GOLD PRICE CLOSED DOWN $13.10 TO $2390/30
SILVER PRICE up $0,05 TO $27.14
Gold ACCESS CLOSED $2387.75
Silver ACCESS CLOSED: $26.95
sorry that I could not be more thorough as I was out for most of the day, tending to my wife
Bitcoin morning price:$55,322 UP 1325 DOLLARS.
Bitcoin: afternoon price: $56647 down 9467 down 557 DOLLARS
Platinum price closing UP $6.75 TO $916.10
Palladium price; UP $29.15 TO $879.40
END
SHANGHAI GOLD PREMIUM 48 DOLLARS/COMEX GOLD//august to august
SHANGHAI GOLD (USD) FUTURES – QUOTES
Last Updated 06 Aug 2024 01:39:56 PM CT.
Market data is delayed by at least 10 minutes.
*CANADIAN GOLD: $3287.75 DOWN 26.75 CDN dollars per oz( * NEW ALL TIME HIGH 3,390.26 CDN DOLLARS PER OZ//AUG 1 2024)
*BRITISH GOLD: 1,881.93 UP 1.44 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024
*EURO GOLD: 2,184.70 DOWN 11.38 Euros per oz //* (ALL TIME CLOSING HIGH: 2.264.61 EUROS PER OZ//AUGUST 1 //.2024)
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END
EXCHANGE: COMEX
CONTRACT: AUGUST 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,401.700000000 USD
INTENT DATE: 08/05/2024 DELIVERY DATE: 08/07/2024
FIRM ORG FIRM NAME ISSUED STOPPED
190 H BMO CAPITAL 4
407 C STRAITS FIN LLC 1
555 H BNP PARIBAS SEC 1
661 C JP MORGAN 5
661 H JP MORGAN 3
709 C BARCLAYS 1
732 C RBC CAP MARKETS 6
737 C ADVANTAGE 4
905 C ADM 3
TOTAL: 14 14
MONTH TO DATE: 17,070
JPMorgan stopped 8/14
GOLD: NUMBER OF NOTICES FILED FOR AUGUST/2024. CONTRACT: 14 NOTICES FOR 1400 OZ or 0.0435 TONNES
total notices so far: 17,070 contracts for 1,707000 Oz (53.090 tonnes)
FOR AUGUST:
SILVER NOTICES: 19 NOTICE(S) FILED FOR 95,000
OZ/
total number of notices filed so far this month : 578 for 2.890 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $13.10 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .57 TONNES OF GOLD FROM THE GLD//
/ /INVENTORY RESTS AT 844.90 TONNES
INVENTORY RESTS AT 844.90 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $0.05 AT THE SLV
NO CHANGES IN SILVER INVENTORY AT THE SLV:
// INVENTORY AT 458.851 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 458.851 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A HUMONGOUS SIZED 3299 CONTRACTS TO 149,836 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH HUGE LIQUIDATION OF OI FROM OUR SPREADERS/TAS DESPITE OUR HUGE LOSS OF $0.92 IN SILVER PRICING AT THE COMEX ON MONDAY’S //RAID. SOME OF OUR OI
LIQUIDATION ACCOMPANIED OUR SMALL NET GAIN OF 251 CONTRACTS ON OUR TWO EXCHANGES AS WE HAD SOME LIQUIDATION OF T.A.S. CONTRACTS DURING MONDAY’S RAID. WE, AGAIN HAD ZERO SHORT COVERING BY OUR SPECS DESPITE THE HUGE LOSS IN PRICE AS WE HAD A HUMONGOUS 3550 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY A HUMONGOUS 2375 CONTRACT T.A.S ISSUANCE. IN ESSENCE WE GAINED 251 CONTRACTS ON OUR TWO EXCHANGES DESPITE THE MASSIVE LOSS IN PRICE.
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 YESTERDAY. THE DEMAND FOR SILVER WAS JUST TOO GREAT FOR OUR BANKERS TO CONTAIN AND THUS THE STEEP RISE IN OI ON OUR TWO EXCHANGES DESPITE THE TINY LOSS IN PRICE.
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: 2375 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 BUT TO NO AVAIL. IT ALSO LOOKS LIKE THE FED (GOV’T) IS BEHIND EVERY DAY TRADING.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.92) BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS FROM THEIR PERCH AS WE HAD A SMALL SIZED GAIN OF 251 CONTRACTS ON OUR TWO EXCHANGES.
WE HAD A HUMONGOUS 3115 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.005 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 80,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 3.445 MILLION OZ
//NEW STANDING FOR SILVER//AUGUST IS THUS 3.445 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI GAIN //HUGE SIZED EFP ISSUANCE/ VI) MEGA- HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 2375 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED A MASSIVE 6414 CONTRACTS//HOW IS THIS NOT CRIMINAL?
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JUNE ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF AUGUST
TOTAL CONTRACTS for 4 DAYS, total 7885 contracts: OR 39.425 MILLION OZ (1971 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 39.425 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: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 39.425 MILLION OZ//THIS MONTH WILL PROBABLY BE A DOOZY FOR ISSUANCE.
RESULT: WE HAD A MEGA HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3299 CONTRACTS DESPITE OUR HUGE LOSS IN PRICE OF SILVER PRICING AT THE COMEX//MONDAY.,. THE CME NOTIFIED US THAT WE HAD A MEGA HUGE EFP ISSUANCE CONTRACTS: 3550 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 AUGUST OF 3.005 MILLION OZ ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 80,000 OZ QUEUE JUMP
//NEW TOTAL STANDING FOR JULY 3.445 MILLION OZ
WE HAVE A SMALL SIZED GAIN OF 251 OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE HUGE LOSS IN PRICE…..THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A MEGA HUGE SIZED 2375 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE MONDAY COMEX TRADING WHICH ACCOUNTS FOR THE MAJOR PORTION OF THE HIGH COMEX OI GAIN DESPITE THE HUGE LOSS IN PRICE//// ZERO SHORT COVERING FROM OUR SPEC SHORTS AND ZERO LIQUIDATION OF LONGS. ALSO SOME OF OUR LONGS EXERCISED THEIR RIGHT AND TENDERED FOR PHYSICAL SILVER.
THE NEW TAS ISSUANCE MONDAY NIGHT (2375) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .
WE HAD 19 NOTICE(S) FILED TODAY FOR 95,000 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 HUMONGOUS SIZED 19,668 OI CONTRACTS TO 483,849 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 A HUMONGOUS AND CRIMINAL 26,591 CONTRACTS
WE HAD A HUMONGOUS SIZED DECREASE IN COMEX OI (19,668 CONTRACTS) OCCURRED DESPITE OUR LOSS OF $23.75 IN PRICE/MONDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER. AS WELL AS ORCHESTRATING THE RAID. WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR AUGUST AT 65.55 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 1800 OZ EXCHANGE FOR PHYSICAL TRANSFER TO LONDON WHERE THESE GUYS TOOK IMMEDIATE DELIVERY OF GOLD IN LONDON.
NEW STANDING REDUCES TO 65.284 TONNES
/ ALL OF THIS HAPPENED WITH OUR $23.75 LOSS IN PRICE WITH RESPECT TO MONDAY’S TRADING. WE HAD A FAIR SIZED LOSS OF 3564 OI CONTRACTS (11.08 PAPER TONNES) ON OUR TWO EXCHANGES, WITH MANY LONGS, REMAINING AT THE END OF THE DAY, TENDERING FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE, MUCH TO THE ANGER AND HORROR EXHIBITED BY OUR MAJOR BANKER, THE FEDERAL RESERVE BANK OF NEW YORK.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A HUMONGOUS SIZED 16,104 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 483,849
IN ESSENCE WE HAVE A FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3,564 CONTRACTS WITH 19,668 CONTRACTS INCREASED AT THE COMEX// AND A HUMONGOUS SIZED 16,104 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 3,564 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 2389 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A HUMONGOUS SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (16,104 CONTRACTS) ACCOMPANYING THE HUGE SIZED LOSS IN COMEX OI OF 19,668 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 3564 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 AUGUST AT 65.55 TONNES FOLLOWED BY TODAY’S 1800 OZ EXCHANGE FOR PHYSICAL TRANSFER TO LONDON WHERE THESE BOYS NEEDED IMMEDIATE DELIVERY OF PHYSICAL GOLD ON THAT SIDE OF THE POND AS CENTRAL BANKS CONTINUED ON THE GOLD BUYING SPREE!
//NEW STANDING REDUCES TO: /AUGUST 65.284 TONNES.
/ 3) HUGE T.A.S. LIQUIDATION//SPREADER CONTRACTS WITH ZERO NET LONG SPECS BEING CLIPPED,
4) HUMONGOUS SIZED COMEX OPEN INTEREST LOSS 5) HUMONGOUS ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 2389 CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2024 INCLUDING TODAY
AUGUST
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF AUGUST. :
TOTAL EFP CONTRACTS ISSUED: 30,705 CONTRACTS OF 3,070,500 OZ OR 95.505 TONNES IN 4 TRADING DAY(S) AND THUS AVERAGING: 4866 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 4 TRADING DAY(S) IN TONNES 95.505 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 95.505 DIVIDED BY 3550 x 100% TONNES = 2.69% OF GLOBAL ANNUAL PRODUCTION
ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023
JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
FEB : 171.24 TONNES ( DEFINITELY SLOWING DOWN AGAIN)..
MARCH:. 276.50 TONNES (STRONG AGAIN/
APRIL: 189..44 TONNES ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)
MAY: 250.15 TONNES (NOW DRAMATICALLY INCREASING AGAIN)
JUNE: 247.54 TONNES (FINAL)
JULY: 188.73 TONNES FINAL
AUGUST: 217.89 TONNES FINAL ISSUANCE.
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
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: 351. 65 TONNES (3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL AND THE HIGHEST EVER RECORDED POST BASEL III)
AUGUST: 95.505 TONNES//THIS MONTH WILL NO DOUBT BE A HUGE ISSUANCE OF EFP’S SIMILAR TO SILVER. QUITE POSSIBLY WILL BE A RECORD ISSUANCE
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 3299 CONTRACTS OI TO 149,836 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 3550 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 3550 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 3550 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 3299 CONTRACTS AND ADD TO THE 3550 E.FP. ISSUED
WE OBTAIN A SMALL SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 251 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 1.255 MILLION OZ OCCURRED DESPITE OUR HUGE $.92 LOSS IN PRICE
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
TUESDAY MORNING/MONDAY NIGHT
SHANGHAI CLOSED DOWN 6.59 PTS OR 0.23% //Hang Seng CLOSED DOWN 51.06 PTS OR 0.31% // Nikkei CLOSED DOWN 3217.44 OR 10.23%//Australia’s all ordinaries CLOSED UP .39%///Chinese yuan (ONSHORE) CLOSED DOWN TO 7,1526 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.1485/ Oil UP TO 72.89 dollars per barrel for WTI and BRENT DOWN AT 75.99 Stocks in Europe OPENED ALL RED
ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A GIGANTIC SIZED 19,668 CONTRACTS TO 483,849 WITH OUR LOSS IN PRICE OF $23.75 WITH RESPECT TO MONDAY’S TRADING//RAID. WE LOST A HUGE NUMBER OF SPREADER/T.A.S. CONTRACTS AS SHORTS PANICKED QUITE EARLY IN THE SESSION AND COVERED AT MUCH HIGHER PRICES. THEN THE FED ORCHESTRATED A HUGE RAID AGAIN AS THEY TRIED TO COVER THEIR MASSIVE GOLD SHORTFALL. THIS EVENT CAME IN CONTACT WITH MANY CENTRAL BANKS EXERCISING THEIR CONTRACTS VIA THE EXCHANGE FOR PHYSICAL ROUTE AND TENDERING FOR PHYSICAL GOLD. SEEMS THAT THE FED WILL BE HELL-BENT TRYING TO COVER.
OUR LONDONERS ALSO BOUGHT NEW MASSIVE QUANTITIES OF LONGS AND THIS WILL BE TENDERED FOR PHYSICAL ON A T + 1 BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD MUST BE DELIVERED IN A VERY TIMELY ONE DAY I.E. WEDNESDAY MORNING. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.
WE HAD A STRONG T.A.S. LIQUIDATION ON MONDAY’S LOSS IN PRICE WITH ZERO LONGS BEING CLIPPED (AS YOU WILL SEE BELOW) BUT WE DID HAVE MAJOR SHORT COVERING. THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW ENTERING INTO THE ACTIVE DELIVERY MONTH OF AUGUST.… THE CME REPORTS THAT THE BANKERS ISSUED A GIGANTIC SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A HUGE SIZED 16,104 EFP CONTRACTS WERE ISSUED: : OCT/DEC 16,104 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 16,104 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD DELIVERED COMES FROM LONDON.
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 3564 CONTRACTS IN THAT 16,104 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A HUGE SIZED LOSS OF 19,668 COMEX CONTRACTS..AND THIS LOSS ON OUR TWO EXCHANGES HAPPENED DESPITE OUR FALL IN PRICE OF $23.75/MONDAY COMEX RAID. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AS MENTIONED ABOVE.
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 2389 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 AND ESPECIALLY ON MONDAY’S TRADING/RAID.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: AUGUST (65.284 TONNES)
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 42 MONTHS OF 2021-2024:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022:
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/PRIOR= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 65.378 TONNES
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $23.75 //// BUT WERE SUCCESSFUL IN KNOCKING OFF SOME SPECULATOR LONGS AS WE DID HAVE A SMALL LOSS IN OUR TWO EXCHANGES. CENTRAL BANK LONGS , EXERCISED FOR PHYSICAL. WE HAD A HUGE SIZED T.A.S. LIQUIDATION MONDAY/COMEX
WE HAVE LOST A TOTAL OI OF 11.08 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR AUGUST (65.55 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 1800 OZ E.F.P. JUMP TO LONDON//NEW STANDING: 65.284 TONNES.
NEW STANDING FOR AUGUST: 65.284 TONNES
ALL OF THIS WAS ACCOMPLISHED DESPITE OUR LOSS IN PRICE TO THE TUNE OF $23.75
WE HAVE REMOVED A MASSISVE 26,591 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET LOSS ON THE TWO EXCHANGES 3564 CONTRACTS OR 356,400 OZ (11.08
TONNES)
confirmed volume MONDAY 380,085 contracts//strong//raid volume
//speculators have left the gold arena
AUGUST 6 AUGUST GOLD CONTRACT
/ /// THE AUG 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 33,895.109 OZ Asahi Brinks . |
| Deposit to the Dealer Inventory in oz | nil |
| Deposits to the Customer Inventory, in oz | NIL oz |
| No of oz served (contracts) today | 14 notice(s) 1400 OZ 0.0435 TONNES |
| No of oz to be served (notices) | 3919 contracts 391,900 OZ 12.189 TONNES |
| Total monthly oz gold served (contracts) so far this month | 17,070 notices 1,707,000 oz 53.090 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 oz
withdrawals: 0
TOTAL WITHDRAWALS nil oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JULY
For the front month of AUGUST we have an oi of 3933 contracts having LOST 619 contracts.
We had 601 contracts served on Monday, so we LOST an additional 18 contracts or 1800 oz will NOT stand for gold at the comex as they were immediately ferried over to London to take delivery of gold via the exchange for physical route.
SEPT. GAINED 15 CONTRACTS TO STAND AT 5313 CONTRACTS.
OCTOBER LOST 2809 CONTRACTS DOWN TO 52,302 CONTRACTS
We had 14 contracts filed for today representing 1400 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 14 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 8 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for AUGUST /2024. contract month, we take the total number of notices filed so far for the month (17,070) x 100 oz ) to which we add the difference between the open interest for the front month of August 3933( CONTRACTS) minus the number of notices served upon today (8 x 100 oz per contract( equals 2,098,900 OZ OR 65.284 TONNES.
thus the INITIAL standings for gold for the AUGUST contract month: No of notices filed so far (17070 x 100 oz +we add the difference for front month of AUGUST (3933 X// , OI} minus the number of notices served upon today (8) x 100 oz which equals 2,098,900 oz (65.284 TONNES)
TOTAL COMEX GOLD STANDING FOR AUGUST: 65.284 TONNES WHICH IS HUGE FOR THIS VERY ACTIVE DELIVERY MONTH IN THE CALENDAR.
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COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,668,278.488 oz 51.89 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,834,210.890 OZ
TOTAL REGISTERED GOLD 8,193,088.571 ( 254.83 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,653,782.712 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,524,810 oz (REG GOLD- PLEDGED GOLD)= 202 tonnes //
END
SILVER/COMEX
AUGUST 6/2024
INITIAL
//2024// THE AUG 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 0 OZ oz . |
| Deposits to the Dealer Inventory | |
| Deposits to the Customer Inventory | 1,081,628.040 oz ASAHI Loomis |
| No of oz served today (contracts) | 19 CONTRACT(S) (95,000 OZ) |
| No of oz to be served (notices) | 111 contracts (0.555 million oz) |
| Total monthly oz silver served (contracts) | 578 Contracts (2.890 MILLION oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
i) 0 dealer deposit/
total dealer deposit : nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 2 customer deposits:
i) into ASAHI 600,227.13 oz
ii) Into Loomis: 481,405.910 oz
total customer deposit 1,081,628.910 oz oz
JPMorgan has a total silver weight: 134,771million oz/303.804million or 44.59%
adjustment:1;
Manfra: dealer to customer 579,215.300 oz
customer withdrawals: 0
total withdrawal: nil 0z
TOTAL REGISTERED SILVER: 70.019 MILLION OZ//.TOTAL REG + ELIGIBLE. 302.723 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR AUGUST:
silver open interest data:
FRONT MONTH OF AUGUST/2024 OI: 130 CONTRACTS HAVING LOST 115 CONTRACT(S).
WE HAD 131 NOTICES SERVED ON MONDAY, SO WE GAINED 16 CONTRACTS OR AN ADDITIONAL 80,000 OZ WILL STAND FOR SILVER AT THE COMEX. SEEMS GOLD IS SCARCE AS THE COMEX BUT NOT SILVER.
