GOLD PRICE CLOSED UP $3.45 TO $2494.90

SILVER PRICE UP $.17 TO $28.18

Gold ACCESS CLOSED $2494.10

Silver ACCESS CLOSED: $28.18

Friday is OTC/London LBMA options expiry which is much bigger than comex.

Bitcoin morning price:$56,754 DOWN 1530 DOLLARS.

Bitcoin: afternoon price: $58266 up 18 DOLLARS

Platinum price closing  DOWN $18.25 TO $910.15

Palladium price; DOWN $24.50 TO $942.25

END

*CANADIAN GOLD: $3370.16 DOWN 6.58 CDN dollars per oz( * NEW ALL TIME HIGH 3,431.95 CDN DOLLARS PER OZ//AUG 16 2024)

*BRITISH GOLD: 1,897/38 DOWN 3.91 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1937.75 BRITISH POUNDS/OZ) AUGUST 16/2024

*EURO GOLD: 2,251/12 DOWN 5.41 Euros per oz //* (ALL TIME CLOSING HIGH: 2.276.65 EUROS PER OZ//AUGUST 29 //.2024)

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,489.900000000 USD
INTENT DATE: 09/03/2024 DELIVERY DATE: 09/05/2024
FIRM ORG FIRM NAME ISSUED STOPPED

---

323 C HSBC 21
363 H WELLS FARGO SEC 105
435 H SCOTIA CAPITAL 50
624 H BOFA SECURITIES 129
657 C MORGAN STANLEY 7
661 C JP MORGAN 35
737 C ADVANTAGE 6 14
905 C ADM 3

---

TOTAL: 185 185
MONTH TO DATE: 2,912

JPMorgan stopped 35/185

GOLD: NUMBER OF NOTICES FILED FOR SEPT/2024. CONTRACT: 185 NOTICES FOR 18500 OZ  or  0.5754 TONNES

total notices so far: 2912 contracts for 291200  Oz (9.0575 tonnes)

FOR  SEPT:

SILVER NOTICES: 79 NOTICE(S) FILED FOR 395,000

OZ/

total number of notices filed so far this month : 44212 for 22,105,000 oz

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GLD/

BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL

THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.

WITH GOLD UP $3.45 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD/ NO CHANGES IN GOLD INVENTORY AT THE GLD:

/ /INVENTORY RESTS AT 862.74 TONNES

INVENTORY RESTS AT 862.74 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER UP $.17 AT THE SLV

HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.456 MILLION OZ INTO THE SLV..

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 466.427 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A FAIR SIZED 424 CONTRACTS TO 130.928 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS FAIR LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR STRONG LOSS OF $0.74 IN SILVER PRICING AT THE COMEX ON TUESDAY’S TRADING. WE LOST ZERO NET LONGS DESPITE THE LOSS IN PRICE. WE HAD A HUGE GAIN OF 572 CONTRACTS ON OUR TWO EXCHANGES. WE HAD AGAIN A HUGE LIQUIDATION OF T.A.S. CONTRACTS DURING TUESDAY’S RAID TRADING//. WE HAD CONSIDERABLE SHORT COVERING BY OUR SPECS WITH THE LOSS IN PRICE.  WE HAD A HUMONGOUS 1036 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY ANOTHER HUGE 935 CONTRACT T.A.S ISSUANCE. IN ESSENCE WE GAINED 572 CONTRACTS ON OUR TWO EXCHANGES DESPITE THE LOSS IN PRICE. ALL OF THE LOSS IN COMEX OI WAS DUE TO OUR SPREADER T.A.S. LIQUIDATION.

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 TUESDAY NIGHT: 935 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 $0.74) BUT WERE UNSUCCESSFUL IN KNOCKING ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A HUGE GAIN OF 572 TOTAL OI CONTRACTS ON OUR TWO EXCHANGES ,

WE HAD A HUGE 1036 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 255,000 OZ QUEUE JUMP//NEW STANDING ADVANCES TO 22.920 MILLION OZ

//NEW STANDING FOR SILVER//SEPT ADVANCES TO 22.920 MILLION OZ

WE HAD:

/ STRONG COMEX OI LOSS //HUGE SIZED EFP ISSUANCE/ VI)  HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 935 CONTRACTS)/

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED 126 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 2 DAYS, total 1181 contracts:   OR 5.905 MILLION OZ  (590 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  5.905 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: 5.905 MILLION OZ//

RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF  424 CONTRACTS WITH OUR HUGE LOSS IN PRICE OF SILVER PRICING AT THE COMEX//TUESDAY.,.  THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE  CONTRACTS: 1036 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 255.000 OZ QUEUE JUMP

//NEW TOTAL STANDING FOR SEPT ADVANCES TO 22.920 MILLION OZ 

WE HAVE A HUGE GAIN OF 572  OI CONTRACTS ON THE TWO EXCHANGES WITH THE LOSS IN PRICE…..THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE SIZED 935 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX TRADING//// MASSIVE ATTEMPTED SHORT COVERING FROM OUR SPEC SHORTS WITH THE STRONG LOSS IN PRICE TUESDAY/ AND ZERO LIQUIDATION OF LONGS. ALSO SOME OF OUR LONGS EXERCISED THEIR RIGHT AND TENDERED FOR PHYSICAL SILVER.

THE NEW TAS ISSUANCE TUESDAY NIGHT   (935) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND FOR SURE TODAY., .

WE HAD 79 NOTICE(S) FILED TODAY FOR 0.395 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 GOOD SIZED 5343 OI CONTRACTS  TO 511,136 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 HUGE 1369 CONTRACTS//

WE HAD A GOOD SIZED DECREASE  IN COMEX OI (5343 CONTRACTS) OCCURRED WITH OUR LOSS OF $4.70  IN PRICE/TUESDAY. 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 TUESDAYS SMALL 1300 OZ QUEUE JUMP

NEW STANDING ADVANCES TO  12.855 TONNES

/ ALL OF THIS HAPPENED WITH OUR  $4.70 LOSS IN PRICE  WITH RESPECT TO TUESDAY’S TRADING. WE HAD A FAIR SIZED GAIN OF 1001 OI CONTRACTS (3.113 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 6344 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 511,136

IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1001 CONTRACTS  WITH 5343 CONTRACTS DECREASED AT THE COMEX// AND A HUGE SIZED 6344 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 2370 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL SIZED 876 CONTRACTS,

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A HUGE SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (6344 CONTRACTS) ACCOMPANYING THE GOOD SIZED DECREASE IN COMEX OI OF 5343 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 1001 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 1300 OZ QUEUE JUMP

//NEW STANDING ADVANCESS TO: /SEPT 12.855 TONNES. 

 / 3) CONSIDERABLE T.A.S. LIQUIDATION WITH ZERO NET LONG SPECS BEING CLIPPED,

  4)  GOOD SIZED COMEX OPEN INTEREST LOSS 5)  HUGE ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///SMALL T.A.S.  ISSUANCE: 1876 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: 11,505CONTRACTS OF 1,150,500 OZ OR 35.785 TONNES IN 2 TRADING DAY(S) AND THUS AVERAGING: 5753 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 2 TRADING DAY(S) IN  TONNES  35.785 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  35.785 DIVIDED BY 3550 x 100% TONNES = 1.01% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

 FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN)..

MARCH:.   276.50 TONNES (STRONG AGAIN/

APRIL:      189..44 TONNES  ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

NOV:           312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP

DEC.           175.62 TONNES//FINAL ISSUANCE//

TOTALS: 2,578.08 TONNES/2021

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

MARCH/2022:  409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.

APRIL:  169.55 TONNES (FINAL VERY  LOW ISSUANCE MONTH)

MAY:  247.44 TONNES FINAL//

JUNE: 238.13 TONNES  FINAL

JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

OCT:  177.57  TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)

NOV.  223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)

DEC:  185.59 tonnes // FINAL

TOTAL: 2,847,25 TONNES/2022

JAN 2023:    228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!

FEB: 151.61 TONNES/FINAL

MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)

APRIL: 197.42 TONNES

MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)

JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)

JULY:  151.69 TONNES (WEAKER THAN LAST MONTH)

AUGUST:  195.28 TONNES (A STRONGER MONTH)//FINAL

SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)

OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.

NOV.   239.16 TONNES//WILL BE STRONG THIS MONTH,

DEC. 213.704 TONNES. A STRONG MONTH//

TOTAL FOR YEAR 2023: 2,569.57 TONNES VS  2578 TONNES LAST YEAR

JAN ’24:     291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)

FEB’24: 201.947 TONNES

MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.

APRIL: 267.05TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)

MAY; 316.606 TONNES (WILL BE ANOTHER STRONG MONTH// 3RD HIGHEST RECORDED EFP ISSUANCE )// NOTICE THE HUGE INCREASES IN EX FOR PHYSICAL THESE PAST FEW MONTHS. THESE CONTRACTS ARE CIRCLED BACK FROM LONDON WHEREBY METAL IS REMOVED FROM THE COMEX.

JUNE 175.11 tonnes HEADING FOR A WEAKER MONTH AND MUCH LESS THAN THE THREE PREVIOUS MONTHS

JULY: 351. 65 TONNES (3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL AND THE HIGHEST EVER RECORDED POST BASEL III) 

AUGUST: 274.79 TONNES//THIS MONTH WILL NO DOUBT BE A STRONG ISSUANCE OF EFP’S BUT MUCH LESS THAN LAST MONTH.

SEPT: 35.785 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 SEPTEMBER. 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 (OCT), 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 FAIR SIZED  424 CONTRACTS OI  TO 130,928 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 1036 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

SEPT 1036  and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1036 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 424 CONTRACTS AND ADD TO THE 1036 E.FP. ISSUED

WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 738 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  TOTALS 2.86 MILLION OZ OCCURRED DESPITE OUR $0.74 LOSS IN PRICE 

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES

(Peter Schiff)

c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens

ii a) Chris Powell of GATA provides to us very important physical commentaries

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

WEDNESDAY MORNING/TUESDAY  NIGHT

SHANGHAI CLOSED DOWN 18.70 PTS OR 0.67% //Hang Seng CLOSED DOWN 194.15 PTS OR 1.10% // Nikkei CLOSED DOWN 1638.70 OR 4.14%//Australia’s all ordinaries CLOSED DOWN 1.99%///Chinese yuan (ONSHORE) CLOSED UP TO 7,1172 CHINESE YUAN OFFSHORE CLOSED UP TO 7.1185/ Oil DOWN TO 70.90 dollars per barrel for WTI and BRENT UP AT 74,04 Stocks in Europe OPENED ALL RED

ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3  CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A GOOD SIZED  5343 CONTRACTS TO 511,136 WITH OUR LOSS IN PRICE OF $4.70 WITH RESPECT TO TUESDAY’S TRADING. WE LOST A CONSIDERABLE NUMBER OF /T.A.S. CONTRACTS AS SHORTS TRIED TO,  THROUGHOUT THE SESSION, COVER WHAT THEY COULD AT MUCH LOWER PRICES. WE HAVE HAD NOW THREE RAIDS OUT OF THE LAST 4 TRADING DAYS AS IT SEEMS THE FRBNY IS GETTING QUITE NERVOUS AS THE NEED TO CONTINUE RAIDING IS OCCUPYING THEIR MINDS ON A CONTINUAL BASIS AND DOING THESE IN “BROAD DAYLIGHT” WITHOUT WORRYING ABOUT CONSEQUENCES.. 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/BEGINNING OF OCTOBER.

OUR PHYSICAL LONDONERS ALSO BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT THESE 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 TUESDAY’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 6344 EFP CONTRACTS WERE ISSUED: :  OCT/DEC 6344 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 6344  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 1001 CONTRACTS IN THAT 6344 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A GOOD LOSS OF 5343 COMEX  CONTRACTS..AND THIS FAIR LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR  LOSS IN PRICE OF $4.70/TUESDAY COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AS MENTIONED ABOVE. THE RAIDS ON LAST WEDNESDAY, FRIDAY AND YESTERDAY WERE ORCHESTRATED BY THE FRBNY AS WE ARE 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 YEESTERDAY 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 TUESDAY NIGHT A SMALL  SIZED 876 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

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING:   SEPT  (12.855 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

NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK   = 34.9627 TONNES

DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK =  51.707 TONNES

TOTAL 2023 YEAR : 436.546 TONNES

2024

JAN ’24.      22.706 TONNES

FEB. ’24:  66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)

MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES

APRIL: 2024: 53.673TONNES FINAL

MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/PRIOR= 11.9325

JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022

JULY: 11.692 TONNES

AUGUST 69.602 TONNES//FINAL STANDING

SEPT. 12.855 TONNES.

THE SPECS/HFT WERE  SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY  $4.70 //// BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY SPECULATOR LONGS AS WE DID HAVE A FAIR GAIN IN OUR TWO EXCHANGES. WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION. BUT CENTRAL BANK LONGS, SEIZING THE MOMENT, EXERCISED FOR PHYSICAL IN A BIG WAY.

WE HAVE GAINED A TOTAL OI OF 3.113 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR SEPT (12.885 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TUESDAY’S QUEUE JUMP OF 1300 OZ AS THESE BOYS SEARCH OUT FOR METAL ON THIS SIDE OF THE POND.

//NEW STANDING FOR SEPT ADVANCES TO: 12.855 TONNES.

NEW STANDING FOR SEPT: 12.814 TONNES 

ALL OF THIS WAS ACCOMPLISHED WITH OUR  LOSS IN PRICE  TO THE TUNE OF $4.70

WE HAVE REMOVED 1369 CONTRACTS  FROM THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. THIS IS THE LARGEST ADJUSTMENT TO DATE.

NET GAIN ON THE TWO EXCHANGES 1001 CONTRACTS OR 100,100 OZ (3.113

TONNES)

confirmed volume TUESDAY 288,700 contracts FAIR

//speculators have left the gold arena

END

SEPT 4      SEPTEMBER  GOLD CONTRACT

/ /// THE SEPT 2024 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	30,938.518 oz ASAHI .9623 tonnes           .
Deposit to the Dealer Inventory in oz	nil
Deposits to the Customer Inventory, in oz	49,210.499 oz Brinks JPMorgan (669 kilobars)
No of oz served (contracts) today	185 notice(s) 18,500 OZ 0.5754 TONNES
No of oz to be served (notices)	1221 contracts    122,100 OZ 3.797 TONNES
Total monthly oz gold served (contracts) so far this month	2912 notices 291200 oz 9.0575 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 2 customer deposits

i) Into Brinks 27,701.480 oz

ii) Into JPMorgan: 21,509.019 oz (669 kilobars)

total deposits 49,210.499 oz

withdrawals:1

i) Out of Asahi: 30,938.518 oz

TOTAL WITHDRAWALS 30,938.518 oz 0.9623 tonnes

adjustments: 1

Brinks: dealer to customer: 11,109.971 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR SEPTEMBER

For the front month of SEPT. we have an oi of 1406 contracts having LOST 71 contracts. We had 84 notices filed on Tuesday so we GAINED 13 contracts or 1300 oz will stand at the comex as these boys are looking for gold on this side of the pond.

OCTOBER LOST 563 CONTRACTS DOWN TO 43,617 CONTRACTS

NOVEMBER GAINED another 13 CONTRACTS TO STAND AT 18

DECEMBER, THE BIGGEST DELIVERY MONTH LOST 6509 CONTRACTS TO 410,790.

We had 185 contracts filed for today representing 18500  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 185 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 35 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 (2912) x 100 oz ) to which we add the difference between the open interest for the front month of  SEPT 1406( CONTRACTS)  minus the number of notices served upon today  (185x 100 oz per contract( equals  413300 OZ  OR 12.855 TONNES.

thus the INITIAL standings for gold for the SEPTEMBER contract month:  No of notices filed so far (2912 x 100 oz +we add the difference for front month of SEPT  (1406 X// , OI} minus the number of notices served upon today (185) x 100 oz which equals  413,300 oz (12.855 TONNES) 

TOTAL COMEX GOLD STANDING FOR SEPT.: 12.855 TONNES WHICH IS HUGE FOR THIS  NON ACTIVE DELIVERY MONTH IN THE CALENDAR. 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 OZ PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 oz

total pledged gold: 1,770,778.600 oz 55.078 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD:  17,031,041.805 OZ  

TOTAL REGISTERED GOLD 7,511,144.313 ( 233.62 tonnes). 

TOTAL OF ALL ELIGIBLE GOLD: 9,519,897.492 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 5,740.366 oz (REG GOLD- PLEDGED GOLD)= 178.54 tonnes //

END

SILVER/COMEX

SEPT 4/2024

INITIAL

//2024// THE SEPT 2024  SILVER CONTRACT//INITIAL

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	698,144.749 OZ CNT Delaware Loomis .
Deposits to the Dealer Inventory	nil oz
Deposits to the Customer Inventory	589,340.700 oz ASAHI
No of oz served today (contracts)	79 CONTRACT(S)    (0.390 MILLION OZ)
No of oz to be served (notices)	163 contracts  (0.815 million oz)
Total monthly oz silver served (contracts)	4421 Contracts  (22.105 MILLION oz)
Total accumulative withdrawal of silver from the Dealers inventory this month	NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

i)  0 dealer  deposit/

total dealer deposit : NIL oz

i) We had  0 dealer withdrawal

total dealer withdrawals: 0 oz

We had  1 customer deposits:

i) Into ASAHI: 589,340.700 oz

total customer deposit 589,340.700 oz

JPMorgan has a total silver weight: 134.996million oz/306,222 million  or 44.08%

adjustment:2

a) customer to dealer Delaware 58,975,222oz

b) dealer to customer CNT Manfra 202,973.165 oz

withdrawals: 3

i) Out of Delaware 4978.390 oz

ii) Out of CNT 93,118.399 oz

iii) Out of Loomis 600,047.960 oz

total customer withdrawals: 698,144.749 oz

TOTAL REGISTERED SILVER: 78.274 MILLION OZ//.TOTAL REG + ELIGIBLE. 306.222 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR SEPTEMBER:

silver open interest data:

FRONT MONTH OF SEPT/2024 OI: 242 CONTRACTS HAVING LOST 461 CONTRACT(S). 

