SEPT 3//ANOTHER RAID ORCHESTRATED BY THE CROOKED FRBNY//GOLD CLOSED DOWN $4.25 TO $2491.45//SILVER WAS DOWN ANOTHER 74 CENTS TO $28.01//PLATINUM WAS DOWN $18.25 TO $910.15 WHILE PALLADIUM WAS DOWN $24.50 T0 $942.25//EXCELLENT VIDEO FROM ERIC SPROTT AND BOY IS HE ANGRY AT THE CRIMINAL ACTIVITY OF THE FED//GERMANY’S AFT WINS REGION ELECTIONS AND ALREADY THE LEFT TO TRYING TO THWART THEM TAKING POWER//GERMANY EXPORTING MIGRANTS TO POLAND//VOLKSWAGEN DOING POORLY AND WILL PROABLY CLOSE GERMAN PLANTS AS IT IS TOO COSTLY TO RUN//ISRAEL VS HAMAS; HAMAS MURDERS 6 HOSTAGES INCLUDING ONE AMERICAN//ISRAEL VS HEZBOLLAH/HOUTHIS ATTACK 2 VESSELS IN THE RED SEA//COVID UPDATES/VACCINE INJURY REPORTS/DR PAUL ALEXANDER/SLAY NEWS ETC//DARTH VADAR CANCELS TWITTER FROM BRAZIL//USA DATA: THIS TIME BOTH ISM AND PMI TURN SOUTBOUND INDICATING TROUBLE FOR THE USA ECONOMY//VICTOR DAVIS HANSON//SWAMP NEWS TO YOUR TONOGHT//
323 C HSBC 9 363 H WELLS FARGO SEC 49 657 C MORGAN STANLEY 3 661 C JP MORGAN 16 686 C STONEX FINANCIA 3 726 C PLUS500US FINAN 1 737 C ADVANTAGE 80 6 905 C ADM 1
TOTAL: 84 84 MONTH TO DATE: 2,727
JPMorgan stopped 16/84
GOLD: NUMBER OF NOTICES FILED FOR SEPT/2024. CONTRACT: 84 NOTICES FOR 8400 OZ or 0.2612 TONNES
total notices so far: 2727 contracts for 272700 Oz (8.482 tonnes)
FOR SEPT:
SILVER NOTICES: 512 NOTICE(S) FILED FOR 2,560,000
OZ/
total number of notices filed so far this month : 4342 for 21,710,000 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 $4.25 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A DEPOSIT OF 5.47 TONNES OF GOLD VAPOUR INTO THE GLD//
/ /INVENTORY RESTS AT 862.74 TONNES
INVENTORY RESTS AT 862.74 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $0.74 AT THE SLV
HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.278 MILLION OZ INTO THE SLV..
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 465,971 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A MEGA MEGA GIGANTIC SIZED 3020 CONTRACTS TO 131,392 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS MEGA HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR STRONG LOSS OF $0.42 IN SILVER PRICING AT THE COMEX ON FRIDAY’S TRADING. WE LOST SOME LONGS WITH THE LOSS IN PRICE. WE HAD A HUGE LOSS OF 2875 CONTRACTS ON OUR TWO EXCHANGES. WE HAD AGAIN A HUGE LIQUIDATION OF T.A.S. CONTRACTS AS WELL AS MONTH END SPREADERS DURING FRIDAY’S RAID TRADING//. WE HAD CONSIDERABLE SHORT COVERING BY OUR SPECS WITH THE LOSS IN PRICE. WE HAD A SMALL 145 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY ANOTHER HUGE 984 CONTRACT T.A.S ISSUANCE. IN ESSENCE WE LOST 2875 CONTRACTS ON OUR TWO EXCHANGES WITH THE LOSS IN PRICE. ALL OF THE LOSS IN OI WAS DUE TO OUR TWO SPREADER LIQUIDATIONS.
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 ACCUMULATED T.A.S. IS BEING USED TO MANIPULATE PRICES AT THE COMEX NOW EVERY DAY..
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON FRIDAY NIGHT: 984 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 $0.42) AND WERE SUCCESSFUL IN KNOCKING A FEW SILVER LONGS FROM THEIR PERCH AS DESPITE A STRONG LOSS OF 2429 TOTAL OI CONTRACTS ON OUR TWO EXCHANGES , ALL OF THE LOSS WAS DUE TO T.A.S AND MONTH END SPREADER LIQUIDATION.
WE HAD A SMALL 145 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 22.765 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 100,000 OZ E.F.P. TRANSFER TO LONDON
//NEW STANDING FOR SILVER//SEPT REDUCES OT 22.665 MILLION OZ
WE HAD:
/ MEGA HUGE SIZED COMEX OI LOSS //TINY SIZED EFP ISSUANCE/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 984 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED 446 CONTRACTS//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS AUGUST ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF SEPT
TOTAL CONTRACTS for 1 DAYS, total 145 contracts: OR 0.725 MILLION OZ (145 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 0.725 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; 99.740 MILLION OZ//THIS MONTH WILL PROBABLY BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 0.725 MILLION OZ//
RESULT: WE HAD A MEGA HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3020 CONTRACTS DESPITE OUR LOSS IN PRICE OF SILVER PRICING AT THE COMEX//FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A SMALL EFP ISSUANCE CONTRACTS: 145 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 22.765 MILLION OZ ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 100,000 OZ E.F.P. TRANSFER TO LONDON
//NEW TOTAL STANDING FOR SEPT REDUCES TO 22.665 MILLION OZ
WE HAVE A MEGA HUGE LOSS OF 2875 OI CONTRACTS ON THE TWO EXCHANGES WITH THE LOSS IN PRICE…..THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE SIZED 984 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE FRIDAY COMEX TRADING//// MASSIVE ATTEMPTED SHORT COVERING FROM OUR SPEC SHORTS WITH THE STRONG LOSS IN PRICE FRIDAY/ AND MINOR LIQUIDATION OF LONGS. ALSO SOME OF OUR LONGS EXERCISED THEIR RIGHT AND TENDERED FOR PHYSICAL SILVER.
THE NEW TAS ISSUANCE FRIDAY NIGHT (984) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND FOR SURE TODAY., .
WE HAD 512 NOTICE(S) FILED TODAY FOR 2.560 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A STRONG SIZED 8709 OI CONTRACTS TO 516,479 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 MASSIVE 3471 CONTRACTS//
WE HAD A STRONG SIZED DECREASE IN COMEX OI (8709 CONTRACTS) OCCURRED WITH OUR LOSS OF $31.30 IN PRICE/FRIDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER.. WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR SEPT AT 12.885 TONNES ON FIRST DAY NOTICE FOLLOWED BY FRIDA’YS SMALL 1800 OZ E.F.P. TRANSFER TO LONDON
NEW STANDING REDUCES TO 12.814 TONNES
/ ALL OF THIS HAPPENED WITH OUR $31.30 LOSS IN PRICE WITH RESPECT TO FRIDAY’S TRADING. WE HAD A FAIR SIZED LOSS OF 3548 OI CONTRACTS (11.03 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 HUGE SIZED 5161 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 516,479
IN ESSENCE WE HAVE A FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3548 CONTRACTS WITH 8709 CONTRACTS DECREASED AT THE COMEX// AND A HUGE SIZED 5238 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 77 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A GOOD SIZED 1736 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A HUGE SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5238 CONTRACTS) ACCOMPANYING THE STRONG SIZED DECREASE IN COMEX OI OF 8709 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 3548 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 SEPT 12.885 TONNES FOLLOWED BY TODAY’S 1800 OZ E.F.P. TRANSFER TO LOND/
//NEW STANDING REDUCES AT: /SEPT 12.814 TONNES.
/ 3) CONSIDERABLE T.A.S. LIQUIDATION AND MONTH END SPREADER CONTRACT LIQUIDATION WITH ZERO NET LONG SPECS BEING CLIPPED,
4) STRONG SIZED COMEX OPEN INTEREST LOSS 5) HUGE ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///HUGE T.A.S. ISSUANCE: 1736 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 SEPT. :
TOTAL EFP CONTRACTS ISSUED: 5161 CONTRACTS OF 516,100 OZ OR 16.052 TONNES IN 1 TRADING DAY(S) AND THUS AVERAGING: 5161 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 1 TRADING DAY(S) IN TONNES 16.02 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 16.02 DIVIDED BY 3550 x 100% TONNES = 0.45% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/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: 274.79 TONNES//THIS MONTH WILL NO DOUBT BE A STRONG ISSUANCE OF EFP’S BUT MUCH LESS THAN LAST MONTH.
SEPT: 16.05 TONNES//
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF AUGUST. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (AUG), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A MEGA HUGE SIZED 3030 CONTRACTS OI TO 131,392 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 145 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 145 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 145 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 2574 CONTRACTS AND ADD TO THE 145 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2875 CONTRACTS
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 14.375 MILLION OZ OCCURRED WITH OUR $0.42 LOSS IN PRICE
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 8.46 PTS OR 0.29% //Hang Seng CLOSED DOWN 40.48 PTS OR 0.23% // Nikkei CLOSED DOWN 14.56 OR .04%//Australia’s all ordinaries CLOSED DWN 0.10%///Chinese yuan (ONSHORE) CLOSED DOWN TO 7,1224 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.1262/ Oil DOWN TO 71.30 dollars per barrel for WTI and BRENT UP AT 74.28 Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 8709 CONTRACTS TO 516,479 WITH OUR HUGE LOSS IN PRICE OF $31.30 WITH RESPECT TO FRIDAY’S TRADING. WE LOST A CONSIDERABLE NUMBER OF FINAL SPREADER/T.A.S. CONTRACTS AS SHORTS TRIED TO, THROUGHOUT THE SESSION, COVER WHAT THEY COULD AT MUCH LOWER PRICES. WE HAD TWO RAIDS, WHICH IS A FIRST, FOR TRADING ON LONDON’S OPTION EXPIRY WEEK. THE FED IS THE MAJOR SHORT OF AROUND 148 TONNES+ OF GOLD OWING TO THE B.I.S. THE FED NEEDS TO COVER AS THEY ARE VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES ONCE THE BRICS BEGIN THEIR INITIATIVE AND ABANDON THE US DOLLAR. THIS IS SCHEDULED TO HAPPEN LATE SEPT 2024.
OUR LONDONERS ALSO BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT THESE HIGHER PRICES AND THIS GOLD BOUGHT 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. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.
WE HAD CONSIDERABLE T.A.S. LIQUIDATION ON FRIDAY’S LOSS IN PRICE WITH ZERO LONGS WERE 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. THE HIGH LIQUIDATION OF THE SPREADERS AND T.A.S IS SURELY DISTORTING COMEX OPEN INTEREST.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW ENTERING INTO THE NON ACTIVE DELIVERY MONTH OF SEPTEMBER.… THE CME REPORTS THAT THE BANKERS ISSUED A HUGE SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A HUGE SIZED 5161 EFP CONTRACTS WERE ISSUED: : OCT/DEC1821 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 5161 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 3548 CONTRACTS IN THAT 5161 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A STRONG LOSS OF 8709 COMEX CONTRACTS..AND THIS FAIR LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR GIGANTIC LOSS IN PRICE OF $31.30/FRIDAY COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AS MENTIONED ABOVE. THE RAIDS ON WEDNESDAY AND FRIDAY WERE ORCHESTRATED BY THE FRBNY AS WE NOW FINISHED WITH OPTIONS EXPIRY FOR THE OTC/LONDON LBMA BETS ENDING FRIDAY AFTERNOON. DESPITE THE FED’S HUGE SHORT PREDICAMENT THEY STILL HAVE TIME AND ENERGY TO RAID OUR PRECIOUS METALS. SUCH CROOKS! THE RAID ACCOMPLISHED NOTHING BUT GRIEF TO OUR CENTRAL BANKER, THE FRBNY, AS OTHER CENTRAL BANKS TOOK THE FED’S LARGESS OF SUPPLY TO OBTAIN CONSIDERABLE PHYSICAL GOLD.
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR FRIDAY NIGHT A GOOD SIZED 1736 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 (AND SPREADERS LATE IN THE MONTH). 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 LAST THURSDAY.S HUGE /RAID TOGETHER WITH THIS WEDNESDAYS’ AND YESTERDAY’S, RAID.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: SEPT (12.814 TONNES) WHICH IS HUGE FOR A NON DELIVERY MONTH.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 44 MONTHS OF 2021-2024:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022:
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/PRIOR= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 12.814 TONNES.
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $31.30 //// BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY SPECULATOR LONGS AS WE DID HAVE A VERY FAIR LOSS IN OUR TWO EXCHANGES. WE HAD CONSIDERABLE FINAL SPREADER LIQUIDATION. BUT CENTRAL BANK LONGS, SEIZING THE MOMENT, EXERCISED FOR PHYSICAL IN A BIG WAY. WE HAD BOTH CONSIDERABLE T.A.S. LIQUIDATION AND FINAL SPREADER LIQUIDATION FRIDAY AT THE COMEX. MONDAY SHOULD BE AN INTERESTING DAY FOR LONDON (NEW YORK IS OFF) WHEN LONGS TENDER VIA THEIR EXCHANGE FOR PHYSICAL ROUTE FOR GOLD.
WE HAVE LOST A TOTAL OI OF 0.2395 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR SEPT (12.885 TONNES) ON FIRST DAY NOTICE FOLLOWED BY FRIDAY’S E.F.P. JUMP TO LONDON OF 1800 OZ AS THESE BOYS CANNOT WAIT THE 30 DAYS AS THEY NEEDED IMMEDIATE DELIVERY OVER ON THAT SIDE OF THE POND.
//NEW STANDING FOR SEPT REDUCES TO: 12.814 TONNES.
NEW STANDING FOR SEPT: 12.814 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR STRONG LOSS IN PRICE TO THE TUNE OF $31.30
WE HAVE REMOVED A MAMMOTH 3471 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. THIS IS THE LARGEST ADJUSTMENT TO DATE.
NET LOSS ON THE TWO EXCHANGES 3548 CONTRACTS OR 354,800 OZ (11.03
Total monthly oz gold served (contracts) so far this month
2727 notices 272700 oz 8.482 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:3
i) Out of Brinks 55,739.870 oz (1827 kilobars)
ii) Out of Loomis: 11,344.303 oz (353 kilobars)
iii)Out of Manfra 3853.771 oz
TOTAL WITHDRAWALS 73,942.944 oz 2.29 tonnes
adjustments: 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR SEPTEMBER
For the front month of SEPT. we have an oi of 1477 contracts having LOST 2665 contracts. We had 2647 notices filed on Friday so we lost 18 contracts or 1800 oz will not stand at the comex as these boys were immediately ferried over to London to take physical delivery over there.
OCTOBER LOST 1496 CONTRACTS DOWN TO 44,180 CONTRACTS
NOVEMBER GAINED ITS FIRST 5 CONTRACTS TO STAND AT 5
DECEMBER, THE BIGGEST DELIVERY MONTH LOST 7156 CONTRACTS TO 417,299.
We had 84 contracts filed for today representing 8400 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 notice issued from their client or customer account. The total of all issuance by all participants equate to 84 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 16 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for SEPT /2024. contract month, we take the total number of notices filed so far for the month (2727) x 100 oz ) to which we add the difference between the open interest for the front month of SEPT 1477( CONTRACTS) minus the number of notices served upon today (84x 100 oz per contract( equals 414,200 OZ OR 12.814 TONNES.
thus the INITIAL standings for gold for the SEPTEMBER contract month: No of notices filed so far (2727 x 100 oz +we add the difference for front month of SEPT (1477 X// , OI} minus the number of notices served upon today (94) x 100 oz which equals 414,200 oz (12.814 TONNES)
TOTAL COMEX GOLD STANDING FOR SEPT.: 12.814 TONNES WHICH IS HUGE FOR THIS NON ACTIVE DELIVERY MONTH IN THE CALENDAR.
total pledged gold: 1,770,778.600 oz 55.078 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,012,767,824 OZ
TOTAL REGISTERED GOLD 7,522,254.284 ( 233.97 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,490,515,550 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 5,751,476 oz (REG GOLD- PLEDGED GOLD)= 178.89 tonnes //
END
SILVER/COMEX
SEPT 3/2024
INITIAL
//2024// THE SEPT 2024 SILVER CONTRACT//INITIAL
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
796,835..47 OZ
Brinks CNT Loomis
.
Deposits to the Dealer Inventory
598,861.347 oz CNT
Deposits to the Customer Inventory
161,894.200 oz
JPMorgan
No of oz served today (contracts)
512 CONTRACT(S) (2.560 MILLION OZ)
No of oz to be served (notices)
191 contracts (0.955 million oz)
Total monthly oz silver served (contracts)
4342 Contracts (21.710 MILLION oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
i) 0 dealer deposit/
total dealer deposit : NIL oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 1 customer deposits:
i) Into JPMorgan: 161,894.200 o
total customer deposit 161,894.20 oz z
JPMorgan has a total silver weight: 134.995million oz/306,331 million or 44.07%
adjustment:3
a) customer to dealer Brinks 58,222.410oz
b) customer to dealer Manfra 123,570.790 oz
c) customer to dealer Loomis: 50,092.990
withdrawals: 3
i) Out of Brinks 113,540.100 oz
ii) Out of CNT 83,000.38 oz
iii) Out of Loomis 600,298.990 oz
total customer withdrawals: 796,835.47 oz
TOTAL REGISTERED SILVER: 78.418 MILLION OZ//.TOTAL REG + ELIGIBLE. 306,331 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR SEPTEMBER:
silver open interest data:
FRONT MONTH OF SEPT/2024 OI: 703 CONTRACTS HAVING LOST 3850 CONTRACT(S).
WE HAD 3830 NOTICES FILED ON FRIDAY, SO WE LOST 20 CONTRACTS OR 100,000 OZ WERE E.F.D.’D OVER TO LONDON TO TAKE IMMEDIATE DELIVERY OF SILVER OVER THERE.
OCTOBER SAW ANOTHER GAIN OF 34 OF OPEN INTEREST CONTRACTS AND THUS WE HAVE 1512 OPEN INTEREST CONTRACTS FOR OCTOBER.
NOVEMBER SAW ITS FIRST 4 CONTRACTS TO STAND AT 4.
DECEMBER SAW A GAIN OF 317 CONTRACTS UP TO 117,399.
.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 3830 for 19.150 MILLION oz
CONFIRMED volume; ON FRIDAY 63.585 strong
To calculate the number of silver ounces that will stand for delivery in SEPT. we take the total number of notices filed for the month so far at 4342 x 5,000 oz = 21.710 MILLION oz
to which we add the difference between the open interest for the front month of SEPT(703) and the number of notices served upon today 512 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the SEPT/2024 contract month: 4342 notices served so far) x 5000 oz + OI for the front month of SEPT (703)x number of notices served upon today minus (512)x 5000 oz of silver standing for the SEPT contract month equates to 22.665 MILLION OZ.
New total standing: 22.665 million oz.
There are 76.942 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
BOTH GLD AND SLV ARE MASSIVE FRAUDS!
GLD AND SLV INVENTORY LEVELS//
GLD
SEPT 3 WITH GOLD DOWN $4.25 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 5,47 TONNES OF GOLD INTO THE GLD/:/ //////INVENTORY RESTS AT 862.74 TONNES
AUGUST 30 WITH GOLD DOWN $31.30 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.15 TONNES OF GOLD INTO THE GLD/:/ //////INVENTORY RESTS AT 857.27 TONNES
AUGUST 29 WITH GOLD UP $23.50 ON THE DAY; NO CHANGES IN GOLD AT THE GLD:/ //////INVENTORY RESTS AT 856.12 TONNES
AUGUST 28 WITH GOLD DOWN $14.65 ON THE DAY; NO CHANGES IN GOLD AT THE GLD:/ //////INVENTORY RESTS AT 856.12 TONNES
AUGUST 27 WITH GOLD DOWN $1.65 ON THE DAY; NO CHANGES IN GOLD AT THE GLD:/ //////INVENTORY RESTS AT 856.12 TONNES
AUGUST 26 WITH GOLD UP $9.00 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.73 TONNES OF GOLD VAPOUR GOLD OUT OF THE GLD./ //////INVENTORY RESTS AT 856.12 TONNES
AUGUST 23 WITH GOLD UP $29.70 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A MONSTER WITHDRAWAL OF 8.88 TONNES OF GOLD VAPOUR GOLD OUT OF THE GLD./ //////INVENTORY RESTS AT 857.85 TONNES
AUGUST 22 WITH GOLD DOWN $28.90 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A MONSTER DEPOSIT OF 9.43 TONNES OF GOLD VAPOUR GOLD INTO THE GLD./ //////INVENTORY RESTS AT 866.70 TONNES
AUGUST 21 WITH GOLD DOWN $1.80 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A MONSTER WITHDRAWAL OF 1.73 TONNES OF GOLD OUT OF THE GLD./ //////INVENTORY RESTS AT 857.27 TONNES
AUGUST 20 WITH GOLD UP $9.40 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A MONSTER DEPOSIT OF 4.03 TONNES OF GOLD VAPOUR INTO THE GLD./ //////INVENTORY RESTS AT 859.00 TONNES
AUGUST 19 WITH GOLD UP $3.05 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A MONSTER DEPOSIT OF 7.19 TONNES OF GOLD VAPOUR INTO THE GLD./ //////INVENTORY RESTS AT 854.97 TONNES
AUGUST 16 WITH GOLD UP $44.65 ON THE DAY; NO CHANGES IN GOLD AT THE GLD: //////INVENTORY RESTS AT 847.78 TONNES
AUGUST 15 WITH GOLD UP $13,70 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.02 TONNES OF GOLD OUT OF THE GLD//////INVENTORY RESTS AT 847.78 TONNES
AUGUST 14 WITH GOLD DOWN $26.20 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 4.03 TONNES OF GOLD OUT OF THE GLD//////INVENTORY RESTS AT 845.76 TONNES
AUGUST 13 WITH GOLD UP $3.35 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.88 TONNES OF GOLD INTO THE GLD//////INVENTORY RESTS AT 849.79 TONNES
AUGUST 12 WITH GOLD UP $30.00 ON THE DAY; NO CHANGES IN GOLD AT THE GLD: ////INVENTORY RESTS AT 846.91 TONNES
AUGUST 9 WITH GOLD UP $10.50 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.87 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 846.91 TONNES
AUGUST 8 WITH GOLD UP $31.50 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 4.02 TONNES OF GOLD OUT OF THE GLD////INVENTORY RESTS AT 844.04 TONNES
AUGUST 7 WITH GOLD UP $1.90 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3.16 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 848.06 TONNES
AUGUST 6 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
GLD INVENTORY: 862.74 TONNES, TONIGHTS TOTAL
SILVER
SEPR 3//WITH SILVER DOWN $.74//HUGE CHANGES IN SILVER INVENTORY A DEPOSIT OF 1.278 MILLION OZ OF SILVER INTO THE SLV/: .///./// /INVENTORY AT 465.971 MILLION OZ
AUGUST30//WITH SILVER DOWN $.42//NO CHANGES IN SILVER INVENTORY: .///./// /INVENTORY AT 464.693 MILLION OZ
AUGUST 29//WITH SILVER UP $.37//SMALL CHANGES IN SILVER INVENTORY:A WITHDRAWAL OF 0.558 MILLION OZ OZ OUT OF THE SLV. .///./// /INVENTORY AT 464.693 MILLION OZ
AUGUST 28//WITH SILVER DOWN $0.76//HUGE CHANGES IN SILVER INVENTORY:A DEPOSIT OF 2.301 MILLION OZ OZ OUT OF THE SLV. .///./// /INVENTORY AT 465.281 MILLION OZ
AUGUST 27//WITH SILVER DOWN $0.03//HUGE CHANGES IN SILVER INVENTORY:A WITHDRAWAL OF 2.921 MILLION OZ OZ OUT OF THE SLV. .///./// /INVENTORY AT 462.959 MILLION OZ
AUGUST 26//WITH SILVER UP $0.23//SMALL CHANGES IN SILVER INVENTORY:A WITHDRAWAL OF 45,000 OZ OUT OF THE SLV. .///./// /INVENTORY AT 465.880 MILLION OZ
AUGUST 23//WITH SILVER UP $0.72//HUGE CHANGES IN SILVER INVENTORY:A WITHDRAWAL OF 1.506 MILLION OZ INTO THE SLV. .///./// /INVENTORY AT 465.925 MILLION OZ
AUGUST 22//WITH SILVER DOWN $0.44//HUGE CHANGES IN SILVER INVENTORY:A WITHDRAWAL OF 0.943 MILLION OZ INTO THE SLV. .///./// /INVENTORY AT 468.344 MILLION OZ
AUGUST 21//WITH SILVER $0.03//HUGE CHANGES IN SILVER INVENTORY:A DEPOSIT OF 1..552 MILLION OZ INTO THE SLV. .///./// /INVENTORY AT 468.344 MILLION OZ
AUGUST 20//WITH SILVER $0.24//HUGE CHANGES IN SILVER INVENTORY:A DEPOSIT OF 1.369 MILLION OZ FROM THE SLV. .///./// /INVENTORY AT 466.792 MILLION OZ
AUGUST 19//WITH SILVER $0.39//HUGE CHANGES IN SILVER INVENTORY:A WITHDRAWAL OF 1.506 MILLION OZ FROM THE SLV. .///./// /INVENTORY AT 465.423 MILLION OZ
AUGUST 16//WITH SILVER $0.49//NO CHANGES IN SILVER INVENTORY: .///./// /INVENTORY AT 466.929 MILLION OZ
AUGUST 15//WITH SILVER $1.14//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 1.186 MILLION ON INTO THE SLV.///./// /INVENTORY AT 466.929 MILLION OZ
AUGUST 14//WITH SILVER DOWN $0.40//NO CHANGES IN SILVER INVENTORY:///./// /INVENTORY AT 465.743 MILLION OZ
AUGUST 13//WITH SILVER DOWN $0.19//NO CHANGES IN SILVER INVENTORY:///./// /INVENTORY AT 465.743 MILLION OZ
AUGUST 12//WITH SILVER UP $.37//NO CHANGES IN SILVER INVENTORY:///./// /INVENTORY AT 465.743 MILLION OZ
AUGUST 9//WITH SILVER DOWN $.03//NO CHANGES IN SILVER INVENTORY:///./// /INVENTORY AT 465.743 MILLION OZ
AUGUST 8//WITH SILVER UP $.70//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 3.241 MILLION OZ INTO THE SLV////./// /INVENTORY AT 462.502 MILLION OZ
AUGUST 7//WITH SILVER DOWN $0.27//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 4.552 MILLION OZ INTO THE SLV////./// /INVENTORY AT 462.502 MILLION OZ
AUGUST 6//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.