SEPT SAW A LOSS OF 45344 CONTRACTS TO 97,325. SEPT NOW BECOMES THE NEW FRONT MONTH
OCTOBER SAW ANOTHER GAIN OF OPEN INTEREST CONTRACTS OF 14 CONTRACTS AND THUS WE HAVE 138 OPEN INTEREST CONTRACTS FOR OCTOBER.
.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 19 for 95,000 oz
CONFIRMED volume; ON FRIDAY 140,252 huge
To calculate the number of silver ounces that will stand for delivery in AUGUST we take the total number of notices filed for the month so far at 578 x 5,000 oz = 2.890 MILLION oz
to which we add the difference between the open interest for the front month of AUGUST( 130) and the number of notices served upon today 19 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the AUGUST/2024 contract month: 578 notices served so far) x 5000 oz + OI for the front month of AUGUST (130)x number of notices served upon today minus (19)x 5000 oz of silver standing for the AUGUST contract month equates to 3.445 MILLION OZ.
New total standing: 3.445 million oz.
There are 70.019 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!
GLD
AUGUST 5 WITH GOLD DOWN $13.10 ON THE DAY; SMALL CHANGES IN GOLD AT THE GLD” A WITHDRAWAL OF .57 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 844.90 TONNES
AUGUST 2 WITH GOLD DOWN $9.95 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.58 TONNES OF GOLD OUT OF THE GLD//INVENTORY RESTS AT 845.47 TONNES
AUGUST 1 WITH GOLD UP $9.15 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.88 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 846.05 TONNES
JULY 30 WITH GOLD UP $26.55 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD// A /////INVENTORY RESTS AT 843.17 TONNES
JULY 29 WITH GOLD UP $27.35 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD// A WITHDRAWAL OF 1.98 TONNES OF GOLD OUT OF THE GLD/////INVENTORY RESTS AT 843.17 TONNES
JULY 26 WITH GOLD UP $27.35 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD// A DEPOSIT OF 3.45 TONNES OF GOLD INTO THE GLD/////INVENTORY RESTS AT 845.19 TONNES
JULY 25 WITH GOLD DOWN $60.45 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD// ///INVENTORY RESTS AT 841.74 TONNES
JULY 24 WITH GOLD UP $12.75 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF 1,73 TOONNES OF GOLD INTO 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
GLD INVENTORY: 845.47 TONNES, TONIGHTS TOTAL
SILVER
AUGUST 5//WITH SILVER UP $0.05//NO CHANGES IN SILVER INVENTORY:
///./// /INVENTORY AT 458.851 MILLION OZ
AUGUST 2//WITH SILVER DOWN $0.01//HUGE CHANGES IN SILVER INVENTORY: A WITHDRAWAL OF 1.243 MILLION OZ OF SILVER OUT OF THE SLV ///./// /INVENTORY AT 460.961 MILLION OZ
AUGUST 1//WITH SILVER DOWN $0.46//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 1.608 MILLION OZ OF SILVER VAPOUR INTO THE SLV///./// /INVENTORY AT 462.204 MILLION OZ
JULY 31//WITH SILVER UP $0.45//NO CHANGES IN SILVER INVENTORY: /./// /INVENTORY REMAINS AT 460.596 MILLION OZ
JULY 30//WITH SILVER UP $0.61//SMALL CHANGES IN SILVER INVENTORY: A WITHDRAWAL OF 0.456 MILLION OZ OF SILVER VAPOUR INTO THE SLV/./// /INVENTORY RISES AT 460.596 MILLION OZ
JULY 29//WITH SILVER DOWN $0.07//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 4.382 MILLION OZ OF SILVER VAPOUR INTO THE SLV/./// /INVENTORY RISES AT 461.052 MILLION OZ
JULY 26//WITH SILVER DOWN $0.07//NO CHANGES IN SILVER INVENTORY./// /INVENTORY REMAINS AT 456.670 MILLION OZ
JULY 25 WITH SILVER DOWN $1.37//HUGE CHANGES IN SILVER INVENTORY: A WITHDRAWAL OF 3.124 MILLION OZ OF SILVER OUT OF THE SLV./// /INVENTORY FALLS TO 456.670 MILLION OZ
JULY 24 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 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./
CLOSING INVENTORY 460.961 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1.PETER SCHIFF SCHIFF GOLD/MIKE MAHARRAY
2. ALASDAIR MACLEOD/JIM RICKARDS/PAM AND RUSS MARTENS/ JAMES RICKARDS/ VON GREYERZ//GOLD AND SILVER COMMENTARY
Market turmoil and precious metals
In currency and stock market turmoil, gold is down about 3% and silver 15%. Should stackers be worried?
| ALASDAIR MACLEODAUG 6∙PAID |
The first point to make is that when there are huge stockmarket losses, other unrelated assets become a source of funds to cover them. In that context, the decline in gold from all-time highs is minor so far. Let’s look at the underlying position.
The big negative is the short positions on Comex and London. In the case of London, we must include unknown quantities of fractionally reserved unallocated accounts in European banks. But the visible position is obviously Comex, where the bullion bank trading desks are short. The position at the last Commitment of Traders numbers (30 July, when gold was $2410) is shown in the chart below:
Swaps are mostly bullion bank traders, and there were 20 long, and 24 short. The short position was $68.2bn, averaging $2.84bn each, before any offset from the longs. These are close to a record, and some bank treasurers will be pushing to get these positions down. As a group, they have a common interest in aggressively taking out any and all speculator longs. They are net long 150,000 contracts, not overbought but marginally more than the long-term average which we take as neutral. They are shown next:
The current active contract is December, which allows the Swaps to push the price around because the December contract value doesn’t meet the spot price until end-November (which it does by being deliverable at that time).
A second negative is speculator longs on the Shanghai Futures Exchange, if these players are squeezed into losses on leveraged positions.
Against this, there are two very powerful positives. The first is that central banks, sovereign wealth funds, and Chinese banks offering gold accounts to their depositors are greedy buyers of physical bullion. We see evidence of this with Comex stands-for-delivery, with over 1,705,600 ounces (53 tonnes) stood for delivery in the last four trading sessions. At the same time exchange for physicals have swollen to 31,202 contracts in those sessions (equivalent of 3,120,200 ounces (97 tonnes). We can’t say that all EFPs are in the same direction, but it is likely to be mostly LBMA members exchanging Comex contracts for London forward long positions and delivery taken there. Undoubtedly, the big buyers using these facilities are Chinese banks operating on the PBOC’s and their own behalf.
A second positive is that ETFs held by the public in western capital markets have been sold down over the last few years. While there could easily be more selling from this quarter to cover losses in equity markets, it is unlikely to be a significant factor.
Silver
Not only is silver more volatile, but when gold is not actually rising and therefore reflecting an increasingly desirable haven for those fleeing weakening credit, the pause in “moneyness” allows the paper shorts to hit silver prices hard. This is why when gold has only declined 3%, silver has fallen five times as much, taking the gold/silver ratio to 88.3. Until gold begins to move ahead, one cannot rule out further weakness in silver. But when the shortage of physical starts driving gold prices higher, silver should soar like a rocket.
War
Tensions in the Middle East are rising astronomically, ignored by markets so far. Reports from credible analysts, and all westerners being told to get out of Lebanon, confirm that in the coming weeks there will be a serious escalation in the Israeli conflict involving not only Iran’s proxies, but Iran itself plus Lebanon and Syria. Russia and China are backing Iran and Syria, America and the UK backing Israel. By refusing any compromise with the Palestinians, Israel will be fighting for its very survival. If attacked, do not rule out Iran closing off the Hormuz Straits, which would drive the oil price through the roof.
Conclusion
Trade gold and silver at your peril. Stackers should just shut their eyes and continue stacking. It could be the last decent chance before gold hurdles well over $2,500.
lio.
3.CHRIS POWELL AND DAILY GOLD/SILVER DISPATCHES
4. GOLD PODCASTS//LIVE FROM THE VAULT/no 184 with Craig Hemke/Andrew Maguire
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COCOA
6 CRYPTOCURRENCY NEWS
END
ASIA TRADING/TUESDAY MORNING/MONDAY NIGHT
SHANGHAI CLOSED DOWN 6.59 PTS OR 0.23% //Hang Seng CLOSED DOWN 51.06 PTS OR 0.31% // Nikkei CLOSED DOWN 3217.44 OR 10.23%//Australia’s all ordinaries CLOSED UP .39%///Chinese yuan (ONSHORE) CLOSED DOWN TO 7,1526 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.1485/ Oil UP TO 72.89 dollars per barrel for WTI and BRENT DOWN AT 75.99 Stocks in Europe OPENED ALL RED
ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.1526
OFFSHORE YUAN: DOWN TO 7.1485
SHANGHAI CLOSED UP 6.59 PTS OR 0.23 %
HANG SENG CLOSED DOWN 51.02 PTS OR 0.31%
2. Nikkei closed UP 3217.44 PTS OR 10.23%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 102.93 EURO FALLS TO 1.0914 DOWN 37 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +0.894 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 145.07…… JAPANESE YEN NOW RISING AS WE HAVE NOW REACHED THE END OF THE YEN CARRY TRADE
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 UP for WTI and UP FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.1645/Italian 10 Yr bond yield UP to 3.653 SPAIN 10 YR BOND YIELD UP TO 3.052%
3i Greek 10 year bond yield UP TO 3.298
3j Gold at $2398.50//Silver at: 26.79 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 96/ 100 roubles/dollar; ROUBLE AT 85.82
3m oil into the 72 dollar handle for WTI and 75 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 145.07/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.894 % STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8543as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9322 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: 3.840 UP 6 BASIS PTS…
USA 30 YR BOND YIELD: 4.112 UP 4 BASIS PTS/
USA 2 YR BOND YIELD: 3.963 UP 8 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 33.59…
10 YR UK BOND YIELD: 3.963 UP 8 PTS
10 YR CANADA BOND YIELD: 3.062 UP 7 BASIS PTS
2a New York OPENING REPORT
Global Markets Rebound After Historic Bloodbath, Japan Soars
TUESDAY, AUG 06, 2024 – 08:09 AM
After Monday’s historic selloff that capped a three-week, $6.4 trillion rout in global equities as a brutal unwind in the carry trade driven by last week’s BOJ rate hike hammered most consensus trades, a dead cat bounce arrived as some investors looked for bargains and markets saw a hint of calm return on Tuesday, but the rebound has been decidedly more tepid than the rout, and doesn’t prove the meltdown is over. Futures on the S&P 500 and Nasdaq are poised to regain only a fraction of yesterday’s loss, while stocks in the UK and Europe gave up earlier gains to head lower. There were stronger moves in Japan, where the two key share gauges both jumped more than 9% at the close after tumbling 12% the day before. US futures higher in a volatile, shaky session, with small caps lagging the Nasdaq, as USD finds support and Japanese Equities rally 10% overnight, erasing much of Monday’s loss. As of 7:45am, S&P futures were up 0.8%, off session highs, while Nasdaq futures rebounded 1.1% falling more than 7% over past three sessions. That said, much of the overnight gains were pared after JPM’s co-head of FX Strategy Arindam Sandilya said that we may only be 50% – 60% through this carry trade unwind. Bond yields are 5-6bps higher as treasuries retreated, with the 10-year yield heading for the first increase in almost two weeks as traders curbed bets that the Federal Reserve will step in to support markets with early interest rate cuts. Commodities are weaker, with WTI and gold modestly in the green. For the remainder of the week, the macro catalysts are bond auctions and Fedspeak.
Overnight, the bulk of the action was once again in Japan, where the Nikkei 225 index surged 3,217.46 points on Tuesday – its largest single-day rise following the largest one-day drop in history – after US service sector data for July eased concerns of a recession. The average ended the day at 34,675.46, up 3,217.46 points, or 10.2%. The index’s previous biggest single-day jump dates back to October 1990, when it gained 2,676.55 points. By percent, it was the biggest increase since 2008 and the fourth-largest rise ever.
A big reason for Japan’s rebound is because of an emergency meeting between the BOJ and the MOF as Japan’s government and central bank sought to show a united front and restore calm to financial markets, after the biggest stocks plunge in more than three decades triggered criticism of monetary policy tightening and cast a shadow over efforts to get households to invest their assets. With some pointing fingers at the central bank’s decision to hike rates last week as part of the trigger for the market turmoil seen in the last few days, the government appears to be trying to show it’s standing with the BOJ remains unchanged, at least for now.
Anyway, back to the US, where in premarket trading, the Mag7 is higher with Semis up small. Alphabet (GOOGL US) edged 0.3% higher in premarket trading, as a global tech rebound allows the shares to look past Monday’s ruling by a US judge that Google illegally monopolized the search market through exclusive deals. Analysts say a modest stock move was expected, as Alphabet will appeal the verdict and the process will take time to resolve. Palantir shares are up 7.4%, after the data-analysis software company reported second-quarter results that beat expectations. It also raised its full-year forecast and touted the demand it is seeing from artificial intelligence software. Here are the other notable premarket movers:
- Apple (AAPL US) shares are largely flat in US premarket trading, as analysts note that Monday’s ruling on Google by a US judge might impact the $20B+ the iPhone maker collects annually from the search giant. The stock is fluctuating even as global tech stocks rebound on Tuesday.
- Cadence Design (CDNS US) shares rose 2.4% as Piper Sandler raised the recommendation on the software company to overweight from neutral after the recent decline in the stock.
- Celsius Holdings (CELH US) shares climb 8.1% after the energy-drink maker reported second-quarter revenue and earnings per share that topped Wall Street expectations.
- Chegg (CHGG US) shares slide 19% after the education technology company’s forecast for third-quarter adjusted Ebitda missed consensus estimates. Piper Sandler said this was a disappointing quarter from the company.
- CrowdStrike (CRWD US) rose 2.8% as Piper Sandler raised the recommendation on the cyber security company to overweight from neutral, saying investors should “opportunistically build positions at current levels.”
- Hims & Hers Health (HIMS US) shares rise 4.3% after the firm boosts full-year adjusted Ebitda guidance above the average analyst estimate. The telehealth company reported second-quarter revenue that beat estimates. Citi described the performance as “impressive,” but noted that the debate on GLP-1 weight loss drugs was far from over.
- Lucid (LCID US) shares jump 13% after the EV startup announced a commitment of as much as $1.5 billion from one of its biggest investors — an affiliate of Saudi Arabia’s Public Investment fund. Lucid also reported second-quarter revenue that beat the average analyst estimate.
- Lumen Technologies (LUMN US) shares soar 42% after the company said artificial intelligence demand has driven $5 billion of new business and that it is in talks for a further $7 billion in potential sales. Citi upgraded its rating on the stock to neutral from sell after the announcement.
- Yum China (YUMC US) shares jump 8.1%, after the fast-food chain operator’s restaurant margin held up better than expected in the second quarter despite a sluggish economy and weaker same-store sales. Analysts said the profit resilience was a result of stricter cost controls and initiatives such as staff and space sharing between neighboring restaurants.
- ZoomInfo Technologies (ZI US) shares drop 15% after the infrastructure-software company reported second-quarter results that missed expectations and cut its full-year forecast for adjusted earnings. KeyBanc Capital Markets, DA Davidson and Raymond James all downgraded their recommendations on the stock to a hold-equivalent rating.
Underscoring the broad market angst, investors are rushing to insure their portfolios against an extreme market crash. And Wall Street’s “fear gauge,” the VIX index, remains at the highest level in almost two years.
“We don’t expect a lull in the coming days,” said Christopher Dembik, senior investment adviser at Pictet Asset Management. The unraveling of the yen carry trade will continue to trigger margin calls and losses, while a sustained recovery in stocks hinges on central banks measures and big-tech earnings, he said. “I’m expecting the month of August to be red-tainted.”
Even so, the small moves suggested some calm is returning to markets. In an attempt to awaken animal spirits, Goldman’s David Kostin said that buying the S&P 500 after a decline of 5% has usually been profitable in the past four decades. According to Kostin, investors typically profit when buying the S&P 500 index following a 5% sell-off. Since 1980, an investor buying the S&P 500 index 5% below its recent high would have generated a median return of 6% over the subsequent 3 months, enjoying a positive return in 84% of episodes.
Mohit Kumar, chief economist for Europe at Jefferies, echoed Kostin’s sentiment saying that “the violent market moves over the last few sessions, in our view, present a buying opportunity.”
European stocks started off well in the green, but the buying waned with most European bourses now flat or lower; a paring which has occurred without a fresh fundamental driver. The Stoxx 600 was down -0.2% near session lows. Tech outperforms as it rebounds with Deutsche Bank also upgrading the European sector while Banks come in a close second place as they trim recent rate-driven downside. Here are the most notable European movers:
- Abrdn shares rise as much as 5.7% after the investment company reported profit ahead of estimates and an improvement in flows during the first half.
- Clariane shares rise as much as 16%, the most in a month, after the nursing home operator reaffirmed its organic revenue forecast for the year and reported improved free cash flow.
- Adecco shares gain as much as 5.8%, the most in over nine months, after the Swiss staffing company’s revenue undershot forecasts but was seen to have surpassed the trend at peers.
- Zalando shares jump as much as 6.9%, after the online fashion retailer reported second-quarter gross merchandise volume that came ahead of estimates.
- Rational shares rise as much as 5.4% after the German catering appliances maker reported Ebit that beat estimates for the second quarter due to stronger sales.
- IHG shares rise as much as 4.2%, the most intraday since February, after the hotel operator reported first-half earnings that beat estimates.
- Bayer shares climb as much as 1.4% after the German conglomerate reported better-than-expected sales in the second quarter, helped by strong demand for new cancer and kidney drugs.
- YouGov shares jump as much as 23% after it said its full-year results should beat the guidance given back in June, as the company announced plans to cut costs and a new acquisition.
- Oerlikon shares gain as much as 11% after the Swiss chemicals company delivered results for the second quarter ahead of analyst expectations, boosted by a recovery in its Polymer Processing Solutions unit.