WE HAD 512 NOTICES FILED ON TUESDAY, SO WE GAINED 51 CONTRACTS OR 255.000 OZ

UNDERWENT A MASSIVE QUEUE JUMP TO TAKE DELIVERY OF SILVER OVER ON THIS SIDE OF THE POND..

OCTOBER SAW ANOTHER LOSS OF 49 OF OPEN INTEREST CONTRACTS AND THUS WE HAVE 1464 OPEN INTEREST CONTRACTS FOR OCTOBER.

NOVEMBER SAW ITS ANOTHER GAIN OF 4 CONTRACTS TO STAND AT 8.

DECEMBER SAW A LOSS OF 505 CONTRACTS UP TO 116,894.

.

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 79 for 0.395 MILLION oz

CONFIRMED volume; ON TUESDAY 96,203 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 4421 x 5,000 oz = 22.105 MILLION oz 

to which we add the difference between the open interest for the front month of SEPT(242) and the number of notices served upon today 79 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the SEPT/2024 contract month:  4421 notices served so far) x 5000 oz + OI for the front month of SEPT (242)x number of notices served upon today minus (79)x 5000 oz of silver standing for the SEPT  contract month equates to 22.920 MILLION OZ. 

 New total standing: 22.920 million oz.

There are 78.274 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 4 WITH GOLD UP $3.45 ON THE DAY; NO CHANGES IN GOLD AT THE GLD /:/ //////INVENTORY RESTS AT 862.74 TONNES

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

SEPT 4//WITH SILVER UP $.17//SMALL CHANGES IN SILVER INVENTORY A DEPOSIT OF 0.456 MILLION OZ OF SILVER INTO THE SLV/: .///./// /INVENTORY AT 466.427 MILLION OZ

SEPT 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.

CLOSING INVENTORY 466/427 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

Central Bank Gold Buying Doubled in July

Mike Maharrey

September 4, 2024

Central bank gold buying more than doubled in July, as policymakers showed a continued commitment to increasing the percentage of yellow metal in their reserves.

Globally, central banks added a net 37 tons of gold to their holdings in July, according to the latest data compiled by the World Gold Council (WGC). It was a 206 percent month-on-month increase and the highest level of central bank gold purchases since January.

This comes on the heels of record central bank gold purchases through the first half of the year.

This gold buying spree has continued despite record gold prices. The WGC noted that while the pace of buying slowed in Q2, it consistently remained positive.

“Central banks have shown an ongoing commitment to accumulating gold in recent months. … We expect central bank demand for gold to continue in the coming months.”

Poland was the biggest central bank gold buyer in the second quarter and it continued that trend in July, adding 14 tons of gold to its reserves. It was the largest monthly increase for the National Bank of Poland since November 2023. With the purchase, the country’s reserves climbed to 392 tons and 15 percent of total reserves.

NBP Governor Adam Glapinski recently indicated the Bank of Poland will continue adding to its reserves with a goal of holding at least 20 percent of the country’s reserves in gold.

“This makes Poland a more credible country, we have a better standing in all ratings, we are a very serious partner, and we will continue to buy gold.”

In 2021, Glapinski announced a plan to expand the country’s gold reserves by 100 tons. The central bank reached that goal in September of ’23 and kept buying.

When he announced the initial plan to expand its gold reserves, Glapinski said holding gold was a matter of financial security and stability.

“Gold will retain its value even when someone cuts off the power to the global financial system, destroying traditional assets based on electronic accounting records. Of course, we do not assume that this will happen. But as the saying goes – forewarned is always insured.

“And the central bank is required to be prepared for even the most unfavorable circumstances. That is why we see a special place for gold in our foreign exchange management process.”

Glapinski also pointed out that “Gold is free from credit risk and cannot be devalued by any country’s economic policy. Besides, it is extremely durable, virtually indestructible.”

The Central Bank of Uzbekistan bought 10 tons of gold in July. It was the second consecutive month of gold buying. The Uzbek central bank tends to shift back and forth between buying and selling. It is not uncommon for banks that buy from domestic production – such as Uzbekistan and Kazakhstan – to switch between buying and selling.

India added another five tons of gold to its holding in July. The Reserve Bank of India has added gold every month this year with purchases totaling 43 tons.

The RBI has been buying gold since 2017. Over that period, it has increased its gold holding by over 260 tons.

An Indian economist told the Times of India that the push to accumulate gold was based on both political and economic reasons. He said that the “reliability” of the U.S. dollar has “diminished.” He noted the “noticeable decline” in the confidence in U.S. dollar assets.

Another economist told the Times, “It makes a lot of sense (to invest in gold), given the increased volatility in the FX market, elevated interest rates in the U.S., and, of course, also as the central banks in each economy would like to diversify the asset classes in which they are parking their reserves.”

India recently transported 100 tons of its gold from the UK back into India.

The Central Bank of Jordan added another 4 tons of gold to its reserves in July. It was the third straight month of Jordanian gold buying.

Turkey continued to expand its gold holdings, although at a slower pace, adding 4 tons of gold to its reserves.

Turkey was the biggest buyer through the first half of 2024, adding 45 tons to its gold hoard. The bulk of its buying was in Q1, with the pace slowing to 15 tons in the second quarter.

The Turkish central bank has bought gold for 13 straight months after liquidating 160 tons of gold in the spring of 2023.

Other significant buyers in July were Qatar and the Czech Republic, both with 2-ton purchases. The Czechs have added gold to their holdings for 17 straight months.

Kazakhstan was the only notable seller, shrinking its reserves by 4 tons. The Central Bank of Kazakhstan holds 55 percent of its reserves in gold.

According to the most recent World Gold Council survey released in June, 29 percent of central banks plan to add more gold to their reserves in the next 12 months. The WGC said it was the highest level since the survey began in 2018.

Only 3 percent said they had plans to decrease gold reserves.

Earlier this year, the World Gold Council said the continuation of gold buying supports its expectation that “2024 will be another solid year of central bank gold demand.”

“Last year central banks placed great emphasis on gold’s value in crisis response, diversification attributes, and store-of-value credentials. A few months into 2024 the world seems no less uncertain meaning those reasons for owning gold are as relevant as ever.”

Last year, central bank gold buying fell just 45 tons short of 2022’s multi-decade record.

According to the World Gold Council, central banks net gold purchases totaled 1,037 tons in 2023. It was the second straight year central banks added more than 1,000 tons to their total reserves.

Central bank gold buying in 2023 built on the prior record year. Total central bank gold buying in 2022 came in at 1,136 tons. It was the highest level of net purchases on record dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.

China was the biggest buyer in 2023.

Analysts at ANZ Bank recently said they expect central bank gold buying to remain hot for at least the next six years.

According to these analysts, “Depleted trust in the U.S. fixed-income assets and the rise of non-reserve currencies are other themes that could support central bank gold buying.”

end

2. ALASDAIR MACLEOD/JIM RICKARDS/PAM AND RUSS MARTENS/ JAMES RICKARDS/ VON GREYERZ//GOLD AND SILVER COMMENTARY//BILL HOLTER:

Go figure!

After JPMorgan Threatens to Sue, the Fed Cuts Its Capital Requirement on the 5-Count Felon from a Planned 25 Percent Hike to Less than 8 Percent

By Pam Martens and Russ Martens: September 4, 2024

It appears that Senator Elizabeth Warren was spot on in her assessment of the lack of a backbone for Federal Reserve Chairman Jerome Powell when it comes to raising capital requirements on the powerful megabanks on Wall Street. At a March 7 Senate Banking Committee hearing in which Powell was appearing as a witness, Warren said this:

“Despite all you said last year when the banks failed [in the spring banking crisis of 2023] about supporting Vice Chair Barr’s recommendations to strengthen rules for big banks, public reporting now says that you are driving efforts inside the Fed to weaken the capital rule. You even told the House Financial Services Committee representatives yesterday that you think it’s ‘very plausible’ that you withdraw the rule.”

The capital rule that Senator Warren is referring to was proposed more than a year ago by federal banking agencies but has yet to be enacted. It is formally known as the Basel III (or Basel Endgame) rule. Jamie Dimon, the Chairman and CEO of JPMorgan Chase, has been leading the charge to stop federal bank regulators from implementing the rule. (See Jamie Dimon Hires Dodd-Frank Hatchet Man to Weigh Suing the Fed Over Proposed Capital Rules.)

Warren concluded her comments to Powell at the March hearing with this:

“You are the leader of the Fed and when the heat was on last year, you talked a lot about getting tougher on the banks. But now the giant banks are unhappy about that and you’ve gone weak-kneed on this. The American people need a leader at the Fed who has the courage to stand up to these banks and protect our financial system.”

Dimon is aggressively fighting the rule change most likely because higher capital requirements could restrict the bank’s ability to prop up its share price with multi-billion- dollar stock buybacks each year, increase its dividend to appease its shareholders that this multi-felon bank is on the right course and lavish multi-million dollar bonuses on Dimon.

Powell has now demonstrated Senator Warren’s ability to correctly read the tea leaves. Quietly, at 5 p.m. last Wednesday, before the long Labor Day weekend, the Fed released its new capital requirements for the megabanks that will become effective on October 1, 2024.

We know that federal banking regulators had originally planned to increase JPMorgan Chase’s capital by 25 percent because Dimon stated that fact in his April letter to shareholders, writing that if the capital rules proposed by the FDIC, Office of the Comptroller of the Currency and the Federal Reserve are implemented, they “would increase our firm’s required capital by 25%.”

But instead of 25 percent, the Fed raised JPMorgan Chase’s capital requirement by just 7.89 percent from the 2023 level, taking it from a total capital requirement of 11.4 in 2023 to just 12.3 in 2024. Had the 25 percent increase been imposed, JPMorgan Chase’s capital requirement would have totaled 14.25.

JPMorgan Chase is the largest U.S. bank and has for years been ranked by its regulators as – by far – the riskiest bank in the United States. The U.S. Treasury’s Office of Financial Research, which was created under the Dodd-Frank financial reform legislation of 2010 to provide federal regulators with up- to-date research on threats to financial stability, has created a “Bank Systemic Risk Monitor” that provides an overall score to show the systemic risk a particular bank represents to U.S. financial stability. The current chart is shown in the graph at the top of this article. JPMorgan Chase’s score of 857 is 23 percent higher than the next riskiest bank on the list, Citigroup, which has a systemic risk score of 697. (Citigroup is the bank that blew itself up in the financial crash of 2008 and received over $2.5 trillion in secret revolving loans from the Fed from December 2007 through July of 2010 according to the eventual audit released by the Government Accountability Office.)

But of particular note, JPMorgan Chase’s score is twice that of Deutsche Bank USA (DB USA), which has a systemic risk score of 422. And yet, here is what the Fed did last Wednesday. It raised Deutsche Bank USA’s capital requirement from 13.8 in 2023 to 18.4 currently – an increase of a whopping 33 percent versus an increase of 7.89 percent for JPMorgan Chase.

Jamie Dimon has been personally making the rounds in Washington in an effort to stop the implementation of the proposed capital rules. Internal government documents show that Dimon and his Chief of Staff, Judith Miller, met separately with the following Fed Governors on December 15 of last year: Fed Governor Adriana Kugler; Fed Vice Chair Philip Jefferson; and Fed Governor Christopher Waller.

Financial Times reporters Joshua Franklin and James Politi reported that in mid March, Dimon met in a one-on-one meeting with Vice President Kamala Harris and separately with President Biden’s Chief of Staff, Jeff Zients.

In a July 2 letter to Powell, Senator Warren described a “culture of corruption” that has taken root at the Fed since Powell became Chair. Among numerous issues, Warren cited the following:

“I am particularly concerned about reports that you have met or had private conversations with Jamie Dimon, the CEO of JPMorgan Chase, at least 19 times since becoming Chair of the Federal Reserve in February 2018. You have also reportedly met ten times with BlackRock CEO Larry Fink, seven times with Goldman Sachs CEO David Solomon, and at least nine times with the heads of other major banks. This is an astonishing amount of your time to give to the CEOs of the nation’s largest banks and financial firms.”

In addition to Warren, the watchdog group, Better Markets, has pushed back hard on the lies and fictions that the Wall Street megabanks are spreading in hopes of killing the more stringent capital rules. The YouTube video below features Better Markets’ Director of Banking Policy, Shayna Olesiuk, addressing those misleading claims.

-END-

3.CHRIS POWELL AND DAILY GOLD/SILVER DISPATCHES

Ronan Manly: Central bank digital currencies are accelerating toward dystopia

Submitted by admin on Wed, 2024-09-04 10:15 Section: Daily Dispatches

By Ronan Manly
Bullion Star, Singapore
Wednesday, September 4, 2024

There is an ominous development gaining momentum across the world’s financial systems that has the potential to undermine monetary and personal freedom yet remains largely under the radar for most of the world’s population.

This development is the globally coordinated plan to roll out retail central bank digital currencies (CBDCs)

Billed by central banks and governments as the future of money, promising benefits like payment efficiency and financial inclusion, CBDCs in reality pave the way for a dystopian future characterized by total surveillance and control, which stands in stark contrast to the principles of a free society.

At the helm of pushing this CBDC agenda are two shadowy but powerful organizations, neither of which is publicly accountable in any way — the Bank for International Settlements, known as the the central banks’ central bank, based in Basel, Switzerland, and the Atlantic Council, a U.S.-led, Atlantic alliance (NATO) “think tank” based in Washington that is funded by a combination of government, corporate, and foundation sponsors. …

… For the remainder of the commentary:

https://www.bullionstar.com/blogs/ronan-manly/central-bank-digital-currencies-cbdcs-accelerating-towards-dystopia/

* * 

end

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

g

end

6 CRYPTOCURRENCY NEWS

END

ASIA TRADING/WEDNESDAY MORNING/TUESDAY  NIGHT

SHANGHAI CLOSED DOWN 18.70 PTS OR 0.67% //Hang Seng CLOSED DOWN 194.15 PTS OR 1.10% // Nikkei CLOSED DOWN 1638.70 OR 4.14%//Australia’s all ordinaries CLOSED DOWN 1.99%///Chinese yuan (ONSHORE) CLOSED UP TO 7,1172 CHINESE YUAN OFFSHORE CLOSED UP TO 7.1185/ Oil DOWN TO 70.90 dollars per barrel for WTI and BRENT UP AT 74,04 Stocks in Europe OPENED ALL RED

ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER

1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM

ONSHORE YUAN:   CLOSED UPP TO 7.1172

OFFSHORE YUAN: UP TO 7.1185

SHANGHAI CLOSED DOWN 18.70 PTS OR 0.67 %

HANG SENG CLOSED DOWN 198.15 PTS OR 1.10%

2. Nikkei closed DOWN 1638.70 PTS OR 4.14%

3. Europe stocks   SO FAR:  ALL RED

USA dollar INDEX DOWN TO  101.60 EURO FALLS TO 1.1044 DOWN 4 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +0.887 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 144.94…… 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 DOWN TO +2.2260/Italian 10 Yr bond yield DOWN to 3.6239 SPAIN 10 YR BOND YIELD DOWN TO 3.060%

3i Greek 10 year bond yield DOWN TO 3.267

3j Gold at $2488.90//Silver at: 28/05  1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble DOWN 2 AND 48/ 100  roubles/dollar; ROUBLE AT 89.50

3m oil into the 70 dollar handle for WTI and  74 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 144/94/  10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.887 % 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 0.8500 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9391 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: 3.808 DOWN 3 BASIS PTS…

USA 30 YR BOND YIELD: 4.108 DOWN 4 BASIS PTS/

USA 2 YR BOND YIELD:  3.849 DOWN 4 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 34.04…

10 YR UK BOND YIELD: 3.985 DOWN 4 PTS

10 YR CANADA BOND YIELD: 3.053 DOWN 4 BASIS PTS

2a New York OPENING REPORT

US Futures Slide, As Global Market Rout Extends For Second Day

Wednesday, Sep 04, 2024 – 08:18 AM

US stock-index futures fell, pointing toward a continued selloff on Wall Street after a slump Tuesday, when dire manufacturing PMI and ISM data led to renewed concern that a recession may be looming. Futures on the S&P 500 dropped 0.4% while contracts on the Nasdaq 100 Index declined 0.8% at 8.00 am ET, as NVDA extended its record losses which saw a historic $280 billion in market cap wiped out in Tuesday’s session, after a Bloomberg report hit just after the close that Kamala’s DOJ sent subpoenas to the chipmaker. NVDA sparked Nasdaq’s 3.2% Tuesday rout: the stock has been falling since the company’s earnings last week failed to live up to the highest expectations. Losses in Europe and Asia were deeper, with traders still rattled by the speed and severity of the US retreat while the VIX climbed above 22. Treasury yields dropped 2bps to 3.82% while the dollar weakened for the first time in six as the yen extended gains and the USDJPY traded at 145. On the macro front, we have mortgage applications (1.6% vs 0.5% last week), trade balance, JOLTS job openings, as well as the final July factory orders and durable goods reports.

