1.70% from 1.80% and will strengthen counter-cyclical adjustment to better support the real economy, while it is to lower collateral requirements for the Medium-term Lending Facility Loans from July with the move meant to increase the size of tradable bonds in the market and to alleviate pressure on supply and demand of bonds in the market.
- Chinese President Xi said China’s development has entered a period of coexistence of strategic opportunities, risks and challenges, increasing uncertainties and unpredictable factors, while he added that various black swan and grey rhinoceros events may occur at any time, according to state media.
- China’s reform plan will push the collection stage of the consumption tax back and delegate it to local governments steadily, while it will study merging urban maintenance, construction tax, education surcharge and local education surcharge into a local surcharge and authorise local governments to determine specific applicable tax rates within a certain range. China will improve the coordination of investment and financing in the capital market, prevent risks, strengthen supervision and promote the market’s healthy and stable development. Furthermore, China will create a market-oriented, law-based and internationalised first-class business environment, while it will protect the rights and interests of foreign investment in accordance with the law.
- Chinese Finance Ministry said will extend tariff exemptions for imports of some US products until Feb 28th 2025
- Indian FY25 GDP growth seen between 6.5-7%, according to Reuters sources citing Indian Economic survey.
2e) JAPAN
JAPAN
3 CHINA
China unexpectedly cuts rates to boost its economy
(zerohedge)
China Unexpectedly Cuts Rates In Bid To Boost Economy, But Much More “Heavy Lifting” Needed
B
MONDAY, JUL 22, 2024 – 09:11 AM
Just days after Beijing concluded its Third plenum with no major announcements, disappointing markets, early on Monday China unexpectedly cut its key short-term policy rate and the mortgage reference rates, its first such broad move since August last year. Analysts said the move just days after the conclusion of a high-level meeting that had focused on reviving the national economy represented “reactive easing.”
PBOC said it would cut the seven-day reverse repo rate to 1.7% from 1.8%, and would also improve the mechanism of open market operations. That is the first cut to the rate since August 2023.
The PBOC lowered the seven-day reverse repo rate – a widely used liquidity injection tool – by 10 basis points to 1.7% in a move to increase financial support for the real economy. In total, the Chinese central bank sold 58.2 billion yuan (US$8 billion) of seven-day reverse repos. Minutes later, China cut benchmark lending rates by the same margin at the monthly fixing: The one-year loan prime rate (LPR) was lowered to 3.35% from 3.45% previously, while the five-year LPR was reduced to 3.85% from 3.95%. The change to the seven-day reverse repo rate would affect short-term market rates, while the change to the LPR reflects actual lending rates to the real economy.
And while analysts expect more rate cuts, they also urged future fiscal measures and policy support to do the “heavy lifting” to help accomplish this year’s economic growth target amid growing external challenges, the SCMP reported.
“[The] moves mark the first change in rates since February, and also the first major move since announcing a shift in the monetary policy framework in June,” said Lynn Song, chief economist for Greater China at ING.
“We will need to see if the other policy rates, such as the medium-term lending facility, follow [Monday’s] rate cuts in the coming weeks.
“Rate cuts will likely add to the pressure on Chinese banks. These pressures could increase further if the medium-term lending facility is not soon lowered.”
Louise Loo, lead economist at Oxford Economics, said that the moves on Monday were “originally anticipated” to come in by the fourth quarter following a rate-cutting cycle by the US Federal Reserve.
“We continue to expect a further 10 basis points in benchmark rate cuts in quarter four, alongside 25 basis points cuts in the reserve ratio requirement in quarter three and quarter four each to facilitate liquidity support, given the steady ramp-up in stimulus-related government bond issuances,” she said.
And Zhang Zhiwei, president and chief economist at Pinpoint Asset Management, said that more rate cuts are expected after the US Federal Reserve enters a rate cut cycle. “The rate cut [by the PBOC] is one step in the right direction,” he said.
China’s recently concluded third plenum – which failed to spark any excitement about a Chinese rebound – placed an emphasis on boosting economic capabilities to tackle growth, with the full text of the decisions from a key party conclave revealed on Sunday.
Under the section covering “healthy assurance and improvement of the social system” in the 22,000-word resolution document released on Sunday following the conclusion of the third plenum on Thursday, it stated that there is a need to speed up the formation of a new property development model to increase the supply of affordable housing.
The document added that local governments would be given ample space to regulate the property market with a series of policy modifications, such as the reduction and cancellation of housing purchase limits, the cancellation of buying thresholds for ordinary and non-ordinary housing and the reformation of housing financing and the property tax system.
“While [Monday’s] rate cuts offer some reassurance that policymakers are being responsive to the recent loss of economic momentum, the heavy lifting will need to come from fiscal, not monetary, policy,” said Julian Evans-Pritchard, head of China economics at Capital Economics. “Fortunately, the signs on that front are encouraging too.”
And Morgan Stanley said that “these moves post-plenum reaffirms reactive easing”.
“We see additional policy rate cuts in September-December,” said Robin Xing, chief China economist at Morgan Stanley.
“That said, the reactive nature of easing means our 2024 growth and inflation forecasts are facing 10-20 basis points of downside risk.”
end
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
UK
LEEDS
Meanwhile In Leeds, UK…
SATURDAY, JUL 20, 2024 – 08:45 AM
Violence broke out in the northern England city of Leeds late this week with rioters overturning a police car and setting a double-decker bus on fire.
The riot is thought to have broken out after social services took four children away from a family in Harehills, an inner city area, at around 5pm on Thursday.
People in the Harehills area were urged to stay at home as officers were called to Luxor Street at about 5pm due to an “ongoing disturbance” involving agency workers and children, which was described as a “family matter”.
While the children were moved to a safe place, crowds gathered and the situation escalated, with objects thrown at police.
Shocking videos posted on social media showed a police car being toppled – before being attacked by people wielding a scooter, a pram and a bike – and a double-decker bus torched as multiple fires were set along the street.
Responding to footage of the unrest, Nigel Farage, the Reform UK leader, said:
“The politics of the subcontinent are currently playing out on the streets of Leeds. Don’t say I didn’t warn you.”
Lee Anderson, the Reform MP for Ashfield, echoed Mr Farage’s argument on Friday morning as he condemned the “disgraceful scenes”.
“Import a third world culture, then you get third world behaviour,” he said.
“These animals need locking up for good. They are a product of our spineless namby-pamby establishment who have betrayed our great country.”
West Yorkshire Police said the disorder was “instigated by a criminal minority intent on disrupting community relations”, urging residents not to speculate on the cause.
As Paul Joseph Watson explains below, the UK experienced yet another taste of what ‘diversity being our greatest strength’ looks like in reality last night…
END
GERMANY/ USA
Germany’s lack of spending on defense will certainly cause a clash with Trump
(zerohedge)
Germany’s (Lack Of) Defense Spending Will Start An Immediate Clash With Trump
SATURDAY, JUL 20, 2024 – 08:10 AM
Authored by Mike Shedlock via MishTalk.com,
Germany’s defense minister asked for an increase of $7.3 billion. He was given only $1.2 billion. German aid to Ukraine is cut in half.
Germany Promised to Step Up Militarily
The New York Times reports the non-surprise of the day: Germany Promised to Step Up Militarily. Its Budget Says Differently.
Two-and-a-half years after Chancellor Olaf Scholz vowed to overhaul Germany’s military, his government’s proposed budget for 2025 calls for only a modest increase in defense spending.
With the war in Ukraine grinding on, Russia continuing to saber-rattle and Donald J. Trump gaining momentum for a return to the White House, Germany has been under increasing pressure from its allies to step into a more robust security role.
To live up to that pledge, Boris Pistorius, Germany’s defense minister, had asked for an increase of 6.7 billion, or $7.3 billion, over the 52 billion euros, or nearly $57 billion, in this year’s budget. He was given only 1.2 billion. The shortfall deepened concerns that Mr. Scholz’s unpopular government lacks the will or political backing to push Germans to overcome their historical reluctance to take the lead militarily since the calamity of World War II.
The budget, which has to pass Parliament before being adopted, also proposes that Germany cut its military aid to Ukraine by half in 2025.
Mr. Trump has repeatedly complained about the European allies not paying their fair share in the NATO alliance, and said that he would “encourage” Russia “to do whatever the hell they want” to countries that had not paid the money they owed.
Aid to Ukraine and NATO
Germany is the second largest contributor to Ukraine. That contribution will be cut in half.
Senator J.D. Vance, Trump’s Vice President running mate, is an open critic of aid to Ukraine.
Trump won’t care much about the cut to Ukraine other than to welcome it. But expect an immediate confrontation over Germany’s military spending and contribution to NATO.
Debt Brakes and Treaty Requirements About to Smash the EU
On June 21, I commented Debt Brakes and Treaty Requirements About to Smash the EU
Long Term Fiscal Issues
In addition to the Excessive Debt Proceedings against many countries, every EU county has defense spending issues, climate spending issues, and demographic issues as shown in the lead chart.
EU’s Golden Rules
According to the reformed rules, an EU member state’s debt may not exceed 60% of gross domestic product (GDP).
Highly indebted EU countries with debt levels over 90% of GDP have to reduce their debt ratio by one percentage point annually, countries
Additionally, the general government deficit — the shortfall between government revenue and spending — must be kept below 3%.
According to the commission’s economic forecast, France is at -5.5%, Italy is at -4.4% and Belgium is at -4.4% and will breach this deficit limit in 2024.
Austria, Finland, Estonia, Hungary, Malta, Poland, Romania, and Slovakia also have deficits that are too high according to the rules. Spain is at exactly -3.0%.
France in the Crosshairs of Budget and Debt Rules
France is in the immediate crosshairs of EU deficit rules and debt rules.
Please note the EU Rebukes France, Italy and Others Over Excessive Debt.
The assessments of the 27 EU states’ budgets and economies will be published by the European Commission on Wednesday, with France, Italy and Belgium among the member states to be reprimanded over their accumulated excessive new debt.
The Commission said it was satisfied that “the opening of a deficit-based excessive deficit procedure is warranted” in the case of seven countries. The group also included Hungary, Malta, Poland and Slovakia.
The EU suspended debt and deficit regulations to help countries cope with the economic fallout of the COVID-19 pandemic and Russia’s invasion of Ukraine.
The rules are now back in place and now any EU country going over debt and deficit limits run the risk of legal action.
Long-Term Challenges
Also consider the ECB report Longer-Term Challenges for Fiscal Policy in the Euro Area
In the future, various longer-term challenges are likely to exert pressure on public finances in the euro area. On top of the existing fiscal burdens – as reflected in the high debt ratios in a number of euro area countries, which were exacerbated by the pandemic and the subsequent energy crisis – there are several important longer-term challenges for fiscal dynamics. This article starts by reviewing some of the most important challenges and discussing their fiscal relevance, with a focus on demographic ageing (Section 2), the end of the “peace dividend” (Section 3), digitalisation (Section 4) and climate change (Section 5). Acknowledging the uncertainties surrounding any quantification of these challenges, Section 6 then presents some tentative – purely indicative – estimates of the additional fiscal effort that could be required to ensure the long-term sustainability of public finances in the presence of such developments. The implications of digitalisation are excluded from that exercise, given the particular uncertainty that surrounds their quantification. Section 7 then provides some concluding remarks.
Cumulative Impact
Achieving a government debt-to-GDP ratio of 60% by 2070 from today’s debt levels would require euro area governments to immediately and permanently increase their primary balances by 2% of GDP on average.
Moreover, additional fiscal burdens may well emerge in the medium term. For instance, the model-based simulations used in this article exclude the digitalisation gap, the long-term implications of which are still hard to grasp. Furthermore, one does not need to go back very far in time to find a large fiscal shock appearing out of the blue: the euro area’s government debt-to-GDP ratio increased by a total of 13 percentage points in 2020 in response to the COVID-19 pandemic. At the same time, the simulation of climate change is based on simplified assumptions and on the unlikely premise that limiting global warming to 1.5°C is still feasible. It also does not capture the impact of societal repercussions (such as conflict), tipping points or macroeconomic effects (such as changes to prices and productivity). This suggests that there could be substantial additional fiscal costs associated with climate change.
Fiscal Costs of the End of the “Peace Dividend”
After Russia’s annexation of Crimea in 2014, all NATO members agreed to spend at least 2% of GDP on defense.
Germany and France have reduced their spending from over 4% of GDP to less than 2% today.
Expect Major Trumpian Confrontation Fireworks
Macron wants an EU army and more support for Ukraine. But that will not happen because France is under severe budget constraints.
Germany can afford to spend more and pledged to do more, yet refuses to do so. Trump rates to be more than a little irate.
Expect fireworks because they are coming. And those defense spending fireworks will be on top of tariff fireworks.
Meanwhile, Back in the States a Recession has Started
Note that 5 out of 12 Fed Districts Show Flat or Declining Economic Growth
The Fed’s Beige Book solidifies the recession view.
Recession When?
I think a recession started in May or June and I have seen little to change my mind.
For discussion, please see Weak Data Says a Recession Has Already Started, Let’s Now Discuss When
Add a Surge in Continued Unemployment Claims, discussed today, to the trend of weakness appearing nearly everywhere.
END
ITALY
Reporter fined for writing bad things on Meloni
(zerohedge)
Anti-Free Speech Laws Hit New Heights In Italy: Reporter Fined For “Body Shaming’ PM Meloni
MONDAY, JUL 22, 2024 – 03:30 AM
I have long been critical of the erosion of free speech in Italy and other Western European countries, including the use of criminal libel laws against critics of the police or government. This week a Milan court has ordered a journalist to pay Italian Prime Minister Giorgia Meloni damages of 5,000 euros ($5,465) for making fun of her in a social media post. Giulia Cortese was also given a suspended fine of 1,200 euros for a joke on X. It is the latest absurd example of the expanding crackdown on free speech.
In my new book, “The Indispensable Right: Free Speech in an Age of Rage,” I discuss how this anti-free speech wave from Europe has finally reached our shores. The rapid loss of free speech in countries like Italy, France, Germany, and Great Britain should be a wake up call for all Americans to protect this “indispensable right.”
There are many in the United States, including Hillary Clinton, who want to replicate the anti-free speech laws in the United States.
This is a prototypical example of how vague laws are being used to crackdown on everyone from journalists to politicians to even comedians.
Cortese posted a comment on Twitter in Oct. 2021 about Meloni’s height.
She objected to the government’s attack on “freedom of expression and journalistic dissent.”
Cortese published a mocked-up photo of Meloni with a picture of the late fascist leader Benito Mussolini in the background. As she clashed with the Prime Minister, she then later added:
“you don’t scare me, Giorgia Meloni. After all, you’re only 1.2 metres (4 feet) tall. I can’t even see you.”
Notably, Meloni supported the legal action despite the fact that she is part of a party long in the minority and threatened by such laws. She also successfully sued best-selling author Roberto Saviano after he insulted her on television in 2021 over her position on illegal immigration.
This is the slippery slope that our own country could soon find itself on if many politicians and pundits have their way.
Just recently, the New York Times published another anti-speech diatribe titled “The First Amendment is Out of Control.”
It is, of course, no easy task to convince a free people to give up a core part of identity and liberty. You have to make them afraid. Very afraid.
