JULY 24/GOLD CLOSED UP $9.20 TO $2415,35//SILVER WAS DOWN 2 CENTS TO $29.13/PLATINUM WAS UP $8.30 TO $957.03 WHILE PALLADIUM CLSOED UP $10.6060 TO $936.40//ISRAEL VS HAMAS/HEZBOLLAH IN BRAZIL/ISRAEL VS WEST BANK/HOUTHIS VS THE WEST//COVID UPDATES/VACCINE INJURY REPORTS/SLAY NEWS ETC/CANADA CUTS ITS INTEREST RATE BY 1/4%//BLACKSTONE CUTS ITS DIVIDEND DUE TO CRE CONCERNS//USE DATA; NEW HOME SALES PLUMMET//PMI MANUFACTURING FALTERS//GOOD COMMENTARY FROM CONRAD BLACK//SWAMP STORIES FOR YOU TONIGHT///
624 H BOFA SECURITIES 11 661 C JP MORGAN 15 737 C ADVANTAGE 1 3 905 C ADM 2
TOTAL: 16 16 MONTH TO DATE: 3,673
JPMorgan stopped 0/16
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 16 NOTICES FOR 1600 OZ or 0.04977 TONNES
total notices so far: 3673 contracts for 367300 Oz (11.424 tonnes)
FOR JULY:
SILVER NOTICES: 15 NOTICE(S) FILED FOR 0.075 million
OZ/
total number of notices filed so far this month : 6076 for 30.380 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $9,20 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ HUGE CHANGES IN GOLD INVENTORY AT THE GLD” A DEPOSIT OF 1.73 TONNES OF GOLD INTO THE GLD
/ /INVENTORY RESTS AT 841.74 TONNES
INVENTORY RESTS AT 841.74 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $.02 AT THE SLV/WOW!! AGAIN???
HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 4.108 MILION OZ OF SILVER INTO THE SLV/
// INVENTORY RISES AT 459.794 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 459.774 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A HUMONGOUS SIZED 1035 CONTRACTS TO 157,106 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 DESPITE OUR TINY GAIN OF $0.02 IN SILVER PRICING AT THE COMEX ON TUESDAY’S TRADING ON SILVER. WE HAD HUGE LIQUIDATION DESPITE A HUGE NET LOSS OF 896 CONTRACTS ON OUR TWO EXCHANGES WE HAD A MASSIVE LIQUIDATION OF T.A.S. CONTRACTS WHICH ACCOUNTS FOR THE LARGE OI LOSS THIS IS SIMILAR TO THE COMEX GOLD TRADING. WE, AGAIN HAD SOME SHORT COVERING BY OUR SPECS DESPITE THE SMALL GAIN 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 A FAIR SIZED 366 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, ON MONDAY AND LAST NIGHT.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON TUESDAY NIGHT: 366 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS.IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1/2 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES AND THUS THE REASON FOR CONSTANT RAIDS. IT ALSO LOOKS LIKE THE FED (GOV’T) IS BEHIND EVERY DAY TRADING.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.02) AND WERE BASICALLY UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS FROM THEIR PERCH AS DESPITE HAVING A HUGE SIZED LOSS OF 787 CONTRACTS ON OUR TWO EXCHANGES THE MAJORITY OF THE LOSS WAS DUE TO T.A.S. /SPREADER LIQUIDATION.
WE MUST HAVE HAD:
A FAIR SIZED 248 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 50,000 OZ
//NEW STANDING FOR SILVER//JUNE IS THUS 30.730 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI LOSS //FAIR SIZED EFP ISSUANCE/ VI) FAIR SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 366 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL added 109 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 17 DAYS, total 17,033 contracts: OR 85.165 MILLION OZ (1002 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 85.165 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: 85.165 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 1035 CONTRACTS DESPITE OUR GAIN IN PRICE OF SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A FAIR EFP ISSUANCE CONTRACTS: 248 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 50,000 OZ QUEUE JUMP WHERE THEY WILL TRY AND TAKE DELIVERY ON THIS SIDE OF THE POND.
//NEW TOTAL STANDING FOR JULY 30.730 MILLION OZ
WE HAVE A HUGE SIZED LOSS OF 787 OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE TINY GAIN IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A FAIR SIZED 366 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX TRADING WHICH ACCOUNTS FOR THE MAJOR PORTION OF THE COMEX OI LOSS/// MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND MINOR IF ANY LIQUIDATION OF LONGS.
THE NEW TAS ISSUANCE TUESDAY NIGHT (366) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .
WE HAD 15 NOTICE(S) FILED TODAY FOR 0.075 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 12,761 OI CONTRACTS TO 572,306 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,733 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW MUCH FURTHER FROM OUR ALL TIME LOW OF 390,000 CONTRACTS.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 794 CONTRACTS
WE HAD A HUGE SIZED DECREASE IN COMEX OI (12,761 CONTRACTS) OCCURRED DESPITE OUR GAIN OF $12.75 IN PRICE/TUESDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER. WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNE AT 7.5645 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 600 OZ QUEUE JUMP
NEW STANDING 11.636 TONNES
/ ALL OF THIS HAPPENED DESPITE OUR $12.75 GAIN IN PRICE WITH RESPECT TO TUESDAY’S TRADING. WE HAD A HUGE SIZED LOSS OF 10,728 OI CONTRACTS (33.37 PAPER TONNES) ON OUR TWO EXCHANGES., WITH OUR LONGS TOTALLY OBLIVIOUS TO THE RAID ORCHESTRATED BY THE STUPID BANKS AGAIN ON TUESDAY MORNING. GOLD ROSE AS THE SHORTS REALIZED THAT LONGS WERE EXERCISING THEIR CONTRACTS VIA THE EXCHANGE FOR PHYSICAL ROUTE FOR ACTUAL PHYSICAL METAL, MUCH TO THE SHOCK FROM THE FED (THEY ARE SHORT AT A MINIMUM 109 TONNES OF GOLD)
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2033 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 572,306
IN ESSENCE WE HAVE A HUGE SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 9934 CONTRACTS WITH 12,761 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 2033 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF10,728 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 1377 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2033 CONTRACTS) ACCOMPANYING THE HUGE SIZED LOSS IN COMEX OI OF 12,728 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 9934 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 600 OZ QUEUE JUMP
//NEW STANDING /JULY 11.636 TONNES.
/ 3) HUGE T.A.S. LIQUIDATION//SPREADER CONTRACTS WITH ZERO NET LONG SPECS BEING CLIPPED,
4) HUGE SIZED COMEX OPEN INTEREST LOSS 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 1337 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: 84,154 CONTRACTS OF 8,415,400 OZ OR 261.75 TONNES IN 17 TRADING DAY(S) AND THUS AVERAGING: 4950 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 17 TRADING DAY(S) IN TONNES 261.75 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 261.75 DIVIDED BY 3550 x 100% TONNES = 7.35% OF GLOBAL ANNUAL PRODUCTION
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: 261.75 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 1035 CONTRACTS OI TO 156,997 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 248 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 248 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 248 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 1035 CONTRACTS AND ADD TO THE 248 E.FP. ISSUED
WE OBTAIN A HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 787 CONTRACTS
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 3.935 MILLION OZ OCCURRED DESPITE OUR TINY $0.02 GAIN IN PRICE …THE MAJORITY OF THE OI LOSS WAS DUE TO SPREADER/T.A.S. LIQUIDATION.
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED DOWN 13.42 PTS OR 0.46% //Hang Seng CLOSED DOWN 158.31 PTS OR 0.91% // Nikkei CLOSED DOWN 439.54 OR 1.11%//Australia’s all ordinaries CLOSED DOWN 0.04%///Chinese yuan (ONSHORE) closed DOWN TO 7,2769 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2860/ Oil DOWN TO 77.70dollars per barrel for WTI and BRENT DOWN AT 81.87/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. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A HUGE SIZED 12,761 CONTRACTS TO 572,306 DESPITE OUR STRONG GAIN IN PRICE OF $12.75 WITH RESPECT TO TUESDAY’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 TUESDAY MORNING AS THEY ACCUMULATED THEIR LONG PURCHASES THROUGHOUT THE DAY ESPECIALLY WHEN THE PRICE HIT BELOW 2400. THEY CONTINUED THEIR PURCHASES AND THEN TENDERED FOR PHYSICAL GOLD AT THE END OF THE TUESDAY SESSION. THE REASON FOR THE STRONG LOSS IN COMEX IS DUE TO SPREADERS LIQUIDATING AS WELL AS T.A.S LIQUIDATION. THUS:
WE HAD A HUGE T.A.S. LIQUIDATION ON TUESDAY’S GAIN IN PRICE WITH ZERO LONGS BEING CLIPPED AND MAJOR SHORT COVERING. THE SHORTS ARE ABANDONING SHIP: THEY ARE NOW SCARED.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW ENTERING INTO THE NON ACTIVE DELIVERY MONTH OF JULY.… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A FAIR SIZED 2833 EFP CONTRACTS WERE ISSUED: : AUGUST2833 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2833 CONTRACTS.
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A HUGE SIZED TOTAL OF 10,728 CONTRACTS IN THAT 2033 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A HUGE SIZED LOSS OF 12,761 COMEX CONTRACTS..AND THIS STRONG LOSS ON OUR TWO EXCHANGES HAPPENED DESPITE OUR GAIN IN PRICE OF $12.75/TUESDAY COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TUESDAY 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 TUESDAY NIGHT A FAIR SIZED 1337 CONTRACTS. ALMOST ALL 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 LAST WEEK’S TRADING//RAIDS AS WELL AS THIS WEEK.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JULY (11.6360 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
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: 66.276TONNES (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: 11.636 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $12.75 //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS, EVEN THOUGH WE HAD A HUGE SIZED LOSS OF 10,728 CONTRACTS ON OUR TWO EXCHANGES, THE LOSS IN OI WAS DUE TO EARLY SPREADER LIQUIDATION/T.A.S. LIQUIDATION AS THE SHORTS ARE RUNNING FROM THE HILLS,SENSING DANGER FROM THEIR STUPID SHORTING . THE T.A.S. ISSUED ON TUESDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE LOST A TOTAL OI OF 30.898 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 600 OZ QUEUE JUMP//NEW STANDING 11.636 TONNES
NEW STANDING FOR JULY: 11.636 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $12.75
WE HAVE REMOVED 794 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET LOSS ON THE TWO EXCHANGES 10,728 CONTRACTS OR 1,072,800 OZ (33.37 TONNES)
Total monthly oz gold served (contracts) so far this month
3673 notices 367,300 oz 11.424 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:
total deposits nil
withdrawals: 1
i) Out of Brinks 3311.533 oz
311 kilobars
TOTAL WITHDRAWALS 3311,533 oz
Adjustment 2
a) Customer to dealer; JPMorgan: 294,181.650 oz
b) customer to dealer Loomis : 96,453,000 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JULY
For the front month of JULY we have an oi of 84 contracts having LOST 0 contracts. We had 6 notices filed on TUESDAY so we GAINED 6 contracts or an additional 600 oz will stand at the comex (0.0187 tonnes)
AUGUST LOST 26,866 CONTRACTS DOWN TO 183,461 CONTRACTS
SEPT. GAINED 157 CONTRACTS TO STAND AT 1303.
OCTOBER GAINED 1828 CONTRACTS UP TO 48,443 CONTRACTS
We had 16 contracts filed for today representing 1600 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 15 notices were issued from their client or customer account. The total of all issuance by all participants equate to 16 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 (3673) x 100 oz ) to which we add the difference between the open interest for the front month of JULY 84( CONTRACTS) minus the number of notices served upon today (16 x 100 oz per contract( equals 374,100 OZ OR 11.636 TONNES.
thus the INITIAL standings for gold for the JULY contract month: No of notices filed so far (3673 x 100 oz +we add the difference for front month of JULY (84 X// , OI} minus the number of notices served upon today (16) x 100 oz which equals 374,100 oz (11.636 TONNES)
TOTAL COMEX GOLD STANDING FOR JULY: 11.636 TONNES WHICH IS HUGE FOR THIS NOT VERY ACTIVE DELIVERY MONTH IN THE CALENDAR.
total pledged gold: 1,677,188.801 oz 52.167 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,915,574.922 OZ
TOTAL REGISTERED GOLD 8,169,920.807 ( 254.18 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,745,654.665 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,492,732 oz (REG GOLD- PLEDGED GOLD)= 201.95 tonnes //
END
SILVER/COMEX
JULY 24/2024
INITIAL
//2024// THE JULY 2024 SILVER CONTRACT//INITIAL
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
2968.05oz
Delaware
.
Deposits to the Dealer Inventory
Deposits to the Customer Inventory
1,200.980.200 oz ASAHI
No of oz served today (contracts)
15 CONTRACT(S) (.075 million OZ)
No of oz to be served (notices)
70 contracts (0.385 million oz)
Total monthly oz silver served (contracts)
6076 Contracts (30.320 MILLION oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
i) 0 dealer deposit/
total dealer deposit : nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 1 customer deposits:
i) into ASAHI 1,200,980.200 oz
total customer deposit 1,200,980/200 oz
JPMorgan has a total silver weight: 132.563million oz/303.107million or 43.54%
adjustment:0
customer withdrawals: 1
i) Out of Delaware 2968.05 oz
total withdrawal: 2968.05 0z
TOTAL REGISTERED SILVER: 69.377 MILLION OZ//.TOTAL REG + ELIGIBLE. 301.909 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY:
silver open interest data:
FRONT MONTH OF JULY/2024 OI: 85 CONTRACTS HAVING GAINED 8 CONTRACT(S). WE HAD 2 NOTICES FILED ON TUESDAY SO WE GAINED 10 CONTRACTS OR AN ADDITIONAL 50,000 OZ WILL STAND AT THE COMEX AS THEY TOOK DELIVERY ON THIS SIDE OF THE POND.
AUG, SAW A LOSS OF 32 CONTRACTS TO 1274
SEPT SAW A LOSS OF 2400 CONTRACTS TO 119,807
.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 15 for 0.075 MILLION oz
CONFIRMED volume; ON TUESDAY 59,497 good
To calculate the number of silver ounces that will stand for delivery in JULY we take the total number of notices filed for the month so far at 6076 x 5,000 oz = 30.320 MILLION oz
to which we add the difference between the open interest for the front month of JULY( 85) and the number of notices served upon today 15 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JULY/2024 contract month: 6076 notices served so far) x 5000 oz + OI for the front month of JULY (85)x number of notices served upon today minus (15)x 5000 oz of silver standing for the JULY contract month equates to 30.730 MILLION OZ.
New total standing: 30.730 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 24 WITH GOLD UP $12.75 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF 1.73 TONNES OF GOLDINTO THE GLD ///INVENTORY RESTS AT 841.74 TONNES
JULY 23 WITH GOLD UP $12.75 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD// ///INVENTORY RESTS AT 840.01 TONNES
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: 841.74 TONNES, TONIGHTS TOTAL
SILVER
JULY 24 WITH SILVER UP 3 CENTS//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 4.118 MILLION OZ OF SILVER INTO THE SLV./// /INVENTORY RISES AT 459.774 MILLION OZ
JULY 23 WITH SILVER UP 3 CENTS//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 15.880 MILLION OZ OF SILVER INTO THE SLV./// /INVENTORY RISES AT 439.780 MILLION OZ
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 459.774 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
end
3.CHRIS POWELL AND DAILY GOLD/SILVER DISPATCHES
4. GOLD PODCASTS//LIVE FROM THE VAULT
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COCOA
ASIA TRADING/WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED DOWN 48.85 PTS OR 1.65% //Hang Seng CLOSED DOWN 166.52 PTS OR 0.94% // Nikkei CLOSED DOWN 4.61 OR 0.01%//Australia’s all ordinaries CLOSED UP 0.52%///Chinese yuan (ONSHORE) closed UP TO 7,2744 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2807/ Oil DOWN TO 78.15dollars per barrel for WTI and BRENT UP AT 82.06/Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGSWEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.2744
OFFSHORE YUAN: UP TO 7.2807
SHANGHAI CLOSED DOWN 48.85 PTS OR 1;65 %
HANG SENG CLOSED DOWN 166.52 PTS OR 0.94%
2. Nikkei closed DOWN 4.61 PTS OR 0.01%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 104.15 EURO FALLS TO 1.0863 DOWN 27 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1,065 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 156,15 JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil 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 3.748 SPAIN 10 YR BOND YIELD UP TO 3.228%
3i Greek 10 year bond yield UP TO 3.405
3j Gold at $2408.50//Silver at: 29.06 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 68/ 100 roubles/dollar; ROUBLE AT 87.17
3m oil into the 78 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 156.15/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.065% 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 0.8913 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9601 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: 4.238 DOWN 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.454 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 4.517 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.94…
10 YR UK BOND YIELD: 4.1715 UP 1 PTS
10 YR CANADA BOND YIELD: 3.421 UP 1 BASIS PTS
2a New York OPENING REPORT
2B) EUROPEAN REPORT
GOLD PRICE CLOSED UP $12.75 TO $2406.15
SILVER PRICE UP $0.03 TO $29.15
Gold ACCESS CLOSED $2408.00
Silver ACCESS CLOSED: $29.22
Bitcoin morning price:$66,803 DOWN 1003 DOLLARS. bankers doing a good job destroying the value of bitcoin
Bitcoin: afternoon price: $66,141 down 2368
dollars//
Platinum price closing DOWN $0.0 TO $949.40
Palladium price; UP $14.20 AT $925.80
END
SHANGHAI GOLD PREMIUM 13 DOLLARS/COMEX GOLD//august to august
*CANADIAN GOLD: $3318.04 UP 18.10 CDN dollars per oz( * NEW ALL TIME HIGH 3,375.67 CDN DOLLARS PER OZ//JULY 16 2024)
*BRITISH GOLD: 1,865.58 UP 13.12 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024
*EURO GOLD: 2,218.98 UP 18,91 Euros per oz //* (ALL TIME CLOSING HIGH: 2.263.98 EUROS PER OZ//JULY 16//.2024)
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END
EXCH: COMEX
JPMorgan stopped 0/6
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 6 NOTICES FOR 600 OZ or 0.0186 TONNES
total notices so far: 3657 contracts for 365,700 Oz (11.3748 tonnes)
FOR JULY:
SILVER NOTICES: 2 NOTICE(S) FILED FOR 0.010 million
OZ/
total number of notices filed so far this month : 6061 for 30.3748 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $12.75 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 $.03 AT THE SLV//WOW!!!!!
HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 15.886 MILION OZ OF SILVER INTO THE SLV/
// INVENTORY RISES AT 455.666 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 455.666 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A HUMONGOUS SIZED 1561 CONTRACTS TO 157,967 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 DESPITE OUR TINY GAIN OF $0.03 IN SILVER PRICING AT THE COMEX ON MONDAY’S TRADING ON SILVER. WE HAD LITTLE LIQUIDATION AS DESPITE A HUGE NET LOSS OF 811 CONTRACTS ON OUR TWO EXCHANGES WE HAD A THE MASSIVE LIQUIDATION OF T.A.S. CONTRACTS WHICH ACCOUNTS FOR THE LARGE OI LOSS. WE, AGAIN HAD SOME SHORT COVERING BY OUR SPECS DESPITE THE GAIN 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 626 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 AND LAST NIGHT.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON MONDAY NIGHT: 624 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS.IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1/2 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES AND THUS THE REASON FOR CONSTANT RAIDS. IT ALSO LOOKS LIKE THE FED (GOV’T) IS BEHIND EVERY DAY TRADING.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.02) AND WERE BASICALLY UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS FROM THEIR PERCH AS DESPITE HAVING A HUGE SIZED LOSS OF 811 CONTRACTS ON OUR TWO EXCHANGES THE MAJORITY OF THE LOSS WAS DUE TO T.A.S. LIQUIDATION.
WE MUST HAVE HAD:
A MEGA HUGE SIZED 750 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 E.F.P JUMP TO LONDON OF 55,000 OZ
//NEW STANDING FOR SILVER//JUNE IS THUS 30.680 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI LOSS //HUGE SIZED EFP ISSUANCE/ VI) HUGED SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 1626 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED XXX 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 17 DAYS, total 16,785 contracts: OR 83.925 MILLION OZ (1049 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 83.925 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: 83.925 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 1561 CONTRACTS DESPITE OUR GAIN IN PRICE OF SILVER PRICING AT THE COMEX//MONDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 750 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 55,000 OZ E.F.P JUMP TO LONDON WHERE THEY WILL TRY AND TAKE DELIVERY ON THEIR SIDE OF THE POND.
//NEW TOTAL STANDING FOR JULY 30.680 MILLION OZ
WE HAVE A HUGE SIZED LOSS OF 811 OI CONTRACTS ON THE TWO EXCHANGES WITH THE TINY GAIN IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE SIZED 626 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE MONDAY COMEX TRADING WHICH ACCOUNTS FOR THE MAJOR PORTION OF THE COMEX OI LOSS/// MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND MINOR IF ANY LIQUIDATION OF LONGS.