In premarket trarding, Nvidia slid 1.9% after Bloomberg reported that the US DOJ sent subpoenas to the chipmaker, as well as other companies, as it sought evidence that the dominant provider of AI processors violated antitrust laws. Zscaler plunged 16% after the security-software company gave a full-year forecast that is weaker than expected on both adjusted earnings and revenue. Here are some other notable premarket movers:

• Asana tumbles 12% after posting 2Q results and providing a 3Q forecast. The company also said CFO Tim Wan is exiting the post and will be succeeded by Sonalee Parekh.
• Clover Health rises 10% after its Counterpart unit won a contract with Iowa Clinic, a healthcare group.
• Dollar Tree falls 12% after management lowered the company’s full-year guidance as the chain’s higher income consumers remain cautious in their spending.
• GitLab climbs 12% after the company reported second-quarter results that beat expectations and raised its full-year forecast.
• Hormel Foods falls 5.4% after the company lowered its fiscal-year sales outlook.
• PagerDuty slides 14% after the company cut its full-year revenue forecast.

The S&P 500 on Tuesday fell the most since Aug. 5, when recession fears triggered a brief meltdown, while the Nasdaq 100 had its biggest decline since July 24 as Nvidia crashed. The declines came after the ISM’s manufacturing gauge showed that activity shrank for a fifth straight month, while commentary in the S&P PMI manufacturing report was downright apocalyptic.

The sudden souring of risk sentiment comes just as US equities were edging back toward the all-time high set in mid-July. Other key data to watch this week include July job openings on Wednesday, services PMI and jobless claims on Thursday and non-farm payrolls on Friday. These readouts may shed further light on how much and how quickly the Federal Reserve will lower interest rates, after Chair Jerome Powell last month telegraphed a September cut.

“Investors are in a wait-and-see mode and trying to decipher the probabilities a US recession and how the Fed would adjust,” said Vincent Juvyns, global market strategist at J.P. Morgan Asset Management. “But even if we had disappointing data on US employment this week, for us, it’s too early to call a recession, notably with consumption being resilient.”

The US job openings report due on Wednesday is expected to show further cooling in the labor market, following yesterday’s data showing a fifth consecutive month of contraction in manufacturing activity. As the market’s focus shifts from inflation to concerns over economic growth, negative macro data is increasingly translating into pain for stocks and other risk assets.

For now, traders are anticipating the Federal Reserve will start easing policy in September and reduce rates by more than two full percentage points over the next 12 months — the steepest drop outside of a downturn since the 1980s. Payrolls data due on Friday is considered crucial in shaping the magnitude of the initial rate cut. “A disappointing number will spook markets a little bit,” said Neil Birrell, chief investment officer at Premier Miton Investors. “There’s just a lack of certainty around. I’m not brave enough to say buy the dip on Wednesday when the numbers are out on Friday.”

European stocks followed their Asian counterparts lower after Wall Street’s worst day since the August meltdown. The Stoxx 600 falls 1%, led lower by technology shares. European luxury stocks fell, with LVMH and Richemont notable underperformers as Morgan Stanley cut its price targets on the two stocks amid worries over weakening demand from Chinese customers. Adding to the gloom, Swiss luxury watchmakers are turning to the government for financial aid to help them weather a downturn in demand
Among individual movers, LVMH -2.4%, Richemont -4.3%, Hermes -1.3%, Swatch -2%, Ferragamo -2.3%, Moncler -2.2%, Kering -2%, Brunello Cucinelli -1.5%, Hugo Boss -1.3%, Burberry -1.1%. In separate notes, Morgan Stanley analyst Edouard Aubin cuts equal-weight-rated LVMH’s PT to €715 from €760, as well as lowering estimates

Earlier in the session, Asian equities suffered broad-based losses following Tuesday’s tech-led US selloff. Taiwan’s Taiex index plunged as much as 5.3% with TSMC tumbling amid Nvidia’s record wipeout. Japan’s Nikkei slumps more than 3.5% as the yen soared, while Korea’s Kospi sheds almost 3%. Chinese indexes are relative outperformers, with the CSI 300 down less than 0.5%. Hang Seng drops about 1.1%.

In FX, the yen is the strongest of the G-10 currencies, rising 0.2%. The Bloomberg Dollar Spot Index falls 0.1%.

In rates, treasuries are richer across the curve with gains led by front-end and belly, steepening 2s10s and 5s30s spreads to unwind most of Tuesday’s flattening moves. Front-end US yields are richer by about 3bp, long-end yields by less than 2bp, leaving 2s10s, 5s30s spreads slightly steeper. 10-year around 3.81% is ~2bp richer on the day, trailing bunds in the sector by ~3bp, gilts by 1.5bp. Wider gains across core European rates follow a sharp selloff in Asia equities as risk-aversion takes hold globally. The US session includes several pieces of economic data led by JOLTS job openings, with Fed policymakers attuned to signs of weakness in labor market to guide policy.

In commodities, oil rose slightly after crashing to a nine-month low as Reuters reversed its Friday story, and now “reports” that OPEC+ may not boost output after all (just as we said). Brent futures, the international benchmark, advanced above $74 a barrel following a near 5% meltdown on Tuesday. West Texas Intermediate rose 0.8%, after dropping under $70 for the first time since early January. Spot gold drops $14 to around $2,479/oz. Iron ore and copper are also in the red.

Looking at today’s calendar, we get the July trade balance (8:30am), July JOLTS job openings and factory orders (10am) and Fed Beige Book (2pm). No Fed speakers are scheduled; Williams and Waller are slated to speak Friday

Market Snapshot

• S&P 500 futures down 0.4% to 5,521
• STOXX Europe 600 down 0.9% to 515.19
• MXAP down 2.5% to 181.21
• MXAPJ down 1.9% to 561.58
• Nikkei down 4.2% to 37,047.61
• Topix down 3.7% to 2,633.49
• Hang Seng Index down 1.1% to 17,457.34
• Shanghai Composite down 0.7% to 2,784.28
• Sensex down 0.3% to 82,284.17
• Australia S&P/ASX 200 down 1.9% to 7,950.48
• Kospi down 3.1% to 2,580.80
• German 10Y yield down 3.4 bps at 2.24%
• Euro up 0.1% to $1.1056
• Brent Futures down 0.4% to $73.49/bbl
• Gold spot down 0.6% to $2,479.05
• US Dollar Index down 0.18% to 101.65

Top Overnight News

• Nvidia looks set to extend yesterday’s $279 billion loss of value — the biggest ever for a US stock. The DOJ sent subpoenas to Nvidia and other tech firms as part of an escalating antitrust probe. BBG
• OPEC+ is discussing a possible delay to an oil output increase planned for October, delegates said, after prices crashed to the lowest since last year. WTI crude rose after earlier sliding below $70. Reuters
• China is considering cutting interest rates on as much as $5.3 trillion of mortgages in two steps to lower borrowing costs for millions of families while mitigating the profit squeeze on its banking system. Financial regulators have proposed reducing rates on outstanding mortgages nationwide by a total of about 80 basis points, part of a package that includes an accelerated timeline for when mortgages become eligible for refinancing. BBG
• Investment banks are cutting their growth forecasts for China, believing Beijing risks undershooting its official target of about 5 per cent as confidence wanes in the world’s second-largest economy. FT
• Chile’s central bank cut rates by 25bp on Tues, as expected, and Canada’s central bank is expected to do the same at 9:45amET today (followed by cuts from the ECB on 9/12 and the FOMC on 9/18). BBG
• Volkswagen defended plans to consider closing German factories, saying flagging sales left it with about two plants too many. BBG
• US prepares for final “take it or leave it” ceasefire push in Gaza, with Netanyahu’s insistence of retaining IDF troops along the Gaza-Egypt border the main obstacle to a deal. WaPo
• Kamala Harris is set to propose expanding a tax break for start-ups, one of a series of policy ideas her campaign is rolling out this week aimed at helping entrepreneurs and small businesses. The plan, which Ms. Harris will announce during a speech in New Hampshire, would allow new companies to deduct up to $50,000 in start-up expenses, a campaign official said. The move would increase by tenfold a $5,000 deduction that companies can now claim for expenses, like advertising and salaries, that they incurred before they started operating. NYT
• US Steel would close plants and probably move its headquarters out of Pittsburgh if its planned sale to Nippon Steel collapses. WSJ
• US homebuilders are facing their biggest credit crunch in more than a decade, with banks cutting lending for residential construction by more than 10%. US banks had $92bn of loans outstanding to fund the construction of dwellings for one to four families in the quarter to the end of June, down from $102bn a year ago. This is the largest year-on-year drop in more than a decade, according to an analysis by BankRegData of the most recent data from the Federal Deposit Insurance Corp. It was also the fifth consecutive quarter in which lending for home construction fell. FT

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded with losses across the board following the dire session on Wall Street, which saw a tech rout led by downside in chips, with a similar picture seen in APAC with the likes of SK Hynix opening lower by over 9%. ASX 200 saw losses led by miners and tech following a similar sectoral picture stateside, whilst the downside was somewhat cushioned by heavyweight healthcare and telecoms. The index extended on losses after the QQ GDP miss. Nikkei 225 felt a double-whammy from the tech-led downside coupled with the stronger JPY, with the index slipping under 38k and eventually 37k from a 38,728.50 close on Tuesday. Hang Seng and Shanghai Comp also fell victim to the regional losses, with the former seeing its large-cap oil names with the deepest losses, whilst the mainland saw shallower losses. Caixin Services PMI deteriorated, but accompanying commentary was rosier.

Top Asian News

• Bank of America cut its 2024 China GDP forecast to 4.8% (prev. 5.0%).
• Japan’s Chief Cabinet Secretary Hayashi said closely watching domestic and overseas market moves with a sense of urgency; will conduct fiscal and economic policy management while working closely with BoJ; Important to make assessment of market moves calmly.
• PBoC injected CNY 700mln via 7-day Reverse Repo at a maintained rate of 1.70%
• China August prelim retail car sales -1% Y/Y, via PCA; +11% M/M.
• China mulls cutting mortgage rates in two steps to shield banks, via Bloomberg citing sources; regulators have proposed reducing rates on outstanding mortgages by a total of 80bpsPart of a package incl. an accelerated timeline for when mortgages become eligible for refinancing.

European bourses, Stoxx 600 (-1%) began the session significantly lower, taking impetus from a weak APAC session overnight as it continued the AI-led pressure seen on Wall St. on Tuesday. Thereafter, sentiment gradually improved, but remains firmly in the red. European sectors are entirely in the red; Food Beverage and Tobacco takes the top spot, whilst Tech is the clear laggard. The likes of ASML opened lower by around 6%, playing catch-up to the NVIDIA weakness seen on Tuesday. US Equity Futures (ES -0.3%, NQ -0.5%, RTY -0.2%) are on the backfoot, continuing the NVIDIA-led weakness seen in the prior session, as risk sentiment continues to remain subdued.

Top European News

• ECB’s Kazaks said the ECB can take steps to lower rates at the next meeting; pace of wage growth is slowing; says we can lower rates but must remain cautious.
• ECB’s Cipollone said investment remains weak, which suggest that firms do not believe a strong recovery, via Le Monde; broadly on track to for inflation; data so far confirms our direction of travel and hopes that this will allow the ECB to continue to be less restrictive. Adds, there is a real risk that the stance could become too restrictive.
• ECB’s Stournaras says even with more rate cuts policy will remain restrictive.
• German economy is seen contracting 0.1% in 2024 (prev. forecast +0.2%), via IFW/Kiel; 2025 0.5% (prev. forecast 1.1%)
• Volkswagen (VOW3 GY) CFO sees industry-wide demand in Europe 2mln cars below peak; Europe’s car market will not return to former size; its Europe overcapacity is 500k cars or two plants. Needs to increase productivity and reduce costs/reduce complexity.
• UK banking representatives are expected to meet Chancellor Reeves in the coming days to discuss concerns over a possible increase in bank taxes, via Reuters citing sources; sources expect the Treasury will seek to increase an existing surcharge on profits

FX

• Dollar is flat and trading within a fairly busy 101.57-73 range; currently within the confines of the prior day’s range. Today see’s US JOLTS job openings data.
• EUR is incrementally firmer and trading towards the upper end of today’s 1.1039-62 range, and generally unmoved by a number of ECB speakers. EZ Composite Final PMIs were revised marginally lower, but ultimately had little impact on the Single-Currency.
• GBP is flat and holds within a tight 1.3102-27 range. Cable holds well within the confines of the prior day’s fairly wide 1.3088-3148 range; the docket ahead remains thin from a UK-specific standpoint.
• JPY is firmer today, largely attributed to its safe haven status, given the continued slump in risk sentiment; price action which is largely a continuation of the hefty pressure seen in USD/JPY in the prior session. USD/JPY towards the mid-point of a 144.76-145.56 range.
• The Antipodeans are the slight laggards vs G10 peers, weighed on by the continued risk-off sentiment seen across markets. Alongside this, Chinese Caixin Services PMIs was weaker than the prior, adding to the already weak Chinese demand narrative.
• PBoC set USD/CNY mid-point at 7.1148 vs exp. 7.1167 (prev. 7.1112)

Fixed Income

• USTs are slightly firmer ahead of US JOLTS Job Openings, which marks the first jobs release ahead of ADP and NFP throughout the week. Currently, toward the mid-point of 114-00+ to 114-09 bounds, eclipsing yesterday’s best.
• Bunds are bid given the general risk tone. A busy morning of data and ECB speak but nothing that has sparked any real price action. Bunds have run into a bit of resistance around the 134.37 peak, with the 28th Aug. high just above at 134.39.
• Gilts are firmer, in-fitting with the above. UK Final PMIs were subject to modest upward revisions, but in-fitting with EZ metrics sparked no reaction. Gilts holding at Tuesday’s 99.25 WTD peak.
• Germany sells EUR 0.438bln vs exp. EUR 0.5bln 1.00% 2038 Bund & EUR 0.818bln vs exp. 1bln 2.60% 2041 Bund.

Commodities

• Crude in the red once again. In short, the price action is a continuation of the moves on Tuesday which were driven by Libya/returning of various refineries/risk tone with further pressure coming from soft Chinese PMIs. Benchmarks are currently off lows amid reports that China is planning to cut mortgage rates. Brent’Nov holds around USD 73.85/bbl, after going as low as USD 72.63/bbl.
• Spot gold is in the red, slipping further from the USD 2500/oz mark despite the downbeat risk tone with the JPY once again outmuscling XAU; currently down to a USD 2480/oz low, just below the 21-DMA at USD 2483/oz.
• Base metals are trading on the backfoot, in-fitting with the general tone. 3M LME Copper continues to fall below the USD 9k mark.
• Russia’s Deputy Energy Minister Sorokin, says global LNG demand may rise to 580-600mln tons per year in the next few years; Western sanction against Russia will not halt development of LNG sector.
• Teamsters at Marathon Petroleum’s Detroit refinery (140k bpd) go on strike on Sept 4th.

Geopolitics: Middle East

• “Estimates that Washington will present its new plan for the exchange deal by Friday”, according to Sky News Arabia citing Walla News.
• Israeli Broadcasting Authority said Israeli officials informed mediators of Tel Aviv’s approval to withdraw from the Philadelphi corridor in the second phase of the deal, via Sky News Arabia.
• “US military announces destruction of Houthi missile system in area under their control in Yemen”, according to Sky News Arabia.

Geopolitics: Ukraine/Russia

• Ukraine’s air defence engaged in repelling the second wave of Russian air attacks on Kyiv overnight, according to the country’s military; engaged in repelling a drone attack on the western city of Lviv, near the Polish border.
• Poland activated aircraft to ensure airspace security for the third time in eight days after Russia launched strikes on Ukraine, according to Polish armed forces.
• Russia’s Kremlin said Russia takes into account that Ukraine “will” use US long-range weapons in its attacks deep into Russian territory.
• Russia’s Kremlin said work on changing Russia’s nuclear doctrine is caused by actions of the West, according to Ria.
• Russia and China are working on President Xi’s participation in the BRICS summit in Russia’s Kazan, according to Ria.

US Event Calendar

• 07:00: Aug. MBA Mortgage Applications, prior 0.5%
• 08:30: July Trade Balance, est. -$79b, prior -$73.1b
• 10:00: July JOLTs Job Openings, est. 8.1m, prior 8.18m
• 10:00: July Factory Orders, est. 4.8%, prior -3.3%
  • July Factory Orders Ex Trans, prior 0.1%
• 10:00: July Durable Goods Orders, est. 9.9%, prior 9.9%
  • July Durables-Less Transportation, est. -0.2%, prior -0.2%
  • July Cap Goods Ship Nondef Ex Air, prior -0.4%
  • July Cap Goods Orders Nondef Ex Air, prior -0.1%
• 14:00: Federal Reserve Releases Beige Book

DB’s Jim Reid concludes the overnight wrap

As September got going after the Labor Day holiday on Monday, the month yesterday started living up to its billing as the worst month of the year for risk with a notable sell-off. The S&P 500 (-2.12%) posted its worst daily performance since the global turmoil on August 5th and included the largest market cap drop in history for a single stock. Nvidia (-9.53%) lost $279bn on the day.

The main catalyst for the sell-off was initially the latest ISM manufacturing print, which renewed investors’ concerns that the US economy is running out of a bit of momentum. The release came in beneath expectations yet again, at 47.2 in August (vs. 47.5 expected), which was only a modest pickup from the disappointing July reading. On top of that, the new orders subcomponent fell to its lowest since May 2023, at 44.6. So there really wasn’t much good news to focus on at all, and it’s added to the downbeat backdrop ahead of Friday’s all-important US jobs report. On that the employment subcomponent did pick up from a 4-year low of 43.4 last month to 46.0 but this is still low, and the 17th month below 50 in the last 20 months. However, this has been a period when overall payrolls have been strong so the manufacturing read-through to the rest of the economy is certainly not automatic.