Anti-free speech books have been heralded in the media. University of Michigan Law Professor and MSNBC legal analyst Barbara McQuade has written how dangerous free speech is for the nation. Her book, “Attack from Within,” describes how free speech is what she calls the “Achilles Heel” of America.
There is even a movement afoot to rewrite the First Amendment through an amendment. George Washington University Law School Professor Mary Anne Franks believes that the First Amendment is “aggressively individualistic” and needs to be rewritten to “redo” the work of the Framers. She wants the language change to balance your right to speak against the interests of “equity.”
Meloni’s use of these laws to silence critics is disgraceful. At the same time, the media has been largely supportive of these laws in targeting others with dissenting political and religious views. The Cortese case shows how many in journalism and academia remain silent on the rights of others until they are themselves threatened by the growing intolerance for opposing views.
As the anti-free speech movement literally reaches new heights in countries like Italy, Americans should take note. This remains an existential fight over a right that defines us all. That is the long and short of it.
5/RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL HAMAS/USA
Netanyahu Likely To Delay Gaza Deal Until After November
MONDAY, JUL 22, 2024 – 01:20 PM
Politico reported on Sunday that Israeli Prime Minister Benjamin Netanyahu will likely delay Gaza ceasefire talks for at least another three months until after the US presidential election. In 2020 Netanyahu called Trump “the best friend that Israel has ever had in the White House.”
And as WSJ is now warning of the Dangers of a Lame-Duck President, Israel’s Gaza operations look to intensify even as the Biden administration just days ago claimed that a Hamas-Israel deal is “inside the 10-yard line and driving toward the goal line in getting an agreement that would produce a cease-fire,” according to the words of Secretary Blinken.
But the Politico report observes something closer to the reality, “With the U.S. presidential election now a little more than three months away, Netanyahu may believe he can escape the pressure he’s getting from Biden to stop the war and that Trump will go easier on Israel and also be far tougher on Iran and its proxies, especially Hezbollah in Israel’s north.”
One senior foreign diplomat from the region was also cited as saying, “Our assessment is that Netanyahu wants to buy time until the November election.” And further:
The Lebanese newspaper Al-Akhbar reported last week that a separate intelligence assessment provided to Egyptian President Abdel Fattah El-Sisi also concludes the Doha talks may not progress until November because of Netanyahu’s belief that he’ll have more maneuvering room under Trump. (The Egyptian embassy in Washington did not immediately respond to a request for comment.)
After Biden announced he’s dropping out the presidential race Sunday, this changes the nature of Netanyahu’s expected meeting with the US president at the White House this week.
Israeli media says the prime minister struck a bipartisan tone in statements just before boarding a plane to Washington, where’s he’s also set to make a controversial address to Congress.
“This will be an opportunity to thank him for the things he did for Israel in the war and during his long and distinguished career in public service, as senator, vice president, and president,” the Netanyahu statement said of Biden, reacting to the Sunday announcement.
The prime minister said he further intends to reaffirm to the US that “regardless of who the American people choose as their next president, Israel remains its most indispensable and strongest ally in the Middle East.”
The Netanyahu government in the recent past has been fiercely critical of Biden’s shifting policy approach to Gaza, especially after the US administration temporarily withheld shipments of bombs to Israel. But this criticism is now expected to calm down as Israel looks to a likely Trump administration to take to reins.
#Netanyahu heads to #Washington amid #Biden‘s #withdrawal decision; #GazaWar, #Iran on agenda 
Catch the day’s latest news and updates ➠ https://ecoti.in/H0Ks0b
·
2,972 Views
Israel meanwhile is now focusing its southern operations on Khan Younis, with reports of heavy airstrikes as fighting there, amid the continuing humanitarian catastrophe as civilians flee the city.
END
ISRAEL HAMAS
end
ISRAEL /HOUTHIS
First time Israeli jets strike Yemen. A mighty blow with the Houthis thinking twice about another attack on Tel Aviv or on ships in the Red Sea
(zerohedge)
Israeli Jets Strike Houthi-Controlled Port City Following Tel Aviv Drone Attack
SATURDAY, JUL 20, 2024 – 01:30 PM
For the first time since the Israel–Hamas war erupted last October, the Israeli military has deployed fighter jets to strike Iran-backed Houthi rebels in Yemen. This action follows an incident where the rebels penetrated Tel Aviv airspace with a kamikaze drone (also for the first time) on Friday, resulting in the death of one civilian.
Huthi official Mohammed Abdulsalam posted on social media that a “brutal Israel aggression against Yemen” had just occurred. He noted that the airstrikes hit “fuel storage facilities and a power plant” in the Yemeni port of Hodeida “to pressure Yemen to stop supporting” Palestinians in the Gaza war.
Footage of the attack has surfaced on X by early Saturday afternoon.
Yemen’s oil infrastructure burning
They shouldn’t have sent that f*cking drone to Tel Aviv.
·
450.1K Views
x.com/DrEliDavid/status/1814708950266167439
12 Israeli warplanes, including advanced F35 jets, participated in aerial strikes on the port of #Hudaydah in Yemen.
·
5,672 Views
0:08
·
5,231
Views
https://x.com/PresstvExtra/status/1814695821826224639
Axios reports US and Israeli officials confirmed the Israeli Air Force strikes in retaliation for the Houthi drone strike in Tel Aviv on Friday morning, killing one and wounding eight more. We noted that this Houthi drone strike risked “sparking escalation of warfare between Yemen’s Houthis, Hezbollah, and the State of Israel.”
“This attack makes it crystal clear to the Houthis and Iranians that strategic, energy-linked economic targets are fair game in retaliation for attacks on Israeli strategic locations like Tel Aviv,” Scott Modell, CEO of Rapidan Energy Group, tells us.
Modell points out, “The Houthis are really taking a big risk because any tankers who supply them will now be in the crosshairs for retaliatory attacks by Israel. The US & NATO allies will continue to do practically nothing.”
Mario Nawfal on X points out that Israel destroyed Yemen’s main port:
Israeli airstrikes on Hodeidah port reportedly killed dozens and crippled the Houthis’ ability to unload containers. Hodeidah port is a crucial lifeline for Yemen, handling 70% of the country’s imports, including vital humanitarian aid. This strategic blow aims to disrupt supplies and intensify pressure on Yemen.
ISRAEL DESTROYED YEMEN’S MAIN PORT Israeli airstrikes on Hodeidah port reportedly killed dozens and crippled the Houthis’ ability to unload containers. Hodeidah port is a crucial lifeline for Yemen, handling 70% of the country’s imports, including vital humanitarian aid. This strategic blow aims to disrupt supplies and intensify pressure on Yemen. Houthi officials have declared they remain undeterred and will continue their attacks against Israel and Israeli-aligned countries until all Palestinians are “free.” Source: Channel 14, Yedioth News, Al Jazeera
HOUTHI STATEMENT: WE WILL NOT BE STOPPED! “The brutal Israeli aggression on Yemen targets civilian facilities, oil tanks, and the power station in Hodeidah to exacerbate people’s suffering and pressure Yemen to stop supporting Gaza. This dream will not be realized, God x.com/MarioNawfal/st…
0:40
·
142.3K Views
Axios cited a senior Israeli official who said the strike on the port was ‘purely Israeli action.’
“This was a targeted operation at the port of Hodeida. We carried out the strike after many months of restraint in the face of Houthi attacks that included the firing of dozens of items, including surface-to-surface missiles,” the official said.
The IDF releases images and videos of F-15 fighter jets being prepared ahead of the strike in Yemen. The attack also involved F-35 fighters, refueling planes, and reconnaissance aircraft.
0:12
·
81K Views
Furthermore, Houthis have been increasing their aerial and surface drone attacks on the critical maritime chokepoint in the southern Red Sea, which has disrupted global shipping, sending the capacity of containers lower while pushing freight costs higher. The Biden administration’s Operation Prosperity Guardian has failed to secure the maritime route so far.
Sigh…
#BREAKING In response to airstrikes on Yemen’s Al Hudaydah, Houthis threaten Israel with operations that will ‘plague’ it
GIF
·
1,780 Views
*This story is developing. Please check back for updates.
END
ISRAEL/HOUTHIS
Houthis angry over Israeli bombing of its port. It is still burning this morning. Houthis just miss USA embassy in TelAviv on Hayarkon ave.
Houthis Warn ‘No Red Lines’ In Counterattack After Israel Bombs Yemeni Port
SUNDAY, JUL 21, 2024 – 02:45 PM
Israel confirmed on Sunday its military forces launched a retaliatory airstrike on the Hodeida Port, a key Yemeni port on the Red Sea and the second largest in the country.
Al Hudaydah port in Yemen keeps burning and all their oil reserves are going up in flames, more than 24 hours after Israel’s bombing
They shouldn’t have sent that f*cking drone to Tel Aviv.
·
584.2K Views
Israel’s Prime Minister Benjamin Netanyahu said the Hodeida port was the “entry point for weapons that Iran supplies to its Houthi terrorist proxies. The Houthis have used those weapons to attack Israel, to attack Arab states in the region, to attack many others.”
Benjamin Netanyahu – בנימין נתניהו
From the beginning of the war, I made it clear that Israel will act against all attackers, which is why we struck Houthi targets in Yemen yesterday in response to the deadly drone attack near the US Consulate in Tel Aviv. The targeted port is used for smuggling weapons from Iran to the Houthis, who have attacked Israel and other nations. The international community must support Israel’s actions to defend against this Iranian terror axis and ensure the aggressors pay a heavy price.
2:52
·
832.3K Views
Emanuel Fabian, a military correspondent for The Times of Israel, posted on X satellite images from Israeli intelligence and imagery firm ImageSat that show extensive damage at the Hodeida port.
The Israeli strike came one day after Iran-backed Houthis hit Tel Aviv with a drone for the first time, killing one person and injuring several others.
PM Netanyahu described the counteroffensive against Houthis as a “direct response” to the kamikaze drone attack on civilians in Tel Aviv.
Tonight Iran
targeted the American
embassy in Tel Aviv, and the drone missed it by one hundred feet. Biden’s weakness is eroding all deterrence in the region.
·
332.9K Views
In response to the port attack, which killed three people and wounded 80, rebel spokesperson Mohammed Abdulsalam told Qatar’s Al Jazeera TV, who was cited by Times of Israel and Reuters staff, as saying there will be “no red lines” in the next attack on Israel.
“All sensitive institutions with all its levels will be a target for us,” Abdulsalam told Al Jazeera.
Separately, Houthi military spokesperson Yahya Saree warned the terror group’s “response to the Israeli aggression against our country is inevitably coming and will be huge.”
Over the last nine months, rebel forces have fired over 220 ballistic missiles, cruise missiles, and drones at Israel in support of Gaza, where Israel has been fighting Hamas terrorists.
Houthis have also targeted Western-linked vessels, including container ships and crude tankers, in the critical maritime chokepoint of the southern Red Sea and Gulf of Aden.
What’s clear is that Houthi’s threat coverage is expanding, something we told readers was possible at the start of May.
Numerous maritime chokepoints in the Middle East are under constant threat, which has only sparked a global supply shock (read: “Supply Shock: Shipping Container Costs Top $10,000 Amid Red Sea Turmoil Thinning Global Capacity”).
A recent note by David Asher, a senior fellow at the Hudson Institute and former State Department official in the Trump administration, warned that the next financial shock could potentially originate from the Middle East through the weaponization of crude oil by Iran.
On slide 29 of the report, Asher pointed out that Yemen’s Houthi rebels could begin targeting high-value oil facilities in Saudi Arabia. This would send Brent crude over the $100/bbl level quickly if Abqaiq were hit.
Remember 2019?
Israeli’s attack on Hodeida is a ‘message’ to Iran. Now, the perfect storm of escalation is possibly ahead.
All eyes are also on Brent crude prices.
END
Satellite Images Show Massive Extent Of Israel’s Attack On Yemen Key Port
MONDAY, JUL 22, 2024 – 02:00 PM
New satellite images show the massive extent of the Saturday airstrikes by Israel on the Houthi-controlled port of Hodeida in Yemen. Teams are fighting the large blazes for the third day, after the port was essentially leveled.
Regional reports say firefighters have made little progress, and that the blaze could soon reach food storage facilities, which would be devastating given much of the Yemeni population has for years faced an acute hunger crisis and relies heavily on external aid.
The Israeli Air Force launched the unprecedented operation in response to a prior deadly drone attack on Tel Aviv launched from Yemen. From Israel’s perspective, the drone strike which hit near foreign embassies was the last straw after months of hostile actions from the Houthis.
According to AFP analysis based on Maxar satellite imagery from Monday:
An analysis of satellite imagery by the Dutch peace organization PAX showed at least 33 destroyed oil storage tankers, said Wim Zwijnenburg, a project leader with the group.
“We expect (to find) more damage, as not all storage tanks are visible because of heavy smoke” from the fire and burning fuel, Zwijnenburg told AFP.
At least six were killed from the weekend attack, and over 80 injured. The Yemen Petroleum Company – which runs the destroyed fuel depot, says the six deceased were its employees.
Satellite images released by Maxar Technologies show the damage to the Port of Hodeidah in Yemen following Israel’s attack.
·
4,554 Views
The fuel depot is run by the Yemen Petroleum Company, which said late Sunday that the six people killed in the strike were its employees.
Port official Nasr Al-Nusairi was quoted in regional media on Sunday as saying, “We are working around the clock to receive all ships and there is no concern about the supply chain and supplies of food, medicine, and oil derivatives.”
This after some humanitarian groups sounded the alarm that vital supplies could be blocked due to the emergency situation. “Hodeidah port is a vital lifeline for delivering humanitarian aid to Yemen,” the International Rescue Committee (IRC) told AFP. “Any impact on this infrastructure jeopardizes the entry of essential goods and hampers aid efforts.”
ISRAEL/HAMAS
end
ISRAEL/HEZBOLLAH/LEBANON
ISRAEL/SYRIA
ISRAEL/HOUTHIS/RED SEA
end
RUSSIA/UKRAINE/
Dramatic Footage Shows Ukrainian Drone Striking Russia’s Major Black Sea Refinery
MONDAY, JUL 22, 2024 – 09:05 AM
Early Monday, Ukraine succeeded in its first successful drone attack on a major Russian refinery since mid-May. Dozens of drones were launched from Ukraine with the objective of crippling Russia’s energy infrastructure.
Bloomberg reports Rosneft PJSC’s major Tuapse refinery in southern Russia was damaged in a drone attack overnight, which sparked a fire, Russian officials said.
“Infrastructure of the oil refinery in Tuapse was damaged as a result of falling drone debris,” Russian authorities wrote in a Telegram statement, adding the fire has since been contained.
Some of the clearest video so far of this conflict shows one of the Ukrainian drones striking the Tuapse refinery.
Ukrainian drones striking the Russian oil refinery in Tuapse in the Krasnodar region 2-3 hours ago The oil refinery is on fire
In a separate Telegram statement, the Russian Defense Ministry said 75 Ukrainian drones were intercepted. At least eight of those drones were shot down near the refinery.