Gold recently hit $2,500 marking an all time record high.
The reality is, there’s a very good case to be made that gold is still quite cheap compared to its trajectory. It’s possible that in a few years, $2,500 gold could look remarkably inexpensive.
Not to be overly dramatic, but Kamala Harris is a big reason why.
I’m not a D or R kind of guy, but it’s impossible to ignore the impact of the upcoming election on the future of the US.
At a press conference a few weeks ago, reporters asked Jerome Powell, the Chairman of the Federal Reserve, about the upcoming Presidential election and whether or not the Fed was modeling any potential policy changes depending on the outcome.
But the Fed Chairman was almost proud of the fact that the election outcome didn’t factor into their planning at all.
The Fed considers itself apolitical. Powell seemed to think it was somehow wholesome and responsible to completely ignore perhaps the single most important factor that could drive the economy in the coming years—the outcome of the Presidential election.
Two people with diametrically opposed views will clearly make a massive difference on the economy.
I saw a report yesterday that, since she stole the nomination exactly one month ago, Kamala has raised $500 million. That brings her total campaign war chest to a massive $1 billion.
It’s funny because I seem to remember Rep. AOC saying that, “No one ever makes a billion dollars. You take a billion dollars.” In this case, I’m inclined to agree with AOC.
Kamala took a half billion from Biden— the legitimate nominee— and raised another half billion by making the most outrageous claims and lying her ass off, without even bothering to sit for basic interviews or take legitimate questions.
She’s been coronated without scrutiny, and only now are we starting to see how she views the economy.
She seems to understand that a lot of people are suffering, and she at least partially diagnoses it accurately as the result of inflation. But she has no understanding of where the inflation comes from.
There’s no discussion of the government’s role in running multi-trillion dollar deficits, the unprecedented fiscal and monetary stimulus, and continuing to rack up trillions of dollars in debt every year, even though there’s no longer a national emergency.
Her plans will undoubtedly cause higher deficits and more inflation.
For example, subsidizing housing is obviously only going to make everything cost more.
Giving new home buyers a free $25,000 just means houses will become $25,000 more expensive.
It’s exactly what happened during the pandemic when they started handing out stimmy checks— there was no increase in goods and services, just more money floating around, so prices went up.
The same thing will happen with housing and everything else the government pours “free money” into. But they have no understanding of this.
None of that factors into her thinking. To her, inflation is always and everywhere the result of corporate greed.
And her solutions to inflation involve essentially criminalizing “greed” and throwing the full force and weight of the federal government into attacking the private business sector.
Now she’s talking about using the government and the legal system to go after private businesses. She’s attacking grocery store chains, accusing them of being greedy when their profit margins are a measly 2-3%. Apparently, that’s greedy.
The Biden Administration has gone out of its way to destroy competition, even though competition is one of the most important factors in keeping prices low.
They attack oil companies and prevent the expansion of US energy production. Of course that makes energy prices higher, which in turn makes the price of everything else higher.
This is why it’s ultimately very difficult to see the dollar surviving as the global reserve currency through a single term of a Kamala administration. Her policies will create higher deficits, balloon the national debt, and drive up inflation.
The nature of a good reserve currency is stability. Foreign governments and institutions require stability in the reserve currency. Countries around the world are desperate for something they can actually rely on—something that won’t be inflated away or subject to a gargantuan national debt.
Another key element of a reserve currency is strength. Someone who backs pro-Hamas protesters is anything but strong.
To me, this is a clear and obvious sign that they are preparing for an end of the dollar as the dominant global reserve currency.
Gold is a likely and very reasonable reserve asset for them to hold in lieu of dollars, because it has a 5,000-year history of maintaining its value. Central bankers know that they can trade gold for other currencies or strategic assets, and it is this sentiment that is driving their gold purchases.
In short, central banks around the world are trading dollars for gold.
If Kamala wins, that trend will almost certainly continue, resulting in the eventual end of the dollar as global reserve currency.
And I’d expect the price of gold to go a lot higher from there.
2. ALASDAIR MACLEOD/JIM RICKARDS/PAM AND RUSS MARTENS/ JAMES RICKARDS/ VON GREYERZ//GOLD AND SILVER COMMENTARY//BILL HOLTER:
Submitted by admin on Mon, 2024-09-02 22:16 Section: Daily Dispatches
Argentina Ships Gold Bars Abroad to Be Financially Certified
By Ignacio Olivera Doll Bloomberg News via Yahoo News, Sunnyvale, California Monday, September 2, 2024
Argentina’s central bank sent part of its gold reserves abroad in recent weeks to be validated for financial use, a move that could give the country some much-needed flexibility, according to people with direct knowledge of the matter.
Officials from the central bank, known by its Spanish acronym BCRA, declined to comment on the matter.
The monetary authority separately confirmed today it had sent gold between its accounts, mentioning both ones in the country and others abroad. However, the bank didn’t say how much of its nearly $5 billion in gold was shipped, for what reason, or where.
Bank officials also criticized what they called “irresponsible” reports about the gold going abroad, emphasizing that management of reserves has always been kept confidential. …
Eric Sprott reflects on the frustration and opportunity of the monetary metals
Submitted by admin on Fri, 2024-08-30 22:59 Section: Daily Dispatches
10:57p ET Friday, August 30, 2024
Dear Friend of GATA and Gold:
Mining entrepreneur Eric Sprott returns today to the Sprott Money monthly wrapup with Craig Hemke of the TF Metals Report, discussing the long-term frustration of monetary metals investors and what he sees as the spectacular and unappreciated potential in many gold and silver mining companies.
He helpfully specifies some of the companies he finds especially prospective.
He adds that he is annoyed by the shorting of New Found Gold, in which he has invested, and has commissioned someone to investigate it.
Sprott notes that many contentions recently dismissed by mainstream news organizations as “conspiracy theories” are being proven true.
He recommends holding some gold and silver assets outside the banking system and acknowledges the risk of windfall profits taxes and other severe intervention by government against the monetary metals.
The discussion is 45 minutes long and can be viewed at YouTube here:
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
4. OTHER GOLD COMMENTARIES/LIVE FROM THE VAULT: TODAY ANDREW MAGUIRE WITH BILL HOLTER
end
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COPPER
good sign that the economy is crashing: copper is crashing!
(zerohedge)
“Copper Rally Delayed”: Goldman Slashes Forecast By $5,000 For Base Metal Amid China Woes
Tuesday, Sep 03, 2024 – 11:25 AM
Just four months after Goldman analysts warned clients that copper markets were “moving into extreme tightness,” the bank has now exited its long-term bullish position on the base metal and slashed its 2025 price forecast by nearly $5,000. This seismic shift comes amid overwhelmingly weak economic data from China this summer and elevated levels of refined copper production being exported from the world’s second-largest economy into global markets.
“Copper rally delayed. In copper we’ve observed significant price elasticity of both supply and demand this summer. As a result, the sharp copper inventory depletion we had expected will likely come much later than we previously thought,” Goldman’s Samantha Dart and Daan Struyven wrote in a note to clients at the start of the week.
The analysts delayed their end-2024 copper target of $12,000 a ton to post-2025, implying a 2025 copper forecast of $10,100 a ton, still above current prices on the London Metal Exchange of around $9,200 but below previous estimates of $15,000.
Dart commented on the depressing economic data out of China this summer, showing sliding demand for the base metal as an economic recovery never really lifted off.
“In copper, China inventories, which typically draw from 2Q, built instead, as a result of a price-driven YoY decline in apparent China demand. From a macro perspective, China’s July data were disappointing , with our GS China Current Activity indicator showing only 3.6% annualized growth in the month, well below the Government’s target of “around 5%”. With China typically responsible for 2/3 of commodities demand growth before the pandemic, we believe it’s challenging to build significant deficits in these markets without strong China demand.”
Here’s more from the analysts on what they say will be a “copper rally delayed”:
In copper we’ve observed significant price elasticity of both supply and demand when prices spiked this past spring. Specifically, refined copper production remained elevated despite mine supply issues in key copper producing countries. On the demand side, China apparent copper consumption dropped YoY in March and deepened that drop into early summer. As a result, even with China end-user) green metals demand realizing stronger than we expected, China copper inventories built in 2Q24, in sharp contrast with seasonal trends and the copper inventory depletion we had previously expected for 2024. As a result, and given the continued weakness in China’s property sector, we believe that copper inventory depletion – and its accompanying price rally – will likely come much later than we previously thought. Accordingly, we delay our end-2024 copper target of $12,000/t to post-2025, a timing closer to our expected peak in global copper mine production. This implies an average 2025 copper forecast of $10,100/t, still well above this year-to-date’s $9231/t, but significantly below our previous $15,000 expectation.
Further, given rising global visible copper inventories summer to date and the ongoing China growth concerns, we take this opportunity to close our long-standing long copper trading recommendation with a potential gain of 41% and will look to potentially re-open this trade at a later time. We maintain our structural view that green metals demand growth and the long-cycle’s nature of copper supply, along with its declining investment, will ultimately set the stage for inventory depletion and, hence, scarcity pricing.
In mid-May, around the time LME copper prices hit nearly $11,000 a ton, Jeff Currie, who led commodities research at Goldman Sachs for nearly three decades and now serves as the chief strategy officer of the energy pathways team at Carlyle Group, said the copper trade was the best he has ever seen in his entire career.
The premise behind the copper trade was expected deficits due in part to the rapid shift towards electrification, whether that’s electric vehicles and data centers powering artificial intelligence, as well as reshoring manufacturing trends. Plus, there were concerns about sliding mine supplies.
By late July, as LME copper prices slipped below $10,000, Goldman analyst Adam Gillard suggested that a “surplus market” could pressure prices of the base metal lower. At the time, we noted the all-important multi-month ascending trend line in copper’s chart was broken.
Also, this was around the time when the market started getting spooked by China exporting copper deflation to global markets.
LME Asia copper inventories have surged to the highest levels since 2016.
Goldman’s shift in ultra-bull view on copper markets follows China’s ongoing property downturn and mounting domestic challenges to reignite an economic recovery as hard-landing fears remain elevated.
end
6 CRYPTOCURRENCY NEWS
END
ASIA TRADING/TUESDAY MORNING/FRIDAY NIGHT
SHANGHAI CLOSED DOWN 8.46 PTS OR 0.29% //Hang Seng CLOSED DOWN 40.48 PTS OR 0.23% // Nikkei CLOSED DOWN 14.56 OR .04%//Australia’s all ordinaries CLOSED DWN 0.10%///Chinese yuan (ONSHORE) CLOSED DOWN TO 7,1224 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.1262/ Oil DOWN TO 71.30 dollars per barrel for WTI and BRENT UP AT 74.28 Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.1224
OFFSHORE YUAN: UP TO 7.1262
SHANGHAI CLOSED DOWN 8L46 PTS OR 0.29 %
HANG SENG CLOSED DOWN 40.45 PTS OR 0.23%
2. Nikkei closed DOWN 14.56 PTS OR .04%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX DOWN TO 101.61 EURO FALLS TO 1.1062 DOWN 5 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +0.931 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 145.47…… JAPANESE YEN NOW RISING AS WE HAVE NOW REACHED THE COLLAPSING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.2870/Italian 10 Yr bond yield UP to 3.679 SPAIN 10 YR BOND YIELD UP TO 3.109%
3i Greek 10 year bond yield UP TO 3.2970
3j Gold at $2482.00//Silver at: 27.85 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 1 AND 35/ 100 roubles/dollar; ROUBLE AT 87.75
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 145.47/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.931 % 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 0.8488 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9406 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: 3.845 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.136 DOWN 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.844 DOWN 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 33.95…
10 YR UK BOND YIELD: 4.034 DOWN 2 PTS
10 YR CANADA BOND YIELD: 3.115 DOWN 2 BASIS PTS
2a New York OPENING REPORT
Futures Slide As US Returns From Holiday And Data Deluge Looms
Tuesday, Sep 03, 2024 – 08:18 AM
US equity futures are trading near session lows, tracking Monday’s slide in global markets which sent Chinese stocks to 7 month lows, after US markets were closed for Labor day yesterday. As of 8:00am, S&P futures are lower by 0.5% trading around 5630 and unchanged since mid-August even as they nearly hit a new all time high on Friday, while Nasdaq futs lag, down 0.6% with both Mag7 and Semis are under pressure (NVDA -2.4%). Bond yields are ~2bps higher with the USD trading near session highs. Commodities are weaker with all 3 complexes coming for sale; gold and natgas are relative bright spots. Today’s macro data focus is on ISM-Mfg and construction spending as we have a heavy data week capped with Friday’s NFP which is likely the determinant for the Fed cutting 25bps or 50bps. Friday also has the last 2 Fedspeakers before the Fed’s blackout window.
In premarket trading, Nvidia fell more than 2% in premarket trading as most members of the Magnificent Seven technology stocks lost ground. Boeing dropped 3% after Wells Fargo downgraded the stock to underweight, giving the planemaker a rare negative analyst rating. Wells Fargo also cut its price target to a Street low. Here are the other notable premarket movers:
Dyne Therapeutics (DYN) tumbles 32% after saying Chief Medical Officer Wildon Farwell is stepping down from the role; the company also announced clinical data from the Phase 1/2 trial of DYNE-251 in Duchenne muscular dystrophy
Polestar (PSNY) rises 4% after appointing Jean-Francois Mady as CFO.
United States Steel (X) falls 5% after Vice President Kamala Harris joined President Joe Biden in declaring the company should remain domestically owned and operated.
Unity Software (U) climbs 5% as Morgan Stanley turned bullish on the stock, saying there’s a clear potential for upward revisions in the video-game tool maker’s Create business.
Vaxcyte (PCVX) soars 30% after posting positive topline data from a Phase 1/2 study of VAX-31; based on the strength of the results from the study, the company has selected VAX-31 to advance to an adult Phase 3 program.
The month of September – known for being historically brutal for stocks, bonds and gold – has begun in a more benign fashion, with global equities hovering near all-time highs, although selling pressure has emerged out of the gate.
In what is historically a poor month for virtually all assets, traders are bracing for fresh bouts of volatility in the runup to the anticipated start of the Fed’s rate-easing cycle this month. Swap traders are currently pricing a roughly one-in-five chance of a 50 basis-point opening cut, a decision which will be cemented by Friday’s jobs report.
The publication of US manufacturing data later Tuesday will mark the start of a busy week of economic reports (previewed here), culminating with the nonfarm payrolls report on Friday. A similar series of releases in August induced fears that the US economy was heading for a hard landing, whiplashing markets.
“Markets need to be careful what they wish for to some extent,” Daniel Murray, deputy chief investment officer and global head of research at EFG Asset Management, said in an interview on Bloomberg Television. “If rates decline by a lot, and very quickly, then that would typically signify a very weak macro environment, and that usually isn’t very good for equity markets.”
European stocks fell, tracking declines in commodities as global growth concerns sap investor sentiment. The Stoxx 600 is down 0.3%, led by losses in mining and energy names.
Earlier in the session, Asian equities traded in a narrow range following their biggest drop in nearly a month on Monday, as consumer and financial shares rose while the region’s major semiconductor-related stocks fell. The MSCI Asia Pacific Index was little changed, with Mitsubishi UFJ and Sumitomo Mitsui Financial Group among the biggest boosts while TSMC and Samsung declined. Japan’s Topix rose for a sixth straight session, its longest streak since March, boosted by banks. Volumes were thin, outside of China, with a lack of clues from overseas as US markets were closed Monday for a holiday. Chinese stocks swung between gains and losses. Equities in Asia’s largest economy have fluctuated this year amid persistent concerns over slowing growth and a weak property market, while some investors have touted their cheap valuations.
“I think currently bad news is reflected in stocks — the problem is the timing of when the recovery is going to take place,” Lorraine Tan, director of Asia equity research at Morningstar, said on Bloomberg TV. “The good news” is that consumption is not falling off a cliff, with people in lower-tier cities upgrading to more premium products, she said.
In FX, the dollar rose for a fifth day, its longest winning streak since mid-April. The Japanese yen rebounded from Monday’s fall, rising 0.7% against the greenback and to the top of the G-10 FX pile after Bank of Japan Governor Ueda reiterated the central bank will continue to raise interest rates if the economy and prices perform as expected. The Australian dollar is the weakest with a 0.7% drop.
In rates, treasury yields were little changed vs Friday’s closing levels as US markets reopen after Labor Day holiday. Front-end lags slightly, flattening 2s10s curve, amid weakness in Japan’s front-end rates (and yen gains) after Bank of Japan Governor Kazuo Ueda reiterated the central bank will continue to raise interest rates if the economy and prices perform as expected. US 10-year yields trade around 3.91% with bunds and gilts outperforming by ~2bp on the day. US 2s10s, 5s30s spreads flatter by 0.8bp and 1.5bp as front-end and belly slightly lags rest of the curve. European bonds gain. The US session includes S&P Global and ISM manufacturing PMIs, and the investment-grade corporate bond issuance slate is expected to be heavy.
In commodities, Brent crude futures drop 1.5% to $76.40 while iron ore falls over 3% in Singapore. Goldman slashed its copper forecast for next year by almost $5,000 a ton, saying China’s increasingly disappointing economic recovery will delay an expected rebound. The same pessimism over China is also hurting iron ore, which dropped to a two-week low Tuesday after losing its hold above $100 a ton.
The US event calendar includes August S&P Global US manufacturing PMI (9:45am), July construction spending and August ISM manufacturing (10am). No Fed speakers are scheduled; Williams and Waller are slated to speak Friday
Market Snapshot
S&P 500 futures down 0.2% to 5,651.50
STOXX Europe 600 down 0.1% to 524.29
MXAP up 0.1% to 185.89
MXAPJ down 0.5% to 572.97
Nikkei little changed at 38,686.31
Topix up 0.6% to 2,733.27
Hang Seng Index down 0.2% to 17,651.49
Shanghai Composite down 0.3% to 2,802.98
Sensex little changed at 82,505.78
Australia S&P/ASX 200 little changed at 8,103.23
Kospi down 0.6% to 2,664.63
German 10Y yield down 2 bps at 2.32%
Euro down 0.2% to $1.1052
Brent Futures down 0.9% to $76.84/bbl
Gold spot up 0.2% to $2,505.21
US Dollar Index little changed at 101.70
Top Overnight News
Chinese steel exports set to hit an 8-year high this year as slowing domestic growth forces companies to seek out foreign markets, a dynamic that will escalate trade tensions between Beijing and other countries. China also opened a trade investigation into imports of certain Canadian agricultural and chemical products, a move that follows Canada’s decision to impose tariffs on Chinese autos, steel, and aluminum imports. FT / WSJ
Turkey has formally asked to join the BRICs group of emerging market countries as Erdogan feels the “center of gravity” is shifting away from developed economies. BBG
Israel sees massive worker strike as the country looks to pressure Netanyahu into striking a ceasefire deal. FT
Poland says it has a duty to shoot down Russian missiles flying over Ukraine that could be a potential threat to Polish airspace. FT
Germany’s far-right AfD has won a regional election in the country (the first time a far-right party has secured victory in Germany’s postwar history) in another sign of sinking support for the current Scholz government. FT
Harris plans to spend a massive ~$370M on advertising between now and the election, including the biggest digital ad campaign in history. FT
Growing number of Americans think the country and economy are headed in the right direction (the upward shift comes largely from Democrats, who are feeling more optimistic since Harris entered the race). WSJ
Washington prepared to make a “take it or leave it” Gaza ceasefire proposal to Israel and Hamas and is prepared to exit the negotiations if a deal isn’t struck. WaPo
Apartment rents are set to face upside risk thanks to a sharp slump in new unit construction over the last several quarters. WSJ
Intel and Japan will establish a research and development hub for advanced semiconductor manufacturing equipment in Japan: Nikkei.
Japanese firms will not be supplying Apple iPhone displays as the Co. is ending LCD usage excluding Japan Display (6740 JT) and Sharp (6753 JT) from the iPhone supply chain: Nikkei
A more detailed look at global markets courtesy of Newsquawk
APAC stocks eventually faltered and traded in the red across the board, albeit with losses somewhat limited amid cautious trade ahead of the US return and accompanying risk events, such as ISM Manufacturing today and NFP on Friday. ASX 200 saw mild pressure from its Consumer Staples and Mining stocks, but losses are cushioned by Tech, Telecoms, and Energy. Nikkei 225 was initially firmer amid the weaker JPY with the upside is led by the Industrial sector, however, gains later trimmed as the JPY gained ground. Hang Seng and Shanghai Comp were subdued and in-fitting with a broader risk tone with pressure in Real Estate continuing to be a grey cloud over the nation, whilst PBoC liquidity injections get more and more tepid.
Top Asian News
South Korean Vice Finance Minister said inflation is expected to stabilize in the lower 2% range going forward, according to Reuters.
BoK sees inflation maintaining the current stable trend for the time being, according to Reuters.
Japan says it will spend about JPY 989bln from the reserve fund to cover energy subsidies, according to Reuters
PBoC injected CNY 1.2bln via 7-day Reverse Repo at a maintained rate of 1.70%
Japanese Chief Cabinet Secretary Hayashi wishes to declare the end of inflation as soon as is possible, adds that they should not hesitate to deploy fiscal spending if required to bolster the economy.
BoJ’s Ueda submitted documents to a government panel explaining the recent policy announcement, via Bloomberg; article writes the document suggests the central bank will continue to hike if the economy/prices perform as expected.
European bourses, Stoxx 600 (-0.1%) are mixed, having opened with a generally positive bias. Indices initially traded sideways, but have slowly deteriorated as the morning progressed, currently near session lows. European sectors are mixed. Consumer Product & Services top the pile, whilst Basic Resources is the clear laggard, hampered by losses in metals prices. US Equity Futures (ES -0.4%, NQ -0.6%, RTY -0.8%) are lower across the board, as US participants return from US Labour Day holiday. The docket for today includes US PMIs (Finals) and more importantly the ISM Manufacturing data.
Top European News
ECB decisions look get more contentious once interest rates fall to about 3%, according to Bloomberg sources.
Oil Swings as Traders Weigh China Demand Against Libya Outage
Swiss Inflation Slows as SNB Prepares September Rate Cut
BBVA’s Sabadell Takeover Bid Gets Approval from UK Regulator
EU’s Merger Powers Take Hit in Illumina-Grail Court Defeat
FX
DXY was flat for most of the European morning, but has edged higher in recent trade. Currently in a 101.62-83 range. The key inflection point will be on US ISM Manufacturing data, with a particular focus on the employment components, ahead of the NFP report on Friday.
EUR is softer and trading towards the lower end of a 1.1035-72 range, and dipping below its 20 DMA. European docket is thin, with only ECB’s Nagel scheduled.
GBP is on the backfoot, in what has been yet another session free from any UK-specific catalysts. Cable currently sits in a 1.3108-85 range, a trough which marks the lowest in 7 days. BoE’s Breeden is due to speak today at 13:45BST.
The JPY is by far the best performer among G10 peers, with USD/JPY slipping below 146.00. Pressure in the pair could be attributed to Bloomberg reports which stated that BoJ’s Ueda submitted documents to the gov’t, which noted that the BoJ would continue to hike if the economy/prices perform as expected.
Antipodeans are amongst the worst performers across the G10s, given the subdued risk tone in APAC trade which led a sharp sell-off in metals prices.
CHF began the European session on the front-foot, largely attributed to its safe-haven status; however, it saw modest weakness on the back of a slightly softer inflation report.
PBoC set USD/CNY mid-point at 7.1112 vs exp. 7.1120 (prev. 7.1127)
Fixed Income
USTs are flat as we await the return of US participants from Monday’s holiday, but as focus remains on US ISM Manufacturing data later. No real follow-through from JGB pressure overnight after a relatively subdued short-dated tap. In a narrow sub-10 tick range which is at the mid-point of Monday’s 113-14 to 113-30+ band.
Bunds are essentially unchanged in a much narrower c. 20 tick range vs. the 40+ tick range seen on Monday in the wake of weekend political developments. Bunds are in a 133.27-133.48 band which is entirely within Monday’s 133.16-133.62 range.
Gilts are trading similar to the above, with the benchmark also within a slim 15-tick range which has just eclipsed yesterday’s peak to a 98.39 high.
Japan sold JPY 2.6tln 10-year JGB; b/c 3.17x (prev. 2.98x), average yield 0.915% (prev. 0.926%).
Books close on sale of a 2040 Gilt via syndication, orders topped GBP 107bln, via Reuters citing bookrunner
Commodities
Crude benchmarks are both significantly lower, but with differing performances given the lack of settlement in WTI, attributed to the the US Labour Day holiday. Nothing specific driving the pressure in the complex, but comes alongside incremental strength in the Dollar index. Brent’Nov as low as USD 76.05/bbl.