THE NEW TAS ISSUANCE MONDAY NIGHT (624) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .
WE HAD 2 NOTICE(S) FILED TODAY FOR 0.010 million OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A TINY SIZED 394 OI CONTRACTS TO 585,067 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,733 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW MUCH FURTHER FROM OUR ALL TIME LOW OF 390,000 CONTRACTS.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 4548 CONTRACTS
WE HAD A TINY SIZED INCREASE IN COMEX OI (394 CONTRACTS) OCCURRED DESPITE OUR GAIN OF $12.75 IN PRICE/TUESDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER. WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNE AT 7.5645 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 100 OZ QUEUE JUMP
NEW STANDING 11.6174 TONNES
/ ALL OF THIS HAPPENED DESPITE OUR $12.75 GAIN IN PRICE WITH RESPECT TO TUESDAY’S TRADING. WE HAD A FAIR SIZED GAIN OF 3177 OI CONTRACTS (9.88 PAPER TONNES) ON OUR TWO EXCHANGES., WITH OUR LONGS TOTALLY OBLIVIOUS TO THE RAID ORCHESTRATED BY THE STUPID BANKS AGAIN ON FRIDAY AND MONDAY.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2783 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 585,067
IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3177 CONTRACTS WITH 394 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 2783 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 3177 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 1062 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2783 CONTRACTS) ACCOMPANYING THE TINY SIZED GAIN IN COMEX OI OF 394 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 3177 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 100 OZ QUEUE JUMP
//NEW STANDING /JULY 11.6174 TONNES.
/ 3) CONSIDERABLE T.A.S. LIQUIDATION OF CONTRACTS WITH ZERO NET LONG SPECS BEING CLIPPED,
4) GOOD SIZED COMEX OPEN INTEREST GAIN 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 1062 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: 82,121 CONTRACTS OF 8,212,100 OZ OR 255.43 TONNES IN 17 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 17 TRADING DAY(S) IN TONNES 255.43 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 255.43 DIVIDED BY 3550 x 100% TONNES = 7.18% OF GLOBAL ANNUAL PRODUCTION
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: 255.43 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 1561 CONTRACTS OI TO 158,141 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 750 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 750 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 750 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 1561 CONTRACTS AND ADD TO THE 750 E.FP. ISSUED
WE OBTAIN A HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 811 CONTRACTS
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 4.055 MILLION OZ OCCURRED DESPITE OUR TINY $0.02 GAIN IN PRICE …THE MAJORITY OF THE OI LOSS WAS DUE TO SPREADER/T.A.S. LIQUIDATION.
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED DOWN 48.85 PTS OR 1.65% //Hang Seng CLOSED DOWN 166.52 PTS OR 0.94% // Nikkei CLOSED DOWN 4.61 OR 0.01%//Australia’s all ordinaries CLOSED UP 0.52%///Chinese yuan (ONSHORE) closed UP TO 7,2744 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2807/ Oil DOWN TO 78.15dollars per barrel for WTI and BRENT UP AT 82.06/Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A TINY SIZED 394 CONTRACTS TO 585,067 DESPITE OUR GAIN IN PRICE OF $12.75 WITH RESPECT TO TUESDAY’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 MONDAY MORNING AS THEY ACCUMULATED THEIR LONG PURCHASES THROUGHOUT THE DAY ESPECIALLY WHEN THE PRICE HIT BELOW 2400. THEY CONTINUED THEIR PURCHASES AND THEN TENDERED FOR PHYSICAL GOLD AT THE END OF THE MONDAY SESSION.
WE HAD A HUGE T.A.S. LIQUIDATION ON MONDAY’S LOSS IN PRICE WITH ZERO LONGS BEING CLIPPED AND SOME SHORT COVERING.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW ENTERING INTO THE NON ACTIVE DELIVERY MONTH OF JULY.… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A FAIR SIZED 2783 EFP CONTRACTS WERE ISSUED: : AUGUST2783 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2783 CONTRACTS.
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 3177 CONTRACTS IN THAT 2783 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A TINY SIZED GAIN OF 394 COMEX CONTRACTS..AND THIS STRONG GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR GAIN IN PRICE OF $12.75/TUESDAY COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, MONDAY 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 MONDAY NIGHT A FAIR SIZED 1062 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 LAST WEEK’S TRADING//RAIDS. + MONDAY’S TRADING.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JULY (11.6174 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
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: 66.276TONNES (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: 11.6174 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $12.75 //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A FAIR SIZED GAIN OF 3177 CONTRACTS ON OUR TWO EXCHANGES DESPITE THE LOSS IN PRICE. THE T.A.S. ISSUED ON MONDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 9.881 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 100 OZ QUEUE JUMP//NEW STANDING 11.6174 TONNES
NEW STANDING FOR JULY: 11.6174 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $4.40
WE HAVE REMOVED 4548 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET GAIN ON THE TWO EXCHANGES 3177 CONTRACTS OR 317700 OZ (9.881 TONNES)
Total monthly oz gold served (contracts) so far this month
3657 notices 365,700 oz 11.3748 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 1 customer deposits:
i) into Loomis: 96,453.000 oz
total 96,453.000 oz (3000 kilobars)
customer withdrawals: 0
TOTAL WITHDRAWALS nil oz
Adjustment 2
a) Customer to dealer; JPMorgan: 7716.240 oz
b) Dealer to customer Brinks: 10,320.470 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JULY
For the front month of JULY we have an oi of 84 contracts having LOST 1 contracts. We had 2 notices filed on MONDAY so we GAINED 1 contracts or an additional 100 oz will stand at the comex (0.00311 tonnes)
AUGUST LOST 19,215 CONTRACTS DOWN TO 210,327 CONTRACTS
SEPT. GAINED 61 CONTRACTS TO STAND AT 1146.
OCTOBER GAINED 64 CONTRACTS UP TO 46,515 CONTRACTS
We had 6 contracts filed for today representing 600 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 6 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 (3657) x 100 oz ) to which we add the difference between the open interest for the front month of JULY 84( CONTRACTS) minus the number of notices served upon today (6 x 100 oz per contract( equals 373,500 OZ OR 11.6174 TONNES.
thus the INITIAL standings for gold for the JULY contract month: No of notices filed so far (3657 x 100 oz +we add the difference for front month of JULY (84 X// , OI} minus the number of notices served upon today (6) x 100 oz which equals 373,500 oz (11.6174 TONNES)
TOTAL COMEX GOLD STANDING FOR JULY: 11.6174 TONNES WHICH IS HUGE FOR THIS NOT VERY ACTIVE DELIVERY MONTH IN THE CALENDAR.
total pledged gold: 1,677,188.801 oz 52.167 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,918,886.525 OZ
TOTAL REGISTERED GOLD 7,779,286.157 ( 241.968 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 10,139,600.368 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,102,098 oz (REG GOLD- PLEDGED GOLD)= 189.80 tonnes //
END
SILVER/COMEX
JULY 24/2024
INITIAL
//2024// THE JULY 2024 SILVER CONTRACT//INITIAL
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
616,155.905oz
Delaware
.
Deposits to the Dealer Inventory
Deposits to the Customer Inventory
nil
No of oz served today (contracts)
2 CONTRACT(S) (.010 million OZ)
No of oz to be served (notices)
75 contracts (0.225 million oz)
Total monthly oz silver served (contracts)
6061 Contracts (30.305 MILLION oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
i) 0 dealer deposit/
total dealer deposit : nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 1 customer deposits:
i) into Delaware 616,155.965 oz
total customer deposit 616,155.965 oz
JPMorgan has a total silver weight: 132.563million oz/301.909million or 43.70%
adjustment:
customer withdrawals: 0
total withdrawal: nil 0z
TOTAL REGISTERED SILVER: 69.377 MILLION OZ//.TOTAL REG + ELIGIBLE. 301.909 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY:
silver open interest data:
FRONT MONTH OF JULY/2024 OI: 77 CONTRACTS HAVING LOST 56 CONTRACT(S). WE HAD 45 NOTICES FILED ON MONDAY SO WE LOST 11 CONTRACTS OR AN ADDITIONAL 55,000 OZ WILL NOT STAND AT THE COMEX AS THEY WERE FERRIED OVER TO LONDON VIA AN E.F.P. TO TAKE IMMEDIATE DELIVERY OVER THERE.
AUG, SAW A LOSS OF 39 CONTRACTS TO 1306
SEPT SAW A LOSS OF 2605 CONTRACTS TO 122,207
.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 2 for 0.010 MILLION oz
CONFIRMED volume; ON TUESDAY 66,679 good
To calculate the number of silver ounces that will stand for delivery in JULY we take the total number of notices filed for the month so far at 6061 x 5,000 oz = 30.305 MILLION oz
to which we add the difference between the open interest for the front month of JULY( 77) and the number of notices served upon today 2 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JULY/2024 contract month: 6061 notices served so far) x 5000 oz + OI for the front month of JULY (77)x number of notices served upon today minus (2)x 5000 oz of silver standing for the JULY contract month equates to 30.680 MILLION OZ.
New total standing: 30.680 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 24 WITH GOLD UP $9.20 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD// ///INVENTORY RESTS AT 840.01 TONNES
JULY 23 WITH GOLD UP $12.75 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD// ///INVENTORY RESTS AT 840.01 TONNES
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 24 WITH SILVER DOWN 2 CENTS//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 15.880 MILLION OZ OF SILVER INTO THE SLV./// /INVENTORY RISES AT 439.780 MILLION OZ
JULY 23 WITH SILVER UP 3 CENTS//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 15.880 MILLION OZ OF SILVER INTO THE SLV./// /INVENTORY RISES AT 439.780 MILLION OZ
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 455.666 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
end
3.CHRIS POWELL AND DAILY GOLD/SILVER DISPATCHES
Pay no attention to this Bloomberg commentary. China is still massively buying gold through their state owned opeerations
(Bloomberg)
Chinese gold imports fell by almost two-thirds on high prices
Submitted by admin on Tue, 2024-07-23 10:29 Section: Daily Dispatches
By Sybilla Gross Bloomberg News Monday, July 22, 2024
China’s gold imports plunged last month, a sign that the nation’s buyers are deterred by the precious metal’s elevated prices amid a sluggish economy.
Purchases from overseas by the biggest bullion consumer fell nearly 60% to 58.9 tons, the lowest since May 2022, according to official data released Sunday.
The precious metal has hit a succession of all-time highs this year, setting the latest record last week on bets the Federal Reserve is getting closer to cutting interest rates. The falling Chinese demand has pushed Shanghai spot prices to a rare discount to the international benchmark this month. …
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COCOA
ASIA TRADING/WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED DOWN 13.42 PTS OR 0.46% //Hang Seng CLOSED DOWN 158.31 PTS OR 0.91% // Nikkei CLOSED DOWN 439.54 OR 1.11%//Australia’s all ordinaries CLOSED DOWN 0.04%///Chinese yuan (ONSHORE) closed DOWN TO 7,2769 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2860/ Oil DOWN TO 77.70dollars per barrel for WTI and BRENT DOWN AT 81.87/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 SETTINGSWEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.2769
OFFSHORE YUAN: DOWN TO 7.2860
SHANGHAI CLOSED DOWN 13.42 PTS OR 0.36 %
HANG SENG CLOSED DOWN 158.31 PTS OR 0.91%
2. Nikkei closed DOWN 439.54 PTS OR 1.11%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 104.14 EURO FALLS TO 1.0840 DOWN 9 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1,082 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 154.46 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 +2.4270/Italian 10 Yr bond yield UP to 3.770 SPAIN 10 YR BOND YIELD UP TO 3.237%
3i Greek 10 year bond yield UP TO 3.427
3j Gold at $2416.95//Silver at: 29.37 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 68/ 100 roubles/dollar; ROUBLE AT 87.17
3m oil into the 77 dollar handle for WTI and 81 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 154.46/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.065% 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 0.8874 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9619 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: 4.238 DOWN 0 BASIS PTS…
USA 30 YR BOND YIELD: 4.477 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.431 DOWN 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.87…
10 YR UK BOND YIELD: 4.1617 DOWN 1 PTS
10 YR CANADA BOND YIELD: 3.398 DOWN 3 BASIS PTS
2a New York OPENING REPORT
Futures Slide As Ugly Mag 7, European Earnings Sour Trader Mood
WEDNESDAY, JUL 24, 2024 – 07:55 AM
Stock futures and global markets slumped, with tech dragging the indices lower, after disappointing results from Tesla and Alphabet were followed by lackluster reports from LVMH and Deutsche Bank in Europe. The first Mag7 earnings results were – as we warned in “Now Comes The Hard Part: AI Stocks Face Brutal Q2 Earnings Day Of Reckoning” – a flashing red warning with TSLA tumbling 7%, GOOG down -3%, and the rest of the Mag7 all lower. The yield curve is steepening with 2Y seeing follow-thru buying following yesterday’s strong auction. USD is stronger and commodities are weaker excluding energy. Today’s macro data focus is on Flash PMIs, New Home Sales/mortgage applications, and Inventories.
In premarket trading, it was all about the carnage in the first Mag7 reporters: Tesla shares plunged 8% in premarket trading after the company reported profit which missed estimates and postponed the unveiling of its highly anticipated autonomous robotaxis. Alphabet shares drop 3.4% as analysts highlight weakness in YouTube and higher capex spending. However, Google’s parent company reported second-quarter results that beat expectations on other key metrics. Here are some other notable US premarket movers:
Enphase Energy shares jump 6.8% after the solar-equipment manufacturer reported second-quarter gross margin that was higher than estimates. Truist Securities said the third-quarter guidance, while below consensus estimates, should give investors confidence.
Geron shares fall 6.7% after the biopharmaceutical company said Anil Kapur, its chief commercial officer, will depart on Aug. 31. Analysts note that the optics are not great as the reorganization comes shortly after Geron launched its highly-anticipated blood disorder drug, Rytelo.
Seagate shares gain 4.9% after it forecast adjusted earnings per share for the first quarter that beat the average analyst estimate. The company also reported better-than-expected fourth-quarter adjusted EPS and revenue.
Tesla shares fall 7.8% after the world’s most valuable automaker reported its fourth straight quarter of disappointing profits. Analysts noted that the stock might be pressured by the unexpectedly weak automotive gross margins in the second quarter.
Texas Instruments shares rose 2.8% after the chipmaker reported its second-quarter results and gave a forecast that was largely in line with expectations, reassuring investors that a revival is underway in key markets.
Visa shares fall 3.2% after the company reported third-quarter net revenue and payment volume that fell short of the average Wall Street estimate.
Almost a month after our warning that this earnings season will be ugly (see here), analysts are poring over this week’s raft of earnings for signs that the tech-driven rally of the first half of the year has longer to run.. and so far they aren’t finding them. The market is facing pressure into the summer months, with volatility also likely to be heightened by uncertainty as the US presidential race gathers pace. Hopes for the so-called Magnificent Seven are lofty. Analysts project profits at these companies to have jumped 30% in the second quarter, compared with a 10% increase for the S&P 500 as a whole, according to data compiled by Bloomberg Intelligence.
“What we’re seeing during this earnings season is the growing gap between the rather optimistic profit consensus from analysts and slowing economic growth,” said Benoit Peloille, chief investment officer at Natixis Wealth Management. “With unemployment now on the rise, earnings disappointment is to be expected and that’s what we’re seeing this season. This is true for the US and to some extent for Europe.”
So far, about a fifth of S&P 500 companies have reported results. Analyst estimates slid ahead of the season as they usually do, but market strategists including Morgan Stanley’s Michael Wilson and Barclays’ Emmanuel Cau have warned that the downgrades have been milder on this occasion, setting the bar for positive surprises higher. Investors appear particularly worried about sales, with less than half of companies beating expectations.
“Mixed earnings, alongside softening activity data and high political uncertainty keep markets on edge,” said Barclays’ Cau.
Major European markets are all lower with most down at least 1 sigma: Spain is outperforming, and France is lagging. Eurozone PMIs were weaker than expected, missing Mfg, Services and Composite as well as printing lower MoM. The Stoxx 600 is down almost 1% led lower by consumer product names and banks: Deutsche Bank dropped on its first quarterly loss in four years and scrapped plans for a buyback Germany’s largest lender said trading slowed and that it would most likely refrain from conducting a second share buyback this year, after a €1.3 billion ($1.4 billion) litigation provision tied to its Postbank retail unit. LVMH tumbled 6.5% to a six month low after sales in China plummeted during the quarter, adding evidence that an economic slowdown is hurting European companies and that even the strongest brands are succumbing to a slowdown in demand for high-end items. Analysts flagged a hit from currency movements as well as weakness in China. Here are the other notable European movers:
Nexans shares jump as much as 9.6% to their highest intraday level since July 2007, after the French cable manufacturer boosted its full-year adjusted Ebitda forecast above consensus expectations.
Reckitt Benckiser shares rise as much as 5% with investors encouraged by the decision to sell non-core homecare brands and review options for its baby formula arm.
Dassault Aviation shares gain as much as 11% after the French airplane maker reported 1H earnings that impressed on cash flows, reassuring investors after a selloff in recent months.
EasyJet shares rise as much as 9.7% after the company reported in-line third-quarter results, quelling concerns about summer demand after Ryanair’s reduced fare outlook.
Sodexo shares climb as much as 5.1% after the firm announced the sale of subsidiary Sofinsod, which analysts note simplifies the ownership structure and monetizes an illiquid asset.
Aston Martin shares rise as much as 12% after the carmaker reported revenue for the second quarter that beat the average analyst estimate.
LVMH shares drop as much as 5.2% to a six-month low after a disappointing set of results signals that even the strongest brands are succumbing to a slowdown in demand for high-end items.
Bank stocks sink to be among the worst-performing sectors, weighed down by Deutsche Bank which slumped after posting a loss and saying it will most likely skip a second share buyback this year.
Iveco shares drop as much as 12.5%, the biggest decline since January 2022, after the Italian truckmaker reported a free cash flow which “disappointed again,” according to Morgan Stanley.
ASMI shares fall as much as 4.5%, giving back Tuesday’s pre-earnings gains. The chip equipment maker reported lower-than-expected profitability, likely due to weaker sales from China.
Metso shares slide as much as 7.3% after the Finnish industrial machine group presented disappointing second-quarter earnings, affirming faltering investor confidence.
Temenos shares decline as much as 5.9% after the financial software firm cut its sales growth guidance for the full-year, albeit with other targets maintained for now.
In FX, the dollar is steady. The yen is the best performer among G-10 FX, extending gains versus the dollar after a Reuters report said the BOJ will weigh raising interest rates at its meeting next week. The euro slipped as European data showed private-sector activity barely grew.
In rates, treasuries hold small gains in early US trading Wednesday, led by short maturities following record foreign demand for Tuesday’s 2-year note auction; 10Y yields edged lower to 4.23% as investors awaited US debt auctions and manufacturing PMI data, while yields in the 2-year sector are more than 2bp lower on the day near session lows, further steepening the yield curve. With 10- to 30-year yields lower by only ~1bp, key curve spreads are approaching year’s steepest (or least inverted) levels; new 2-year note’s yield is less than 20bp higher than 10-year note’s, the smallest margin since January. The supply cycle continues with $70b 5-year note sale at 1 p.m. New York time. German and French 10-year government bonds are little changed and the euro is slightly lower after soft PMI data from the bloc, most notably in manufacturing. Gilts are also steady after the UK figures were more encouraging while the pound has pared an earlier fall.
In commodities, oil prices advance, with WTI rising 0.9% to ~$77.70 a barrel. Spot gold is steady around $2,413/oz.