- Galenica drops as much as 5.7%, the most in more than two years after the Swiss health care retailer reported a weaker-than-expected 1H24.
- Domino’s Pizza shares drop as much as 7.7%, hitting the lowest intraday level since July 2023, after the UK pizza delivery store operator reported first-half results that Jefferies said pointed to a slow start to the year.
- Rightmove shares fall as much as 7.3% after the real estate portal said a contract with Openrent will terminate in September.
- Travis Perkins shares drop as much as 3.5% after the DIY and building trade supplier cut its profit guidance for the full year.
Earlier, Asian equities rose, helped by bargain hunting after concerns over a hard landing in the US drove a regional benchmark to its worst single-day drop since 2008. The MSCI Asia Pacific Index jumped as much as 4.2%, heading for its best day since November 2022, following a rout of more than 6% on Monday. Japan led the rebound as the yen eased following steep gains against the dollar that drove the nation’s stocks into a bear market. The Topix index closed with a 9.3% gain, the biggest single-day rally since 2008. Regional equities came under the kosh in the previous two sessions as investors fretted over a possible US recession in addition to overheating of the artificial intelligence rally. Meanwhile, the rapid surge in the yen triggered unwinding of carry trades across the globe, weighing on technology stocks.
“The market reaction was a bit extreme yesterday and hence we see this sharp rebound today,” said Rupal Agarwal, Asia quantitative strategist at Sanford C. Bernstein. “I would expect markets to remain volatile and hence would stick to looking for late-cycle defensive exposure through quality or dividend yielding names.”
In addition to Japan, stocks bounced back Tuesday in technology-heavy South Korea and Taiwan. Chinese stocks were mixed even as local brokerages talked up the prospects of the market in the face of a global selloff.
In FX, the yen dropped after rising to its highest level in seven months, taking a breather from the rally stoked by wagers on further Bank of Japan policy tightening. USD/JPY rose as much as 1.5%, after falling to as low as 141.70 on Monday, the lowest since Jan. 2. Leveraged clients who had previously sold spot higher up bought back, according to an Asia-based FX trader. Bloomberg Dollar Spot Index rose 0.3%. The BOJ’s monetary policy tightening last week has triggered a wave of criticism after it helped set off a historic plunge in Japanese stocks and contributed to global market turmoil — likely putting any plans for further interest-rate hikes on ice.
“Volatile financial market conditions, especially rapid JPY appreciation, are lowering the probability of an October-rate hike” by the BOJ, according to an ING note. “The short-term market volatility won’t change the course of the BOJ’s policy normalization, but the pace may be slower than we expect if it continues.”
In rates, US Treasuries fell as the strong demand for haven assets that marked the start of the week waned globally. Treasuries were cheaper by 3bp to 6bp across the curve in a bear-flattening move with intermediates leading the weakness on the day. The 10-year yield is around 3.86% about 7bp cheaper on the day, trailing bunds in the sector by 8bp, gilts by 4bp; belly-led losses flatten 5s30s spread by nearly 4bp while 2s10s is little changed at around -14bp following Monday’s brief disinversion. Investors pivot from haven demand to supply pressure, with first of this week’s three coupon auctions ahead at 1pm New York when the Treasury will hold a 3-Year, $58BN note auction to be followed by 10- and 30-year sales Wednesday and Thursday. WI 3-year yield ~3.81% is roughly 60bp richer than last month’s, which stopped through by 0.8bp.
In commodities, oil held near a seven-month low as a halt in production at Libya’s biggest field refocused attention on the Middle East. Gold steadied after being pulled into Monday’s global rout, when it slumped as some traders cut holdings to cover potential margin calls.
Looking at today’s market calendar, the US economic data slate includes June trade balance at 8:30am. No Fed speakers are scheduled
Market Snapshot
- S&P 500 futures up 0.8% to 5,261.50
- STOXX Europe 600 up 0.5% to 489.66
- MXAP up 3.3% to 171.48
- MXAPJ up 1.2% to 536.84
- Nikkei up 10.2% to 34,675.46
- Topix up 9.3% to 2,434.21
- Hang Seng Index down 0.3% to 16,647.34
- Shanghai Composite up 0.2% to 2,867.28
- Sensex little changed at 78,816.70
- Australia S&P/ASX 200 up 0.4% to 7,680.64
- Kospi up 3.3% to 2,522.15
- German 10Y yield little changed at 2.19%
- Euro down 0.2% to $1.0934
- Brent Futures up 0.2% to $76.49/bbl
- Gold spot down 0.0% to $2,409.98
- US Dollar Index up 0.25% to 102.95
Top Overnight News
- Japan’s government and central bank sought to show a united front and restore calm to financial markets, after the biggest stocks plunge in more than three decades triggered criticism of monetary policy tightening and cast a shadow over efforts to get households to invest their assets. With some pointing fingers at the central bank’s decision to hike rates last week as part of the trigger for the market turmoil seen in the last few days, the government appears to be trying to show it’s standing with the BOJ remains unchanged. BBG
- Japan cash earnings come in ahead of expectations at +4.5% headline (vs. the Street +2.4%) and +1.1% core (vs. the Street -0.9%), placing hawkish pressure on the BOJ (although household spending fell short). RTRS
- Australia’s RBA leaves rates unchanged (as expected) and rules out a near-term cut given ongoing inflation risks. RTRS
- Samsung’s HBM chips being stockpiled by Chinese firms as they worry having availability limited in the future by US restrictions. RTRS
- U.S. central bank policymakers pushed back on Monday against the notion that weaker-than-expected July jobs data means the economy is in recessionary freefall, but also warned that the Federal Reserve will need to cut rates to avoid such an outcome. Many of the latest job report’s details leave “a little more room for confidence that we’re slowing but not falling off a cliff,” San Francisco Fed President Mary Daly said at an event in Hawaii. RTRS
- Monday’s market rout increases both the risks of recession and a more harrowing financial-market accident. But for Federal Reserve officials who laid the groundwork last week to cut rates by a quarter-percentage point at their meeting next month, the outlook would likely need to deteriorate further in the coming weeks to compel a bigger response. WSJ
- A smaller share of US banks reported stricter credit standards in the second quarter, according to the Federal Reserve. The net share of US banks that tightened standards on commercial and industrial loans for mid-sized and large businesses fell to 7.9%, the lowest since 2022, data from a Fed survey of lending officers released Monday showed. That was down from 15.6% in the prior report. BBG
- Nvidia issued a statement regarding Blackwell production concerns and while it doesn’t address them directly, the company notes that Hopper demand is very strong while broad Blackwell sampling has commenced with production on track to ramp in the second half of the year. Marketwatch
- Execs at Boeing and Spirit AeroSystems face a grilling by the NTSB as it tries to uncover any remaining mysteries surrounding the 737 Max 9 that lost a large fuselage panel mid-air in January. BBG
- Fed’s Daly (voter) said risks to Fed mandates are getting in more balance and minds are open to cutting the rate in coming meetings, while she noted concern is that they will deteriorate from the current place of balance in the jobs report but added that they don’t see that right now. Daly said the July jobs report reflected a lot of temporary layoffs and hurricane effect although she noted that if they react to one data point, they would almost always be wrong. Furthermore, Daly said none of the labour market indicators she looks at are flashing red right now but she is monitoring them carefully and said the Fed is prepared to act as it gets more information.
- US Vice President Harris officially won the Democrat presidential nomination.
- Google will appeal a US District Court ruling that it illegally maintained an online search monopoly by paying companies like Apple to make its search engine the default, TechCrunch reports. The decision, a significant defeat for Google, could reshape its business and the internet’s structure.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly positive as the region rebounded from the recent market turmoil – Nikkei futures saw an upside circuit breaker triggered, while the Korea Exchange activated sidecars for the Kospi and Kosdaq after early surges. ASX 200 traded higher albeit within a confined range as participants awaited the latest RBA policy announcement, while the central bank provided no major surprises as it kept rates unchanged and maintained its hawkish tone. Nikkei 225 bounced back aggressively following its largest-ever daily point drop and reclaimed the 34,000 status. Hang Seng and Shanghai Comp. were somewhat lacklustre with the Hong Kong benchmark gave up initial gains, while the mainland lagged after a substantial daily net liquidity drain.
Top Asian News
- Japan’s Top Currency Diplomat Mimura says no comment on market moves; discussed big moves in financial, stock market with BoJ and FSA; government will work closely with BoJ. Share view that Japanese economy is making a moderate recovery. Discussed forex. Closely watching FX moves. Important for currencies to move in stable manner reflective fundamentals. Held meeting as there we big moves in the stock market. Communicating with authorities overseas on recent market moves.
- RBA kept the Cash Rate Target unchanged at 4.35%, as expected, while it reiterated that the Board remains resolute in its determination to return inflation to the target, is not ruling anything in or out, and inflation remains above target which is proving persistent. RBA added that returning inflation to the target is the priority and policy will need to be sufficiently restrictive until the board is confident that inflation is moving sustainably towards the target range. Furthermore, it upped forecasts for GDP, CPI and the Unemployment Rate with forecasts assuming the Cash Rate will be at 4.3% in December 2024, 3.6% in December 2025, and 3.3% in December 2026.
- RBA Governor Bullock says still risks inflation takes too long to return to target; progress on inflation has been slow for a year; need to stay on course with inflation; near-term cut in rates does not align with Board’s thinking. Board did consider a rate rise. Cut is not on the near-term agenda
Markets found some reprieve following yesterday’s hefty selling, Euro Stoxx 50 U/C; action which was led by a substantial rebound in APAC trade that saw the Nikkei 225 close with gains of over 10%, though not quite paring all of Monday’s record move lower. However, across the European session this strength has waned with European bourses now flat/lower; a paring which has occurred without a fresh fundamental driver. Sectors were primarily in the green, but are becoming increasingly mixed; Tech outperforms as it rebounds with Deutsche Bank also upgrading the European sector while Banks come in a close second place as they trim recent rate-driven downside. FTSE 100 -0.3% is the relative laggard, hit by pressure in defensive large-caps and as the housing sector slumps after housebuilder updates, remains afloat overall due to its banking exposure. Stateside, futures in the green (ES +0.5%, NQ +0.6%) with the narrative the same as the above after the better-than-expected ISM Services began a rebound which looks set to continue. Numerous key earnings ahead incl. Caterpillar, Uber & more.
Top European News
- UK Chancellor Reeves said she wants to strengthen and deepen trade ties with the US and noted that the tax burden in the UK is too high, according to an interview with Bloomberg.
- UK Chancellor Reeves left the door open to higher borrowing to tackle the UK ‘fiscal hole’, according to FT.
FX
- DXY is managing to post modest intraday gains following yesterday’s choppy session, today’s range currently 102.69-103.09, which is well within yesterday’s 102.15-103.21 parameter.
- Upside which comes at the expense of GBP, EUR and mostly notable the JPY. Which are down to lows of 1.2700, 1.0908 respectively and USD/JPY as high as 146.36.
- Though, much of that initial JPY-pressure has pared after the morning’s meeting with MOF, FSA & BoJ officials did not include anything particularly pertinent in the readout.
- Antipodeans diverge; AUD leads after a hawkish RBA hold with the upside extending a touch as the Governor highlighted that a hike was considered.
- PBoC set USD/CNY mid-point at 7.1318 vs exp. 7.1454 (prev. 7.1345).
Fixed Income
- Core benchmarks under modest pressure with Bunds holding just under the 135.00 mark having spent much of the session sub-134.74 open. Briefly extended to a 135.12 peak, seemingly as crude slipped a touch before settling and then climbing once more post EZ Retail Sales & supply.
- A similar narrative for Gilts but with upside for the UK benchmark coming after a strong 2043 DMO tap, which came in better than the stellar prior; an auction which lifted the benchmark more convincingly back above the 100.00 handle.
- USTs holding just off 113-12 lows, which mark a new base for the week but markedly above Friday’s 112-21 base. As such, market pricing has shifted to no longer entirely price in a 50bp cut in September, with the odds of that back down to circa. 75%.
- US 3yr supply the afternoon highlight, and while USTs are at WTD lows it remains to be seen if this factors as concession after the moves on Friday/Monday
- UK sells GBP 2bln 4.75% 2043 Gilt: b/c 3.37x (prev. 3.29x), average yield 4.372% (prev. 4.519%) & tail 0.2bps (prev. 0.1bps)
- Germany sells EUR 3.284bln vs exp. EUR 4bln 2.50% 2029 Bobl: b/c 1.9x (prev. 2.0x), average yield 2.09% (prev. 2.39%) & retention 17.9% (prev. 18.4%)
Commodities
- Crude benchmarks have an underlying positive bias, but are off best levels. A bias which was driven by the overall recovery in sentiment and after bullish remarks from the Aramco CEO re. oil demand.
- Precious metals diverge a touch, XAU firmer but contained at its 21-DMA of USD 2412/oz while XAG slips.
- Base metals are mixed with specifics light and the bounce from yesterday’s downside being somewhat offset for the metals by the creeping USD strength.
- Venezuela’s Attorney General is to open a criminal investigation against opposition leaders Machado and Gonzalez.
- “Aramco President to Arabian Business: Strong demand returns to market fundamentals coinciding with the entry of the driving season…We expect oil demand to increase in the coming months”, via Al Arabiya. Adds, “Strong oil demand from China may continue during the second half of 2024”. Expects global oil demand of 104.7mln BPD in 2024 (vs 104.5mln in OPEC July MOMR), seeing more plans to replenish strategic inventories which will aid healthy demand. In July and early August, saw growth in jet-fuel demand and significant growth in China.
- “Iran, Saudi Arabia discuss expansion of bilateral ties”, according to IRNA.
Geopolitics
- US President Biden and VP Harris were told by the national security team it is unclear when Iran and Hezbollah are likely to launch an attack against Israel and the specifics of such an attack, according to a US official.
- “Chairman of Iran’s National Security and Foreign Policy Committee Describes Haniyeh’s Assassination in Tehran as a Declaration of War”, according to Sky News Arabia.
- US officials said US President Biden was informed of the expectation of a scenario for two waves of attacks, one of which is from Iran and another from Hezbollah. However, it is unclear to US intelligence who will attack first or the nature of the attack, while intelligence indicates that Iran and Hezbollah have not yet decided what exactly they want to do, according to Axios.
- US Secretary of State Blinken said the Middle East is at a critical moment and all parties must refrain from escalation, while it is critical that they break this cycle by reaching a Gaza ceasefire and parties should not look for a reason to delay or say no.
- US Secretary of State Blinken spoke to his Egyptian counterpart and Qatar’s PM on Middle East tensions, while Blinken delivered a consistent message to refrain from escalation and calm tensions in the Middle East. Furthermore, Egypt’s Foreign Minister called on his Blinken to pressure Israel to seriously engage in ceasefire talks in the Gaza Strip.
- Palestinian President Abbas said the killing of Hamas leader Haniyeh intended to prolong the conflict in Gaza, while it was also reported that Abbas is to visit Russia on August 12th-14th, according to RIA.
- Russia has started delivering advanced radars and air-defence equipment to Iran as the country prepares for a possible war with Israel, according to two Iranian officials familiar with the planning cited by NYT.
- Several US personnel were injured in a rocket attack on a base housing US troops in Iraq, according to three officials cited by Reuters. It was later reported that US Defence Secretary Austin spoke with Israeli Defence Minister Gallant on Monday and they agreed that the Iran-aligned militia attack on US forces stationed in Iraq marked a dangerous escalation.
- Explosions were heard in the Ukrainian capital of Kyiv after air raid sirens sounded, according to Reuters.
US Event Calendar
- 08:30: June Trade Balance, est. -$72.5b, prior -$75.1b
2B EUROPEAN REPORT
APAC trade saw a reprieve from Monday’s action, though this has faded in Europe – Newsquawk US Market Open
TUESDAY, AUG 06, 2024 – 06:36 AM
- APAC markets found reprieve from Monday’s pressure, a narrative which contained into Europe but has dissipated modestly
- Stateside, US futures modestly in the green as we look ahead to key earnings
- DXY managing to post modest intraday gains with pressure seen across G10 peers ex-AUD which leads after a hawkish RBA
- Fixed benchmarks spent the early morning under pressure but EGBs have lifted off lows following auctions/data; USTs remain pressured as Monday’s dovish pricing eases from extremes
- Crude has an underlying positive bias given the initial tone and bullish Aramco CEO remarks, metals mixed
- Looking ahead, highlights include Canadian Trade Balance Supply from the US, Earnings from Caterpillar, Uber & SuperMicro.
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EUROPEAN TRADE
EQUITIES
- Markets found some reprieve following yesterday’s hefty selling, Euro Stoxx 50 U/C; action which was led by a substantial rebound in APAC trade that saw the Nikkei 225 close with gains of over 10%, though not quite paring all of Monday’s record move lower.
- However, across the European session this strength has waned with European bourses now flat/lower; a paring which has occurred without a fresh fundamental driver.
- Sectors were primarily in the green, but are becoming increasingly mixed; Tech outperforms as it rebounds with Deutsche Bank also upgrading the European sector while Banks come in a close second place as they trim recent rate-driven downside.
- FTSE 100 -0.3% is the relative laggard, hit by pressure in defensive large-caps and as the housing sector slumps after housebuilder updates, remains afloat overall due to its banking exposure.
- Stateside, futures in the green (ES +0.5%, NQ +0.6%) with the narrative the same as the above after the better-than-expected ISM Services began a rebound which looks set to continue. Numerous key earnings ahead incl. Caterpillar, Uber & more.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- DXY is managing to post modest intraday gains following yesterday’s choppy session, today’s range currently 102.69-103.09, which is well within yesterday’s 102.15-103.21 parameter.
- Upside which comes at the expense of GBP, EUR and mostly notable the JPY. Which are down to lows of 1.2700, 1.0908 respectively and USD/JPY as high as 146.36.
- Though, much of that initial JPY-pressure has pared after the morning’s meeting with MOF, FSA & BoJ officials did not include anything particularly pertinent in the readout.