Spot gold is slightly firmer and has climbed back above USD 2.5k/oz after losing that figure on Monday. Strength which comes as the general risk tone remains tepid and as focus turns to US ISM Manufacturing later. Currently trading in a USD 2490-2506/oz range.
Base metals are pressured, with 3M LME Copper extending further below the USD 9.2k mark and now beginning to approach USD 9k.
Libya’s NOC declared force majeure on the El Feel oil field from 2nd September, according to Reuters.
UN hosts talks in Tripoli aimed at resolving Libya’s central bank crisis, key understandings reached, according to a statement cited by Reuters.
Goldman Sachs has cut its 2024 copper forecast to USD 10,100/ton (prev. saw 12,000/ton), due to China’s weak economic recovery. It also reduced its 2025 aluminium price estimate to USD 2,540, and remains bearish on iron ore and nickel, Bloomberg reports. The bank favours gold as a hedge, and maintained its USD 2,700 price target.
Geopolitics
“Israel Today: The security establishment is considering declaring the West Bank a zone of military security operations”, according to Sky News Arabia.
On the Israel-Hamas talks, “Sources: The US administration is not particularly optimistic about the chances of success of the new outline, even in light of the declarations made by both sides”, according to Kann News
US President Biden said they are still in the middle of ceasefire and hostage-deal negotiations, according to Reuters.
Two oil tankers, one Saudi-flagged and the other Panama-flagged, were attacked on Monday in the Red Sea off Yemen, according to Reuters sources.
China Commerce Ministry, in response to Canada’s tariffs on Chinese products, said China to initiate an anti-dumping investigation into canola imports from Canada, according to Reuters.
US event calendar
09:45: Aug. S&P Global US Manufacturing PM, est. 48.1, prior 48.0
10:00: Aug. ISM Employment, prior 43.4
10:00: July Construction Spending MoM, est. 0.1%, prior -0.3%
10:00: Aug. ISM New Orders, prior 47.4
10:00: Aug. ISM Prices Paid, est. 52.0, prior 52.9
10:00: Aug. ISM Manufacturing, est. 47.5, prior 46.8
DB’s Jim Reid concludes the overnight wrap
I’m back from the annual ritual of constantly shouting at kids for two weeks that mascarades as a holiday. Since I was last here I’ve also spent 8 hours in an online queue trying to get Oasis reunion tickets only to reach the end of it to find they’d just sold out. I’m not sure there’s been anything like it in history. So if you’ve ordered some and have two spare please let me know! If you bought them and aren’t too sure if you want to go and want to hand them over, all I can say is that the first of the two record breaking Oasis Knebworth gigs in 1996 was the worst gig I’ve ever been to. I was two-thirds of the way back in a huge field listening to the concert from the front speakers and also from the speakers half way down the field that had a delay. So the sound was terrible.
As my chances of getting tickets are sliding away, so is the memory of an incredibly strange start to August with markets completely becalmed again. But now we’ve hit September it’s back to the serious stuff with the market soon to be fully staffed again with schools fully back over the next few days. Ahead of an important payrolls print on Friday, today we see the US ISM and PMI manufacturing prints which will be interesting as both are expected to stay below 50 where they’ve been for most of the last couple of years. The headline ISM printed at 46.8 last month which was below every economists’ estimate, with the employment subcomponent (43.4) at its lowest since the initial Covid shock. This helped kick start the chain of events that culminated in the VIX printing above 65 and Japanese equity markets being down over -10% on the Monday the following week just after the weak payrolls number. So it is important to see if that ISM release was distorted or not.
The week has started quietly due to the Labor Day holiday in the US yesterday but European equities and bonds lost ground. By the close, yields on 10yr bunds (+3.7bps) were up to a one-month high, and the STOXX 600 (-0.02%) had posted a very modest decline from its record high on Friday.
One factor behind the bond selloff was actually some better-than-expected economic data from Europe, which led investors to dial back their expectations for aggressive rate cuts from the ECB. In particular, we had the final manufacturing PMIs for August, and in general there were upward revisions from the flash prints a week-and-a-half ago. In the Euro Area, the final print was at 45.8 (vs. flash at 45.6), Germany went up to 42.4 (vs. flash 42.1), and France saw a very large upward revision to 43.9 (vs. flash 42.1). So positive news relative to expectations, and by the close investors were pricing in 61bps of ECB rate cuts by the December meeting, down -1.8bps relative to the previous day.
With investors expecting slightly less dovish policy, that hurt bonds across the continent, with yields on 10yr bunds (+3.7bps), OATs (+1.5ps) and gilts (+3.7bps) all moving higher. Equities hovered either side of unchanged, with losses for the UK’s FTSE 100 (-0.15%) and Italy’s FTSE MIB (-0.15%), alongside gains for the DAX (+0.13%) and the CAC 40 (+0.20%).
Given the Labor Day holiday, US markets themselves were closed yesterday, but we did get a bit of a clue on their performance from futures. For bonds, they were consistently negative across the curve, and investors lowered the chance of a 50bp cut from 32% on Friday to 30.8% by the European close. This morning US futures are edging lower with those on the S&P 500 (-0.16%) and NASDAQ 100 (-0.34%) trading in the red. US Treasuries have recovered a little this morning versus futures yesterday and are now only around a basis point higher than Friday’s close.
Traditionally, the Labor Day holiday has been seen as the start of the home stretch towards the US election, which is taking place 9 weeks from today. Current polls and forecast models are pointing to a very tight race, with FiveThirtyEight’s projection currently giving a 57% chance of victory to Kamala Harris, and 43% to Donald Trump. The polls are similarly tight, with ReaclClearPolitics’ polling average currently giving Harris a lead of just +1.8pts, so inside the margin of error of most polls.
Given the pretty divergent proposals from the two candidates, this election is going to be one of the biggest issues for markets over the next two months. And this morning, our European economics team has put out a note (link here) looking at the economic impact of a second Trump presidency – particularly in relation to any future trade wars. They run through several trade scenarios that could be in play and how that would impact the EU and UK picture for growth and inflation. They also look at some of the policy implications that could be in consideration on both the fiscal and monetary side.
Staying on politics, one of the main developments at the weekend was the German state elections, where the far-right AfD came in first place in Thuringia, marking the first time that they’d won a state election. However, as our economists write in their post-election piece (link here), the AfD are very unlikely to enter either government, as all the other parties are expected to stick to their pledges not to enter into coalition with them. They also don’t see the results at the state level triggering early federal elections either, and their base case remains that the next federal election will be in September 2025.
Asian equity markets are trading in a narrow range amid a lack of any new catalysts after the holiday on Wall Street. As I check my screens, the Hang Seng (-0.34%), the Nikkei (-0.25%) and the KOSPI (-0.10%) are all dipping. Elsewhere, mainland Chinese stocks are mixed with the CSI (+0.07%) trading just above flat while the Shanghai Composite (-0.52%) is trading in the red. Early morning data showed that South Korea’s inflation hit a 42-month low of +2.0% y/y in August (v/s +2.1% expected), down from +2.6% in July, mostly due to base effects, but highlighting that inflation has been stabilising more quickly than in other major economies and thus increasing the likelihood of an October rate cut.
To the day ahead, and data releases include the ISM manufacturing print for August from the US. Otherwise from central banks, we’ll hear from Bundesbank President Nagle and BoE Deputy Governor Breeden.
2B) European report
Subdued sentiment ahead of US ISM Manufacturing, JPY bid & Crude slips – Newsquawk US Market Open
Tuesday, Sep 03, 2024 – 05:57 AM
Equities are entirely in the red, continuing the subdued risk tone seen in APAC trade overnight
Dollar is slightly firmer, JPY bid given the risk tone & Ueda documents, Antipodeans lag
USTs flat ahead of key US ISM Manufacturing PMI, Bunds slightly firmer
Crude is significantly lower but with specifics light, XAU climbs back above USD 2.5k, base metals slip
Looking ahead, US PMI (F), ISM Manufacturing, BoE’s Breeden, ECB’s Nagel
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EUROPEAN TRADE
EQUITIES
European bourses, Stoxx 600 (-0.1%) are mixed, having opened with a generally positive bias. Indices initially traded sideways, but have slowly deteriorated as the morning progressed, currently near session lows.
European sectors are mixed. Consumer Product & Services top the pile, whilst Basic Resources is the clear laggard, hampered by losses in metals prices.
US Equity Futures (ES -0.4%, NQ -0.6%, RTY -0.8%) are lower across the board, as US participants return from US Labour Day holiday. The docket for today includes US PMIs (Finals) and more importantly the ISM Manufacturing data.
DXY was flat for most of the European morning, but has edged higher in recent trade. Currently in a 101.62-83 range. The key inflection point will be on US ISM Manufacturing data, with a particular focus on the employment components, ahead of the NFP report on Friday.
EUR is softer and trading towards the lower end of a 1.1035-72 range, and dipping below its 20 DMA. European docket is thin, with only ECB’s Nagel scheduled.
GBP is on the backfoot, in what has been yet another session free from any UK-specific catalysts. Cable currently sits in a 1.3108-85 range, a trough which marks the lowest in 7 days. BoE’s Breeden is due to speak today at 13:45BST.
The JPY is by far the best performer among G10 peers, with USD/JPY slipping below 146.00. Pressure in the pair could be attributed to Bloomberg reports which stated that BoJ’s Ueda submitted documents to the gov’t, which noted that the BoJ would continue to hike if the economy/prices perform as expected.
Antipodeans are amongst the worst performers across the G10s, given the subdued risk tone in APAC trade which led a sharp sell-off in metals prices.
CHF began the European session on the front-foot, largely attributed to its safe-haven status; however, it saw modest weakness on the back of a slightly softer inflation report.
PBoC set USD/CNY mid-point at 7.1112 vs exp. 7.1120 (prev. 7.1127)
USTs are flat as we await the return of US participants from Monday’s holiday, but as focus remains on US ISM Manufacturing data later. No real follow-through from JGB pressure overnight after a relatively subdued short-dated tap. In a narrow sub-10 tick range which is at the mid-point of Monday’s 113-14 to 113-30+ band.
Bunds are essentially unchanged in a much narrower c. 20 tick range vs. the 40+ tick range seen on Monday in the wake of weekend political developments. Bunds are in a 133.27-133.48 band which is entirely within Monday’s 133.16-133.62 range.
Gilts are trading similar to the above, with the benchmark also within a slim 15-tick range which has just eclipsed yesterday’s peak to a 98.39 high.
Japan sold JPY 2.6tln 10-year JGB; b/c 3.17x (prev. 2.98x), average yield 0.915% (prev. 0.926%).
Books close on sale of a 2040 Gilt via syndication, orders topped GBP 107bln, via Reuters citing bookrunner.
Crude benchmarks are both significantly lower, but with differing performances given the lack of settlement in WTI, attributed to the the US Labour Day holiday. Nothing specific driving the pressure in the complex, but comes alongside incremental strength in the Dollar index. Brent’Nov as low as USD 76.05/bbl.
Spot gold is slightly firmer and has climbed back above USD 2.5k/oz after losing that figure on Monday. Strength which comes as the general risk tone remains tepid and as focus turns to US ISM Manufacturing later. Currently trading in a USD 2490-2506/oz range.
Base metals are pressured, with 3M LME Copper extending further below the USD 9.2k mark and now beginning to approach USD 9k.
Libya’s NOC declared force majeure on the El Feel oil field from 2nd September, according to Reuters.
UN hosts talks in Tripoli aimed at resolving Libya’s central bank crisis, key understandings reached, according to a statement cited by Reuters.
Goldman Sachs has cut its 2024 copper forecast to USD 10,100/ton (prev. saw 12,000/ton), due to China’s weak economic recovery. It also reduced its 2025 aluminium price estimate to USD 2,540, and remains bearish on iron ore and nickel, Bloomberg reports. The bank favours gold as a hedge, and maintained its USD 2,700 price target.
Swiss CPI YY (Aug) 1.1% vs. Exp. 1.2% (Prev. 1.3%); MM (Aug) 0.0% vs. Exp. 0.1% (Prev. -0.2%)
UK Barclaycard Consumer Spending YY (Aug) +1.0% (Prev. -0.3%)
UK BRC Total Sales YY (Aug) 1.0% (Prev. +0.5%); LFL Sales +0.8% (Prev. +0.3%)
UK BRC Retail Sales YY (Aug) 0.8% (Prev. 0.3%)
NOTABLE EUROPEAN HEADLINES
ECB decisions look get more contentious once interest rates fall to about 3%, according to Bloomberg sources.
NOTABLE US HEADLINES
Intel (INTC) and Japan will establish a research and development hub for advanced semiconductor manufacturing equipment in Japan, according to Nikkei.
Japanese firms will not be supplying Apple (AAPL) iPhone displays as the Co. is ending LCD usage, via Nikkei citing sources; excluding Japan Display (6740 JT) and Sharp (6753 JT) from the iPhone supply chain
GEOPOLITICS
MIDDLE EAST
“Israel Today: The security establishment is considering declaring the West Bank a zone of military security operations”, according to Sky News Arabia.
On the Israel-Hamas talks, “Sources: The US administration is not particularly optimistic about the chances of success of the new outline, even in light of the declarations made by both sides”, according to Kann News
US President Biden said they are still in the middle of ceasefire and hostage-deal negotiations, according to Reuters.
Two oil tankers, one Saudi-flagged and the other Panama-flagged, were attacked on Monday in the Red Sea off Yemen, according to Reuters sources.
OTHER
China Commerce Ministry, in response to Canada’s tariffs on Chinese products, said China to initiate an anti-dumping investigation into canola imports from Canada, according to Reuters.
CRYPTO
Bitcoin is very slightly softer and holds just shy of the USD 59k mark.
APAC TRADE
APAC stocks eventually faltered and traded in the red across the board, albeit with losses somewhat limited amid cautious trade ahead of the US return and accompanying risk events, such as ISM Manufacturing today and NFP on Friday.
ASX 200 saw mild pressure from its Consumer Staples and Mining stocks, but losses are cushioned by Tech, Telecoms, and Energy.
Nikkei 225 was initially firmer amid the weaker JPY with the upside is led by the Industrial sector, however, gains later trimmed as the JPY gained ground.
Hang Seng and Shanghai Comp were subdued and in-fitting with a broader risk tone with pressure in Real Estate continuing to be a grey cloud over the nation, whilst PBoC liquidity injections get more and more tepid.
NOTABLE ASIA-PAC HEADLINES
South Korean Vice Finance Minister said inflation is expected to stabilize in the lower 2% range going forward, according to Reuters.
BoK sees inflation maintaining the current stable trend for the time being, according to Reuters.
Japan says it will spend about JPY 989bln from the reserve fund to cover energy subsidies, according to Reuters
PBoC injected CNY 1.2bln via 7-day Reverse Repo at a maintained rate of 1.70%
Japanese Chief Cabinet Secretary Hayashi wishes to declare the end of inflation as soon as is possible, adds that they should not hesitate to deploy fiscal spending if required to bolster the economy.
BoJ’s Ueda submitted documents to a government panel explaining the recent policy announcement, via Bloomberg; article writes the document suggests the central bank will continue to hike if the economy/prices perform as expected.
DATA RECAP
New Zealand Terms of Trade QQ (Q2) 2.1% vs. Exp. 2.2% (Prev. 5.1%)
New Zealand Import Prices SA (Q2) 3.1% vs. Exp. 0.5% (Prev. -5.1%)
New Zealand Export Prices SA (Q2) 5.2% vs. Exp. 2.8% (Prev. -0.3%)
New Zealand Export Volumes SA (Q2) -4.3% vs. Exp. -2.7% (Prev. 6.3%)
Australian Current Account Balance SA (Q2) -10.7B AU vs. Exp. -5.9B AU (Prev. -4.9B AU)
Australian Net Exports Contribution (Q2) 0.2% vs. Exp. 0.6% (Prev. -0.9%)
South Korean CPI Growth YY (Aug) 2.0% vs. Exp. 2.0% (Prev. 2.6%)
South Korean CPI Growth MM (Aug) 0.4% vs. Exp. 0.3% (Prev. 0.3%)
Japanese Monetary Base YY (Aug) 0.6% (Prev. 1.0%)
2C) ASIAN REPORT
Subdued risk tone in APAC trade with JPY stronger whilst metals slip – Newsquawk Europe Market Open
Tuesday, Sep 03, 2024 – 01:46 AM
APAC stocks eventually faltered and traded in the red across the board, albeit with losses somewhat limited amid cautious trade ahead of the US return.
DXY remained in a tight range, JPY outperformed and Antipodeans lagged as risk tilted lower.
China Commerce Ministry, in response to Canada’s tariffs on Chinese products, said China to initiate an anti-dumping investigation into canola imports from Canada,
European equity futures are indicative of a subdued open with Euro Stoxx 50 future -0.1% after cash closed +0.3% on Monday.
Looking ahead, highlights include Swiss CPI, GDP (Q2), US PMI (F), ISM Manufacturing, BoE’s Breeden, Supply from Germany, and Earnings from Darktrace, DS Smith, and Ashtead.
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US TRADE
EQUITIES – Closed on Monday due to Labor Day
NOTABLE HEADLINES
Intel (INTC) and Japan will establish a research and development hub for advanced semiconductor manufacturing equipment in Japan, according to Nikkei.
APAC TRADE
EQUITIES
APAC stocks eventually faltered and traded in the red across the board, albeit with losses somewhat limited amid cautious trade ahead of the US return and accompanying risk events, such as ISM Manufacturing today and NFP on Friday.
ASX 200 saw mild pressure from its Consumer Staples and Mining stocks, but losses are cushioned by Tech, Telecoms, and Energy.
Nikkei 225 was initially firmer amid the weaker JPY with the upside is led by the Industrial sector, however, gains later trimmed as the JPY gained ground.
Hang Seng and Shanghai Comp were subdued and in-fitting with a broader risk tone with pressure in Real Estate continuing to be a grey cloud over the nation, whilst PBoC liquidity injections get more and more tepid.
US equity futures tilted lower after the Chinese cash open following initial sideways trade, with the contracts looking forward to the return of US participants ahead of ISM Manufacturing PMI.
European equity futures are indicative of a subdued open with Euro Stoxx 50 future -0.1% after cash closed +0.3% on Monday.
FX
DXY remained in a tight 101.64-73 parameter amid a lack of catalysts and within yesterday’s narrow 101.56-79 range. Friday’s range stands at 101.24-78, thus the 101.78-79 region could see some resistance.
EUR/USD was uneventful and largely moving in tandem with the Dollar. The pair resided in a 1.1059-72 range and within yesterday’s 1.1040-77 parameter.
GBP/USD experienced a similar theme to what was seen in the EUR, with GBP moving at the whim of the buck without major catalysts. No move was seen on higher BRC total/retail Sales and an improvement in UK Barclaycard spending. Traders look ahead to BoE’s Breeden. That being said, a tilt lower was seen as risk gradually deteriorated throughout the session.
USD/JPY traded on either side of the 147.00 market after hovering just under the level of the European close yesterday. The pair tilted lower and hit session lows alongside risk sentiment.
Antipodeans underperformed amid the glum mood in China coupled with a slide in iron ore prices overnight. CAD was also softer amid its high-beta properties alongside reports that China is to initiate an anti-dumping investigation into canola imports from Canada.
PBoC set USD/CNY mid-point at 7.1112 vs exp. 7.1120 (prev. 7.1127)
FIXED INCOME
10-year UST futures gradually edged higher as risk in APAC tilted to the downside.
Bund futures saw horizontal APAC trade thus far following the Monday European underperformance after German state elections on the weekend.
10-year JGB futures eventually fell after the results from the 10-year JGB auction, which although better than the prior 10-year last month, was nowhere near as strong as the 2-year action seen on August 29th. Expectations heading into the auction may have been for a similarly strong tap.
Japan sold JPY 2.6tln 10-year JGB; b/c 3.17x (prev. 2.98x), average yield 0.915% (prev. 0.926%).
COMMODITIES
Crude futures traded subdued but with a discrepancy in intraday changes amid a lack of WTI settlement yesterday on account of the US holiday. Aside from that, newsflow for the complex remained light as eyes remain on geopolitics and China’s economic health for the time being.
Spot gold traded softer amid broader losses in metals and as the DXY tilted higher, but the yellow metal also looked heavy following a more convincing downward breach of the USD 2,500/oz level. Spot gold found support near yesterday’s low (USD 2,489.93/oz.)
Copper futures traded lower amid the cautious but softer APAC mood in the run-up to risk events, with 3M LME copper eventually losing USD 9,200/t+ status before accelerating losses. Iron ore futures overnight fell over 3%.
Libya’s NOC declared force majeure on the El Feel oil field from 2nd September, according to Reuters.
UN hosts talks in Tripoli aimed at resolving Libya’s central bank crisis, key understandings reached, according to a statement cited by Reuters.
CRYPTO
Bitcoin traded flat overnight but remained above USD 59k.
NOTABLE ASIA-PAC HEADLINES
South Korean Vice Finance Minister said inflation is expected to stabilize in the lower 2% range going forward, according to Reuters.
BoK sees inflation maintaining the current stable trend for the time being, according to Reuters.
Japan says it will spend about JPY 989bln from the reserve fund to cover energy subsidies, according to Reuters
PBoC injected CNY 1.2bln via 7-day Reverse Repo at a maintained rate of 1.70%
DATA RECAP
New Zealand Terms of Trade QQ (Q2) 2.1% vs. Exp. 2.2% (Prev. 5.1%)
New Zealand Import Prices SA (Q2) 3.1% vs. Exp. 0.5% (Prev. -5.1%)
New Zealand Export Prices SA (Q2) 5.2% vs. Exp. 2.8% (Prev. -0.3%)
New Zealand Export Volumes SA (Q2) -4.3% vs. Exp. -2.7% (Prev. 6.3%)
Australian Current Account Balance SA (Q2) -10.7B AU vs. Exp. -5.9B AU (Prev. -4.9B AU)
Australian Net Exports Contribution (Q2) 0.2% vs. Exp. 0.6% (Prev. -0.9%)
South Korean CPI Growth YY (Aug) 2.0% vs. Exp. 2.0% (Prev. 2.6%)
South Korean CPI Growth MM (Aug) 0.4% vs. Exp. 0.3% (Prev. 0.3%)
Japanese Monetary Base YY (Aug) 0.6% (Prev. 1.0%)
GEOPOLITICS
MIDDLE EAST
“Israel Today: The security establishment is considering declaring the West Bank a zone of military security operations”, according to Sky News Arabia.
On the Israel-Hamas talks, “Sources: The US administration is not particularly optimistic about the chances of success of the new outline, even in light of the declarations made by both sides”, according to Kann News
US President Biden said they are still in the middle of ceasefire and hostage-deal negotiations, according to Reuters.
Two oil tankers, one Saudi-flagged and the other Panama-flagged, were attacked on Monday in the Red Sea off Yemen, according to Reuters sources.
OTHER
China Commerce Ministry, in response to Canada’s tariffs on Chinese products, said China to initiate an anti-dumping investigation into canola imports from Canada, according to Reuters.
EU/UK
NOTABLE HEADLINES
ECB decisions look set to become more contentious once interest rates fall to about 3%, according to Bloomberg sources.
DATA RECAP
UK Barclaycard Consumer Spending YY (Aug) +1.0% (Prev. -0.3%)
UK BRC Total Sales YY (Aug) 1.0% (Prev. +0.5%); LFL Sales +0.8% (Prev. +0.3%)
UK BRC Retail Sales YY (Aug) 0.8% (Prev. 0.3%)
LATAM
Venezuelan Attorney General said arrest warrant issued for opposition leader Gonzalez, according to Reuters.
US reportedly drafts sanctions against Venezuelans over the disputed elections, according to Bloomberg
Chinese Narcos In Toronto Run “Command & Control” Fentanyl Laundering Network Used In TD Bank Case: US Investigator
Toronto-Dominion Bank’s shockingly lax anti-money laundering (AML) program could be just the tip of the iceberg in the US government’s investigation into a Chinese Communist Party-run North American money laundering network that launders billions of dollars in fentanyl cash through a “command and control” structure based in Toronto. This revelation comes as more than 100,000 Americans and Canadians perish each year in horrific overdose deaths from fentanyl poisoning in what some call ‘reverse opium wars’ by China.
This week, Sam Cooper, an investigative journalist behind the Substack “The Bureau,” published an interview with David Asher, a former senior investigator for the State Department. Asher explained the Chinese command and control center for North American drug money laundering is controlled by Chinese Triad leaders like Tse Chi Lop, who are working with the CCP to facilitate global money laundering and drug trafficking operations that involve Mexican cartels flooding the US with illicit drugs.
Big Circle Gang leader Tse Chi Lop, a PRC immigrant from Guangdong who is a Canadian citizen, directed global drug trafficking and money laundering operations in North America from his base of Markham, Ont., US investigators say. Source: The Bureau
Asher said this is all part of the CCP’s strategy of weaponizing drug cartels against Western countries.
He noted. “TD is really the tip of a deep iceberg, is how I’d put it on the record. What do TD Bank’s leadership in Canada know about what was going on in the US?”
He added, “And then the question is, this is the US. So what the hell is going on with TD Bank in Canada? We don’t know.”
“So the Chinese government is underwriting the reverse opium war, and we know that definitively,” Asher explained.
Given TD failed to effectively monitor, detect, and report suspicious activities of Chinese fentanyl laundering networks, Asher pointed out, “And most of what we’re seeing is coming from this TD Bank case, and there’s a lot more. We’ll see which one of the big four US banks gets named next.”
Here are the highlights from Cooper’s discussion with Asher:
Chinese State-Triad Nexus: David Asher claims that Chinese Triads like the 14K and Sun Yee On have been co-opted by the Chinese Communist Party to facilitate global money laundering and drug trafficking.
Toronto Command Center: US investigations indicate that key command-and-control operations for North American money laundering are based in Toronto and other Canadian cities.