Today’s US economic data calendar includes June preliminary wholesale inventories and June advance goods trade balance (8:30am), July preliminary S&P Global US manufacturing and services PMIs (9:45am) and June new home sales (10am). Fed Governor Bowman and Dallas Fed President Logan are slated to give opening remarks at an event on Texas community partnerships at 4:05pm, the only scheduled appearances until after the next FOMC meeting ends July 31
Market Snapshot
S&P 500 futures down 0.8% to 5,554.00
STOXX Europe 600 down 0.8% to 511.09
MXAP down 0.5% to 181.88
MXAPJ down 0.4% to 564.38
Nikkei down 1.1% to 39,154.85
Topix down 1.4% to 2,793.12
Hang Seng Index down 0.9% to 17,311.05
Shanghai Composite down 0.5% to 2,901.95
Sensex down 0.7% to 79,843.44
Australia S&P/ASX 200 little changed at 7,963.72
Kospi down 0.6% to 2,758.71
German 10Y yield -2bps at 2.42%
Euro down 0.2% to $1.0833
Brent Futures up 0.7% to $81.57/bbl
Gold spot up 0.1% to $2,412.56
US Dollar Index little changed at 104.52
Top Overnight News
LVMH led a sell-off in global luxury stocks on Wednesday after the industry bellwether reported slower than expected sales from shoppers reining in spending on champagne and handbags. Other luxury stocks also declined as investors worried about demand from Chinese consumers and the outlook for a sector that is slowing down after several years of record growth. FT
Deutsche Bank stock dropped after the lender posted its first quarterly loss in four years because of a legal provision and said it probably won’t buy back shares this year. Revenue from fixed-income and currencies fell about 3%, trailing the average 5% gain on Wall Street. IB income rose about 10%. BBG
Europe’s flash PMIs fall short of expectations in Jul, with manufacturing coming in at 45.6 (down from 45.8 in June and below the Street’s 46.1) while services dips to 51.9 (down from 52.8 in June and below the Street’s 52.9), and inflation was mixed (with higher input costs but cooler selling prices). S&P
Donald Trump filed a legal complaint against the transfer of Joe Biden’s $96 million campaign war chest to Kamala Harris. Elon Musk said he’s donating to a pro-Trump super PAC but at significantly lower levels than the $45 million per month previously reported. BBG
Blackstone is doubling down on its international credit business and will target growth in a broader range of debt including local-currency investments. BBG
US crude inventories fell by 3.86 million barrels last week, with a drop also seen at Cushing, the API is said to have reported. The fourth week of declines would be the longest stretch since September if confirmed by the EIA today. BBG
CrowdStrike blamed a bug in a safety mechanism for allowing flawed data to go out to customers in a botched update, causing last week’s meltdown. BBG
The Federal Trade Commission is seeking information about how artificial intelligence and other technological tools may allow companies to vary prices using data they collect about individual consumers’ finances and shopping habits. WSJ
Earnings
Alphabet Inc (GOOG) Q2 2024 (USD): EPS 1.89 (exp. 1.84), Revenue 84.742bln (exp. 84.18bln). Revenue breakdown. Google Advertising rev 64.6bln (exp. 64.4bln).Google Cloud Revenue 10.35bln (exp. 10.158bln). Google Search & Other Revenue 48.51bln (exp. 47.65bln). Shares fell 2.2% after hours
Tesla Inc (TSLA) Q2 2024 (USD): Adj. EPS 0.52 (exp. 0.62), Revenue 25.5bln (exp. 24.77bln). Co. said the focus remains on company-wide cost reduction. Shares fell 7.8% after hours.
Visa Inc (V) Q3 2024 (USD): Adj. EPS 2.51 (exp. 2.43), Revenue 8.9bln (exp. 8.89bln). Shares fell 3.3% after hours.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly rangebound with a negative bias seen following the lacklustre handover from Wall Street after risk appetite was dampened by underwhelming earnings results. ASX 200 was indecisive and briefly clawed back early losses with sentiment clouded by mixed Flash PMI data. Nikkei 225 retreated at the open amid headwinds from a firmer currency, while PMI data was also varied. Hang Seng and Shanghai Comp. were subdued with early pressure from demand concerns after China’s slowdown weighed on luxury spending which was evident in the 14% decline in LVMH sales in the region, while Chow Tai Fook Jewellery was among the worst hit in Hong Kong after its quarterly group retail sales fell 20% Y/Y. However, the mainland bourse managed to recover losses to return to relatively flat territory after rebounding from a brief dip beneath the 2,900 level.
Top Asian News
BoJ to weigh rate hike next week and have a detailed plan to halve bond buying in the coming years, according to Reuters citing sources. BoJ to taper bond buying gradually at pace near market consensus . July rate hike decision is a close call and consumption outlook is key; source describes it as a judgement call in terms of acting now or later in the year. BoJ sees no compelling reason to rush, given price rises remain moderate and inflation expectations are stable. Source adds the BoJ is likely to taper its bond purchases gradually and in several stages, at a pace roughly in-line with the markets dominate view, to avoid any yield spike.
European bourses, Stoxx 600 (-0.9%) began the session on a weaker footing, and sentiment has continued to dwindle as the morning progressed; as it stands indices resides at lows. Today’s European PMI releases have been poor, with Germany’s composite surprisingly falling into contractionary territory, whilst the EZ managed to stay in expansionary territory and noted that its GDP Nowcast still pointed towards growth in Q3. European sectors hold a strong negative bias, with only Travel & Leisure remaining afloat, which is assisted by post-earning gains in easyJet (+5.7%). Consumer Products is the clear underperformer, after LVMH (-4.7%) results, which has also weighed on peers. Banks are also towards the foot of the pile, given the significant losses in Deutsche Bank (-6.7%).
Top European News
Deutsche Bank Scraps Buyback After First Loss in Four Years
Temenos Drops on Guidance Cut, Hindenburg Report Hurts Sales
Reckitt to Sell Some Homecare Brands, Review Formula Unit
Informa to Buy Cannes Lions Owner Ascential for £1.2 Billion
Atos Chair Mustier Becomes CEO as Restructuring Moves Ahead
DSV Is Ready For Big M&A, CEO Says Amid DB Schenker Reports
FX
DXY is steady around the 104.50 mark with the USD showing mixed performance vs. peers. The USD is softer against havens such as CHF and JPY whilst faring better against risk-sensitive currencies. 104.55 marks today’s peak for the DXY with not much in the way of resistance until the 100DMA at 104.82.
EUR is hampered by a soft set of PMI metrics with the German report a notable lowlight for the region; the release suggests a 0.4% Q/Q contraction for German GDP in Q3. As such, EUR/USD’s journey to the low 1.08’s has continued, currently around 1.0830.
GBP is a touch softer vs. the USD with Cable extending its move below the 1.29 mark. GBP/USD saw some slight reprieve from mixed PMI metrics with the low for the pair currently at 1.2878.
JPY is continuing to edge out gains vs. the USD. Price action has followed the recent broader trend but is also likely being aided by the current risk environment. USD/JPY has taken out support at the 155 level, which some desks had seen as a key test for the pair,slipping to a 154.31 base on a recent Reuters source piece.
Antipodeans are both the G10 underperformers. AUD is extending its losing streak vs. the USD to an 8th consecutive session with the pair now below the 0.66 level for the first time since 17th June.
CAD is steady vs. the USD in the run up to today’s BoC policy announcement. Consensus is for a cut, however, analysts are not unanimous in this view and therefore there could be some choppiness on the decision itself.
PBoC set USD/CNY mid-point at 7.1358 exp. 7.2795 (prev. 7.1334).
Fixed Income
Bunds are firmer after a dismal German PMI series and, by extension, a poor EZ report. The French release earlier sparked some modest pressure in Bunds, but could ultimately be caveated by the impending Olympics. Bunds to a 132.66 new WTD peak but stalling before last week’s 132.77 best. Bunds were heading lower into the German auction, which then fuelled further weakness
USTs are moving in-line with EGBs thus far with macro newsflow, but docket does pick up later on with the region’s own PMIs and a 5yr auction both scheduled. Currently, at a 110-31 peak with yesterday’s best just above at 111-00.
Gilts were bid their own PMIs, which were mixed, but had an overall hawkish skew, and as such, fell from 98.13 to a 97.94 base, before paring back towards the 98.00 mark, following a strong 2054 auction.
UK sells GBP 2.25bln 4.375% 2054 Gilt: b/c 3.35x, average yield 4.636%, tail 0.2bps
Commodities
Crude is trading with modest gains thus far following another slump yesterday. Weak Chinese demand is the factor cited for the recent persisting weakness in crude. Brent counterpart resides in a 81.12-67/bbl range.
Overally mixed and contained trade across precious metals amid a lack of pertinent catalysts to drive price action overnight, whilst the morning saw the complex unreactive to Flash PMI data from Europe. Spot gold trades in a USD 2,419.26-2,405.01/oz parameter after topping resistance around USD 2,412/oz.
Mixed trade for base metals with the complex awaiting the next catalysts after being unfazed by European Flash PMIs.
US Private Inventory Data (bbls): Crude -3.9mln (exp. -1.6mln), Distillate -1.5mln (exp. +0.2mln), Gasoline -2.8mln (exp. -0.4mln), Cushing -1.6mln.
Geopolitics: Middle East
IDF launched a new incursion into West Bank’s Tulkarem, according to a source cited by Times of Israel.
Artillery shelling and Israeli tank fire was reported on east of Khan Younis, according to Al Jazeera.
Islamic Resistance in Iraq said it conducted a drone attack on a vital target in the north of Eilat, according to Al Jazeera.
Geopolitics: Other
French prosecutors said a Russian was arrested over ‘destabilisation’ plot during Paris Olympics, according to AFP.
Japanese Chief Cabinet Secretary Hayashi said Russia’s decision to restrict 13 Japanese individuals’ entry including Toyota Motor’s Chairman is “totally unacceptable” and they filed a complaint against Russia over their decision to restrict entry.
US Event Calendar
07:00: July MBA Mortgage Applications -2.2%, prior 3.9%
08:30: June Wholesale Inventories MoM, est. 0.5%, prior 0.6%
June Retail Inventories MoM, est. 0.5%, prior 0.7%
08:30: June Advance Goods Trade Balance, est. -$98.7b, prior -$100.6b, revised -$99.4b
09:45: July S&P Global US Manufacturing PM, est. 51.6, prior 51.6
July S&P Global US Composite PMI, est. 54.2, prior 54.8
July S&P Global US Services PMI, est. 54.9, prior 55.3
10:00: June New Home Sales, est. 640,000, prior 619,000
DB’s Jim Reid concludes the overnight wrap
The Olympics unofficially starts today in Paris ahead of Friday’s opening ceremony. The five of us are going to Paris for a long weekend in two weeks’ time to a) watch the synchronised swimming finals (artistic swimming as it’s now called), and b) go to EuroDisney. I’ve refused to waste good money on tickets for the twins for the artistic swimming so we’ll be roaming the streets in Paris while my wife and Maisie go. In addition I’ll be also trying to find some urgent client meetings to do in Paris which means I can avoid two days at EuroDisney. Help!
The market’s torch has shone slightly less brightly in the last 12 hours with the S&P 500 (-0.16%) losing some late traction after Monday’s rebound with S&P (-0.65%) and Nasdaq (-0.95%) futures notably lower this morning after a soft start to Mag-7 earnings after the bell. At the close last night the S&P 500 declined for the fourth time in five sessions, the first such occurrence since April, and having seen its biggest 3-day fall since October at the back end of last week. These choppy markets come as the focus is now squarely on earnings season. Alphabet and Tesla last night will be followed by Apple, Meta, Microsoft and Amazon next week but with Nvidia the laggard on August 28th.
Those tech earnings started on an underwhelming note last night. Alphabet did post a modest revenue and earnings beat, boosted by cloud computing and advertising growth, but its shares slid -2.2% in post-market trading after the management call alluded to upcoming expense pressures. Meanwhile, Tesla fell by -7.7% after-hours as it missed earnings expectations for a fourth consecutive quarter and delayed its Robotaxi event until October. Both Alphabet and Tesla had earlier fallen by about 1% in the final 30 minutes of regular trading (they were +0.07% and -2.04% on the day respectively), contributing to a weak equity close.
Earlier yesterday, we had plenty of other results that dictated the market narrative. For instance, Spotify (+11.96%) had its best performance since January 2023 after announcing a record profit, along with growth in paid subscribers of 12% from the previous year. Other outperformers included General Electric (+5.68%), which had its best day since April after raising its guidance, whilst SAP (+7.15%) had its best day since January after their own results. That said, it wasn’t all good news, as UPS (-12.05%) saw the biggest daily decline in its share price since it first went public in 1999, after its earnings missed estimates.
Amidst all those results, equity indices had a mixed day across both sides of the Atlantic. In the US, both the Magnificent 7 (-0.05%) and the NASDAQ (-0.06%) saw marginal losses, but small caps had an excellent day, with the Russell 2000 up +1.02% and with the more cyclical sectors leading the upside. Over in Europe the STOXX 600 was marginally higher (+0.13%) amid strong gains for Germany’s DAX (+0.82%), itself helped along by the SAP advance mentioned above. But there were losses for the UK’s FTSE 100 (-0.38%) and France’s CAC 40 (-0.31%).
Meanwhile for sovereign bonds, there were gains on both sides of the Atlantic. In part, that came amidst a fresh decline in oil prices, which added to hopes that inflationary pressures were waning. Indeed, WTI crude was down -3.53% yesterday to a one-month low of $76.96/bbl. Alongside that, there was some weaker second-tier data out of the US, which cemented investors’ confidence that the Fed were on course to cut rates at their September meeting. The data showed existing home sales were down -5.4% in June (vs. -3.2% expected), taking them down to an annualised rate of just 3.89m, their lowest in six months. Separately, the Richmond Fed’s manufacturing index was down to -17 in July (vs. -7 expected), which is its lowest level since May 2020 during the Covid lockdowns.
With growing conviction about future rate cuts, that helped push yields on 2yr Treasuries down -2.6bps to 4.49%, whilst those on 10yr Treasuries were down – 0.2bps to 4.25%. Front-end outperformance was aided by a very strong 2yr auction which saw $69bn of bonds issued 2.3bps below the pre-sale yield as primary dealer take up fell to its lowest since the start of the data in 2003.
The bond gains were larger in Europe, but there was also a fairly sharp widening in sovereign bond spreads there, with those on 10yr bunds down -5.7bps, whereas those on 10yr OATs (-1.9bps) and BTPs (-2.6bps) saw much smaller declines. Indeed, the Franco-German spread moved back up to 69bps, which is its widest level since the second-round election results that led to gridlock in the National Assembly. On the topic of French politics, yesterday we heard that the left-wing New Popular Front alliance agreed to put forward Lucie Castets, an official for the city of Paris and relatively unknown, as their candidate for prime minister. As a reminder the left-wing finished first in the election but well short of a majority. It will now be up to President Macron whether to nominate her as PM. Last night he commented that he would not appoint a PM until after the end of the Paris Olympics (on August 11).
In terms of US politics, it’s become clear that Vice President Harris has all-but-won the Democratic nomination, setting up a November general election contest with Donald Trump. As mentioned yesterday, the Associated Press have surveyed the Democratic delegates, and found that a majority of them support Harris as the nominee. And even though they could change their minds in theory, no other challenger has emerged against Harris, who has received endorsements from right across the party. Tonight we’ll also hear from President Biden, who’s delivering an Oval Office address at 8pm Eastern Time.
Those overnight losses on Wall Street are echoing across Asian equity markets this morning. Across the region, the Hang Seng (-0.59%) is leading losses with the Nikkei (-0.22%), the KOSPI (-0.11%) and the CSI (-0.10%) all trading slightly lower while the Shanghai Composite (+0.01%) is holding in slightly better.
Early morning data showed that Japan’s flash manufacturing PMI fell to 49.2 from the previous month’s 50.0. However, the weakness in manufacturing sector was largely offset by the flash services PMI surging to 53.9 in July from 49.4 in June. The latter reading was the strongest expansion since April, and came amid improving consumer demand and confidence. As a result, the flash composite output index rose to 52.6 in July from 49.7 in June.
On the back of this, the Japanese yen (+0.44%) continues to gain ground for the third consecutive day trading at 154.91 against the dollar. Meanwhile, the Bank of Japan (BOJ) is scheduled to meet next week with around 30% of economists expecting a hike, albeit with pretty much all saying the balance of risks are biased towards a hike around their central case scenario.
To the day ahead now, and data releases include the flash PMIs for July from the US and Europe. Other US data includes new home sales for June, and the advance goods trade balance for June. From central banks, we’ll get a policy decision from the Bank of Canada. And we’ll also hear from ECB Vice President de Guindos, the ECB’s Lane, and the Fed’s Bowman and Logan. Finally, earnings releases include IBM, AT&T and Ford.
2B) EUROPEAN OPENING REPORT
Underwhelming earnings dented the risk tone – Newsquawk Europe Market Open
WEDNESDAY, JUL 24, 2024 – 01:35 AM
APAC stocks were mostly rangebound with a negative bias seen following the lacklustre handover from Wall Street after risk appetite was dampened by underwhelming earnings results.
Alphabet (GOOG), Tesla (TSLA), and Visa (V) fell 2.2%, 7.8%, and 3.3% respectively post-earnings, whilst CAC futures slipped following LVMH (MC FP) numbers yesterday.
Reuters/Ipsos poll showed US Vice President Kamala Harris leads Republican candidate Donald Trump 44% to 42% among registered voters, within a 3-point margin of error.
European equity futures indicate a lower open with Euro Stoxx 50 futures down 0.6% after the cash market finished with gains of 0.4% on Tuesday.
Looking ahead, highlights include EZ, UK, US Flash PMIs, German GfK Consumer Sentiment, US Advance Goods Trade Balance, BoC Policy Announcement & MPR, Comments from ECB’s de Guindos & Lane, Fed’s Bowman, BoC’s Macklem & Rogers Supply from UK, Germany & US, Earnings from AT&T, CME, Thermo Fisher, Ford, IBM, Newmont, ServiceNow & General Dynamics.
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
US TRADE
EQUITIES
US stocks were ultimately mixed and the major indices finished with mild losses as attention centred around earnings releases with slight pressure in the NDX as semis declined after NXPI earnings disappointed, although the small-cap Russell 2000 index outperformed, while there was also some weakness observed heading into the closing bell as participants braced for key earnings from the likes of Alphabet and Tesla, who ultimately fell 2.2% and 7.8% after-market respectively.
SPX -0.2% at 5,556, NDX -0.4% at 19,754, DJIA -0.1% at 40,358, RUT +1.0% at 2,243
Reuters/Ipsos poll showed US Vice President Kamala Harris leads Republican candidate Donald Trump 44% to 42% among registered voters, within a 3-point margin of error.
Alphabet Inc (GOOG) Q2 2024 (USD): EPS 1.89 (exp. 1.84), Revenue 84.742bln (exp. 84.18bln). Revenue breakdown. Google Advertising rev 64.6bln (exp. 64.4bln).Google Cloud Revenue 10.35bln (exp. 10.158bln). Google Search & Other Revenue 48.51bln (exp. 47.65bln). Shares fell 2.2% after hours
Tesla Inc (TSLA) Q2 2024 (USD): Adj. EPS 0.52 (exp. 0.62), Revenue 25.5bln (exp. 24.77bln). Co. said the focus remains on company-wide cost reduction. Shares fell 7.8% after hours.
Visa Inc (V) Q3 2024 (USD): Adj. EPS 2.51 (exp. 2.43), Revenue 8.9bln (exp. 8.89bln). Shares fell 3.3% after hours.
APAC TRADE
EQUITIES
APAC stocks were mostly rangebound with a negative bias seen following the lacklustre handover from Wall Street after risk appetite was dampened by underwhelming earnings results.
ASX 200 was indecisive and briefly clawed back early losses with sentiment clouded by mixed Flash PMI data.
Nikkei 225 retreated at the open amid headwinds from a firmer currency, while PMI data was also varied.
Hang Seng and Shanghai Comp. were subdued with early pressure from demand concerns after China’s slowdown weighed on luxury spending which was evident in the 14% decline in LVMH sales in the region, while Chow Tai Fook Jewellery was among the worst hit in Hong Kong after its quarterly group retail sales fell 20% Y/Y. However, the mainland bourse managed to recover losses to return to relatively flat territory after rebounding from a brief dip beneath the 2,900 level.
US equity futures declined overnight with underperformance in Nasdaq 100 futures after quarterly results from Alphabet and Tesla underwhelmed.
European equity futures indicate a lower open with Euro Stoxx 50 futures down 0.6% after the cash market finished with gains of 0.4% on Tuesday.
FX
DXY was little changed as losses against the Yen were offset by gains against other major peers and with price action limited as newsflow remained light ahead of the key risk events later in the week in the form of US GDP and PCE data.
EUR/USD sat around a weekly low after its recent slide with several DMAs below on approach to the 1.0800 level.
GBP/USD trickled lower to the sub-1.2900 territory amid light catalysts and recent weakness in cyclical peers.
USD/JPY continued its descent and eventually breached the 155.00 level to the downside.
Antipodeans remained subdued owing to the uninspired risk appetite and China’s economic concerns.
PBoC set USD/CNY mid-point at 7.1358 exp. 7.2795 (prev. 7.1334).
FIXED INCOME
10-year UST futures lacked conviction after yesterday’s two-way price action and curve steepening with VP Harris off to a strong start in her Presidential campaign, while prior moves were also facilitated by soft existing home sales and a strong 2yr auction.
Bund futures mildly pulled back following recent advances and a return to above the 132.00 level as participants now look towards German PMI data and a 10-year Bund auction scheduled later.
10-year JGB futures were subdued after mixed PMI data and weaker results from the latest 40-year JGB auction.
COMMODITIES
Crude futures found some slight reprieve from the recent selling with the help of bullish private inventory data.
US Private Inventory Data (bbls): Crude -3.9mln (exp. -1.6mln), Distillate -1.5mln (exp. +0.2mln), Gasoline -2.8mln (exp. -0.4mln), Cushing -1.6mln.
Spot gold eked slight gains after having reclaimed the USD 2400/oz status but with trade restricted by a flat dollar.
Copper futures languished around 3-month lows after the recent downtrend and amid the glum mood.