Ukraine has spent much of this year focusing on launching attacks on Russia’s energy complex (an attempt to paralyze Moscow’s war financing). The Tuapse refinery is Russia’s largest on the Black Sea, with an annual refining capacity of 12 million metric tons (or averaging 240,000 barrels per day). It supplies naphtha, fuel oil, vacuum gas oil, and high-sulfur diesel to mainly China, Turkey, Malaysia, and Singapore.
“This is the first successful Ukrainian attack on a major Russian refinery since mid-May, and it comes just as Russia’s oil-processing industry is on track to raise its runs to a six-month high to meet growing domestic fuel demand,” Bloomberg noted. The last major attack on Tuapse was in mid-May. We penned a note covering the incident titled “Desperate Ukraine Launches Massive Kamikaze Drone Attack Against Russian Black Sea Coast, Sparking Fire At Major Refinery.”
Despite Ukraine’s targeting of Russian energy infrastructure to slow crude product exports, energy analysts are still forecasting growth for Russia’s oil-processing volumes through the end of August.
6.COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES
WORLD EVENTS NOTEWORTHY
END
WORLD HEALTH ISSUES
MARK CRISPIN MILLER
IT: Rapper Fedez in ICU with internal bleeding, Jannik Sinner, 22, leaves Wimbledon with tachycardia; Indian actress Sumbul Touqueer has typhoid, DM Rajnath Singh’s health “suddenly deteriorates”
IT: TV host Andrea Delogu in ER (“illness”); Singapore: singer Joanna Dong has “tiny tumor” removed from breast; Filipina singer Angeline Quinto has gestational diabetes; & more
| MARK CRISPIN MILLERJUL 20 |
These reports of (so far) “nonfatal” conditions among celebrities worldwide are from last weekend.
ITALY
Rapper Fedez hospitalized for “another internal bleeding”, a new sudden illness for the rapper.
July 11, 2024
Fedez [34] hospitalized again today, Thursday 11 July 2024, for another internal hemorrhage. To reveal it is the rapper himself, publishing on social media a photo that portrays him naked on the bed of the hospital. Less than a month ago, on June 15, the rapper had been hospitalized due to yet another internal hemorrhage and, just a few months earlier, in October 2023, another hemorrhage had endangered his life due to the abundant loss of blood. A few hours before the sudden illness, the rapper was in a recording studio working on some arrangements for his successes for a DJset announced a few days ago.
Jannik Sinner leaves court after doctor checked heart rate in Wimbledon match
July 9, 2024
Jannik Sinner [22] called for a medical assessment and left the court during his Wimbledon clash with Daniil Medvedev after his heart rate was checked by the SW19 doctor. The Italian was down 2-1 in the third set and had just been broken, having shared the first two, but the Australian Open champion was visibly struggling with his mobility before he headed to the sidelines and called for the physio. However, those on Centre Court were perplexed when Sinner was not getting any particular body part worked on by the physio, but had his head in his hands and was seemingly feeling unwell before they were joined by a doctor. BBC commentator Simon Reed asked the question of whether Sinner was preparing to leave the court, to which his colleague John Lloyd replied: “That’s strange if it’s not a – I hope he isn’t ill where he has to. Because that’s, there’s no stretching or any muscle pull or anything like that.” The doctor arrived at the scene after the physio and soon began measuring Sinner’s heart rate, who left the court only to return after a lengthy 11-minute delay.
If you like “News from Underground” (or hate it, but get something out of it), please read this post.
Andrea Delogu hospitalized: the current condition of the television host
July 9, 2024
Recently, the famous television host, Andrea Delogu, has aroused concern among fans due to an illness that forced her to go to the emergency room. The host of “Live Life” was forced to go to the emergency room due to a sudden illness. The moment was shared with followers through an Instagram post, where Delogu described her fear and malaise. Despite the concern, the presenter maintained a positive attitude, trying to reassure fans and thanking the health staff for the assistance received. After hospitalization, Andrea Delogu reassured her followers about her health. She explained that her illness was due to a “scary colite,” a condition that causes abdominal pain and intestinal disorders. Despite the situation, the presenter wanted to maintain a positive attitude, sharing her gratitude for the support she received. She also stressed the importance of taking care of one’s health and listening to one’s body.
No age reported.
INDIA
Sumbul Touqueer diagnosed with typhoid, shares health update; ‘I had something that caused infection…’
July 9, 2024
Sumbul Touqeer [20] is among the well-known young actresses in the entertainment industry and has a massive fan following. Due to her hectic work schedule, Sumbul’s health recently suffered a setback. Taking to her Instagram story, Sumbul Touqeer shared her health update with fans as she got diagnosed with typhoid. The actress is seen resting in her room on the sets of Kavya – Ek Jazbaa, Ek Junoon while the syringe is attached to her hand. Showing this to her fans, Sumbul wrote in the caption, “Dear typhoid, get lost.” When asked about her health, Sumbul Touqeer exclusively told Pinkvilla, “I am recovering and doing fine now. It is very important to take care of yourself, especially during the monsoons. I don’t eat much food from outside, but maybe a few days ago I had something that caused the infection.“
Defense Minister Rajnath Singh’s health suddenly deteriorated, admitted to the private ward of AIIMS
July 11, 2024
New Delhi – Defense Minister Rajnath Singh’s [73] health has suddenly deteriorated. Due to this, he has been admitted to the private ward of AIIMS. It is being told that he reached AIIMS at 3 am on Thursday with a complaint of back pain. Where he is undergoing treatment under the supervision of neuro surgeon Dr. Amol Raheja. AIIMS has not officially released any statement regarding his health.
SINGAPORE
Joanna Dong, 42, diagnosed with Stage 1 cancer after ‘tiny’ tumour removed from breast
July 11, 2024
Singaporean singer Joanna Dong, 42, confirmed on Jul. 11 that she was diagnosed with Stage 1 cancer following a health scare. She shared that a “tiny 7mm tumour” was found in the breast tissue which was removed from her body last month. On Jun. 29, Dong revealed that she underwent a minor surgery after noticing bloody discharge from her right breast. The magnetic resonance imaging (MRI) scan results were “pretty concerning”, as there were “sizeable area of blood pooling in the ducts on both breasts”. As the doctor felt that it might be stage zero breast cancer, a biopsy was ordered, and Dong underwent surgery to have a “relatively small segment excised and [her] ducts removed” from her right breast.
PHILIPPINES
Angeline Quinto diagnosed with gestational diabetes
July 6, 2024
Angeline Quinto [34] revealed that she has been diagnosed with gestational diabetes, which made her switch to a healthier lifestyle. Gestational diabetes, as defined by Mayo Clinic, is a type of diabetes “diagnosed for the first time during pregnancy” and “causes high blood sugar that can affect one’s pregnancy and their baby’s health.” The singer, who is already in the third trimester of her pregnancy, spoke about her diagnosis through a vlog on her YouTube channel on Friday, July 5. Quinto, who admitted that her condition causes her stress, then hired the service of a nutritionist to monitor the singer’s blood sugar level. Quinto has also lessened the sweets in her diet and opted for healthier choices.
AUSTRALIA
Radio host raises eyebrows over ‘wild coincidence’ around Christian Petracca appendicitis diagnosis
July 12, 2024
Radio star and popular comedian Anthony ‘Lehmo’ Lehmann has been surprised by the curious timeline of Christian Petracca’s [28] latest health drama. The Melbourne superstar experienced abdominal pain on Saturday and was rushed to hospital, where he was diagnosed with appendicitis. The surgery came less than a month after a “pretty traumatic” ordeal stemming from an accidental knee during the King’s Birthday clash with Collingwood. He suffered four broken ribs, a lacerated spleen and a punctured lung, undergoing surgery and spending time in ICU while also being rushed into hospital two weeks later with fresh concerns. Following that ordeal, came the appendicitis. Speaking on Triple M’s The Rush Hour, Melbourne captain Max Gawn admitted Petracca had “been in the wars”. “The appendix … which I think is a randomly timed appendix, (that’s) what the doctors are saying, a phenomenally timed appendix …” And at that moment Lehmo’s ears pricked up: “Hang on … a fluke?” he said. Gawn continued: “This was the time his appendix wanted to pop out … two weeks after he just had spleen surgery, amazing.” And Lehmo added: “That’s a pretty wild coincidence with that one.” He’s a got a low immune system and whatnot so it’s been tough to go and see him, but there was a little window when we were allowed, and I popped over (and) I took some bread …,” Gawn said.
end
Addendum: In memory of those who “died suddenly” in the United States & worldwide, July 8-July 15, 2024
Missing from last Wednesday’s compilation were the reports of “sudden deaths” in Brazil, Argentina, Belgium, Austria, Bosnia, Bulgaria, Albania, Portugal and Australia
| MARK CRISPIN MILLERJUL 20 |
Note: Due to a computer glitch (not Windows-10-related, we believe), nine countries’ reports of “sudden deaths” were left out of our recent gatherings from South America, Europe and Australia. Here they are below, in our usual geographical order.
BRAZIL
Teacher Anderson Gonçalves, 46
July 7, 2024
With great sadness, I share with the many friends and students that the teacher Anderson Gonçalves died yesterday as a result, probably, of a heart attack. He was very well known and esteemed here in Uberlândia. He will forever be remembered with affection, respect and admiration.
Councilman dies after suffering heart attack
July 11, 2024
The councilman of São Felipe, Marinaldo Almeida de Souza, affectionately known as “Nado da Magel”, died on Thursday night (11th), after suffering a heart attack. He suffered a heart attack approximately 15 days ago, when he was hospitalized in Salvador, being discharged after improvement. But, around 2 pm this Thursday, after going to the supermarket, Nado returned home and began to feel chest pain, suffering another heart attack that resulted in death.
No age reported.
DJ Tony died at the age of 41, victim of sudden illness in his residence
July 15, 2024
This Sunday, July 14, the city of Vitória da Conquista lost one of her dearest children. DJ Tony, an emblematic and well-known figure in the city, died at his residence at the age of 41. Early reports indicate that Tony suffered a heart attack.
Grandson of Pimenta da Veiga dies at the age of three; cause of death was not disclosed
July 7, 2024
The grandson of politician and businessman Pimenta da Veiga, Arthur, only three years old, died this Sunday (7th). The death was confirmed after his wife, Anna Paola, shared a farewell to her grandson on her social networks. The family did not disclose the cause of Arthur’s death, nor when the parting took place.
Note: Covid jabs are mandatory for kids under the age of 5. Parents who refuse are subject to daily fines of up to USD $1800 until they submit.
If you like “News from Underground” (or hate it, but get something out of it), please read this post.
7-year-old girl dies in her sleep
July 9, 2024
A 7-year-old girl died of suspected meningitis in Anápolis, 55 km from Goiânia. According to her parents, little Rebeca Nunes was taken to the hospital and discharged, but died in her sleep at home. Rebeca’s father told that the symptoms began on Friday (5th) and the girl died on Sunday (7th). “She had a fever, vomiting and a headache,” he said. Her parents tried to control her fever, but worried, they rushed her to the hospital. According to her parents, after being medicated and receiving serum, Rebeca was discharged from the hospital and the family returned home. “We left her asleep, saw her around 2 am and when we came back at 5 am, she had passed away,” the father recalled.
Maria Eduarda Ferreira da Silva was 17 years old
July 7, 2024
The teenager Maria Eduarda Ferreira da Silva, 17, who died on Friday (5th) in the Emergency Unit of the Mary Dota neighborhood, in Bauru, while waiting for a vacancy to be admitted to the State Hospital (HE), thought of being a doctor. Last Monday, the teenager, who had flu-like symptoms, noticed reddish spots on her skin and went to the basic health unit of Nova Bauru, where they did tests. When the result came, they found that the platelets were very low and, referred her to hospital. By that time, she was already hospitalized. The young woman died about 30 minutes after being intubated.
No cause of death reported.
A teacher “died suddenly”:
Brazilian tourist dies after falling ill on train in Peru
July 15, 2024
A 37-year-old teacher died on Friday (12th) after falling ill on a train trip in Peru. Cledersom Marques was a native of Franca and worked in the municipal school system of Orlândia. He was on his way to Machu Picchu when he began complaining of headaches and drowsiness. On the train, Cledersom fainted. His death was in the carriage.
No cause of death reported.
21-year old man dies at home, victim of a cardiac arrest
July 12, 2024
Sad news shook two traditional families in the municipality of Vilhena: the son of deputy Rosângela Donadon and former deputy Marcos Donadon died. At the beginning of the night of this Friday, 12th, Antonio Donadon, 21 years old, died victim of a cardiac arrest. Young Antonio, who is married to Jeniffer Labajos, 20, was at home when he fell ill. He was quickly rescued and taken to the clinic, but did not resist and died soon after.
Diagnosed with “anxiety crisis”, woman is discharged and dies of heart attack
July 12, 2024
A woman died minutes after being discharged from the Eastern Regional Hospital in Brasilia. Relatives of the housewife Marlúcia Marchado reported that she had gone to the medical unit with complaints of chest pains. At the scene, she was told that it was an “anxiety crisis” and received a green bracelet. Then, Marlúcia was informed that the hospital was under a red flag and therefore only urgent and emergency cases would be treated, and that she would not be welcomed, as reported by the family. According to her family, she died five minutes after leaving the hospital. Marlúcia was leaving with her daughter for home, when she began to feel bad inside the car and died of a heart attack. She was 51 years old and left six children.
Killed in a “vaxxident”:
Man dies after falling ill while driving in Criciuma
July 15, 2024
On Friday night (12th), a driver identified as Edguinaldo da Silva, 52, died after getting sick while driving in Criciúma. The incident was recorded around 23:30 on Frederico Zilli Street. Edguinaldo was driving a Jeep Renegade when he lost control of the vehicle, which ended up on the side of the road. The Mobile Emergency Service was activated, but upon arrival at the scene, rescuers found the man already lifeless.
No cause of death reported.
41-year-old trucker is found dead
July 12, 2024
A trucker was found dead inside a Scania/R450 truck, on the afternoon of Friday, July 12, in the courtyard of the rest post in Curiúva. The truck driver was identified as Wanderlei, only 41 years old. According to information gathered at the scene, Wanderlei had dined at the restaurant and went to his truck, and did not complain of pain or anything like that. Wanderlei’s co-workers found it strange the messages sent to him had no answers, and passing by the post, saw the truck stopped in the courtyard, went towards the vehicle and saw that Wanderlei was not well and activated the medical team. The ambulance of the Curiúva health team went to the scene and found the death of the truck driver, who at first seems to have suffered a fulminant infarction.
Man dies while looting a fallen load of beer
July 15, 2024
A man died while looting a fallen load of beer on BR-116, this Saturday (13th), in Santo Estêvão, after a beer truck had toppled over. According to witnesses, the death of the man identified as Adriano Gomes Machado, was caused by a sudden illness. The man felt unwell and fell while looting the cargo. People who were present contacted the ViaBahia, who when providing assistance, verified that the man was without vital signs.
No age or cause of death reported.
Azuil Benedito de Campos, 60, died on Wednesday morning
June 12, 2024
An elderly man identified as Azuil Benedito de Campos, 60, died on Wednesday morning (12th), after suffering a sudden illness while driving in Várzea Grande.
No cause of death reported.