- Antipodeans diverge; AUD leads after a hawkish RBA hold with the upside extending a touch as the Governor highlighted that a hike was considered.
- PBoC set USD/CNY mid-point at 7.1318 vs exp. 7.1454 (prev. 7.1345).
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- Core benchmarks under modest pressure with Bunds holding just under the 135.00 mark having spent much of the session sub-134.74 open. Briefly extended to a 135.12 peak, seemingly as crude slipped a touch before settling and then climbing once more post EZ Retail Sales & supply.
- A similar narrative for Gilts but with upside for the UK benchmark coming after a strong 2043 DMO tap, which came in better than the stellar prior; an auction which lifted the benchmark more convincingly back above the 100.00 handle.
- USTs holding just off 113-12 lows, which mark a new base for the week but markedly above Friday’s 112-21 base. As such, market pricing has shifted to no longer entirely price in a 50bp cut in September, with the odds of that back down to circa. 75%.
- US 3yr supply the afternoon highlight, and while USTs are at WTD lows it remains to be seen if this factors as concession after the moves on Friday/Monday
- UK sells GBP 2bln 4.75% 2043 Gilt: b/c 3.37x (prev. 3.29x), average yield 4.372% (prev. 4.519%) & tail 0.2bps (prev. 0.1bps)
- Germany sells EUR 3.284bln vs exp. EUR 4bln 2.50% 2029 Bobl: b/c 1.9x (prev. 2.0x), average yield 2.09% (prev. 2.39%) & retention 17.9% (prev. 18.4%)
- Click for a detailed summary
COMMODITIES
- Crude benchmarks have an underlying positive bias, but are off best levels. A bias which was driven by the overall recovery in sentiment and after bullish remarks from the Aramco CEO re. oil demand.
- Precious metals diverge a touch, XAU firmer but contained at its 21-DMA of USD 2412/oz while XAG slips.
- Base metals are mixed with specifics light and the bounce from yesterday’s downside being somewhat offset for the metals by the creeping USD strength.
- Venezuela’s Attorney General is to open a criminal investigation against opposition leaders Machado and Gonzalez.
- “Aramco President to Arabian Business: Strong demand returns to market fundamentals coinciding with the entry of the driving season…We expect oil demand to increase in the coming months“, via Al Arabiya. Adds, “Strong oil demand from China may continue during the second half of 2024“. Expects global oil demand of 104.7mln BPD in 2024 (vs 104.5mln in OPEC July MOMR), seeing more plans to replenish strategic inventories which will aid healthy demand. In July and early August, saw growth in jet-fuel demand and significant growth in China.
- “Iran, Saudi Arabia discuss expansion of bilateral ties”, according to IRNA.
- Click for a detailed summary
NOTABLE DATA RECAP
- UK BRC Retail Sales YY (Jul) 0.3% (Prev. -0.5%); Total Sales YY (Jul) 0.5% (Prev. -0.2%)
- UK S&P Global Construction PMI (Jul) 55.3 vs. Exp. 52.8 (Prev. 52.2)
- Barclaycard UK Consumer Spending YY (Jul) -0.3% Y/Y (Prev. -0.6%)
- Swiss Unemployment Rate Adj. (Jul) 2.5% vs. Exp. 2.5% (Prev. 2.4%)
- German Industrial Orders MM (Jun) 3.9% vs. Exp. 0.5% (Prev. -1.6%)
- EU HCOB Construction PMI (Jul) 41.4 (Prev. 41.8)
- EU Retail Sales MM (Jun) -0.3% vs. Exp. -0.1% (Prev. 0.1%); YY -0.3% vs. Exp. 0.2% (Prev. 0.3%, Rev. 0.5%)
NOTABLE EUROPEAN HEADLINES
- UK Chancellor Reeves said she wants to strengthen and deepen trade ties with the US and noted that the tax burden in the UK is too high, according to an interview with Bloomberg.
- UK Chancellor Reeves left the door open to higher borrowing to tackle the UK ‘fiscal hole’, according to FT.
NOTABLE US HEADLINES
- Fed’s Daly (voter) said risks to Fed mandates are getting in more balance and minds are open to cutting the rate in coming meetings, while she noted concern is that they will deteriorate from the current place of balance in the jobs report but added that they don’t see that right now. Daly said the July jobs report reflected a lot of temporary layoffs and hurricane effect although she noted that if they react to one data point, they would almost always be wrong. Furthermore, Daly said none of the labour market indicators she looks at are flashing red right now but she is monitoring them carefully and said the Fed is prepared to act as it gets more information.
- Federal Reserve finalised the resolution plan guidance for large, non-globally systemic banks, while the Fed action follows joint guidance approved by the FDIC at the July 30th meeting.
- US Vice President Harris officially won the Democrat presidential nomination.
- US plans to award SK Hynix (000660 KS) up to USD 450mln in grants for Indiana chips packaging plant, according to the Commerce department.
- Alphabet (GOOG) – Google will appeal a US District Court ruling that it illegally maintained an online search monopoly by paying companies like Apple (AAPL) to make its search engine the default, TechCrunch reports. The decision, a significant defeat for Google, could reshape its business and the internet’s structure.
GEOPOLITICS
MIDDLE EAST
- US President Biden and VP Harris were told by the national security team it is unclear when Iran and Hezbollah are likely to launch an attack against Israel and the specifics of such an attack, according to a US official.
- “Chairman of Iran’s National Security and Foreign Policy Committee Describes Haniyeh’s Assassination in Tehran as a Declaration of War”, according to Sky News Arabia.
- US officials said US President Biden was informed of the expectation of a scenario for two waves of attacks, one of which is from Iran and another from Hezbollah. However, it is unclear to US intelligence who will attack first or the nature of the attack, while intelligence indicates that Iran and Hezbollah have not yet decided what exactly they want to do, according to Axios.
- US Secretary of State Blinken said the Middle East is at a critical moment and all parties must refrain from escalation, while it is critical that they break this cycle by reaching a Gaza ceasefire and parties should not look for a reason to delay or say no.
- US Secretary of State Blinken spoke to his Egyptian counterpart and Qatar’s PM on Middle East tensions, while Blinken delivered a consistent message to refrain from escalation and calm tensions in the Middle East. Furthermore, Egypt’s Foreign Minister called on his Blinken to pressure Israel to seriously engage in ceasefire talks in the Gaza Strip.
- Palestinian President Abbas said the killing of Hamas leader Haniyeh intended to prolong the conflict in Gaza, while it was also reported that Abbas is to visit Russia on August 12th-14th, according to RIA.
- Russia has started delivering advanced radars and air-defence equipment to Iran as the country prepares for a possible war with Israel, according to two Iranian officials familiar with the planning cited by NYT.
- Several US personnel were injured in a rocket attack on a base housing US troops in Iraq, according to three officials cited by Reuters. It was later reported that US Defence Secretary Austin spoke with Israeli Defence Minister Gallant on Monday and they agreed that the Iran-aligned militia attack on US forces stationed in Iraq marked a dangerous escalation.
OTHER
- Explosions were heard in the Ukrainian capital of Kyiv after air raid sirens sounded, according to Reuters.
CRYPTO
- Modestly firmer as the complex attempts to pare the hefty pressure seen on Monday, with the narrative by extension similar to that being seen in other assets.
APAC TRADE
- APAC stocks were mostly positive as the region rebounded from the recent market turmoil – Nikkei futures saw an upside circuit breaker triggered, while the Korea Exchange activated sidecars for the Kospi and Kosdaq after early surges.
- ASX 200 traded higher albeit within a confined range as participants awaited the latest RBA policy announcement, while the central bank provided no major surprises as it kept rates unchanged and maintained its hawkish tone.
- Nikkei 225 bounced back aggressively following its largest-ever daily point drop and reclaimed the 34,000 status.
- Hang Seng and Shanghai Comp. were somewhat lacklustre with the Hong Kong benchmark gave up initial gains, while the mainland lagged after a substantial daily net liquidity drain.
NOTABLE ASIA-PAC HEADLINES
- Japan’s Top Currency Diplomat Mimura says no comment on market moves; discussed big moves in financial, stock market with BoJ and FSA; government will work closely with BoJ. Share view that Japanese economy is making a moderate recovery. Discussed forex. Closely watching FX moves. Important for currencies to move in stable manner reflective fundamentals. Held meeting as there we big moves in the stock market. Communicating with authorities overseas on recent market moves.
- RBA kept the Cash Rate Target unchanged at 4.35%, as expected, while it reiterated that the Board remains resolute in its determination to return inflation to the target, is not ruling anything in or out, and inflation remains above target which is proving persistent. RBA added that returning inflation to the target is the priority and policy will need to be sufficiently restrictive until the board is confident that inflation is moving sustainably towards the target range. Furthermore, it upped forecasts for GDP, CPI and the Unemployment Rate with forecasts assuming the Cash Rate will be at 4.3% in December 2024, 3.6% in December 2025, and 3.3% in December 2026.
- RBA Governor Bullock says still risks inflation takes too long to return to target; progress on inflation has been slow for a year; need to stay on course with inflation; near-term cut in rates does not align with Board’s thinking. Board did consider a rate rise. Cut is not on the near-term agenda
DATA RECAP
- Japanese All Household Spending MM (Jun) 0.1% vs. Exp. 0.2% (Prev. -0.3%); YY -1.4% vs. Exp. -0.9% (Prev. -1.8%)
- Japanese Labour Cash Earnings YY (Jun) 4.5% vs Exp. 2.4% (Prev. 2.0%)
2C) ASIAN REPORT
APAC saw a rebound, RBA kept rates unchanged with a hawkish tone – Newsquawk Europe Market Open
TUESDAY, AUG 06, 2024 – 01:52 AM
- APAC stocks were mostly positive as the region rebounded from the recent market turmoil.
- Nikkei futures saw an upside circuit breaker triggered, while the Korea Exchange activated sidecars for the Kospi and Kosdaq after early surges.
- The RBA policy announcement provided no major surprises as it kept rates unchanged and maintained its hawkish tone.
- Fed’s Daly (voter) said none of the labour market indicators she looks at are flashing red right now but she is monitoring them carefully and said the Fed is prepared to act as it gets more information.
- European equity futures indicate a firmer open with Euro Stoxx 50 futures up 0.9% after the cash market finished with losses of 1.5% on Monday.
- Looking ahead, highlights include German Industrial Orders, EZ Retail Sales, Canadian Trade Balance Supply from Germany & US, and Earnings from Bayer, Caterpillar, Uber & SuperMicro.
- Click for the Newsquawk Week Ahead.
More Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
US TRADE
EQUITIES
- US stocks suffered firm losses on Monday in a continuation of the selling in the aftermath of last Friday’s disappointing jobs data amid economic growth and recession fears, while the weakness also followed on from the market turmoil seen in Asia-Pac bourses which rolled over to their global counterparts. However, the major indices on Wall St finished off their worst levels after finding some slight solace from the stronger-than-expected ISM Services report.
- SPX -3.0% at 5,186, NDX -3.0% at 17,895, DJIA -2.6% at 38,703, RUT -3.3% at 2,039
- Click here for a detailed summary.
NOTABLE HEADLINES
- Fed’s Daly (voter) said risks to Fed mandates are getting in more balance and minds are open to cutting the rate in coming meetings, while she noted concern is that they will deteriorate from the current place of balance in the jobs report but added that they don’t see that right now. Daly said the July jobs report reflected a lot of temporary layoffs and hurricane effect although she noted that if they react to one data point, they would almost always be wrong. Furthermore, Daly said none of the labour market indicators she looks at are flashing red right now but she is monitoring them carefully and said the Fed is prepared to act as it gets more information.
- Fed’s SLOOS found a net 7.9% of large and medium banks tightened standards for commercial and industrial loans in Q2 (prev. 15.6% in Q1) and net 0% of large and medium banks reported weaker C&I loan demand in Q2 (prev. 26.6% in Q2).
- Federal Reserve finalised the resolution plan guidance for large, non-globally systemic banks, while the Fed action follows joint guidance approved by the FDIC at the July 30th meeting.
- US Vice President Harris officially won the Democrat presidential nomination.
APAC TRADE
EQUITIES
- APAC stocks were mostly positive as the region rebounded from the recent market turmoil – Nikkei futures saw an upside circuit breaker triggered, while the Korea Exchange activated sidecars for the Kospi and Kosdaq after early surges.
- ASX 200 traded higher albeit within a confined range as participants awaited the latest RBA policy announcement, while the central bank provided no major surprises as it kept rates unchanged and maintained its hawkish tone.
- Nikkei 225 bounced back aggressively following its largest-ever daily point drop and reclaimed the 34,000 status.
- Hang Seng and Shanghai Comp. were somewhat lacklustre with the Hong Kong benchmark gave up initial gains, while the mainland lagged after a substantial daily net liquidity drain.
- US equity futures continued to nurse recent losses as Asian stocks snapped back from the panic selling.
- European equity futures indicate a firmer open with Euro Stoxx 50 futures up 0.9% after the cash market finished with losses of 1.5% on Monday.
FX
- DXY languished beneath the 103.00 level after extending on post-NFP losses yesterday owing to recent economic growth concerns and recession fears, while there were comments from Fed’s Daly who stated it is too early to tell if the job market is slowing, or if there’s real weakness and that she is more confident they are on a sustainable path to 2%.
- EUR/USD traded sideways after pulling back from a prior attempt to reclaim the 1.1000 status.
- GBP/USD eked mild gains but with upside capped by resistance around the 1.2800 level.
- USD/JPY regained composure following yesterday’s market turmoil and briefly reclaimed the 146.00 handle.
- Antipodeans were mixed despite the improvement in risk sentiment although AUD/USD was mildly underpinned following the RBA policy decision where the central bank unsurprisingly kept rates unchanged and maintained a hawkish tone, while it upped its forecast for GDP, CPI and the Unemployment Rate.
- PBoC set USD/CNY mid-point at 7.1318 vs exp. 7.1454 (prev. 7.1345).
FIXED INCOME
- 10-year UST futures retreated after yesterday’s choppy performance and firmer-than-expected ISM Services data.
- Bund futures gapped beneath the 135.00 level amid a turnaround in risk sentiment and looming supply.
- 10-year JGB futures continued to fade recent advances as risk sentiment got a shot in the arm after a strong ISM Services report, while the data from Japan was mixed as Household Spending disappointed but Labour Cash Earnings topped forecasts with its fastest pace of increase since 1997. There was also further selling pressure after the 10-year auction which resulted in a lower bid to cover and a significant widening of the tail in price with the lowest tail demand measure since 2003.
COMMODITIES
- Crude futures were underpinned as risk appetite recovered and as geopolitical concerns linger amid fears of an imminent retaliation by Iran on Israel.
- Venezuela’s Attorney General is to open a criminal investigation against opposition leaders Machado and Gonzalez.
- Spot gold traded rangebound after recently whipsawing through the USD 2,400/oz level.
- Copper futures were indecisive despite the brightened mood in Asia as its largest buyer China lagged.
CRYPTO
- Bitcoin was firmer and climbed back above the USD 55,000 level amid the improved risk sentiment.
NOTABLE ASIA-PAC HEADLINES
- Japan’s Ministry of Finance, FSA and BoJ will hold a meeting today at 07:00BST/02:00EDT to discuss international financial markets, while an official will provide a press briefing after the meeting.
- RBA kept the Cash Rate Target unchanged at 4.35%, as expected, while it reiterated that the Board remains resolute in its determination to return inflation to the target, is not ruling anything in or out, and inflation remains above target which is proving persistent. RBA added that returning inflation to the target is the priority and policy will need to be sufficiently restrictive until the board is confident that inflation is moving sustainably towards the target range. Furthermore, it upped forecasts for GDP, CPI and the Unemployment Rate with forecasts assuming the Cash Rate will be at 4.3% in December 2024, 3.6% in December 2025, and 3.3% in December 2026.
DATA RECAP
- Japanese All Household Spending MM (Jun) 0.1% vs. Exp. 0.2% (Prev. -0.3%)
- Japanese All Household Spending YY (Jun) -1.4% vs. Exp. -0.9% (Prev. -1.8%)
- Japanese Labour Cash Earnings YY (Jun) 4.5% vs Exp. 2.4% (Prev. 2.0%)
GEOPOLITICAL
MIDDLE EAST
- IDF said it killed Jamal al-Din Jawad who is a leader of the Radwan unit of Hezbollah.
- US President Biden’s administration informed US lawmakers that Iran’s retaliatory strikes may happen as early as Monday or Tuesday, according to The Washington Post citing sources.
- US President Biden and VP Harris were told by the national security team it is unclear when Iran and Hezbollah are likely to launch an attack against Israel and the specifics of such an attack, according to a US official.
- “Chairman of Iran’s National Security and Foreign Policy Committee Describes Haniyeh’s Assassination in Tehran as a Declaration of War”, according to Sky News Arabia.
- US officials said US President Biden was informed of the expectation of a scenario for two waves of attacks, one of which is from Iran and another from Hezbollah. However, it is unclear to US intelligence who will attack first or the nature of the attack, while intelligence indicates that Iran and Hezbollah have not yet decided what exactly they want to do, according to Axios.
- US Secretary of State Blinken said the Middle East is at a critical moment and all parties must refrain from escalation, while it is critical that they break this cycle by reaching a Gaza ceasefire and parties should not look for a reason to delay or say no.
- US Secretary of State Blinken spoke to his Egyptian counterpart and Qatar’s PM on Middle East tensions, while Blinken delivered a consistent message to refrain from escalation and calm tensions in the Middle East. Furthermore, Egypt’s Foreign Minister called on his Blinken to pressure Israel to seriously engage in ceasefire talks in the Gaza Strip.
- White House said the US is working to prevent Iran from attacking Israel.
- Palestinian President Abbas said the killing of Hamas leader Haniyeh intended to prolong the conflict in Gaza, while it was also reported that Abbas is to visit Russia on August 12th-14th, according to RIA.
- Russia has started delivering advanced radars and air-defence equipment to Iran as the country prepares for a possible war with Israel, according to two Iranian officials familiar with the planning cited by NYT.