CRYPTO
Bitcoin was choppy and returned to flat territory with prices contained by resistance around the USD 66,000 level.
NOTABLE ASIA-PAC HEADLINES
Japanese JibunBK Manufacturing PMI Flash SA (Jul) 49.2 (Prev. 50.0)
Japanese JibunBK Services PMI Flash SA (Jul) 53.9 (Prev. 49.4)
Japanese JibunBK Composite Op Flash SA (Jul) 52.6 (Prev. 49.7)
Australian Judo Bank Manufacturing PMI Flash (Jul) 47.4 (Prev. 47.2)
Australian Judo Bank Services PMI Flash (Jul) 50.8 (Prev. 51.2)
Australian Judo Bank Composite PMI Flash (Jul) 50.2 (Prev. 50.7)
GEOPOLITICAL
MIDDLE EAST
IDF launched a new incursion into West Bank’s Tulkarem, according to a source cited by Times of Israel.
Artillery shelling and Israeli tank fire was reported on east of Khan Younis, according to Al Jazeera.
Islamic Resistance in Iraq said it conducted a drone attack on a vital target in the north of Eilat, according to Al Jazeera.
OTHER
US Presidential Candidate Trump’s advisers floated higher target for NATO defence spending, according to Bloomberg.
French prosecutors said a Russian was arrested over ‘destabilisation’ plot during Paris Olympics, according to AFP.
Japanese Chief Cabinet Secretary Hayashi said Russia’s decision to restrict 13 Japanese individuals’ entry including Toyota Motor’s Chairman is “totally unacceptable” and they filed a complaint against Russia over their decision to restrict entry.
EU/UK
NOTABLE HEADLINES
UK PM Starmer and European Commission President von der Leyen plan a meeting to reset UK-EU ties, according to FT.
ECB reportedly weighs halving leveraged finance probe provision demand to about EUR 7bln, according to Bloomberg.
French President Macron, when asked about left-wing alliance PM candidate, said the current issue is not about names and noted that neither the left-wing alliance nor outgoing majority can apply their programme. Furthermore, Macron urged political parties in parliament to work together to reach compromises during the coming weeks, while he added that France will be focused on Olympic Games until mid-August with a caretaker government and then look to form a new government.
2C) JAPAN
JAPAN
3 CHINA
CHINA/HAMAS/USA
USA is angry that China is meddling in their domain
(zerohedge)
US Rejects China’s Gaza Mediation Efforts For Legitimizing Hamas
TUESDAY, JUL 23, 2024 – 08:25 PM
This week a fresh United Nations assessment estimated that the Israeli military (IDF) has placed more than 80% of the Gaza Strip under evacuation orders or designated “no-go zone” – Al Jazeera reports, underscoring this means Palestinians have nowhere to go.
The UN Office for the Coordination of Humanitarian Affairs (OCHA) in the statement said, “As of July 22, nearly 83 percent of the Gaza Strip has been placed under evacuation orders or designated as ‘no-go zones’ by the Israeli military.” The latest order has urged some 400,000 Palestinians out of eastern and central Khan Yunis, where the latest IDF offensive is happening. The new order encompasses nearly nine square kilometers of land.
“The area of the ‘humanitarian zone’ as designated by the Israeli military has thus decreased by 14.8 percent, from 58.9 to 50.2 square kilometers,” the OCHA report continued.
The crisis of “where to go” for internally displaced refugees has been exacerbated already as much of the Strip lacks water, food, and electricity.
Meanwhile President Biden has newly pledged to end the fighting in Gaza by the time he leaves office at the end of this year. According to Axios, “President Biden pledged to spend his remaining six months in office trying to end the Israel-Hamas war and bringing home the hostages being held by Hamas in Gaza.” He has announced this week, “We are on the verge of getting that.”
But this has been claimed many times before, going back months. Just days ago Secretary Blinken declared that efforts to reach a truce deal are “inside the ten yard line.”
“I believe we’re inside the 10-yard line and driving toward the goal line in getting an agreement that would produce a cease-fire, get the hostages home and put us on a better track to trying to build lasting peace and stability,” the US top diplomat said Friday at he Aspen Security Forum.
Still, Hamas continues to fundamentally disagree with both Israel and the US on some key points of a potential ceasefire. It should also be noted that Israel and the US also don’t see eye to eye with China’s diplomatic maneuverings of late regarding the conflict either:
Spokesman Matthew Miller has responded to a Beijing-brokered “national unity” agreement signed between Hamas, Fatah and other Palestinian groups today.
The agreement lays the groundwork for an “interim national reconciliation government” to rule post-war Gaza and has been seen as a bulwark against any governance plans that sideline Palestinians.
Miller told reporters the United States opposes any post-war plan that includes Hamas.
“As we have made clear for months, Hamas is a terrorist organization. … When it comes to governance of Gaza at the end of the conflict, there can’t be a role for a terrorist organization,” Miller said. He added the US would “like to see the Palestinian Authority governing a unified Gaza and the West Bank, but no, we cannot support a role for Hamas.”
The China-brokered deal is seen as legitimizing Hamas in preparation of the group having some part in a future Palestinian-administered Gaza. Thus Washington has firmly rejected it.
Beijing likely sees its own approach as more realistic, based on a perspective that Hamas cannot ever ultimately be rooted out by military force. Interestingly, some Israeli current and former officials have appeared to admit the same.
end
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
GERMANY/ DEUTSCHE BANK
Jump in CRE losses causes first loss for Deutsche bank. This bank has huge derivatives outstanding
(zerohedge)
Deutsche Bank Plunges After Jump In CRE Loss Reserves, Shelves Plans For Buyback
WEDNESDAY, JUL 24, 2024 – 09:20 AM
After a seemingly endless streak of stronger than expected earnings reports, this morning Deutsche Bank posted its first quarterly loss in four years as revenue from fixed-income and currencies fell about 3%, trailing the average 5% gain on Wall Street (even as IB income rose about 10%).
Also, the bank’s decision set put aside a bigger loss reserve for souring loans to companies and the commercial real estate sector did not help, and cast a shadow over an otherwise solid quarter for several of Europe’s largest lenders.
Deutsche Bank’s quarterly loss, a €143 million shortfall in profit attributable to shareholders, was the first since the second quarter of 2020, when it began to emerge from the restructuring kicked off by Sewing in the previous year. Last quarter’s figure included a €1.3 billion litigation provision tied to its Postbank retail unit.
More importantly, as a result of the earnings fiasco, Germany’s largest bank also shelved plans for a second buyback this year as a previously disclosed litigation charge pushed it to the first quarterly loss since 2020. The shares plunged as much as 8.5% Wednesday, the steepest drop in almost three months, as the market realized it will no longer be frontrunning stock buying by the bank itself. They since recovered some losses, and were down 5.6% at last check, the worst performer among the large European lenders. BNP and UniCredit declined as well, with only Santander posting gains.
“The beginning of a recovery that I might have expected three months ago hasn’t happened yet,” Chief Financial Officer James von Moltke said on an analyst call, referring to the lender’s exposure to commercial property loans.
According to Bloomberg, the disappointing results from Deutsche Bank dented optimism about lenders across the region, sending a broader index of European banks lower even as Italy’s UniCredit SpA and Spain’s Banco Santander SA both raised their revenue guidance. France’s BNP Paribas SA beat the profit estimate from analysts after it reported a 57% jump in equities trading. Santander raised its target for revenue growth this year and said it would continue to focus on controlling costs after posting a record profit in the second quarter. The bank’s key retail business was boosted in the quarter by its two main markets, Spain and Brazil.
By contrast, investors were disappointed with BNP Paribas despite the profit beat. The French bank posted a decline in fixed-income trading revenue that compared with an average gain for the US competition. The equities business was the biggest positive surprise at the Paris-based lender, highlighting how a strategy to build the unit out over the past years is paying off. BNP bought a part of Deutsche Bank’s equities business several years ago when the German bank put it on the market as part of a large-scale turnaround strategy.
Despite the unexpected crunch for Deutsche Bank in the second quarter, the bank said it remains positioned to exceed a pledge for €8 billion in shareholder payouts over the “medium term.” CEO Christian Sewing also reiterated targets for higher profitability and revenue of €30 billion this year as he cuts back office costs.
Sewing has built out the advisory unit with last year’s purchase of Numis Corp. to boost fee income. Deutsche Bank is also one of the few lenders that has chosen to take advantage of a downturn in dealmaking to add staff to its M&A unit, which saw a strong rebound in revenue during the quarter.
The firm is also among a dozen lenders in the focus of the ECB over risks from leveraged finance, i.e., extending credit to companies that are already highly indebted. The ECB is considering asking banks to set aside about €7 billion in additional provisions for such debt, Bloomberg reported on Tuesday. Sewing and von Moltke both said they were confident that Deutsche Bank has made adequate provisions for the leveraged finance business.
Israeli Prime Minister Benjamin Netanyahu, Ministers and MK’s at a 40 signatures debate, at the plenum hall of the Knesset, the Israeli parliament in Jerusalem, on July 17, 2024.(photo credit: YONATAN SINDEL/FLASH90)
Senior bipartisan Israeli security officials from the last few decades called Benjamin Netanyahu an “existential threat to the State of Israel” in a letter to US congressional leadership ahead of the Israeli PM’s speech, it was revealed on Tuesday.
The letter was sent by 17 officials such as former Mossad Director Tamir Pardo, former IDF Chief Dan Haloutz, former Defense Chief Moshe Ya’alon, and former National Security lead Uzi Arad, and was addressed to Speaker Mike Johnson and Reps. Hakeem Jeffries, Chuck Schumer and Mitch McConnell.
The letter begins by expressing “grave concerns” regarding Benjamin Netanyahu’s visit to Congress, which the officials state would harm joint objectives of the two states.
The officials claim that the visit “prioritizes his political survivability over our shared interests” and that the trip is an excuse for the PM to “shore up his domestic coalition.” Israelis such as Labor lead Yair Golan have been skeptical of the PM’s intentions during the war, believing his motivations are political in nature rather than out of desire to return the hostages and end the war.
Former IDF Chiefs of Staff Dan Halutz & Moshe Ya’alon, former Mossad director Tamir Pardo write Congressional leadership: “Netanyahu poses an existential threat to the State of Israel.”
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💥Former IDF Chiefs of Staff Dan Halutz & Moshe Ya'alon, former Mossad director Tamir Pardo write Congressional leadership: "Netanyahu poses an existential threat to the State of Israel.” pic.twitter.com/I7XrZ0ts9P
The officials also note that Netanyahu, among other Israeli officials, is facing prosecution for crimes including bribery, fraud and breach of trust, including the so-called Submarine Affair.
Regarding the ongoing Israel-Hamas war, the officials draw attention to the prime minister’s allegedly unwillingness to “conceptualize a post-war plan”. In recent weeks, the Prime Minister has been accused of “actively sabotaging the possibility of any hostage deal, in order to prevent the collapse of his government.”
Prime Minister Benjamin Netanyahu in an Armored Personnel Carrier in Rafah, July 18, 2024. (credit: SCREENSHOT VIA X, SECTION 27A COPYRIGHT ACT)
The Prime Minister, they officials say in the letter, “bears responsibility for the war due to his failed risk assessment of the Gaza border in support of his messianic political partners’ demands.”
“He alone is to blame for the lack of victory over Hamas.”
Existential threat
“We cannot overstate this: Prime Minister Netanyahu poses an existential threat to the State of Israel,” the officials wrote.
They also spoke of his lack of clear objectives for the war, his resistance to setting National Security Goals, his lack of plan for the day after and his lack of strategy for dealing with the threat from Iran.
“For decades, he has been inciting Israelis against each other, damaging our national social fabric.”
US-Israel relationship
The Israeli officials emphasized the “strong relationship” between the US and Israel, which is “anchored in shared values”. They stated that the “immutable bond between Israel and America is vital for the security of both nations.”
However, they claimed that this relationship was being severely harmed by the PM, “further endangering Israel.”
The letter concluded with the officials asking the US to remain “stalwart allies” regardless of the Prime Minister.”
“Our safety and security depends on it.”
END
Netanyahu Faces ‘Day Of Rage’ Pro-Palestinian Protest In DC As Many “Willing To Get Arrested This Time”
WEDNESDAY, JUL 24, 2024 – 09:40 AM
Israeli Prime Minister Benjamin Netanyahu arrived in Washington, DC, on Monday. Today, he plans to address Congress to strengthen American support for his multi-month war in Gaza to eliminate Hamas terrorists. Meanwhile, outside the Capitol Complex, thousands of pro-Palestinian protesters are set to participate in what organizers are calling a ‘day of rage.’
On Tuesday evening, X user Andy Ngo said, “A large mob has flooded the US Capitol one day ahead of the planned “Day of Rage” against Netanyahu’s visit to Congress.”
Ngo said, “Far-left and Palestinian nationalist groups have announced plans to shut down Washington, DC in response to Israeli prime minister Benjamin Netanyahu speaking at the Capitol on July 24.”
Ahmad Abuznaid, executive director of the US Campaign for Palestinian Rights and organizer of the event, told BBC News that protesters will “make the statement that war criminals like Netanyahu are not welcome” in Washington.
Republican House Speaker Mike Johnson invited Netanyahu to give his first address to Congress in nine years. He is scheduled to address lawmakers at 1400 ET. Johnson has warned against demonstrations inside the House chamber, saying there would be arrests “if we have to do it.”
A group of New York's Finest have been sent to Washington DC and have been sworn in with our law enforcement partners as Special Officers to assist with policing events. Together, they will be extending the bastion of protecting and serving the people, as well as the capital of… pic.twitter.com/PIx2NybVsz
Another protest organizer said, “More people are willing to get arrested this time” compared to previous demonstrations.
“All the protests have shown a tone of rage, but this time is definitely different,” said one of the organizers with the Palestinian Youth Movement, adding, “It is our enemy, our primary enemy, they are inviting into the White House.”
Meanwhile, most leftist corporate media outlets are radio silent about the ‘day of rage’… Most likely because protests would generate bad optics for the presumptive Democratic nominee, Vice-President Kamala Harris.
Netanyahu is also due to speak with President Biden and VP Harris at the White House. Former President Trump announced on Tuesday that he will talk with Netanyahu later this week at Mar-a-Lago in Palm Beach, Florida.
END
Netanyahu Gives Fiery Speech Before Divided Congress Hailing ‘Forever Alliance’ Between America & Israel
BY TYLER DURDEN
WEDNESDAY, JUL 24, 2024 – 03:05 PM
Summary: Seeking to shore up support for the war against Hamas in Gaza, and with Vice President Harris not in attendance and with dozens of Democrats also choosing to skip in protest, Israeli Prime Minister Netanyahu addressed “this great citadel of democracy for the fourth time.” He also took time in the lengthy address to acknowledge rescued hostages and their families, including families of American hostages, present in the chamber for the speech.
“I will not rest until all of their loved ones are home! All of them” – he said of the hostages. We are “actively engaged” in intensive efforts to secure their release, the prime minister said. “Some of them are taking place right now.” He also recognized “President Biden’s “tireless efforts” and “heartfelt support” for Israel. Biden “dispatched two aircraft carriers to the Middle East to prevent a wider war,” Netanyahu said. Also acknowledging this politically chaotic and sensitive moment where Biden has bowed out of the presidential race, he called the US president “A proud Irish-American Zionist.” But he also by the end of the speech thanked Donald Trump for forging the historic Abraham Accords, and gave thanks for his surviving the assassination attempt against him.
Bibi is a master of optics, and he delivered a highly emotional reminder of the enormity and evil of the Oct.7 terror attacks. As expected, he linked 9/11, Oct. 7, and the Holocaust, but also highlighted American domestic protests and ‘anti-Jewish hate’. He described that ultimately this is a clash between “barbarism and civilization”, or “those who glorify death and those who sanctify life.” He said that on Oct.7 Hamas butchered 39 Americans, and likened it to having several 9/11’s in one day (compared to the population size of Israel). “Iran’s axis of terror confronts America, Israel, and its Arab friends,” he also said at one point, before linking Iran to US campus protests. He even mentioned the “frat brothers at the University of North Carolina” who tenaciously protected the American flag from raging anti-Israeli protesters. He ultimately accused “Iran of funding and promoting” anti-American and anti-Israel protests. “If Israel’s hands are tied, America is next,” he claimed.
He emphasized that America and Israel must stand together… “we win, they lose,” he said. Netanyahu also repeatedly went after the prosecutor of the International Criminal Court (ICC) during the speech, calling the court “downright dangerous”. He called the genocide allegations “utter complete nonsense” and a fabrication.
At one point he told the story of an Ethiopian-Israeli officer who ran eight miles to the border where he killed terrorists. “These are the soldiers of Israel, unbowed, undaunted, unafraid!” He also held up the heroic actions of a Muslim-Israeli officer serving in a Arab Bedouin unit.
As expected, much of his speech was focused on Iran, who he said is behind “all the terrorism” and “all the killing”. He argued that Israel is essentially a wall protecting the rest of the civilized world from Iran and its proxies, whether Hezbollah, the Houthis, or Iraqi Shia militants. At one point he even asserted that the Islamic Republic “brazenly threatened to assassinate President Trump.” He said Israel is at the “front lines” – which helps prevent more American boots on the ground.”
He proclaimed that Israel is “grateful” for US support, but also pleaded: “give us the tools faster” and we will end the war faster. He blamed Hamas for lack of ceasefire, saying the terror group must return all hostages. If they don’t, Bibi said, Hamas will be utterly destroyed.
Surprisingly, any protest attempt during the speech was minimal to non-existent, apart from a few shouts just after the close of the speech, with throughout was interspersed with long clapping bouts from Congress members. There were a few Progressive Dems holding up small signs, however, which appeared to have no impact…
Others decided to show their support by actually putting on a suit and tie…
Watch Live:
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Update (1358ET):
Israeli Prime Minister Benjamin Netanyahu is scheduled to address Congress at 1400 ET. The last time Netanyahu addressed Congress was in 2015. This address comes at a time of massive division between Republicans and Democrats and their approach to one of America’s closest allies amid the ongoing war raging across Gaza.
House Speaker Mike Johnson has welcomed Prime Minister Benjamin Netanyahu to the Capitol, calling it a “very important time” for the Israeli leader’s visit.
“This is a very important time,” Johnson said, adding, “Our bipartisan congressional leadership recognized it as such and invited him here.”
According to CNN, at least 50 Democratic lawmakers are planning to ‘miss’ Netanyahu’s address to Congress.
“Dozens of members of Democrats are expected to skip Israeli Prime Minister Benjamin Netanyahu’s address to Congress on Wednesday afternoon. Some are boycotting, others are attending a series of counter-programming events, and several cited scheduling conflicts as the reason.” – CNN
Republicans are currently criticizing Vice President Harris for also planning to skip the event.
“The Vice President can’t be bothered to show up at the nation’s capital and the House chamber and to demonstrate the respect and courtesy that we thought was a given, but apparently not,” Sen. John Cornyn (R-Tex.) said earlier.
Cornyn added, “I think it’s absolutely disgraceful that the most senior members of the Democratic Party have chosen to give the Heisman to one of our closest allies in the Middle East.”
Elon Musk is even attending.
🚨 JUST IN: Elon Musk has now CONFIRMED he is at the US Capitol to Israeli PM Netanyahu speech to a joint session of Congress
CNN notes that Hostages Families Forum has urged Netanyahu to open up to US lawmakers with the words: “There’s a deal.”
Without those words, “there will be neither victory nor revival,” the forum expressed.
Netanyahu’s speech comes at a critical juncture in the nine-month war. CNN cited US officials who expressed optimism about the potential for a deal that could free Hamas-held hostages and bring the conflict to the final chapter.
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ISRAEL HAMAS/EGYPT
Israel tells Egypt it agrees to conditions regarding Philadelphi Corridor, Rafah – report
According to the report, Israel informed Cairo that it agreed to the conditions regarding the Philadelphi corridor and Rafah.
By MAARIV, 103FMJULY 24, 2024 08:31
IDF troops operate in Rafah, in the Gaza Strip. June 17, 2024.(photo credit: IDF SPOKESPERSON’S UNIT)
Israel informed Egypt on Tuesday that a security delegation would arrive in Cairo on Wednesday to discuss several points in the hostage deal negotiations with the Egyptians, according to local Egyptian media.
According to the report, Israel told Cairo it agreed to the conditions regarding the Philadelphi Corridor and Rafah. The Egyptian newspaper did not specify what the conditions were. Still, it emphasized that the most important aspect of completing negotiations was Hamas’s demand that what was built in the area be dismantled.
It was also reported that an Egyptian security delegation would travel to Doha on Thursday to participate in meetings for a deal and a temporary ceasefire for a period of six weeks.
Hamas’s demands
Before this, Hamas informed Egypt that it was waiting for and expecting a complete cessation of military activity inside the Gaza Strip to continue negotiations.
Hamas also demanded the release of about 1,000 prisoners in exchange for a third of the living hostages and also stipulated the entry of 600 trucks every day for 42 days.