A cowboy “died suddenly”:
Cowboy dies during bull chase
July 11, 2024
The cowboy Hélio Pignataro Neto, who played in the Vaquejada [bull chase] in Currais Novos, died on Thursday (11th). He had a heart attack, but could not resist. Friends say that “Hélio Show” as he was affectionately known, set out doing what it loved most. He had just knocked over the ox in the contest against Dinarte Filho, his opponent of the night. As soon that was done, he became ill. The cowboy was taken to the regional hospital, but did not resist. Hélio Show leaves a wife and four children.
No age reported.
Tourist dies of sudden illness on beach
July 9, 2024
The tourist Edivan do Carmo Gontijo, 53, from the state of Goiás, died on Grande Beach in Maragogi, near noon on Monday. According to popular reports, the victim suffered sudden illness and died. The military firefighters arrived at the scene accompanied by paramedics and found a tourist doctor, who was also on the scene, providing first aid to the victim. Firefighters also stepped up rescue efforts but were unsuccessful.
No cause of death reported.
Player dies after falling ill in Luís Eduardo Magalhães
July 9, 2024
The amateur soccer player Uerico Moisés Miranda, 36, died on Monday night (8th) after suffering a cardiorespiratory arrest during a match in Bahia. During the game, Uerico felt bad on the field and received the first care from the medical team present in the stadium and later, attended by the team of the Mobile Emergency Care service (SAMU). After 30 minutes of resuscitation, he was intubated and sent to the Emergency Care Unit, where he was awaiting transfer to a hospital. Despite medical efforts, Uerico could not resist and died.
DR PAUL ALEXANDER
The 25th amendment demands that once the Vice President (VPOTUS Kamala Harris) of the United States & members of cabinet know that the POTUS (Biden) cannot discharge his/her duties (Biden is clear non
compos mentis, not of sound mind and is mentally unfit and physically degenerated/neuro-degeneration), then they MUST initiate removal from office; Harris has failed in her duty & CANNOT be POTUS
| DR. PAUL ALEXANDERJUL 21 |
Excellent scholarship too by GREGORIO ENRIQUE SANDOVAL, see stack (support) Gregorio’s Substack.
‘Vice President and members of the Cabinet have a duty under the Constitution to report when the President is unable to discharge his duties and to initiate the procedures described in the 25th Amendment to remove him from office.’
Alexander MAGA COVID News; a PCR manufactured COVID pandemic is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
‘What she and the members of the Cabinet have done in this matter definitely rises to the level of high crimes and misdemeanors for impeachment and conviction.’
Investment Firm That Allegedly “Put Options” on 12 Million Trump Stocks Day Before Assassination Attempt Blames Filing Error — Rothschild, BlackRock, Vanguard, Meta, George Bush, and Cheney Family
DR. PAUL ALEXANDER
JUL 21
READ IN APP
Among Top Investors”
Credit: Getty Images
‘Austin Private Wealth, LLC, a Texas-based financial planning company, is being scrutinized after a social media post went viral that claimed they had put options on as many as 12 million shares of DJT shares just one day before the assassination attempt on Donald Trump.
The investment firm denied the allegations and has now blamed a filing error for this controversial action.
Alexander MAGA COVID News; a PCR manufactured COVID pandemic is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Subscribed
According to CA Club India:
A Put Option is an investment made by someone who expects a company’s Stock Price to fall. People who engage in Inside Trading buy Put Options can make 5X or, sometimes even 100X profits (depends on how quickly the stock plummets).
If Trump did die in the assassination attempt, his company would have become worthless. It’s stock would have become Zero in a day. The people who bought Put Options would have made billions in profits.
According to the viral post, Austin Private Wealth’s alleged put position on July 12 was the largest among those listed—the second-biggest was Citadel’s 1.677 million short in May.
The filing date is July 12th, the day before the assassination attempt. With reportedly around $1 billion in assets under management, this is allegedly by far the largest put placed by the firm, according to Finbold.
“Researcher” Josh Walkos wrote on X:
To make things even more interesting, my source tipped me off with the following two images from their Bloomberg terminal. The screenshot on the left shows the Put by Austin Private Wealth LLC, that was taken earlier this morning. It shows the 120,000 puts. As you can see their position is by far the largest, the next closest is Citadel Advisors with 16,770.
Here is where it gets interesting, the screenshot to the right was taken later in the day and poof, Austin Private Wealth LLC is nowhere to be found. Why?
On July 16, the firm amended the filing. The firm admitted that there was a filing error.
According to Josh Walkos, “Another interesting thing about the amendment filed on 7/16 is that it is the only one they have ever had. I searched and their first filing was on 2-12-2020.”
According to the firm, the July 12 filing pertained to activity in the second quarter, which was June 28, 14 days before the assassination attempt. The company asserted that there was no short.
The firm released the following statement:
The SEC filing which showed that Austin Private Wealth shorted a large number of shares of Trump Media & Technology Group Corp (DJT) was incorrect and we immediately amended it as soon as we learned of the error.
No client of APW holds, or has ever held, a put on DJT in the quantity initially reported. The correct holding amount was 12 contracts, or 1,200 shares — not 12 million shares, as was filed in error. In submitting the required report for the second quarter of 2024, a multiplier was applied by a third-party vendor that increased the number of the shares by a multiple of 10,000 for all options contracts (not just DJT). We did not catch the error before approving the filing.
We filed the report on July 12 to reflect our positions on June 28. We amended it on July 16.
We deeply regret this error and the concern it has caused, especially at such a fraught moment for our nation. We are committed to full transparency and maintaining the trust of our clients. As such, we are reviewing our internal procedures and our processes with the third-party vendor that assists with SEC filings to better understand how this happened and avoid similar issues moving forward.
Trending: JUST IN: Trump Would-Be Assassin Thomas Matthew Crooks Had Two Cell Phones and 3 Encrypted Accounts Overseas
Social media users also scrutinized Austin Private Wealth’s investors. The latest 13F filings reveal a list of top investors, including influential globalists such as The Rothschild Family, BlackRock, Vanguard, and Meta, as well as prominent political families like the Bushes and the Cheneys.
CA Club India reported:
Investors in Austin Private Wealth
Austin Private Wealth LLC’s largest investors primarily include a mix of institutional funds and individual high-net-worth clients. Some of their top holdings, as reported in their latest 13F filing, include The Rothschild Family, BlackRock, Vanguard, Meta, George Bush and the Cheney Family
Conclusion
Trump’s death would have crashed the Nasdaq and Dow Jones for a week. According to our estimates, anyone who had this knowledge beforehand would have made an estimated $696 billion to $1 Trillion in profits.’
SLAY NEWS
| he latest reports from Slay News |
| Pediatrician Raises Alarm over Bill Gates’ Plan to Vaccinate 500 Million Children by 2030A prominent pediatrician is speaking out to warn the public about Bill Gates’s $11.9 billion plan to vaccinate a staggering 500 million children over the next few years.READ MORE |
| Building Used by Trump Shooter Owned by BlackRock, Managed by Ex-Pfizer ExecutivesIn a disturbing new twist regarding the attempted assassination of President Donald Trump, a bombshell report has revealed that the building used by the shooter is owned by World Economic Forum (WEF) board member Larry Fink’s investment company BlackRock.READ MORE |
| Kid Rock Unveils New Pro-Trump Song at RNC: ‘Fight, Fight!’Music star Kid Rock brought down the house at the Republican National Convention (RNC) with an epic President Donald Trump-themed new song.READ MORE |
| Former Obama Advisor Admits There’s Buzz at RNC Not Seen in Years: ‘There’s Something Happening’CNN anchor and former Barack Obama advisor Van Jones has admitted that the energy and “spirit” seen at this week’s Republican National Convention (RNC) is something that hasn’t been seen in the political world for years.READ MORE |
| Vivek Ramaswamy Will ‘Strongly Consider’ Filling J.D Vance’s Senate SeatFormer GOP presidential candidate Vivek Ramaswamy said he would “strongly consider” filling in the vacated Senate seat should Sen. J.D. Vance (R-OH) become vice president.READ MORE |
| Biden to Drop Out of Race ‘This Weekend,’ Insiders ReportDemocrat President Joe Biden is planning to drop out of the presidential race as soon as “this weekend,” according to multiple reports.READ MORE |
| Jack Smith Files Appeal after Judge Throws Out Anti-Trump Classified Documents CaseSpecial Counsel Jack Smith has filed a notice of appeal after his classified documents lawfare case against President Donald Trump was shut down by Judge Aileen Cannon.READ MORE |
| Republicans Blast FBI for Claiming Trump Shooter’s Motive Still Not EstablishedRepublican lawmakers have blasted the FBI after the federal agency claims to have not yet identified a motive for the assassination attempt on President Donald Trump last weekend.READ MORE |
| Conservative Icon Lou Dobbs Dead at 78Conservative political talk show host and journalist Lou Dobbs has died, according to his family.READ MORE |
| Ex-Bill Clinton Strategist Warns ‘Walls Are Closing in’ on BidenFormer Bill Clinton strategist Paul Begala has warned Democrat President Joe Biden that his re-election campaign is doomed.READ MORE |
| Joy Behar Admits Biden Is Finished: ‘It’s So Depressing’“The View” co-host Joy Behar has admitted that she now believes Democrat President Joe Biden’s re-election campaign will soon come to an end.READ MORE |
| Report: Obama Telling Allies He Wants Biden OutBarack Obama has reportedly told allies that he wants Democrat President Joe Biden to drop out of the presidential race.READ MORE |
| Trade Volume Spiked 800% for Stock in Trump’s Company on Day BEFORE Assassination AttemptOn the day before a gunman tried to assassinate President Donald Trump on Saturday, trade volume in stock for his company spiked dramatically.READ MORE |
The latest reports from Slay News
| The latest reports from Slay News |
| Pediatrician Raises Alarm over Bill Gates’ Plan to Vaccinate 500 Million Children by 2030A prominent pediatrician is speaking out to warn the public about Bill Gates’s $11.9 billion plan to vaccinate a staggering 500 million children over the next few years.READ MORE |
| Building Used by Trump Shooter Owned by BlackRock, Managed by Ex-Pfizer ExecutivesIn a disturbing new twist regarding the attempted assassination of President Donald Trump, a bombshell report has revealed that the building used by the shooter is owned by World Economic Forum (WEF) board member Larry Fink’s investment company BlackRock.READ MORE |
| Kid Rock Unveils New Pro-Trump Song at RNC: ‘Fight, Fight!’Music star Kid Rock brought down the house at the Republican National Convention (RNC) with an epic President Donald Trump-themed new song.READ MORE |
| Former Obama Advisor Admits There’s Buzz at RNC Not Seen in Years: ‘There’s Something Happening’CNN anchor and former Barack Obama advisor Van Jones has admitted that the energy and “spirit” seen at this week’s Republican National Convention (RNC) is something that hasn’t been seen in the political world for years.READ MORE |
| Vivek Ramaswamy Will ‘Strongly Consider’ Filling J.D Vance’s Senate SeatFormer GOP presidential candidate Vivek Ramaswamy said he would “strongly consider” filling in the vacated Senate seat should Sen. J.D. Vance (R-OH) become vice president.READ MORE |
| Biden to Drop Out of Race ‘This Weekend,’ Insiders ReportDemocrat President Joe Biden is planning to drop out of the presidential race as soon as “this weekend,” according to multiple reports.READ MORE |
| Jack Smith Files Appeal after Judge Throws Out Anti-Trump Classified Documents CaseSpecial Counsel Jack Smith has filed a notice of appeal after his classified documents lawfare case against President Donald Trump was shut down by Judge Aileen Cannon.READ MORE |
| Republicans Blast FBI for Claiming Trump Shooter’s Motive Still Not EstablishedRepublican lawmakers have blasted the FBI after the federal agency claims to have not yet identified a motive for the assassination attempt on President Donald Trump last weekend.READ MORE |
| Conservative Icon Lou Dobbs Dead at 78Conservative political talk show host and journalist Lou Dobbs has died, according to his family.READ MORE |
| Ex-Bill Clinton Strategist Warns ‘Walls Are Closing in’ on BidenFormer Bill Clinton strategist Paul Begala has warned Democrat President Joe Biden that his re-election campaign is doomed.READ MORE |
| Joy Behar Admits Biden Is Finished: ‘It’s So Depressing’“The View” co-host Joy Behar has admitted that she now believes Democrat President Joe Biden’s re-election campaign will soon come to an end.READ MORE |
| Report: Obama Telling Allies He Wants Biden OutBarack Obama has reportedly told allies that he wants Democrat President Joe Biden to drop out of the presidential race.READ MORE |
EVOL NEWS
| CONFIRMED: Thomas Matthew Crooks Had Two Cell Phones and Multiple Encrypted Accounts Overseas — Did Not Act Alone – EVOLREAD MORE… |
| LATEST NEWS: |
| VIEW MORE |
Philippines Issues Red Alert as Vax Deaths Skyrocket – EVOL
Read more…
WATCH: Tucker Carlson speaks at the RNC * WorldNetDaily * by WND Staff – EVOL
Read more…
‘Crowd Erupts As Hulk Hogan ‘Hulks Up’ On Stage During Epic RNC Speech – EVOL
Read more…
Mother Successfully Prevents Son From Receiving COVID Vaccine She Believed Posed a Life-Threatening Risk – EVOL
Read more…
WATCH: Trump Makes Emotional Entrance At RNC, Honors Fallen Firefighter Who Died At Rally – EVOL
Read more…
WATCH: Trump Stops Mid-Speech To Honor Firefighter Who Lost His Life At PA Rally – EVOL
Read more…
RNC Crowd Moved To Tears While Trump Re-Tells Story Of Assassination Attempt – EVOL
Read more…
Former CDC Director Expresses Regret Over Vaccine Mandates According to Armstrong Economics (VIDEO) – EVOL
Read more…
| LATEST NEWS: |
NEWS ADDICTS
LATEST REPORTS FOR NEWS JUNKIES
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
Bye, Then
MONDAY, JUL 22, 2024 – 11:40 AM
By Stefan Koopman, Senior Macro Strategist of Rabobank
In a move reminiscent of a failing bank, President Biden belatedly terminated his reelection bid over the weekend, succumbing to unrelenting pressure from Democrats who feared he was too frail to defeat Trump. But the campaign had effectively collapsed following the June 27 debate, when it became glaringly apparent to each and everyone that he was no longer fit to be President for four more years. Like a ship taking on water, he continued to sail for a few more weeks, but it was only a matter of time before it sank.
A national address from President Biden will follow this week, but he already endorsed his Vice President Kamala Harris as the new candidate, with the Clintons and California Governor Newsom also boarding the Harris train. However, former President Barack Obama and former House Speaker Nancy Pelosi are still undecided on whether to hop on. The presidential candidate will be officially nominated in a month, with the Democratic National Convention slated to take place August 19 through August 22. In the meantime, other candidates, such as Senator Joe Manchin, may still emerge.