- Hungarian Foreign Minister called the Israeli Foreign Minister and told him that Iran informed Hungary it is going to attack Israel in response to the assassination of Hamas’s political bureau chief, according to Barak Ravid.
- Several US personnel were injured in a rocket attack on a base housing US troops in Iraq, according to three officials cited by Reuters. It was later reported that US Defence Secretary Austin spoke with Israeli Defence Minister Gallant on Monday and they agreed that the Iran-aligned militia attack on US forces stationed in Iraq marked a dangerous escalation.
OTHER
- Explosions were heard in the Ukrainian capital of Kyiv after air raid sirens sounded, according to Reuters.
EU/UK
NOTABLE HEADLINES
- UK Chancellor Reeves said she wants to strengthen and deepen trade ties with the US and noted that the tax burden in the UK is too high, according to an interview with Bloomberg.
- UK Chancellor Reeves left the door open to higher borrowing to tackle the UK ‘fiscal hole’, according to FT.
DATA RECAP
- UK BRC Retail Sales YY (Jul) 0.3% (Prev. -0.5%)
- UK BRC Total Sales YY (Jul) 0.5% (Prev. -0.2%)
- Barclaycard UK Consumer Spending YY (Jul) -0.3% Y/Y (Prev. -0.6%)
2D JAPAN
Robert H explains how the unfolding of the yen carry trade in Japan will morph into major problems for the globe;
Robert H:
It all starts with Japan
“For years, I have been writing that the real sign of trouble would be Japan not Europe or America. This is where defaults will occur that go around the globe.
Why? Apart from Japan being the largest Creditor in the world; the Yen Carry Trade is being unwound. This is causing immediate large losses for Traders that have to be covered. Add to this that the surplus USD profits made from crashing the Russian Ruble when the USSR was taken down, were never cleaned up and now you have a perfect storm headed for global markets. And this will produce a Liquidity Crunch within weeks. Large capital goods will fall in value as shortages of buyers occur as covering of both currency and market losses takes effect. Just look at the losses of name brand stocks in Japan where some banks are off over 25% in 2 days in price.
As the confidence in Japan’s government falls off the cliff, interest rates will move higher, making the carry trade even less viable for Japan and other investors. That alone will shift Japan’s capital flows. At the end of 2023 Japan investors owned $10.6 trillion in foreign assets. They will be forced to sell at a loss to cover their Carry Trade losses. Japanese companies have been big buyers of American and Australian collateralized loan obligations and are now trapped. The stronger yen ( raising interest rates does this) means those investors will need to dump foreign holdings to meet liabilities at home, furthering the LIQUIDITY CRISIS. That could well weaken all asset prices, especially in Europe, where war drums beat loudest. This will also not serve well in America or Australia because there are no ready buyers with liquidity to fill the void when Japanese Buyers turn into Sellers. And China is no longer a willing ready Buyer. This is already being seen in CRE Real Estate where mortgages mean nothing as such assets are being sold at $.50 on the dollar in cities like Los Angeles and NewYork. We will see more of this. Bargains will be greatest where Japanese hold mortgage bonds and need to dump.This Liquidity Storm in Japan will go around the world before it is extinguished. Soon Cash and Patience will go hand in hand in opportunity gains not seen in decades. “
end
3 CHINA
CHINA/
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
GERMANY
Germany’s EV sales sink a huge 37% as subsidies end.
(OilPrice.com)
Germany’s EV Sales Sink 37% As Subsidies End
TUESDAY, AUG 06, 2024 – 03:30 AM
Authored by Michael Kern via OilPrice.com,
The biggest European car market, Germany, saw the sales of electric vehicles plummet by 36.8% in July from a year earlier, as EV sales are softening worldwide and as Berlin ended subsidies at the end of 2023.
New car registrations of battery vehicle vehicles (BEVs) in Germany slumped to 30,762 vehicles in July from the same month of 2023, the latest data rom the German Federal Motor Transport Authority showed on Monday. July marked the largest annual drop in EV sales since the government ended subsidies for EV acquisitions in December 2023.
While BEV sales plunged, the overall car market held relatively flat. New car registrations of gasoline-powered passenger vehicles rose by 0.1% year-over-year in July, and diesel car sales increased by 1.4%.
Tesla’s new registrations slumped by 36.7% in July compared to the same month of 2023, and was among the worst-performing foreign brands in Germany last month. Renault, Hyundai, and Fiat, among others, also saw their sales on the German market fall in July compared to a year earlier.
EV demand has visibly softened over the past year, leaving legacy automakers in the U.S., Germany, and France struggling with an overcapacity of their EV models as they realize that the transition to fully electrified transportation will be taking longer than they thought.
Earlier this year, BEV sales in the United States fell for the first time since the onset of Covid in 2020.
With lower EV sales than expected, major carmakers in the U.S. and Europe are scaling back production of electric vehicles amid overcapacity and are rethinking their ambitious EV sales goals.
Rising concerns about EV capital costs, uncertainties around a number of elections this year, especially in the U.S., and a shortage of rapid-charging stations are the three key factors slowing the EV momentum, Goldman Sachs Research analyst Kota Yuzawa said in May.
The slowdown in global EV sales has hit the profits of the major EV battery manufacturers this year, too.
end
ENGLAND
Welcome to parts of Muslim England…
BIRMINGHAM AND OTHER MAJOR CITIES
BBC Describes Violent Birmingham Riot As “Largely Peaceful”
TUESDAY, AUG 06, 2024 – 09:25 AM
Authored by Paul Joseph Watson via Modernity.news,
The BBC described a riot in Birmingham during which a pub was besieged, innocent people violently attacked and news reporters harassed and followed as “largely peaceful,” while failing to identify the people behind it.
Last night saw more unrest in several locations across the country, but the broadcaster was seemingly loathe to focus on what happened in England’s second largest city.
Hundreds of Muslim men gathered on the streets of Birmingham near the Village Islamic Centre after reports of a “far-right” rally that never materialized.
What did unfold was severely downplayed or ignored completely by a media that has for a week been busy blaming all the disorder on white, working class people despite the presence of mobs of Muslim men who have also fueled the violence.
A clip from Sky News shows one of their female reporters being confronted by masked thugs, one of whom makes a gun trigger sign towards the camera.
Labour MP Jess Philips then condoned the actions of the mob by asserting they were only there to protect themselves from “racists” (white people).
Another clip, subsequently deleted by Sky News, showed a man wearing a balaclava trying to slash the tyres of their vehicle.
The mob then targeted a pub as frightened locals sheltered inside.
One of the mob said the attack on the pub was a means of “asserting dominance.”
Another clip shows the mob smashing up the cars of innocent people driving by.
Another clip showed the mob violently attacking an old man.
When the BBC finally reported on the violence, they refused to identify who was behind it.
The BBC’s report on what happened in Birmingham tonight completely omits who the perpetrators were.
·
379.6K Views
https://twitter.com/PrisonPlanet/status/182060066989762182
Another journalist targeted by the mob blamed the “far-right”.
Journalist gets chased out of a migrant no-go zone, abused, threatened, followed with weapons… Blames the far-right
Quote
Fraser Knight
@Fraser_Knight
·
18h
What is happening on the streets of Britain is causing real tensions among communities. As a reporter, I’ve just been chased out of an area of east Birmingham by groups of Asian men who had come out to ‘protect their community’ against a planned far-right demonstration. The
·
64.7K Views
And to top it all off, despite acknowledging that “several vehicles and a pub” were “attacked by Muslim youths,” the BBC’s Phil Mackie said that the mob were wearing masks and carrying weapons but that it was a “largely peaceful demonstration.”
Not only is the UK under a system of two tier policing, the whole narrative is being spun by a two tier media which villifies white, working class protesters as violent rioters, in some cases calling them terrorists, while pardoning the actions of Muslim mobs who engage in similar behavior.
* * *
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5/RUSSIAN AND MIDDLE EASTERN AFFAIRS
/ISRAEL/HAMAS/UN
We have told you many time that many UN workers are part of Hamas
Now they fire 9 staff members who were likely involved in the Oct 7 attacks
(zerohedge)
UN Fires Nine Gaza Staff Members Likely Involved In Oct.7 Attacks
MONDAY, AUG 05, 2024 – 04:40 PM
This looks like an admission of guilt after months of denial: “The UN said on Monday that nine staff working for its Palestine refugee agency UNRWA will be sacked because they may have been involved in the 7 October 2023 Hamas-led attacks against Israel,” a statement posted Monday to the UN’s online press release section stated.
UN deputy spokesperson Farhan Haq confirmed that all nine will be terminated following an investigation of official allegations initially lodged by Israel that UNWRA staff had been involved in the terror attacks which killed about 1,200 people near the border with Gaza, and which resulted in 251 Israelis and foreigners taken hostage.
Already most countries have withdrawn funding from the UN agency – known according to its full name as the United Nations Relief and Works Agency for Palestine Refugees in the Near East – due to the Israeli allegations, which said that at least a dozen local Palestinian staff members took part in the attack. In total the UN said it investigated 19.
This major development is a significant reversal from the agency’s stance in March, when it claimed some its employees had been pressured by Israeli security services in to making false confessions while in detention. Controversy exploded in America as well, given the outsized funding of the UN agency from Washington (and US taxpayers).
At one point in the controversy Israeli officials had claimed that a whopping 450 UNWRA staff had been involved in terrorist organizations. In total the UNRWA is known to employ 13,000 people in Gaza.
UN agencies tend to employ most people at their local country staff offices, but much fewer at their regional offices, and on up to their diplomatically credentialed staff, which is a much smaller circle of highly vetted people.
Haq’s statement did not disclose what their exact involvement in the Oct.7 may have been, or whether it was a matter of operational foreknowledge. “For us, any participation in the attacks is a tremendous betrayal of the sort of work that we are supposed to be doing on behalf of the Palestinian people,” he said.
The Israel Defense Forces on Monday reacted to the new report of the employees’ mass firing, saying it shows the UNRWA has hit a “new low”.
Back in January, Israel provided to The Wall Street Journal an intelligence dossier which was said to have identified the 12 local UN staff with connections to Oct.7. Included among the intelligence findings were…
Six United Nations Relief and Works Agency workers were part of the wave of Palestinian militants who killed 1,200 people in the deadliest assault on Jews since the Holocaust, according to the intelligence dossier.
Two helped kidnap Israelis. Two others were tracked to sites where scores of Israeli civilians were shot and killed. Others coordinated logistics for the assault, including procuring weapons.
Of the 12 Unrwa employees with links to the attacks, seven were primary or secondary school teachers, including two math teachers, two Arabic language teachers and one primary school teacher.
The report described that in some cases individual UNRWA workers had actually taken part in the cross-border raids of Oct.7 – while another, a female math teacher, was found to possess a photograph of a female Israeli hostage on her phone. In one instance, a Palestinian social worker absconded with the body of a deceased Israeli soldier.
However, Monday’s UN press release withheld any and all details of what the group is suspected of, or what information has been confirmed or proven.
end
IRAN/USA
Iran hits USA forces in Iraq and some injured
(Jerusalem Post)
Iran-aligned attack on US forces in Iraq is dangerous escalation, says Austin
At least five US personnel were injured in an attack against a military base in Iraq on Monday, US officials told Reuters.
By TOVAH LAZAROFF, REUTERSAUGUST 6, 2024 06:10Updated: AUGUST 6, 2024 08:54
Iran was behind the rocket attack against American forces stationed at the al Asad airbase in western Iraq, both US Secretary of State Lloyd Austin and Israeli Defense Secretary Yoav Gallant said on Monday, warning that this was a “dangerous escalation.”
They spoke as the region braced for an Iranian attack against Israel, along with additional potential attacks by the Islamic Republic proxy groups including Hezbollah in Lebanon.
The first response, however, appears to have occurred in Iraq as two Katyusha rockets were fired at al-Asad airbase, with one Iraqi security source saying the rockets fell inside the base.
At least five US personnel were injured in an attack against a military base in Iraq on Monday, US officials told Reuters.
“Base personnel are conducting a post-attack damage assessment,” one of the officials added.
Today, I spoke with Israeli Minster of Defense Yoav Gallant to reaffirm U.S. commitment to Israel’s defense from threats posed by Iran, Lebanese Hizballah, and other Iran-aligned militia groups. We agreed the attack from Iran-aligned militias on U.S. forces stationed at Al-Asad Airbase in western Iraq marked a dangerous escalation, and I updated Minister Gallant on measures to strengthen U.S. military posture in light of this escalating situation.
·
263.9K Views
The Pentagon said Gallant and Austin spoke of the attack as “Iran aligned” and agreed that it “marked a dangerous escalation and demonstrated Iran’s destabilizing role in the region.”
Austin reiterated the “unwavering US commitment to Israel’s security in the face of threats from Iran, Lebanese Hezbollah, and other Iran-aligned militia groups,” the Pentagon said. Austin also updated Gallant on “measures to strengthen US military posture in the region in light of this escalating situation,” the Pentagon added.
Last week the US carried out a strike in Iraq against individuals US officials said were militants getting ready to launch drones and posed a threat to US and coalition forces.
The potential of large-scale attacks against Israel by Iran and its proxy group Hezbollah in the aftermath of twin assassinations against Hezbollah commander Fuad Shukr and Hamas leader Ismail Haniyeh, widely attributed to Israel. The IDF has taken responsibility for Shukr’s killing but not for the Haniyeh assassination.
The US has deployed warships to the Middle East, as Washington seeks to bolster regional defenses. A rare ally of both the US and Iran, Iraq hosts 2,500 US troops and has Iran-backed militias linked to its security forces. It has witnessed escalating tit-for-tat attacks since the Hamas-led invasion of southern Israel on October 7, which sparked the Gaza war.
Iran-backed militias
Baghdad has struggled to reign in Iran-backed armed groups that have attacked U.S. forces there and in neighboring Syria dozens of times since Oct. 7.
Iraqi Prime Minister Mohammed Shia al-Sudani spoke with US Secretary of State Anthony Blinken on Sunday.An Iraqi official said Blinken asked Sudani to help decrease regional tensions by helping to convince Iran to temper its response.
US Army General Michael “Erik” Kurilla, head of US Central Command, is currently in the Middle East. One of the US officials said Kurilla was speaking with allies to ensure there was coordination in case of an Iranian attack against Israel. In April the US and Israel worked with armies from Jordan, Great Britain, and France to shoot down 300 Iranian drones and missiles aimed at the Jewish state.
US President Biden and Vice President Kamala Harris were briefed on regional threats national security team “on the threats posed by Iran and its proxies to Israel” and to the US service members in the region, the White House said.
The briefing also touched on the attack at Al Asad Air Base in Iraq. “They discussed the steps we are taking to defend our forces and respond to any attack against our personnel in a manner and place of our choosing,” the White House said.
“They were updated on US military efforts to support the defense of Israel should it be attacked again. They were also briefed on continued diplomatic efforts to de-escalate regional tension and to bring the ceasefire and hostage release deal to a conclusion,” the White House stated.
END
OPINION…
Assassination of Haniyeh reveals a new chink in the IRGC’s armor – opinion
This time, the Iranian regime and its Revolutionary Guards have been caught with their pants down before the entire world, exposed to their weakness, failure, and undoing.
By SALEM ALKETBIAUGUST 6, 2024 03:49
Recent events continue to evidence the weakness and deep deterioration of Iran’s internal security system. This trend has been visible since the November 2020 assassination of Mohsen Fakhrizadeh, considered the mastermind behind Iran’s nuclear program (killed in an ambush near Tehran) to the death of former president Ebrahim Raisi in a helicopter crash, explained away in fatalistic terms, without any official announcement of the final results of the investigation.
There was the January 2020 assassination of former Islamic Revolutionary Guards Corp (IRCG) commander Qasem Soleimani in an American airstrike in Baghdad, Iraq – and now the killing of Ismail Haniyeh, the head of Hamas’ political bureau, in a residential area fully controlled by the IRCG.
Haniyeh’s assassination stands out as the most painful and impactful blow to the Iranian regime, primarily because the operation was carried out with extreme precision under circumstances that prevented the Iranian regime from dealing with it as usual by simply absorbing the blow, regardless of the victim’s importance (as was even the case with someone as significant as the country’s president).
However, Haniyeh was assassinated while sleeping in what the Iranian regime considers its “safest” area. The attack was humiliating for IRGC and its claims of cutting-edge technological and security capabilities. The regime immediately understood the magnitude of the insult it had suffered, prompting the Iranian prosecutor general, a few hours after the fact, to implicitly acknowledge what he described as “negligence,” vowing to hold those responsible accountable.
THIS IS unprecedented behavior from Iran, which has never admitted to “negligence” in previous security breaches. The regime refuses, of course, to call things by their real names or acknowledge the existence of gross corruption and wholesale betrayal within this militia, not subject to any accountability or oversight of any kind.
This time, the Islamic Republic was upset because it was unable to cover up this affront to its national dignity, evidence of its inability to protect a VIP participating in the new president’s inauguration ceremony.
Iran has become accustomed to the targeting of its military leaders and nuclear experts, assassinated one after the other in recent years. Fakhrizadeh was not the first nuclear scientist to be assassinated (in November 2020) in the heart of Tehran. He was preceded by other officials earlier that the same year, attacked within 20 minutes of each other. The first was killed, and the second was injured. Those strikes were followed by the assassinations of a senior general in the IRGC and a senior engineer at an Iranian nuclear facility. The list goes on.
In recent years, killings, reported suicides and deaths in mysterious circumstances had put an end to important personalities, including prominent space scientist Ayoub Entezari, who was said to have been poisoned in the circumstances similar to nuclear scientist Kamran Mollapour at the Natanz facility.
To say nothing of the scandal of smuggling out tons of secret documents related to the Iranian nuclear program, in an intelligence catastrophe that left Tehran with no choice but to claim that the documents were not important – and the breaching of security systems in Iran’s top nuclear reactors, whether by electronic attacks or setting fires and disrupting operating systems.