People hold banners as they take part in a rally calling for the release of hostages kidnapped in the deadly October 7 attack on Israel by the Palestinian Islamist group Hamas from Gaza and for support from the U.S., outside the U.S. Embassy in Tel Aviv, Israel March 10, 2024. (credit: CARLOS GARCIA RAWLINS/REUTERS)
An additional Hamas demand was the beginning of aid operations, infrastructure restoration, and the introduction of fuel and gas. Also, Hamas demanded that the Rafah crossing be reactivated without an Israeli presence.
Lt.-Col. (res.), Avi Kalo, former head of the MIA (Missing in Action) Department in the IDF’s intelligence unit, said in a conversation with radio 103FM, “We are in a space where all the signs indicate that we are at a decision point in the direction of a deal.
“One can argue that there seems to be maturity, and there is real feasibility in the deal. At least in the framework and outline, we are in a place that is quite clear,” he added.
“From my experience with Gaza, the center of gravity that broke many elements of Hamas, that turned Hamas from a military organization into a guerrilla organization, is here to stay. I fear that the six-week period within the agreement will mean that various factors may drive a wedge into this process. It will certainly not be a sealed and final act,” he added.
At a meeting with the hostages’ families on Tuesday at his Washington hotel, Prime Minister Benjamin Netanyahu said, “The conditions for a deal are ripe. This is a good sign. Months of efforts mediated by Egypt and Qatar to reach a ceasefire in the war between Israel and Hamas have gained momentum in recent weeks.”
He added, “Unfortunately, it won’t happen all at once. There will be stages.”
Senior Hamas official Sami Abu Zuhri told Reuters there was nothing new in Netanyahu’s stance. “Netanyahu is still stalling, and he is sending delegations only to calm the anger of Israeli captives’ families,” he said.
end
HEZBOLLAH/BRAZIL
This may become quite worrisome for Brazil as Lebanese Hezbollah are already inside this country
(zerohedge)
Brazil’s Hezbollah threat: Why sanctioning the terrorist group is crucial – opinion
Brazil is a critical node in Hezbollah’s regional activities. However, for years, the Brazilian government has refrained from declaring Hezbollah a terrorist group.
BRAZILIAN PRESIDENT Luiz Inacio Lula da Silva gestures during a meeting at the Planalto Palace in Brasilia, earlier this year. For years, the Brazilian government has refrained from declaring Hezbollah a terrorist organization, the writer notes.(photo credit: UESLEI MARCELINO/REUTERS)
Brazil has a Hezbollah problem. It directly threatens Brazil’s domestic security and the integrity of its financial system. Brazil should recognize this threat and sanction Hezbollah as a terror organization.
Brazil, the largest and most populous country in Latin America, is a critical node in Hezbollah’s regional activities. However, for years, the Brazilian government has refrained from declaring Hezbollah a terrorist group.
By designating Hezbollah as a terrorist organization, Brazil would instantly enhance powers already vested in its intelligence and law enforcement communities to preventively conduct surveillance and investigations of Hezbollah’s activities, without having to wait for actionable intelligence of impending plots to move against them.
Terrorist designations also allow financial sanctions, asset freezes, and travel bans – powerful weapons that Brazil can deploy to protect its national security and financial integrity.
Without such a declaration, the government lacks a legal framework to monitor Hezbollah’s support networks. Consequently, Brazilian authorities have only investigated and prosecuted individuals engaged in criminal conduct, without paying much attention to the vast support networks Hezbollah has established among the local Shi’ite Lebanese diaspora. This is a mistake.
BRAZILIAN CITIZENS, who were repatriated from the Gaza Strip, deboard a flight as Brazil’s President Luiz Inácio Lula da Silva (not pictured) greets them upon arrival at the air force base of Brasilia in November. (credit: UESLEI MARCELINO/REUTERS)
Since its creation, Hezbollah has heavily invested in diaspora communities, often capitalizing on the blood ties and political sympathy that bind them to the terror group, to fundraise and ensure logistical support for intelligence gathering and terror plots, including one recently foiled in the country’s capital, Brasilia.
Hezbollah threats in Brazil?
Some evidence of the extent to which Hezbollah commands loyalty among Shi’ite Lebanese communities in Brazil comes from death announcements and vigils. Since October 7, 2023 – when, hours after Hamas massacred 1,200 Israelis and took hundreds more hostage, Hezbollah opened a second front against Israel on its northern border – Shi’ite communities in Brazil have lost relatives in the fight.
And as Hezbollah’s media department announces the names of its fallen fighters, social media accounts and mosque announcements in Brazil echo the lament of mourners across the ocean.
However, their grief, expressed in social media and communal events at mosques, is not just personal but political as well; it’s not just for family, but also for Hezbollah and Iran and their holy war against the Jews and America.
Communal institutions and their members identify with Hezbollah’s and Iran’s worldview and goals, confirming the close ties that bind Shi’ite Lebanese diaspora communities to the resistance movement that has turned their country into a vassal of Iranian expansionism.
THE LATEST example of this is Muhammad Hussein Sabra, a senior Hezbollah commander from Haddatha, in south Lebanon, who was killed on June 11 in an Israeli strike that also eliminated three other top Hezbollah officers.
His younger brother, Mustafa, runs a video game shop in São Paulo. When news of Muhammad’s martyrdom reached São Paulo, the social media of the Lebanese community in Brazil came alive with grief. While Mustafa was in Lebanon to attend his fallen brother’s funeral procession, Mustafa’s wife, a Brazilian-born convert to Shi’ite Islam from the Tri-Border area of Argentina, Brazil, and Paraguay, eulogized the martyr on Facebook and the community shared in her family’s mourning, congratulating the family on their relative’s martyrdom.
Alongside the mourning, there is piety and rage at the death of fallen Hezbollah fighters. Ibrahim Hammoud, a Lebanese resident of São Paulo, published the martyrdom photo of his friend, Hussein Nabih Fawaz, on May 26, hours after Hezbollah media announced his death. Hammoud then mourned his friend’s death at the hands of “terrorist Israel.”
Such postings, and mournful vigils, have become routine in recent months. São Paulo’s Shi’ite mosque organized an evening of remembrance for two Hezbollah fallen commanders, Muhammed Hussein Mustafa Shehoury and Haji Ismail Yousef Baz, shortly after an Israeli strike killed them on April 16. Shehoury’s brother and first cousin both live in São Paulo.
They were not the only ones to mourn a family member who died wearing a Hezbollah uniform. On April 20, it was Mubarak Ali Hamiyah who joined the martyrs, to be mourned by Brazil’s resident Ali Hamie, who only two weeks before had lamented the death of another relative, Hezbollah fighter Haj Ismail Ali El Zein.
NOT ONLY do the Lebanese Shi’ites of Brazil mourn and lionize their fallen friends and relatives; they also cheer and cry for their political leadership.
On May 24, Hezbollah media announced the passing of Hajja Um Hassan – mother of Hassan Nasrallah, Hezbollah’s secretary general – the oldest Shi’ite mosque in Brazil, in the southern city of Curitiba, expressed its heartfelt condolences to the “leader of the Resistance” and invited the faithful to a vigil at the mosque on May 28.
Among those voicing sorrow was Nizar Hussein Hachem, a local Lebanese businessman who is also the mosque’s president and Lebanon’s honorary consul in the city.
This came a few days after the same congregation had gathered to mourn the death of Iran’s president Ebrahim Raisi and Iran’s foreign minister, Hussein Amir Abdollahian. Members of the congregation were not alone in their desire to mourn Iran’s fallen leaders. The much larger Shi’ite mosque in São Paulo did as well.
Brazilian authorities need to open their eyes to this reality. The Shi’ite Lebanese community’s militancy is not limited to mourning Hezbollah martyrs and Iranian leaders. Many of its members play an active role in fundraising for Hezbollah, helping perpetuate conflict in the Middle East, providing intelligence and logistics support to the terror group, and supporting its disinformation and propaganda campaigns in the country.
It is time for Brazil to acknowledge it has a Hezbollah problem, which law enforcement measures alone cannot fully address. Recognizing Hezbollah as a terror group is a first step in the right direction.
The writer is a senior fellow at the Foundation for Defense of Democracies, a Washington-based non-partisan research foundation focusing on national security. Please follow him on X @eottolenghi.
end
ISRAEL/HOUTHIS
‘Highest price ever for killing one person’: Houthis celebrate strike as Yemenis suffer
Following Israel’s strike on Hodeidah, Yemen and its people face the blow of the attack, but may face greater complications due to Houthi rule.
By MAARIVJULY 23, 2024 09:09Updated: JULY 23, 2024 09:24
Smoke rises from a fire following an Israeli air strike in Hodeidah, Yemen in this handout photo released on July 20, 2024.(photo credit: HOUTHI MEDIA CENTRE/Handout via REUTERS)
The Saudi Al-Hadath news channel presented various interpretations of the recent escalation between Israel and the Houthis in Yemen. This follows the Houthi UAV attack on Israel and the subsequent “Operation Outstretched Arm,” which led to the bombing of the port of Hodeidah in Yemen.
According to the channel’s commentators, Iran, which supports the Houthis, has an interest in “complicating Yemen.” Former Houthi spokesman Ali Al Bukhaiti was quoted on Al-Hadath as saying, “For the first time since the organization was established 20 years ago, the Houthis have killed an Israeli.”
“They have caused the death of over half a million Yemenis since their coup. They have starved and displaced tens of millions, overthrowing the republic, the country, and its institutions. This is the highest price ever paid in history for killing one person.”
One commentator claimed that following the attack on Tel Aviv, the rules of the game have fundamentally changed. He predicted that the Houthis will now be seen as a regional problem that threatens global security rather than a localized issue within Yemen.
Another commentator argued that no Yemeni supports the bombing of Yemen by Israel, except for the Houthis, who, if not for the embarrassment, would celebrate this event with fireworks.
A boy looks on as protesters, mainly Houthi supporters, rally to show solidarity with Palestinians in the Gaza Strip, in Sanaa, Yemen July 5, 2024. (credit: KHALED ABDULLAH/REUTERS)
This attack gives them an excuse to oppress and loot Yemenis under the pretext of a war with Israel. The commentator warned, “Prepare to pay the price as planes destroy your facilities from above while the Houthis kill and loot you on the ground. Who will dare to resist?”
Hodeidah strike primarily impacts Yemeni citizens
A third commentator echoed this sentiment, pointing out that the disaster in Hodeidah would primarily affect Yemeni citizens. The Houthis, however, would not be harmed by the attack and would use the citizens’ suffering to recruit more followers and loot their resources.
Yemeni politician Belier Al-Makhlafi was quoted on Al-Hadath addressing Yemenis, stating, “The West halted the process of liberating Hodeidah in the past, and today the port is destroyed due to the Houthis’ stupidity, giving Israel justification for such actions.”
“The port of Hodeidah is a lifeline for the Houthis and a deathline for Yemenis. Only now do you understand this as the deathline has reached you.”
According to the report, the Saudi Foreign Ministry announced that it is closely monitoring the military escalation in Yemen and is making continuous efforts to end the war in the Gaza Strip. The ministry called on all parties to exercise restraint and remove the dangers of war from the region and their people
end
ISRAEL/WEST BANK
Israel targets Hamas commander in Tulkarm amid rising West Bank tensions – analysis
Israel used a drone to target a Hamas commander in Tulkarm recently, which was part of Israel’s efforts to combat the increased weapon smuggling and terrorist threats.
In a recent operation in the city of Tulkarm, Israel used a drone to target a Hamas commander, which was an important incident in what is becoming a larger phase of a long war against Palestinian terrorists in the West Bank.
Over the last two years, there have been more weapons smuggled to Palestinian armed groups, including Hamas and Palestinian Islamic Jihad, in the West Bank. The terrorist groups want to increase their role there and use the October 7 attacks as leverage to gain more support.
The IDF said on July 23 that along with other security forces they “conducted a joint counterterrorism operation in the Tulkarm area, as part of a series of over 50 counterterrorism operations in the area since the beginning of the war. The soldiers struck several armed terrorists in exchanges of fire and dismantled numerous explosives that had been planted underneath the roads.”
The statement reveals the threat of the terror groups in places like Tulkarm. The large number of operations, a total of fifty in nine months, illustrates the emerging threat. This means there have been almost five operations on average a month, or more than one a week.
This represents a serious escalation by the terrorists in Tulkarm that requires this level of intense response. However, it’s not just Tulkarm where the breakdown in security is happening. The Palestinian Authority is losing control or at risk of losing control elsewhere also.
IDF soldiers operating in the West Bank, June 25, 2024 (credit: IDF SPOKESPERSON’S UNIT)
This week China hosts Fatah, the leading party in the Palestinian Authority, for talks with Hamas and thirteen other groups. It appears now that many of the other Palestinian groups, such as PFLP, are willing to back Hamas and that they don’t mind shilling for Hamas in some proposed unity or interim government.
Increased use of drones in the West Bank
It appears that even groups that once posed as moderates in the West Bank are now willing to let Hamas come in from the cold. Palestinian Islamic Jihad is also increasing its access to weapons, including rifles and explosives in the West Bank. The whole picture is one of a volcano that could erupt.
Israel is increasingly using drones and airstrikes in the West Bank. This is something that would have been a major headline or unheard of several years ago. It is an example of how the enemy is changing and the enemy is better armed. The goal of the terror groups is to carve out areas they can act more freely such as Nur Shams camp, which is several kilometers east of Tulkarm.
This is now a small matter. The sense that these areas are becoming war zones like Gaza and the inability of the Western-backed PA to do anything about it despite years of investment in the Palestinian Authority Security Forces is a major challenge.
Even as reports talk about a potential day-after plan in Gaza, the fact that the PA cannot control the West Bank shows that they will be unlikely to have a positive effect in Gaza.
What if China is brokering a deal that will allow Hamas to move into Ramallah under the guise of the PA, even as some countries in the region, such as the UAE, want to say a day after in Gaza that does not include Hamas?
What if Beijing’s goal, along with Iran, Russia, Turkey, and Qatar, is a bait and switch, to get Israel into a Gaza quagmire and draw in the international community, while Hamas and armed groups in the northern West Bank head for Ramallah and the PA institutions there?
The raids in the West Bank require more forces and capabilities, such as drones and D-9 bulldozers. This illustrates that even when the terrorists are eliminated, they pose a major threat. “The Qassam Brigades, the military wing of Hamas, said it detonated an explosive device in an Israeli bulldozer in Tulkarm and other vehicles as they advanced to the city’s Muqata’a Street,” Al-Ain media reported on July 23 about Tulkarm.
The same report discussed the clashes in Hebron and other areas of the West Bank. Israel’s raids are “fueling the fire,” the report said at Al-Ain, which is in the UAE.
Meanwhile, pro-Iran Al-Mayadeen media highlighted the continued battles in Gaza where Hamas and other groups claim they attacked IDF forces in Rafah and other places in Gaza. The IDF is now operating again in Khan Younis, where terrorists returned after April when the IDF withdrew. This represents the growing challenge Israel faces. One idea after October 7 was to turn Gaza into a pacified area and use raids as in the West Bank.
Today the West Bank is becoming more like Gaza, even as raids continue to grind down the terrorists in Gaza. That means that as the terror threats rise in the West Bank, there is an equal and opposite reaction in the West Bank. However, this still presents Israel with a multi-front threat of chaos in Gaza and the West Bank, along with attacks by Hezbollah and the Houthis. This is what Iran calls “uniting the arenas,” an attempt to surround Israel with a circle of threats.
end
end
RUSSIA/UKRAINE/ROMANIA
Romania Scrambles Fighter Jets Amid Russian Attacks Near Its Border
WEDNESDAY, JUL 24, 2024 – 03:20 PM
In another dangerous close call with Russia on a NATO border, Romania scrambled fighter jets overnight in response to Russian military actions very close to the Ukraine-Romanian border.
Romania’s Defense Ministry said Wednesday that it scrambled the fighter jets in response to a series of Russian drone attacks near the border. It confirmed two F-16 aircraft took off just after 2am local time from the 86th Borcea Air Base, which lies east of the capital of Bucharest.
The Romanian fighter jets were given a mission to monitor “the aerial situation.” The fighter jets returned to their base two hours later, and reportedly did not engage any targets or hostile cross-border threats.
There was a separate incident elsewhere in which Romanian authorities feared drone parts or debris may have fallen within Romania’s sovereign territory:
Around the same time, Romania’s Tulcea County — which borders southern Ukraine’s Odesa region — was put on alert as Russian forces were said to have been carrying out drone attacks “against certain targets” near the NATO member’s border with Ukraine. Authorities did not specify where those attacks had taken place.
…“The Ministry of National Defence has ordered measures to conduct investigations in the field, in the vicinity of Plauru, to search for possible objects that have fallen on the national territory,” the defense ministry’s statement said, referring to a town located just 300 meters from the Ukrainian city of Izmail on the Danube River.
Romania has reported several times throughout the course of the war that drone debris fell on its territory. For example, last year in a very dangerous moment, Ukraine claimed that a Russian suicide drone attacked Romanian territory, something which Romania itself later rejected.
“This is yet another confirmation that Russia’s missile terror poses a huge threat not only to Ukraine’s security, but also to the security of neighboring countries, including NATO member states,” Ukraine’s foreign minister said at the time.
But this was widely seen as an attempt by Kiev to drag Romania directly into the conflict on its behalf: “The Ministry of National Defense categorically denies information from the public space regarding a so-called situation that occurred during the night of September 3 to 4 in which Russian drones allegedly fell on the national territory of Romania,” Bucharest had responded at the time.
6.COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES
ROBERT H to us: important
Top Doctors Warn Lipid Nanoparticles in mRNA Jabs Cause Severe Illness and Death – The People’s Voice
“It’s not just the lipid nanoparticle, its the principle of having a lipid nanoparticle that delivers an instruction to make a foreign protein into your cells because if that protein is a membrane-bound protein then that cell…is got a death sentence on it and your immune system will come and kill it,” she said. “And if that’s happening in organs across your body then that’s going to cause all sorts of harm.” This is brutal when you realize that some not all people got shots that cause their own bodies to self destruct. There was little consistency with the vaccines and batches varied in composition. There are some people who got lucky this time and why most people will say NO to any new shots.
denied requested resources related to Trump’s security. Dr. Jackson called for Cheatle to resign as Secret Service Director.’ Gateway Pundit reporting.
‘Former White House physician Dr. Ronny Jackson told Fox News’ “Sunday Morning Futures” host Maria Bartiromo that Secret Service Director Kimberly Cheatle lied to him during a meeting.
Dr. Ronny Jackson examined Trump’s ear injury and treated the wound.
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.
Dr. Jackson told Maria Bartiromo that he was in the Secret Service meeting following the assassination attempt on Trump and Director Kimberly Cheatle lie to his face.
Cheatle told Ronny Jackson that her agency never denied requested resources related to Trump’s security.
Dr. Jackson called for Cheatle to resign as Secret Service Director.’
smart, giving, lover of America, really great human being & I have sat with him in his office at the US Senate on several occasions in meetings & if he says para maybe 3 weapons, it’s credible
“Again, I don’t know, but we can’t trust the FBI and the Secret Service to do an honest and open, transparent investigation, that’s just a very sad fact.”
Does he mean 2 or 3 shooters? Maybe one is the shot that took out the shooter? This is all so confusing…but when Ron says this, I take him very seriously…
toppled their own KING…but not for Kamala, that is bullshit…stay tuned! Read this substack piece also by 2ND SMARTEST GUY IN THE WORLD ‘Deep State In Panic Mode: The Botched Assassination &
Burgeoning Palace Coup’; word is two of our intelligence agencies the *I* and *B* led the assassination of POTUS Trump….hhhmmmm lets see what is made know….there is word that the plan was to kill Trump and install their own POTUS and VPOTUS candidates…deepstate cabal candidates, not Trump!
…whose developing details are increasingly suspicious, with proof of multiple shooters alongside the patsy kid, and a complicit Secret Service detail, etc. & etc.
Let us review the recent coup timeline:
Think about this: Trump almost gets assassinated.
Days later, Biden has a medical emergency in Vegas requiring “self isolation” at home.
Last public appearance reported to be July 17, when deboarding a plane in Delaware.
In the time since: Trump shows up at the RNC, accepts the GOP nomination.
Nancy Pelosi, Chuck Schumer, Hakeem Jeffries ramp up pressure campaign to push Biden out.
Leaks abound. WaPo reports Obama not happy with Biden’s election chances.
Pelosi starts operation: “Get Joe Out, the Hard Way.”
Biden aides Ricchetti, Donilon execute plan to push him out.
Hunter, Jill reportedly have a screaming fest.
A resignation letter with a suspect, digital signature with no official letterhead is issued on X.
White House staff is blindsided. Chief of Staff informs Cabinet, takes over comms.
Endorsements begin: Hillary. Bill. Newsom.