There has been significant confidence in the markets in Trump winning. It is also our base scenario, if only for ‘risk management’ purposes. Biden’s unprecedented decision does introduce a wild card into the campaign, possibly leading to market volatility. There have already been many nationwide Harris vs. Trump polls, and her numbers against Trump were very similar to Biden’s in several recent ones, but new polls that incorporate Biden’s absence could change this. If Harris can quickly rally widespread party support to challenge Trump, especially in some swing states, the momentum could be hers and the race would be wide open. If so, election-related volatility should increase.
Yet if Trump continues to lead in the polls and investors remain viewing his win as inevitable, the “Trump trade”, which implies deregulation, tax cuts, and increased fiscal spending, and should then lead to a steeper yield curve, a firmer USD and a boost for bitcoin, will dominate.
This morning’s market opening does not reflect a strong investor conviction in any particular direction. The dollar remains virtually unchanged against several currencies, including the euro, yuan, and Mexican peso. The 10-year Treasury yield fell by 3 basis points at the opening, now standing at 4.21%. Bitcoin fell right after the announcement but has since returned to levels seen earlier on Sunday. Even though the VIX has been creeping higher in recent days, with investors rotating out of tech, FX and rates markets remain relatively quiet. Yet with 106 days to go until the US election, recent events suggest that if you’re yearning for ‘precedented times’, you’re likely to be disappointed.
7.OIL PRICES/GAS PRICES/OIL ISSUES
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
BANGLADESH
Bangladesh Issues ‘Shoot-On-Sight-Order’ As Deadly Student-Led Protests Spiral
SATURDAY, JUL 20, 2024 – 04:55 PM
Weeks-long protests in Bangladesh led by students have descended into increasing violence amid severe economic woes and a new controversial law widely seen as unfairly rewarding supporters of Prime Minister Sheikh Hasina’s Awami League party with lucrative government jobs.
Since early June, campus-based protests have called for a complete shutdown of the country until the new policy is repealed. A High Court ruling at the start of the summer came down in favor of a quota system which secures 30% of government jobs for family members of veterans who fought in Bangladesh’s 1971 war of independence from Pakistan.
The student protesters have demanded a system based on merit. A series of initially peaceful university protests resulted in increasingly chaotic scenes and clashes with police, resulting in casualties. From there protests have grown nation-wide.
Deaths among protesters have grown into the dozens, with the police reporting casualties as well. Some reports say over 100 demonstrators have died and that this figure is climbing by the day.
Communications have been intermittently disrupted for the nation of 170 million people as authorities desperately try to gain control of the situation.
Authorities have also escalated, as of Saturday allowing security forces to use live-fire to put down protests:
Police imposed a strict curfew with a “shoot-on-sight” order across Bangladesh as military forces patrolled parts of the capital Saturday after scores were killed and hundreds injured in clashes over the allocation of civil service jobs.
The curfew began at midnight and was relaxed from noon to 2 p.m. for people to run essential errands, and is expected to last until 10 a.m. Sunday, allowing officers to fire on mobs in extreme cases, said lawmaker Obaidul Quader, the general secretary of the ruling Awami League party.
Police and military checkpoints have been set up in the streets of the capital Dhaka in order to enforce the curfew.
Over 100 Dead in Bangladesh Student Protests Over Government Job Quotas More than 100 people have died during student protests in Bangladesh, as demonstrators demand the abolition of quotas for government jobs. With the country facing a high youth unemployment rate, students are calling for an end to the policy that reserves 30% of government jobs for relatives of veterans from Bangladesh’s 1971 War of Independence. The protests, now in their fifth day, have prompted authorities to impose a curfew and restrict internet access since Friday. The government plans to involve the army to suppress the unrest. In the town of Narsingdi, protesters stormed a prison, freeing inmates and setting the building on fire. Numerous government buildings have also been destroyed by demonstrators. According to Agence France-Presse (AFP), which cites hospital data, 105 people have been killed and over a thousand injured during the protests. Security forces are using tear gas and live ammunition to disperse the demonstrators, resulting in injuries to 300 police officers.
0:21
·
14.6K Views
https://twitter.com/AggregateOsint/status/181467446449742650
It’s essentially a state of martial law, with one eyewitness saying, “The public is anxious as people didn’t expect the army to be deployed. But some people are also relieved because there is a great deal of respect for the army in Bangladesh.”
And an Al Jazeera correspondent has described, “There are a lot of ordinary people who are supporting the students. There’s a great degree of frustration in the country right now and many people don’t accept this government and feel like the prime minister came to power by force.”
Bangladesh announced the closure of all public and private universities due to massive countrywide protests demanding reforms to the jobs quota system. More https://universityworldnews.com/post.php?story=20240717181122846…
·
17.1K Views
https://twitter.com/SriLankaTweet/status/181453558064422121
The government has meanwhile accused opposition parties of stoking the unrest, and has condemned the destruction of property and further pointed out some 300 police officers have been injured.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0885 UP .0006
USA/ YEN 156.72 DOWN 0.519 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2936 UP 0.0029
USA/CAN DOLLAR: 1.3745 UP .0023 (CDN DOLLAR DOWN 23 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 18.09 PTS OR 0.61%
Hang Seng CLOSED UP 218.20 PTS OR 1.25%
AUSTRALIA CLOSED DOWN .52%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 218.20 PTS OR 1.25 %
/SHANGHAI CLOSED DOWN 18.09 PTS OR 0.61%
AUSTRALIA BOURSE CLOSED DOWN .52%
(Nikkei (Japan) CLOSED DOWN 464.79 PTS OR 1.16%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 2403,35
silver:$29.00
USA dollar index early MONDAY morning: 103.99 DOWN 12 BASIS POINTS FROM FRIDAY’s CLOSE.
MONDAY MORNING NUMBERS ENDS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now your closing MONDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.051% DOWN 2 in basis point(s) yield
JAPANESE BOND YIELD: +1.059% UP 1 AND 4/ 100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.234 UP 0 in basis points yield
ITALIAN 10 YR BOND YIELD 3.747 DOWN 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.4675 UP 0 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0876 DOWN 0.0004 OR 4 basis points
USA/Japan: 156.91 DOWN 0.335 OR YEN IS UP 34 BASIS PTS
Great Britain 10 YR RATE 4.1715 UP 1 BASIS POINTS //
Canadian dollar DOWN .0047 OR 47 BASIS pts to 1.3769
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.2737 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2957)
TURKISH LIRA: 32.94 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +1.059…
Your closing 10 yr US bond yield DOWN 2 in basis points from FRIDAY at 4.222% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.4109 DOWN 3 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.519 UP 1 BASIS PTS.
GOLD AT 11;30 AM 2390.50
SILVER AT 11;30: 28.91
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: FRIDAY CLOSING TIME 12:00 PM//
London: CLOSED UP 43.06 PTS OR 0.33%
German Dax : CLOSED UP 285.14 PTS OR 1.29%
Paris CAC CLOSED UP 87.50 PTS OR 1/16 %
Spain IBEX CLOSED UP 56.30 OR 0.51%
Italian MIB: CLOSED UP 399.21 PTS OR 1.17% PTS
WTI Oil price 79.73 12EST/
Brent Oil: 82.17 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 87.95ROUBLE DOWN 0 AND 3/100
GERMAN 10 YR BOND YIELD; +2.4675 UP 0 BASIS PTS.
UK 10 YR YIELD: 4.1750 UP 1 BASIS POINTS
CDN 10 YEAR RATE: 3.401 DOWN 2 BASIS PTS.
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0887 UP 0.0008 OR 8 BASIS POINTS
British Pound: 1.2928 UP 0.0017 OR 17 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.212 UP 9 BASIS PTS//
JAPAN 10 YR YIELD: 1.060
USA dollar vs Japanese Yen: 157.09 DOWN 0.161 YEN UP 15 BASIS PTS//
USA dollar vs Canadian dollar: 1.3753 UP 0.0031//CDN dollar DOWN 31 BASIS PTS
West Texas intermediate oil: 79.95
Brent OIL: 82.30
USA 10 yr bond yield UP 2 BASIS pts to 4.262
USA 30 yr bond yield UP 3 BASIS PTS to 4.479%
USA 2 YR BOND: UP 2 PTS AT 4.523
CDN 10 YR RATE 3.444 UP 2 BASIS PTS
USA dollar index: 104.06 DOWN 1 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32.90 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 87.85 UP 0 AND 7/100 roubles
GOLD 2,396.20 3:30 PM
SILVER: 29.10 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 127.78 PTS OR 0.32%
NASDAQ UP 300.25 PTS OR 1.54 %
VOLATILITY INDEX: 14.86 DOWN 1.66 PTS OR 10.05%
GLD: $221,82 UP .09 OR 0.04%
SLV/ $26.63 UP .34 OR 1.27%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM:
Biden Ouster Sparks Some ‘Trump Trade’ Unwind, Big-Tech & Bond-Yields Bounce
BY TYLER DURDEN
MONDAY, JUL 22, 2024 – 04:00 PM
President Biden’s removal from the ticket for the 2024 election sent Kamala Harris odds of winning in November soaring (but we note she remains below the pre-debate levels that Biden had reached)…
Source: Bloomberg
In response, US Equities are bullishly trading “DC gridlock”, as Nomura’s Charlie McElligott suggests the downstream Democrat elections odds in House races are being perceived as having greatly improved their win probabilities post the party coup removal of Biden…
All the majors were higher today led by Small Caps and Mega-Cap tech. The Dow lagged, but ended green…
…while so-called “Trump trades” like cyclical–type sectors come under some modest pressure (Energy and Materials as S&P’s worst perf sectors)…
Source: Bloomberg
Mega-Cap tech and China ADRs (rate-cut) also ripped (in trump-trade-unwind-style)…
Source: Bloomberg
However, any ‘Trump trade” unwind is NOT evident in bond-land…
Source: Bloomberg
…with the curve bear-steepening (as we would expect because Trump’s “fiscal overstim / deregulation” bearish outcomes for Bonds are more problematic for the long-end of the curve)…
Source: Bloomberg
Which suggests, perhaps the equity gains are due to other issues…
As McElligott points out, another catalyst within this stocks rally resumption is the opportunity provided by last week’s predictable “Vol reset” after having overshot “too low” in prior weeks…
Arguably, we are seeing some relative election stability forming (we seemingly now have our candidates, fake democracy be damned) which, as already mentioned, looks increasingly “gridlock” / split outcome for DC which markets thrive in…
We had the “Vol reset” last week with implieds squeezed to relative highs, Skew at multi-month highs, VVIX at multi-month highs…which then provides quite a “Short Vol / Short Skew / Short Correlation” opportunity for the post Op-Ex snapback rally to gain further legs, even despite all the boogeyman of the Vol bottoming / bullish VIX seasonality into August which was a further contributor to last week’s de-risking movement…
Source: Bloomberg
While VIX is lower, very short-dated vol is elevated as the distribution of market outcomes broadened-out as evidenced by the demand for Tails, especially as the shock turn of political dramas coincided with increasingly “Correlation 1” de-risking experienced at the peak of last week’s Equities trade, with Longs and Shorts both going lower in unison at one point, with Nets being absolutely SLASHED in a monster de-grossing
Source: Bloomberg
And all of these “calming” inputs most critically are occurring into the “meat” of Earnings season kicking-off with big Tech releases concentrated over the next two weeks, which, as McElligott notes, means we tend to see a large “Dispersion” effect, as Correlation goes lower (Earnings “winners and losers” going in opposite directions) and contributing to further Vol decline…while too, the “mechanical” overwriting and systematic “Vega supply” has not changed either, as the assets keep doing their thing…
Source: Nomura
The Nasdaq/Russell 2000 pair found support in its nine-month range and bounced today…
Source: Bloomberg
Goldman’s trading desk notes that overall activity levels are down very modestly from their recent averages, but the floor tilts -10% better for sale (that ranks 95th %-ile), driven exclusively by LOs
- LOs are -33% better for sale taking profits in every sector, ex Comm Svcs (+10% better to buy there). Selling is most pronounced in Tech, HCare, Fins & Energy. The overall supply skew in Energy, Fins and HCare rank in the 94th-96th %-iles.
- HFs are basically paired buy vs. sell. Demand is balanced across Comm Svcs, REITs, Energy & Mats, while supply is balanced across Fins, Cons Disc & Macro Products. ETF turnover at 34% of tape vs 29% ytd avg tells you fast money hedges moving around more actively today.
Away from bonds and stocks, it was relatively quiet.
Gold drifted modestly lower, erasing the post-CPI gains…
Source: Bloomberg
The dollar went sideways….
Source: Bloomberg
Bitcoin chopped around between $67k and $68k, holding on to Friday’s gains (another example of NOT unwinding the Trump trade)…
Source: Bloomberg
Oil actually extended its trend lower though with WTI back below $80…
Source: Bloomberg
Yields were higher on the day – quite uniformly rising into and across the European close…
Source: Bloomberg
As, rather notably, rate-cut expectations continue to slide lower (with all 2025 dovish gains post-CPI erased)…
Source: Bloomberg
Finally, the ‘bad news is good news’ trade appears to in opposite land for now as ‘good economic news has recently been bad news for stocks’…
Source: Bloomberg
Will some certainty about the 2024 election reassert the old trend?
MORNING TRADING/
AFTERNOON TRADING///
II USA DATA
…
III USA ECONOMIC COMMENTARIES
Snyder describes our falling economy
(Michael Snyder)
Just Like Joe Biden, The US Economy Is Sick Once Again
SATURDAY, JUL 20, 2024 – 10:30 AM
Authored by Michael Snyder via TheMostImportantNews.com,
When you look at Joe Biden, you are also getting a visual picture of what is happening to our economy as a whole. Both have been getting artificially propped up for a long time, both are now sick once again, and both are starting to decline very rapidly at this point. There is lots of speculation that Joe Biden is not going to be able to make it much longer, and of course the exact same thing could be said about the U.S. economy. Sadly, the truth is that the clock won’t stop ticking and time is not on the side of either one of them.
On Wednesday, we learned that Joe Biden has once again tested positive for COVID…
President Joe Biden tested positive for COVID-19 following an event Wednesday in Las Vegas, the White House confirmed.
This is the third time the president has tested positive for the virus. And Biden is not alone: the positivity rates for COVID-19 have been increasing recently, as have visits to the emergency department and deaths.
Biden, 81, is vaccinated and boosted and is “experiencing mild symptoms,” White House press secretary Karine Jean-Pierre said in a statement.
The White House is trying to make it sound like this isn’t a big deal, but Biden certainly didn’t look like he was just “experiencing mild symptoms” when he arrived in Delaware on Wednesday night…
The 81-year-old – whose political future is in jeopardy due to his age – walked very slowly off Air Force One, pausing multiple times.
He then put on a mask on inside the black SUV that carted him off to his beach house in Rehoboth.
Biden also appeared to need some assistance as he slowly nudged himself into the car before the motorcade pulled away.
Of course this is happening at a time when speculation that Biden could drop out of the race has reached a fever pitch.
Axios is reporting that some “top Democrats” believe that Biden could make an announcement “as soon as this weekend”…
Several top Democrats privately tell us the rising pressure of party congressional leaders and close friends will persuade President Biden to decide to drop out of the presidential race, as soon as this weekend.
Personally, I don’t know if Biden is ready to throw in the towel quite yet.
But we shall see what happens.
Meanwhile, more bad economic news continues to pour in.