Chinese International Students Used as Mules: Tasked within Beijing’s foreign influence arm, the United Front Work Department, Chinese students are systematically used to deposit fentanyl cash for Triads and Mexican cartels into North American banks, Asher said.
TD Bank Under Fire: TD Bank’s alleged involvement in laundering fentanyl-related funds has triggered regulatory and criminal investigations that could cost TD more than $4 billion, but Asher suggests this is just the tip of the iceberg.
Major US Banks: Investigators believe financial institutions have been allowing internationals “from China on student visas to drop billions of dollars a month into all of the biggest banks in the US,” Asher said.
Canada’s Inaction: Asher criticizes the Canadian government for inadequate cooperation in the Tse Chi Lop and broader fentanyl-trafficking and Triad money laundering investigations and suggests possible political and financial influences are hampering effective law enforcement.
Fentanyl Crisis Link: The failure to disrupt these networks is contributing to the ongoing fentanyl crisis, which claims tens of thousands of lives annually in the US and Canada.
Beijing Subsidizing Meth Trafficking: Asher disclosed that US Congressional investigators allege the People’s Republic is not only incentivizing fentanyl precursor exports but also methamphetamine sales.
Call for Action: Asher, currently a Senior Fellow with the Hudson Institute in Washington, DC, calls for stronger international cooperation and more aggressive action to dismantle these sophisticated transnational criminal networks.
Recall in mid-April, the House Select Committee revealed the CCP used tax rebates to subsidize the manufacturing and exporting of fentanyl chemicals to Mexican cartels manufacturing illicit fentanyl drugs. Then, Chinese organized criminals in the US laundered the proceeds. Essentially, it’s an end-to-end Chinese Communist scheme.
Cooper noted on X that the Financial Transactions and Reports Analysis Centre of Canada “has total visibility on massive fentanyl laundering into Canada’s big banks, but I believe Justin Trudeau and his office/Cabinet would have to make this a priority RCMP enforcement concern, or nothing happens.”
If you missed this exclusive from The Bureau, the chart shows @FINTRAC_Canada has total visibility on massive fentanyl laundering into Canada’s big banks, but I believe Justin Trudeau and his office/Cabinet would have to make this a priority RCMP enforcement concern or nothing… pic.twitter.com/ZoBQfhhwCa— Sam Cooper (@scoopercooper) August 30, 2024
Copper told ZeroHedge his reporting in Vancouver uncovered how the Triads first used Chinese students to carry bags of drug cash into casinos, and the casinos washed these funds from fentanyl into luxury condos and mansions, driving Canada’s housing affordability crisis, along with fentanyl deaths. But when Covid shuttered Canadian casinos, the Triads just evolved, getting students to open bank accounts and carry bundles of fentanyl cash straight into bank deposits, across North America.
The full explosive interview regarding US government investigations into the CCP’s command and control money laundering network in North America can be viewed at The Bureau.
END
CHINA
Chinese real estate is getting clobbered
(zerohedge)
Chinese Offices Emptier Now Than During Peak Of Covid Lockdowns As Economy Crumbles
Friday, Aug 30, 2024 – 11:30 PM
One week ago, we reported that China had found itself “On The Verge” of collapse as its “Welfare State Crumbles, Explosion In Social Unrest As Youth Unemployment Soars, Strikes Surge.” All of this was the result of Beijing’s very deliberate – and extremely risky – decision to not engage in a massive stimulus this time, unlike every previous occasion of sharp economist slowdown, and risk social unrest at best, or a full-blown revolution as an unthinkable worst case.
Here is the silver lining: all those revolutionaries will have brand new empty offices at their disposal when they finally take over. That’s because as the FT reports, offices in China’s biggest cities are emptier than they were during stringent Covid-19 lockdowns in what is the latest clear sign of how the country’s economic slowdown has crushed business confidence.
At least a fifth of high-end office space was vacant in the tech hub of Shenzhen in June, according to data from three real estate agencies, while office vacancy rates in Beijing, Guangzhou and Shanghai were also higher than in June 2022. Naturally, with demand collapsing, rents are at least 10% lower than they were two years ago and in many cases much lower.
While a rise of flexible working has made it hard for developers to fill office space in cities such as London and San Francisco, and led to an unprecedented commercial real estate crisis, in Chinese cities – where far fewer people work from home – analysts said there is a much simpler cause for explosion in office vacancies: the collapsing economy…. which is amusing considering the centrally-planned central government has set a full-year economic growth target of about 5%. The reality is that China’s economy is shrinking at that rate, if not much faster.
“The biggest challenge is still the significant reduction in market demand due to the weakening of China’s economic growth expectations,” said Lucia Leung, greater China research and consultancy director at Knight Frank.
In Shenzhen, Colliers put its prime office vacancy rate at 27% in June, up from 20% in June 2022. Monthly rental prices at premium offices in the southern Chinese city are now about Rmb163 ($22) per sq metres, down 15% year on year, and expected to keep declining at this pace for the foreseeable future. This matches the trend seen by Knight Frank and JLL.
The three agencies have recorded similar vacancy rises in other cities. Shanghai had a vacancy rate of nearly 21% for its high-end offices as of June, up from 14% in June two years ago, according to Knight Frank. Rental prices have slipped 13% year on year, the agency’s data showed. JLL puts manufacturing hub Guangzhou’s prime office vacancy at 21% as of June and 12% for Beijing, up from 16 and 10% in 2022, respectively.
Companies are trying to reduce costs, and this has “led them to be more prudent in their office leasing decisions”, Leung said, citing rental reductions in lease renewals. This environment remains “challenging” in China, Leung added, with the overall vacancy rate expected to continue to rise this year and rents forecast to fall by 8 to 10 per cent year on year.
Said otherwise, absent massive, constant stimulus China – like the US – simply can not function in its current parameters, and the result will be constant overcapacity-driven deflation across every sector until the government finally capitulates and injects the next several trillion in stimmies.
Part of the problem is new supply, said John Lam, head of China property research at UBS. According to Colliers, in Shanghai alone there were almost 1.6mn sq metres of new prime office space will be completed this year, this is the highest level of new supply in the past five years.
While foreign companies including many US law firms have downsized or vacated their offices in Shanghai or Beijing over the past two years, the office rental market is largely driven by domestic companies. And the office rental market will only get worse as ever more Chinese companies move to cheaper office buildings to cuts costs, Lam said, while state-owned enterprises are also looking to cut costs.
One lawyer at a major Chinese firm said they recently cut half of their space in an office building in Beijing’s central business area due to “downsizing and cost-saving”.
Zhang, a leasing manager at an office building in Beijing’s Lido area, told the FT that some smaller clients “cannot hold on any longer”, and most tenants want to renegotiate rent. He said the prime office market environment was still “poor”. “Clients are downsizing,” added Zhang. “Those who used to occupy an entire floor might now use only half a floor, and those who had two continuous floors might also downsize.”
Hong Kong-based Hang Lung Properties’ office leasing revenue in mainland China fell 4 per cent year on year to Rmb556mn on “weakened demand” in the six months to the end of June, it said. The vacancy level in its flagship office building in Shanghai jumped from 2 per cent in June last year to 12 per cent in June this year.
“There will be downward pressure ahead,” chief executive Weber Lo told reporters last month. “What we hope to do now is to be able to keep our existing tenants.”
And as more tenants flee, more renters will be forced to shutdown and liquidate, forcing even more economic pain, even more economic contraction, as the Chinese feedback loop eventually forces the government to step in and short circuit China’s deflationary vortex.
END
Faced With Stagnant Domestic Growth, China Starts A New Global Trade War
China is cranking up its massive export machine again, and this time there’s nowhere for competitors to hide.
A Massachusetts startup called CubicPV bet on silicon wafers, a high-tech component in solar panels. Buoyed by President Biden’s climate legislation enacted two years ago, with billions of dollars in tax credits and government loans, CubicPV announced plans in late 2022 for a $1.4 billion wafer plant in Texas.
Since then, China has nearly doubled its output of silicon wafers, way more than it needs. The extra wafers had to go somewhere—and they went overseas, pushing prices down by 70%. CubicPV had to halt its production plan early this year, putting engineers and other employees out of work, citing “a distorted market as a result of China’s overcapacity.”
The European Union’s recent decision to impose tariffs on imported Chinese electric vehicles is only the latest sign of deepening tensions. The U.S. earlier this year hiked levies on Chinese steel, aluminum, EVs, solar cells and other products. Turkey has jacked up duties on Chinese EVs, while Pakistan raised tariffs on Chinese stationery and rubber.
Chinese leader Xi Jinping ordered officials to double down on the country’s state-led manufacturing model, with billions of dollars in fresh subsidies and credit. He used a slogan to make sure officials got the message: “Establish the new before breaking the old,” or xian li hou po in Chinese.
China has added capacity to produce some 40 million vehicles a year, even though it sells only around 22 million at home. It’s on track to make around 750 gigawatts of solar cells this year, despite only needing 220 gigawatts domestically in 2023. And it is expected to account for 80% of the world’s new supply this year in basic chemicals such as ethylene and propylene, used to make garbage bags, toys and cosmetics—even though prices in China have been falling for 19 months, a sign of oversupply.
The International Trade Commission, a federal agency that analyzes trade issues, in June gave its initial go-ahead to an antidumping petition backed by American solar manufacturers who allege solar cells and modules made by Chinese companies are sold in the U.S. for below market value and unfairly subsidized.
Other parts of the world are bearing more of the brunt. European automakers have axed more than 10,000 jobs as more Chinese EVs arrive. Antonello Ciotti, chairman of PET Europe, a trade association for European makers of chemicals used in polyester fibers for clothing and recyclable containers, said European PET producers shed hundreds of jobs as firms slashed costs and production to deal with Chinese imports. The EU late last year imposed antidumping duties on certain imports of Chinese PET.
“Everybody makes stuff in China,” said Joerg Wuttke, former president of the European Chamber of Commerce in China and now a partner at Washington consulting firm DGA Group. “But nobody makes money.”
Two Guiding Principles
Two principles have guided Xi’s thinking, Chinese policy advisers say. The first is that China must build an all-encompassing industrial supply chain that can keep the domestic economy running in the event of severe sanctions by the U.S. and other Western countries. In the top leader’s views, advisers say, industrial security sits at the core of China’s stability as tensions with the developed world rise.
The second is a deep-rooted philosophical objection to U.S.-style consumption, which Xi sees as wasteful.
China’s first fear is well founded in reality. US sanctions on chips and AI technology have forced China to go it alone. It’s a US mistake to think it can cut off China from leading technology.
Should the US succeed, China would and could cut the supply or rare earth minerals the US needs to make phones, missile guidance systems, EVs, wind turbines, and advanced chips.
What About Dumping?
China is on track to make around 750 gigawatts of solar cells this year, despite only needing 220 gigawatts domestically in 2023.
But the US grows more corn and soybeans than it can eat.
If every country produced only what it could consume, global trade would be zero.
China has access to minerals needed to make solar panels and batteries for EVs. To meet energy goals, the US should be thrilled to get cheap solar panels.
But to save a few hundred jobs (that vanished anyway), Biden upped tariffs and mandated installers use US-made panels.
Canada, following the lead of the United States and European Union, said on Monday it will impose a 100% tariff on imports of Chinese electric vehicles and announced a 25% tariff on imported steel and aluminum from China.
“What is important about this is we’re doing it in alignment and in parallel with other economies around the world,” Trudeau said on the sidelines of a three-day closed-door cabinet meeting in Halifax, Nova Scotia.
Undaunted, China is accelerating production of EVs.
Ford Cancels Plans for Electric SUV, Expects a $1.9 Billion Loss
Say goodbye to a vehicle that never should have been conceived in the first place. Customers don’t want it.
Huge losses are exactly what one should expect when government rather than customers drive business decisions.
Despite huge subsidies, Ford still cannot make ends meet on EVs.
Yet, due to government coercion, Ford is forced to try, try, and try again. If and when Ford succeeds, it will have more production capacity than it needs because EVs have less parts and are easier to build.
At least $5 billion, and just for Ford alone, is now a sunken cost for an EV schedule that never should have been attempted.
Thank you President Biden, AOC, Elizabeth Warren, and everyone else who created this mess.
J.D. Vance isn’t weird, but his ramblings on economics are. The senator earlier this year dismissed economics as “fake” in a rant about modern refrigerators. He expounded at a rally last week in Henderson, Nev.: “We believe that a million cheap knockoff toasters aren’t worth the price of a single American manufacturing job.”
Pace Mr. Vance, U.S. manufacturing jobs aren’t leaving for China. They are shifting from the Rust Belt, Northeast and West Coast to Sunbelt states such as Nevada, Arizona, Texas and Florida, which have young and growing workforces, cheaper energy, lower taxes, right-to-work laws and proximity to trade partners, especially Mexico.
It’s true that U.S. manufacturing employment has declined since the start of the century. Mr. Vance blames China’s entry into the World Trade Organization, which gave Beijing increased access to the U.S. market. But that’s only part of the story. Technology also increased labor productivity, enabling manufacturers to produce more with fewer employees.
The combination of cheap Chinese imports and more efficient U.S. manufacturing kept prices down and increased Americans’ purchasing power. In the two decades before the pandemic, prices for clothes, furniture, appliances, toys and televisions declined, often sharply.
Twenty years of falling prices lifted living standards for tens of millions of Americans. Some 90% of American adults own a smartphone, and nearly the same percentage have air-conditioning in their home. Most who don’t have AC live in the North, where they rarely need it. More than 80% of homes have washers and dryers, and about a third have two refrigerators.
Americans are better off owing to millions of cheap toasters, smartphones, refrigerators and washing machines. But what about manufacturing workers who lost their jobs because of them? Such is the march of progress, from the invention of the cotton mill to the modern assembly line. Americans have long adapted by moving or finding other work.
Cheap labor isn’t the reason manufacturers are building new factories in the Sunbelt. Wages for manufacturing workers in Texas now rank among the highest in the country. Instead, they are foremost seeking a business-friendly environment, something China increasingly lacks, and a large pool of industrious workers who can pass a drug test.
Mr. Vance’s toaster line may win some votes, but his prescription for higher tariffs won’t bring back Midwest manufacturing jobs.
Trump and Biden both tried to cut off China’s supply of advanced microchips. The US wanted to knock Huawei out of the 5G market. Now, instead of China using US chips, it is producing its own chips.
China is far behind the US in chip technology. However, it is doing much better than the US expected.
China is producing some chips that the US dis not want China to have at all.
The US Department of Energy has placed some of the rare earth minerals we need for weapons systems, windmills, batteries, and aircraft on a critical materials list.
Trump has threatened to escalate a global trade war against not just China, but the whole world with a 60 percent tariff on China and 10 percent on everyone else. He believes tariffs can replace the income tax.
It would be the biggest trade war since the 1930 Smoot-Hawley Tariff Act worsened the Great Depression. China could respond by cutting off US access to rare earth minerals. The word is on a collision course with China no matter who wins in November.
When trade ends, wars start.
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
GERMANY/POLAND MIGRANTS
They got it right: thousands of illegal migrants have now been deported from Germany into Poland. Now Poland has a problem
(zerohedge)
Thousands Of Illegal Migrants Deported From Germany To Poland
Thousands of illegal migrants have been deported from Germany to Poland, according to recent reports. Aleksandra Fedorska, a journalist for independent Radio Wnet, revealed that as of the end of June, 3,140 people had been expelled from Germany’s Brandenburg region alone.
This figure is part of a broader trend, with estimates suggesting that the total number of deportees from neighboring German lands could reach nearly 10,000.
Szok!!! Z samej Brandenburgii do końca czerwca wydalono z Niemiec do Polski 3140 osób, a to tylko jeden w 3 graniczących z Polską landów!
Czy dlatego Niemcy nie podają już całościowej i aktualnej liczby wydaleń bo liczba ta przekroczyła 10 000 osób????
Fedorska, speaking on conservative TV Republika, noted a significant increase in the presence of Polish Border Guard officers along the German border, describing this as a positive development.
“We can see them on the highways and conducting mobile checks in the border zone. Just a few months ago, there was no sign of the Border Guard in this area,” she stated.
The issue of migrant deportations has gained prominence in public discourse, particularly as tensions between Germany and Poland over the handling of illegal immigration have escalated. Fedorska pointed out that Germany’s current situation is contributing to these tensions, with growing public concern over safety and the potential impact on political stability.
The journalist also discussed the potential impact of upcoming regional elections in eastern Germany, including in Saxony and Brandenburg, on Polish-German relations. She highlighted the rising popularity of the anti-immigration party Alternative for Germany (AfD) in these regions, suggesting that their success could further strain cross-border dialogue, especially regarding migration policies.
🇩🇪‼️ NEW: After a Syrian migrant killed 3 at the Festival of Diversity in Solingen, now the German far-left government is talking about what amounts to essentially banning knives.
The problem?
Knife-free zones already exist, and they are woefully ineffective in Germany. pic.twitter.com/p3cE5zr4uY
Ruling coalition crushed in regional elections with AfD scoring its first victory for any right wing party since World War ii
(zerohedge)
German Ruling Coalition Crushed In Regional Elections As AfD Scores First Victory For German Right-Wing Party Since WWII
Sunday, Sep 01, 2024 – 07:15 PM
Two months after the European political establishment suffered a crushing blow in the French elections, on Sunday afternoon we witnessed another demonstration of just how unpopular Europe’s political elite has become when German Chancellor Olaf Scholz’s ruling coalition was crushed in two regional elections in eastern Germany on Sunday, with populist parties on both the right and left winning about half the votes in both Thuringia and Saxony.
The Alternative for Germany, often defined as “far-right” by most liberal media outlets, is on course for victory in Thuringia on 30.5%, according to projections Sunday for public broadcaster ARD; it represents the first victory for a German right-wing party on a state ballot since World War II (history buffs may recall that Thuringia is where the National Socialist German Workers’ Party, aka NSDAP, won their first state election in 1929).
A German far-right party is projected to win in regional elections for the first time since 1945, exit polls show https://t.co/ydtdPV95A4
What is just as shocking was the voter revulsion to Germany’s ruling coalition: the three parties in Scholz’s ruling alliance — the Social Democrats, the Greens and the Free Democrats — between them got less than 15% in each of the two states, while the FDP missed the 5% threshold for getting into either regional parliament and the Greens fell short in Thuringia. The only mainstream party to do relatively well was the conservative CDU, which is projected to win in Saxony – by the narrowest of margin vs the ADP – and finish second in Thuringia.
Alice Weidel, a co-leader of the AfD, called the party’s performance “historic” and “a requiem” for the coalition in Berlin and said voters clearly want the AfD in government as the strongest party in Thuringia. Scholz’s coalition “should be asking itself if it can even continue in office,” Weidel told ARD. While it’s unlikely to be able to convince any other party to join it in coalition, with more than a third of the seats in the state parliament it could potentially block major decisions such as judicial appointments.
It’s not just the right that is soaring: in Sunday’s voting, a new far-left party, the Buendnis Sahra Wagenknecht, was on 15.8% in Thuringia and 12% in Saxony, according to early projections and exit polling. Founded only in January after Wagenknecht split from the Left party, it’s likely to play a key role in attempts by mainstream parties to keep the AfD out of power in Thuringia.
Today’s results are the latest bitter blow to German chancellor Scholz and his deeply unpopular government and highlight the risk it faces ahead of the next national election due in just over a year. The picture looks equally dire for another state ballot in three weeks in Brandenburg: the region that surrounds the capital Berlin and is home to Scholz’s Potsdam constituency.
Germany’s AfD party on course to become the strongest party in the German state of Thuringia.
Exit polls predict the anti-immigration party has gained some 33% of the vote, neck and neck in Sachsen.
After months of squabbling over spending priorities, nationwide support for the three ruling parties has dwindled to record lows, while support for parties opposing financial and weapons supplies to Ukraine continues to soar. Backing for the conservative CDU/CSU alliance is on around 32% – roughly the same as the SPD, Greens and FDP combined – and the AfD is in second place on about 18%.
According to Bloomberg, the crushing defeat for the unpopular ruling parties in Saxony and Thuringia could prompt renewed calls for an early general election and fuel debate about whether Scholz is the right man to lead the Social Democrats into the ballot next September.
Kevin Kuehnert, the SPD general secretary, said the results in the two regions also send a message to the national government in Berlin: “We need to explain and communicate our policies more and much better, this applies not only for Saxony and Thuringia but for Germany as a whole,” Kuehnert told ZDF in a TV interview, adding that “we must become more self-confident within the ruling coalition and show much clearer to voters what the SPD stands for.” Which of course, is not the problem: Germany as a whole knows very well what SPD’s policies are, and is revolting against them.
Despite its victory in Thuringia, the AfD, which Germany’s authorities have classified as “right-wing extremist” in both regions that voted Sunday as well as nearby Saxony-Anhalt, has no clear path to forming a government as all other political groups have ruled out cooperating with the party — a firewall similar to the one that thwarted Marine Le Pen’s far-right National Rally in France after President Emmanuel Macron called a snap legislative election in June. That should limit any impact on financial markets, which were unsettled by the rise in popularity of French fringe parties.
Wagenknecht, whose party’s policies include stopping aid for Ukraine and curbing immigration, again ruled out any cooperation with the AfD in Thuringia. She indicated that she was ready to govern in a coalition with the CDU and the SPD.
“I don’t think that we’re seen by voters as an AfD light,” she told ZDF. “We are simply closing a representation gap in the political spectrum.”
The CDU’s solid performance Sunday could also impact the process of choosing a conservative chancellor candidate. The leader of the party, Friedrich Merz, seems likely to secure the nomination and can claim some credit for the success in Saxony.
However, a number of other hopefuls can’t yet be ruled out, including North Rhine-Westphalia Premier Hendrik Wuest and Bavaria Premier Markus Soeder, who leads the Christian Social Union, the CDU’s sister party in the southern region.
Merz has said the CDU and CSU will decide on their joint candidate after the Brandenburg vote. The final state election before the next national ballot is at the beginning of March in Hamburg, the port city where Scholz used to be mayor and his SPD rules in coalition with the Greens.
Some 3.3 million people were eligible to vote in Saxony, which borders Poland and the Czech Republic, and about 1.7 million in Thuringia.
end
GERMANY
Elites are calling for a firewall of leftists to prevent conservative governance
This is happening all over the world.
(zerohedge)
German Elites Call For “Firewall” To Prevent Conservative Governance After AfD Election Win
Tuesday, Sep 03, 2024 – 07:45 AM
The coalition system of government common to European nations is supposedly designed to prevent the formation of authoritarian regimes by diluting power among a greater number of parties. But, as the last decade has shown, it has only allowed for increasing socialist control in the EU under progressive and globalist politicians. Most parties do not represent the will of the public but they collude to form bureaucratic cartels that gatekeep conservatives out of the process.
The majority of Europeans do not support open immigration from the third world, they do not support oppressive carbon controls and they do not support the expansion of wars with eastern nations like Russia. These are all policies which EU progressives are trying to force on the public anyway. That’s called tyranny.
Far from stopping authoritarianism, coalition parties have normalized leftist oligarchy. But the people of Europe (and the UK) are not staying quiet any longer.
In Germany, the conservative AfD party (labeled right wing extremists by German Intel) have won their biggest victory since the party was launched in 2013. The movement has secured an election win in the state of Thuringia by a wide margin and a very close second in Saxony. The AfD is largely supported by younger voters (18-24) who are tired of the German socialist status quo of high taxes, high inflation and rising crime.
The outcome has stunned German leftists who are now worried that future state elections and the national election in 2025 will have a similar result.
Elections in all the German states are hugely important. Not only are they some of the most powerful subnational bodies in Europe, they also have influence at the federal level through the Bundesrat – Germany’s upper house. The AFD’s founding was in direct response to Germany and the EU’s mass immigration policies, inviting millions of third-world migrants and Islamic fundamentalists into the west without any vetting process.
Progressive and globalist leaders across Europe continue to pretend as if the concerns over immigration are held by a fringe minority, then act shocked when parties like the AfD win elections. Olaf Scholz, the German Chancellor and lawmaker for the center-left Social Democratic Party (SPD), asserts that conservatives cannot be allowed to hold power in Germany regardless of voter decisions. He stated this week:
“Our country cannot and must not get used to this…The AfD is damaging Germany. It is weakening the economy, dividing society and ruining our country’s reputation…”
The Chancellor failed to explain how the AfD could be “weakening the economy” when the economy has been under socialist control for decades. Mr. Scholz urged other parties to block the AfD from governing by maintaining a so-called “firewall” against it.
“All democratic parties are now called upon to form stable governments without right-wing extremists,” he said, calling the results “bitter” and “worrying”.
The establishment media is now engaged in a vicious propaganda war against the AfD, with numerous outlets comparing them directly to “Nazis” despite the fact that the Nazis were far-left, not far-right.
Adolph Hitler and Benito Mussolini were both open proponents of Marxism and sought to apply Marxist ideals within their National Socialist governments. As Hitler noted in a January 27, 1934, interview with Hanns Johst in Frankforter Volksblatt:
“National Socialism derives from each of the two camps the pure idea that characterizes it, national resolution from bourgeois tradition; vital, creative socialism from the teachings of Marxism…”
Fascism has very little in common with conservative movements. Defense of national borders and cultural identity are not intrinsically fascist ideals. The political left would like everyone to believe otherwise.
Scholz’s call for a coalition “firewall” in Thuringia, Saxony and other states as a means to prevent the AfD from governing is the same tactic used by Emmanuel Macron in France to shut out Marine Le Pen’s conservative National Front party despite their numerous election victories. Macron pressed “moderate” progressives to align with full-bore communists as a means to overrule French voters and keep conservatives out of the process once again.
While this strategy is technically legal, it is an affront to the democratic process that leftists claim to hold so sacred. The champions of “democracy” are enraged that the majority isn’t voting their way and so they have decided to usurp the election process entirely.