This time, the Iranian regime and its Revolutionary Guards have been caught with their pants down before the entire world, exposed to their weakness, failure, and undoing. The reason is that the victim, Ismail Haniyeh, was of interest due to the ongoing war in Gaza and because he was among the heads of Hamas, one of Iran’s key terrorist militia arms in the Middle East.
Haniyeh was assassinated in a location believed to be totally beyond the reach of his adversaries; he was spending the night in a residential headquarters of the IRGC in northern Tehran. The presence of only a single security escort for a person of Haniyeh’s stature evidenced the sense of reassurance and confidence in the surrounding security measures.
Growing evidence of ineffectiveness and security within the IRGC
There is abundant evidence pointing to the ineffectiveness and breakdown of security protocols within the IRGC. Numerous high-ranking officials have been eliminated, both within Iran and abroad, using diverse tactics and strategies. This reveals a critical lack of security awareness, coupled with recurring breaches, betrayals, and violations of existing safety protocols. The absence of any meaningful review of these procedures can be attributed to the pervasive arrogance and overconfidence endemic to the Iranian regime.
THIS IS not a conclusion but a reality discussed by one of the largest pro-hardline newspapers in Iran.
The day after Haniyeh’s assassination, the Islamic Republic daily, Jomhouri Eslami, wrote that “the most important aspect of this incident is how Israel reached Haniyeh with such ease, in the heart of Tehran.”
The newspaper pointed out that, since the assassination of Iranian nuclear scientist Fakhrizadeh, it had called for “reviewing the security defect in the guard teams for these personalities and senior officials in Iran because the ease of access to targets and eliminating them in this way confirms the existence of infiltration and infiltrators within these security groups tasked with guarding senior officials and military leaders.”
It said, “There are no listening ears to its calls to purge the security and guard teams of infiltrators and agents.”
The newspaper also notably criticized the recurring rhetoric of retaliation that fails to materialize into concrete action. It argued that, instead of constantly discussing revenge, the focus should be on rooting out infiltrators and holding them accountable to prevent future assassinations.
The paper further claimed that these infiltrators and Israeli agents had managed to climb to prominent positions within Iran through elaborate schemes of deception and fraud.
In my view, the rhetoric of Jomhouri Eslami could set the stage for Iran to side-step a forceful response to Haniyeh’s assassination despite its official promises. This narrative offers a convenient excuse to avoid retaliation, claiming that Iran’s priority is to cleanse the internal ranks of suspected infiltrators.
The writer is a UAE political analyst and former Federal National Council candidate.
END
ISRAEL/HAMAS
IAF strikes Hamas smuggler Mohammed Mahasneh as forces kill 45 Gazan terrorists
Mahasneh reportedly oversaw smuggling operations of military equipment at sea as well as through tunnels and border crossing in Gaza.
By JERUSALEM POST STAFFAUGUST 6, 2024 10:39Updated: AUGUST 6, 2024 13:30
https://player.jpost.com/public/player.html?player=jpost&media=3751383&url=https://www.jpost.com/breaking-news/article-813482IDF troops operate in the Gaza Strip. August 6, 2024. (Credit: IDF Spokesperson’s Unit).
The Israel Air Force eliminated Hamas terrorist Mohammed Mahasneh, among some 45 other terrorists, in the Gaza Strip, the IDF said on Tuesday.
Mahasneh reportedly oversaw smuggling operations of military equipment at sea as well as through tunnels and border crossing in Gaza.
Some 45 terrorists killed
Additionally, in central Gaza, IDF troops killed some 20 terrorists via aircraft and close-quarters combat, the military added.
In the Rafah area, Israeli forces eliminated some 25 terrorists over the past day while the IAF struck terror targets, the IDF reported.
Furthermore, the IAF killed a terrorist who had launched an anti-tank missile at the troop, targeting the structure from which he had been operating
ISRAEL/IRAN/HOUTHIS
end
RUSSIA/UKRAINE
RUSSIA/USA
Reality comes to DC maybe
I was thinking that it would be either Bortnikov or Patrushev conveying this type of message to Burns over at the CIA, however i was wrong. It took Russian Defense Minister to explain to Lloyd Austin what would happen to Kiev and Washington, if D.C. would have even tried to kill Putin. Yes, they were planning to do this the other week at the Naval ceremonies in St. Petersburg
Kiev would cease to exist in mere minutes and, after a few more minutes so would D.C. with most of the US. Russians have lost patience and play for keeps not marbles. D.C. cannot fight a real fight, neither can London. So, they resort to terrorism. May work with a lesser country but not Russia. Even planning such a thing is foolish, especially since Russia knows the details of such actions.
The fact that Ryabkov specifically singled out “some other countries” is telling. So, now it has been revealed that the true face of relationships between DC and Russia does not exist. This is worse than the Cold War era. And as for Zelensky he can forget peace talks. Ukraine will be forcibly de militarized.
As for China and others the message is also clear and no doubt understood.
end
6.COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES
WORLD EVENTS NOTEWORTHY
END
WORLD HEALTH ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
Vaccine Cheerleader, Dr. Peter Hotez with Texas Children’s Hospital, Calls for Deploying Police and Military to confront anti-vaccine stance; so the bow-tied freak nutjob inept specious non-
sensical, academically sloppy, intellectually lazy head up the ass DEMOCRAT voting dimwit, dangerous dimwit, wants deployed security forces against “anti-vaxxers”; he wants federal police to PUNISH us
| DR. PAUL ALEXANDERAUG 5 |
Excellent stack by Thacker and views and I wanted to share, support Thacker if you can…this Hotez is a Nazi like authoritarian. A corrupt Biden Obama Harris disciple and very dangerous to our safety if you listen to him. What stuns me is he is so inept and intellectually vacant and low, yet is given credence by liberals and the elites.
Start Thacker here:
Alexander MAGA news; a fake PCR created COVID non-pandemic is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
‘Social media went a little bonkers last week when an interview of Texas Children’s Hospital’s Dr. Peter Hotez began circulating with the Big Pharma insider calling for the United Nations and NATO to deploy security forces against “anti-vaxxers” in the United States. Dr. Hotez’s statements first appeared on the YouTube channel of an international pediatric conference that took place in Colombia, but the interview then jumped onto X.
The Simposio Internacional de Actualización en Pediatría (International Symposium of Pediatric Updates) later removed the interview from YouTube although photos can still be found on Facebook.
In clips of Hotez’s interview that continue to circulate on X, he claims “anti-vaxxers” caused hundreds of thousands of deaths in the United States. I uploaded one clip to my YouTube channel which you can watch here:
What I’ve said to the Biden administration is, the health sector can’t solve this on its own. We’re going to have to bring in Homeland Security, the Commerce Department, Justice Department to help us understand how to do this.
I’ve said the same with … I met with [WHO general director] Dr. Tedros last month … to say, I don’t know that the World Health Organization can solve this on our own. We need the other United Nations agencies—NATO. This is a security problem, because it’s no longer a theoretical construct or some arcane academic exercise. Two hundred thousand Americans died because of anti-vaccine aggression, anti-science aggression.
And so, this is now a lethal force … and now I feel as a pediatric vaccine scientist … it’s important, just as important for me to make new vaccines, to save lives. The other side of saving lives is countering this anti-vaccine aggression.
Hotez has long been noted for promoting controversial and sometimes false statement about the COVID pandemic and then accusing his critics of “anti-science.”
But this is not the first time Hotez has called for police to deploy against those who disagree with his views on science. Last October, Scientific American platformed Hotez as an expert on “anti-science” and didn’t bat an eyelid when he said support for scientists would require intervention by the Department of Homeland Security and the creation of a federal interagency task force.
Dr. Hotez again called for deploying federal police to support science during a grand rounds lecture he gave in August 2021. A whistleblower at Texas Children’s Hospital sent me the lecture where Hotez said the “disinformation empire” threatened America and would need to dealt with by the Department of Homeland Security:
The problem is the disinformation empire is so vast and pervasive that until we do something more definitive to get to the source of the disinformation and stop it, it’s not going to have that much of an impact. And that’s where everybody moves away from me.
And I tend to be out on a … out on my own here.
SLAY NEWS
| The latest reports from Slay News |
| Japanese Scientists Raise Alarm over Links Between Covid Shots & Miscarriage SurgeA team of leading Japanese medical researchers has issued a red alert after uncovering disturbing links between Covid mRNA shots and surging reports of miscarriages.READ MORE |
| Bill Gates Pushes for ‘Genetically Modified Insects’ in Human Food SupplyMicrosoft co-founder Bill Gates is pumping millions of dollars into efforts to flood the human food supply with hyper-processed products made from “genetically modified insects.”READ MORE |
| Russia ‘Fears’ Trump’s Return to the White HouseThe Russian government is growing “concerned” over “fears” that President Donald Trump will return to the White House after the November election, according to a new report.READ MORE |
| Obama Judge Rejects Trump’s Request to Have Jan 6 Case DismissedAn Obama-appointed judge has refused to dismiss the Jan. 6 case against President Donald Trump in Washington D.C.READ MORE |
| Supreme Court ro Be Key Issue in Harris-Trump BattleThe Supreme Court is now expected to play a major role in the November election between President Donald Trump and VP Kamala Harris. READ MORE |
| Jim Jordan Launches Investigation into Jack Smith’s ProsecutorHouse Judiciary Committee Chairman Jim Jordan (R-OH) has just dealt a blow to Special Counsel Jack Smith’s anti-Trump lawfare agenda.READ MORE |
| Hallie Biden Granted Immunity to Testify in Hunter Biden Tax TrialHunter Biden’s legal troubles took a decidedly difficult turn earlier this year when he was convicted on a series of federal gun charges.READ MORE |
| Chelsea Clinton Preparing for UK Ambassadorship in Potential Harris AdministrationIf the Democrats get their way in November, one of the Clintons will most likely secure a top role in the potential Kamala Harris administration.READ MORE |
| Male Boxer Responds after Pulverizing Female Opponent at Paris Olympics: ‘I Am a Woman’A male boxer has responded with a four-word statement amid the backlash to his “victory” in the women’s boxing division at the Paris Olympic Games.READ MORE |
| The latest reports from Slay News |
| Moderna Admits Covid mRNA Shots Cause CancerDocuments have emerged that show Moderna has always known that the pharmaceutical giant’s Covid mRNA shots cause cancer.READ MORE |
| Switzerland Launches ‘Assisted Suicide Pods’ to Euthanize Citizens with the ‘Push of a Button’Switzerland has launched a new vending machine-like “assisted suicide pod” that allows people to climb inside and be euthanized with the “push of a button.”READ MORE |
| European Union Considering AI-Powered Lie Detector Tests for Foreign Travelers Entering BlocUnelected Eurocrats are considering plans to introduce lie detector tests, powered by artificial intelligence (AI) technology, as a requirement for foreign travelers entering the European Union (EU).READ MORE |
| Parents Warn Public after Son Killed by Pfizer ShotThe parents of 23-year-old Trent Lieffring are raising the alarm after their son was killed by Pfizer’s Covid mRNA shot.READ MORE |
| Claims That ‘Carbon Emissions’ Cause ‘Global Warming’ Are False, Study FindsA new peer-reviewed study from a group of top researchers in Greece has found that the globalist anti-carbon narrative is a hoax.READ MORE |
| Canadian Doctor Suspended, Hit with $45K Fine for Prescribing Ivermectin to Treat CovidA Canadian doctor has been severely punished by the medical establishment for prescribing ivermectin to some of his patients to treat COVID-19.READ MORE |
| Top Japanese Scientists: ‘Persistent Adverse Events’ Continue Long After Covid VaccinationA team of prominent Japanese medical researchers has revealed that the side effects associated with Covid mRNA shots continue for a long time after the injection.READ MORE |
Scientists Drop Bombshell: Ivermectin Cures Cancer, Parkinson’s, Vax Damage, Many Various Diseases – Slay News
EVOL NEWS
LATEST REPORTS FOR NEWS JUNKIES
| BREAKING UPDATE: Judge Chutkan Rejects Trump’s Motion to Dismiss Election Case, Schedules Status ConferenceU.S. District Judge Tanya Chutkan has set a status conference for mid-August in the case involving classified documents against former President Donald Trump. She also rejected his legal team’s request to dismiss the indictment. The status conference, scheduled for August 13 at a federal courthouse in Washington, D.C., will cover procedural issues and outline the next steps in the case, …READ THE FULL REPORT |
| BREAKING NEWS: Ninth Circuit Appeals Court Blocks Arizona’s Proof of Citizenship for VotingIn a heated legal dispute concerning election integrity in Arizona, tensions have escalated after a recent decision by the Ninth Circuit Court of Appeals. On August 1, a three-judge panel of the Ninth Circuit reversed a previous ruling that required proof of citizenship to vote in federal elections. The decision, made by a narrow 2-1 vote, now permits individuals to …READ THE FULL REPORT |
| Federal Judge Strikes Down Multiple Maryland Gun Bans as UnconstitutionalOn August 2, 2024, U.S. District Judge Gerald L. Russell ruled that several Maryland gun bans targeting concealed carriers are unconstitutional. The case, Novotny v. Moore, was filed by the Firearms Policy Coalition, the Second Amendment Foundation, Maryland Shall Issue, Inc., and several private citizens. After reviewing the evidence, Judge Russell sided with the plaintiffs and granted summary judgment against …READ THE FULL REPORT |
| Kamala Harris Adds Brother-In-Law Who Defended ‘American Taliban’ John Walker Lindh for Key Campaign RoleAccording to a report, Vice President Kamala Harris’ brother-in-law, who previously defended the infamous “American Taliban,” has joined her newly revamped campaign team. Tony West, 58, will serve as a “powerful adviser” to Vice President Kamala Harris’ presidential campaign, according to Axios. This move follows his five-year tenure in the Obama administration’s Justice Department and subsequent high-level positions at PepsiCo …READ THE FULL REPORT |
| BREAKING EXCLUSIVE: Kamala Harris’s Husband Doug Emhoff Got His Daughter’s Nanny PregnantKamala Harris’s husband’s first marriage ended after he got his children’s nanny pregnant. Second Gentleman Doug Emhoff had an affair with a blonde nanny, who also taught at their children’s exclusive private school, while still married to his first wife, Kerstin. The woman, Najen Naylor, 47, did not deny the story when approached by reporters at her home in the …READ THE FULL REPORT |
| LATEST REPORTS FOR NEWS JUNKIES |
| Vermont to Force Vaccinate Kids Without Parents’ ConsentVermont schools have just been given the green light to begin force vaccinating children for “Covid” without their parents’ consent. READ THE FULL REPORT |
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7.OIL PRICES/GAS PRICES/OIL ISSUES
end
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
Venezuela
Exit polls during the election has the opposition leader Machado winning. However the crook Maduro will not give up. Now he arrested 2000 protesters and vows maximum punishment
(EpochTimes)
“No Forgiveness”: Maduro Arrests 2,000 Venezuelan Protesters, Vows ‘Maximum Punishment’
MONDAY, AUG 05, 2024 – 09:30 PM
Authored by Autumn Spredemann via The Epoch Times (emphasis ours),
Post-election demonstrations in Venezuela continue as pressure mounts against disputed President Nicolás Maduro, who has firmly stood his ground amid ongoing calls to release voting details from the July 28 general election. In the streets, clashes between Venezuelan security forces and protesters have resulted in at least 20 deaths, according to Human Rights Watch.
On Aug. 3, Maduro announced that 2,000 civilian arrests have been made and denounced those who contest his administration.
“This time, there will be no forgiveness,” Maduro said during a Saturday rally of his supporters in Caracas. “We have 2,000 prisoners captured and from there, they will go to Tocorón and Tocuyito [prisons], maximum punishment, justice.”
During what Maduro supporters called a “grand national march for the defense of peace,” allies of the disputed head of state gathered outside the presidential palace of Miraflores while Maduro delivered a fiery address that condemned the opposition-led protests.
Maduro called for the arrest of opposition leader Maria Corina Machado and presidential candidate Edmundo Gonzalez for “electoral fraud,” and demanded a criminal sentence of 15 to 30 years in prison. Court authorities in Caracas reportedly issued an arrest warrant for Machado on July 31 for challenging the accuracy of the election results and encouraging protesters.
Regardless, demonstrators are standing their ground after a week of protests, saying they believe there is evidence showing Gonzalez won the July 28 general election.
Standing on a truck surrounded by other members of the nation’s largest anti-Chavez coalition, the Democratic Unitary Platform, Machado appeared before a crowd of opposition supporters on Saturday to encourage Venezuelans to fight for election integrity in the country.
“After 6 days of brutal repression, they thought they were going to silence us, stop us, or intimidate us … look at the response,” Machado posted alongside a video of the opposition rally on the social media platform X.
“Today, the presence of each citizen on the streets of Venezuela demonstrates the magnitude of the civic strength we have and the determination to go to the end,” Machado said.
Presidential candidate Gonzalez also took to social media to show his support for the protesters and the calls for transparent election results.
“Today, united Venezuela came out, without fear, in peace and with family, to demand respect for its decision at the polls. We will ensure that your decision is respected and we will begin the re-institutionalization of Venezuela,” Gonzalez stated on his X account.
Venezuela’s post election demonstrations come at a time when “Chavismo” advocacy, named after former socialist President Hugo Chavez, has hit an all time low. In the months leading up to the presidential election, Maduro lost key support among voters that have historically been loyal to the country’s entrenched socialist party.
Much of this is due to the unprecedented economic crisis that has come to a head since Maduro became president in 2013. Venezuela’s GDP contracted by more than 75 percent between 2013 and 2021, according to the International Monetary Fund. It represents the single largest economic collapse for a nation not at war in nearly five decades.
This, in turn, has ignited an exodus of more than 7 million Venezuelans since 2014, according to the United Nations Refugee Agency.
The United States is among the growing pool of international voices, which includes Brazil, Mexico, Colombia, Canada, France, Germany, Italy, Japan, and the United Kingdom, that are pressuring Maduro to release election vote details.