For example, we are being told that home eviction filings are way up all over the nation…
Home evictions are on the rise in several major cities nationwide as Americans continue to grapple with the ongoing cost-of-living crisis.
Eviction filings over the past year are up more than 15% compared with the period before the COVID-19 pandemic began in 10 cities across the country, according to the Eviction Lab, a research unit at Princeton University. The Eviction Lab tracks 10 states and 34 cities.
However, the problem is noticeably worse in five cities, where the eviction rate is at least 30% higher than it was before the pandemic started.
Whether someone is seeking to rent or buy, housing costs have soared into unprecedented territory.
And this is one of the biggest reasons why so many Americans are so deeply frustrated with the economy right now.
According to Fox Business, the “median monthly housing payment for homebuyers in swing states” has risen 92 percent since the last presidential election…
The cost of buying a house has surged in recent years, as high mortgage rates and rising home prices put ownership out of reach for many Americans.
The problem is even worse for the millions living in key battleground states that could determine the outcome of the 2024 presidential election.
New findings from Redfin show the combination of steep mortgage rates and elevated home prices has pushed the median monthly housing payment for homebuyers in swing states to an all-time high of $2,161 – a 92% increase from the 2020 election.
This is going to have an enormous impact on how people vote, and that is not good news for the Democrats at all.
At the same time, banking industry problems continue to mount and local branches continue to be shut down at a staggering pace…
US banks closed 28 branches across the country in just one week in July.
Wells Fargo, Bank of America and US Bank each closed eight locations in the last week.
The remaining locations were closed by Greenville Fed, Chase and Schaumberg Bank & Trust, who each closed one branch.
Watch the banking industry, because I believe that this will eventually become a huge story during the months ahead.
Retailers are permanently shutting down lots of locations too. In fact Stop & Shop just announced that they will be closing 32 grocery stores…
Stop & Shop is closing 32 underperforming grocery stores across the US northeast as part of the company’s efforts to improve its financial performance.
Shoppers are also being squeezed by higher prices at the grocery store, with food prices experiencing modest upticks last month, according to the newest inflation report.
“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” said the chain’s president Gordon Reid in a release.
Needless to say, that isn’t even worth comparing to what Walgreens is getting ready to do.
The plan is to shutter more than 2,000 Walgreens locations before it is all over, and that is really bad news for those that have come to depend upon that chain…
Shoppers, it may be time to find a new pharmacy. Walgreens is closing up to a quarter of its 8,600 stores within the United States.
Walgreens CEO Tim Wentworth recently explained to the Wall Street Journal on June 27 that the closures would focus on locations that aren’t profitable, too close to each other or stores struggling with theft.
Unfortunately, this is just the beginning, because vast hordes are businesses are likely to go belly up during the coming years.
According to one recent survey, almost half of our small businesses are convinced that they will not survive “the current economic climate, ongoing inflation or another four years of Biden administration policies”…
Nearly half of 80,000 small businesses surveyed say they won’t survive the current economic climate, ongoing inflation or another four years of Biden administration policies, according to the survey conducted by RedBalloon and Public Square.
Their May Freedom Economy Index found that small businesses “remain in survival mode,” with 40% delaying paying bills to manage cash flow and 70 percent putting staffing plans on hold, neither hiring nor reducing staff, “the highest reading … over the past year,” the report states.
We are in far more trouble than most people realize.
I have been documenting the ups and downs of our inevitable economic decline for more than a decade, and now we have reached a stage where that decline is threatening to become an avalanche.
So I would encourage you to brace yourself for very hard times, because it has become clear that this is a story that is not going to end well.
* * *
END
very important for gold
a must read
(Nick Giambruno InternationalMan.com)
The REPO Act: A Precursor To The Dollar’s Downfall
9:10 PM
Authored by Nick Giambruno via InternationalMan.com,
In the wake of Russia’s invasion of Ukraine in 2022, the US government has launched its most aggressive sanctions campaign ever.
The US government and its allies froze around $300 billion of the Russian central bank’s reserves—the nation’s accumulated savings.
It was a stunning illustration of the political risk associated with the US dollar and Treasuries. It showed that the US government could deny access to another sovereign country’s reserves at the flip of a switch.
Recently, President Joe Biden signed the REPO Act into law.
It allows the US government to seize frozen Russian state assets and transfer the funds to Ukraine.
The US dollar and Treasuries have become weaponized in a way they had not before. They are now clearly not neutral assets worthy of forming the bedrock of the international financial system but political tools for Washington to coerce others.
The rising political risk attached to Treasuries has made them even less attractive as a store of value. It’s now apparent to everyone that dollars are only dollars as long as you don’t upset the US government.
Many countries are undoubtedly wondering if the US government will seize their savings if they run afoul with Washington.
China is one of the largest holders of US Treasuries, and it indeed took note of what is happening.
Since 2022—when the US froze Russian state assets—China has sold about 25% of its Treasuries, an enormous change in such a short period.
In the first three months of 2024 alone, China dumped a record $53 billion worth of US Treasuries.
Further, China has increasingly ditched the US dollar in international trade. For example, over 90% of the $240 billion in trade between Russia and China is done outside of the dollar in yuan and ruble.
At the same time, China and Russia have been on a gold buying spree to make their economies and financial systems more resilient to US sanctions.
China is the world’s largest producer and buyer of gold. Russia is number two. Most of that gold enters the Russian and Chinese governments’ treasuries.
Russia has over 75 million ounces of gold, one of the largest stashes in the world. Nobody knows China’s exact amount of gold—Beijing is notoriously opaque—but most observers believe it is even larger than Russia’s stash.
Even if we take China’s official gold statistics—which almost certainly understate reality—Beijing’s gold holdings have soared by 17% in the past 17 months to around 73 million ounces.
China’s recent gold buying spree unsurprisingly coincides with the US seizure of Russian assets in the wake of the Ukraine conflict and their dumping of US Treasuries.
Conclusion
Treasuries have been the bedrock of the international financial system ever since President Nixon severed the dollar’s last link to gold in 1971.
However, the US government’s seizure of Russian state assets was a fundamental change to this system, signaling the end of an era.
The fiat US dollar can be either a neutral reserve asset or a political tool Washington wields. It cannot be both.
After 2022, Russia, China, and everyone else saw that the international financial system centered on the US dollar was over.
That is terrible news for the US dollar, which was already in big trouble as it is becoming clear the Fed is trapped in ever-increasing debasement.
Ray Dalio is one of the world’s most successful hedge fund managers. His success is due to his consistent ability to get the Big Picture right. He recently said this:
“The indicators of when a fiat currency is going to decline and to collapse, is when those holdings its debt sell the debt and the government, the central bank, has to print money to buy that debt in large size while the currency is going down. Those are the most important indicators.”
In short, I believe we are on the verge of a paradigm shift as gold replaces Treasuries as the base layer asset—the bedrock—of the international financial system.
The last time the international monetary system experienced a paradigm shift of this magnitude was in 1971.
Then, gold skyrocketed from $35 per ounce to $850 in 1980—a gain of over 2,300% or more than 24x.
I expect the percentage rise in the price of gold to be at least as significant as it was during the last paradigm shift.
That’s because this coming gold bull market could be fundamentally different from other cyclical bull markets. It will be riding the wave of a powerful trend: the re-monetization of gold as the king store-of-value asset. It could lead to the biggest gold bull market ever.
While this megatrend is already well underway, I believe the most significant gains are still ahead.
That’s precisely why I just released an urgent report on where this is all headed and what you can do about it… including three strategies everyone needs today. Click here to download the PDF now.
END
Dershowitz is perfectly correct
(Dershowitz/Gatestone)
Dersh: The Secret Service Must Be Revamped
SUNDAY, JUL 21, 2024 – 11:55 PM
Authored by Alan Dershowitz via The Gatestone Institute,
Now that the Republican convention ended without incidents, we must get back to considering the implications of the near-assassination of former President and current presidential candidate Donald Trump two days before the convention began.
Secret Service director Kimberly Cheatle says she will not resign, despite the failure of her agents to secure the rooftop from where the shots were fired at Trump, and despite her refusal to come clean about the causes of the failure.
The Secret Service is being praised for protecting Donald Trump from an assassin. This praise is justified if one focuses on the bravery of the agents who risked their lives to shield Trump from the immediate threat posed by the shooter after he fired the initial shots, but that well-deserved praise must be accompanied by constructive criticism for the failure to prevent the shooting in the first place. The would-be assassin, Thomas Matthew Crooks, came within an inch of succeeding. An armed person should never have been allowed to be at a location from which he could take aim at a presidential candidate.
It is not as if this attack could not have been anticipated and planned for. It is quite similar to the shooting of then President John F. Kennedy from the sixth floor of the Texas School Book Depository in Dallas. The major difference is that Lee Harvey Oswald shot at a difficult moving target, whereas Crooks shot at an easier stationary target. In both cases, there was a failure to secure an obviously dangerous location. One would think that the Secret Service would have learned from their failure in Dallas. They did not.
There must be changes in the protective procedures employed by the Secret Service, especially at large outdoor rallies. Everyone admitted to the venue is vetted for weapons, but apparently there is insufficient protection against potential snipers shooting from outside the actual venue. This failing must be remedied before the next rally. The Secret Service should be devoted exclusively to preventing and responding to attacks on its protectees. It must get out of the unrelated business of investigating currency counterfeiting and other crimes.
This assassination attempt may well be an outgrowth of the increasing acceptance of violence by extremists on all parts of the political spectrum. We do not yet know the specific motivation of Crooks, but it is certainly possible that he may have been influenced by the current rhetoric justifying violence as an appropriate response to perceived injustice. We do know that in addition to possessing a rifle legally purchased by his father, he also had explosives in his car and home. He was determined to murder Trump, though for what reasons we do not yet know. Although there is no direct evidence of his motive, politically-inspired violence is increasingly common, especially among the younger generation of activists.
Our universities are turning out students who engage in violence and are only rarely punished for it. Some faculty members are teaching that noble ends justify ignoble means. The result has been physical attacks on fellow students based on political, ideological and religious disagreements. It is only a short step from physically attacking those with whose policies you disagree, to shooting at political candidates who support such policies.
An atmosphere of violence has become pervasive and is likely to increase as a result of this nearly successful assassination attempt and the growing divisions over the coming election.
The Secret Service must learn from its mistakes and must redouble its efforts to protect candidates from what are likely to be increasing dangers over the next four months and beyond. In its press conference, the Secret Service said it was not changing any plans regarding the Republican convention. Nor did it permit any questions regarding the failures that led to the attack.
Even more important, political, educational, religious and other leaders must denounce violence advocated and practiced by those on their side of the political divide. It is easy to denounce violence by one’s opponents. It is far more difficult, but more important, to denounce violence by one’s allies.
Social media is filled with extremist left-wing praise for Crooks and regrets that he missed. Had he succeeded, there would likely be blood on the streets. This is an even more dangerous time than back in the 1960s, when three major assassinations occurred.
We must do everything in our collective power to prevent a recurrence of the near-assassination and tragedy that occurred in Pennsylvania. We are not doing enough.
END
Amazing!!
Cash-Strapped Consumers Flock To McDonald’s On $5 Meal Deal
MONDAY, JUL 22, 2024 – 10:50 AM
Let’s begin with our note from early May titled “McDonald’s Admits Consumers Are Broke With Planned Reintroduction Of $5 Meal Deal.”
Four weeks after the meal deal began at most McDonald’s locations across the US, an internal memo obtained by Bloomberg reveals that it will be extended due to an overwhelmingly positive response.
About 93% of McDonald’s locations have committed to selling the bundle past the initial four-week window that started June 25, according to a memo seen by Bloomberg News. The timetables will vary across the country, with some locations planning to make it available through August.
Early performance indicates the meal deal “is meeting the objective of driving guests back to our restaurants,” McDonald’s said in a message signed by Tariq Hassan, chief marketing officer, and Myra Doria, national field president. “Driving guest counts ultimately propels our business and is the key to sustained growth,” they added. -Bloomberg
In other words, McDonald’s abrupt shift to debut a meal deal about one month ago directly responded to cash-strapped consumers pressured by elevated inflation and high interest rates.
McDonald’s move to extend the meal deal through the end of the year shows executives at the burger chain understand the consumer slowdown will persist.
McDonald’s is looking to bolster its “affordability plans through the rest of year,” according to the memo, including the potential to extend the current meal deal for an even longer period. It is also looking at extended hours of operation to capture demand during off-peak hours.-Bloomberg
We’ve detailed for months about the onset of a consumer slowdown:
- Goldman Tells Top Clients To Start “Shorting The Middle-Income Consumer”
- Walmart, Target Unleash Price-Cut Tsunami As Working-Poor Hit Brick-Wall
- Goldman’s Commentary On Consumer Health Is An Ominous One
- “Did Something Change?”: Goldman Trading Desk Warns Hedge Funds Are Suddenly Dumping Consumer Stocks
- Restaurant Stocks Slide As Wall Street Sours On Consumer
Meanwhile, the New York Federal Reserve Bank’s recession probability remains over 50%, signaling higher odds for a hard landing in the next 12 months.
The latest BofA Fund Managers Survey showed the first interest rate cut could come as soon as mid-September.
Let’s not forget.
Read more on Bofa Michael Hartnett’s note about coming rate cuts and various types of economic landings (read: here).
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
VDH
VDH: Which Party Is ‘Killing Democracy’?
SUNDAY, JUL 21, 2024 – 03:15 PM
Authored by Victor Davis Hanson via X:
Democracy Really Is Dying in Darkness – But by Whom?
Never in modern presidential history has a political party staged a veritable inside coup to remove their current president from his ongoing candidacy for his party’s nomination and reelection.
Stranger still, the very elites and grandees, who now are using every imaginable means of deposing Biden as their nominee, are the very public voices that just weeks ago insisted that candidate Biden was “sharp as a tack” and “fit as a fiddle.” And they damned any who thought otherwise!
They are also the identical operators whose machinations ensured that there would not be an open Democratic primary. They demonized the few on the Left who weakly challenged Biden in the primaries. Yet now they will select a replacement candidate who likely never received a single primary vote.
Note further: Biden’s impending forced abdication is not because he is non compos mentis.
Rather, the inside move is due to Biden’s disastrous debate exposure that confirmed his dementia could no longer be disguised by a conspiracy of leftist politicos and media.
But far more importantly, the impetus for removal is driven by the admission that the cognitively Biden is headed for a climactic November defeat.
Were Biden now ahead in the polls by five points, these same backroom machinists would be insisting that he was still Pericles.
Yet now Biden is being un-personed and Trotskyized, as we prepare the new groupthink narrative of his likely surrogate—a soon to be praised eloquent, mellifluous, and articulate Cicero-Harris.
That Biden will likely remain as president until January 20, 2025, should remind the country the Left is more worried about its own next four-year continuance in power than the fate of the country that now admittedly will be guided in the next six months by a president judged unfit by his own supporters to run for the very office that he will still keep holding.