Finally, Obama speaks out: “Joe Biden has been one of America’s most consequential presidents…”
Kamala shows up to take over. Family members Frank and Valerie Biden say that ‘health was a factor.’ FEC filings changed. Donations transferred over to her campaign.
Kamala somehow raises $81 million in 24 hours. $81 MILLION. Kamala reportedly gets the delegates to be the presumptive Democratic presidential nominee.
Joe Biden hasn’t been seen in public *the whole time.*
The Deep State is panicking: their Trump assassination failed, and now their palace coup is on the verge of collapse under the weight of an airhead that quite literally slept her way to the top, while as District Attorney of San Francisco she amassed an horrifying and irrefutably racist public prosecution record.
What is comically absurd is that during the Democrat primaries from where the above video was excerpted, Kamala Harris came in dead last with no one voting for her; in other words, she is an unmitigated disaster in every way possible, and is universally despised, especially by those closest to her:
Operating in the shadows of this palace coup is the CIA creation and Manchurian Candidate Barack Hussein Obama, who was handling a demented puppet in “Biden,” the very same “Biden” that went after him in 2007 when he nonchalantly invoked his at-the-time foe’s former profession as an homosexual Washington, D.C. gigolo operative:
And just to drive home the point that all of these politrix puppets are hookers through and through, here are declassified pictures of Obama’s CIA asset mother:
You know it’s really bad when Obama, given his sordid and depraved history, refuses to endorse someone like Kamala Harris:
These people truly have no shame, are completely blackmailed, and will do anything on behalf of their Intelligence Industrial Complex handlers for the illusion of maintaining their positions.
Kamala Harris lied about “Biden’s” health, as “Border Czar” she lied about the unprecedented inflow of illegal invaders, and she is utterly unqualified to lead anyone, or to even run a lemonade stand for that matter.
Major Democratic donors are refusing to raise money on her behalf despite her miraculously receiving $81 million recently. Even a recent HarrisX/ Forbes Poll showed that Harris is already down 11 points against Trump in the presidential race, which is even worse than “Biden’s” cratering results.
And things are getting increasingly surreal, as “Biden” and his suspicious digital resignation signature also remotely “endorsed” Harris:
It may have not been a recording proper, but, rather, an AI generated “Biden:”
MSNBC’s Joe Scarborough: ‘JD Vance Is One of the Dumbest Picks Ever’On Monday’s “Morning Joe,” MSNBC host Joe Scarborough criticized former President Trump’s pick of Sen. J.D. Vance (R-OH) as his vice presidential running mate, calling it “one of the dumbest picks ever.” “I’ve never got a good answer in my own mind figuring this out. I can usually figure some things out in politics, not all, but I’ve never figured …READ THE FULL REPORT
JUST CONFIRMED: Three Additional Individuals Identified as Suspicious Before Trump Assassination AttemptPennsylvania State Police Commissioner Colonel Christopher Paris revealed that four individuals were flagged as suspicious at former President Donald Trump’s rally in Butler, PA, on July 13, 2024. This information emerged during a congressional hearing following the assassination attempt on the former President. According to preliminary findings from Senator Ron Johnson’s office, local law enforcement had spotted Crooks nearly an …READ THE FULL REPORT
Kamala Harris Reveals Support for ‘Abolish ICE’ Movement, Claims ‘Their Mission Is Very Much in Question’Vice President Kamala Harris, poised to succeed President Joe Biden as the Democratic nominee for president, has previously expressed support for the “Abolish ICE” movement. This movement advocates for the dismantling of Immigration and Customs Enforcement (ICE), the agency responsible for detaining and deporting illegal aliens. The Abolish ICE movement gained momentum within the Democratic Party in mid-2018, when open …READ THE FULL REPORT
Judge Blocks Election Law That Limited Who Could Return Disabled Voters’ Absentee Ballots in OhioA federal judge in Ohio has invalidated an election law that prohibited nearly anyone, except a small group of close relatives, from returning an absentee ballot on behalf of a person with a disability. Judge Bridget Meehan Brennan of the U.S. District Court for the Northern District of Ohio issued a judgment on July 22, blocking the enforcement of a …READ THE FULL REPORT
LATEST REPORTS FOR NEWS JUNKIES
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7.OIL PRICES/GAS PRICES/OIL ISSUES
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
CANADA
Bank of Canada reduces policy rate by 25 basis points to 4½%
The Bank of Canada today reduced its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is continuing its policy of balance sheet normalization.
The global economy is expected to continue expanding at an annual rate of about 3% through 2026. While inflation is still above central bank targets in most advanced economies, it is forecast to ease gradually. In the United States, the anticipated economic slowdown is materializing, with consumption growth moderating. US inflation looks to have resumed its downward path. In the euro area, growth is picking up following a weak 2023. China’s economy is growing modestly, with weak domestic demand partially offset by strong exports. Global financial conditions have eased, with lower bond yields, buoyant equity prices, and robust corporate debt issuance. The Canadian dollar has been relatively stable and oil prices are around the levels assumed in April’s Monetary Policy Report (MPR).
In Canada, economic growth likely picked up to about 1½% through the first half of this year. However, with robust population growth of about 3%, the economy’s potential output is still growing faster than GDP, which means excess supply has increased. Household spending, including both consumer purchases and housing, has been weak. There are signs of slack in the labour market. The unemployment rate has risen to 6.4%, with employment continuing to grow more slowly than the labour force and job seekers taking longer to find work. Wage growth is showing some signs of moderating, but remains elevated.
GDP growth is forecast to increase in the second half of 2024 and through 2025. This reflects stronger exports and a recovery in household spending and business investment as borrowing costs ease. Residential investment is expected to grow robustly. With new government limits on admissions of non-permanent residents, population growth should slow in 2025.
Overall, the Bank forecasts GDP growth of 1.2% in 2024, 2.1% in 2025, and 2.4% in 2026. The strengthening economy will gradually absorb excess supply through 2025 and into 2026.
CPI inflation moderated to 2.7% in June after increasing in May. Broad inflationary pressures are easing. The Bank’s preferred measures of core inflation have been below 3% for several months and the breadth of price increases across components of the CPI is now near its historical norm. Shelter price inflation remains high, driven by rent and mortgage interest costs, and is still the biggest contributor to total inflation. Inflation is also elevated in services that are closely affected by wages, such as restaurants and personal care.
The Bank’s preferred measures of core inflation are expected to slow to about 2½% in the second half of 2024 and ease gradually through 2025. The Bank expects CPI inflation to come down below core inflation in the second half of this year, largely because of base year effects on gasoline prices. As those effects wear off, CPI inflation may edge up again before settling around the 2% target next year.
With broad price pressures continuing to ease and inflation expected to move closer to 2%, Governing Council decided to reduce the policy interest rate by a further 25 basis points. Ongoing excess supply is lowering inflationary pressures. At the same time, price pressures in some important parts of the economy—notably shelter and some other services—are holding inflation up. Governing Council is carefully assessing these opposing forces on inflation. Monetary policy decisions will be guided by incoming information and our assessment of their implications for the inflation outlook. The Bank remains resolute in its commitment to restoring price stability for Canadians.
ZERO HEDGE…
Bank of Canada Cuts Rates For Second Consecutive Month, Says “Reasonable” To Expect More
WEDNESDAY, JUL 24, 2024 – 10:25 AM
The Bank of Canada, which last month became the first G7 bank to launch an easing cycle, moments ago cut interest rates by a quarter percentage point for a second consecutive meeting and signaled further easing ahead as inflation worries wane.
The cut was expected by virtually all surveyed economists; OIS priced in about 22bps of cuts into the decision. A recent easing of inflationary pressures and the central bank’s inflation forecast prompted the decision.
The central bank said “CPI inflation moderated to 2.7% in June after increasing in May. Broad inflationary pressures are easing. The Bank’s preferred measures of core inflation have been below 3% for several months and the breadth of price increases across components of the CPI is now near its historical norm.”
“With the target in sight and more excess supply in the economy, the downside risks are taking on increased weight in our monetary policy deliberations,” BOC Governor Tiff Macklem said in prepared remarks.
Macklem reiterated that it’s “reasonable” to expect further interest rate cuts, and that the bank will be taking its decisions “one at a time,” pushing back on expectations that the bank is on a predetermined cutting path.
The Bank’s preferred measures of core inflation are expected to slow to about 2½% in the second half of 2024 and ease gradually through 2025. The Bank expects CPI inflation to come down below core inflation in the second half of this year, largely because of base year effects on gasoline prices. As those effects wear off, CPI inflation may edge up again before settling around the 2% target next year.”
BOC officials say they’ve continued to make progress on bringing price pressures to heel, and that a return to the 2% inflation target is “in sight.” The June consumer price index, which showed inflation decelerated to a 2.7% yearly pace, also pointed to slowing underlying price pressures, the bank said.
Overall, Bloomberg summarizes, officials seems more convinced that price pressures are under control, and are increasingly focused on preserving a soft landing for the economy. The dovish suite of communications suggest that governing council has shifted their attention to ensuring inflation does not substantially undershoot the 2% target.
The bank said wage growth, while elevated, is moderating as the labor market loosens. Corporate pricing behavior has “largely normalized”, and inflation expectations have come down. In June, the final paragraph of the bank’s policy statement had focused on those concerns, but the July statement was largely rewritten to focus on “ongoing excess supply” and “opposing forces” on inflation — the bank sees shelter and services holding up progress.
There was no mention of the recent reacceleration of the 3-month moving average of the bank’s preferred core measures, which accelerated to 2.91% in June. Instead, policymakers highlighted progress on the yearly change of median and trim CPI — which is expected to decelerate to 2.5%, according to newly added projections.
It’s a marked shift in the bank’s attitude toward inflation. A summary of deliberations from the officials’ June meeting showed policymakers had debated whether more disinflation proof was needed before easing. Now they’re more convinced they have enough evidence. The balance of risks is changing too. Officials listed weaker-than-expected household spending as a main downside risk, pointing to upcoming mortgage renewals as a risk to consumption growth. In its statement, the bank said it’s seeing more “signs of slack” in the labor market, and said job-seekers are taking longer to find work.
As noted above, last month the Bank of Canada became the first Group of Seven central bank to cut interest rates. Since then, the ECB has also started easing, with the Fed expected to join the party, potentially as soon as July.
USDCAD rose 0.1% after the decision, rising to 1.38, the highest level in 3 months, while Canada’s 2y yield fell about 2bp.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0890 DOWN .0009
USA/ YEN 154.46 DOWN 1.309 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2907 UP 0.0006
USA/CAN DOLLAR: 1.3784 DOWN .0002 (CDN DOLLAR UP 2 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 13.42 PTS OR 0.36%
Hang Seng CLOSED DOWN 158.31 PTS OR 0.91%
AUSTRALIA CLOSED DOWN .04%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 158.31 PTS OR 0.91 %
/SHANGHAI CLOSED DOWN 13.42 PTS OR 0.36%
AUSTRALIA BOURSE CLOSED DOWN .04%
(Nikkei (Japan) CLOSED DOWN 439.54 PTS OR 1.11%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 2411,05
silver:$29.27
USA dollar index early WEDNESDAY morning: 104.14 DOWN 4 BASIS POINTS FROM TUESDAY’s CLOSE.
The USA/Yuan, CNY ON SHORE CLOSED UP AT 7.2701 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.2695)
TURKISH LIRA: 32.86 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +1.085…
Your closing 10 yr US bond yield DOWN 1 in basis points from TUESDAY at 4.229% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.490 UP 1 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.392 DOWN 6 BASIS PTS.
GOLD AT 11;30 AM 2424.05
SILVER AT 11;30: 29.28
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY CLOSING TIME 12:00 PM//
London: CLOSED DOWN 13.68 PTS OR 0.17%
German Dax : CLOSED DOWN 170.24 PTS OR 0.92%
Paris CAC CLOSED DOWN 23,39 PTS OR 0.31 %
Spain IBEX CLOSED DOWN 2.60 OR 0.02%
Italian MIB: CLOSED DOWN 166.50 PTS OR 0.48% PTS
WTI Oil price 77.38 12EST/
Brent Oil: 81.33 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 86.53 ROUBLE UP 1 AND 33/100
GERMAN 10 YR BOND YIELD; +2.4365 DOWN 3 BASIS PTS.
UK 10 YR YIELD: 4.1950 UP 2 BASIS POINTS
CDN 10 YEAR RATE: 3.392 DOWN 3 BASIS PTS.
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0841 DOWN 0.0009 OR 9 BASIS POINTS
British Pound: 1.2906 UP 0.0005 OR 5 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.2015 UP 8 BASIS PTS//
JAPAN 10 YR YIELD: 1.085
USA dollar vs Japanese Yen: 153.94 DOWN 1.817 YEN UP 182 BASIS PTS//
USA dollar vs Canadian dollar: 1.3810 UP 0.0024//CDN dollar DOWN 24 BASIS PTS
West Texas intermediate oil: 77.51
Brent OIL: 81.54
USA 10 yr bond yield UP 3 BASIS pts to 4.278
USA 30 yr bond yield UP 7 BASIS PTS to 4.540%
USA 2 YR BOND: DOWN 10 PTS AT 4.416
CDN 10 YR RATE 3.418 DOWN 1 BASIS PTS
USA dollar index: 104.09 DOWN 8 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32.83 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 86.24 UP 1 AND 60/100 roubles
GOLD 2,408.60 3:30 PM
SILVER: 28.99 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: DOWN 504.22 PTS OR 1.25%
NASDAQ DOWN 721.95 PTS OR 3.65 %
VOLATILITY INDEX: 18.02 UP 3.30 PTS OR 22.42%
GLD: $221.75 DOWN .83 OR 0.37%
SLV/ $26.43 DOWN .25 OR 0.94%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM:
Bonds & Big-Tech Bloodbath: Mag7 Meltdown Accelerates As Yield Curve ‘Dis-Inverts’ To 2-Year High
WEDNESDAY, JUL 24, 2024 – 04:00 PM
Ugly Micro (Mag7 earnings fail to impress…enough) and Ugly Macro (home sales and manufacturing meltdown) left an Ugly day for stocks and bonds (the long-end) while the dollar, crypto, and commodities were all relatively unch by the close.
As UBS notes, similar to last Wednesday, today seems very much an Equity event which suggests that technicals and positioning are the major drivers.
All the major US equity indices were lower today but mega-cap tech was hit hardest, smashing Nasdaq down over 3.5% for its worst day since Dec 2022. Ugly close did not help at all. The Dow was the least ugly horse in the abattoir today…
The S&P 500 ‘no-2%-drop’ streak is over…
The Mag7 basket of stocks suffered its biggest daily loss since Oct 2022 (having lost almost $1.75 trillion in market cap from their highs 10 days ago)…
Source: Bloomberg
All 7 of the Mag7 were lower today (unusual in itself)…
Goldman Sachs trading desk noted that volumes were explosive today (tracking +18% vs the trailing 20 days). Liquidity remains in focus with S&P top of book avg ~$13mm today (this has almost HALVED in the past week).
LOs driving most of our supply tracking -8% better for sale (Tech, Fins, and Industrials with the largest sell-skews). LOs buying Hcare + Discretionary.
HFs also better for sale led by supply in Tech, Industrials, & Fins. Short ratios elevated across Utes and Cons. Discretionary. Seeing HF buying in Hcare.
But the pain didn’t end in stocks as the long-end of the Treasury curve was clubbed like a baby seal…
Source: Bloomberg
The yield curve is inflecting rapidly with 2s30s at its most disinverted since July 2022 (and 5s30s at its steepest since May 2023)…
Source: Bloomberg
Rate-cut expectations pushed higher again today with 4 full cuts priced back inf or 2025 (and a 50-50 chance of 2 or 3 cuts in 2024)…
Source: Bloomberg
The dollar ended the day basically unchanged, rallying during the US session, recovering European losses…
Source: Bloomberg
Major Yen carry unwind continues…
Source: Bloomberg
Gold was a mirror of the dollar with overnight strength sold during the US session to basically end unchanged…
Source: Bloomberg
Another strong day for ETH ETF volumes…
Source: Bloomberg
…but ETH underperformed BTC, reversing yesterday’s outperformance…
Source: Bloomberg
Oil prices limped higher off their 200DMA but remain near six-week lows…
Source: Bloomberg
It’s different this time…
Source: Bloomberg
Right?
MORNING TRADING/
AFTERNOON TRADING///
II USA DATA
SIGN OF THE TIMES!!!
(zerohedge)
Blackstone Mortgage REIT Slashes Dividend By 24% As Distress Piles Up In CRE World
WEDNESDAY, JUL 24, 2024 – 08:45 AM
Blackstone Mortgage Trust, a real estate finance company that originates senior loans collateralized by commercial real estate across North America, Europe, and Australia, reported its second-quarter earnings on Tuesday. The report revealed a near-quarter reduction in its dividend due to rising defaults and increasing challenges with borrowers in making payments or refinancing office tower loans amid a worsening CRE downturn.
Bloomberg was the first to report that the $3.4 billion real estate investment trust BXMT slashed its dividend to 47 cents from 62 cents. BXMT has been distributing the 62-cent dividend to shareholders since late 2015.
Shares of BXMT were down 6% in premarket trading in New York. If losses in premarket hold through the cash session, this would be the largest intraday decline in seven months.
“Cutting the dividend will save about $100 million a year that can be reallocated to new loans or other investments,” Bloomberg noted.
BXMT Chief Executive Officer Katie Keenan wrote in a statement:
“We believe stockholder return is well served by balancing current return with optimization of book value and long-term earnings potential through our strategic capital allocation decisions.
We assess the dividend with the Board each quarter, prudently considering a variety of factors, and our Board has declared a third quarter dividend of $0.47 per share, which we believe reflects a sustainable level relative to long-term earnings power.
With strong liquidity, accelerating repayments, and an emerging investment pipeline, BXMT is well positioned to deploy capital accretively in this environment and continue its forward trajectory through the cycle.”
Most of the distress comes from BXMT’s office portfolio, which makes up about 25% of its outstanding loans. Recent data from the Green Street Commercial Property Price Index shows US office tower values have plunged 37% from early 2022 peaks. Towers have been the worst hit in the CRE downturn. The rest of the commercial sector has slumped only 20%.
In recent quarters, short seller Carson Block has been vocal about his bearish BXMT bet.
“This kind of reminds me of 2007,” the Muddy Waters founder told Bloomberg TV in mid-March, adding there was a period after the failure of Bear Stearns that the general market sentiment was that “‘there’s been deleveraging, everything’s OK.’ And it turned out not to be.”
In recent weeks, Block was back on Bloomberg TV, warning:
“We got a hold of CLO data. So CLO loan data, which there’s – that’s apparently emblematic of BXMT’s CLOs and what’s on BXMT’s balance sheet. So, a lot of these loans are in trouble. BXMT has not true them up in terms of the risk ratings. So we believe that as more and more of these loans are allowed to pick up in kind, in the second half of this year, BXMT is going to have to cut the dividend.”
Well, Block was correct. He first unveiled the short thesis on BXMT in December and warned of a liquidity crisis.
In a note from analysts at Keefe Bruyette & Woods last week, BXMT modified three loans in California and Texas in June to provide extensions.
There are rumblings under the surface in the CRE world. Moody’s recently offered a grim outlook that the CRE downturn is nowhere near the bottom and warned that hybrid working trends could result in around 24% of all US office towers standing vacant within the next two years.
end
New home sales unexpectedly falter as homebuyer confidence crashes to new lows
(zerohedge)
US New Home Sales Unexpectedly Tumbled In June As Homebuyer Confidence Crashes To Record Low
WEDNESDAY, JUL 24, 2024 – 10:10 AM
After a disappointing dump in existing home sales in June, new home sales just confirmed the slowdown, dropping 0.6% MoM (notably below the 3.4% MoM expected) and also saw a major downward revision in May from -11.3% MoM to -14.9% MoM. That leaves new home sales down 7.4% YoY…
Source: Bloomberg
That shift dragged the new home sales SAAR down to 617k – basically unchanged since 2016…
Source: Bloomberg
While the median new home price rose in June, it remains below the median existing home price…
Source: Bloomberg
It appears the homebuilder subsidy fad is wearing off as mortgage rates show no signs of easing significantly…
Source: Bloomberg
Of course, none of this should be a surprise as homebuyer confidence has collapsed to an all-time record low…
Source: Bloomberg
Will cutting rates help?
Mixed results from the soft data.
(zerohedge)
Services Soar, Manufacturing Slumps In Preliminary July PMIs
WEDNESDAY, JUL 24, 2024 – 09:54 AM
The Euro area composite flash PMI declined by 0.9pt to 50.1, notably below consensus. The deceleration in the composite index was broad-based across sectors, with the manufacturing output index falling to 45.3, and the services index declining to 51.9. Across countries, the decline in the area-wide index was driven by Germany and the periphery.
Source: Goldman Sachs
However, amid plummeting ‘hard’ data signals over the last two months, S&P Global’s ‘soft’ surveys have soared (somehow) in the US (even as European PMIs slipped lower), but were expected to dip a little in the flash July print.