All things considered it was viewed as a soft report and in response risk assets saw a sharp selloff that only extended as the session progressed. The losses were driven by the more cyclical sectors, with the NASDAQ (-3.26%) and the Mag-7 (-3.36%) posting even larger declines than the S&P 500. The Philadelphia Semiconductor Index (-7.75%) saw its worst daily slump since March 2020 amidst a sharp fall from Nvidia (-9.53%), which saw its worst decline since April. Even more remarkably, this marked the largest global daily decline in a company’s market capitalisation, with $279bn wiped off Nvidia’s valuation. Nvidia came under further pressure after-hours after Bloomberg reported that it had received a subpoena from the US Justice Department which is investigating its position as the dominant AI computing provider. S&P 500 and NASDAQ futures have extended their losses overnight, down -0.49% and -0.67% respectively.

While tech stocks led yesterday’s losses, the reversal was pretty broad-based, and the small-cap Russell 2000 also fell -3.09%. The equal-weighted S&P 500 was down -1.33%, with defensive sectors limiting its decline. The renewed volatility also saw the VIX volatility index jump +5.17pts to 20.72, which is its second largest jump in two years, behind August 5th this year, and its highest close this year apart from the 7 days in early August. Other risk assets also came under pressure, with US IG (+4bps) and HY (+16bps) spreads seeing the largest widening since the August 5th vol shock.

With that ISM release in hand, investors also ratcheted up the chance that the Fed would start with a 50bp rate cut in a couple of weeks’ time. Indeed, futures raised the probability from 31% on Monday to 34% by the close yesterday. That more dovish pricing was evident at a longer horizon as well, and futures are now pricing in 102bps of cuts by the December meeting, up from 97bps the previous day. And 205bps of rate cuts are now priced in over the next 12 months, an amount of easing that since the 1980s has materialised only amid recessions.

As investors priced in more rate cuts, that led to a fresh rally among US Treasuries that took the 2yr yield (-5.3bps) to just 3.86%. That’s the lowest closing level for the 2yr yield since the regional banking turmoil in early 2023, and the 10yr yield (-7.2bps) also saw a sharp decline to 3.83% with a small additional -0.38bps dip overnight. This is bucking the seasonal trend as September has seen the Global Bond Ag decline for the last seven years with 10yr UST yields up in 7 of the last 8 Septembers. Still nearly 4 weeks of the month left though.

Clearly, a lot of September will be dictated by how the jobs report turns out on Friday (DB expect +150k for payrolls). But today, the US labour market will remain in focus with the JOLTS job openings release for July. That’s one that Fed Chair Powell has often cited, and recent months have provided evidence that the labour market is cooling off. Among others, the quits rate of those voluntarily leaving their job came in at 2.1% in June, the joint-lowest since 2020. And the ratio of unemployed individuals per vacancy was down to a three-year low of 1.20. So if today’s report adds to the signs that the labour market is weakening, that could further raise expectations that the Fed will open with a 50bp cut (not our base case though).

One factor that pushed yields lower was a fresh decline in oil prices yesterday, which helped to ease fears about any lingering inflationary pressures. For instance, WTI crude oil prices were down -4.36% on the day to $70.34/bbl, which is their lowest closing level of 2024 so far, and also marks their worst daily performance since last November. In part, that’s been driven by demand factors, including fears about a weakening US economy. But supply factors were also at play, and there was a noticeable decline in prices yesterday after Bloomberg reported that a deal could emerge to restore Libyan production again, based on comments from Sadiq Al-Kabir, the central bank governor who’d fled Libya. With the risk-off mood continuing in Asian hours, oil prices are down another several tenths overnight with WTI falling below $70/bbl.

Over in Europe, markets followed a similar if milder pattern as the US, trading in line with the broader risk-off tone at the time of the close. That meant the STOXX 600 (-0.97%) lost ground for a second day running, with the index also posting its worst daily performance since August 5. Interestingly though, we did get comments from Lithuania’s central bank governor Simkus, who referred to an October rate cut after September as “quite unlikely”. So that offered some pushback against those expecting rate cuts might happen more than once per quarter. Market pricing was reflective of that, with the chance of an October rate cut down to 34% yesterday. Even so, sovereign bonds still rallied in line with the global trend, and yields on 10yr bunds (-5.9bps), OATs (-3.6bps) and BTPs (-3.3bps) all fell back.

The risk sell-off is continuing in the Asian session with Japan’s Nikkei (-3.31%) leading losses in the region after slightly recovering from an initial -4.04% drop while the KOSPI (-2.67%) is also trading noticeably lower. Elsewhere, the Hang Seng (-1.06%) is also edging lower after sliding to its lowest in three weeks with the CSI (-0.31%) and the Shanghai Composite (-0.48%) also trading in the red, but marching to their own beat as they have done for most of this year.

Early morning data showed that China’s Caixin services PMI for August expanded at a slower rate compared to July, with the index falling to 51.6 (v/s 51.8 expected) from 52.1. Australia’s second quarter GDP growth slowed to +1.0% y/y (v/s +0.9% expected), the weakest annual pace since the 1990’s recession, outside of the Covid-19 pandemic period. It followed an upwardly revised gain of +1.3% in the previous quarter.

To the day ahead now, and US data releases include the JOLTS job openings, factory orders and the trade balance for July. Meanwhile in Europe, we’ll get the final services and composite PMIs for August, and the Euro Area PPI reading for July. From central banks, the Bank of Canada will announce their latest policy decision, the Fed will release their Beige Book, and we’ll hear from the ECB’s Villeroy.

2B) European report

Equities continue to slip lower, DXY flat ahead of US JOLTS & JPY gains – Newsquawk US Market Open

Wednesday, Sep 04, 2024 – 06:13 AM

• Equities are entirely in the red, continuing the risk-off sentiment seen in the prior session
• Dollar is flat ahead of US JOLTS Job Openings, haven currencies benefit from risk tone
• Bonds are incrementally firmer, taking impetus from the subdued risk sentiment; EZ/UK PMIs had little impact on the complex
• Crude slumped in early European trade, but has since bounced on China support measures, XAU and base metals lower
• Looking ahead, US International Trade, US Durable Goods, JOLTS Job Openings, BoC & NBP Policy Announcement, ECB’s Elderson; BoC Governor Macklem & Rogers

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EUROPEAN TRADE

EQUITIES

• European bourses, Stoxx 600 (-1%) began the session significantly lower, taking impetus from a weak APAC session overnight as it continued the AI-led pressure seen on Wall St. on Tuesday. Thereafter, sentiment gradually improved, but remains firmly in the red.
• European sectors are entirely in the red; Food Beverage and Tobacco takes the top spot, whilst Tech is the clear laggard. The likes of ASML opened lower by around 6%, playing catch-up to the NVIDIA weakness seen on Tuesday.
• US Equity Futures (ES -0.3%, NQ -0.5%, RTY -0.2%) are on the backfoot, continuing the NVIDIA-led weakness seen in the prior session, as risk sentiment continues to remain subdued.
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• Dollar is flat and trading within a fairly busy 101.57-73 range; currently within the confines of the prior day’s range. Today see’s US JOLTS job openings data.
• EUR is incrementally firmer and trading towards the upper end of today’s 1.1039-62 range, and generally unmoved by a number of ECB speakers. EZ Composite Final PMIs were revised marginally lower, but ultimately had little impact on the Single-Currency.
• GBP is flat and holds within a tight 1.3102-27 range. Cable holds well within the confines of the prior day’s fairly wide 1.3088-3148 range; the docket ahead remains thin from a UK-specific standpoint.
• JPY is firmer today, largely attributed to its safe haven status, given the continued slump in risk sentiment; price action which is largely a continuation of the hefty pressure seen in USD/JPY in the prior session. USD/JPY towards the mid-point of a 144.76-145.56 range.
• The Antipodeans are the slight laggards vs G10 peers, weighed on by the continued risk-off sentiment seen across markets. Alongside this, Chinese Caixin Services PMIs was weaker than the prior, adding to the already weak Chinese demand narrative.
• PBoC set USD/CNY mid-point at 7.1148 vs exp. 7.1167 (prev. 7.1112)
• Click for a detailed summary
• Click for NY OpEx Details

FIXED INCOME

• USTs are slightly firmer ahead of US JOLTS Job Openings, which marks the first jobs release ahead of ADP and NFP throughout the week. Currently, toward the mid-point of 114-00+ to 114-09 bounds, eclipsing yesterday’s best.
• Bunds are bid given the general risk tone. A busy morning of data and ECB speak but nothing that has sparked any real price action. Bunds have run into a bit of resistance around the 134.37 peak, with the 28th Aug. high just above at 134.39.
• Gilts are firmer, in-fitting with the above. UK Final PMIs were subject to modest upward revisions, but in-fitting with EZ metrics sparked no reaction. Gilts holding at Tuesday’s 99.25 WTD peak.
• Germany sells EUR 0.438bln vs exp. EUR 0.5bln 1.00% 2038 Bund & EUR 0.818bln vs exp. 1bln 2.60% 2041 Bund.
• Click for a detailed summary

COMMODITIES

• Crude in the red once again. In short, the price action is a continuation of the moves on Tuesday which were driven by Libya/returning of various refineries/risk tone with further pressure coming from soft Chinese PMIs. Benchmarks are currently off lows amid reports that China is planning to cut mortgage rates. Brent‘Nov holds around USD 73.85/bbl, after going as low as USD 72.63/bbl.
• Spot gold is in the red, slipping further from the USD 2500/oz mark despite the downbeat risk tone with the JPY once again outmuscling XAU; currently down to a USD 2480/oz low, just below the 21-DMA at USD 2483/oz.
• Base metals are trading on the backfoot, in-fitting with the general tone. 3M LME Copper continues to fall below the USD 9k mark.
• Russia’s Deputy Energy Minister Sorokin, says global LNG demand may rise to 580-600mln tons per year in the next few years; Western sanction against Russia will not halt development of LNG sector.
• Teamsters at Marathon Petroleum’s Detroit refinery (140k bpd) go on strike on Sept 4th.
• Click for a detailed summary

NOTABLE DATA RECAP

• Spanish Services PMI (Aug) 54.6 vs. Exp. 54.5 (Prev. 53.9)
• German HCOB Composite Final PMI (Aug) 48.4 vs. Exp. 48.5 (Prev. 48.5); HCOB Services PMI (Aug) 51.2 vs. Exp. 51.4 (Prev. 51.4)
• French HCOB Composite PMI (Aug) 53.1 vs. Exp. 52.7 (Prev. 52.7); Services PMI (Aug) 55.0 vs. Exp. 55.0 (Prev. 55.0)
• Italian HCOB Composite PMI (Aug) 50.8 (Prev. 50.3); HCOB Services PMI (Aug) 51.4 vs. Exp. 52.6 (Prev. 51.7)
• EU HCOB Composite Final PMI (Aug) 51.0 vs. Exp. 51.2 (Prev. 51.2); Services Final PMI (Aug) 52.9 vs. Exp. 53.3 (Prev. 53.3)
• UK S&P Global PMI: Composite – Output (Aug) 53.8 vs. Exp. 53.4 (Prev. 53.4); Service PMI (Aug) 53.7 vs. Exp. 53.3 (Prev. 53.3)
• EU Producer Prices YY (Jul) -2.1% vs. Exp. -2.5% (Prev. -3.2%, Rev. -3.3%); Producer Prices MM (Jul) 0.8% vs. Exp. 0.3% (Prev. 0.5%, Rev. 0.6%)

NOTABLE EUROPEAN HEADLINES

• ECB’s Kazaks said the ECB can take steps to lower rates at the next meeting; pace of wage growth is slowing; says we can lower rates but must remain cautious.
• ECB’s Cipollone said investment remains weak, which suggest that firms do not believe a strong recovery, via Le Monde; broadly on track to for inflation; data so far confirms our direction of travel and hopes that this will allow the ECB to continue to be less restrictive. Adds, there is a real risk that the stance could become too restrictive.
• ECB’s Stournaras says even with more rate cuts policy will remain restrictive.
• German economy is seen contracting 0.1% in 2024 (prev. forecast +0.2%), via IFW/Kiel; 2025 0.5% (prev. forecast 1.1%)
• Volkswagen (VOW3 GY) CFO sees industry-wide demand in Europe 2mln cars below peak; Europe’s car market will not return to former size; its Europe overcapacity is 500k cars or two plants. Needs to increase productivity and reduce costs/reduce complexity.
• UK banking representatives are expected to meet Chancellor Reeves in the coming days to discuss concerns over a possible increase in bank taxes, via Reuters citing sources; sources expect the Treasury will seek to increase an existing surcharge on profits

NOTABLE US HEADLINES

• NVIDIA (NVDA) has received a DoJ subpoena in escalating antitrust investigation, according to Bloomberg. NVIDIA (NVDA) responded to the DoJ subpoena and said customers can choose whatever solution is best.
• TSMC (2330 TT) exec. says there are good opportunities for growth from AI.
• Intel (INTC) money woes throw Biden team’s chip strategy into turmoil, via Bloomberg

GEOPOLITICS

MIDDLE EAST

• “Estimates that Washington will present its new plan for the exchange deal by Friday”, according to Sky News Arabia citing Walla News.
• Israeli Broadcasting Authority said Israeli officials informed mediators of Tel Aviv’s approval to withdraw from the Philadelphi corridor in the second phase of the deal, via Sky News Arabia.
• “US military announces destruction of Houthi missile system in area under their control in Yemen”, according to Sky News Arabia.

RUSSIA-UKRAINE

• Ukraine’s air defence engaged in repelling the second wave of Russian air attacks on Kyiv overnight, according to the country’s military; engaged in repelling a drone attack on the western city of Lviv, near the Polish border.
• Poland activated aircraft to ensure airspace security for the third time in eight days after Russia launched strikes on Ukraine, according to Polish armed forces.
• Russia’s Kremlin said Russia takes into account that Ukraine “will” use US long-range weapons in its attacks deep into Russian territory.
• Russia’s Kremlin said work on changing Russia’s nuclear doctrine is caused by actions of the West, according to Ria.

OTHER

• Russia and China are working on President Xi’s participation in the BRICS summit in Russia’s Kazan, according to Ria.

CRYPTO

• Bitcoin continues to slip, amid the risk-off sentiment; BTC now below USD 57k, whilst ETH holds around USD 2.4k.

APAC TRADE

• APAC stocks traded with losses across the board following the dire session on Wall Street, which saw a tech rout led by downside in chips, with a similar picture seen in APAC with the likes of SK Hynix opening lower by over 9%.
• ASX 200 saw losses led by miners and tech following a similar sectoral picture stateside, whilst the downside was somewhat cushioned by heavyweight healthcare and telecoms. The index extended on losses after the QQ GDP miss.
• Nikkei 225 felt a double-whammy from the tech-led downside coupled with the stronger JPY, with the index slipping under 38k and eventually 37k from a 38,728.50 close on Tuesday.
• Hang Seng and Shanghai Comp also fell victim to the regional losses, with the former seeing its large-cap oil names with the deepest losses, whilst the mainland saw shallower losses. Caixin Services PMI deteriorated, but accompanying commentary was rosier.

NOTABLE ASIA-PAC HEADLINES

• Bank of America cut its 2024 China GDP forecast to 4.8% (prev. 5.0%).
• Japan’s Chief Cabinet Secretary Hayashi said closely watching domestic and overseas market moves with a sense of urgency; will conduct fiscal and economic policy management while working closely with BoJ; Important to make assessment of market moves calmly.
• PBoC injected CNY 700mln via 7-day Reverse Repo at a maintained rate of 1.70%
• China August prelim retail car sales -1% Y/Y, via PCA; +11% M/M.
• China mulls cutting mortgage rates in two steps to shield banks, via Bloomberg citing sources; regulators have proposed reducing rates on outstanding mortgages by a total of 80bpsPart of a package incl. an accelerated timeline for when mortgages become eligible for refinancing.

DATA RECAP

• Chinese Caixin Services PMI (Aug) 51.6 (Prev. 52.1); Compose 51.2 (Prev. 51.2); Caixin said “Market optimism was retained. Businesses expressed confidence in further market improvement, keeping the corresponding gauge in positive territory. But it was still below the historical average, indicating the optimistic sentiment needed to be strengthened.”
• Australian Real GDP QQ SA (Q2) 0.2% vs. Exp. 0.3% (Prev. 0.1%)
• Australian Real GDP YY SA (Q2) 1.0% vs. Exp. 1.0% (Prev. 1.1%, Rev. 1.3%)
• Australian GDP Chain Price Index (Q2) -0.9% (Prev. 0.8%)
• Australian Final Consumption Exp QQ SA (Q2) 0.3% (Prev. 0.6%)
• Australian Gross Fixed Capital Exp SA (Q2) -0.1% (Prev. -0.9%)
• Australian Judo Bank Composite PMI Final (Aug) 51.7 (Prev. 51.4)
• Australian Judo Bank Services PMI Final (Aug) 52.5 vs. Exp. 52.2 (Prev. 52.2)
• Australian AIG Manufacturing Index (Aug) -30.8 (Prev. -19.5)
• Australian AIG Construction Index (Aug) -38.1 (Prev. -23.2)

2C) ASIAN REPORT

Typical risk-off sentiment seen as APAC stocks slip overnight – Newsquawk Europe Market Open

Wednesday, Sep 04, 2024 – 01:47 AM

• US stocks slumped on return from the Labor Day weekend with the Nasdaq underperforming amid a pronounced weakness in the tech sector.
• The Tech losses were led by downside in chips, with AI-darling NVIDIA (NVDA) falling 9.5% in the first trading session of September, before shedding another 2.4% after-market on a DoJ subpoena.
• APAC stocks traded with losses across the board following the dire session on Wall Street, which saw a tech rout led by downside in chips, with a similar picture seen in APAC with the likes of SK Hynix opening lower by over 9%.
• European equity futures are indicative of a lower open with the Euro Stoxx 50 future -1.3% after cash closed -1.2% on Tuesday.
• Looking ahead, highlights include EZ, UK PMIs (F), US International Trade, US Durable Goods, JOLTS Job Openings, BoC & NBP Policy Announcement, ECB’s Elderson; BoC Governor Macklem & Rogers, and Supply from Germany. Earnings from Direct Line, Barratt Developments, Dollar Tree, Hewlett Packard, Hormel Foods
• Click here for the Newsquawk Week Ahead.