On Aug. 1, U.S. Sens. Marco Rubio (R-Fla.), Dick Durbin (D-Ill.), Rick Scott (R-Fla.), Tim Kaine (D-Va.), Bill Cassidy (R-La.), and Michael Bennet (D-Colo.) introduced a resolution for the United States to recognize Gonzalez as the president-elect of Venezuela.
“The Venezuelan people’s desire for freedom and democracy is admirable. The recent electoral process, which narco-dictator Maduro fraudulently claims he won, has been a testament to the tenacity of the Venezuelan spirit,” Rubio stated in a press release.
The following day, U.S. Secretary of State Antony Blinken called Gonzalez and Machado to congratulate the opposition candidate for “receiving the most votes in Venezuela’s July 28 presidential election as documented by the democratic opposition’s extensive efforts to ensure a transparent accounting of the votes.”
END
Bangladesh…
Trouble in Bangladesh as the Prime Minister Hasina resigned and fled to India
(Middle East Eye)
Bangladesh Leader Flees Country In Helicopter As Protesters Storm Parliament
MONDAY, AUG 05, 2024 – 07:50 PM
Bangladesh’s long-serving Prime Minister, Sheikh Hasina, resigned and fled the country on Monday, after protesters defied a military curfew and stormed her official residence.
Hasina, who had been in power for 15 years, fled the capital Dhaka along with her sister by a helicopter to India, the daily newspaper Prothom Alo reported, after weeks of violent crack downs on protesters left nearly 300 people dead.
Reuters reported that the two had left to seek “safe shelter” away from Hasina’s official residence.
There was no immediate public statement from Hasina’s office, but army chief Waker-Uz-Zaman said in a televised address that the prime minister had resigned and the army was in talks with the president to form an interim government.
Her resignation came a day after at least 95 people were killed and hundreds more wounded after a violent crackdown on protesters.
Nationwide protests began a month ago, after a Bangladesh High Court verdict that was set to reintroduce a quota system in the country, reserving 30 percent of government jobs for the descendants of veterans who fought in the country’s independence war in 1971.
Mass protests against the quota system, led by students who believed the move to be anti-meritocratic, were violently cracked down on by authorities for several weeks. More than 200 protesters were killed last month.
The deaths triggered further protests demanding accountability and the removal of Hasina, who has led the country since 2009. She had a previous stint as premier, between 1996 and 2001.
Hasina’s party Awami League, which was born out of Bangladesh’s independence movement, has strengthened its grip on power over the past decade and a half. The party won four successive general elections, the most recent of which, in January, was boycotted by the opposition and had a markedly low turnout.
The 76-year-old’s rule was marred by mass arrests of political opponents, the silencing of dissenting voices and accusations of human rights abuses.
Hasina is the daughter of Shiekh Mujibur Rahman, leader of Bangladesh’s independence movement in the 1970s and ‘father of the nation’.
Video footage on Monday showed protesters in Dhaka climbing on top of a large statue of the founding father and chiseling away at the head with an axe.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0914 DOWN 0.0037
USA/ YEN 145.07 DOWN 0.708 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//END OF YEN CARRY TRADE BEGINS JULY 2024/Bank of Japan raises rates by .15% to 1.15
GBP/USA 1.2687 DOWN 0.01011
USA/CAN DOLLAR: 1.3834 UP .0029 (CDN DOLLAR DOWN 29 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 6.59 PTS OR 0.23%
Hang Seng CLOSED DOWN 51.06 PTS OR 0.31%
AUSTRALIA CLOSED UP 0.39%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 51.02 PTS OR 0.31 %
/SHANGHAI CLOSED UP 6.59 PTS OR 0.23%
AUSTRALIA BOURSE CLOSED UP 0.39%
(Nikkei (Japan) CLOSED UP 3217.44 PTS OR 10.23%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 2409.30
silver:$27.03
USA dollar index early TUESDAY morning: 102.93 UP 45 BASIS POINTS FROM MONDAY’s CLOSE.
TUESDAY MORNING NUMBERS ENDS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now your closing TUESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 2.834% DOWN 2 in basis point(s) yield
JAPANESE BOND YIELD: +0.858% UP 10 AND 4/ 100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.054 DOWN 3 in basis points yield
ITALIAN 10 YR BOND YIELD 3.645 DOWN 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.1855 UP 3 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0923 DOWN 0.0023 OR 23 basis points
USA/Japan: 144.77 DOWN 1.030 OR YEN IS UP 103 BASIS PTS
Great Britain 10 YR RATE 3.8940 UP 3 BASIS POINTS //
Canadian dollar UP .0014 OR 14 BASIS pts to 1.3799
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The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.1524 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.1538)
TURKISH LIRA: 33.61 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.858…
Your closing 10 yr US bond yield UP 7 in basis points from MONDAY at 3.846% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.124 UP 6 in basis points /12.00 PM
USA 2 YR BOND YIELD: 3.965 UP 8 BASIS PTS.
GOLD AT 11;00 AM 2388.50
SILVER AT 11;00: 27.04
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: TUESDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 18.46 PTS OR 0.23%
German Dax : CLOSED UP 15.32 PTS OR 0.09%
Paris CAC CLOSED DOWN 18.65 PTS OR 0.27 %
Spain IBEX CLOSED DOWN 32.90 OR 0.32%
Italian MIB: CLOSED DOWN 186.39 PTS OR 0.60% PTS
WTI Oil price 73.45 12EST/
Brent Oil: 76.83 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 85.65 ROUBLE DOWN 0 AND 78/100
GERMAN 10 YR BOND YIELD; +2.1855 UP 3 BASIS PTS.
UK 10 YR YIELD: 3.894 UP 3 BASIS POINTS
CDN 10 YEAR RATE: 3.093 UP 9 BASIS PTS.
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0923 DOWN 0.0026 OR 26 BASIS POINTS
British Pound: 1.2691 DOWN 0.0097 OR 97 basis pts
BRITISH 10 YR GILT BOND YIELD: 3.8580 UP 7 BASIS PTS//
JAPAN 10 YR YIELD: 0.857
USA dollar vs Japanese Yen: 144.98 DOWN 0.825 YEN UP 83 BASIS PTS//
USA dollar vs Canadian dollar: 1.3777 DOWN 0.0028//CDN dollar UP 28 BASIS PTS
West Texas intermediate oil: 73.07
Brent OIL: 76.33
USA 10 yr bond yield UP 10 BASIS pts to 3.884
USA 30 yr bond yield UP 10 BASIS PTS to 4.172%
USA 2 YR BOND: UP 10 PTS AT 3.983
CDN 10 YR RATE 3.135 UP 13 BASIS PTS
USA dollar index: 102.78 UP 29 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 33.59 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 85.67 UP 0 AND 20/100 roubles
GOLD 2,389.20 3:30 PM
SILVER: 27.83 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 2393.66 PTS OR 0.76%
NASDAQ UP 182.76 PTS OR 1.02 %
VOLATILITY INDEX: 26.24 DOWN 12.33 PTS OR 31.97%
GLD: $220.71 DOWN 21.77 OR 0.80%
SLV/ $24.65 DOWN 0.21 OR 0.84%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Turnaround Tuesday Stalls At Technical Resistance; Bitcoin & Bond Yields Higher
TUESDAY, AUG 06, 2024 – 04:00 PM
A lack of ongoing collapse in the yen overnight (did BoJ quietly step in?)…
Source: Bloomberg
…and no new macro news to feed the recession narrative, provided just the recipe for a Turnaround Tuesday rally in stocks. Notice that the entire US equity complex moved together (no cycs vs defs or tech vs energy or small vs large diffs) and each time the indices tested back down to unchanged, a mysterious bid magically arrived. As we note below, once the S&P hit its 100DMA, all the majors started selling off, erasing a good chunk of today’s gains…
…most notably, the algos lifted the S&P perfectly to its 100DMA… and immediately reversed…
As Bloomberg noted, it’s an old cliché but the phenomenon known as Turnaround Tuesday – when markets rebound from a selloff at the start of the week – is an opportunity that shows up time and again in the data. The bad news is such recoveries don’t guarantee a bottom has been reached.
Investor psychology during a rout tends to begin with jitters on Thursday, hedging on Friday and all-out selling on Monday, according to Brent Donnelly, veteran trader and president of trading analysis firm Spectra Markets.
By Tuesday, the downdraft is primed for a reversal, he wrote in a note published Monday.
“I wouldn’t expect this to be a durable bounce,” said Nick Ferres, chief investment officer at Vantage Point Asset Management in Singapore.
“There is likely to remain volatility into October, November. Any counter trend rally today and persisting for a few weeks would be something to trim risk into.”
‘Most Shorted’ stocks squeezed up to a technical resistance level and stalled…
Source: Bloomberg
Mag7 stocks rebounded today but were unable to recover yesterday’s losses…
Source: Bloomberg
Overall, rate-cut expectations have retraced most of Friday’s surge (with 2024 expectations re-shifting back into 2025)…
Source: Bloomberg
For context – pre-payrolls, the market was pricing in 200bps of cuts to the end of 2025. At its peak yesterday, the market priced-in over 230bps of cuts and today that has drifted back to around 210bps.
The overall drop in rate-cut expectations pushed Treasury yields higher (with the long-end underperforming – 2Y +6bps, 30Y +10bps today). All yields remain below payrolls plunge highs for now…
Source: Bloomberg
The 2y yield tested up to 4.00% once again…
Source: Bloomberg
The dollar rallied back and erased yesterday’s losses…
Source: Bloomberg
Gold dipped back below $2400…
Source: Bloomberg
Oil limped very modestly lower today with WTI holding around $73…
Source: Bloomberg
Bitcoin extended its bounce off $50k yesterday, testing $57,000 intraday today…
Source: Bloomberg
Finally, usage of The Fed’s Reverse Repo facility plunged back below the $300BN mark for the first time since May 2021…
Source: Bloomberg
How long before liquidity fears start to reignite?
MORNING TRADING/
AFTERNOON TRADING///
II USA DATA
III USA ECONOMIC COMMENTARIES
OAKLAND./CALIFORNIA
a cesspool!
(Michael Snyder)
Is Kamala Harris Going To Make The Entire Country As Lawless As Her Hometown?
MONDAY, AUG 05, 2024 – 05:40 PM
Authored by Michael Snyder via The End of The American Dream blog,
Kamala Harris is being touted as the solution to all of America’s problems. Since she didn’t do much as vice-president, and since she didn’t really accomplish much while she was in the U.S. Senate, many Americans feel like they don’t really know her too well. So a lot of them are buying into the carefully crafted image that is now being projected by the Democratic Party. But is that image accurate? Harris spent many years ascending through the ranks of the Democratic Party in California, and of course the Democratic Party has been systematically transforming that state into a hellhole.
There is a reason why millions of people have been moving out of California in recent years. But Harris isn’t just from California.
Her hometown is literally one of the worst places in the entire country…
In January 2019, Kamala Harris launched her 2020 presidential campaign in Oakland. On Friday, Kamala Harris secured enough votes to become the Democratic Party’s presumptive nominee, hours after her supporters rallied in her hometown of Oakland.
As some put it, “Oakland is all in for Kamala.”
The last time Oakland had a Republican mayor was in 1977.
This is a city that is completely and utterly dominated by the Democrats.
Under their rule, it has become a cesspool of drugs, homelessness, violence and theft. Here is just one example of how incredibly lawless Oakland has become…
In early July, a mob of 80 to 100 looters barged into an Oakland gas station and convenience store and stripped the business bare.
According to the New York Post, the mob originated nearby at a so-called sideshow, which is essentially lawless street racing that’s become common in Oakland.
It was bad enough that the store was hit by looters, but what made it worse is that the police took nine hours to respond, according to the owner.
It took nine hours for the police to show up.
Nine hours.
A few years ago, Kamala Harris was one of the politicians that was publicly calling for police budgets to be reduced.
When you do that, this is what happens.
At this point, Oakland is so lawless that it even has a “major problem” with pirates…
Oh, and pirates—yes, pirates—are a major problem in the waters around Oakland. The pirates reportedly come from the city’s myriad homeless encampments. Police have made a few arrests, but the problem now seems endemic in Oakland’s harbors.
California liberalism has transformed Oakland into one of the worst cities in North America.
And if she is given the opportunity, Kamala Harris will impose California liberalism on the whole nation.
Other cities that have been ruled by Democrats for decades are experiencing similar results.
Just look at what is happening to Seattle. One man recently ventured into downtown Seattle in the middle of the night, and the footage that he captured looks like something out of a horror show.
At one point in my life, I spent some time in the Seattle area.
I can hardly believe what has happened to that once great city.
Of course the entire country is going downhill really fast. According to a new report that was just released, shoplifting in the United States increased by 24 percent during the first half of this year…
Shoplifting increased by 24 percent in the first half of 2024, according to the Council on Criminal Justice’s mid-year report, even as other crime levels decreased.
In many cases, shoplifting is seen as a “crime of necessity” for low-income Americans. As inflation continues to impact both businesses and families, shoplifting rates have surged even higher.
“Shoplifting as such a widespread crime during a time of high inflation is actually quite common when you look at similar times from other countries in the past,” Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek. “The one-two punch that consumers face is not just higher prices, but also a drawback of additional financial resources they would normally qualify for because of their current employment and income outlook.”
Shoplifting was already at record levels coming into this year.
And now it has jumped another 24 percent?
That is insane.
In some of our major cities, shoplifting is wildly out of control. Recently, one reporter spoke to a woman that works at a CVS location in Washington D.C. where there is constant theft…
The Center Square spoke with a 38-year-old woman who goes by “Jones” who works at a CVS within eyeshot of the U.S. Capitol building in Washington, D.C.
Jones told The Center Square that shoplifters take from her store daily.
When Jones does see customers steal something, she doesn’t stop them.
“We don’t get paid for that,” she said.
This is happening right in the shadow of the U.S. Capitol building.
When something is stolen, this woman says that employees are not even supposed to contact the police. Instead, they are just supposed to write down what was stolen on a clipboard…
She said procedure is not to notify police but to write a description of the thief and what was stolen down on a form on a clipboard. Jones’ clipboard has seemingly a hundred pages stacked, at least one for each day, many of them filled with reported incidents.
By 11:15 am Thursday morning when Jones spoke with The Center Square, the store had already been stolen from four times that day, at least as far as she knew.
This is what anarchy looks like.
And the chaos in our major cities is constantly getting worse, because the Biden administration refuses to secure the border.
It is being reported that the most violent gang in Venezuela has decided to move its headquarters to a city in Mexico that is directly across the border from El Paso, Texas…
Venezuela’s most violent gang, which has already sparked chaos across the US, has moved its headquarters to the outskirts of a major American city, DailyMail.com can exclusively reveal.
Dubbed the ‘epitome of evil’, the notorious criminal organization Tren de Aragua, or TdA as it is known by federal agents, previously operated out of an infamous South American prison so completely under gang leaders’ control that it had its own zoo, swimming pool and nightclub.
But after kingpin Hector Guerrero Flores escaped last year, the mafia moved its command center to Ciudad Juarez in Mexico on the US border – directly across from El Paso, Texas, local officials told DailyMail.com.
Since the border is wide open, this new location gives this gang the perfect staging ground for conducting operations inside the United States.
In fact, this gang has already become extremely active in major cities far from the border such as Denver and New York…
A memo by the Department of Homeland Security recently revealed that the TDA members in Denver have been given a ‘green light’ to shoot or attack police officers, reported Fox News.
The gang is also thought to have joined forces with other criminal networks in New York, unleashing violent schemes including brazen moped phone thefts.
According to NBC News, Joe Biden “tapped Kamala Harris to tackle the daunting issue of immigration in March 2021”.
Obviously that didn’t work out too well.
But now we are just supposed to ignore all that.
And we are just supposed to ignore the endless chaos in our major cities.
They are telling us that we should vote for Kamala Harris because she will bring “change” to America.
Based on the “change” that we have witnessed in her hometown, I don’t know why anyone would ever want that.
* * *
Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.
end
Kamala Harris Reportedly Taps Minnesota Gov. Tim Walz As Running Mate
TUESDAY, AUG 06, 2024 – 09:07 AM
Vice President Kamala Harris has selected her running mate, Minnesota Governor Tim Walz (D). The Harris-Walz team will face former President Donald Trump and Ohio Senator JD Vance (R) as the presidential election cycle heats up. There are only 90 days left until Nov.5.
CNN cites ‘multiple sources’ that say Harris has picked Minnesota Gov. Tim Walz as her running mate.
Harris had yet to officially call Walz to offer him the position, another source told CNN.
*Developing..
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM
iiiC USA COVID //VACCINE ISSUES/IMPORTANT MEDICAL ISSUES
end
END
FREIGHT ISSUES/USA/BOEING
END
VICTOR DAVIS HANSON OR NEWT GINGRICH/TUCKER CARLSON
END
NEWT GINGRICH
SWAMP NEWS
Report Finds Biden-Harris Released 99 Illegal Aliens On FBI Terror Watchlist Into American Communities
BY TYLER DURDEN
MONDAY, AUG 05, 2024 – 07:25 PM
A new interim staff report from the House Judiciary Committee and Subcommittee on Immigration Integrity, Security, and Enforcement, published on Monday, highlights how the Biden administration, with ‘Border Czar’ VP Kamala Harris, facilitated the greatest illegal alien invasion ever on the United States.
The report titled “Terror At Our Door: How The Biden-Harris Administration’s Open-Borders Policies Undermine National Security And Endanger Americans” revealed that the failed southern border policies of President Joe Biden and VP Kamala Harris have flooded the nation with more than 5.4 million illegal aliens. Additionally, at least 1.9 million known “gotaways” also entered, bringing the total to 7.3 million illegal entries.
Fox News’ Bill Melugin, who also reviewed the report, said the border data that dates back between 2021-23 shows “at least 99 illegal aliens on the FBI terror watchlist were released into the US after being arrested by Border Patrol at the southern border, and another 34 watchlisted aliens are still in DHS custody.”