But the picture – as always – was mixed with Manufacturing tumbling to 49.5 from 51.6 (51.6 exp) while Services accelerated further to 56 from 55.3 (54.9 exp)…
Source: Bloomberg
That dragged the Composite US PMI up to 55.0 – a 27-month high (as Europe hits 4-month lows)…
“The flash PMI data signal a ‘Goldilocks’ scenario at the start of the third quarter, with the economy growing at a robust pace while inflation moderates.
“Output across manufacturing and services is expanding at the strongest rate for over two years in July, the survey data indicative of GDP rising at an annualized rate of 2.5% after a 2.0% gain was signaled for the second quarter.
“The rate of increase of average prices charged for goods and services has meanwhile slowed further, dropping to a level consistent with the Fed’s 2% target.
However, Williamson warns that the good news is qualified, however, with both the growth and inflation pictures containing some worrying elements to monitor in the coming months.
“From the output perspective, growth has become worryingly skewed, with manufacturing slipping back into contraction as the service sector gains further strength. Some of the production decline was linked to staff shortages, so could prove temporary – something which is supported by the sector reporting improved confidence about future growth prospects. However, both manufacturers and service providers are reporting heightened uncertainty around the election, which is dampening investment and hiring.
“In terms of inflation, the July survey saw input costs rise at an increased rate, linked to rising raw material, shipping and labour costs. These higher costs could feed through to higher selling prices if sustained, or cause a squeeze on margins.”
Not exactly rate-cutting ‘bad’ news for the doves.
III USA ECONOMIC COMMENTARIES
Kamala had a huge 92% staff turnover during her first 3 years
(zerohedge)
VP Kamala Harris Had 92% Staff Turnover During Her First Three Years
“People really, really do not want to work for Kamala Harris,”wrote former staffer Dan McLaughlin, January 2022.
Topline
Under Kamala Harris, the Office of the Vice President has been called a “revolving door,” a “staff exodus” of key aides “heading for the exits.”
That’s not hyperbole from the national media. Our auditors at OpenTheBooks quantified an extraordinarily high 91.5-percent staff turnover rate. We used U.S. Senate disclosures to conduct our investigation and those databases can be downloaded below.
Elected in November 2020, Harris took the oath of office in January 2021. As of March 31, 2024, only four of the initial 47 staffers from the first year are still employed – consistently and without interruption – by the Vice President.
Furthermore, the turnover chaos isn’t getting better. In the trailing 12-month period, 24 staffers left — that’s almost half the employees.
The “top-to-bottom dysfunction” that The Atlantic referenced in October 2023 is shown in the reported payrolls that we captured.
“In her first year and a half as vice president, Harris saw the departure of her chief of staff, communications director, domestic-policy adviser, national security adviser, and other aides,” the magazine wrote.
If only that was all who left.
The semi-annual Report of the Secretary of the Senate, among other things, lists the names, titles and salaries of staff in the Office of the Vice President (OVP).
In the most recent publishing through March 31, only four staff from the original 47 listed in the 2021 report remained consistently employed and are among the office’s 50 current staff members.
The Kamala Harris Fabulous Four – here are the names, titles, employment date, and salaries of the four employees most loyal to Kamala Harris:
Yael S. Belkind has been assistant to the chief of staff since Jan. 20, 2021, earning $85,924;
Nasrina Bargzie was associate counsel since Feb. 10, 2021, now is deputy council, taking home $118,066.
Oludayo O. Faderin was associate director from July 2021, then became deputy director of west wing operations, making $85,924.
Olivia K. Hartman was hired in August 2021 as advance coordinator and became deputy director of scheduling, making $94,750.
Silas Woods, III began his career with the vice president as a vetting researcher on Feb. 17, 2021 making $52,500, became associate director of research, and left in August 2022. He went to work as a press assistant for the White House making $67,000. On March 25, 2024, Woods returned as a personal aid to the second gentleman and deputy director of special projects, where his full salary isn’t reported.
The other 45 people employed in OVP as of March 31 were hired after Sept. 30, 2021, when staff had already begun leaving the office.
In the last year alone, (April 1, 2023 to March 31, 2024) 24 people left their jobs with Harris.
Key background—Kamala Harris Tried To Hide Everything
The Kamala Harris, Office of Vice President, is committed to the opacity of its payrolls and all other office information.
We had filed a FOIA request with the OVP for its staff payroll in September 2021. A spokesman replied:
“Thank you for your inquiry. The Office of the Vice President is not subject to Freedom of Information Act requests. See 5 U.S.C. 552; 44 U.S.C. 2207.”
We even tried to coax the information out of the OVP:
“I understand the OVP isn’t subject to FOIA — is there any information you can provide me at all about the office staff? Whether it’s total staff employees (without names or any other employee-specific info) or total payroll for 2020 or current numbers for 2021?”
However, the spokesman replied:
“Thank you for the inquiry. OVP does not have any information to share at this time.”
Therefore, we had to rely on the U.S. Senate’s semi-annual report for Oct. 1, 2020, to March 31, 2021, which gives a list of the 28 staff members who had been hired by the new administration between Jan. 20 and March 31, 2021. Over the next few months, the OVP added another approximately 20 staff members.
We calculated that for VP Harris’s 28 staff listed in the Senate report, the 2021 salaries added up to $2,334, 223.
But President Joseph Biden’s congressional budget submission shows the OVP got $5 million for 23 full time staff in 2021 and requested over $6 million for 27 full time staff in 2022.
The OVP wouldn’t answer for the discrepancy in budget and staffing, citing the earlier provision that states only federal agencies are subject to FOIA, and the OVP, it argues, isn’t a federal agency.
Vice President Kamala Harris, the second-in-command, and possible next president of the United States, is the only elected official in the country not required to share her office’s spending with the public.
Harris isn’t alone in her inability to retain staff.
Since 2021, only 127 of Biden’s initial 560 White House employees remain, a 77-percent turnover rate that would be considered high if not for Harris’ 92-percent rate.
Between 2023 and 2024, 225 people left, a 43-percent turnover rate that is only slightly lower than the 46-percent between 2022 and 2023.
During his first three years, more than 40,000 bureaucrats were added across the 123 executive agencies, outside of the Department of Defense, U.S. Post Office, and intelligence services.
Crucial quote
Symone Sanders, Harris’ chief spokesperson and senior adviser, in early December 2021 was quoted in The Washington Post responding to critics of the staff departures, saying,
“We are not making rainbows and bunnies all day. What I hear is that people have hard jobs and I’m like ‘Welcome to the club.’”
“Working for Harris is a nightmare, not just because she rides her staff hard, but also because she does so without the competence, decisiveness, and effectiveness that inspires people in politics to suffer under demanding bosses,” Dan McLaughlin wrote in a January 2022 National Review article titled, “People Really, Really Do Not Want to Work for Kamala Harris.”
END
the car industry..
New Car Incentives Soar 53% Amid Rising Inventories & Lackluster Demand Hint At Downturn
WEDNESDAY, JUL 24, 2024 – 06:55 AM
Auto dealers are seeing an uptick in inventory while many consumers remain on the sidelines, deterred by the toxic combination of high interest rates and elevated inflation. In response to what seems to be a more pronounced slowdown, dealers are slashing prices and increasing incentives to stimulate demand this summer.
A new report from the Financial Times, citing data from Motor Intelligence, with manufacturers such as Hyundai, General Motors, and Volkswagen, shows that the average incentive package to sweeten the deal jumped 53% in June, compared with the same month last year.
Anytime manufacturers and dealers increase incentives, such as offering low interest rates, cash back, and price cuts to entice consumers, that’s usually an ominous sign of an alarming demand problem.
The unaffordability crisis impacting the auto market is straightforward: New car prices still linger at near record highs while the cost of financing is at the highest since the late Dot Com era. Folks still need to drive, so financing the big SUV is no longer possible. Instead, compact SUVs have become in high demand.
“If folks can put off a purchase they’re doing that, but when they do need a car, now more so than a year ago, they’re looking for ones that are less expensive because they are having to deal with higher interest rates,” said Matt Smith, deputy editor, head of automotive insights at digital auto platform CarGurus.
Data from Bankrate shows the new auto 60mo average rate most recently peaked at 8%.
Data from consumer analytics company JD Power shows that in June, new cars sold at a premium versus the manufacturer’s suggested retail price were around 16.9%, down from nearly 35% in the same month one year ago.
Federal Reserve data shows the average amount consumers financed for a new car is around $38.8k, down from $40k in 2022.
Bank of America economist Stephen Juneau said “rising supplies” and “moderating demand” are some of the reasons why “manufacturers try to get cars off the lot by offering much more attractive deals.”
According to Automotive News, dealer inventory has been below 3 million vehicles for over four years. However, that’s likely changing, with June data showing inventories climbed to 2.96 million vehicles, or about a 76-day supply, up from 1.95 million one year before.
Even though inventory levels are not back to pre-Covid levels, no dealer wants to sit on many unsold vehicles and will continue offering incentives. If the higher-for-longer interest rate environment continues through the end of the year, this could seriously pressure new auto prices. But as soon as the Federal Reserve begins cutting, which according to rate traders could be as early as September, increased demand will quickly soak up the supply and send prices higher.
Let’s not forget there’s a perfect storm brewing in the auto market, as the latest data shows auto repossessions are soaring.
A good history lesson on the 4 USA presidential assassinations and the few attempted ones
(Conrad Black)
Conrad Black: All US Presidential Assassinations Could Have Easily Been Avoided
The attempted assassination of former President Donald Trump reminds us of how vulnerable American political leaders are to attacks with guns. In retrospect, all four of the assassinations of American presidents could easily have been avoided.
President Abraham Lincoln was sitting in his box with his wife at Ford’s Theatre in Washington with no security at all, at the end of a terrible Civil War in which 750,000 Americans died in a population of 31 million, and the great animosity of that conflict had scarcely begun to subside. This was a particularly dreadful tragedy for the whole country, not only because Lincoln is generally recognized as the greatest president in American history and possibly the greatest statesman of modern times, but because he was the only person who could accomplish the adoption of a policy of national reconciliation that would have substantially avoided segregation and assured African-Americans the right to vote which, in the southern states, they did not acquire until 100 years later. If President Lincoln had had remotely adequate security, John Wilkes Booth, one of America’s most prominent stage actors, could not have killed him.
President James A. Garfield was shot at the Washington railway station by disappointed office seeker Charles Guiteau just four months into his presidency and died two months later, largely because of incompetent medical treatment. Again, if he’d had one or two competent security personnel with him, or even adequate medical attention in the subsequent two months, the assassination attempt would have been unsuccessful. Garfield was a capable and promising man, a young and much-promoted combat Civil War general and the only person ever to make the jump directly from the House of Representatives to the presidency (though he was also a senator-elect), but his loss was not as grievous as that of Lincoln.
President William McKinley was assassinated in Buffalo, New York, by an anarchist, Leon Czolgosz, in 1901, who had a handgun wrapped in a handkerchief when he shook hands with the president in a receiving line. Again, adequate security by contemporary standards would have prevented this, and again, competent medical attention would have prevented a fatality. The president was shot twice and the attending surgeon could not find the second bullet. Days passed with optimistic reports of the president’s recovery, but any informed person would have known that if the second bullet was not retrieved, acute septicemia was likely, and this was the cause of McKinley’s death.
It was a time of frequent anarchistic assassinations abroad, and Czolgosz had been inspired to commit this act by listening to a speech of the anarchist firebrand Emma Goldman (who often lived in Toronto, and died there). The United States did not have such discontented classes and ethnicities as there were in Europe, but there was no excuse for McKinley’s inadequate security detail and inept medical attention. This was again a terrible personal tragedy to befall a capable and well-respected president and a brave man who had risen from private to major in the Civil War entirely because of his courage and leadership qualities. Fortunately, he was succeeded by one of the nation’s most capable and popular presidents, Theodore Roosevelt.
All readers will remember or have seen film of the horrifying assassination of John F. Kennedy in Dallas on Nov. 22, 1963. The president of the United States has not travelled in an open car since then, and President Kennedy’s predecessors, Harry S. Truman and General Dwight D. Eisenhower, were just as visible in their official vehicles which had a bulletproof plexiglass roof. There has never been any explanation for why such a vehicle was not used in Dallas on that terrible day, though Kennedy’s penchant for convertibles was a factor.
In the last 100 years, five other U.S. presidents apart from Kennedy have been the subject of attempted assassinations. Then President-elect Franklin D. Roosevelt, in 1933 in Miami, was the target of anarchist Giuseppe Zangara, who missed Roosevelt but shot five others, including the mayor of Chicago, Anton Cermak, who died. Security was not as extensive as it has subsequently become, but it was only good luck that FDR was completely unscathed. He returned to Vincent Astor’s famous yacht, the Nourmahal, on which he had been cruising, had two stiff glasses of whisky (although prohibition, which he had always personally ignored anyway, had not yet been abolished), and never mentioned the incident again. Of course, he went on to be America’s longest-serving president, and one of its greatest.
The attempted assassination of President Truman in 1950 was fortunately incompetently conducted and the assailants did not get close to the president. But attempts on the lives of President Gerald Ford in 1975, Ronald Reagan in 1981, and Donald Trump this month, were only unsuccessful for miraculous reasons. President Ford’s first assailant, Squeaky Fromme, was intercepted as she fired, and the next, Sara Jane Moore, was jostled by a retired Marine. President Reagan’s security unit moved with commendable haste and courage and his bullet wound was only approximately an inch from being fatal. There was obviously a severe breakdown in appropriate security measures and coordination that almost cost the life of former President Trump in Pennsylvania on July 13.
As guns were involved in all of these assassination attempts and the Constitution, in fidelity to the revolutionary origins of the United States, guarantees the right of every law-abiding adult citizen to have a firearm, no screening process or restriction of firearms sales is going to reduce significantly the danger to presidents. All that can be done is to intensify security, and particularly to put bulletproof but completely transparent acrylic screens around presidents during public speeches. Crowds can now be scanned by metal detectors, and presidents travel in automobiles that are both bulletproof and bombproof. We have no idea how many attempts on the lives of presidents have been conceived but undone before they could be carried out, but the fact that six of the last 15 presidents have been threatened by assassins, and one of them murdered, shows that the danger is constant.
As long as there are discontented people who are severely deranged, the idea of killing leaders will have a simplistic appeal to them, as well as to a tiny echelon of terribly maladjusted people who imagine this to be a satisfactory route to historical fame. Assassins have not become more resourceful or ingenious since the time of Lincoln; it is for those entrusted with the security of the U.S. president to reduce the possibility of the success of assassins to the minimum. The same rules can apply to other elected figures who were victims of inadequate security, such as Robert Kennedy, assassinated in the kitchen of a Los Angeles hotel in 1968, and prominent non-presidential figures, such as Martin Luther King, also murdered in 1968, Malcolm X (1965), and Louisiana Governor Huey P. Long (1935).
Nor should we imagine that this problem is exclusively American. Margaret Thatcher was nearly assassinated by the Irish Republican Army on a couple of occasions, and Charles de Gaulle was almost killed by opponents of his Algeria policy several times. German interior minister Wolfgang Schauble was confined to a wheelchair for the rest of his life by an unsuccessful assassination attempt.
The problem may be slightly exacerbated in the United States because of the constitutionally guaranteed right to bear arms, but it is a universal problem, especially in democratic countries where leaders have to be relatively publicly visible. There is no antidote except better security and more and better-trained security personnel.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.
end
THIS IS BIG@!! DUDLEY WANTS A RATE CUT
Bill Dudley, Who Urged Powell To Hike Rates in 2019 To Crush Trump, Flip-Flops & Demands Immediate Rate Cut
WEDNESDAY, JUL 24, 2024 – 12:25 PM
After fading away into retirement obscurity, punctuated by the occasional op-ed on Bloomberg, where all financial has-beens go to pretend they are still relevant and where they are read by nobody, this morning former Goldman top economist and NY Fed president Bill Dudley made waves again, by violently flip-flopping to his recent stance, in what can only be viewed as another confirmation the Fed is nothing more than a political tool for a faceless, oligarch elite.
In his post-Fed existence, Bill Dudley is of course best known for writing that infamous August 2019 Bloomberg op-ed, in which he called for the Fed to hike rates into the last months of Trump first administration to scuttle his odds of re-election…
… proving beyond a shadow of a doubt that the US central bank is, among other things, a tool to perpetuate the established status quo and to crush any interlopers who may jeopardize the net wealth imbalance which the Fed has carefully established since its founding in 1913. For those who have forgotten, here is the punchline from Dudley’s op-ed.
I understand and support Fed officials’ desire to remain apolitical. But Trump’s ongoing attacks on Powell and on the institution have made that untenable. Central bank officials face a choice: enable the Trump administration to continue down a disastrous path of trade war escalation, or send a clear signal that if the administration does so, the president, not the Fed, will bear the risks — including the risk of losing the next election.
There’s even an argument that the election itself falls within the Fed’s purview. After all, Trump’s reelection arguably presents a threat to the U.S. and global economy, to the Fed’s independence and its ability to achieve its employment and inflation objectives. If the goal of monetary policy is to achieve the best long-term economic outcome, then Fed officials should consider how their decisions will affect the political outcome in 2020.
And so, having sparked a wave of outrage following this op-ed, even among establishment circles for exposing what the Fed’s real game is all about, Dudley then promptly faded back into obscurity, where he relished publishing his occasional dead wrong op-ed every now and then, most recently in May 30, when Dudley wrote “The Fed Thinks It’s Fighting Inflation. Think Again” adding that “Even at more than 5.25%, the central bank’s short-term interest-rate target might not be high enough to cool the economy.”
His argument was simple: “I think r* is a lot higher than the Fed recognizes — which means the central bank isn’t doing enough to fight inflation” meaning that the neutral rate is much higher than the Fed’s overnight rate, and thus the Fed has not hiked rates enough to fight inflation.
But why “dead wrong”? Well, that’s not our view: it belongs to Dudley himself, because in his latest op-ed this morning, the multi-millionaire who has no idea what a carton of milk or 12-pack of eggs cost, just said ignore everything he has written in the past two years, because – drumroll – the Fed needs to cut rates now.
No really: the op-ed is literally titled “I Changed My Mind” and clarifies that “The Fed Needs to Cut Rates Now” which is hilarious because just over two months ago, the same lunatic argued for (much) higher rates as “the current fed funds rate of 5.25% to 5.50% is exerting negligible restraint on growth and inflation.” What was especially hilarious, was Dudley’s parting paragraph from his May op-ed in which he said “Perhaps the Fed’s mantra, instead of “higher for longer,” should be “higher indefinitely” until inflation moves more convincingly in the desired direction.”
… or, one can now add, “until Trump has a massive lead in the polls against Biden”, because having forgotten everything he advocated at the start of the summer, Dudley, who once upon a time advocated hiking rates to crush Trump’s re-election changes, has reverted back to his basest political animal, and realizing that Biden, pardon Kamala will need all the help from the Fed she can get, Dudley is now advocating for a rate cut… and not just any rate cut but one next week because, well, the US economy may already be in a recession…. a recession which Dudley clearly had no idea about just two months ago and in fact was convinced the economy and inflation were both red hot back then.
So what changed? Well, as usual with Dudley, there are two layers to everything. One is the superficial, i.e., fake and wrong, and then there is the unspoken layer, which is the one that matters.
Addressing the former first, here former Goldmanite Dudley is beyond transparent, taking verbatim the entire Goldman note from last Monday in which his former employer also made the fundamental case for a July rate cut (and which we discussed here). We’ll spare you reading the background, and instead focus on what Dudley said today, which is that after “years of persistent strength of the US economy suggested that the Fed wasn’t doing enough to slow things down” and then, suddenly – and certainly after Dudley’s May 31 op-ed – everything changed:
Now, the Fed’s efforts to cool the economy are having a visible effect. Granted, wealthy households are still consuming, thanks to buoyant asset prices and mortgages refinanced at historically low long-term rates. But the rest have generally depleted what they managed to save from the government’s huge fiscal transfers, and they’re feeling the impact of higher rates on their credit cards and auto loans. Housing construction has faltered, as elevated borrowing costs undermine the economics of building new apartment complexes. The momentum generated by Biden’s investment initiatives appears to be fading.
There was more: confirming yet again that the monthly jobs report has become yet another political Rorschach test in which one sees whatever one wants to, Dudley – who a month ago would have been hammering how strong the US labor market is by looking at the Establishment Survey – now flip-flops and turning to the household employment survey finds that “slower growth, in turn, means fewer jobs” to wit:
The household employment survey shows just 195,000 added over the past 12 months. The ratio of unfilled jobs to unemployed workers, at 1.2, is back where it was before the pandemic. Most troubling, the three-month average unemployment rate is up 0.43 percentage point from its low point in the prior 12 months — very close to the 0.5 threshold that, as identified by the Sahm Rule, has invariably signaled a US recession.