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1. Subscribe to the free premarket movers reports

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US TRADE

EQUITIES

• US stocks slumped on return from the Labor Day weekend with the Nasdaq underperforming amid a pronounced weakness in the tech sector. The Tech losses were led by downside in chips, with AI-darling NVIDIA (NVDA) falling 9.5% in the first trading session of September, before shedding another 2.4% after-market on a DoJ subpoena.
• Energy and Communication names also underperformed, while the defensive sectors, Consumer Staples, Real Estate, and Utilities outperformed.
• SPX -2.12% AT 5,529, NDX -3.15% at 18,959, DJIA -1.51% at 40,937, RUT -3.09% at 2,149
• Click here for a detailed summary.

NOTABLE HEADLINES

• NVIDIA (NVDA) gets DoJ subpoena in escalating antitrust investigation, according to Bloomberg. NVIDIA (NVDA) responded to the DoJ subpoena and said customers can choose whatever solution is best.
• A Telegraph poll of swing states predicts for the first time that Harris will win the US Presidential Election.
• Atlanta Fed GDPnow (Q3): 2.0% (prev. 2.5%).

APAC TRADE

EQUITIES

• APAC stocks traded with losses across the board following the dire session on Wall Street, which saw a tech rout led by downside in chips, with a similar picture seen in APAC with the likes of SK Hynix opening lower by over 9%.
• ASX 200 saw losses led by miners and tech following a similar sectoral picture stateside, whilst the downside was somewhat cushioned by heavyweight healthcare and telecoms. The index extended on losses after the QQ GDP miss.
• Nikkei 225 felt a double-whammy from the tech-led downside coupled with the stronger JPY, with the index slipping under 38k and eventually 37k from a 38,728.50 close on Tuesday.
• Hang Seng and Shanghai Comp also fell victim to the regional losses, with the former seeing its large-cap oil names with the deepest losses, whilst the mainland saw shallower losses. Caixin Services PMI deteriorated, but accompanying commentary was rosier.
• US equity futures continued to edge lower after the slump seen during Wall Street hours, which saw no obvious catalysts.
• European equity futures are indicative of a lower open with the Euro Stoxx 50 future -1.3% after cash closed -1.2% on Tuesday.

FX

• DXY traded within tight ranges after the index edged higher on Wall Street after the US ISM Manufacturing data, but closed off best levels and around mid-range of a 101.58-91 Tuesday parameter.
• EUR/USD saw flat trade currency took a breather from the prior day’s volatility, which saw the pair fall from a 1.1072 peak to a 1.1025 low before closing at 1.1043.
• GBP/USD experienced another uneventful overnight session amid a lack of pertinent catalysts for the GBP. The pair briefly lost 1.31+ status on Tuesday to print a 1.3084-1.3149 range. The pair found support at 1.3100 overnight.
• USD/JPY held a downward bias as JPY stood as the outperformer, with APAC traders reacting to Tuesday’s strength alongside the slide in US bond yields. Additionally, the broader risk aversion kept demand for the JPY ample.
• Antipodeans were lower as the soured risk tone spilt over from Wall Street to APAC. AUD saw no reaction to mixed PMI and AIG data, whilst GDP ultimately led to a couple of upticks, albeit at a time when risk was coming off worst levels. Meanwhile, newsflow for the Kiwi has been quiet, with the currency moving in tandem with risk.
• PBoC set USD/CNY mid-point at 7.1148 vs exp. 7.1167 (prev. 7.1112)

FIXED INCOME

• 10-year UST futures held an upward bias amid the APAC risk aversion after T-notes rallied across the curve on Tuesday despite record corporate issuance with peaks seen after the headline ISM Manufacturing PMI and Construction Spending missed estimates.
• Bund futures posted mild gains due to broader debt demand during risk aversion, with traders also looking forward to a dual Bund auction (1.0% 2038 and 2.6% 2041) during the Wednesday European session.
• 10-year JGB futures played catchup to the bond action in western counterparts on Tuesday, with the contract rising from a 144.36 low to a 144.88 peak.

COMMODITIES

• Crude futures saw another session after Tuesday’s slide was driven by a slew of bearish catalysts, such as Libya headlines and refineries coming back online. In addition, the continued downbeat sentiment regarding sluggish growth in China remains, following the latest batch of economic data. No move was seen on the Caixin Services PMI.
• Spot gold was flat and resided in a narrow range and well within Tuesday’s volatile USD 2,472.60-2,506.19/oz parameter.
• Copper futures took a breather after yesterday’s slide which saw 3M LME prices under USD 9,000/t, with the contract trading on either side of the psychological level overnight.
• Libya legislative bodies agree to appoint a central bank governor within 30 days following UN-sponsored talks, via a statement from representatives of legislative bodies.
• Goldman Sachs highlights “that AI may eventually weigh on oil prices over the next decade by boosting oil supply”. GS sees roughly 30% of the costs of a new shale well could potentially be reduced by AI, resulting in a roughly USD 5/bbl fall in the marginal incentive price. A hypothetical AI-catalyzed 10-20% jump in the very low recovery factors of US shale could increase oil reserves by 8-20% (10-30bln bbls). GS estimate a relatively modest potential AI boost to oil demand via higher incomes of +0.7 MB/D over the next 10 years.

CRYPTO

• Bitcoin saw substantial downside volatility overnight and briefly breached USD 56k to the downside according to some vendors.

NOTABLE ASIA-PAC HEADLINES

• Bank of America cut its 2024 China GDP forecast to 4.8% (prev. 5.0%).
• Japan’s Chief Cabinet Secretary Hayashi said closely watching domestic and overseas market moves with a sense of urgency; will conduct fiscal and economic policy management while working closely with BoJ; Important to make assessment of market moves calmly.
• PBoC injected CNY 700mln via 7-day Reverse Repo at a maintained rate of 1.70%

DATA RECAP

• Chinese Caixin Services PMI (Aug) 51.6 (Prev. 52.1); Compose 51.2 (Prev. 51.2); Caixin said “Market optimism was retained. Businesses expressed confidence in further market improvement, keeping the corresponding gauge in positive territory. But it was still below the historical average, indicating the optimistic sentiment needed to be strengthened.”
• Australian Real GDP QQ SA (Q2) 0.2% vs. Exp. 0.3% (Prev. 0.1%)
• Australian Real GDP YY SA (Q2) 1.0% vs. Exp. 1.0% (Prev. 1.1%, Rev. 1.3%)
• Australian Real GDP YY SA (Q2) 1.0% vs. Exp. 1.0% (Prev. 1.1%)
• Australian GDP Chain Price Index (Q2) -0.9% (Prev. 0.8%)
• Australian Final Consumption Exp QQ SA (Q2) 0.3% (Prev. 0.6%)
• Australian Gross Fixed Capital Exp SA (Q2) -0.1% (Prev. -0.9%)
• Australian Judo Bank Composite PMI Final (Aug) 51.7 (Prev. 51.4)
• Australian Judo Bank Services PMI Final (Aug) 52.5 vs. Exp. 52.2 (Prev. 52.2)
• Australian AIG Manufacturing Index (Aug) -30.8 (Prev. -19.5)
• Australian AIG Construction Index (Aug) -38.1 (Prev. -23.2)

GEOPOLITICS

MIDDLE EAST

• “Estimates that Washington will present its new plan for the exchange deal by Friday”, according to Sky News Arabia citing Walla News.
• Israeli Broadcasting Authority said Israeli officials informed mediators of Tel Aviv’s approval to withdraw from the Philadelphi corridor in the second phase of the deal, via Sky News Arabia.
• “US military announces destruction of Houthi missile system in area under their control in Yemen”, according to Sky News Arabia.

RUSSIA-UKRAINE

• Ukraine’s air defence engaged in repelling the second wave of Russian air attacks on Kyiv overnight, according to the country’s military; engaged in repelling a drone attack on the western city of Lviv, near the Polish border.
• Poland activated aircraft to ensure airspace security for the third time in eight days after Russia launched strikes on Ukraine, according to Polish armed forces.
• Russia’s Kremlin said Russia takes into account that Ukraine “will” use US long-range weapons in its attacks deep into Russian territory.
• Russia’s Kremlin said work on changing Russia’s nuclear doctrine is caused by actions of the West, according to Ria.

OTHER

• Russia and China are working on President Xi’s participation in the BRICS summit in Russia’s Kazan, according to Ria.
• US will lead a delegation to Xiangshan Forum in Beijing, according to Chinese state media.
• Russia’s Kremlin does not expect fundamental changes after the US election.

EU/UK

NOTABLE HEADLINES

• ECB’s Nagel said the great wave of inflation is over, but he will not commit in advance on whether he will vote for an interest rate cut in September, via Faz.
• ECB’s Kazaks said the ECB can take steps to lower rates at the next meeting; pace of wage growth is slowing; says we can lower rates but must remain cautious.
• ECB’s Cipollone said investment remains weak, which suggest that firms do not believe a strong recovery, via Le Monde; broadly on track to for inflation; data so far confirms our direction of travel and hopes that this will allow the ECB to continue to be less restrictive. Adds, there is a real risk that the stance could become too restrictive.

DATA RECAP

LATAM

• Chilean Interest Rate (Sep) 5.5% vs. Exp. 5.5% (Prev. 5.75%); decision unanimous.

2D JAPAN

The Yen carry trade continues to blow up: Nikkei down 1600 points or 4.14% while the yen rose to 144 to the dollar

(Sor)

The stock market chaos sparked by the yen last month could resume as rates rise in Japan, SocGen says

Jennifer Sor 

Sep 3, 2024, 1:13 PM EDTShare

The stock market’s chaotic yen carry trade unwind that fueled the worst sell-off in two years in August may not be over, according to Societe Generale.

The European bank pointed to the likelihood that Japan’s central bank would continue to raise interest rates, a development that rocked markets in early August.

Investors panicked after the Japanese central bank issued a surprise rate hike in late July. The move sparked an unwind of the yen carry-trade, a popular strategy in which investors borrowed money at ultra-low rates in Japan to deploy in other assets, like US stocks.

The effects of that sell-off have subsided, with the major US indexes more than recovering their losses over the past month. But more turbulence could lay ahead as rates in Japan look poised to “normalize” after decades of deflation, according to SocGen global strategist Albert Edwards.

Japan’s economy is also flashing promising signs that another rate increase is in order. Wage growth in Japan just surpassed wage growth in the US for the first time in over two decades, Edwards noted.

“We have always exhorted our readers to watch Japan closely as it has consistently been a forerunner of major market moves,” Edwards said in a note to clients on Tuesday. “Any normalisation of Japanese interest rates would have a major market impact — not just in the short term (by unwinding the yen carry trade) but also in the longer term as higher Japanese interest rates would curtail the exporting of investment flows,” he later added.

Some investors have already seized on that possibility, with a significant number of investors closing their short positions in the yen over the past few months. Net open interest rose in August, according to SocGen data, which indicates that most investors are no longer shorting the Japanese currency.

The US economic outlook, meanwhile, looks rocky, Edwards said, which could hurt US stocks. He pointed to softness in the US labor market over the past year and declining earnings optimism in the tech sector, which has accounted for the bulk of S&P 500 returns in recent years.

“Might the yen carry trade still have legs? We’ll need to keep a close eye on the other side of the yen carry trade, where a tech price decline can also unwind the trade. We’re watching falling US tech EPS optimism closely,” Edwards added.

Edwards has been calling for a recession and a stock market crash in the US for months, even as many economists say that the economy generally remains on solid footing. GDP blew past expectations for the second quarter while inflation continued to cool. Hiring, meanwhile, remains positive, with the unemployment rate rising, but remaining close to multi-decade lows in July.

3 CHINA

CHINA/

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

GERMANY/MIGRANTS

“I Will Kill You And Your Families” – Somali Migrant Stabs German Man In The Neck, 30 Police Officers Make Arrest

(RE MIX)

Wednesday, Sep 04, 2024 – 02:00 AM

By Remix News

In yet another knife attack involving a foreigner, a Somali man stabbed a 46-year-old man in the neck outside a supermarket in the small town of Waltershausen. Thirty police officers arrived on scene and took him into custody.

At 5:30 p.m., the incident started with the 27-year-old Somali man purposefully coughing on customers at random inside the “Netto” discount supermarket. He then began threatening them and randomly entering into arguments with various customers.

When a 46-year-old man asked the Somali man to stop, the Somali man allegedly threatened to kill him. The victim then told the Somali to calm down, at which point the Somali stabbed him in the neck, according to the Welt newspaper.

🇩🇪‼️ "Germany is no longer a safe country… The migration crisis is first and foremost a crime crisis."

German police union (DPoIG) chairman Manuel Ostermann makes a major statement following the Solingen terror attack by a Syrian Islamist. pic.twitter.com/ZolmrLnMHa

— Remix News & Views (@RMXnews) August 28, 2024

The victim was able to evade the attacker, thus preventing further stab wounds, and other witnesses nearby intervened to stop the Somali. The victim was able to escape with only minor injuries, despite suffering a stab wound to the neck.

The incident triggered a major police operation, with 30 police officers arriving on scene to arrest the Somali man, who was intoxicated. He is now being charged with attempted manslaughter, violent disorder, and threats. He is known for previous crimes as well and has convictions on his record.

“The accused reportedly said to the victim and other people, ‘I will kill you and your families.’ He is then said to have stabbed the victim in the neck with a knife and knowingly accepted his death,” said a public prosecutor.

He faces 15 years in prison.

The small town, which is 50 kilometers west of Erfurt in the eastern state of Thuringia, is one of the strongholds of the Alternative for Germany (AfD) party in the country. Over the weekend, the AfD won the elections in the state, scoring the first victory for a right wing party in Germany since World War 2.

The stabbing attack follows a wave of knife crimes involving migrants, including the Solingen knife attacks which killed three Germans at the Festival of Diversity a week ago. Foreigners now account for a record share of violent crimes in the country, as per government statistics from 2023.

🇩🇪 Germans say they're "shocked" about the mass stabbing by a Syrian national at the "Festival of Diversity" in Solingen.

But there is nothing to be shocked about. Knife crime in Germany is soaring, predominately due to mass immigration.

That is a statistical fact. pic.twitter.com/NWAxJp2gBe

— Remix News & Views (@RMXnews) August 28, 2024

END

GERMANY

Germany Resumes Deportations To Afghanistan

Wednesday, Sep 04, 2024 – 04:15 AM

Germany deported 28 Afghan nationals charged with criminal acts to Kabul, Afghanistan on Friday morning, marking the first time it has happened since the Taliban came into power in 2021.

You will find more infographics at Statista

As Statista’s Anna Fleck reports, according to the news magazine Der Spiegel, negotiations for the deportation had been underway for the past two months, with Qatar acting as a mediator.

Human rights group Amnesty International has condemned the deportation, stating that “nobody is safe in Afghanistan”, where extrajudicial executions, enforced disappearances and torture are known to take place.

end

5/RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL//HEZBOLLAH

Hezbollah pounds Galilee with over 70 rockets, causing heavy damage but no injuries

Home in Kiryat Shmona takes direct hit, with owner saying his parents’ home was hit when he was a kid; firefighters tackle blazes sparked by rockets

By Emanuel Fabian Follow
and ToI StaffToday, 4:33 pm

•  1

Israeli security forces at the scene where a missile fired from Lebanon hit a home in the northern city of Kiryat Shmona, September 4, 2024. (Ayal Margolin/Flash90)

Dozens of rockets were fired from Lebanon at northern Israel on Wednesday, sparking fires and causing damage but no injuries, authorities said.

Within an hour, some 65 rockets were launched from Lebanon at the Galilee Panhandle area, according to the Israel Defense Forces.

Several rockets impacted the northern city of Kiryat Shmona, causing damage to at least one home, local authorities said.

The IDF said some of the rockets were intercepted by air defenses. Others hit open areas, sparking fires.

The Iran-backed Lebanese terror group Hezbollah took responsibility for the barrage, claiming to have targeted Israeli military positions.

Later in the day, one projectile was fired from Lebanon at the border community of Shtula, and another five rockets were launched at Zar’it in the Western Galilee, according to the IDF.

There were no injuries in the attacks, also claimed by Hezbollah.

The Iron Dome air defense system intercepts rockets fired from Lebanon at northern Israel, September 4, 2024. (Ayal Margolin/Flash90)

Israeli fighter jets struck also Hezbollah rocket launchers in southern Lebanon Kounine and Qabrikha, which were used in previous attacks on Israel, the IDF said.

דובר צה"ל:

במהלך היום, מטוסי קרב של חיל האוויר תקפו משגרים של ארגון הטרור חיזבאללה במרחבים כונין וקבריח'א שבדרום לבנון, אשר ביצעו ירי לעבר שטח מדינת ישראל.

בהמשך להתרעות שהופעלו בשעה 13:40 במרחב שתולה, זוהה שיגור בודד שחצה משטח לבנון ונפל בשטח פתוח, אין נפגעים pic.twitter.com/hDnc0eTI95

— צבא ההגנה לישראל (@idfonline) September 4, 2024

Eliezer Peretz, whose home was struck by a rocket, told the Walla news outlet that he had been in the northern city of Safed, where he runs a market stall, when he received a call from the Kiryat Shmona Municipality telling him that his home had taken a direct hit.

Peretz said he had still not seen the damage but that officials told him it was heavy.

“This is really hard,” Peretz said, explaining that it was a brand new home for him and his family.

“My wife and I put a lot of energy and money into it,” he said. “This is a really harsh situation and you can’t get used to it.”