Under these conditions, conflict is inevitable.
GERMANY
this is a first: Volkswagen is now considering the first ever German factory closure as its economic troubles mount
(zerohedge)
Volkswagen Considers First-Ever Germany Factory Closures As Economic Troubles Mount
Tuesday, Sep 03, 2024 – 06:55 AM
News broke Monday that Volkswagen is considering plant closures in Germany. The auto giant faces falling profits due to slowing sales in China and other major markets. This development comes as Europe’s largest economy teeters on the verge of recession after reporting a slight contraction in second-quarter growth. Earlier this summer, VW’s Audi revealed a billion-dollar investment in Mexico, as the company’s future manufacturing could be overseas in the Americas.
Several financial outlets are reporting VW’s potential factory closure plan, including Bloomberg, which said, “VW is considering unprecedented factory closures in Germany in a bid for deeper cutbacks, delivering another blow to Chancellor Olaf Scholz’s government.”
“The economic environment has become even tougher and new players are pushing into Europe,” VW CEO Oliver Blume wrote in a statement, adding, “Germany as a business location is falling further behind in terms of competitiveness.”
Bloomberg noted, “Any shutdowns would mark the first closures in Germany during the company’s 87-year history, setting VW up for a clash with powerful unions.”
Financial Times quoted Daniela Cavallo, chair of the council that represents VW’s workers, who wrote in a note to workers that VW brand chief executive Thomas Schäfer “admitted” on Monday that cost savings programs had failed by several billions of euros, pushing VW into the red.
“As a result, the executive board is now questioning German plants, the VW in-house collective wage agreements and the job security programme running until the end of 2029,” said Cavallo.
Cavalla called the plans “an attack on our employment, workplaces, and collective bargaining agreements.”
VW deliveries in China were down 20% amid a broader decline in petrol-powered vehicles in the second quarter. A spokesperson told Reuters in June, “We do not expect an easy year.”
Meanwhile, VW’s Audi plant in Brussels has come under scrutiny this summer after the carmaker announced a one billion euro ($1.08 billion) investment in electric vehicle projects in the Mexican state of Puebla. There are mounting risks Audi could start moving EV production to Mexico.
Besides sputtering VW sales and the largest economy in the EU at risk of recession, the country’s political environment has also become more chaotic.
Populist Alternative for Germany, or AfD, has become the first far-right party to win a state election in Germany since 1945.
Rising populism is driven by a national government run by weak liberals that have overseen an economy with high inflation, disastrous immigration, and growing skepticism for military aid for Ukraine. These are all new pressures Chancellor Olaf Scholz’s center-left government.
In markets, VW shares trading in Germany recently slipped below Covid lows, touching levels not seen since 2011.
Maybe the West sabotaging Russia’s Nord Stream pipeline that hooked Germany on cheap NatGas wasn’t such a great idea as Europe’s top economic powerhouse becomes less competitive. This only suggests increasing deindustrial risks, loss of jobs, and more socio-economic discontent across the bloc.
end
5/RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL//GAZA
END
ISRAEL WEST BANK
IDF kills Wassem Hazem, head of Hamas in Jenin
Hazem was killed in his vehicle. His role in the terror group involved carrying out and directing shooting and bombing attacks, along with advancing terrorist activities.
Wassem Hazem, head of the Hamas terror organization in the West Bank area of Jenin, was killed on Friday in a joint IDF, ISA, and Israel Border Police counterterrorism operation in the northern Samaria area, Israel’s military announced shortly afterward.
Hazem was killed in his vehicle after an exchange of fire during the joint operation. His role in the terror group involved carrying out and directing shooting and bombing attacks.
Hazem continuously advanced terrorist activities in the Judea and Samaria area, the IDF added.
Following the elimination of Hazem, two additional terrorists, Maysara Masharqa and Arafat Amer, who were in the vehicle with him, attempted to flee the scene. However, shortly afterward, they were also killed by an IDF aircraft.
post.com/breaking-news/article-817068
Masharqa and Amer operated under the command of Hazem and took part in shooting attacks against Israeli communities, the IDF said.
M16 rifles, a handgun, cartridges, explosives, gas grenades, and thousands of shekels worth of terrorist funds found after killing Hamas terrorist, Wassem Hazem, August 30, 2024 (credit: IDF SPOKESMAN’S UNIT)
What was found in Hazem’s vehicle?
Following the triple assassination, the IDF searched the vehicle in which the terrorists were located and found M16 rifles, handguns, cartridges, explosives, gas grenades, and thousands of shekels worth of terrorist funds.
There were no reports of any IDF soldiers who were wounded during the operation.
Earlier on Friday morning, the IDF said they had struck a terror cell in Jenin during a clash with Israeli security forces.
IDF operations in the West Bank
The IDF later issued a statement noting that the military had targeted three terror hubs belonging to Hamas and Palestinian Islamic Jihad in the West Bank.
The hubs had planned for terrorist attacks in the West Bank and Israel against both civilians and soldiers.
Since beginning the operation, the IDF said it eliminated 20 terrorists in fire exchanges and airstrikes – in addition to the arrest of 17 suspects believed to have links to the terrorist organizations organizing in the region.
The IDF has also destroyed explosive devices and confiscated large quantities of weapons.
Based on the success of the operations, the IDF said it had concluded operations in northern Samaria and the area of Far’a in the Jordan Valley Brigade.
The Palestinian Health Ministry claimed that 19 people have been killed since the IDF began operations in the West Bank.
END
ISRAEL/HAMAS
Israel Withdraws From Khan Younis After Nearly Month-Long Major Operation
Friday, Aug 30, 2024 – 07:20 PM
Israel’s military has withdrawn from eastern Khan Younis following a nearly month-long major ground operation, which has left central parts of the southern Gazan city utterly destroyed.
On Friday, Gaza health authorities have recovered at least nine bodies in the rubble, following many civilian and militant deaths over the course of the IDF’s 22-day operation. Israel’s army has said the operations focused on Khan Younis and Deir al-Balah has killed over 250 militants over the past month.
The IDF has issued official statements in Arabic telling Khan Younis residents that they may return to their homes and (mostly destroyed) neighborhoods, if they still have homes to return to.
The army has been cited as describing that “Tunnel routes used by the Palestinian militant group Hamas with a total length of more than 6 kilometres were destroyed during the operation and the bodies of six hostages recovered.”
These deceased hostage recoveries took place earlier this month, and the circumstances of their deaths are still under investigation.
An Al Jazeera correspondent currently based in central Gaza says that the IDF’s announcement of the end of Khan Younis operations and the ability of civilians to return is misleading and is a ruse.
“The [latest] Israeli evacuation orders are perceived as misleading and contradictory,”Hani Mahmoud has warned. “They are very similar to orders in which people were told to evacuate to area that were supposed to be safe but they ended up being killed in those areas.”
The Al-Jazeera correspondent continues, “This is what we’re seeing right now with the withdrawal [of Israeli troops] from some of the areas in the eastern part of Deir el-Balah City and from the eastern part of Khan Younis.”
Meanwhile a ‘polio pause’ in fighting is still expected to begin in central Gaza on Sunday…
Months of deteriorating conditions caused by ongoing war and siege have fuelled the spread of disease across the #GazaStrip@UNRWA and partners are ready to roll out a #polio vaccination campaign for over 640,000 children, but humanitarian pauses will be critical. pic.twitter.com/sftWcfjjY1
But despite the hopes that limited pauses in fighting could allow some 2,000 UN health workers to begin vaccinating hundreds of thousands of Palestinian children could eventually lead to a more permanent ceasefire, all signs point to an IDF expansion in operations.
Israeli newspaper Haaretz and Israeli Army Radio have just reported that the Israeli government is expending an order for the recruitment of 350,000 reservists. This order is in effect through the end of 2024.
END
ISRAEL/HAMAS
IDF eliminates PIJ brigade commander Muhammad Katrouy
Katrouy was responsible for some of the Palestinian Islamic Jihad’s rocket attacks against Israel and operated from the central Gaza Strip, the IDF said.
The IDF eliminated the Palestinian Islamic Jihad (PIJ) Central Camps Brigade commander, Muhammad Katrouy, on Saturday in a targeted strike in central Gaza, the military announced.
Katrouy was responsible for some of PIJ’s rocket attacks against Israel and operated from the central Gaza Strip, the IDF said.
Within the terrorist organization, Katrouy held positions such as Deputy Brigade Commander and Intelligence Officer, the military added.
Previous commanders eliminated
The IDF has eliminated several Hamas commanders within the past two months.
Palestinian Islamic Jihad terrorist organization’s long-range rocket production site, July 1, 2024. (credit: IDF SPOKESPERSON’S UNIT)
In mid-July, Hamas platoon commander Hossam Mansour was eliminated, who was one of the directors of the “Al-Khair” Foundation, which transfers funds to terror organizations.
The following day, Khan Yunis Brigade commander Rafa’a Salameh was killed. He was known as being particularly close to Gaza Chief Yahya Sinwar and to Hamas military chief Mohammed Deif.
Commander of Hamas’s Al-Furqan Battalion, Jaber Aziz, was killed the following month. He played a significant role in planning the October 7 attack and infiltrated Gaza border communities on that day.
Senior Hamas commander Walid al-Sousi was eliminated nearly a week after Aziz’s death. Sousi was head of Hamas’s General Security Apparatus in the Southern Gaza Strip.
END
ISRAEL/WEST BANK
Some 14 terrorists killed as IDF, Hamas exchange fire in Jenin after Gush Etzion attacks
Hamas later reported the death of one of its operatives in the al-Damj neighborhood.
The IDF and terrorists exchanged heavy fire in Jenin in the West Bank on Saturday, with about 14 terrorists eliminated, Israeli media reported.
Explosions were heard in the al-Damj neighborhood, according to Maariv.
IDF St.-Sgt. Elkana Navon was killed in battle while fighting in the Palestinian city, the IDF announced on Saturday.
A source in Hamas’s Al-Qassam Brigades leadership told Qatari state-run media giant Al Jazeera that the terror organization had prepared itself for long days of confrontations and battles.
“We reassure our people that the resistance, with all its formations in the West Bank, is in the best stages of coordination,” the source said.
Israeli bulldozers drive in a street during an army raid in Jenin in the West Bank on August 31, 2024. (credit: Ronaldo Schemidt/AFP via Getty Images)Explosives by terrorists located in the area. (credit: IDF SPOKESPERSON’S UNIT)
Walla reported that the IDF is increasing the amount of force in the area. Apache helicopters were flying over Jenin, according to Arab media.
The IDF also operated in Tulkarm in recent days, where five terrorists were killed and six wanted individuals were arrested.
Explosives planted on the roads by terrorists were also destroyed by Israeli forces. They also located weapons in a suspicious vehicle near the government hospital in Tulkarm.
פעילות צה"ל ביו"ש: במבצע בטולכרם בימים האחרונים, חמישה מחבלים חוסלו ושישה מבוקשים נעצרו. במבצע בג'נין חוסלו 14 מחבלים והושמדו עשרות מטענים | תיעוד@ItayBlumental (צילום: צה"ל) pic.twitter.com/koqTrlqapo
3 cops killed in southern West Bank shooting attack; gunman later killed
Officers named as Arik Ben Eliyahu, Hadas Branch, and Roni Shakuri, whose daughter was killed on Oct 7; Palestinian attacker flees scene near Tarqumiyah, is killed in Hebron
By Emanuel Fabian FollowToday, 9:16 amUpdated at 4:28 pm
The scene of a shooting attack near the Tarqumiyah checkpoint in the southern West Bank, September 1, 2024. (Hazem Bader/AFPTV/AFP); L-R: First Sgt. Roni Shakuri, Command Sgt. Maj. Hadas Branch, and Ch. Insp. Arik Ben Eliyahu, killed in the attack. (Israel Police)
Three Israeli police officers were killed in a shooting attack near the Palestinian city of Tarqumiyah in the southern West Bank on Sunday morning, the military, police, and medics said.
The slain officers were named as Ch. Insp. Arik Ben Eliyahu, Command Sgt. Maj. Hadas Branch, and First Sgt. Roni Shakuri.
A Palestinian gunman opened fire at a police car on Route 35 near the Idhna-Tarqumiyah junction, just east of a checkpoint between the West Bank and Israel, before fleeing the scene. He was later killed in an exchange of fire with troops in Hebron.
The Magen David Adom ambulance service said it treated three victims in critical condition.
Ben Eliyahu and Branch were declared dead at the scene, while Shakuri died en route to a hospital.
The gunman was believed to have opened fire from a passing vehicle at the police car, before fleeing the scene on foot. It was not immediately clear if there were other attackers with him.
The scene of a shooting attack near the Tarqumiyah checkpoint in the southern West Bank, September 1, 2024. (AP Photo/Mahmoud Illean)
The Israel Defense Forces launched a pursuit of the gunman, later locating and killing him in Hebron.
Troops of the Duvdevan Commando Unit surrounded a building in Hebron where the gunman was holed up, following intelligence on his whereabouts provided by the Shin Bet security agency and Military Intelligence Directorate, an IDF source said.
The commandos carried out a tactic known as “pressure cooker” that involves escalating the volume of fire directed at a building to force a suspect to come out.
The soldiers fired shoulder-launched missiles at the building, and the gunman was eventually killed. The military source said the troops found an M16 assault rifle on his body.
He was named by the IDF and Shin Bet security agency as Muhannad al-Aswad, 31, from Idhna.
Al-Aswad was affiliated with the Palestinian Authority’s Fatah movement, and in the past served in the PA’s presidential guard, the military said.
L-R: First Sgt. Roni Shakuri, Command Sgt. Maj. Hadas Branch, and Ch. Insp. Arik Ben Eliyahu, killed in a shooting attack in the southern West Bank, September 1, 2024. (Israel Police)
Israel Police Commissioner Danny Levy told reporters at the scene of the attack that the victims were officers from the police’s West Bank district.
Police later named the three.
Ben Eliyahu, 37, from Kiryat Gat, was survived by his wife and three children.
Branch, 53, from Sde Moshe, was survived by her husband, three children, and a granddaughter.
Shakuri, 61, from Sderot, was survived by his wife, a daughter, and a granddaughter.
Shakuri’s daughter Mor Shakuri, who was also a police officer, was killed battling Hamas terrorists trying to take over the Sderot police station on October 7.
Medics at the scene of a shooting attack near the Tarqumiyah checkpoint in the southern West Bank, September 1, 2024. (Magen David Adom)
The attack came after terrorists on Saturday detonated two car bombs in the southern West Bank’s Gush Etzion settlement bloc, some 15 kilometers (nine miles) northeast of Tarqumiyah. Two soldiers were lightly and one moderately hurt in the explosions.
The attackers, who were killed in the attack, were both from Hebron.
Meanwhile, in the northern West Bank, a soldier was killed and three were wounded, including one in serious condition, in a shootout with Hamas gunmen in Jenin on Saturday, amid large-scale IDF operations in the area.
The IDF said Sunday that so far amid its ongoing operation in the northern West Bank, some 30 gunmen have been killed.
Violence has soared in the West Bank during the war in Gaza sparked on October 7, when thousands of Hamas-led terrorists stormed southern Israel to kill nearly 1,200 people and take 251 hostages.
Since October 7, troops have arrested some 5,000 wanted Palestinians across the West Bank, including more than 2,000 affiliated with Hamas.
According to the Palestinian Authority health ministry, more than 670 West Bank Palestinians have been killed in that time. The IDF says the vast majority of them were gunmen killed in exchanges of fire, rioters who clashed with troops or terrorists carrying out attacks.
During the same period, 29 people, including Israeli security personnel, have been killed in terror attacks in Israel and the West Bank — including in Sunday’s attack. Another six members of the security forces were killed in clashes with terror operatives in the West Bank.
Times of Israel staff contributed to this report.
ISRAEL/HAMAS/SUNDAY
Netanyahu: Israel in intense negotiations for hostages, Hamas refuses
Defense Minister Yoav Gallant had previously warned that Israel’s insistence on remaining in the Philadelphi Corridor could kill the deal and that it endangers the lives of hostages.
By TOVAH LAZAROFFSEPTEMBER 1, 2024 11:06Updated: SEPTEMBER 1, 2024 13:55
Prime Minister Benjamin Netanyahu seen over a wall of hostage posters in an illustrative.(photo credit: FLASH90/CANVA)
Prime Minister Benjamin Netanyahu blamed Hamas for the absence of a Gaza and hostage deal as the nation reeled from the return of the bodies of six hostages recently killed in captivity in Gaza.
“In recent days, as Israel has been holding intensive negotiations with the mediator in a supreme effort to reach a deal, Hamas is continuing to steadfastly refuse all proposals,” Netanyahu said.
“Whoever murders hostages – does not want a deal,” Netanyahu stated.
“For our part, we will not relent. The Government of Israel is committed, and I am personally committed, to continue striving toward a deal that will return all of our hostages and ensure our security and our existence,” he said.
Carmel Gat, Eden Yerushalmi, Hersh Goldberg-Polin, Ori Danino, Alexander Lobanov and Almog Sarusi. (credit: Hostages and Missing Families Forum/Screenshot )
He recalled the first hostage deal in November that was broken by Hamas, in which 105 captives were released, stressing that since December, “Hamas refuses to conduct real negotiations.*
Netanyahu explained that three months ago, on May 27, Israel had agreed to a three-phase hostage deal that was unveiled on May 31.
“Even after the US updated the deal framework on August 16 – we agreed, and Hamas again refused,” Netanyahu stressed.
Prime Minister Benjamin Netanyahu, this morning: "This is a difficult day for us.
Together with all citizens of Israel, I was outraged to the depths of my soul by the horrific, cold-blooded murder of six of our hostages: pic.twitter.com/Fs8qqlhJUm
He spoke in the aftermath of an intense US push to finalize the May 31 deal under whose terms 18-33 of the hostages would have been freed during a six-week period in exchange for a lull in the Gaza war and the Israeli release of Palestinian security prisoners and terrorists.
Four of the hostages—Hersh Goldberg-Polin, Eden Yerushalmi, Carmel Gat, and Almog Sarusi—would likely have been freed in the first phase. The other two hostages, Alexander Lobanov, and Ori Danino, would likely have been released in phase two.
The US, along with the main mediators for the deal, Qatar and Egypt, have been unable to close the gaps between the sides, including Israel’s insistence that the IDF must remain in a critical buffer zone between Gaza and Egypt, known as the Philadelphi Corridor.
The security cabinet voted 8-1 on Thursday night to back this position, against the advice of Defense Minister Yoav Gallant, who warned that it could kill the deal and that it endangered the lives of hostages.
“The cabinet must gather immediately and reverse the decision made on Thursday,” Gallant said.
“It is too late for the hostages who were murdered in cold blood. We must bring back the hostages that are still being held by Hamas,” he said.
“The State of Israel will pursue all Hamas leaders and murderers,” Gallant said.
“The cabinet must gather immediately and reverse the decision made on Thursday,” Gallant said.
“It is too late for the hostages who were murdered in cold blood. We must bring back the hostages that are still being held by Hamas,” he said.
“The State of Israel will pursue all Hamas leaders and murderers,” Gallant said.
The security cabinet is set to meet later today, and according to Army Radio, Gallant is likely to ask it to reverse Thursday’s decision on the Philadelphi Corridor.
Sources indicated that the ministers in the security cabinet on Thursday felt, at the time, that all those hostages who had been killed or died in captivity had perished in the first half year of the war.
The six deceased hostages the IDF found in a tunnel under Rafah on Saturday are believed to have been killed by Palestinians in the last days.
In past weeks, Netanyahu has told the families of the captives that he was not willing to make a deal at any price.
Opposition leader MK Yair Lapid (Yesh Atid) bitterly posted on X Sunday, “Netanyahu and the ‘death cabinet’ decided not to rescue the hostages. Their blood on their heads.”
Stressing that the “national can not go on like this,” he called for the country’s major union, the Histadrut, to call for a general strike that would shut the country down” starting with a 7 p.m. protest by the Begin highway on Sunday night.
Hamas official Izzat al-Rishq on Sunday blamed Israel and the Biden administration for the deaths of the six hostages in a message on the group’s Telegraph page.
Those who bear “responsibility” are “the occupation which insists on continuing the genocidal war and evading reaching a ceasefire agreement, and the American administration because of its bias, support and complicity in this aggression,” he said.
“Hamas is more eager than Biden about the lives of its prisoners, which is why it agreed to his proposal in particular and to the Security Council resolution, while Netanyahu rejected them, and his administration surrendered to Netanyahu’s conditions, aimed at disrupting the reaching of an agreement, in order to preserve his power,” he stated.
Netanyahu warned Hamas, “You will pay the price. We will not rest, nor will we be silent. We will pursue you, we will find you and we will settle accounts with you.
“We saw the inconceivable brutality of the Hamas murderers on October 7, and we have seen it again in the tunnels under Rafah,” he said.
“The fact that Hamas is continuing to perpetrate atrocities like those it carried out on October 7 requires us to do everything so that it will be unable to perpetrate these atrocities again,” he stressed.
To the nation in mourning, he said, “This is a difficult day for us. Together with all citizens of Israel, I was outraged to the depths of my soul by the horrific, cold-blooded murder of six of our hostages.
“Together with the entire nation, my wife and I share in the families’ deep mourning,” he said.
end
Hamas Hints 6 Hostages Killed Because IDF Forces Got ‘Too Close’ Based On New Protocol
Tuesday, Sep 03, 2024 – 10:15 AM
A Hamas official on Monday suggested the group has adopted a new protocol that orders the execution of Israeli hostages in the event Israeli forces are closing in, saying the revised approach was adopted after a bloody Israeli rescue operation in June. The announcement comes after the discovery of six dead hostages over the weekend, and another six in late August — all of whom were shot to death, according to the Israeli government.
“We say to everyone clearly that after the Nuseirat incident, new instructions were issued to the Mujahideen assigned to guard the prisoners regarding dealing with them if the Occupation Army approached their place of detention,”said Hudhaifa Kahlout, a spokesman for Hamas’ military wing, the Al-Qassam Brigades. His nom de guerre is Abu Obeida.
On June 8, the Israeli Defense Forces (IDF) launched a daylight raid in the central Gaza neighborhood of Nuseirat, rescuing four hostages taken from a music festival during the Oct. 7 Hamas invasion of southern Israel. According to Palestinian groups, more than 200 Palestinians were killed and 400 wounded as entire residential blocks were destroyed by IDF helicopters, tanks and soldiers. The IDF disputed the claimed casualty count, saying the Palestinian death toll was under 100.
While giving no details of the revised policy, Obeida’s statement implies that Hamas has instructed guards to execute prisoners if their positions are in imminent jeopardy of being overtaken by IDF soldiers. Israel said that the six dead hostages found in a Rafah tunnel had been shot to death within perhaps one or two days of their discovery. Israeli Prime Minister Benjamin on Monday told reporters the hostages where shot in the back of the head.
“Netanyahu and the occupation army alone bear full responsibility for the deaths of the prisoners. They deliberately obstructed any prisoner exchange deal for their own narrow interests, and furthermore, intentionally killed dozens of prisoners through direct airstrikes.”
For months, massive protests in Israel have sought to pressure Netanyahu’s government into reaching a ceasefire deal with Hamas that includes the release of Palestinian prisoners in exchange for the return of their hostages. Following the latest discovery of dead hostages, tens of thousands of Israelis took to the streets on Sunday, chanting “Now! Now!”
Tens of thousands of Israelis demonstrated tonight in Tel Aviv protesting the Netanyahu government's steps that delay the Gaza hostage deal (video: Amir Turkle) pic.twitter.com/FI3d3i0KXQ
Hamas’ Obeida isn’t the only one accusing Netanyahu of prioritizing his own political interest over the lives of the hostages. “Prime Minister Benjamin Netanyahu does not want the hostages back,” wrote former Israeli Prime Minister Ehud Olmert in Haaretz last week.
Olmert accused Netanyahu of bowing to the pressures of his extremist cabinet members by seeking an all-out confrontation that includes not only Hamas, Yemen’s Houthis, Lebanon’s Hezbollah and Shia militias in Syria and Iraq, but even Iran. “In the choice between what’s good for Israel and what’s good for Bibi – the result is known.” Olmert also suggested that Netanyahu is motivated by a desire to “blur the awful defeat of October 2023.”
A new poll found that 69% of Israelis think Netanyahu should resign when new elections are held, against just 22% who think he should seek re-election. While she may have been making her statements under coercion, one of the recently discovered dead hostages, Eden Yerushalmi, condemned Netanyahu in a video released by Hamas on Monday:
“Benjamin Netanyahu and the government of Israel: Do what is necessary to release us now…The bombing here never stops and we are afraid for our lives. We are scared of dying here.
Benjamin Netanyahu, you freed 1,000 Palestinian prisoners in exchange for [captured IDF soldier] Gilad Shalit [in 2011]. Now they are asking for less than a quarter of that number for each one of us. I am not able to comprehend…am I worth less? … I ask all the people of Israel to take to the streets and demonstrate…Everything that happened to us is because of failure of the State of Israel and its security forces on Oct. 7.”
The video and other communications release from Hamas on Monday featured a new slogan that underscores the new policy directing guards to execute hostages if IDF soldiers are closing in: “Military pressure = death and failure. Exchange deal = Freedom and life.”
Sami Abu Zuhri, a senior Hamas official also blamed Netanyahu for the latest six hostage deaths, which came less than two weeks after another six were found dead. “Netanyahu killed the six prisoners and he is determined to kill the remaining ones,” said Zuhri. “The Israelis should choose between Netanyahu or the deal.”