BREAKING: Per new DHS data provided to
, between fiscal years 2021-2023, at least 99 illegal aliens on the FBI terror watchlist were released into the US after being arrested by Border Patrol at the southern border, and another 34 watchlisted aliens are still in DHS custody. Additionally, DHS data provided to the Committee reveals terror watchlist aliens from at least 36 different countries have been apprehended at the southern border under the Biden/Harris admin, including Afghanistan, Iraq, Lebanon, Kyrgyzstan, Mauritania, Pakistan, Somalia, Syria, Tajikistan, Turkey, Uzbekistan, and Yemen. (This is info CBP refused to turn over to me via FOIA request this year, citing privacy concerns and “minimal public interest”.) FOX has reached out to DHS for comment, will update when we hear back. The new DHS data comes in a just released report from the House Judiciary Committee, which can be found here: https://judiciary.house.gov/sites/evo-subsites/republicans-judiciary.house.gov/files/evo-media-document/FILE_6538.pdf…
·
1.3M Views
And this.
More significant findings from the report:
·
97.4K Views
“With the border in chaos under the Biden-Harris Administration, the terrorist threat to the homeland has skyrocketed. This border insecurity has been the Administration’s choice, and it is a mistake,” the report stated.
The report noted that 375 illegal aliens on the US Gov’ts terrorist watchlist have been apprehended by Border Patrol agents under Biden’s first term with VP Harris as Border Czar.
The report continued, “That is a more than 3,000 percent increase of watchlisted alien encounters compared to all four years of the Trump Administration.”
At the end of last month, leftist MSM spent days in an all-out propaganda media blitz to convince voters that VP Harris was never border Czar – that’s because the nation killing open southern borders pushed by Biden & Harris is such a disastrous topic during the election cycle.
Meanwhile, national security ‘experts’ have warned countless times that the Biden-Harris Administration’s open-border policies can only suggest it’s only a matter of time before a terror event unfolds in the US.
Just last week, we reported…
In June.
In April.
And in March.
This aged well.
A majority of Americans care about two things ahead of the elections: 1) inflation and 2) the border.
For Harris and Obama’s Democrat party, there’s no escaping that disastrous border issue.
END
KING REPORT
| The King Report August 6, 2024 Issue 7299 | Independent View of the News |
| The detonation of the multi-decade yen carry trade destroyed equities and cryptocurrencies globally.Investors are unwinding the biggest ‘carry trade’ the world has ever seen… (Trillions of dollars)https://www.cnbc.com/2024/08/05/carry-trades-a-major-unwinding-is-underway-amid-a-stock-sell-off.htmlGlobally, traders borrowed in Japan on extremely low rates to finance/leverage their holdings. When you borrow in Japan, you are short the yen. The world was massively short yen via levered borrowings and straight yen speculation. When the BoJ unexpectedly hiked rates last week, the fuse was lit on the yen carry trade. As the yen exploded higher, momentum kept escalating as traders rabidly tried to cover their yen shorts. As losses mushroomed, trapped yen shorts had to liquidate their assets. Ergo, stocks and cryptos tumbled or crashed; commodities declined sharply.While many pundits and reporters cited the unexpected BoJ rate hike as a catalyst in the yen carry trade explosion, we didn’t see a single reporter, pundit, or Street type blame a key culprit in the yen carry trade explosion: Jerome Powell!When Powell went dovish and insinuated that rate cuts were coming, the dollar sank, and the yen jumped. Anything that strengthened the yen contributed to the yen carry trade implosion. Powell did that.On Wednesday July 31, the BoJ unexpectedly hiked rates. The yen/$ strengthened from 153 to 149 and then retreated. Later that day, Powell happened. The yen/$ was 151.26 when the FOMC Communique was released; it rose to 148.51 by 21:30 ET. The chain reaction was triggered.Yesterday morning, trapped bulls pleaded with the Fed to make an emergency rate cut. They clearly showed their ignorance and bias. If ‘the problem’ is yen appreciation, the 50, 75, or 100bp rate cut that ‘experts’ sought would crush the dollar and boost the yen. This obviously would worsen the situation. It would be akin to throwing gasoline on a raging fire. Why didn’t ‘experts’ make this crucial point?The Nikkei crashed 12.4%; its largest decline since 1987. Its 4451.28-point drop is a record point decline. Nikkei high: 42,426.77 on 7/11, 8/5 low: 31,156.12, -26.6% from high! Taiwan and Korean stocks also got hammered. Chinese stocks declined moderately.Prior to NYSE trading: Nasdaq 100 futures were -6.5%, DJIA futures were -1000+, S&P 500 futures were -3%, Bitcoin was -20+%, but Lockheed Martin was +4% on the Middle East. VIX had its largest increase in history (to 65.73 from 23.39 on Friday) and reached its 3rd highest (crisis) reading in history. Only the Lehman and Covid Panics had higher (crisis) VIX readings. Several brokerage firms’ systems crashed.Schwab, Fidelity, other online trading brokerages appear to go dark during huge market sell-offhttps://apnews.com/article/charles-schwab-fidelity-vanguard-outage-216a92fdac853d4c6b4caa91dfcbb22dChicago Fed Prest Goolsbee, an Obama BFF, appearing on CNBC, tried to mollify investors and traders.Chicago Fed President Goolsbee says if economy deteriorates, Fed will ‘fix it’https://www.cnbc.com/2024/08/05/chicago-fed-president-goolsbee-says-if-economy-deteriorates-fed-will-fix-it.htmlArrogance and stupidity are a toxic combination for Fed officials; but it seems there is an epidemic of the combo among US solons.Fred Hickey (@htsfhickey): Belief that the Fed can always “fix it” is what caused today’s problems to begin with. Too bad it’s not true, as some will now learn.“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” – Mark TwainThe US media blamed the global equity tumble on US recession fears. Wrong! It was the unwinding of the carry trade that generated the panic. US recession fear and Middle East war are contributing factors.However, by blaming the stock plunge on US recession fears, the US media undermined their over-the-top fawning over Kamala.Bonds soared early but turned negative by 12:08 ET – long bonds is the largest part of the carry trade.ESUs hit a low of 5120.00 at 8:31 ET. The usual suspects then aggressively bought emboldened by rumors of the Plunge Protection Team rigging ESUs; the ubiquitous calls for an emergency Fed rate cut, and inculcated dip buying. ESUs jumped to 5254.00 by 10:00 ET. Mag 7 stocks had huge rebounds because beaucoup traders and investors needed to ‘protect positions.’ The rebound ended when ESUs hit 5279.00 at 12:29 ET. Sellers then took control; ESUs sank to 5194.50 at 15:48 ET. A desperate late manipulation pushed ESUs to 5224.75 at 16:00 ET.The magnitude of asset damage that has appeared over the past three sessions will put some entities ‘in trouble.’ In the coming days and weeks, the ‘in trouble’ entities will be exposed. Most importantly, when significant financial damage appears in a softening economy, economic damage ensues.Good thing we have Joe and Kamala at the controls of the teetering economy!@albertemartinez: Given today’s economic earthquake, you might wonder what Joe thought of Kamala on economic issues. This one passage (“This Will Not Pass” book) says it all. While Joe was negotiating for $1 Trillion in new spending, Kamala pipes up and tries to push for $4 Trillion. Too crazy, even for Joe Biden. https://x.com/albertemartinez/status/1820472796562194748Just last week, Biden said he “cured the economy.” https://x.com/kylenabecker/status/1820486200987427007@PolitiBunny: Democrats. Really? Help me understand why you support this inept, unqualified woman. Explain it to me without, ‘But Trump’ … (Clip of Kamala cackling about ‘Bidenomics’)https://x.com/PolitiBunny/status/1820475741307388018PS – ‘KamalaCrash’ trended on X. Possibly contributing to market debacle: our return from vacation.GOP @RepAndyBiggsAZ: Bidenomics in action (equity debacle). Joe Biden’s selfish refusal to resign will have disastrous consequences.https://x.com/RepAndyBiggsAZ/status/1820493801494118728The FT: 91 per cent of the entire leveraged loan market is now “covenant-lite” — lacking maintenance covenants that restrict indebtedness levels — up from under 20 per cent before the financial crisis… common covenants have been eviscerated by indentures that open up various loopholes…https://www.ft.com/content/b6308996-5850-45ba-a290-1cea0539d0c6Google loses major antitrust case to Department of Justice over search engine monopolyGoogle must stop its anticompetitive behavior, where it monopolizes exclusive contracts that make it the default search engine on smartphones and computers…https://justthenews.com/politics-policy/cybersecurity/google-loses-major-antitrust-case-department-justiceS&P Global US Services PMI – July (55, 56 expected and prior)Sharp input cost inflation, but output prices rise at softer pacehttps://www.pmi.spglobal.com/Public/Home/PressRelease/4ee1909e4b054d3984d8ab4d4e62059bJuly ISM Services Index 51.4, 51 expected, 48.8 prior; Priced Paid 57, 55.1 exp., 56.3 priorLoews CEO James Tisch to step down after 25 yearsInsurance firm Loews’ CEO James Tisch will step down after nearly 25 years at the helm, with his son Benjamin named the successor, the company said on Monday… James Tisch, a former board member of the Federal Reserve Bank of New York, will become the chair of Loews after retiring on Dec. 31…https://finance.yahoo.com/news/loews-profit-rises-strong-premiums-115401951.htmlIBD: Loews Corp Earns Relative Strength Rating UpgradeLoews Corp reported 12% earnings growth last quarter, while sales growth came in at 8%…https://www.investors.com/ibd-data-stories/loews-corp-earns-relative-strength-rating-upgrade/Positive aspects of previous sessionThe Fed did NOT, despite mucho begging, make an emergency rate cut.Neither Biden nor Harris made statements about the stock market debacle.Negative aspects of previous sessionJapanese stocks crashed; Asian bourses ex-China plunged; S&P 500 -3%, biggest dip since 9/22Bitcoin crashed; Nasdaq had a record 1067-point decline.USUs rallied 1 25/32 but tumbled to a 10/32 decline at 12:29 ET. (Inflation in the Services PMIs?)VIX, which is seldom wrong, indicates that something wicked this way comes!Ambiguous aspects of previous sessionHow many are ‘in trouble,’ and to what degree?When will the financial damage impact the real economy?Why isn’t Powell attracting blame for the yen carry trade implosion? (bias or ignorance?)First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: UpPivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5185.49Previous session S&P 500 Index High/Low: 5250.89; 5119.26@AFP: UN says 9 employees ‘may have been involved’ in Hamas’s Oct 7 attack (Held info this long?)Israel takes out commander of elite Hezbollah unit in drone strike (On Monday)https://nypost.com/2024/08/05/world-news/idf-takes-out-ali-jamal-al-din-jawad-head-of-hezbollah-radwan/Former Secret Service Chief Wanted to Destroy Cocaine Evidence (To protect whom?)Former Secret Service Director Kimberly Cheatle and others in top agency leadership positions wanted to destroy the cocaine discovered in the White House last summer, but the Secret Service Forensics Services Division and the Uniformed Division stood firm and rejected the push to dispose of the evidence. While neither Joe nor Hunter Biden were at the executive mansion when the cocaine was found, it was discovered after a period when Hunter had been staying there…Cheatle became close to the Biden family while serving on Vice President Joe Biden’s protective detail – so close that Biden tapped Cheatle for the director job in 2022, in part because of her close relationship to first lady Jill Biden… “That’s because they didn’t want to know, or even narrow down the field of who it could be,” a source stated… https://www.realclearpolitics.com/articles/2024/08/05/former_secret_service_chief_wanted_to_destroy_cocaine_evidence_151392.html@elonmusk: I would prefer to have zero involvement in politics. HOWEVER There is no “company success” unless civilization itself continues to progress. This insane shift by the “left” away from a meritocracy and personal liberties (eg censorship of free speech under the guise of “hate speech”) will be the end of civilization as we know it.@JeffWeniger: This market could run the yen from ¥144 to ¥134 and ¥124 and it would still be barely a blip on the massive wage arbitrage that has opened between Japan and the US, now at 1971 levels. This is a far cry from the 1990s, when the play was to sell Japan to buy US stocks. (Japanese workers make 38 cents for every $ US workers get!) https://x.com/JeffWeniger/status/1820583764747043268Today – In Monday’s missive we warned that ugly Thursday-Friday sequences often beget ugly Mondays. We also opined that a decline on Monday could foment a Turnaround Tuesday to the upside. The rally from 8:31 ET to 13:20 ET might have been the turnaround.The big problem for today: Margin Calls! You know they are coming. When will they hit, and how large will they be? Breathtaking rallies can occur at any moment. However, the markets are broken; and it will take time for markets to normalize. It will take longer for markets to normalize if there is intervention.The very bad potential situation: This is the first serious break in the stock market from record highs. There will be a spirited rebound rally at some point. An extremely dangerous condition will develop when stocks retreat from the rebound high. Crashes or wicked declines tend to appear AFTER the low from the first serious decline is breached. PS – Bonds might be the most dangerous holding now! Levered debt holdings are the largest component in the carry trade! If forced liquidation begins…NQUs are +255.50; ESUs are +49.25; and USUs are -23/32 at 20:05 ET because the Nikkei futures are limit up. The biggest risk for today: If Iran attacks Israel. If that news hits the tape, look out!Expected economic data: June Trade Balance -$72.5BExpected earnings: CAT 5.53, MPC 3.09, EXPD 1.26, BAX .66, YUM 1.33, AMGN 5.00S&P Index 50-day MA: 5447; 100-day MA: 5307; 150-day MA: 5184; 200-day MA: 5012DJIA 50-day MA: 39,442; 100-day MA: 39,170; 150-day MA: 38,885; 200-day MA: 37,967(Green is positive slope; Red is negative slope)S&P 500 Index (5186.33 close) – BBG trading model Trender and MACD for key time framesMonthly: Trender and MACD are positive – a close below 5052.31 triggers a sell signalWeekly: Trender and MACD are negative – a close above 5602.30 triggers a buy signalDaily: Trender and MACD are negative – a close above 5537.55 triggers a buy signalHourly: Trender and MACD are negative – a close above 5381.88 triggers a buy signal@RNCResearch: DAY 15: Kamala hasn’t done a single interview nor press conference since she forced Biden off the ticket. Just teleprompter speeches. What is she trying to hide?@GrageDustin: Since Minnesota Governor Tim Walz is officially being reported as a favorite to become the VP pick for Kamala Harris. Here he is pictured from his DUI arrest where he was going 96 in a 55.He then lied to police about being deaf in an attempt to avoid his arrest.https://x.com/GrageDustin/status/1820550510757433808Waltz is a ‘hard’ leftist that tried to turn Minnesota into California per GOP Rep. Tom Emmer (MN).Harris was supposed to announce her running mate Monday; and it was reported to be PA Gov. Shapiro. However, recent unsavory revelations about Shapiro reportedly have Team Harris in a bind.DJT running mate @JDVance: This moment could set off a real economic calamity around the globe. It requires steady leadership–the kind President Trump delivered for four years. Kamala Harris is too afraid to answer media questions and cannot lead us in these troubled times.@mazemoore: Kamala Harris: “We have to stay woke. Like everybody needs to be woke.”https://x.com/mazemoore/status/1820541467271524439Kamala of Canada — How Harris Uses a Fake Persona and Cultural Appropriation to Advance Her Career – Kamala Harris was never “out here in these streets,” as she claims… she lived down the street from where I went to school, during the seldom discussed childhood and adolescence she actually spent living in an upper-class enclave in Montreal, Canada… When Harris was 12, she left Berkeley after her mother got hired to work with McGill University… Kamala Harris grew up in the most upscale neighborhood, which, at the time she lived there, was not only the nicest neighborhood in Montreal, but was the richest one in all of Canada… Kamala Harris is a person of immense privilege, who is now appropriating actually oppressed people’s culture to get ahead.https://www.breitbart.com/politics/2024/08/03/morris-kamala-canada-how-harris-uses-fake-persona-cultural-appropriation-advance-career/@joelpollak: We need to know if the Biden campaign, or Kamala Harris, or Doug Emhoff, paid the nanny to keep quiet. Were there non-disclosure agreements? Were they listed as campaign expenditures? If not, then Biden, Harris and/or Emhoff should be prosecuted just as Trump has been prosecuted. @nettermike: She was 29 he was 60, her boss and married and his wife was pregnant at the time. Even he turned against her saying she was dangerous. Name this couple! (hint it’s not Gavin Newsom)https://x.com/nettermike/status/1819886566111912167@drefanzor: don’t worry, Biden will handle it.https://x.com/drefanzor/status/1820300639928504327Pentagon chief Lloyd Austin ‘surprised’ by 9/11 plea deal, DOD says: ‘We were not aware’https://nypost.com/2024/08/05/us-news/pentagon-chief-surprised-by-9-11-plea-dead-dod-says/The 9/11 plea deal imbroglio is more evidence that there is a leadership void at the top of government and in the Cabinet – or there is pervasive incompetent management.@Project_Veritas; BREAKING: Progressive Democrats Say Muslims Used VOTER FRAUD to Secure Power in Michigan – “These guys go door to door and take people’s ballots. They bully them… intimidate.” – August Gitschlag, Certified Michigan Elections Official. “If everything’s good, we can drop [the ballots] to the City Hall. City Hall has that [ballot] box. We can drop it there.” – Hamtramck Councilman Mohammed Hassan“This is another thing that you can’t say out loud. The absentee ballots are being filled out in people’s dining rooms by the candidates.” – Karen Majewski, Former Hamtramck Mayor (2006-2021)https://x.com/Project_Veritas/status/1820450068521996584‘Be Careful’: Neil Gorsuch Issues Dire Warning Over Biden’s Reforms‘Don’t you want a ferociously independent judge and a jury of your peers to make those decisions? …’https://headlineusa.com/neil-gorsuchs-response-to-bidens-radical-proposal/ | |
GREG HUNTER
Massive Power Outages Coming to East Coast
By Greg Hunter On August 5, 2024 In Market Analysis
SEE YOU ON WEDNESDAY
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