“The important thing is that we are healthy and well,” he said. “What was destroyed we will rebuild.”

As a child growing up in the city, he said his parents’ home had also been hit by a rocket from Lebanon.

“I grew up in this reality,” he said.

The Peretz family, along with the rest of Kirya Shmona, was evacuated to a hotel in Tiberias when fighting in the north started last year. Tens of thousands of northern residents were moved to safer areas and have still not returned to their homes.

Security forces at the scene where a missile fired from Lebanon hit an open area near the northern city of Kiryat Shmona, September 4, 2024. (Ayal Margolin/Flash90)

Since October 8, Hezbollah-led forces have attacked Israeli communities and military posts along the border on a near-daily basis, with the group saying it is doing so to support Gaza amid the war against the Hamas terror group there. More than 8,000 rockets have been fired at Israel from Lebanon since the start of the war.

So far, the skirmishes have resulted in 26 civilian deaths on the Israeli side, as well as the deaths of 20 IDF soldiers and reservists. There have also been several attacks from Syria, without any injuries.

Hezbollah has named 432 members who have been killed by Israel during the ongoing skirmishes, mostly in Lebanon but some also in Syria. Another 76 operatives from other terror groups, a Lebanese soldier, and dozens of civilians have also been killed.

War in Gaza erupted when the Palestinian terror group Hamas led a devastating cross-border attack on Israel that killed 1,200 people, mostly civilians. The 3,000 terrorists who burst into the country also abducted 251 people who were taken hostage to Gaza.

Israel responded with a military campaign to destroy Hamas, topple its Gaza regime, and rescue the hostages.

International mediators are striving to reach a ceasefire and hostage deal between Israel and Hamas. Ending the fighting in Gaza is seen as a key step toward calming the situation in the north, where the spiraling violence has stoked fears it could explode into a full-blown war.

END

ISRAEL WEST BANK

END

ISRAEL/HAMAS

US charges are important step to bring Hamas to justice – analysis

In a groundbreaking move, the US Department of Justice has unsealed terrorism charges against top Hamas officials. How will this impact Hamas’ operations and international standing?

By SETH J. FRANTZMANSEPTEMBER 4, 2024 02:56Updated: SEPTEMBER 4, 2024 03:14

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fisrael-hamas-war%2Farticle-818647&unitId=2900003088&userId=0984023a-6fcf-4b29-a5e6-1be85cfd6d0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20240828_aa58502ae1cec0b423231b3c29f1de933d781cfc&useBunnyCDN=0&themeId=140&unitType=tts-player

The US charges against key senior figures in Hamas are a key step in bringing Hamas leaders to justice and revealing the terrorist group’s crimes. The US Department of Justice announced that it was “unsealing of terrorism, murder conspiracy, and sanctions-evasion charges against six senior leaders of Hamas, a designated foreign terrorist organization” on September 3.

This is an important step because it marks a turning point in the public effort to bring Hamas to justice. While the US and other Western countries may have been working behind the scenes for almost eleven months since the October 7 attack, this unsealing of public charges will make it harder for Hamas to escape justice. Hamas has been playing since October 7. It had hoped that Qatar and Egypt might help it broker a deal. It had been using hostages to get this deal. However, it recently murdered six hostages, including an American citizen.

Hamas believed it could kill the hostages because it had already murdered more than 1,000 people, including numerous Americans, on October 7. Hamas leaders have been residing in Doha, Qatar. Qatar is an American “major non-NATO ally.” Former Hamas leader Khaled Mashaal recently gave a speech to a conference in Istanbul calling for more attacks on Israel. Istanbul is in Turkey, a member of NATO. Hamas believed that it had protection from Turkey and Qatar and that because of this it could commit a massacre of people in Israel, and murder hostages and that there would be no charges. It believed this because it had carried out numerous murderous bombings in the 1990s and early 2000s, and its leaders were never charged. Furthermore, Hamas leaders were welcomed in Doha in 2012, and Qatar became a major non-NATO ally of the US, meaning Hamas believed that its patrons in Doha were being rewarded for hosting it.

After October 7, Hamas members in Doha openly called for more attacks. They also flew back and forth to Turkey, Iran, Russia, and China to coordinate efforts against Israel. They believed Israel was isolated. They murdered the six hostages; Hersh Goldberg-Polin, Eden Yerushalmi, Ori Danino, Alex Lobanov, Carmel Gat, and Almog Sarusi, and assumed there would be no consequences. What Hamas did not expect is that the US Department of Justice had a sealed series of charges and that the US was just waiting to release it.

The US has now openly said that Hamas is responsible for planning, supporting, and Perpetrating the October 7 massacre and that Hamas murdered over 40 American citizens. Hamas may now be learning what Osama Bin Laden and Abu Baqr al-Baghdadi, leaders of Al Qaeda and ISIS, learned in the past. They thought they could murder thousands and get away with it. However, both of them found out that the US does not forget. They were both hunted down.

The US has indicted a number of Hamas members that Israel already killed. These include Mohammed Deif, Marwan Issa and Ismail Haniyeh. However, the charges the US unsealed also include Yahya Sinwar, Khalad Mashaal and Ali Baraka. The US Department of Justice notes that  Mashaal is “effectively responsible for Hamas’ official presence outside of the Gaza Strip and the West Bank. Mashaal is based principally in Qatar.” This is calling out Qatar, and now, every time Doha is praised by the US for its role in ceasefire talks, it is worth mentioning that the US is seeking to arrest Mashaal, who lives in Doha. Furthermore, Ali Baraka, a Hamas leader in Beirut, is now also being called out. The US says he is “Hamas’ head of National Relations Abroad since approximately 2019, and was previously Hamas’s representative in Lebanon. Baraka is based principally in Lebanon.” 

The US charges against Hamas don’t leave much to the imagination. They detail its historic role in terror. They also detail ow it  has been involved in the “the murders and kidnappings of countless innocent civilians, including American citizens, which was the culmination of Hamas’s decades-long campaign of terrorism and violence against Israel and its allies, including American citizens.”

It is important the US has also singled out the murder of Hersh Goldberg-Polin. “This weekend, we learned that Hamas murdered an additional six people they had kidnapped and held captive for nearly a year, including Hersh Goldberg-Polin, a 23-year-old Israeli American. We are investigating Hersh’s murder and each and every one of Hamas’ brutal murders of Americans as an act of terrorism. The charges unsealed today are just one part of our effort to target every aspect of Hamas’ operations. These actions will not be our last.” 

The US is putting Hamas on notice. For almost eleven months Hamas had privilege. It believed it was fighting Israel and that with backing from Russia, China, Iran, Qatar and Turkey it could isolate Israel. Up until late August Hamas believed it was winning. It was hoping that it could hold out and not release hostages and that it could openly murder hostages and that its leaders would still relax in Doha, Ankara, Beirut and Ankara. That is why Hamas made videos of the six hostages it murdered and has been releasing them. Hamas believes there are no consequences to its actions. It has friends in high places, or so it believed. It has worked with international organizations over the years. It has openly placed its members in these organizations. It has used schools and shelters for terrorist purposes and tunneled under UN sites. It has used universities and hospitals. All of these exploitation of civilian institutions are war crimes and crimes against humanity. However, Hamas believed it could continue to do this without any kind of indictment on the international level.

The US decision fundamentally changed things. Israel has captured a large number of Hamas members but it has not put them on trial for October 7. Now that the US has moved forward, it may be time for Israel to also bring the Hamas members to trial so that there can be a kind of closure. This would be akin to bringing Adolf Eichmann to trial, and lead to a kind of catharsis.

---

---

Why is this important?

Public trials and criminal indictments are important because they create a public record of crimes. It makes it harder to release the criminals. It makes it harder for them to get endless deals and also jet between various western allies. Hamas members used to travel in the West. Hamas leader Mousa Mohammed Abu Marzook for instance was arrested in the US in 1995. After the trial he got to move to Jordan. He enjoyed a life of privilege in the US for a decade and he even obtained residency. This was despite the fact that Hamas was already carrying out murderous attacks. Marzook enjoyed privilege after leaving the US, giving interviews for years and being coddled by western media like other Hamas members such as Ghazi Hamid. This has been the historic method of Hamas. Hamas has always believed that it could exploit the West and use its contacts in places like Doha to fund western support. Within days of the October 7 attack, for instance, many pro-Hamas groups in the West were already mobilizing support. They praised Hamas for “resistance” and printed up posters with hangliders, praising the murder of Israelis. Even though Hamas committed the worst massacre of Jews since the Shoah, college students in the US mobilized to help rip down the posters of hostages held by the group. As the first year anniversary of October 7 approaches, many of these college groups continue to praise Hamas.

The US indictment of Hamas leaders sends a message. It says that this is not “resistance” but rather murder. “For decades, Hamas and its leadership have dedicated themselves to the eradication of the State of Israel, and to murdering, maiming, and brutalizing anyone — including dozens of Americans — who stood in their way,” US Attorney Damian Williams for the Southern District of New York said.

The US document accusing Hamas leaders of a plethora of crimes details the group’s rise and also its backing by Iran. This is a historic document. It is a major shot in the war on terror and the war to hold Hamas accountable for October 7. By releasing these charges the US is doing an important service to the cause of justice. 

END

ISRAEL/TURKEY

This is a huge escalation as Turkey is a NATO ally. It is about time that Turkey is expelled from NATO>

(the cradle)

Escalation: Turkey Announces Arrest Of Mossad Agent In Istanbul

Wednesday, Sep 04, 2024 – 03:30 AM

Via The Cradle

Turkish security officials announced on Tuesday the arrest of Liridon Rexhepi, a Kosovan national identified by the Turkish National Intelligence Organization (MIT) as the head of Mossad’s financial network in Turkey.

Citing security sources, Turkish media revealed Rexhepi “was transferring money to Mossad’s field agents in Turkiye who filmed Mossad targets with drones, led psychological operations against Palestinian politicians, and gathered intelligence about the Syrian field.”

MIT reportedly discovered Rexhepi after “detecting irregularities in his financial accounts,” which showed “countless” transfers to Mossad field agents in the country via Western Union.

During interrogation, the financier also reportedly admitted that funds from Kosovo were transferred to sources in Syria using cryptocurrencies.

Rexhepi was placed under MIT surveillance upon entering Turkey on August 25 before being detained in Istanbul last Friday in a joint operation with the Istanbul police. He was formally arrested on Tuesday.

Since the start of the year, Turkish authorities have detained and charged dozens of suspected Mossad agents, most of whom were Turkish nationals. Seven suspects were detained in January, six people were charged in March, and two others were arrested in April.

Following the January arrests, Anadolu Agency (AA) cited a prosecution document as saying the Israeli intelligence operation targeted “Palestinian nationals and their families … within the scope of the ongoing Israeli–Palestinian conflict.” In July, a Turkish prosecutor announced plans to seek up to 20 years in prison for 57 suspects charged with spying for the Mossad.

Turkish media has been showing the alleged Mossad agent’s face all day Tuesday…

📌MİT'in çalışmalarıyla MOSSAD'ın Türkiye'deki para ağını yönettiği belirlenen ve İstanbul Emniyet Müdürlüğü TEM Şubesince gözaltına alınan Liridon Rexhepi tutuklandı.#GünOrtası'nda @hulyahokenek konuğu, BAU SAM Başkanı @abdullahagar2 ile konuştu. pic.twitter.com/aafgOAo9Br

— Habertürk TV (@HaberturkTV) September 3, 2024

The indictment said the Israeli agency created a remote, online operation team through mobile applications to provide remote sources, transfer money via live couriers, and carry out tactical operations against its targets in the field.

END

ISRAEL/GREAT BRITAIN

UK betrays Israel: Arms freeze sends dangerous signal, risking security – editorial

The timing of this decision is particularly jarring.

By JPOST EDITORIALSEPTEMBER 4, 2024 05:59

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fopinion%2Farticle-817630&unitId=2900003088&userId=0984023a-6fcf-4b29-a5e6-1be85cfd6d0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20240828_aa58502ae1cec0b423231b3c29f1de933d781cfc&useBunnyCDN=0&themeId=140&unitType=tts-player

In a world increasingly defined by the struggle between democratic ideals and the forces of tyranny, the United Kingdom’s recent decision to freeze arms sales to Israel is both perplexing and deeply troubling. This decision undermines a long-standing ally and raises serious questions about the UK’s commitment to the values it professes to uphold. By suspending 30 arms contracts with Israel, the UK is, in effect, choosing to side with those who would see the only democracy in the Middle East weakened and potentially overrun by forces of extremism and terror.

The timing of this decision is particularly jarring. Israel is currently engaged in a fierce and morally justified battle against Hamas. This terrorist organization has committed heinous acts of violence, including the murder of over 1,200 people on October 7, among them 14 British citizens. These are not isolated incidents of violence but part of a larger genocidal campaign waged by Hamas with the explicit backing of Iran, a nation that has consistently called for the destruction of Israel. In this context, the UK’s decision to freeze arms sales can be seen as a betrayal of both Israel and the shared values that have historically bound the two nations together.

British Foreign Secretary David Lammy’s justification for the freeze – that it is not a blanket ban but a targeted measure aimed at preventing potential human rights violations – is both disingenuous and dangerous. It ignores the reality on the ground, where Israel has gone to extraordinary lengths to minimize civilian casualties, even as Hamas cynically uses Gaza’s civilian population as human shields. The UK’s decision, based on speculation that British arms “might” be used improperly, is a slap in the face to Israel’s sovereign right to defend itself and to the IDF’s commitment to adhering to international law.

The implication

The implications of this decision extend far beyond the immediate impact on Israel’s military capabilities. By freezing arms sales, the UK is signaling to the world that it is willing to abandon its allies when the going gets tough. This is not just a question of military hardware; it is a question of moral support. Israel has always been on the front lines of the fight against terrorism and extremism, acting as a bulwark against the spread of radical ideologies that threaten not only the Middle East but the entire world. By withdrawing its support, the UK is undermining not just Israel’s security but the security of the free world.

Moreover, this decision raises uncomfortable questions about the UK’s broader foreign policy priorities. Is the UK now more concerned with appeasing Iran and the Muslim Brotherhood than with supporting a democratic ally that shares its values? Iran, after all, is the principal backer of Hamas, providing financial, logistical, and military support to a group whose stated goal is the destruction of Israel. The Muslim Brotherhood, meanwhile, has long sought to destabilize the region and spread its radical Islamist ideology. By freezing arms sales to Israel, the UK risks emboldening these forces at a time when they should be firmly opposed.

Israel is not just another country in the Middle East; it is the region’s only true democracy, with a robust legal system, free press, and a commitment to human rights that is unparalleled in the region. Israel’s struggle against Hamas is not only about defending its borders; it is about defending the values that underpin its society – values that are strikingly similar to those that the UK claims to hold dear. By turning its back on Israel, the UK is betraying an ally and betraying its own principles.

The UK’s decision to freeze arms sales to Israel is a grave mistake that must be reversed. It is a blow to the moral and strategic partnership between the two nations, and a gift to the enemies of democracy and freedom. Israel will continue its fight against Hamas with or without British arms, but the UK must decide whether it wants to stand with its ally or be swayed by the forces of appeasement and moral relativism. History will judge this decision, and the UK must ensure that it is on the right side of that judgment.

END

GLOBAL ISLAM

Global Imams Council condemns Hamas for execution of hostages

In a powerful statement, the Global Imams Council has denounced Hamas’ hostage executions, challenging extremism from within Islam.

By JERUSALEM POST STAFFSEPTEMBER 4, 2024 04:38

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fisrael-hamas-war%2Farticle-818653&unitId=2900003088&userId=0984023a-6fcf-4b29-a5e6-1be85cfd6d0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20240828_aa58502ae1cec0b423231b3c29f1de933d781cfc&useBunnyCDN=0&themeId=140&unitType=tts-player

The Global Imams Council has released a statement condemning the murder of hostages at the hands of Hamas terrorists.

The statement, which was released on the Global Imams Council’s X (previously Twitter) social media account on Sunday, September 1, 2024, referred to the actions of Hamas as ‘barbaric,’ stating, “We are deeply saddened and outraged by these heinous murders, which violate all principles of humanity, religious teachings, and international law.”

The Global Imams Council acknowledged that the targeting of civilians not only violates the laws of Islam, but the Geneva Conventions as well.

The statement, issued at the Islamic Seminary of Najaf in Iraq, held Hamas alone responsible for “the deaths and suffering of all innocent lives lost since October 7, as their actions have not only brought death and destruction upon the region but have also led to immense suffering for the Palestinian people.”

Moreover, The Global Imams Council confirmed its stance that “the regime in Iran shares equal responsibility for these tragedies, as its continued support and endorsement of Hamas’s actions perpetuate violence and instability in the region.

The Global Imams Council is an NGO that previously made waves in the Muslim world for unanimously voting to adopt the IHRA Working Definition of Antisemitism.

A call to action

The statement concluded with a heartfelt message to the families of the victims of the Israel-Hamas war, as well as a call for all religious leaders to stand against Hamas’ terror “and to work tirelessly towards a future where peace, justice, and respect for all human life are the foundations of our shared existence.

WEST BANK/ISRAEL

ISRAEL/HAMAS/

HOUTHIS/ISRAEL/GLOBE

LIBYA

END

HOUTHIS/ISRAEL/GLOBE

end

RUSSIA/UKRAINE/

Russia Attacks Military Academy In Ukraine, Leaving 51 Dead, Over 270 Injured

Wednesday, Sep 04, 2024 – 02:45 AM

Tuesday witnessed one of the single deadliest attacks of the two-and-a-half-year Russia-Ukraine war. A Russian ballistic missile slammed into a military academy in the central Ukrainian city of Poltava, leaving more than 50 people dead and injuring scores of others.