HOUTHIS/ISRAEL/GLOBE
LIBYA
END
HOUTHIS/ISRAEL/GLOBE
Houthis hit two tankers in the Red Sea while beach bum Biden and bird brain Harris
The Yemeni Houthis reportedly hit two tankers in the Red Sea on Monday, one of them Saudi-flagged.
According to a Reuters report citing U.S. military sources, which said one of the targets hit on Monday was a Panama-flagged vessel named Blue Lagoon I and the other was Saudi-flagged Amjad. The Houthis took responsibility for the Blue Lagoon I hit, Reuters reported, but made no mention of the Saudi-flagged vessel.
According to an AP report, Blue Lagoon I had been traveling to an undisclosed location from the Russian port of Ust Luga, broadcasting that it carried Russian crude on board. The Houthis had previously said they would not target Russian or Middle Eastern ships.
There was no major damage to either of the tankers, which were close to each other when they were hit. Both were able to continue on their way after the strikes. The Saudi-flagged vessel has a capacity for up to 2 million barrels of crude while Blue Lagoon I can carry up to 1 million barrels.
The AP cited the Joint Maritime Information Center, a unit set up to track the Houthis’ activity in the Red Sea and led by the U.S. Army, as saying that the Blue Lagoon I tanker “was targeted due to other vessels within its company structure making recent port calls in Israel.”
“These reckless acts of terrorism by the Houthis continue to destabilize regional and global commerce, as well as put the lives of civilian mariners and maritime ecosystems at risk,” the U.S. Central Command said, as quoted by the AP.
The Houthis have been targeting vessels passing through the Bab el Mandeb strait since last November in reaction to Israeli bombings of Gaza. Initially, the group said it would only target Israeli ships and those sailing under flags of Israeli allies but it has since expanded its campaign. An attempt by the U.S. and some European allies to put an end to the attacks has so far failed to produce any results.
* * *
The Houthis have targeted more than 80 merchant ships with missiles and drones since Israel’s war on Hamas in Gaza started in October. This continued turmoil in the Red Sea shows how the West’s “credibility and deterrence” is quickly eroding.
Video released by the #Houthis seems to show the setting of explosive charges on the deck of the tanker #Sounion off the coast of Yemen in the #RedSea.
At 150k tons, this tanker is almost twice the size of Exxon Valdez and the environmental damage to the region will be massive. pic.twitter.com/EfUbg5o5j9
— Sal Mercogliano (WGOW Shipping) 🚢⚓🐪🚒🏴☠️ (@mercoglianos) August 23, 2024
Given the increasing risks in the southern Red Sea and one of the world’s critical maritime chokepoints, oil markets are ignoring and instead focusing on weak China data.
“Brent/WTI heavy down 2% … following through on weak China data, OPEC headlines last week …. despite Libyan export halt. Timely call this Thursday after GIR lowered Brent range to $70-85 last week,” Goldman’s Ryan Novak told clients this AM.
end
RUSSIA/UKRAINE/
END
UKRAINE/RUSSIA/EASTERN EUROPE
end
RUSSIA UKRAINE/
.6.COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUE
Anti-Inflammatory Diet May Reduce Dementia Risk By Up To A Third: Study
A study published in JAMA Open Network this month uncovered a link between diet and brain health. The research revealed that individuals who adhered to an anti-inflammatory diet saw a 31 percent reduction in their risk of developing dementia.
The observational study set out to examine the effects of an anti-inflammatory diet in those with an existing cardiometabolic disease, such as heart disease, Type 2 diabetes, and stroke. The authors found that individuals with one of these risk factors are less likely to develop dementia if they adhere to consuming anti-inflammatory foods.
Abigail Dove, the lead study author and a doctoral student at the Aging Research Center at Karolinska Institutet in Stockholm highlighted the uniqueness of their study in an email to The Epoch Times. “Our study is distinctive in that it delves into the relationship between diet and dementia within the context of a major dementia risk factor: cardiometabolic diseases (CMDs).”
Dementia is an umbrella term used to describe a range of symptoms associated with a decline in memory severe enough to interfere with a person’s ability to perform everyday activities. It is caused by damage to brain cells, and the most common type is Alzheimer’s disease. There is an established link between diet and dementia.
A systematic review published in Frontiers in Neuroscience in 2023 found that certain dietary patterns may slow the progression of Alzheimer’s, while a standard Western diet is a risk factor. Recent research has also linked blood sugar regulation to dementia, highlighting the importance of ongoing research in this field.
The new findings underscore the promising potential of dietary interventions in preserving cognitive function as we age. Understanding which foods promote inflammation and which prevent it may minimize your risk of developing dementia.
The Link Between Cardiometabolic Disease and Dementia
Cardiometabolic diseases are well-established risk factors for dementia. Dove pointed out, “Individually, each of these diseases [Type 2 diabetes, heart disease, and stroke] is associated with 1.5-2x increased risk of dementia, and this becomes even stronger for people who have more than one CMD (for example type 2 diabetes plus heart disease).”
Dove noted that this new research points to how dietary modifications may serve as a strategy to temper the likelihood of dementia in such a high-risk group of individuals. People with cardiometabolic diseases have more overall inflammation, making adopting an anti-inflammatory dietary pattern a potentially critical approach.
Dove said that an anti-inflammatory diet lessens systemic inflammation in the body, which may slow the progression of injury in the brain and the eventual development of dementia. It is still unclear as to why people with cardiometabolic diseases are more at risk of developing dementia than those without. The connection exists, but studies are still underway to uncover the precise mechanisms, she said.
“It seems that CMDs [cardiometabolic diseases] share similar underlying biology with dementia. The heart pumps blood through a vast network of blood vessels spread out throughout the entire body, including the brain,” Dove said. “Heart problems—for example an irregular heart rhythm or stiffening of the heart’s pumping chambers—can cause blood flow to the brain to become irregular, therefore restricting the brain’s supply of oxygen and important nutrients, gradually starving brain cells over time.”
“Type 2 diabetes can lead to brain wear and tear: when excess sugar from the blood enters the brain, it can break down the protective coating that surrounds brain cells, making them less efficient and more vulnerable to damage,” she continued, “Stroke occurs when blood supply to a part of the brain is cut off, essentially suffocating brain cells and leaving severely damaged tissue behind.”
Study Details
Using data from the UK Biobank, the researchers constructed a sample of more than 80,000 adults aged 60 and above without dementia at baseline. The individuals were tracked for up to 15 years, with a median follow-up period of 12.4 years. During the follow-ups, participants filled out a comprehensive food questionnaire.
The models were adjusted for baseline age, sex, education level, and caloric intake, as well as race, ethnicity, socioeconomic status, and vascular risks, including body mass index, hypertension, smoking, and physical activity. The status of a genetic risk factor for late-onset Alzheimer’s disease, APOE ε4, was also assessed.
The study measured 206 foods and 32 drinks, ranging from vegetables and green tea to brownies and beer. However, the inflammation index calculated was not based directly on consumption of these particular foods. The researchers used a more nuanced approach to assess inflammation from diet. Each nutrient in the measured foods was designated an inflammatory effect score.
“The data about these specific foods and drinks was used to estimate the amount of different vitamins, nutrients, spices, etc. that people consumed. It is these more granular items that were used to calculate dietary inflammation,” said Dove.
“This is basically how strongly anti- or pro-inflammatory the nutrient is, based on meta-analyses of previous studies correlating the nutrient to inflammatory markers in the body,” she said.
Once an inflammatory score was calculated for each participant’s diet, Dove said, they were divided into three groups. One-third were categorized as having an anti-inflammatory diet, one-third as having a pro-inflammatory diet, and one-third as having a neutral diet.
MRIs were done to measure the total brain volume. “Reduced gray matter volume is an indicator of neurodegeneration (i.e., loss of brain cells), a key type of brain damage underlying dementia. In our study, CMDs and pro-inflammatory diet were both associated with lower gray matter volume,” said Dove.
“They were also both associated with smaller hippocampal volume,” she continued, “The hippocampus (which is composed of gray matter) is a region of the brain that is specifically dedicated to memory processing. Neurodegeneration/loss of volume in this area is an especially important marker for dementia, since memory loss is the key symptom of dementia.”
While the study found an association between lower systemic inflammation and more favorable brain markers in the MRIs with a lower risk of dementia, Dove noted that a causal conclusion cannot be drawn just yet, “Interventional studies in which participants are randomized to an anti-inflammatory vs. pro-inflammatory diet would be required to conclusively test this hypothesis.”
As to whether an anti-inflammatory diet could be beneficial for people seeking to mitigate their risk of developing dementia later in life, whether or not they have any cardiometabolic diseases, Dove said, “Yes, the main takeaway of the study is that adhering to an anti-inflammatory dietary pattern was associated with lower risk of dementia in both people with (-31%) and without (-21%) CMDs.”
Anti-Inflammatory Foods to Add to Your Diet
If you are seeking to minimize your risk of developing dementia, adding anti-inflammatory foods to your diet may help combat systemic inflammation. Examples include:
Berries Berries, including blackberries, blueberries, raspberries, and strawberries, contain a high amount of antioxidants known as polyphenols that can help fight inflammation.
Nuts Nuts are rich sources of antioxidants with anti-inflammatory potential. A review published in Nutrients in 2023 found that tree nuts and peanuts can help lower risk factors for cardiometabolic diseases.
Fatty Fish Fish such as salmon, sardines, anchovies, and mackerel are good sources of anti-inflammatory omega-3 fatty acids.
Avocado Certain compounds in avocados are linked to anti-inflammatory properties.
Olive Oil A study published in the International Journal of Molecular Sciences in 2018 found that oleocanthal, a compound present in extra virgin olive oil, has similar effects as the nonsteroidal anti-inflammatory drug ibuprofen when ingested in the same amounts.
Vegetables Leafy greens are high in the antioxidant beta-carotene, which reduces inflammation. Peppers, such as bell and chili, contain vitamin C and quercetin, both of which have been shown to lower inflammation. Sulforaphane, an antioxidant found in cruciferous vegetables such as broccoli, cauliflower, and Brussels sprouts, is shown to prevent inflammation.
Mushrooms Mushrooms are rich in antioxidants. Though more research is warranted, an animal study published in Antioxidants in 2019 found that lion’s mane may offer neuroprotective and anti-inflammatory qualities.
Inflammatory Foods to Avoid
While adding anti-inflammatory foods to your diet may help assuage systemic inflammation, removing common inflammatory culprits is another practical approach:
Naria Le Mire, a registered dietitian, shared which foods to avoid with The Epoch Times via email: “I always advise my clients to limit their intake of sugary beverages, pastries, high-fat animal products, refined carbohydrates like white rice and pasta, processed meats such as hot dogs, and alcohol to prevent chronic diseases such as diabetes, heart disease, and gut issues, which are connected to chronic inflammation.”
ROBERT H
DOJ attorney admits FDA’s crusade against ivermectin during COVID was a “mistake,” “abuse of authority” – NaturalNews.com
not one, not ONE, ZERO, HEALTHY children, in America, in the ENTIRE America (and we know in Sweden, Germany etc.), got exposed to whatever this was, got COVID (whatever this was), & died! Not one!
No healthy child across America for 5 years got exposed to this entity called COVID, whether it was a virus, a toxin, a poison that was released etc., whatever the case, not one healthy child got exposed, got ‘infected’ then got seriously ill or died. Not one! I need to say it several times so that it can register.
Now tell me, what was the clinical, medical, or scientific basis for vaccinating our children for COVID using the deadly untested COVID mRNA vaccines? What? Why were parents so gullible? How could you be when we told you 2 weeks out, that COVID spared our children? That children faced near zero if not statistical zero risk of problems with it. I made the biological and molecular (as well as epidemiological) argument that children were to be considered already ‘vaccinated.’
Alexander MAGA Trump news; fake PCR created non-pandemic is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Children were NEVER candidates for the Covid vaccines and were to be considered already “fully and completely Covid-vaccinated.” Furthermore, as lucidly outlined by Whelan, it is potentially disastrous to children if we move forward with any vaccines without proper study of the possible harms to them. Vaccine developers failed to conduct the proper safety studies and for the duration that would unravel any harms. The COVID vaccines in children was all risk, no benefit and skewed toward harms.
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BREAKING NEWS: Biden Administration Reinstates Controversial Migrant Flight ProgramThe Biden administration announced Thursday that it is restarting a controversial parole policy that allows tens of thousands of migrants into the United States each month. The policy was paused last month due to reports of substantial fraud within part of the program. The Department of Homeland Security announced it is resuming the parole processes for Cubans, Haitians, Nicaraguans, and …READ THE FULL REPORT
Federal Judge Blocks New York AG Letitia James From Censoring Pro-Life Pregnancy CentersIn May, New York Attorney General Letitia James notified pro-life pregnancy centers in the state of potential lawsuits over allegedly misleading statements regarding “abortion pill reversal” (APR) protocols. On Thursday a U.S. District imposed a preliminary injunction on James limiting her efforts. On April 22, Attorney General Letitia James’ office sent “Notice of Intention to Sue” letters to at least …READ THE FULL REPORT
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7.OIL PRICES/GAS PRICES/OIL ISSUES
Oil Tumbles Below $75, Erasing All 2024 Gains On Hopes Of Libya Production Restart
by Tyler Durden
Tuesday, Sep 03, 2024 – 09:32 AM
Brent crude has extended its recent losses (sparked last week by the Reuters trial balloon that OPEC+ would boost output due to the Libyan oil production snafu) and tumbled sharply below $75, because the same Libyan oil snafu that allegedly was about to prompt OPEC+ to pump more is about to be resolved (doesn’t matter if it is all circular, as long as oil is sliding ahead of the election: algos will try to make sense of the lack of logic later).
Brent slumped below $75, erasing all YTD gains…
… and WTI tumbled briefly below $71 after Bloomberg reported that according to a Libyan central banks, an oil restart in the country is expected to happen “soon.” The report comes hours after the UN – desperately working on behalf of Kamala Harris in hopes of pushing oil and gas prices even lower – hosted talks in Tripoli meant to resolve Libya’s central bank crisis and that “key understandings” had been reached.
That, at least, is the hope (which of course is what CTAs trade on). The reality, meanwhile, is rather different, and overnight Libya’s state oil firm declared force majeure on key field El-Feel amid a widening shutdown of production triggered by a power struggle in the OPEC member.
The force majeure, a legal clause that allows companies to suspend contractual obligations due to circumstances beyond their control, came from National Oil Corp. after authorities in the east stopped all output and exports in a dispute with rivals over control of the central bank.
The country’s production has more than halved since then. El-Feel was pumping about 70,000 barrels a day.
As reported last week, the eastern and western governments are in a standoff over the bank, the custodian of billions of dollars of energy revenue. Eastern authorities ordered the freeze after the internationally recognized government in the capital, Tripoli, replaced Governor Sadiq Al-Kabir. Al-Kabir, who’s feuding with Tripoli-based Prime Minister Abdul Hamid Dbeibah and has allies in the east, rejected the order to step down, prompting western authorities to take over the bank’s headquarters.
The nation was pumping about 1 million barrels daily before the halt order, with the vast majority of that coming from the east. Daily output in the past week plunged to about 450,000 barrels.
While oil prices in London jumped above $80 a barrel when the production halt was announced last week, they’ve slipped since on concerns about global demand, on the Reuters fake news report (because there is no way OPEC+ will boost production with oil prices at 1 year lows), and on hopes that the LIbya production halt may be lifted… eventually.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
CANADA
end
Brazil/Elon Musk
Darth Vader bans Twitter in Brazil for refusing to comply with censoring free speech
(zerohedge)
Judge Bans X In Brazil For Refusing To Comply With Demands
Friday, Aug 30, 2024 – 04:03 PM
As we previewed overnight, Elon Musk’s X has been ordered ‘immediately suspended’ by Brazilian Supreme Court Judge Alexandre de Moraes, citing the company’s refusal to comply with a legal order to censor the judge’s political opponents, Bloombergreports.
Officially, the ruling was due to Musk’s refusal to name a legal representative for the social network (after the judge froze his last attorney’s bank accounts).
On Thursday, X’s global government affairs account said that it would “not comply in secret with illegal orders,” and said that it would publish Moraes’ demands and related court documents for transparency.
More:
When we attempted to defend ourselves in court, Judge de Moraes threatened our Brazilian legal representative with imprisonment. Even after she resigned, he froze all of her bank accounts. Our challenges against his manifestly illegal actions were either dismissed or ignored. Judge de Moraes’ colleagues on the Supreme Court are either unwilling or unable to stand up to him.
We are absolutely not insisting that other countries have the same free speech laws as the United States. The fundamental issue at stake here is that Judge de Moraes demands we break Brazil’s own laws. We simply won’t do that.
In the days to come, we will publish all of Judge de Moraes’ illegal demands and all related court filings in the interest of transparency.
Unlike other social media and technology platforms, we will not comply in secret with illegal orders.
To our users in Brazil and around the world, X remains committed to protecting your freedom of speech.
On August 18, Moraes sanctioned X’s bank accounts in order to guarantee the payment of fines imposed by the Brazilian justice for refusing to censor content, Metropoles reports.
According to information published by the G1 and confirmed by the Metropolis, advisors to the office of Minister Alexandre de Moraes said that another company under Musk in the country, Starlink Holding, responsible for the sale of satellite internet services, also had the finances blocked.
All Starlink managers in Brazil received notifications and were subpoenaed to answer for the values due to the Brazilian Justice by the network X. -Metropoles (translated)
In response, Musk called Moraes a dictator, and said “this picture of you in prison will be real. Mark my words.”
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: 1.1062 DOWN 0.0005
USA/ YEN 145.47 DOWN 1.27 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..UEDA END HIKING RATES AND NOW CARRY TRADES NO 2 DISINTEGRATES//YEN CARRY TRADE FINISHED
GBP/USA 1.3140 DOWN 0.0003
USA/CAN DOLLAR: 1.3544 UP .0046 (CDN DOLLAR DOWN 46 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 8,46 PTS OR 0.29%
Hang Seng CLOSED DOWN 40.45 PTS OR 0.23%
AUSTRALIA CLOSED DOWN .10%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 40.48 PTS OR 0.23 %
/SHANGHAI CLOSED DOWN 8.46 PTS OR 0.29%
AUSTRALIA BOURSE CLOSED DOWN .10%
(Nikkei (Japan) CLOSED DOWN 14.56 PTS OR 0.04%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 2487,00
silver:$28.09
USA dollar index early TUESDAY morning: 101.61 DOWN 4 BASIS POINTS FROM MONDAY’s CLOSE.
The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.1225 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.1262)
TURKISH LIRA: 33.95 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.931
Your closing 10 yr US bond yield DOWN 1 in basis points from THURSDAY at 3.854% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.136 DOWN 2 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.844 DOWN 4 BASIS PTS.
GOLD AT 11;00 AM 2478.50
SILVER AT 11;00: 27.81
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 DOWN 65.38 PTS OR .78%
German Dax : CLOSED DOWN 183.74 PTS OR 0.97%
Paris CAC CLOSED DOWN 71.32 PTS OR 0.93%
Spain IBEX CLOSED DOWN 116,10 OR 1.02%
Italian MIB: CLOSED DOWN 457.17 OR 0.13
WTI Oil price 71.30 12EST/
Brent Oil: 74,24 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 87,75 ROUBLE UP 1 AND 75/100
GERMAN 10 YR BOND YIELD; +2.2870 UP 1 BASIS PTS.
UK 10 YR YIELD: 4.0390 DOWN 4 BASIS POINTS
CDN 10 YEAR RATE: 3.114 DOWN 4 BASIS PTS.
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1041 DOWN 0.0026 OR 26 BASIS POINTS
British Pound: 1.3105 DOWN 0.0035 OR 35 basis pts
BRITISH 10 YR GILT BOND YIELD: 3.990 DOWN 4 BASIS PTS//
JAPAN 10 YR YIELD: 0.929
USA dollar vs Japanese Yen: 144,69 DOWN 1.20057 YEN DOWN 121 BASIS PTS//
USA dollar vs Canadian dollar: 1.3544 UP 0.0046//CDN dollar DOWN 46 BASIS PTS
West Texas intermediate oil: 70.31
Brent OIL: 763.67
USA 10 yr bond yield DOWN 7 BASIS pts to 3.839
USA 30 yr bond yield DOWN 7 BASIS PTS to 4.127%
USA 2 YR BOND: DOWN 5 PTS AT 3.882
CDN 10 YR RATE 3.093 DOWN 9 BASIS PTS
USA dollar index: 101.73 UP 11 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 33,98 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 87.70 UP 2 AND 70/100 roubles
GOLD 2,493.50 3:30 PM
SILVER: 28.05 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: DOWN 637.54 PTS OR 1.53%
NASDAQ DOWN 615.90 PTS OR 3.15 %
VOLATILITY INDEX: 21.49 UP 5.94 PTS OR 38.20%
GLD: $230.29 DOWN 1.00 OR 0.43%
SLV/ $25,58 DOWN 0.77 OR 2.92%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Semis Slaughtered As September Starts Off With Carnage Everywhere
by Tyler Durden
Tuesday, Sep 03, 2024 – 04:10 PM
Yesterday, when we observed that the Labor Day holiday had spared US markets from the carnage that gripped the rest of the world on the first trading day of September, we said that we had a bad feeling about today.
And boy were we right: traditionally the worst month for stocks, bonds, gold and bitcoin, September started off with a bang – not a whimper – which saw the S&P plunge 2.4%, its biggest drop since the August 5 meltdown and its worst start to a month since May 2024 when the S&P plunged 2.8%…
and while the move in the VIX was not nearly as stunning as the Aug 5 Volmageddon 2.0 event, the 7 vol spike from 15 to a session high of 21.99 – also the highest since August 5 – has left quite a few volatility sellers suffering another round of huge margin calls less than a month since the last one.
It wasn’t just the S&P: the Dow (which has become a meaningless index) also tumbled back under 41,000, but the biggest loser by far was the increasingly fragile Nasdaq, which crashed more than 3%, its biggest drop also since the August 5 collapse, and the 3rd biggest one-day drop in the past year…
… thanks to a sudden liquidation of the momentum leaders of 2024, the Mag7 which was most apparent in today’s performance of semiconductor stocks, which suffered their biggest drop since March 2020.
… wiping out more than $260 billion in value, which according to Bloomberg, makes it the biggest one-day market cap loss in history, surpassing Meta’s previous record of $251BN in market cap lost after its February 2022 earnings report.
And while the tech sector was crushed, there was no rotation out of it today, with small caps plunging 3%, their biggest drop also since August 5…
… and while it’s not a small cap just yet, the 8% plunge in Boeing – on merely a downgrade (from Wells Fargo of all banks) – shows just how truly jittery the market has become.
While normally on days like today – when favorite names are getting blown out – the most shorted names rise, not even that worked today, and in a repeat of the Aug 5 plunge, the Goldman most shorted basket tumbled 4% erasing almost half the gains from the past month.
Notably, today’s carnage wasn’t confined to stocks: commodities were also hammered, with Brent tumbling almost 5%, back under $74, and wiping out all 2024 gains, as WTI flirted with $70/barrel…
… on fears China’s economy will pass recession and proceed straight to depression just as Libya restarts its own oil supply firehose, while seemingly nobody cares at all about potential geopolitical risk factors around the world.
Even gold, that stalwart outperformer in 2024 and the best performing asset of the year, wasn’t immune from today’s selloff, and after trading above $2500 for much of of the past 2 weeks, the yellow metal dipped back under.
Amid this carnage, which was at least in part sparked by the a stagflationary ISM print, which saw employment and new orders tumble…
… while prices paid jumped, and hinted at a rebound in the CPI…
… coupled with absolutely devastating commentary from the US PMI report, which hinted not so much at a recession as a manufacturing depression…
“A further downward lurch in the PMI points to the manufacturing sector acting as an increased drag on the economy midway through the third quarter. Forward looking indicators suggest this drag could intensify in the coming months.
“Slower than expected sales are causing warehouses to fill with unsold stock, and a dearth of new orders has prompted factories to cut production for the first time since January. Producers are also reducing payroll numbers for the first time this year and buying fewer inputs amid concerns about excess capacity.
“The combination of falling orders and rising inventory sends the gloomiest forward-indication of production trends seen for one and a half years, and one of the most worrying signals witnessed since the global financial crisis.
“Although falling demand for raw materials has taken pressure off supply chains, rising wages and high shipping rates continue to be widely reported as factors pushing up input costs, which are now rising at the fastest pace since April of last year.”
… the one thing that actually did work was treasuries, with 10Y yields sliding almost 10bps and back to where they were just after the Aug 5 crash.
Putting it all together: today was brutal for most, but with the Nasdaq wiping out 3.1% or about 75% of its average September loss from the past decade in one trading day, it is likely that much of the pain is already in the history books. And we are confident that the BTFD crew will be up early tomorrow ready to start buying it all right back up…
MORNING TRADING/
AFTERNOON TRADING///
II USA DATA
US Manufacturing ISM Signals Accelerating Stagflation As PMI Turns Downright Apocalyptic
Tuesday, Sep 03, 2024 – 10:31 AM
Ahead of Friday’s payrolls report, there were rising expectations that the economic rebound observed in the past two weeks – and following the dismal July jobs report – would persists. Alas, those hopes were promptly crushed moments ago when shortly after a dismal US Manufacturing PMI report, which printed in its final iteration at 47.9, below the prelim print of 48.0 and below the 48.1 estimate, the more closely watched Manufacturing ISM report came in even uglier, printing at the 5th consecutive contractionary level of 47.2, which while a modest rebound from the 2024 low of 46.8 hit last month, missed estimates of a 47.5 print. And while the two surveys have frequently diverged in the past, there is clear agreement between the two since the early summer: the US manufacturing sector is imploding, and the economic contraction is accelerating.
The contraction was broad based, with the index posting declines in the all important New Orders, Production, and Employment.