And that’s how easy it is to flip what have been “strong” job reports from the past year – at least according to the Biden admin – to weak ones. We, of course, have discussed all this as well, most recently here “Inside The Most Ridiculous Jobs Report In Years” where we specifically highlighted the staggering divergence between the Establishment (i.e., Payrolls) and Household (i.e., Employment) surveys.
So why, Dudley asks rhetorically completely oblivious to the irony of the question after his last op-ed which called for just this, is the Fed not cutting next week? He offers three reasons:
First, the Fed doesn’t want to be fooled again. Late last year, a moderation in inflation turned out to be temporary. This time around, further progress in reducing year-over-year inflation will be difficult, due to low readings in the second half of last year. So officials might be hesitant to declare victory.
Second, Chair Jerome Powell might be waiting in order to build the broadest possible consensus. With markets already fully expecting a cut in September, he can argue to doves that delay will have little consequence, while building more support among hawks for the September move.
Third, Fed officials don’t seem particularly troubled by the risk that the unemployment rate could soon breach the Sahm Rule threshold. The logic is that rapid labor force growth, rather than a rise in layoffs, is driving the increase in the unemployment rate. This isn’t compelling: The Sahm Rule accurately predicted recessions in the 1970s, when the labor force was also growing rapidly.
All perfectly obvious reasons, and all perfectly wrong because as everyone with half a brain knows, the one and only reason why Powell does not want to cut next week is for obvious optics that doing so now would be clearly a political move, one meant to hurt Trump’s election chances and to boost the cackling idiot of a candidate that Democrat voters never picked, but their DNC superiors did for them.
Dudley, of course, knows this but having been burned by openly suggesting the Fed steamroll Trump in 2019, it would be beyond ludicrous for a former Fed president to go for round two and openly argue that the Fed should cut rates early just to ensure Kamala becomes president, even if that’s precisely what Dudley wants. So, instead of at least having the guts to say what he means – like he did in 2019 – the ex-Goldmanite multi-millionaire tries to virtue signal and blame the Fed for the coming recession which will be its fault if it doesn’t cut rates now.
Historically, deteriorating labor markets generate a self-reinforcing feedback loop. When jobs are harder to find, households trim spending, the economy weakens and businesses reduce investment, which leads to layoffs and further spending cuts. This is why unemployment, having breached the 0.5-percentage-point threshold, has always increased a lot more — the smallest rise was nearly 2 percentage points, trough to peak.
Although it might already be too late to fend off a recession by cutting rates, dawdling now unnecessarily increases the risk.
To be sure, it is possible that Powell will do just what Goldman – and Dudley – want, and shock the market next week with a rate cut which nobody expects and in doing so will hammer the final nail in any remaining speculation it is apolitical and won’t do everything in its power to crush Trump.
And while the market would normally see right thought Dudley’s laughable attempt to once again hammer Trump, this time it’s not so sure, because as Nomura’s Charlie McElligott writes this morning “we see ex Fed and current Bloomberg opinion writer Bill Dudley pulling a full-tilt U-turn, departing the “high for longer” camp, and instead, now calling for a Fed cut, preferably as soon as NEXT WEEK—as the lagged and variable impact of prior tightening is now hitting the economy, with tapped consumers, slowing momentum from Biden’s fiscal stim, softening labor (references Sahm rule, naturally), all while inflation pressures have abated.” In turn, this growing possibility of a shock from the Fed, is hammering yields and hitting consensus FX positioning, which is “now experiencing ~-2.5 to -3 z-score moves lower in G10FX Momentum and Carry –strats over the past two weeks, largely as a function of the Yen rallying through key levels vs USD, but also too, seeing significant movement in GBP / NOK / SEK / NZD / EUR against the Greenback as well.“
The irony of all this is i) just how stupid and transparent it all is and ii) even if the Fed does cut next week, it is unlikely to have any impact on the outcome of the election in November, but it will certainly make Trump notice and when – not if – the president rightfully retaliates at the all out political central bank, taking the next and final step in destroying the dollar’s reserve status – everyone will be so very shocked that Trump finally dragged the current financial regime beyond the Rubicon.
END
Shares Of Major French-Fry Supplier Crash As Restaurant Traffic Slowdown Worsens
WEDNESDAY, JUL 24, 2024 – 01:05 PM
One of the world’s largest producers and processors of frozen french fries, waffle fries, and other frozen potato products reported fourth-quarter profit and sales that missed estimates. The company also issued a below-consensus full-year adjusted EBITDA outlook due to sliding global restaurant traffic. This is an ominous sign, as elevated inflation and high interest rates are squeezing consumers.
Lamb Weston reported adjusted earnings per share of 78 cents for the fourth quarter ending May 26, which was well below analysts’ expectations tracked by Bloomberg of $1.25. Revenue also missed, coming in at $1.61, versus the average estimated $1.7 billion.
Here’s a snapshot of fourth-quarter earnings (courtesy of Bloomberg):
Adjusted Ebitda $283.4 million, estimate $357.4 million
North America adjusted Ebitda $276.5 million
Net sales $1.61 billion, estimate $1.7 billion
North America net sales $1.11 billion, estimate $1.17 billion
International net sales $498.7 million, estimate $530.7 million
North America volume -7%
International volume -9%
Price/mix +3%, estimate +5.41%
North America price/mix +3%
International price/mix +2%
“We are disappointed by our fourth quarter performance,” Chief Executive Tom Werner wrote in a statement.
Werner noted, “Our price/mix results were below our expectations, while market share losses and a slowdown in restaurant traffic in the U.S. and many of our key international markets were greater than we expected. We also incurred losses related to a voluntary product withdrawal.
Lamb Weston’s forward-looking guidance for the year added to the disappointing results:
Sees adjusted Ebitda $1.38 billion to $1.48 billion, estimate $1.63 billion
Sees net sales $6.6 billion to $6.8 billion, estimate $6.79 billion
Sees capital expenditure about $850 million, estimate $878.9 million
“We expect fiscal 2025 to be another challengingyear. The operating environment has changed rapidly over the past twelve months as global restaurant traffic and frozen potato demand softened due to menu price inflation continuing to negatively affect global restaurant traffic,” the CEO said.
According to Bloomberg supply chain data, Lamb Weston is a major french fry supplier for McDonald’s, deriving about 13% of its revenue from the fast food giant.
Shares of Lamb Weston in New York crashed at the start of the cash session, down more than 21%, the largest intraday decline since shares started trading in 2016.
Lamb Weston’s dismal earnings report and outlook reflect consumers pulling back on discretionary spending.
We’ve detailed for months about the onset of a consumer slowdown:
After losing the support of Democrats on Monday, USSS chief Cheatle resigned on Tuesday. Speaker Johnson announced that a bipartisan House Task Force will investigate the DJT assassination attempt.
The US auctioned $69B of 2-year notes at 4.434% vs. 4.457% WI. The great auction was the result of foreign buying (a RECORD 76.57% of take down bids from Indirect Bidders). The Street is record long in the short end of the note curve on expectations of rate cuts. What possibly could go wrong?
The next tranches of the Treasury Auction are $70B of 5-years today and $44B of 7-years on Thursday.
US equities had a quiet day on Tuesday, as traders awaited Tesla and Google’s results that were due after the NYSE close. Tesla, which has been rallying sharply, opened higher but fell into negative territory by 9:44 ET. TSLA hit a daily low of 245.63 at 10:55 ET. After a bounce to 249.92 at 11:44 ET, Tesla rolled over and traded sideways until a modest rally materialized after 15:15 ET.
Google rallied modestly and traded sideways, except for a brief spike higher at 14:07 ET, the entire day.
ESUs opened negative on Monday night but quickly rallied to a small gain at 18:14 ET. They quickly turned negative and marched lower until they hit the daily low of 5587.75 at 4:02 ET. ESUs then rallied until they hit a high of 5618.25 at 7:35 ET. After a drop to 5602.50 at 8:35 ET, buying for the NYSE opening pushed ESUs to 5626.50 at 10:20 ET. The dump pushed ESUs down to 5604.50 at 10:51 ET.
Manipulation for the 11:30 ET European close pushed ESUs to a daily high of 5629.75 at 11:16 ET. After a slow roll over, ESUs commenced at sharp decline at 12:15 ET. ESUs hit a low of 5603.50 at 12:54 ET. After a modest rebound, ESUs traded sideways until they broke lower at 15:37 ET. After falling to 5599.25 at 15:42 ET, the late manipulation took ESUs to 5609.50 at 15:50 ET. Liquidation pushed ESUs down to 5594.75 at 15:55 ET. ESUs rebounded to 5603.25 at the NSYE close.
Tesla reported EPS .52, 62 exp., revenue $25.5, $24.77B exp. TSLA sank to 228.01 (246.38 close) Apparently, someone knew Tesla would report disappointing EPS. It declined 5.13 during NYSE trading.
@WallStCynic: (TSLA) ZEV tax credits of $890M in the 2Q was over 50% of Operating Profits!
Alphabet (Google) reported EPS 1.89, 1.84 exp.; revenue $10.35B, $10.09B exp.; Rev ex-TAC of $71.36B, $70.7B expected. GOOGL sank to 173.66 on the result’s release (181.79 close) because YouTube AD Rev at $8.66B, $8.93B was exp. The stocks soared to 185.90 and then turned negative.
Positive aspects of previous session Bonds rallied modestly; Fangs and the DJIA rallied modestly. Oil and gasoline declined sharply.
Negative aspects of previous session Despite a great 2-year auction, USUs were only +6/32 at the NYSE close. The DJTA got hammered; AAL (-1.36%) and UNP (-1.32%) led the transport decline
Ambiguous aspects of previous session Are Fangs tired because the known world is too long for the results?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5563.98 Previous session S&P 500 Index High/Low: 5585.34; 5550.90
GOP Rep. @RepMTG: They tried to assassinate Donald Trump. Joe Biden is rumored to have had a medical event in LV Nevada after being diagnosed with Covid then dropped out of race and is no where to be seen. Now they have propped up Kamala Harris without any Democrat voters casting a single vote. What is going on??? Who is doing this??? Who is running the country???
@charliekirk11: Tucker and Poso discuss a scoop I got out of Las Vegas Metro that suggests Joe Biden experienced a much more serious medical event in Vegas than what they are currently telling us. Did this contribute to his decision to drop out of the race? People have sent me a post from Emily Goodin, senior White House correspondent for the DailyMail from July 17th. She documented that the flight time from Vegas to Dover was 3hrs 48 mins—extremely fast—and that AF1 flew so fast the “plane shook.” This seems to confirm reports of how urgently AF1 took off out of Vegas. The questions now are: Did Joe Biden have a serious medical event in Vegas that has been covered up?Did that medical event contribute to his decision to pull out of the race? How precarious is Joe Biden’s current health condition? https://x.com/Emilylgoodin/status/1813764274474439054
@jenvanlaar: Reporters at @RedState have also confirmed this story with @LVMPD sources. An additional source (not a medical person) in a position to know tells me that Biden had stroke-like symptoms (but did not elaborate as to what those were), but when the doc traveling w/Biden determined it wasn’t a “full stroke” they could treat on AF1 en route to Andrews, the motorcade diverted to the airport. According to this source, it’s believed Biden had a transient ischemic attack (TIA).
Ex-Navy Intel @JackPosobiec: Hearing that Biden was put on pain meds that have him sleeping up to 16 hours a day, groggy and casually active during his ‘core hours’ but very out of it, inner circle hiding his appearance from the public.
The White House said Biden is now Covid free and will address the nation tonight at 20:00 ET.
@Barchart: The Warren Buffett Indicator, also known as Market Cap to GDP, hit an all-time high valuation, surpassing both the Dot Com Bubble and Global Financial Crisis. https://x.com/Barchart/status/1815596090877493571
The Warren Buffett Indicator used GNP, Gross National Product, which incorporated foreign capital flows. However, in 1987, the US became a net debtor nation in global trade. So, GNP was jettisoned for GDP to obfuscate the true state of the US economy. Ergo, if GNP were utilized now, the Buffett Indicator would show stocks are far, far more overvalued.
Today – There are no impact results due. So, after the market adjusts to Tesla and Google’s results, the day should be dominated by trader schemes and intraday patterns. Barring news, today should be similar to Tuesday, some type of Range Day.
While there has been no discernable Trump effect in the markets (It’s all Fed), if the financial markets ever believed that Kamala Harris, a true SF leftist, would win, they would tumble. (More below)
Betting data shows Harris’s chances are on the up but Trump is still leading After Mr Biden dropped out of the race on Sunday, Mr Trump’s chances of winning had fallen to 62%… As more endorsements come in from top Democrats today her chances have gone up to 29%, the highest recorded for the current vice president but still 33 percentage points behind Mr Trump… https://news.sky.com/story/betting-data-shows-harriss-chances-are-on-the-up-but-trump-is-still-leading-13183383
NQUs are -110.50.50 (on TSLA & GOOGL); ESUs are -20.25; and USUs are -8/32 at 20:15 ET.
Expected economic data: June Wholesale Inventories 0.5% m/m, Retail 0.5%; June Advance Goods Trade Balance -$98.7B; July S&P Global US Mfg. PMI 51.7, Services PMI 54.8, Composite PMI 53.9; June New Home Sales 640k
Expected earnings: T .57, APH .41, IP .44, GD 3.28, F .67, ORLY 11.00, IBM 2.20, UHS 3.31
S&P Index 50-day MA: 5424; 100-day MA: 5282; 150-day MA: 5145; 200-day MA: 4964 DJIA 50-day MA: 39,368; 100-day MA: 39,053; 150-day MA: 38,723; 200-day MA: 37,675 (Green is positive slope; Red is negative slope)
S&P 500 Index (5555.74 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 5654.04 triggers a buy signal Hourly: Trender and MACD are positive – a close below 5526.17 triggers a sell signal
GOP Rep. @mtgreenee: Joe Biden admits Kamala Harris is a DEI hire. “Diversity, Equality & Inclusion are the core strengths of America…I’m proud to have the most diverse administration in history…it starts at the top with the Vice President.” https://x.com/mtgreenee/status/1815859606725226610
Donald Trump says he is ready to debate Kamala Harris as he hits her on border crisis: ‘She’s the same as Biden, but much more radical’https://trib.al/bDZ3oLP (A key point of DJT’s strategy)
Trump Says He Will ‘Absolutely’ Debate Kamala Harris, Says He Would Do ‘More Than One’ Trump then went on to say that: “well, I haven’t agreed to anything. I agreed to a debate with Joe Biden, but I want a debate her and she’ll be no different because they have the same policies. I think debating is important for a presidential race. I really do. I think that you sort of have an obligation to debate if you’re the candidate of the Republican Party.”… https://dailycaller.com/2024/07/23/trump-kamala-harris-debate/
@amuse: Kamala Harris must return the campaign funds she seized from the former presumptive Democrat nominee so says FEC Chairman Sean Cooksey. After Biden was forced out under threat of the 25th Amendment Harris laid claim to his campaign’s bank accounts. https://x.com/amuse/status/1815860617506611386
Twice on Tuesday, Chuckie Cheese received no applause after announcing his support for Kamala.
@DC_Draino: Chuck Schumer just had a humiliating Jeb Bush moment. He says “we are here today to throw our support behind Kamala!” *nobody claps* So he starts awkwardly clapping. Oof https://x.com/DC_Draino/status/1815799798039023918
Harris said she will proudly put her record up against Trump’s record. What record? Her abysmal record as Biden’s boarder czar? Her record as CA AG, which forced her out of the 2020 Dem Primary? @townhallcom: Kamala Harris repeats her “I know Donald Trump’s type” line: “In those roles [as California AG and a courtroom prosecutor], I took on perpetrators of all kinds: predators who abused women, fraudsters who ripped off consumers, cheaters who broke the rules for their own gain. So here me when I say I know Donald Trump’s type.”https://x.com/townhallcom/status/1815820783790481448
@ByronYork: CNN just reported that the 3,000 people at VP Harris’ first presidential campaign rally, in Wisconsin, is the ‘largest crowd of any Democratic campaign event this cycle.’ (DJT draws 10 to 20X)
@GOP: As vice president, Kamala Harris was the deciding vote on the scam “Inflation Reduction Act,” which did nothing to lower inflation and raised the tax burden on Americans making as little as $20k…
The Dems are effectively having their convention now. The media is gaga for Kamala. Ergo, Kamala Harris is now experiencing the usual convention bounce in the polls.
@jeffreyatucker: Anyone who lived through 2016’s Hillary Clinton extravaganza, in which the whole of all MSM celebrated the great woman and predicted a landslide of historical levels, because she was obviously perfect for the presidency, will recognize exactly what is going on now.
@zerohedge: About that Reuters “poll”: Democrats surveyed: 426, Republicans surveyed: 376. As a reminder, this is why ALL Reuters/Ipsos polls in 2016 were wrong: they oversampled Democrats by 4-6%. https://x.com/zerohedge/status/1815820810323447838
As we recently noted, July polls historically have greatly underestimated GOP support because July is the peak vacation month. Furthermore, Dems historically poll much better with registered voters than with LIKELY voters. Finally, many pollsters oversample Dems. Currently according to Gallup, Americans that identify as Democrats are at a record low: 23% as of June 23; GOP 25, Ind. 51%. https://news.gallup.com/poll/15370/party-affiliation.aspx
Bush I trailed Dukakis by 17 points after the Dem Convention in 1988. Bush won 53.4% to 45.6%.
NYT:Fifty-five percent of the 948 registered voters interviewed in the poll said they preferred to see Mr. Dukakis win the 1988 Presidential election, while 38 percent said they preferred to see Mr. Bush win. The poll had a margin of sampling error of plus or minus four percentage points. July 26, 1988 https://www.nytimes.com/1988/07/26/us/dukakis-lead-widens-according-to-new-poll.html
Reagan won 49 states in 1984 and 58.8% of the popular vote compared to Mondale’s 40.6%.
@ShelbyTalcott: As some new polls show Harris with a slight lead on/polling closely to Trump, his pollster Tony Fabriziois out with a new memo. Fabrizio describes the “Harris Honeymoon” that he expects public polling will reflect in the next few weeks but argues that, ultimately, “the fundamentals of the race stay the same.” https://x.com/ShelbyTalcott/status/1815818529645437151
@Geiger_Capital: The most important thing to understand about American politics today… Married Men – 59% Republican; Single Men – 52% Republican; Married Women – 56% Republican; Single Women – 68% Democrat https://x.com/Geiger_Capital/status/1815784128698085429
DOJ Magically Finds 117 Pages of Biden Transcripts The Department of Justice admitted to a federal judge on Monday that it has located 117 pages of transcripts it previously denied having, related to President Joe Biden’s interviews with a biographer which played a role in the recently completed criminal investigation of his handling of classified material before he became president… https://www.zerohedge.com/political/doj-magically-finds-117-pages-biden-transcripts
@ShelleyGldschmt: House Speaker Mike Johnson speaking live now slams Kamala Harris’ boycott of Netanyahu’s speech: “It is outrageous to me and inexcusable that Kamala Harris is boycotting [Prime Minister Netanyahu’s speech]. Kamala Harris will abandon her seat. She will not be there because she refuses to attend. She needs to be held accountable for that. The idea that [Democrats] are making political calculations when our ally is in such dire straits, fighting for its very survival… is unconscionable to us.” https://x.com/ShelleyGldschmt/status/1815757040658313475
@DC_Draino: New video obtained in FOIA request shows cops and Secret Service discussing Trump assassin over his dead body. They discuss him riding his bicycle to the event. https://x.com/DC_Draino/status/1815878416693973431 Notice how they describe a Beaver County sniper in the window off to the video’s left side. They said the sniper saw Crooks, thought he was suspicious, took pictures of him, then Crooks escaped his field of sight.
@DrewHLive: Sen @ChuckGrassley has uncovered documents that indicate a drone operator WAS listed on the Secret Service personal team for the Butler Trump Rally. I believe USSS indicated there was no drone surveillance deployed that day, but they indeed had the operator assigned to do so. (Falsified records, incompetence, drone operator no show?)
The Secret Service is urging Trump to halt outdoor rallies and big inside events! Isn’t this election interference? Is this an admission that the USSS cannot, or doesn’t want, to protect DJT?
@TheBabylonBee: ‘Donald Trump Will Destroy Democracy,’ Says Party Nominating Candidate No One Voted For
@greg_price11: Pro Palestine idiots just took over the Cannon House office building on Capitol Hill. Storming government buildings represents a major threat to our democracy. Pre-trial solitary confinement for at least a year at minimum. (Liberal privilege will appear again.) https://x.com/greg_price11/status/1815833058416943244
French MP says Israeli athletes ‘not welcome’ at Paris Olympics – Speaking at a pro-Palestinian event in Paris on Saturday, left-wing French MP Thomas Portes made the comments that Yonathan Arfi, president of Representative Council of Jewish Institutions, branded “indecent” and “irresponsible”. https://news.sky.com/story/french-mp-says-israeli-athletes-not-welcome-at-paris-olympics-13183675
harveyorganblog.com 