Ukraine officials said a neighboring hospital was also struck by a second missile. Authorities by the evening (local) said at least 51 people were killed amid an ongoing search and rescue operation which involves picking carefully through rubble. The number of wounded from the attacks stands at 271.

The NY Times describes, citing emergency officials, that the “missiles struck with an unforgiving quickness: The Ukrainian Defense Ministry reported that the gap between the sounding of warning sirens and the strike was so short that many people were killed on their way to shelter.”

The apparent target included cadets of the Poltava Institute of Military Communications in what marks a first in terms of targeting such a large gathering of soon to be commissioned officers.

“Dozens of people found themselves under the rubble,” Gen. Oleksandr Syrsky, commander of Ukraine’s armed forces, wrote in a statement. He added: “The aggressor country must answer for every person killed, for every life mutilated” – and further identified that two Iskander missiles were behind the strike.

The massive extent of destruction at the military institute in Poltava:

A Russian missile strike on a Military Institute of Communications building and a nearby hospital in Poltava.

At least 41 dead, over 180 injured.

People in Poltava are donating blood to help save lives.

Yeah, Zelensky has vowed to investigate the tragic incident, but this is… pic.twitter.com/L4sEKcSIkP

— Illia Ponomarenko 🇺🇦 (@IAPonomarenko) September 3, 2024

Ukraine’s defense ministry said that at the time of the strike classes and teaching was underway at the military academy. Ukrainian MP Oleksiy Goncharenko described that the cadets merely allowed a 2-minute warning by air defense sirens.

“You just imagine you’re on the sixth floor of some building and you need to run away downstairs. Is it realistic that you can do this in two minutes?” he said. “Just imagine this life and like this several times per day. We can’t continue like this. It’s just not fair.”

Pro-Ukraine pundits are in an uproar because despite the historically staggering quantity of US "aid" provided to Ukraine since 2022, the Biden Admin has yet to authorize even LONGER range strikes into Russia (Moscow?) with US munitions. They regard this as a huge betrayal https://t.co/33UqvNXt9V

— Michael Tracey (@mtracey) September 3, 2024

Meanwhile President Zelensky is pressing the West even harder to greenlight strikes on Russia far away from the border. “We talk about this every day with our partners. We persuade. We present arguments,” he said in weekend evening address.

“We need the capabilities to truly and fully protect Ukraine and Ukrainians.” Zelensky continued, “We need both the permissions for long-range capabilities and your long-range shells and missiles.”

END

UKRAINE/RUSSIA/ EUROPE/USA

Ukraine defaulting all over the place: This time on agriculture giant Cargill. The debt is 700 million dollars’

Ukraine government stops payments to Cargill on $700M debt | American Military News

https://americanmilitarynews.com/2024/09/ukraine-government-stops-payments-to-cargill-on-700m-debt/

end

ROBERT H to us:

RUSSIA UKRAINE/

Is any one home or on duty who can listen?

“Russian ambassador to Washington, Anatoly Antonov, HAS STATED PUBLICLY: “If Western weapons are used deep inside Russia, the consequences will affect both sides of the Atlantic.”

Earlier today a direct warning was HAND DELIVERED by Diplomatic courier to the White House. Do not know who is there in charge because it is not BIden. But perhaps there is someone there who still can read and understand what this means.

Any thinking person knows and understands that it is Western weapons supplied to Ukraine that are being used to target targets 1000km inside Russia and it is American ISR targeting that is being directly supplied as well as Advisers Early this morning over 700 troops were killed or wounded in a training camp in Poltava Ukraine which was hit by 2 missiles. There was a limit to be reached in killing civilians in Russia and clearly that limit has been reached. 

As for the dictator called Zelensky whose exterminatory attitude towards Ukrainians is well known in daily slaughter resulting in many a tear in graveyards if the remains return. As it is on the conflict lines the life span of a Ukrainian soldier is 4 hours. It is 3 days in Kursk. And that soon will be much shorter as that death toll exceeds 8000 troops out of 20,000 odd sent in. Most of the equipment is destroyed and those troops are basically cut off and most will die there. And you wonder why Zelensky sent his clowns to DC on a begging trip for long range weapons in addition to what has been sent? 

Meanwhile the Democratic Party in America or perhaps the party of war used by Neocons is desperately trying to cause Russia to go tactical so they do not have answer for the financial mess caused in both Europe and elsewhere. As this would allow them to cancel elections. And one should wonder why VW is looking at closing a factory in Germany? Perhaps like BASF they will look to China for refuge. Many a company is looking to make a choice in surviving and it is not about being country centric. 

In any case, we should pay attention because the Russians are not bluffing!“

end

UKRAINE/RUSSIA

scary!

Watch: Ukraine Unveils Terrifying Flamethrower Drone Which Spits Thermite

Wednesday, Sep 04, 2024 – 07:45 AM

Ukraine appears to have in its possession a new drone which spits fire. A viral battlefield video posted to the internet early this week shows the moment a Ukrainian ‘flamethrowing drone’ unleashed hot thermite on Russian defensive positions down below. Many commenters have compared it to a dragon upon viewing the clip.

A huge and terrifying flame rains down on a forested position, instantly catching bushes, shrubs, and trees on fire – presumably to flush out Russian soldiers reportedly using the location to conceal their location. The video was initially posted by the 108th Separate Territorial Defense Brigade to social media, and was captioned “Drakaris”—in reference to the dragons in the popular series “Game of Thrones”.

Thermite, which is presumably what the UAV is shooting toward Russian positions, is a mix of iron oxide and magnesium, and is able to reach 2,400 Celsius. It can instantly set alight and melt almost anything in its path. Currently, there’s speculation that this is likely some kind of improvised home-made drone apparatus which clearly has very limited time to unleash its fiery payload. One analyst, Chay Bowes, has written that “War accelerates innovation, and the Ukrainian conflict has transformed the use of drones as weapons in particular.” Watch the ‘fire-breathing’ drone in action below:

Eastern Ukraine, a Ukrainian drone drops molten thermite on a Russian-held treeline, setting it ablaze. pic.twitter.com/LWKDj3NGpz

— OSINTtechnical (@Osinttechnical) September 2, 2024

.

RUSSIA/UKRAINE

‘Foreign Instructors’ Targeted In Mass Casualty Strike On Ukraine Military Academy: Russia

Wednesday, Sep 04, 2024 – 01:50 PM

Earlier we detailed Tuesday’s Russian attack on a Ukrainian military academy in the central part of the country, which resulted in 51 people killed and over 271 wounded in what was the single deadliest attack on a gathering of Ukrainian cadets of the two-and-a-half-year long war.

On Wednesday Russia’s Defense Ministry offered an unexpected explanation, saying that its forces were targeting not only Ukrainian soldiers but their foreign instructors who were leading classes at the Poltava Institute of Military Communications, which was left utterly destroyed.

“On Sept. 3, the armed forces of the Russian Federation launched a precision strike on the 179th joint training center of the Armed Forces of Ukraine in the city of Poltava,” the Russian Defense Ministry statement began.

It said at the institute was “under the guidance of foreign instructors” and so they were targeted for elimination.

Ukraine’s defense ministry had confirmed that at the time of the large-scale daytime Iskander missile attack classes and teaching was underway at the military academy. Ukrainian MP Oleksiy Goncharenko described that the cadets merely allowed a 2-minute warning by air defense sirens

The Russian MoD statement further described that “specialists in communications and electronic warfare were trained from all parts and military units of the Ukrainian armed forces, as well as operators of unmanned aerial vehicles involved in strikes on civilian objects on the territory of the Russian Federation.”

Russia has for weeks been getting pummeled by Ukrainian cross-border drones strikes, which have especially impacted oil and gas facilities.

So in an unprecedented escalation, Russia’s military is saying the deadly strike on the military academy was fundamentally to take out foreign instructors from the West who allegedly were involved in guiding drone operations on Russian soil.

Russian state media is going so far as to call the academy located in Poltava a “NATO instructor base”…

–https://x.com/SputnikInt/status/1831273035929624600

Late last month the sprawling Kavkaz oil and petroleum storage facility in the town of Proletarsk was hit by drone strike. The resulting blaze was so extensive and fierce that it took emergency crews two full weeks to extinguish the fire.

While Ukraine and NATO have throughout the war kept tight-lipped about identifying deceased foreign fighters and instructors who died while embedded with the army, there is a high likelihood that among the casualties of the Poltava attack were British, US, or European trainers. But again, the public is not likely to find confirmation of this anytime soon. The Pentagon has also not commented on Russia’s claims.

6.COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUE

FDA Authorizes New COVID-19 Vaccine Without Clinical Data

by Tyler Durden

Tuesday, Sep 03, 2024 – 08:05 PM

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The U.S. Food and Drug Administration (FDA) has authorized a new COVID-19 vaccine from Novavax, giving Americans an alternative to shots from Moderna and Pfizer.

Novavax’s protein-based vaccine will be available soon after regulators granted emergency authorization to the Maryland-based company for the product.

FDA officials said that animal testing data supported the decision.

“Today’s authorization provides an additional COVID-19 vaccine option that meets the FDA’s standards for safety, effectiveness and manufacturing quality needed to support emergency use authorization,” Dr. Peter Marks, who directs the FDA’s Center for Biologics Evaluation and Research, said in an Aug. 30 statement.

The FDA cleared vaccines from Moderna and Pfizer that are built on messenger ribonucleic acid technology (mRNA) earlier in the month.

Critics say that the agency should not be making an assertion about safety and effectiveness in the absence of clinical trial data.

“The assertion rings hollow when FDA has not required manufacturers of the mRNA biological [products] to provide scientific evidence to the public that safety and effectiveness has been demonstrated,” Barbara Loe Fisher, co-founder and president of the National Vaccine Information Center, told The Epoch Times previously via email.

Novavax President and CEO John C. Jacobs said in a statement that the company’s vaccine showed “robust cross-reactivity against JN.1 lineage viruses” in animals.

JN.1 was displaced in the spring by KP.3 and other variants, according to sequencing performed by the U.S. Centers for Disease Control and Prevention.

The CDC estimates that KP.3 and the closely related KP.3.1.1 caused about four in 10 cases in the two weeks ending Aug. 3. The agency estimated that KP.3.1.1 became the dominant strain by the end of August.

The Pfizer and Moderna vaccines target KP.3.

FDA officials initially advised manufacturers to target JN.1 but later recommended they target KP.3.

Because Novavax’s vaccine is built on different technology, it takes longer to manufacture than the mRNA shots. Company officials told FDA advisers over the summer that they were planning to continue manufacturing a JN.1-based vaccine and believed it would perform well against KP.3 and other strains from the JN.1 lineage.

The authorization is for people aged 12 and older. People who have never received a vaccine can get two doses of Novavax’s vaccine about three weeks apart. People who have received a vaccine before can get a single dose.

The Moderna and Pfizer vaccines are available for individuals who are at least 6 months old.

The CDC is recommending vaccination for all people aged 6 months and older.

The United States ended the COVID-19 public health emergency in 2023 but extended the emergency declaration under the Public Readiness and Emergency Preparedness Act until the end of 2024. The FDA issued the emergency authorization under that authority.

COVID-19 levels have plummeted since early 2022, although data from wastewater and other sources have indicated a recent uptick.

Twenty-eight states are reporting high levels of COVID-19 and two states are reporting very high levels, based on wastewater, according to the CDC. Hospitalizations and deaths attributed to COVID-19 have also been climbing, although the numbers are far lower than the highs recorded in 2021 and 2022.

WORLD EVENTS NOTEWORTHY

END

MARK CRISPIN MILLER

DR PAUL ALEXANDER

SLAY NEWS

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Justice Ketanji Brown Jackson Declares Support for Binding Code of Ethics for Supreme CourtU.S. Supreme Court Justice Ketanji Brown Jackson has declared her support for introducing a binding code of ethics for the SCOTUS.READ MORE

Biden Claims He ‘Worked Tirelessly’ to Recover Dead Hostage While on Vacation at His Luxury Beach HouseLame-duck President Joe Biden has claimed that he “worked tirelessly” to recover the body of an Israeli-American hostage while he was on vacation in Rehobeth Beach, Delaware.READ MORE

Reporter Exposes More Lies in Tim Walz’s Public NarrativesDemocrat vice presidential nominee Tim Walz is continuing to be hung by his own petard amid increasing scrutiny over his claimed career achievements.READ MORE

Supreme Court’s Decision to Block Democrats’ Transgender Rule Is a Win for Harris, Anti-Trump Lawyer GloatsAn anti-Trump lawyer is gloating that a “surprise” Supreme Court ruling against the Democrats has created a potential opportunity for Kamala Harris’s presidential campaign.READ MORE

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US Authorities Seize Venezuelan Socialist Dictator Maduro’s Plane in Dominican RepublicThe United States federal agents have seized a plane owned by Venezuela’s socialist dictator President Nicolás Maduro, according to reports.READ MORE

Biden Says Israel’s Netanyahu Is Not ‘Doing Enough’ to Secure Deal with Hamas TerroristsPresident Joe Biden has told reporters that Israel’s Prime Minister Benjamin Netanyahu is not “doing enough” to negotiate a deal with the Hamas terrorists who control Gaza.READ MORE

Speaking Johnson Planning to Combine Voter Proof of Citizenship Requirements with Spending BillRepublican Speaker Mike Johnson is reportedly planning to combine election security measures with a short-term spending bill in order to force requirements for voters’s proof of citizenship through the House.READ MORE

National Guard Veterans Who Served with ‘Coward’ Tim Walz Blow Whistle: ‘He’s a Habitual Liar’In another major blow for Democrat presidential nominee Kamala Harris, several National Gaurd veterans who served with the vice president’s running mate Tim Walz have come forward to blow the whistle.READ MORE

EVOL NEWS

Trump considers Elon Musk for role in auditing US agencies — ‘can’t wait’ Elon responds – EVOLREAD MORE…

LATEST NEWS:

Trump considers Elon Musk for role in auditing US agencies — ‘can’t wait’ Elon responds – EVOLREAD MORE…

LATEST NEWS:

Illegal Immigrants in NYC make up ‘75% of arrests’ this month – EVOL Read more.. .BREAKING: New Hampshire Supreme Court Rules Schools May Withhold Information on Children’s Gender Transitions from Parents – EVOL Read more.. . BREAKING: Tim Walz’s motorcade gets into a crash on way to Milwaukee campaign event – EVOL Read more… Trump Asks to Delay NY Case Sentencing, Citing New Jack Smith Indictment – EVOL Read more… WATCH: Trump’s Nephew Fred Trump III Claims ‘Donald Doesn’t Give a Sh*t About Soldiers’ – EVOL Read more… WATCH: George Clooney Praises Biden for Stepping Aside as ‘Most Selfless Thing’ Since George Washington – EVOL Read more …Brazilian Supreme Court lifts VPN fines for X access – EVOL Read more.. .WATCH: Renowned pollster says Trump can trounce Harris in debate with these key questions * WorldNetDaily * by Jason Cohen, Daily Caller News Foundation – EVOL Read more…

NEWS ADDICTS

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WATCH: Trump’s Nephew Fred Trump III Claims ‘Donald Doesn’t Give a Sh*t About Soldiers’Fred Trump III, President Donald Trump’s nephew, claimed on MSNBC’s “Deadline” Monday that his uncle did not care about members of the U.S. military.READ THE FULL REPORT

WATCH: George Clooney Praises Biden for Stepping Aside as ‘Most Selfless Thing’ Since George WashingtonLiberal Hollywood actor George Clooney recently made the absurd comparison of Joe Biden to George Washington after Biden withdrew from the 2024 presidential race.READ THE FULL REPORT

MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK

7.OIL PRICES/GAS PRICES/OIL ISSUES

So Much For Sanctions: Russia Surpasses US For Gas Exports To EU

Tuesday, Sep 03, 2024 – 06:25 PM

By Liz Heflin of Rmxnews.com

From April to June, the European Union bought more than 12.7 billion cubic meters from Russia and 12.3 billion cubic meters from the United States.

Director of the Russian Department of Economic Cooperation of the Foreign Ministry, Dmitri Birichevski, says Russia now supplies 15 percent of the total volume of natural gas imported by the European Union. This despite the EU’s REPowerEU instituted back in May 2022 to shift away from Russia and cut it off from its flow of energy profits.

Birichevski noted, in particular, the fact that France imported 4.4 billion cubic meters of liquid natural gas (LNG) in the first quarter of 2024, more than double the circa 2 billion it imported in 2023.

Norway is still in first place, having supplied the EU with 23.9 billion cubic meters in Q2. Prior to its invasion of Ukraine, Russia held the top spot.

The German government maintains it no longer imports any gas from Moscow. However, many member states clearly do.

In the face of renewed demands to end Russian imports and defund Putin’s war chest, the energy policy spokesman for the Free Democratic Party (FDP) suggested that the EU “pay a fixed amount of aid and arms supplies to Ukraine for every cubic meter of imported Russian gas.“

After Hungarian FM Szijjártó’s meeting with Gazprom CEO Alexey Miller, Hungary doubles down on Russian gas, saying it is not a matter of ideology but physics. The government has repeatedly put families and households first when it comes to securing energy supply, and with the winter heating period soon upon us, Szijjártó made it clear that Hungary would not burden them with unnecessarily high prices or lack of heating. Therefore, continued collaboration with Russia for its gas supplies is unavoidable.

10:14 AM · Aug 30, 2024

·

1,025 Views

x.com/RMXnews/status/1829523156358324736

The matter of Russian gas imports has been an ongoing saga, with reports of shipments from Russia being essentially laundered through other countries and pipelines to avoid being stamped as “Russian.”

This new data comes in the face of no less than 14 sanctions packages, including the latest one adopted in June, which specifically prohibits the transit of Russian LNG.