While the Employment subindex did post a modest rebound – while still stuck deep in contraction – which suggests that Friday’s jobs report will come stronger than expected, the bad news is that new orders declined at their fastest rate since June 2023.
And while most output subindexes remain deep in contraction territory, one continues to rise: the one that should not be doing that: we are talking of course about prices paid which rose again, from 52.9 to 54.0, beating estimates of 54.0, and resuming its ascent since the start of 2023. In fact, compared to an 8-month lagging CPI print, one can be assured that we have seen the lowest CPI prints for this cycle.
Adding insult to injury, the closely watched ISM New Orders/ Inventory ratio suddenly plunged back to recession levels, signaling that the manufacturing pipeline is now hopelessly clogged and mass layoffs are about to begin.
While traditionally a 50 print in the ISM is the cutoff for contraction, the highly politicized ISM report was quick to claim that a “manufacturing PMI above 42.5 percent, over a period of time, generally indicates an expansion of the overall economy”: spoiler alert: it does not, but it is an election year, so anything goes. In any case, not even the ISM was able to put much more lipstick on this pig and explained that this “contractionary expansionary” print was hardly the stuff expansions are made off with ISM chair Tim Fiore saying that “the past relationship between the Manufacturing PMI® and the overall economy indicates that the July reading (46.8 percent) corresponds to a change of plus-1.2 percent in real gross domestic product (GDP) on an annualized basis.”
Translation: we are this close to a stall speed.
The respondents, as shown below, agreed:
“Business is relatively flat — the same volume, but smaller orders.” [Chemical Products]
“Demand continued to soften into the second half of the year. Supply chain pipelines and inventories remain full, reducing the need for overtime. Geopolitical issues between China and Taiwan as well as the election in November remain weighing concerns.” [Transportation Equipment]
“Even though we are used to a seasonal reduction in business over the summer, consumer behavior is changing more than normal. Sales are lighter, and customer orders are coming in under forecasts. It seems consumers are starting to pull back on spending.” [Food, Beverage & Tobacco Products]
“Availability of parts is good, with small exceptions of missing materials here and there. Ordering is still well below typical levels as we continue to burn down inventory of raw goods, with ‘normal’ ordering trends expected to return sometime in the second half of 2024.” [Computer & Electronic Products]
“It seems that the economy is slowing down significantly. The number of sales calls received from new suppliers is increasing significantly. Our own order backlog is also diminishing. We are hoping for an increase in customer demand, or we will possibly need to make organizational changes.” [Machinery]
“Unfortunately, our business is experiencing the sharpest decline in order levels in a year. We were well below our budget target in June; as a result, it was the first month this year that we had negative net income.” [Fabricated Metal Products]
“Business is slowing, and we are taking cost actions.” [Electrical Equipment, Appliances & Components]
“Some markets that are usually unwavering are showing weakness. Weather is the common factor, but only so much.” [Nonmetallic Mineral Products]
“Our sales forecast for July and August are slow, but we’re making every attempt to remedy that situation. Our medical end-user customers continue to meet their forecasts, which is promising.” [Textile Mills]
“Elevated financing costs have dampened demand for residential investment. This has reduced our need for component products and inventory.” [Wood Products]
But if the ISM was bad, than the final August S&P PMI report was downright apocalyptic and as the following comments from Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, made clear:
“A further downward lurch in the PMI points to the manufacturing sector acting as an increased drag on the economy midway through the third quarter. Forward looking indicators suggest this drag could intensify in the coming months.
“Slower than expected sales are causing warehouses to fill with unsold stock, and a dearth of new orders has prompted factories to cut production for the first time since January. Producers are also reducing payroll numbers for the first time this year and buying fewer inputs amid concerns about excess capacity.
“The combination of falling orders and rising inventory sends the gloomiest forward-indication of production trends seen for one and a half years, and one of the most worrying signals witnessed since the global financial crisis.
“Although falling demand for raw materials has taken pressure off supply chains, rising wages and high shipping rates continue to be widely reported as factors pushing up input costs, which are now rising at the fastest pace since April of last year.”
Bottom line: core outputs sinking as input costs and inflation expectations are once again surging: not exactly the ‘data-dependence’ that dovsh Fed members are hoping to see. But at least the Fed Chair will finally see that “stag” and the “flation” he had so much trouble spotting just a few months ago…
III USA ECONOMIC COMMENTARIES
Another case of a high profile retail store in trouble
(zerohedge)
More High-Profile Retail Stores Are Getting Kicked In The Teeth
Lackluster consumer confidence is negatively affecting discount retailers such as Dollar General and Big Lots. Dollar General’s shares dropped 32 percent on Aug. 29 after the company admitted in its earnings report that lower-income customers are still struggling, while Big Lots’s fortunes are in a tailspin.
Middle-scale retailer Abercrombie & Fitch, which made a significant comeback in 2024, saw its stock drop 15 percent this week, while drugstore chain Rite Aid has emptied up to 500 stores amid its bankruptcy filing.
National Retail Federation (NRF) chief economist Jack Kleinhenz wrote in its August monthly review that while the U.S. economy appears healthy, consumers are skeptical. “While the overall economy continued to display remarkable strength in the first half of 2024, consumer confidence remains weak,” he said.
That sentiment was bolstered by the latest University of Michigan’s monthly survey in July, which fell for the fourth month in a row. Dr. Joanne Hsu, who authored the report, wrote: “Sentiment has lifted 33 percent above the June 2022 historical low, but it remains guarded as high prices continue to drag down attitudes, particularly for those with lower incomes.”
In Dollar General’s case, the discount store reported it expects fiscal 2024 same-store sales to be up 1.0–1.6 percent, lower than its prior outlook for a 2.0–2.7 percent increase, with earnings per share for the year expected to be in the range of just $5.50–6.20. That prediction was below its original forecast of $6.80–7.55 per share. Dollar General’s core consumer base comprises households earning less than $35,000 annually, contributing to 60 percent of overall sales.
On the company’s post-earnings call, Dollar General CEO Todd Vasos said, “While middle and higher-income households are seeking value as well, they don’t claim to feel the same level of pressure as low-income households, as customers have felt more pressure on their spending.” He added that what he is seeing in the numbers “would indicate that this is a cash-strapped consumer, even more than we saw in the first quarter.”
Meanwhile, another discount retailer, Big Lots, is struggling in this economy. In its June filing with the U.S. Securities and Exchange Commission, Big Lots reported that 244 of its 1,392 stores are underperforming and planned to close 35 to 40 of them. Its net sales ended in May this year dropped 10 percent year over year ($415 million), to a little over $1 billion. The company also announced it owed another $72.2 million in debt, accounting for a total of $573.8 million.
In a press release, Big Lots President and CEO Bruce Thorn wrote: “While we made substantial progress on improving our business operations in the first quarter, we missed our sales goals due largely to a continued pullback in consumer spending by our core customers, particularly in high-ticket discretionary items. We remain focused on managing through the current economic cycle by controlling the controllables. As we move forward, we’re taking aggressive actions to drive positive comp sales growth in the latter part of the year and into 2025 and to maintain year-over-year gross margin rate improvements, all driven by progress on our five key actions.” The company’s second-quarter results will be announced on Sept. 6.
Neil Saunders, the managing director of GlobalData Retail, told Modern Retail, “It doesn’t look as if they are going to be able to stop the bleeding anytime soon. The financials are going in the wrong direction. This is a business that has suffered sales declines for a reasonable period of time, and what you come to expect is that, as you go forward, those declines start to moderate a bit and then you start to go back into growth, but Big Lots shows no signs of that happening.”
Comeback darling Abercrombie & Fitch saw its stock rise 21 percent in the second quarter this year, but immediately drop 15 percent after CEO Fran Horowitz used the word “uncertain” in his earnings analysis. “We delivered a strong first half of the year, and we are increasing our full-year outlook. Although we continue to operate in an increasingly uncertain environment, we remain steadfast in executing our global playbook and maintaining discipline over inventory and expenses,” he said.
In the University of Michigan report, Dr. Hsu said one of the worries consumers now have is stagnant wage growth. “While consumers exhibited confidence that inflation will continue to soften, many expressed concerns about the effect of high prices and weakening incomes on their personal finances, she wrote.
According to the Bureau of Labor Statistics’ latest Job Openings and Labor Turnover Survey, the three-month average for payroll gains slowed to 177,000 in June, down from 267,000 in March. As of June 30, the bureau reported the number of job openings was unchanged at 8.2 million, but compared negatively by nearly one million (941,000) compared to June 2023. Hiring also fell from 5.7 million jobs in May this year to 5.3 million in June.
But she added that even though inflation has slowed, higher prices continue to make an impact on consumer sentiment. “Over the past two years, our surveys clearly reveal that consumers distinguish between their experiences with high price levels and their views of overall inflation rates,” she writes. “On one hand, they recognize that inflation has softened substantially and expect that trend to continue. On the other hand, slowing inflation does not generally lead to reductions in overall price levels; the persistence of high prices continues to exert pain on household budgets.”
Another retail casualty this year has been the sudden bankruptcy of Rite Aid, leaving hundreds of stores empty in states such as Michigan and Ohio after closing up to 500 stores nationally. In its filing, the company said it expected its losses would increase significantly in the past quarter, following a loss of $750 million between March 2022 and March 2023 and another $307 million in the second quarter this year. The last quarterly report filed by Rite Aid was in June, when they had only $135.5 million of cash to work with, combined with $3.3 billion in long-term debt.
According to the NRF monthly review, though overall consumer spending is still inching upward, it’s going to non-retail areas of the economy. “Overall consumer spending continues to be dominated by travel, entertainment and “experiences,” the NRF wrote in its report.
end
CHICAGO/VENEZUELA’S GANG MEMBERS
First Denver and now Chicago: 32 Venezuelan gang members overrun a Chicago apartment; the police took one hour to get there.
Kudos to Kamala for a job well done
(zerohedge)
911 Call Alleges 32 Venezuelan Gang Members Overran Chicago Apartment; Police Response Time One Hour
Tuesday, Sep 03, 2024 – 01:25 PM
Chicago, another sanctuary city that welcomed tens of thousands of illegal aliens during the Biden-Harris administration’s first term, is now facing what could be third-world-like conditions similar to the chaos seen in the Denver suburb of Aurora.
Several X accounts that monitor 911 dispatch calls across the Chicago metro area report 32 armed Venezuelan gang members overran an apartment complex in Chicago.
“Listen as a 911 caller in Chicago, Illinois, reports that over 32 Venezuelans are trespassing in a residential building, displaying firearms, and occupying the courtyard with motorcycles,” X account Rawsalerts wrote late Monday night.
Rawsalerts said, “The caller further mentions that all stairwells in the building are filled, creating a potential safety hazard. In response, officers were dispatched to the 6100 block of South King Drive on Monday after receiving reports of a large group of migrants allegedly armed and congregating in the building’s courtyard. Upon arrival, officers conducted a thorough search of the premises. However, according to an officials no migrants were found in possession of weapons or motorcycles, and no immediate threat was identified.”
🚨#BREAKING: Listen to a 911 call reporting that a group of allegedly 32 armed Venezuelans has taken over an apartment building⁰⁰📌#Chicago | #Illinois ⁰⁰Listen as a 911 caller in Chicago, Illinois, reports that over 32 Venezuelans are trespassing in a residential building,… pic.twitter.com/epe54vbXUm
The initial dispatch audio call was published on X by WindyCity Weather and News.
“Why did it take #CPD 50 minutes to assign this call, and why did it have to go to Sargent? Short a few cars in 3? Is this not a high priority call?” the X user wrote.
Why did it take #CPD 50 minutes to assign this call, and why did it have to go to Sargent? Short a few cars in 3? Is this not a high priority call?
Given the abysmal police response time of nearly an hour, a journalist for the Chicago Tribune cited a source who said: “no migrants were found with weapons or motorcycles.”
Officers respond to a call for service after a large group of migrants with weapons and motorcycles were reported in a residential building's courtyard on the 6100 block of South King Monday in Chicago. According to a source, no migrants were found with weapons or motorcycles. pic.twitter.com/qHn1i2RNYn
One X user responded to the journalist, “Officers showed up 2 hours after the call. You’re a journalist. Why don’t you go to the apartment complex and interview the residents to find out what they saw? Are you interested in the truth?”
Officers showed up 2 hours after the call. You're a journalist. Why don't you go to the apartment complex and interview the residents to find out what they saw? Are you interested in the truth?
The key takeaway is that local municipalities can quickly become overwhelmed by migrants (remember Democrats pushed to defund police forces nationwide), leading to delayed response times, as seen in Monday’s incident in Chicago where it took about an hour for officers to even show up.
In theory, it should be hard for Kamala Harris to win the presidency of the United States.
Under pressure, Harris just completed her first “live interview”—a disastrous performance that was mysteriously taped, edited, and emotionally supported by her co-interviewed running mate. During the interview, she claimed that her values remain the same even though her manifestations of them have admittedly changed. Translated, that means for the next 70 days, she will advocate for popular policies antithetical to her own values, which will inevitably resurface after the election once the current façade fades away.
She is a Berkelyite who, as attorney general of California, had a proud far-left tenure. The lifelong large corpus of Harris’s left-wing enthusiasm and causes are only now being unearthed. But they are singular in that her riffs of embracing wokism, being a radical, erasing ICE, doing away with private health insurance, or being the last person in the room when Joe Biden made his disastrous decisions were all given to sympathetic media or pandered to crowds.
As a result, she often doubled down. Her emphatic statements were intended to stun audiences. Unlike other leftists, she really was a proud woke, radical and wanted everyone else to be one as well—broadcasting her leftism as openly as she is now cloaking it.
In one respected survey, Harris’s voting record was rated as the most left-leaning in the United States Senate. If she voted to the left of the admitted hardcore socialist Bernie Sanders, what exactly does that make her?
Otherwise, Harris was undistinguished, and often overtly so, as she was exposed as inane in Senate hearings. Her envisioned 2019-2020 primary bid proved an utter disaster. When liberal Democrat voters nationwide were first made aware of her radical record, her left-wing agendas, and her weird wash/rinse/spin word-salad chats, they ran.
Harris’s well-funded 2019 campaign quickly blew up early. Indeed, she never entered much less won a single primary–and captured no delegates through voting.
In the frenzy following George Floyd’s death, and the mayhem and nationwide rioting and violence of late spring and summer, panicked 2020 nominee Joe Biden announced in advance he would select a diversity candidate as a running mate. And in no time, and under increasing pressure to trump his braggadocious promise, he boxed himself in by assuring his handlers that his running mate would be preselected as a black woman.
Given there were then no black female governors and only two black women in the Senate, Kamala Harris was a choice of last resort—even though, as a candidate and competitor of Joe Biden, she had condemned him before a nationwide audience as a veritable racist who had habitually cozied up to segregationists. When she labels her own running mate a racist it becomes hard to take her charges of racism against Trump seriously.
As vice president, Harris predictably proved inept. In a variety of tasks as “border czar” and point woman on space exploration, she proved not merely clueless but embarrassingly so—sappy, cackling, and variously labeled by ex-staff and Democratic insiders as “out of her league” and “way over her head.” Her chief role was to break a sometimes 50/50 deadlocked Senate and therefore, in every one of those votes, owns the passage of hard-left legislation that often turned disastrous.
As Biden’s cognitive decline accelerated at a geometric rate, a widely derided Harris was seen by the Bidens as Joe’s Spiro Agnew insurance policy: a vice president so bumbling and unimaginable as a future president that if Biden only breathed, he would be still judged preferable to the travesty of a Harris succession.
Biden utterly imploded on June 13 during a stress-test national debate. His collapse ended the 42-month-long charade that he was “fit as a fiddle.” In 24 hours, Biden was transmogrified by his handlers from an Arnold Schwarzenegger-like health nut to physically and mentally unable to continue as the Democratic nominee.
Left unsaid was that his diving polls, not his debility, doomed Biden. Otherwise, he would have survived his latest public humiliation had his approval ratings been respectable. Harris’s race, gender, and status as vice president made it impossible not to anoint her as the new Democratic candidate.
Her machinations to preempt any challengers were achieved almost instantaneously in the same anti-democratic fashion as the removal of Biden himself from the ticket. In the way of the current Democrats, whatever the billionaire donor class and the DEI apparat decide is reified almost instantly by fiat.
We now suffer a zombie presidency for the next five months. Biden’s own party insists that he is too enfeebled to campaign as a nominee but not too demented to serve as president. Weirder still, a presidential candidate, who has never in her life won a primary and just days ago was written off by her own party as linguistically challenged, is being reinvented in 70 days as the second coming of Barack Obama.
Harris 2.0, 3.0, 4.0…
So, the Democratic political establishment of Nancy Pelosi, Hakeem Jeffries, and Chuck Schumer, the Obama consortia, and the Hollywood, Wall Street, and tech billionaire insiders quickly devised strategies to get Harris elected. And that too was not easy.
Given what they had to work with, their efforts centered around avoiding all press conferences, interviews, and unscripted talks. She is to stay wide of anything that might expose her inanity to the public or remind the nation of her dismal record as vice president and the disastrous Biden tenure that she co-owns and loudly, emphatically, and proudly so.
Winston Churchill once said of Admiral Jellicoe, who commanded the Home Fleet at the gigantic sea-battle of Jutland, that he was the only man who could lose Britain the war in an afternoon; so too Democrat elites know ten minutes of an unscripted, unedited, and televised Harris could sink the entire left-wing cause.
So here we are, witnessing the most anti-democratic effort in modern electoral history—a full-fledged, tripartite effort to:
a) keep Harris silent and out of the public eye, and outsource her persona and views to a corrupt fusion media, to billionaire-funded ad campaigns, and to political surrogates;
b) superimpose pseudo-conservative views upon her lifelong record of leftist advocacies and policies—a brief 70-day transformation designed to fool a voting public for which Democratic grandees harbor utter contempt;
c) reinvent the campaign from Harris versus Trump to fixations on Donald Trump as a Satanic figure that justifies any means necessary to defeat and destroy him.
Will the ruse work?
That’s an open question. There are formidable hurdles that beset and many advantages that aid Harris. In her favor, the campaign cycle has been aborted from one traditionally lasting nine to ten months to a mere three, given her last-minute coronation.
Her first co-interview was mostly a story of dissimulation, soft-ball questions, and no follow-ups to her non-answers—with plenty of stonewalling about what was edited and why. And that may well be as close as the public ever gets to fathoming the ‘Being There’ Harris candidacy.
Biden proved in 2020 that he could avoid the press for almost a year by using COVID as a pretext, all while reinventing himself in absentia as a moderate and unifier.
Moreover, Harris will be inundated with two to three billion dollars, most of it globalized wealth from left-wing billionaires in Hollywood, Silicon Valley, Wall Street, and the idle, drone elite who inherited late 20th century fortunes.
Insulting the American people
Harris enjoys two other advantages besides a run-out-the-clock campaign and big money. She can count on hundreds of millions of dollars in free media publicity as network anchors spar with Trump, Vance, and Republican senators nonstop. They no longer make any pretense about objectivity but openly distort and prevaricate, again on the reasoning that the orange prince of darkness justifies becoming Pravda.
No one seems to care that for the second time in four years, the Democrats have sought to nullify and warp their own primary process, mask the nature and true condition of their anointed but challenged candidate, and then enlist the media to get elected a phantom president.
But “reimaging” Harris in 2004 also has its challenges.
First, can Harris like Biden really hide for two more months?
In 2020, Biden sought to mask his cognitive decline by claiming he had to stay in his basement due to COVID lockdowns. Harris is just as tongue-tied, but she lacks the COVID lockdown excuse to avoid the public and media.
And whereas Biden ran in Democratic primaries and was a candidate for two years, Harris again neither entered a single primary nor won a single delegate in an election. She cannot claim any experience campaigning, given she may be the first modern president never to have entered a single primary election.
In theory, a normal candidate with such a dismal and abbreviated past would be demanding interviews.
Instead, Harris’s compulsive-obsessive fixation on avoiding the media becomes a doom loop: the more she knows a presidential candidate must at least occasionally speak off the cuff, the more she knows, given her limitations, that to do so endangers the entire progressive project. As a result, Harris haggles over proposed interviews demanding notes, the reassuring presence at her side of Tim Walz, no live transmissions, and a final edited and truncated version released to the public.
So, her paralysis may annoy and then anger the electorate. The more she calls Trump a “coward,” the more she is seen as a craven projectionist.
In 2008, the blank-slate Obama did the hopey/change schtick as an antithesis to the unpopular Iraq War, the 2008 financial meltdown, and eight years of Republican rule. In 2020, Joe Biden reinvented himself as good ol’ Joe the centrist healer as a supposed antidote to four years of the “disrupter’ Trump and the purported “armed insurrection” of January 6.
But Harris is the current vice president. She has five months left on her term. Joe Biden is either on vacation, asleep, or suspended in a zombie state.
Theoretically, she is in control and could implement right now all of the bromides of her equity campaign agendas. And when she trashes high prices, open borders, the national debt, or high interest rates, she is indicting her boss who lifted her out of obscurity and herself as the proverbial and self-acclaimed “last person in the room” who co-owned those decisions.
Note that in her first and likely last (co-) interview, Harris, like a medieval palimpsest, imprints her pseudo-MAGA agendas on top of her real leftist history and policies.
That is, she never quite disowns her prior and innate positions on banning fracking, abolishing ICE, the disastrous Afghanistan humiliation, or any of her unpopular leftist positions.
Instead, Harris simply pastes their antitheses onto them and then has aides contextualize the jumbled mess of discrepancies so as to not alienate her extremist base.
Harris is not so much a flip-flopper as a padder, who supports anything, without any worry about framing each new position by renouncing her original and opposite one.
Her politics are now like an overgrown sandwich, with too many trimmings squashed on top of each other that eventually cause the entire jumble to fall apart.
Her sudden pivot to support Israel and stop illegal immigration exists simultaneously with siding with Hamas and destroying the border. But as political reality pulls her to the right and her innate leftist pulls to the left, she is beginning to split down the middle. When one is for everything, one is for nothing.
So, it will be hard to convince the American people that Harris is not an incumbent but another Obama-like newcomer here to save us from old white guys in their seventies. And even harder will be her task to fuse socialism with MAGA if even for only 70 days.
Rawness Beats Dishonesty
Finally, Trump is running for a third time and better so than he did in 2016 or 2020. His team is more experienced and so is Trump himself. He has a record of four years that polls on the economy and foreign policy far better than Harris’s tenure with Biden.
The five civic and criminal court trials are increasingly seen as Biden-inspired vindictive abuse of the law and illegitimate. For all the Biden-Harris caustic slurs of “convicted felon” more than half the country sees Biden and Harris as more culpable for discrediting our judiciary in their efforts to do in court what they fear they cannot at the ballot box.
Experts insist the race is even or in favor of Harris. But aside from the polls’ history of underestimating Trump’s real support, the current deadlock, and the right/left politics of the race, Trump is running authentically, transparently, and bluntly, Harris disingenuously, covertly, and duplicitously.
Trump’s challenge is to expose Harris for the radical she is; Harris’s is to mask the radicalism that she once proudly asserted and will do so again immediately upon election.
Ultimately, the American people should choose in-your-face honesty and competence over smiley-face dissimulation and incompetence.
SWAMP STORIES
49er Ricky Pearsall Shot In Chest During San Francisco Robbery; Mom Gives Update
Sunday, Sep 01, 2024 – 01:25 PM
Another day, another shooting in a Democrat-run city. This time, 49ers first-round draft pick Ricky Pearsall was repeatedly shot during an attempted robbery in downtown San Francisco Saturday, Mayor London Breed confirmed.
Pearsall, who could be seen walking to an ambulance after he was shot, is in stable condition.
Video of 49ers draft pick Ricky Pearsall walking to ambulance after police say he was shot near Union Square. Video from witness. @KTVUpic.twitter.com/luhulILUQ7
“This afternoon, there was an attempted robbery in Union Square involving San Francisco 49ers wide receiver Ricky Pearsall and he was shot,” said Breed. “SFPD was on scene immediately and an arrest of the shooter was made.”
This afternoon, there was an attempted robbery in Union Square involving San Francisco 49ers wide receiver Ricky Pearsall and he was shot.
SFPD was on scene immediately and an arrest of the shooter was made.
My thoughts are with Ricky and his family at this time.
According to the SF Fire Department, two victims were discovered near Grant and Geary streets with possible gunshot wounds.
And according to SFPD, “two male subjects suffering from injuries” were found at the scene, and were transported to a local hospital after receiving medical attention.
Law enforcement sources saying the 17 year old that shot 49ers wide receiver Ricky Pearsall in the chest during an attempted robbery is a known gang member in Tracy. HE WAS APPREHENDED WITH A GUN THERE THREE DAYS AGO AND RELEASED!!!!! https://t.co/CROqgH5hbp
The NFL player, 23, had been walking alone shortly after 3:30 p.m. local time when a suspect attempted to rob him with a gun in the Union Square area, according to officials. Scott said that more than one shot was fired.
The gun allegedly belonged to the suspect and was recovered. Scott said that investigators believe the teen had acted alone, adding that there was no indication that Pearsall had been targeted because he’s a football player.
According to Pearsall’s mother, “GOD shielded him,” and none of the bullets hit his vital organs.
“Update on my baby boy,” she said in a Facebook post. “First and (foremost) I want to thank GOD for protecting my baby boy. He is extremely lucky, GOD shielded him. He was shot in the chest and it excited out his back. Thanks be to GOD it missed his vital organs.
“He is in good spirits right now,” she added. “Life is so precious my friends. Please love (each other). My son was spared today by the grace of GOD. Please pray for my baby.”
Miraculous: Ricky Pearsall's mother shared on Facebook that her son was shot in the chest, and the bullet exited out his back without hitting any vital organs.