Further irony arises when those who, as supposedly guardians of democratic norms, pontificated to the country the last nine years about the Trump-Hitlerian threat to democracy. Yet now they so cavalierly work overtime on how:
a) to pull off the removal of their candidate from the November ballot on grounds of senility,
b) but not the removal of the same president from office (their own fate is more precious than our collective fate as a nation),
c) while trying to select, rather than elect, a replace candidate,
d) without ever offering any explanation, much less an apology, how a Democrat president from January 20, 2021, was daily declared vibrant, dynamic, and engaged but suddenly one day after June 27, 2024, was remanufactured as not?
Perhaps as an aid and primer on Biden removal they should reread the essay by former Obama Pentagon official Rosa Books. Just 11 days after the Trump inauguration, she published in Foreign Policy, “3 Ways to Get Rid of President Trump Before 2020”.
It was a veritable manual on the various ways of removing the just inaugurated president – listing immediate alternatives to the distant 2020 election: impeachment and conviction, 25th-Amendment removal, and, barring all that, a military coup:
“The fourth possibility is one that until recently I would have said was unthinkable in the United States of America: a military coup, or at least a refusal by military leaders to obey certain orders.”
So, to make sense of what these self-appointed and sanctimonious protectors of democracy are trying to pull off demands an Orwellian vocabulary—memory hole, newspeak, unperson, and groupthink.
Yet there is one more irony.
Very soon, those who welcomed the protests of summer 2020 radicals, and exempted the rioting and violence, and then again did nothing in 2024 as mobs tore apart campuses and shut down public facilities, will host a Chicago convention – where those very same liberated forces may wreak havoc on the outside, while their backroom progenitors, with threats, money, and the media, will wreak havoc on democracy on the inside.
END
NEWT GINGRICH
SWAMP NEWS
More on Crooks….
Trump Shooter Flew Drone Over Rally Site Just Hours Before Event
SATURDAY, JUL 20, 2024 – 09:55 AM
In the latest indicator of a glaring lack of security surrounding the Pennsylvania rally where a bullet came within inches or less of killing former President Trump, sources familiar with the investigation say would-be assassin Thomas Crooks flew a drone over the event site just a few hours before he opened fire.
As first reported by the Wall Street Journal, Crooks used the overflight to record footage of the rally layout on the grounds of the Butler Farm Show. His research of the facility began soon after the Trump campaign announced the event on July 3. He registered to attend on July 7, and soon thereafter, made the roundtrip drive of more than two hours from his Bethel Park home to recon the site in person.
According to data from the drone, Crooks — who’s said to have been highly intelligent and tech-savvy — flew it on a pre-programmed path, an official who’d been briefed on the investigation told the New York Times. The Secret Service typically bans drone flights at secured sites; NBC News reports it’s unclear if such a prohibition was imposed at the rally. Conversely, the Secret Service usually requests FAA permission to deploy drones in restricted airspace such as the Trump rally, but did not on this occasion, according to the Times.
This new development in the investigation adds a troubling new entry to an already damning timeline on the day of the shooting, which killed spectator Corey Comperatore and wounded two others. Crooks was identified as a suspicious individual more than an hour before he opened fire from a rooftop only about 450 feet from Trump’s podium. At the time, he’d already been observed in possession of a range finder and carrying a duffel bag. Later, he was spotted on a rooftop 20 minutes before all hell broke loose.
The drone was found in Crooks’ Hyundai Sonata. Parked near the event, it also contained two crude explosive devices, a bulletproof vest and several 30-round magazines for the rifle he used in the attack. The homemade bombs had a receiver comparable to what’s used to ignite fireworks from a distance, the Journal’s sources said. In the months leading up to the assassination attempt, Crooks received a number of packages shipped to his house marked “hazardous materials.”
On the day before the rally, Crooks spent several hours shooting on a rifle range at the Clairton Sportsmen’s Club, of which he was a member. Sources have told Fox News that Crooks used a DPMS AR-15 chambered in 5.56mm. His father bought it in 2013.
On his last morning on Earth, Crooks bought a ladder at Home Depot at 9:30am; investigators don’t think he ended up using it. In the afternoon, he bought 50 rounds of ammunition.
Investigators are reportedly still uncertain about Crooks’ specific motivation. His internet search history indicates he’d not only examined Trump’s campaign schedule, but also the upcoming Democratic National Convention in Chicago, which starts on Aug 19. He also sought images of both Trump and President Biden. Officials have told federal lawmakers that Crooks had a hatred of politicians in general, and didn’t have a distinct political profile or ideology of his own.
What will be the next damning detail to drop?
END
Martensen bullet analaysis
Inbox
Search for all messages with label Inbox
Remove label Inbox from this conversation
Watch this:
KING REPORT
| The King Report July 22, 2024 Issue 7288 | Independent View of the News |
| The Democratic Mafia and big donor coup succeeded! In a tweet on X, Biden announced that he would drop out of the race but finish out his term and endorse Kamala. Joe later said he would address the nation this week. Pundits expressed surprise that Biden did not make the announcement on TV. @JoeBiden: My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term… Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats — it’s time to come together and beat Trump. Let’s do this. 2:13 PM ET Biden’s letter to the nation on deciding not to seek re-election: https://t.co/4tMRgunlfu Biden acolytes were on or in the media adamantly proclaiming that Joe was staying in the race from Friday up to minutes before Biden’s tweet. @elonmusk: White House aides learned Biden was dropping out by reading 𝕏. The NYT reports Biden told senior aides of his decision 1 minute before it was posted on X. Politico: Why Biden finally quit (The latest polls, presented to Joe on Saturday night, were “grim.”) https://www.politico.com/news/2024/07/21/why-biden-dropped-out-00170106 GOP senators, representatives, and JD Vance demanded that Biden resign; averring if he isn’t fit to run; he isn’t fit to serve. Trump exclaimed that Kamala would be easier to defeat than Joe. Pundits noted that Kamala had to drop out of the Den Primary in 2020 because she was at 1% in the polls. GOP Rep. @RepAndyBiggsAZ: Joe Biden is too weak and feeble to be prosecuted. He is too weak and feeble to campaign… Joe Biden ought to step down. @SpeakerJohnson: We must be clear about what just happened. The Democrat Party forced the Democrat nominee off the ballot… Having invalidated the votes of more than 14 million Americans… the self-proclaimed ‘party of democracy’ has proven exactly the opposite. The party’s prospects are no better now with Vice President Kamala Harris, who co-owns the disastrous policy failures of the Biden Administration. As second in command and a completely inept border czar, Harris has been a gleeful accomplice — not only in the destruction of American sovereignty, security, and prosperity, but also in the largest political coverup in U.S. history. She has known for as long as anyone of his incapacity to serve… If Joe Biden is not fit to run for President, he is not fit to serve as President. He must resign the office immediately… Trump: Crooked Joe Biden was not fit to run for President and is certainly not fit to serve – And never was! He only attained the position of President by lies, Fake News, and not leaving his basement. All those around him, including his Doctor and the Media, knew that he wasn’t capable of being President… Who is going to be running the country for the next five months? GOP Sen. @HawleyMO: Now the Democrats are rigging their *own* elections. The Clintons endorsed Kamala; Obama did not. Rumors have Obama angling for rotund Illinois Governor JB Pritzker. On the surface this seems absurd. However, without Penny Pritzker’s support and money there would be no Obama on the national scene. @AlexanderSoros: It’s time for us all to unite around Kamala Harris and beat Donald Trump. She is the best and most qualified candidate we have. Long live the American Dream. @elonmusk: I’d just like to thank @AlexanderSoros for not keeping everyone in suspense about who the next puppet would be. I heard last week that he would resign at this exact time and date. It was widespread knowledge in DC. The real powers that be are discarding the old puppet in favor of one that has a better chance of fooling the public. They fear Trump because he is not a puppet. Babylon Bee: Aides Struggling to Figure Out How to Break the News to Biden That He Dropped Out https://t.co/a7C890dIsW WaPo: Secret Service said to have denied requests for more security at Trump events Top officials repeatedly rejected requests from Trump’s security detail for more manpower and gear at events before attempted assassination, at times citing lack of resources, people familiar with the asks said… Those rejections — in response to requests that were several times made in writing — led to long-standing tensions that pitted Trump, his top aides and his security detail against Secret Service leadership… The Secret Service, after initially denying turning down requests for additional security, is now acknowledging some may have been rejected… (More on USSS/DJT shooting later in letter.) https://www.washingtonpost.com/nation/2024/07/20/trump-secret-service-security-attempted-assassination/ USSS agents on Trump’s detail also repeatedly asked for more security help. Magnetometers and other equipment were also denied when DJT’s detail requested them. DHS chief Mayorkas, USSS chief Cheatle, and USSS spokesman Guglielmi denied that increased security resources requests were rejected. USSS chief Cheatle is scheduled to testify at the House Oversight Committee on Monday. However, after the above WaPo story appeared on Saturday night, reports that she would resign appeared. Anthony Guglielmi @SecretSvcSpox: Theres an untrue assertion that a member of the former President’s team requested additional security resources & that those were rebuffed. This is absolutely false. In fact, we added protective resources & technology & capabilities as part of the increased campaign travel tempo. 7:38 AM ET · Jul 14, 2024 @susancrabtree EXCLUSIVE: Internal Secret Service Docs Show Only 3 Post-Standers (agent posts) Allotted to Trump Rally vs. 12 at Jill Biden’s Event https://x.com/susancrabtree/status/1815154448936636475 ESUs traded moderately higher but sideways from the Nikkei opening until they broke down at 2:48 ET. After hitting a low of 5568.50 at 3:41 ET, ESUs rallied methodically until they hit 5603.50 near 9:00 ET. After a quick plunge to 5581.50 at 9:31 ET, the usual suspects aggressively bought. ESUs jumped to 5604.75 at 9:38 ET. The ‘dump’ appeared; ESUs sank to 5555.50 at 11:37 ET. After a bounce to 5578.00 at 12:08 ET, ESUs sank to a new daily low of 5552.50 at 12:39 ET. ESUs commenced a decline that produced a daily low of 5542.00 at 13:23 ET. It was time for the Friday afternoon rally and a final expiry-related upward manipulation. The first rally attempt generated an 18-handle rally that peaked near the 14:15 ET VIX Fix. A 17-handle drop in 30 minutes then appeared. The rally for the expected last-hour upward manipulation commenced on schedule. ESUs jumped to 5568.50 at 15:23 ET. Alas, too many traders were long stuff, including expiring July call options. So, ESUs sank to 5545.50 at 15:55 ET on hurried liquidation. A desperate late manipulation pushed ESUs to 5560.25 at 16:00 ET. ESUs sank 8 handles in the next two minutes on weekend liquidation. USUs traded modestly negative, except for two brief occurrences, but sideways from the Nikkei opening until they broke lower at 8:07 ET. USUs made a double bottom of 118 31/32, -27/32, at 9:06 and 9:55 ET. After a modest rally, USUs retreated and then traded is a very tight range into their close. Why is the internet down? What to know about the global Microsoft outage linked to CrowdStrike Major cybersecurity provider CrowdStrike issued a faulty software update that slammed users of Microsoft’s Windows operating system… Computers from the US to Europe, China and beyond were impacted by what is already considered one of the largest IT outages in history… https://nypost.com/2024/07/19/business/why-is-the-internet-down-what-to-know-about-the-global-microsoft-outage/ CrowdStrike CEO issues apology for ‘mother of all outages’ – but admits it could be hours before systems are back online https://t.co/xQvTOF8loS CrowdStrike declined as much as 14.5% in pre-NYSE trading but rebounded smartly in NYSE trading. After the 11:30 ET European close, CrowdStrike declined. Elon Musk takes several shots at CrowdStrike after global outage — including taking aim at company’s DEI policy https://trib.al/yh4AWDQ @aaronjmate: CrowdStrike is the cyberfirm that generated the claim that Russia hacked the DNC, setting off Russiagate. Even though CrowdStrike was working for the Clinton campaign, the FBI relied on it rather than independently investigate the “hacked” DNC servers. It only emerged four years later that CrowdStrike had “no evidence” of Russian hacking. The Clinton campaign, CrowdStrike, and Mueller had all concealed this. They even gave false statements to Congress about it. https://aaronmate.net/p/john-durham-ignores-clinton-role FBI reviewed cybersecurity firm’s (CrowdStrike) evidence in 2016 DNC election hack The FBI never took physical hold of the DNC’s computer system. Instead, it reviewed a wide range of computer forensic evidence provided by CrowdStrike… https://apnews.com/article/archive-fact-checking-7657130451 @Rothbard1776: Sean Henry, CEO of CrowdStrike, being interviewed under oath by the House Intelligence Committee in December, 2017. “We did not have concrete evidence that data was exfiltrated from the DNC”. Because there is none. It was all a lie. Why didn’t the FBI demand the servers? https://x.com/Rothbard1776/status/1456654282648956930 The CrowdStrike Conspiracy: Here’s Why Trump Keeps Referencing the Cybersecurity Firm Dems and CrowdStrike concocted evidence to frame Russia for the hack in order to discredit Trump’s win in 2016… “The server, they say Ukraine has it,” Trump said on the phone call with Zelensky… https://www.forbes.com/sites/rachelsandler/2019/09/26/the-crowdstrike-conspiracy-heres-why-trump-keeps-referencing-the-cybersecurity-firm/ @eh_den (on CrowdStrike fiasco, long thread): My name is Ehden Biber. I’m known as the person behind #PfizerLeak… However, my professional work has been information security and cybersecurity… You run your update vs A LOT of systems which have your software deployed on, and YOU TEST YOUR CODE DOES NOT BREAK THE SYSTEM!… Which brings us back to CrowdStrike! THERE IS NO WAY ON EARTH THAT THIS UPDATE FROM CROWDSTRIKE HAS PASSED QUALITY ASSURANCE TESTS, and there is no way on Earth such a bad code that must have crashed so many system in QA would have been signed… UNLESS SOMEON WANTED TO KILL A LOT OF SYSTEMS AND DO IT FAST! Why would anyone want to cause such outbreak of so many computer systems? BECAUSE WHEN A COMPUTER SYSTEM CRASHES, IT CAN LEAD TO LOSS OF DATA… Can you think of ANY criminal activity that took place in the last week which was SO BIG that could have altered the faith of the world?… https://x.com/eh_den/status/1814651980641341626 Fox News’s Laura Ingraham chastised US officials for not holding a major press conference about the assassination attempt on Trump. She warned that this is fomenting beaucoup conspiracy theories. @BillAckman: People too quickly dismiss so-called ‘conspiracy theories.’ As we have learned in recent years, labeling something a conspiracy theory is often an attempt to discourage a careful investigation of the facts in an effort to convince the public to accept a preordained conclusion… Ex- USSS agent @dbongino: Is USSS Director Kim Cheatle using Signal to communicate with insider cronies to avoid information discovery? Bernal (Jill’s top aide) and Tomasini (A top Joe aide)?? WSJ: Trump Gunman Flew Drone Over Rally Site Hours Before Attempted Assassination Discovery adds to growing list of stunning security lapses that almost led to former president’s killing Thomas Matthew Crooks flew the drone on a programmed flight path earlier in the day on July 13 to scour the Butler Farm Show grounds ahead of Trump’s ill-fated rally, the officials said. The predetermined path, the officials added, suggests Crooks flew the drone more than once as he researched and scoped out the event site… (But the USSS did NOT utilize its drone fleet!) https://www.wsj.com/politics/national-security/trump-gunman-flew-drone-over-rally-site-hours-before-attempted-assassination-2d0e2e1a GOP Sen. @HawleyMO: Whistleblowers tell me that MOST of Trump’s security detail working the event last Saturday were not even Secret Service. DHS assigned unprepared and inexperienced personnel. (The rumors were right about the patchwork detail assigned to Trump.) Hawley Reveals New Whistleblower Allegations Exposing ‘Loose’ Security Ahead of Trump Assassination Attempt – detection canines were not used to monitor entry and detect threats in the usual manner… Individuals without proper designations were able to gain access to backstage areas. Department personnel did not appropriately police the security buffer around the podium and were also not stationed at regular intervals around the event’s security perimeter,”… In addition, whistleblower allegations suggest the majority of DHS officials were not in fact USSS agents but instead drawn from the department’s Homeland Security Investigations (HSI)… https://www.hawley.senate.gov/hawley-reveals-new-whistleblower-allegations-exposing-loose-security-ahead-of-trump-assassination-attempt/ Thomas Matthew Crooks threatened to ‘shoot up’ high school classmates years before Trump assassination attempt https://trib.al/CiyDgHX @susancrabtree: Exclusive: The Secret Service top brass, Cheatle included, hand out bonuses to mid-level managers who cut manpower, resources requests from those Secret Service special agents and officers on the ground in charge of protecting the presidents, vice president, former presidents, etc… My sources tell me these GS-14s or around that level of manager, get bonuses based on how much money they can save for the agency based on the cuts. “They put it in their final reports to their managers, ‘Hey, look how much money we saved this year,'” the source continued… @SpeakerJohnson: Director Cheatle has made it clear that diversifying the Secret Service workforce was a top priority. No ma’am. Your job is protection, not diversity. @elonmusk: Absolutely. The failure to have a meritocracy is why an innocent person is now dead! @CollinRugg: Maria Bartiromo says a mystery man in a gray suit climbed on top of the structure where Crooks had shot from to apparently confirm Crooks’ de*th, told police to send the photos to the ATF. “A guy in a gray suit walks up the ladder and goes up to the roof, and this guy in the gray suit didn’t appear to have credentials.” “Everybody assumed he was the Secret Service. So, he tells one of the local law enforcement send those pictures to this cell phone and he gives him a number to, and everybody assumes, oh, that must be Secret Service. It turns out it wasn’t Secret Service.” Bartiromo later confirmed that the man said to send the photos to the ATF. “Is it odd to you that the locals were being told to send the pictures to the ATF?!” https://x.com/CollinRugg/status/1815040597943779641 “Nobody mentioned it,” the former president replied. “Nobody said it was a problem.” “[They] could’ve said, ‘Let’s wait for 15, 20 minutes, 5 minutes.’ Nobody said…I think that was a mistake,” he added… https://t.co/sWtnSOVeUC Positive aspects of previous session The DJTA fell only 3.77 points. Negative aspects of previous session The DJIA, Nasdaq, and the S&P 500 Index declined sharply. The NY Fang+ Index got hammered, TSLA -4%, NVDA -2.61%, Broadcom -1.97% USUs were -21/32 at the NYSE close. Ambiguous aspects of previous session Commodities declined sharply; gold tumbled 56.30; is this due to recession angst? Who will the Dem select for president and how contentious will the process be? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5519.85 Previous session S&P 500 Index High/Low: 5557.59; 5497.04 @TrumpDailyPosts: President Zelenskyy of Ukraine and I had a very good phone call earlier today… I appreciate President Zelenskyy for reaching out because I, as your next President of the United States, will bring peace to the world and end the war that has cost so many lives… Tel Aviv strike shows Iran & Co. smell blood as Biden mired in political woes On Friday, the Houthis claimed they fired an Iranian-made drone that hit near the US consulate in Tel Aviv. One Israeli was killed, and 10 others wounded… it’s highly likely Tehran ordered the attack… Biden’s growing domestic weakness is making Iran’s leaders think this is their moment to strike… https://nypost.com/2024/07/19/opinion/tel-aviv-strike-shows-iran-co-smell-blood-as-biden-faces-political-woes/ On Saturday, Israel struck Hezbollah rocket launchers in southern Lebanon and, for the first time, Houthis in Yemen. Reportedly the US & UK told Israel they would handle the Houthis to keep Israel from striking them in Yemen. Obviously, Israel lost patience and trust in Team Biden. @visegrad24: The largest port of Yemen (Al-Hudaydah) is now completely engulfed in flames. https://x.com/visegrad24/status/1814708574888628662 Israel Minister of Foreign Affairs @Israel_katz: Israel delivered a severe blow to the Iranian-backed terror organization in Yemen today. We will strike anyone who strikes us. Iran supports, trains, and finances the Houthi terror organization as part of its regional network of terror organizations aimed at attacking Israel. This is the time for the international community to maximize sanctions on Iran – under its direction, the Houthis are severely damaging Freedom of the seas and trade routes. Iran is the head of the snake – it must be stopped now. Ex-Clinton advisor @Mark_Penn: The US has failed to deter the Houthis who virtually every day attack commerce ships and have even launched missiles against US war ships with joke reprisals. Now Israel is forced to step up and fight another front because this administration didn’t do its job. Timidity in the Mideast does not extinguish combat — it often just encourages it. Our own defense department has called the US efforts ineffective. Unbelievably the administration removed the terrorist designation from the Houthis when it came into office. What was it thinking? Iran capable of producing fissile material in ‘one or two weeks’: Blinken “what we’ve seen in the last weeks and months is an Iran that’s actually moving forward” with its nuclear program… https://sg.news.yahoo.com/iran-capable-producing-fissile-material-173834438.html White House Raised US Growth, Inflation Projection for 2024 – BBG 15:28 ET Friday Q4 GDP to 1.95 from 1.3% forecast in March… CPI to 3.1% from 2.5%… (Jerome just schifft!) https://www.whitehouse.gov/wp-content/uploads/2024/03/ap_2_assumptions_fy2025.pdf Industries continue to be impacted by the CrowdStrike outage around the world. While many businesses appear to have recovered, the issue has not yet been fully resolved. https://trib.al/WDvwjpd Today – After a significant decline during Expiry Week, there is usually a bounce on Monday because the downward pressure from expiring ball liquidation is over. Add in the Monday Rally and the advent of Mag 7 and tech results and you have the ingredients for an eager rally attempt. NQUs are +86.50 (Fang results coming!); ESUs are +15.25; and USUs are +11/32 at 21:50 ET. Expected economic data: June Chicago Fed National Activity Index -0.06 S&P Index 50-day MA: 5410; 100-day MA: 5272; 150-day MA: 5134; 200-day MA: 4950 DJIA 50-day MA: 39,322; 100-day MA: 39,025; 150-day MA: 38,680; 200-day MA: 37,602 (Green is positive slope; Red is negative slope) S&P 500 Index (5505.00 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 5379.87 triggers a sell signal Daily: Trender and MACD are negative – a close above 5663.09 triggers a buy signal Hourly: Trender and MACD are negative – a close above 5547.70 triggers a buy signal AOC Issues Dire Warning on Threats to Come if Biden Drops Out – Alexandria Ocasio-Cortez used an Instagram Live to warn viewers on what happens next if Joe Biden drops out of the race. “If you think that there is consensus among the people who want Joe Biden to leave … that they will support Vice President Harris, you would be mistaken,” Ocasio-Cortez said… https://newrepublic.com/post/184042/aoc-alexandria-ocasio-cortez-warning-biden-drop-out-instagram-live @MarinaMedvin: JD Vance is pushing for Kamala to take over for Biden. It appears that the strategy is to show people how incompetent she is ASAP. ‘Ludicrous’: Donors leave call with Kamala Harris frustrated and annoyed – NBC The gathering of about 300 donors was meant to calm concerns but instead upset several who said it was badly organized, though they didn’t blame Harris herself… Participants of the call were told they needed to “lock in and get behind” Biden and to not pursue efforts to push out the president… https://www.nbcnews.com/politics/2024-election/ludicrous-donors-leave-call-harris-frustrated-annoyed-rcna162877 ‘HORROR STORIES’: Staff writer claims Democrats are struggling to find volunteers in battleground states. https://t.co/IOxWlDRnDp Dems return to Tammany Hall tactics with backroom dealings to boot Biden – It is far from certain that Vice President Kamala Harris would be the automatic stand-in on the party ticket. https://justthenews.com/politics-policy/wkddems-return-tammany-hall-tactics-backroom-dealings-boot-biden Speaker Johnson says he’s seen Biden deteriorate behind scenes, reveals what could happen if Dems try to replace him (GOP would litigate if Biden dumped.) https://t.co/zfthXiAXsZ GOP Rep.@lawler4ny: For a party that claims to want to protect Democracy, it’s fascinating to watch a handful of liberal elites try to force @JoeBiden out of the Presidential race in an effort to save their political chances in November… These same folks gaslit the nation for well over a year about Biden’s mental acuity until they couldn’t hide it any further. Now they are in panic mode… because for Democrat elites, the ends always justify the means… Isn’t the will of the voters the hallmark of a Democracy?… @JacquiHeinrich: Expect a lot more of this from the GOP if Biden’s party forces him out. Another member told me last week, “They best never ever lecture us about democracy again. They have no mirrors in their houses.” Pro-Trump Super PAC MAGA Inc. to air anti-Harris ad in swing states: ‘Knew Joe couldn’t do the job’ https://trib.al/FpTXONl Trump at rally in Grand Rapids, MI: “Threat to democracy? Last week, I took a bullet for democracy. A big dynamic that NO pundit has discussed about Joe dropping out after a coup: How many Biden voters and supporters will sit out the election because they are disgusted with the coup? The Dem talking point that circulated immediately after Joe dropped out: ‘Trump is too old to be president; Kamala is only 59.’ Good luck with this! The images of a shot Trump arising and defiantly shaking his fist while yelling “fight, fight, fight” dispel this canard. Laura Ingraham on Sunday night noted the new Dem too old talking point. She said this opens the door to question the fitness of Dem leaders Pelosi (84) and Senate #2 Dick Durban (79). Schumer is 73. @CBSNews: West Virginia Sen. Joe Manchin, an independent, is considering re-registering for the Democratic Party to run for the presidential nomination, @CostaReports reports. This comes as some Democrats say they’re nervous about VP Harris’ ability to beat Donald Trump. Manchin told @facethenation on Sunday, hours before Biden dropped out, that there must be “a new generation” and said, “Forget about me.” https://x.com/CBSNews/status/1815165578992300467 Really huge PS – Kamala Harris’s approval rating is a point or two lower that Biden’s in most polls. @ABC: Hulk Hogan riled up the RNC crowd, ripping off his shirt and giving a full-throated endorsement for former Pres. Trump: “Let Trump-O-Mania rule again, let Trump-O-Mania make America great again.” https://trib.al/IBK9DEN @FoxNews: ‘GOD WAS WITH ME’: Former President Trump speaks for first time about the assassination attempt at a private event saying that the “close call” attempt on his life has changed his viewpoint and made him “appreciate God even more.” https://trib.al/7mtLg6t Text of Donald Trump’s RNC speech (Worst part of convention, rambling record 92-minutes) https://justthenews.com/politics-policy/all-things-trump/read-full-text-donald-trumps-rnc-speech Trump’s meandering RNC address – The most charitable explanation is that the former president was affected by the events of Saturday night – The tragedy for Trump is that it all started so well… https://thespectator.com/politics/trumps-meandering-rnc-address/ @MJTruthUltra: Trump just sent a message to the Deep State. Just after Trumps speech, Opera Singer Sings “Nessun Dorma.” Nessun Dorma is played at the end of the film The Sum of All Fears, in which time ALL the traitors & Deep State Actors were executed…Trump is very specific about his songs… he played this for a reason. What is the meaning behind Nessun dorma? In a whimsically sociopathic move, the Princess decides that ‘None shall sleep’ (the literal translation of ‘Nessun dorma’) in the entire kingdom until Calaf’s name is discovered. If none of her subjects are able to come up with the correct name, all of them (ALL OF THEM) will be executed… https://www.classicfm.com/composers/puccini/guides/why-nessun-dorma-is-best/ Videos showing Georgia election workers re-scanning same ballots on multiple machines https://sharylattkisson.com/2024/07/report-videos-showing-georgia-election-workers-re-scanning-same-ballots-on-multiple-machines/ J.D. Vance mocks Washington Post scoop on his ‘anti-woke ideology’: ‘They got me’ New York Post reporter Lydia Moynihan joked, ‘I don’t think this is the bombshell report that will alienate independents the Washington Post thinks it is’ – The Post’s headline on Friday read, “Leaked memo shows J.D. Vance’s anti-woke ideology on foreign affairs.” Vance himself joked about it on X, writing, “They got me.” https://www.foxnews.com/media/j-d-vance-mocks-washington-post-scoop-anti-woke-ideology-they-got-me @charliekirk11: JD Vance responds to comments made by Kamala Harris that he has no loyalty to America: “I did serve in the United States Marine Corps and build a business. What the hell have you done other than collect a check?” https://x.com/charliekirk11/status/1814755138583863611 Trump pokes fun at his own hair during Michigan rally: ‘It looks OK from the other side’ https://t.co/9r5RH7HQRz ‘West Wing’ creator spins scenario to save Democrats: Nominate Mitt Romney to stop ‘dangerous imbecile’ Trump (How delusional and out of touch with average Americans?) https://t.co/oXnHgpvsii @libsoftiktok: So lemme get this straight… The SS Director said she would focus on hiring more women. Then a female agent couldn’t holster a gun while another shouted “what are we doing?” after the shots and another cowered behind Trump. Now we’re the problem for questioning if those women were qualified for the job according to DHS Secretary Mayorkas. https://x.com/libsoftiktok/status/1814905573982257378 Major update in horrific Philadelphia case of seven-month-old baby shot in his stroller by foul-mouthed woman… has been arrested, police confirmed… ‘F*** your baby, b***h,’ the woman had shouted after the mother screamed ‘my baby,’ CCTV footage shows… https://www.dailymail.co.uk/news/article-13654875/Philadelphia-Pennsylvania-baby-shot-mother-news-update.html @TheJordanRachel: I present to you…. The democrat presidential nominee. (Tons of this on X!) https://x.com/TheJordanRachel/status/1815172192671343057 @JustTheNews: Trump proposes second presidential debate be moved to Fox, instead of ABC News. Final thought: The fact that CA Governor Newsome, who has been maneuvering to replace Joe for at least a year, gave his support to Kamala instead of declaring his candidacy shows he and his sponsor, Nancy Pelosi, don’t like the odds of beating Trump in November. @BW_Jones: This will be the first Presidential election since 1976 to not have a Biden, Bush, or Clinton on the ticket. | |
GREG HUNTER
SEE YOU ON TUESDAY
harveyorganblog.com 
Harvey: Are you now getting into the business of publishing obituaries? Several people died around here yesterday, but somehow you missed them. If you want I can send them to you to published, of do you only publish obits from Dr. Paul Asslexander? You should stick with financial news and obits to the local papers and the internet..
BJ
LikeLike