August PCE 0.2% m/m & 2.5% y/y as expected, 0.1% & 2.5% for July August Core PCE 0.2% m/m as expected and prior; 2.6% y/y, 2.7% expected, 2.6% July Supercore (used to Powell’s favorite inflation metric) +0.212% m/m, highest in 3 months, 3.25% y/y
@Convertbond: The Federal Reserve is kicking off a rate-cutting cycle with core PCE NO-where even close to the 2014-2019 norm. Clearly, they have chosen a new, higher inflation target in reality. They will publicly say this in the coming years. https://t.co/8EpEjgg7sD
@zerohedge: “US households have blown through their pandemic savings. In fact, compared to the pre-pandemic trend, households have now drawn down some $2.4 trillion in excess savings, compared to just $2.2 trillion in excess savings accumulated during the covid years.” – Rabobank
MNI: Chicago Business Barometer – Edges up to 46.1 in August (From 45.3, 44.8 consensus) Prices Paid jumped up by 10.2 points, (Good thing the Fed is cutting rates!) after three consecutive months of decline, taking it above the year-to-date average of 63.4. Finally, Inventories grew 3.3 points, the second highest reading in 2024. The survey ran from August 1 to August 19. https://drive.google.com/file/d/1_bJ3VIofbn2MDGT7rfQPPlrSdRDXyjoA/view
Chicago Biz Barometer edged up to 46.1 in August and is 2.7 points below last year’s August reading.https://t.co/Aljh8VN2QO
The University of Michigan Sentiment 67.9, 68.1 expected, prior 67.8 Current Conditions 61.3, 61.2 expected, prior 60.9 Expectations 72.1, 72.4 expected, prior 72.1 1-year Inflation 2.8%, 2.9% expected and prior 5-10-year Inflation 3.0% as expected and prior
The Atlanta Fed’s Q3 GDPNow forecast on August 30 was +2.5%; it was +2% on August 26.
Though the fin media and bulls ignored the increase in Super Core PCE and proclaimed the Fed MUST now cut rates because inflation is flat (No longer falling!), bonds declined; stocks started higher on PCE hype but later fell; and commodities declined. The dollar rallied smartly; gold sank, which it usually does at the end of a marking period (We regularly note this manipulation.).
ESUs traded mostly positive from the Nikkei opening on Friday until they jumped higher after the 3 ET European opening. After hitting 5634.50 at 3:44 ET, ESUs vacillated in a megaphone formation. After hitting a daily high of 5646.00 at 9:59 ET, ESUs traded sideways until they commenced a tumble at 10:55 ET that took ESUs to a daily low of 5594.25.
As we noted in Friday’s missive, someone has been determined to bounce ESUs each time that they fall below 5600. So, ESUs were pushed to 5621.75 at 13:01 ET. After a retreat to 5608.75 at 13:22 ET, ESUs traded sideways until the manipulation to game August performance, which is patently illegal, commenced at 14:10 ET. ESUs soared to 5665.00 at 15:59 ET.
Market Manipulation Under US Federal Law What are “Marking the Close” and “Painting the Tape” under Exchange Act § 9(a)(2)? At the federal level, the key market manipulation regulations are in the 1933 Securities Act, 1934 Exchange Act, 1936 Commodity Exchange Act, and Title 18 of the U.S. Code… There are also various private companies (e.g., FINRA, NYMEX, CME, ICE) that independently police behaviour on the markets they control through their own rules and procedures… The securities laws include specific prohibitions on activity—variously referred to as “marking the close,” “banging the close,” or “painting the tape”—meant to artificially affect prices or trading activity in the time period just before market close. “[M]arking the close . . . is a form of market manipulation that involve[s] attempting to influence the closing price of a publicly traded share by executing purchase or sale orders at or near the close of normal trading hours… https://www.rahmanravelli.co.uk/expertise/market-manipulation-investigations/articles/market-manipulation-in-the-us-explained/
Positive aspects of previous session Mag 7 and related trading sardines were illegally pushed higher to game Aug performance, as we warned. Gasoline sank on pattern selling for the end of the Drive Season. Gold sank on the usual and illegal end of the marking period downward manipulation.
Negative aspects of previous session USUs were -26/32 at the NYSE close despite the Street & fin media heralding the ‘good’ PCE data
Ambiguous aspects of previous session Why is the blatant and incessant ESU manipulation tolerated, even enabled?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5627.19 Previous session S&P 500 Index High/Low: 5651.37; 5581.79
Why Did Zuckerberg Choose Now to Confess? – that he excluded from view anything that contradicted government wishes… The Zuckerberg admission has much larger implications than anyone has yet admitted. It provides a first official and confirmed peek into the greatest scandal of our times, the global silencing of critics at all levels of society, resulting in manipulating election outcomes, a distorted public culture, the marginalization of dissent, the overriding of all free speech protections, and gaslighting as a way of life of government in our times.https://brownstone.org/articles/why-did-zuckerberg-choose-now-to-confess/
In a huge blow to Biden-Harris, the IDF reported on Saturday that it had found 6 hostage bodies in a Hamas tunnel under Rafah. There had been rumors for months that Hamas had killed many hostages. Yet, Biden-Harris kept pushing for a ceasefire deal to free hostages – and Hamas kept nixing proposals.
@AmichaiStein1: The IDF and the Shin Bet located and returned the bodies of the hostages Carmel Gat, Eden Yerushalmi, Hersh Goldberg-Polin, Alexander Lobnov, Almog Sarosi, and Ori Danino…
@AmichaiStein1: IDF spokesman: The hostages were brutally murdered shortly before we reached them, a kilometer from the place where we located the alive hostage a week ago.
@ClayTravis: Hamas executed an American hostage after his parents spoke at the Democrat National Convention and begged for him to be brought home alive. This tells us three things: 1. Hamas is evil. 2. Hamas has no respect or fear of Biden/Kamala. 3. Evil people only respond to force or fear.
Kamala Harris to chart ‘new direction’ on Israel from Biden, could condition further aid in latest flip-flop – anti-Israel “uncommitted” voter groups have claimed she is open to privately discussing an arms embargo on Israel…https://trib.al/EwNnptR
@cspan: President Biden (on vacation for 18 straight days) tells reporters before heading to a meeting with his national security team at the White House that he’s very close to presenting a final hostage-ceasefire deal. He also says Israeli Prime Minister is not doing enough on the issue. https://x.com/cspan/status/1830640451168469080
@BarakRavid: A senior Israeli source said, “it is puzzling that President Biden is pressing Prime Minister Netanyahu, who agreed to the U.S. proposal as early as May 31and to the U.S. bridging proposal on August 16, and not Hamas leader Yahya Sinwar, who continues to vehemently refuse any deal.” The senior Israeli source added that Biden’s remark “is especially dangerous when it is made just days after Hamas executed six Israeli hostages, including an American citizen.” (It’s all about MI!)
@davidamilstein on Monday: Remarks from @IsraeliPM @netanyahu: “I was asked whether I am not doing enough to the release of hostages. Well, I want to set the record straight. On April 27th, Secretary of State Blinken said that, ‘Israel made an extraordinary, generous offer for a hostage deal.’ On May 31st, Israel agreed to a U.S.-backed proposal. Hamas refused. On August 16th, Israel agreed to what the United States defined as a ‘final bridging proposal.’ Hamas refused again. On August 19th, Secretary Blinken said, ‘Israel accepted the U.S. proposal. Now Hamas must do the same.’ On August 28th – that’s five days ago – five days ago – Deputy CIA Director said that ‘Israel shows seriousness in the negotiations. Now Hamas must show the same seriousness.’… The pressure internationally must be directed at these killers! At Hamas. Not at Israel. We say ‘yes’. They say ‘no’ all the time but they also murdered these people. And we now we need maximum pressure on Hamas… https://x.com/davidamilstein/status/1830695142543790406
China Warns Japan of Retaliation for Possible New Chip Curbs – BBG The US has been pressuring Japan to impose additional restrictions on the ability of firms including Tokyo Electron to sell advanced chipmaking tools to China… to curtail China’s semiconductor progress… https://finance.yahoo.com/news/china-warns-japan-retaliation-over-041010327.html
China Vanke Debt Cracks Exposed After First Loss in 20 Years – BBG Vanke had a short-term refinancing gap of about 12 billion yuan ($1.69 billion) at the end of June due to a spike in long-term debt within a year, according to Bloomberg calculations based on company data. That’s the first time Vanke’s cash balance has failed to cover interest-bearing debt maturing in less than a year since at least 2014… Vanke’s Hong Kong-traded shares closed 5.8% lower on Monday in its biggest decline in about six weeks, while its Shenzhen-traded shares plunged the most in more than three months… https://finance.yahoo.com/news/china-vanke-debt-cracks-exposed-031032967.html
BBG: China Factory Activity Extends Slide as Headwinds Mount China’s factory activity contracted for a fourth straight month in August… The official manufacturing purchasing managers’ index declined to 49.1 from 49.4 in July, the National Bureau of Statistics said on Saturday… https://finance.yahoo.com/news/china-factory-activity-extends-slide-030026913.html
Iron Ore Tumbles Back Below $100 as China Property Woes Deepen – BBG Iron ore futures fell 3.9% to $97.10 a ton in Singapore by 3:47 p.m. local time. Steel futures in Shanghai declined… Factory activity in China contracted for a fourth straight month in August, while the latest property sales figures showed a worsening residential slump. One of the nation’s biggest developers (Vanke) posted its first low in more than two decades… https://finance.yahoo.com/news/iron-ore-tumbles-back-below-044345941.html
Markets on Monday: European bourses were modestly mixed: Euro Stoxx 50 +0.29%; The Nikkei +0.14%, Hang Seng -1.65%, CSI 300 -1.7%, Shanghai Comp -1.1%, Shenzhen Comp -1.91%
Today – The usual suspects will play for the start of month rally. China’s worsening economic situation inhibited other global bourses on Monday from rallying on start-of-the-month buying. If China is down on Tuesday, it could impact early US trading. Traders are likely to buy any dip because that has been the pattern for months: Early US decline on negative news; afternoon rally.
NQUs are -50.25; ESUs are -7.50; and USUs are -12/32 at 20:10 ET. China is weighing on the markets.
Expected Economic Data: Aug S&P Global US Mfg. PMI 48.1; Aug ISM Mfg. 47.5; July Construction Spending 0.1% m/m
S&P Index 50-day MA: 5503; 100-day MA: 5365; 150-day MA: 5275; 200-day MA: 5128 DJIA 50-day MA: 40,076; 100-day MA: 39,404; 150-day MA: 39,234; 200-day MA: 38,624 (Green is positive slope; Red is negative slope)
S&P 500 Index (5591.96 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 4983.62 triggers a sell signal Weekly: Trender is positive; MACD is negative – a close below 5274.15 triggers a sell signal Daily: Trender and MACD are positive – a close below 5522.87 triggers a sell signal Hourly: Trender and MACD are positive – a close below 5589.70 triggers a sell signal
Reportedly CNN queried Harris and Walz for 41 minutes but presented 16.7 minutes. Even though the Kamala Harris had a comfort creature, and host Dana Bash coddled her & guided her to answers, and Bash avoided tough question & follow ups, and the broadcast was taped and edited (possible approval by Team Harris), Kamala bombed. How bad was Harris? CNN commentators and pundits struggled to find positives. Allegedly Team Obam/Harris commanded CNN to NOT release the full transcript.
Reportedly, CNN edited out when Bash asked Harris how she could support the Green New Deal and fracking. Harris reportedly stammered and then retorted that she would “get it done.”
@JohnAshbrook: This is not a live interview. Why is CNN saying it’s live?https://t.co/GTPuTKzbZg
@TrumpWarRoom: CNN PANELIST: I don’t think there’s a policy separation that they’ve created with Biden. When you’ve lost CNN…https://t.co/2Xqjec3CjE ANOTHER* CNN PANELIST: “You may not like the way she answered [the questions]… maybe she didn’t score a touchdown tonight…” https://t.co/iZVGJNCRFk (Obama guru) AXELROD: I don’t think she moved the ball that much forward. https://t.co/duf8OczPmR
@themarketswork: We all watched Kamala fall flat on her face last night. It was 18 minutes of awful – imagine how bad the cut segments were. Kamala couldn’t even answer obvious questions that she knew were coming. Kamala even lied about her position on fracking and was fact-checked later by CNN.
@NBCNews: VP Harris keeps saying “my values haven’t changed” while not explaining why her positions have changed. (When you lose CNN and NBC!)
@bennyjohnson: Tim Murtaugh, Trump Senior Advisor, reacts to Kamala’s viral statement ‘My values haven’t changed’ in tonight’s CNN interview: “It’s pretty obvious that’s an answer they workshopped quite a bit.” https://t.co/LattexLA4H
@bennyjohnson: Dana Bash asked Kamala if she has any regrets for lying to the American people about Biden’s cognitive decline. KAMALA: “No, not at all.”https://t.co/bmKEMZPL93
@charliekirk11: Dana Bash asks Kamala what she would do Day 1 of her presidency. Kamala can’t answer the question. She just blathers about “helping the middle class” without naming a single thing her administration could actually do on Day 1.
@TrumpWarRoom: Dana Bash: “You have been Vice President for three and half years. The steps that you are talking about now, why haven’t you done them already?” Kamala: We’ve brought inflation “down” to a higher level than it was during President Trump’s administration.https://t.co/qp9f3k7GKN
@JerryDunleavy: CNN: “You said you carried weapons in war, but you’ve never deployed in a war zone…” Walz: “… I speak candidly. I wear my emotions on my sleeves…” CNN: “… You said that you were in war. Did you misspeak?” Walz: “… My grammar is not always correct.” (Lying about lying!) https://x.com/JerryDunleavy/status/1829332785535832520
@bonchieredstate: So, Tim Walz claimed he took two students to a Bush rally on an educational trip and then was denied entry because Republicans hate veterans. In reality, the students were political activists, and Walz was not denied entry. Is there anything this dude won’t lie about?
CNN’s full transcript of the first joint interview with Kamala Harris and Tim Walzhttps://t.co/GqgpzocaVG
@TimMurtaugh: Is she (Harris) sitting in a hole, or did they give her the broken office chair or what? https://x.com/TimMurtaugh/status/1829334069374493174 Trump campaign HQ is absorbing this Harris CNN interview with glee. It’s better than we hoped…
@TVNewsNow: Bill Maher and his panel lampoon the Harris-Walz interview with Dana Bash: Maher: “It looked like when your dad goes with the young woman to buy a car, when dad comes along.” John McWhorter: “They messed it up, because they didn’t do the optics right. She looked like she was only 2 feet tall, and he was up front looking like Frosty the Snowman.”
Bill Maher mocks flip flops from Harris, Walz in CNN interview: ‘Just insulting my intelligence’https://t.co/NsmRaPnB5X
Trump’s poll surge induced a palpably panicked Team Obama-Kamala to issue a tsunami of attacks on DJT via social media. It also led to this titanic blunder: Harris says Trump ‘disrespected sacred ground’ after Arlington Cemetery incidenthttps://t.co/6aydU8lhq0
Video evidence and Gold Star family testimony decisively refutes this lie. More importantly it draws attention to the fact that though invited, Harris refused to attend the memorial. Most importantly, it invited Team Trump to blame the GI’s death on Biden and Harris.
“President Trump was there at the invitation of families whose loved ones died because of your incompetence,” Vance wrote on X. “Why don’t you get off social media and go launch an investigation into their unnecessary deaths?”… “Kamala Harris bragged about being the last person in the room with Joe Biden when they decided on their terrible Afghanistan withdrawal plan,” Leavitt wrote. “Kamala’s stupidity led to one of the most embarrassing events in American history and 13 brave US soldiers being killed… She has never said their names. She has never reached out to their families.”… https://www.foxnews.com/politics/harris-slams-trump-over-arlington-national-cemetery-altercation-prompting-fiery-response-from-jd-vance
And lastly, family members of the 13 GIs killed during the Afghanistan withdraw scurried to X with statements that excoriated Biden and Harris for the deaths and for ignoring family members. https://x.com/bonchieredstate/status/1830020237095309592 @bonchieredstate on Sat: Eight different Gold Star families have now released a response to Harris politicizing their children’s deaths with her statement this morning. Some staffer really screwed up here making that post. What a disaster for the Harris campaign. Before today, the Abbey Gate Gold Star families hadn’t spoken out against Kamala Harris. You could feel that there was an unspoken boundary put in place, and all Harris had to do was keep her mouth shut. She just couldn’t do it, and now she’ll reap the whirlwind.
“Vice President Harris, your administration killed my son… at no time have you reached out to me… nor have you honored him by saying his name… You are a DEI Vice President…” – Father of Lance Corporal Kareem M. Nikoui who was killed at Abbey Gate… https://x.com/libsoftiktok/status/1830051033684590621
NY Post: Gold Star families blast Harris in blistering videos after VP criticizes Trump’s Arlington visit: ‘Your administration killed my son’https://trib.al/3mxhdIS
@MZHemingway: Truly a monumental error of Kamala Harris and her media handmaidens to lambast the Gold Star families inviting Trump to Arlington. They are righteously enraged at her caring more about their invite than their dead children.
On Sunday, “Meet the Press” host Kristen Welker desperately tried to save Kamala from her Abbey Gate blunder. She failed miserably and induced NBC to make a boneheaded mistake.
@MeetThePress: On our broadcast this morning, we incorrectly implied that both President Biden and Vice President Harris attended the dignified transfer of 13 American service members killed during the Afghanistan withdrawal. Biden was in attendance, but Harris was not. @MZHemingway: That is not a correction. It’s a lie to cover-up their previous falsehood. They didn’t imply squat. They flat out said Harris was at the dignified transfer and that is not true.
Rattled Team Obama-Harris campaign chiefs pushed Harris’ diffident husband, Doug Emhoff, to comment on abortion – a huge mistake given his sordid past.
@DouglasEmhoff: The stakes of this election couldn’t be higher. It’s time for men to step up for reproductive freedom. @nedryun: Dudes who knock up the nanny always seem to be for abortions. . . @bonchieredstate: Dude who got his nanny pregnant and pretends like no one has any idea what happened to the baby has thoughts on “reproductive freedom.”
Breitbart News’ @mboyle1 on Saturday night: I’ve heard from many, many, many sources with direct knowledge that Kamala’s internal polling has her crashing badly… She’s in trouble and she knows it.
@paulsperry_: Kamala campaign has stopped referencing her alleged job at McDonald’s and won’t respond to media questions…
@LeadingReport on Sat: Kamala Harris once again has demanded that the mics be unmuted at all times during the ABC presidential debate, leading to speculation about Harris trying to back out of the debate.
Thinks got worse for Kamala on Saturday after SF 49ers #1 Draft Pick, Rickey Pearsall, was shot in the chest during an attempted robbery in San Fransico – and Team Trump had run ads during NCAA football games on Thursday, Friday, and Saturday that blamed Harris stint as AG for the demise of San Francisco.
@EndWokeness on Monday: Kamala’s new tactic to avoid taking any questions? Headphones in both ears. This is terrible acting on her part. (Harris had a horrible Thursday thru Sunday; so, her handlers put Kamala in the cone of silence!) https://x.com/EndWokeness/status/1830640418834518406 @TrumpWarRoom: If you’re going to pretend that you’re on your phone in order to avoid answering questions from the press, you should probably do a little bit better of an acting job than holding your phone up to your ear while wearing wired headphones. (She does it twice in above clip.)
Ex-ABC/CNN pundit @MarkHalperin on Mon: Between today and Wednesday, the three Harris-Walz principals (Kamala, Tim, Doug) will be doing events in NH, MN & VA, the 3 Blue states Trump seemed to have put in play right before Biden got out… Coincidence? (If they must defend Blue States…)
A joint Biden-Harris Pittsburgh rally drew a tiny crowd: https://x.com/TrumpWarRoom/status/1830725301669638396 This was a surprise given Team Obama-Harris’ overt attempt to divorce Biden and Harris. Harris’ internal poll numbers must be so horrendous that they wheeled out Weekend at Biden’s for a rally!
Kamala Harris vows to ‘end union busting’ at campaign rally where Biden claimed she has the ‘moral compass of a saint’ (Did Joe forget or is he gaslighting?) https://trib.al/F2Vou45
@kylenabecker: The Philadelphia Eagles have issued a statement rebuking the Kamala Harris ads that claim she has been officially backed by the NFL team. “We are aware counterfeit political ads are being circulated and are working with our advertising partner to have them removed.” (Desperate deceit!)…
Eagles removing viral ‘counterfeit’ Kamala Harris ads throughout Philadelphiahttps://trib.al/ft0MoLX
As noted above, Team Harris-Walz is in panic. They are so frazzled that they have increased their lying, gaslighting, and deceit. On Monday, copious fibber Walz said Trump will force kids into child labor! https://x.com/DrewHLive/status/1830708182873973130
Dems and their media stooges regularly tell us their intentions. They were clear about the Hidin’ Biden strategy and are clear now that Harris CANNOT run on the issues. So, the campaign will be about “feelings.” Ergo, the “Joy” and DJT hate themes. This is a cynical and demeaning appeal to women.
@RealMattCouch: Joe Biden drops out, and his name comes off the ballot. RFK Jr drops out and 10 states mandate that his name stays on the ballot. We all know why. This is election fraud…
@kylenabecker:Hillary Clinton just dropped out of a Kamala fundraiser in the Hamptons because she’s got “Cov*d.“… This is setting up for a Kamala Harris excuse to drop out of the Sept. 10 debate. It’s the same excuse they used for Joe Biden whenever he was too weak or incompetent to do something…
@sentdefender on Sun: Governor of Minnesota and Vice-Presidential Candidate, Tim Walz was answering Questions tonight at the Minnesota State Fair when one of the Reporters asked, “What is your Reaction to Six Hostages being found Dead in Gaza?” To which his responded with “Alright, thanks everybody” and walked away while waving.https://t.co/hjPbPuS7ic
Goya CEO slams Biden-Harris admin as ‘complicit’ in child and drug trafficking at borderhttps://trib.al/By10OyR
@elonmusk: The only people strongly against voter ID in America are those who want to commit fraud. Everyone knows that ID is required for basic daily activity and voter ID is mandatory in almost all countries. Why not here?
@BillMelugin_: Pelosi says she wants amnesty for illegal immigrants while on Bill Maher’s show. Conversation began regarding CA Dems pushing a bill that would give up to $150,000 in down payment assistance to illegal immigrants to help purchase homes. https://twitter.com/BillMelugin_/status/1829723132078494142?s=02
Colorado Gov. Jared Polis dismisses migrant gang takeover of apartments as ‘imagination’ — despite video and the mayor confirming the truthhttps://trib.al/OYMzH9e
You must believe the regime, not your lying eyes!
@ABC: A Brazilian Supreme Court justice ordered the suspension of Elon Musk’s X platform in Brazil after the tech billionaire refused to name a legal representative in the country… @rawsalerts: Brazil’s Supreme Court says anyone using VPN to access Twitter/X is subject to fines up to $8,874 a day
Brazil is experiencing a totalitarian takeover. Some dolt at the NFL thought it would be a good idea to hold a regular season game in Brazil. The Packers play the Eagles on September 6 in Sao Paulo, Brazil. NFL players say the NFL office has warned them to stay inside when they are in Brazil. NFL stupidity or greed or both at play? PS – Biden and Harris are silent on Brazil’s censoring of X and other free speech!
Neither the Packers nor Eagles will wear green jerseys, despite green being their main color, because green reportedly has significance to Brazilian gangs.
@ClayTravis: I doubt the NFL would do it, but it would be a strong move to support freedom of speech by canceling next Friday’s game in Brazil over the banning of X in the country & playing Eagles-Packers back home in the US. US reporters, teams & players won’t be able to Tweet from Brazil… The NFL has made a ton of noise about the need to embrace “social justice” whatever that means. The number one most powerful social justice in any country is freedom of speech. Without it, no other freedoms exist.
NFL Hall of Fame writer Dan Pompei reports RB Josh Jacobs was offered $4 million more per year to sign with the NY Giants, but turned it down because of the New York taxes, the artificial turf at MetLife Stadium, and the media.
@JonathanTurley: Robert Reich, Clinton’s labor secretary, is calling for the arrest of Elon Musk for his refusal to censor speech. https://t.co/sEfVklMkRH
The NYT: The Constitution Is Sacred. Is It Also Dangerous? (Do you understand what is occurring?) Trump became president in 2016 after losing the popular vote but winning the Electoral College (Article II). He appointed three justices to the Supreme Court (Article III), two of whom were confirmed by senators representing just 44 percent of the population (Article I). Those three justices helped overturn Roe v. Wade… “It is important for Americans to see that these failures stem from the Constitution itself.” https://www.nytimes.com/2024/08/31/books/review/constitution-secession-democracy-crisis.html
The MSM and Dems openly and stridently want to kill the US Constitution because it is preventing their lust for one-party/Dem totalitarian rule. And a sizable number of Americans agree or are ignorant to what is really occurring in the USA.
“When you see that in order to produce, you need to obtain permission from men who produce nothing – When you see that money is flowing to those who deal, not in goods, but in favors – When you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you – When you see corruption being rewarded and honesty becoming a self-sacrifice – You may know that your society is doomed.” ― Ayn Rand, Atlas Shrugged
@PeterSweden7: Yet another church in France is in flames. This one is from 1854 and survived two world wars. Why does this keep happening? SHARE – The media won’t show you this. https://x.com/PeterSweden7/status/1830552210502996456
Saw “Reagan” on Labor Day. No wonder the MSM and Hollywood have placed a ‘cone of silence’ over it. The central theme is communism is horrible and communists tried to infiltrate the USA via Hollywood and unions after WWII. The movie extolls Reagan and his quest to stymie communism. PS – Most film critics pan the movie because, as some admit, it makes Reagan look good.
harveyorganblog.com 