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//

CANADA/

Bank of Canada Cuts Rates For Third Consecutive Month, Says “Expect Further Cuts”

by Tyler Durden

Wednesday, Sep 04, 2024 – 10:02 AM

While Hungary may have already ended its rate cuts as prices surge and the currency tumbles, becoming the first central bank this cycle to prematurely end its easing cycle, other central banks have a ways to go before they get there, and moments ago the Bank of Canada cuts its overnight lending rate by 25bps for the 3rd consecutive time, as all economists expected, and citing continued easing in inflationary pressures.

A redline of the latest two statements shows the bank’s reasoning for the continued rate cuts:

Commenting on the decision, BOC Governor Tiff Macklem reiterated that “it’s reasonable to expect further cuts” and that policymakers continue to assess the tension between economic weakness, which is putting downward pressure on inflation, and high costs for shelter and some services, which are keeping it elevated.

Still, realizing that it’s only a matter of time before the BOC pulls off its own Burds Fed, Macklem says inflation may bump up later in the year as base-year effects unwind, and there is a risk that the upward forces on inflation could be stronger than expected, at which point the central bank would of course be forced to abandon its easing campaign, hike rates and also lose all credibility.

“Overall weakness in the economy continues to pull inflation down. But price pressures in shelter and some other services are holding inflation up” the governor warned adding that “recent indicators suggest there is some downside risk to this pickup.”

“At the same time, with inflation getting closer to the target, we need to increasingly guard against the risk that the economy is too weak and inflation falls too much.”

Still, for now the most likely course is more rate cuts, even if that only assures more inflation down the road: “If inflation continues to ease broadly in line with our July forecast, it is reasonable to expect further cuts in our policy rate. We will continue to assess the opposing forces on inflation, and take our monetary policy’ decisions one at a time”, Macklem said adding that “as inflation gets closer to target, we want to see economic growth pick up to absorb the slack in the economy so inflation returns sustainably to the 2% target.”

Some more observations from the central bank:

INFLATION:

• Excess supply in economy continues to put downward pressure on inflation, while price increases in shelter and some other services are holding inflation up.
• Governing council is carefully assessing these opposing forces on inflation.
• High shelter price inflation is still biggest contributor to total inflation but is starting to slow.

ECONOMY:

• Preliminary indicators suggest economic activity was soft through June and July.

FX:

• Canadian Dollar has appreciated modestly, largely reflecting a lower USD and oil prices are lower than assumed in July monetary policy report.

LABOR MARKET:

• Canadian labour market continues to slow but wage growth remains elevated relative to productivity.

While the decision was widely expected, the USDCAD dropped to session lows after the announcement:

EEND

THEN

Looks like Trudeau will be finished. Singh will do a non confidence vote and then a new election

“The Deal Is Done”: In Massive Political Shake-Up, Canada’s Progressive NDP Pulls Plug On Pact With Trudeau

zerohedge)

Wednesday, Sep 04, 2024 – 01:11 PM

In what’s turned into a massive political shake-up in Canada, Jagmeet Singh, leader of the progressive National Democratic Party (NDP), is pulling the plug on his party’s support deal with Prime Minister Justin Trudeau’s Liberal government. Singh is set to announce the breakup in a video going live on social media Wednesday afternoon – a move that could send shockwaves through the country’s political landscape.

The deal is done.

The Liberals are too weak, too selfish and too beholden to corporate interests to stop the Conservatives and their plans to cut. But the NDP can.

Big corporations and CEOs have had their governments. It's the people's time. pic.twitter.com/BsE9zT0CwF

— Jagmeet Singh (@theJagmeetSingh) September 4, 2024

The agreement, called a “confidence-and-supply” deal, was supposed to last until June 2025. But Singh says he’s had enough.

“Justin Trudeau has proven again and again he will always cave to corporate greed. The Liberals have let people down. They don’t deserve another chance from Canadians,” says Singh in the video – for which CBC News obtained a transcript.

The decision sets the stage for what Singh calls an even bigger battle – gearing up to challenge Poilievre in the next election, determined to “stop Conservative cuts” and protect Canadians from a government that he claims would prioritize big corporations and wealthy CEOs.

“There is another, even bigger battle ahead. The threat of Pierre Poilievre and Conservative cuts. From workers, from retirees, from young people, from patients, from families — he will cut in order to give more to big corporations and wealthy CEOs,” says Singh.

The “Confidence and Supply” agreement was a pact where both parties support the government on key votes, like the budget, in exchange for action on certain priorities. This particular deal between Singh’s New Democratic Party (NDP) and Trudeau’s Liberals, struck in March 2022, was the first of its kind at the federal level. It ensured that Trudeau’s minority government could survive key votes in Parliament.

Conservative Leader Pierre Poilievre recently called on Singh to ditch the deal, pushing the NDP to stop backing Trudeau’s Liberals. And now, it looks like Singh is doing just that.

The NDP’s spokesperson revealed the move has been in the works for about two weeks, and they plan to discuss with Trudeau’s camp just an hour before the video goes live. If you thought Canadian politics was boring, think again. The gloves are off, and with the next federal election not scheduled until October 2025, there’s a lot of time for punches to be thrown.

Brazil/Elon Musk

Turley: Brazil’s $9,000 Fine For Accessing X Puts “Wall Of Censorship” Between Citizens And Unregulated Information

Tuesday, Sep 03, 2024 – 07:15 PM

Authored by Jonathan Turley,

Brazil has not just banned X (formerly Twitter) from the entire country, but citizens will now be fined $9000 a day (more than the average salary in the country) for using VPNs to access the platform. X is the main source of news for Brazilians, who will now be left with government-approved sources or face financial ruin in seeking unfettered information.

The Guardian is reporting that the confiscatory fines are part of a comprehensive crackdown on efforts to get news through X, including ordering all Apple stores to remove X from new phones.

The move puts Brazil with China in the effort to create a wall of censorship between citizens and unregulated information.

For the anti-free speech movement, Brazil is a key testing ground for where the movement is heading next. European censors are arresting CEOs like Pavel Durov while threatening Elon Musk.

However, it is Brazil that foreshadows the brave new world of censorship where entire nations will block access to sites committed to free speech values or unfettered news. If successful, the Brazilian model is likely to be replicated by other countries.

The reason is that censorship is not working. As discussed in my book “The Indispensable Right: Free Speech in an Age of Rage,” we have never seen the current alliance of government, corporate, academic, and media interest against free speech. Yet, citizens are not buying it.

Despite unrelenting attacks and demonizing media coverage, citizens are still using X and resisting censorship. That was certainly the case in Brazil where citizens preferred X to regulated news sources. The solution is now to threaten citizens with utter ruin if they seek unfettered news.

The question is whether Brazil’s leftist government can get away with this. The conflict began with demands to censor supporters of the conservative former president Jair Bolsonaro. When X refused the sweeping demands for censorship, including the demand to name of a legal representative who could be arrested for refusing to censor users, the courts moved toward this national ban.

The man behind the effort is Justice Alexandre de Moraes, who has aggressively used censorship to combat anything that he or the government deems “fake news” or disinformation. With socialist president Luiz Inácio Lula da Silva, they are the dream team of the anti-free speech movement.

Minnesota Attorney General Keith Ellison responded to the ban with a posting declaring “Obrigado Brasil!” or “Thanks, Brazil!” Ironically, he did so on X.

Ellison previously praised the virulently anti-free speech group Antifa and promised that it would “strike fear in the heart” of Donald Trump. This was after Antifa had been involved in numerous acts of violence and its website was banned in Germany. It is at its base a movement at war with free speech, defining the right itself as a tool of oppression. That purpose is evident in what is called the “bible” of the Antifa movement: Rutgers Professor Mark Bray’s Antifa: The Anti-Fascist Handbook.

Bray emphasizes the struggle of the movement against free speech: “At the heart of the anti-fascist outlook is a rejection of the classical liberal phrase that says, ‘I disapprove of what you say but I will defend to the death your right to say it.’” Bray admits that “most Americans in Antifa have been anarchists or antiauthoritarian communists…  From that standpoint, ‘free speech’ as such is merely a bourgeois fantasy unworthy of consideration.”

The question is whether Brazil will become a nightmare for free speech around the world as other nations seek to force citizens to read and hear news from approved, state-monitored sites.

*  *  *

Jonathan Turley is the Shapiro Professor of Public Interest Law at George Washington University. He is the author of “The Indispensable Right: Free Speech in an Age of Rage” (Simon & Schuster).

END

BRAZIL

Musk agrees to block X but will pursue in the courts

(zerohedge)

Starlink Agrees To Comply With Brazil’s Orders To Block X

Wednesday, Sep 04, 2024 – 09:10 AM

Elon Musk’s internet service, Starlink, has announced that it will comply with a Brazil Supreme Court order to shut down X while vowing to pursue “all legal avenues” to allow the recently banned Musk-owned social media platform to operate in Brazil.

The move, announced by Starlink in a statement on Sept. 3, marks an apparent reversal after the country’s telecommunications regulator previously said that the satellite-based internet provider stated that it wouldn’t agree to block the social media platform.

Starlink said it would abide by an order from Brazilian Supreme Court Justice Alexandre de Moraes requiring internet service providers and app stores to block X from their platforms.

“Regardless of the illegal treatment of Starlink in freezing our assets, we are complying with the order to block access to X in Brazil,” Starlink’s statement said.

“We continue to pursue all legal avenues, as are others who agree that @alexandre’s recent orders violate the Brazilian constitution.”

As Tom Ozimek reports at The Epoch Times, De Moraes froze Starlink’s accounts last week in order to pressure the company to cover fines imposed on X in Brazil, reasoning that both are part of the same Musk-controlled group.

In response to the asset freeze, Starlink said on Aug. 29 that it believes de Moraes’s decision violated due process and was unconstitutional.

“It was issued in secret and without affording Starlink any of the due process of law guaranteed by the Constitution of Brazil,” Starlink said in the statement. “We intend to address the matter legally.”

Starlink’s announcement that it will comply with the order to shut down X comes a day after a spokesperson from Brazil’s telecommunications regulator told The Epoch Times that the company had “informally” expressed to a top agency executive its intention to buck the X ban.

The spokesperson said that unless Starlink complies, it will face sanctions, including possibly having its operating license in Brazil revoked.

Arthur Coimbra, an Anatel board member, told The Associated Press that if Starlink refuses to abide by the order to block X, authorities could also eventually seize equipment from Starlink’s 23 ground stations in Brazil, where Starlink serves over a quarter million customers.

Starlink’s announcement that it intends to comply with the X ban marks the latest chapter in a long-running dispute between Brazilian officials and Musk, who has refused to comply with court orders to block accounts accused by investigators of spreading hate and misinformation. Both Musk and X’s global government affairs team have denounced these orders as unlawful attempts at censorship.

De Moraes’s order, which requires internet service providers and app stores to block access to X, also announced a daily penalty of $8,900 for users in Brazil who use a virtual private network to evade the ban. In his decision, de Moraes said X will remain blocked until it complies with his orders.

“Elon Musk showed his total disrespect for Brazilian sovereignty and, in particular, for the judiciary, setting himself up as a true supranational entity and immune to the laws of each country,” de Moraes wrote.

Musk, for his part, has been highly critical of de Moraes and his decision to block X in Brazil and related actions.

In his latest commentary on the matter, Musk shared a post in which billionaire hedge fund manager Bill Ackman compares de Moraes’s actions to strong-arm tactics in communist-ruled China and warns that this puts Brazil on track to becoming an “uninvestable” market.

“Absolutely,” Musk wrote in his post, agreeing with Ackman’s assessment of the X ban, which the hedge fund manager said was “illegal.”

END

After the USA steals Maduro’s jet (his Airforce one)., this happens!

VENEZUELA/USA

US Navy Sailor Detained By Maduro’s Security Services In Venezuela 

Wednesday, Sep 04, 2024 – 03:10 PM

Earlier this week the Pentagon had a foreign crisis on its hands after a group of Marines and Navy personnel were assaulted by a Turkish mob while on port liberty from the USS Wasp warship, which was docked at Izmir in Turkey.

Ten Turks from a nationalist political party are reportedly in custody. But now another foreign crisis has emerged involving US personnel, this time in Venezuela. A US Navy sailor has been detained by Venezuelan security services after traveling there on personal business.

Two US defense officials have confirmed the unidentified sailor’s detention by Venezuelan law enforcement, and the individual has been in custody since on or about Aug.30, the Pentagon revealed.

“The U.S. Navy is looking into this and working closely with the State Department,” the Pentagon has said in statement.

An official described that “the service member was neither on official travel nor did they have authorized leave to visit Venezuela,” according to Associated Press.

The various US military branches regularly brief their personnel on where or where they cannot visit while on leave or liberty. Certain places even in Mexico have long been off-limits (for example Tijuana, known as a high-crime area where US military members are often targeted).

Venezuela has also long been off limits for travel by active duty American military members, especially after the last several years of sporadic unrest and resulting crackdowns by Maduro security forces.

A recent State Department warning has said that all US citizens should avoid travel to Venezuela:

The State Department advises Americans against traveling to Venezuela, warning that “there is a high risk of wrongful detention of U.S. nationals.”

“Security forces have detained U.S. citizens for up to five years,” the travel advisory for Venezuela says. “The U.S. government is not generally notified of the detention of U.S. citizens in Venezuela or granted access to U.S. citizen prisoners there.”

Just this week, the US Departments of Homeland Security, Commerce, Treasury, and Justice announced the seizure of Nicolás Maduro’s jet from a runway in the Dominican Republic. US pilots subsequently flew it to Florida.

The US said the $13 million Dassault Falcon 900EX private jet was obtained illegally from a US seller, in violation of sanctions laws.

https://twitter.com/trtworld/status/183076137867773579

Maduro shot back that Washington is engaged in “piracy”. The statement issued from Caracas said: “Once again, the authorities of the United States of America are engaged in a criminal practice that cannot be described as anything other than piracy.” As US-Caracas relations worsen, there could be more detentions of Americans which emerge in the headlines of the coming months, particularly after Washington has charged that Maduro “stole” the recent national election.

YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING

EURO VS USA DOLLAR:  1.1044 DOWN 0.0004

USA/ YEN 144.94 DOWN 0.419 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 1.3115 UP 0.0003

USA/CAN DOLLAR:  1.3555 UP .0008 (CDN DOLLAR DOWN 8 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED DOWN 18.70 PTS OR 0.67%

 Hang Seng CLOSED DOWN 194.15 PTS OR 1.10%

AUSTRALIA CLOSED DOWN 1.99%

 // EUROPEAN BOURSE:     ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL RED

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 194.15 PTS OR 1.10 %

/SHANGHAI CLOSED DOWN 19.70 PTS OR 0.67%

AUSTRALIA BOURSE CLOSED DOWN 1.99%

(Nikkei (Japan) CLOSED DOWN 1,638.70 PTS OR 4.25%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 2488,90

silver:$28.05

USA dollar index early WEDNESDAY  morning: 101.60 DOWN 16 BASIS POINTS FROM TUESDAY’s CLOSE.

WEDNESDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing  WEDNESDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 2.819%  DOWN 9 in basis point(s) yield

JAPANESE BOND YIELD: +0.889% DOWN 4 AND 1/ 100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.050 DOWN 6 in basis points yield

ITALIAN 10 YR BOND YIELD 3.585 DOWN 8 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.2105 DOWN 7 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY  

Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA 1.1057 UP .0009 OR 9 basis points

USA/Japan: 144.80 DOWN 0.560 OR YEN IS UP 56 BASIS PTS//ROUND II OF ENDING YEN CARRY TRADE EXPLODES

Great Britain 10 YR RATE 3.9815 DOWN 4 BASIS POINTS //

Canadian dollar UP .00022 OR 22 BASIS pts  to 1.3523

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY ON SHORE CLOSED UP AT 7.1168 (ON SHORE)  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)…. (7.1136)

TURKISH LIRA:  34.04 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield  at +0.889

Your closing 10 yr US bond yield DOWN 6 in basis points from THURSDAY at  3.778% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.120 DOWN 1 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 3.838 DOWN 5 BASIS PTS.

GOLD AT 11;00 AM 2491.15

SILVER AT 11;00: 28.17

Your  11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates:  WEDNESDAY CLOSING TIME 11:00 AM//

London: CLOSED DOWN 28/86 PTS OR .35%

German Dax :  CLOSED DOWN 155/26 PTS OR 0.83%

Paris CAC CLOSED DOWN 71.32 PTS OR 0.93%

Spain IBEX CLOSED DOWN 65.30 OR 0.58%

Italian MIB: CLOSED DOWN 181.17 OR 0.54

WTI Oil price  68.88 12EST/

Brent Oil:  72.38 12:00 EST

USA /RUSSIAN ROUBLE ///   AT:  87.50 ROUBLE UP 2 AND  00/100      

GERMAN 10 YR BOND YIELD; +2.2105 DOWN 8 BASIS PTS.

UK 10 YR YIELD: 3.9815 DOWN 4 BASIS POINTS

CDN 10 YEAR RATE: 3.021 DOWN 9 BASIS PTS.

CLOSING NUMBERS: 4 PM

Euro vs USA 1.1079 UP 0.0031   OR 31 BASIS POINTS

British Pound: 1.3146 UP 0.0033 OR 33 basis pts

BRITISH 10 YR GILT BOND YIELD:  3.936 DOWN 6 BASIS PTS//

JAPAN 10 YR YIELD: 0.889

USA dollar vs Japanese Yen: 143.77 DOWN 1.573 YEN UP 157 BASIS PTS//

USA dollar vs Canadian dollar: 1.3511 DOWN 0.0033//CDN dollar UP 33 BASIS PTS

West Texas intermediate oil: 68.88

Brent OIL:  72.38

USA 10 yr bond yield DOWN 8 BASIS pts to 3.761

USA 30 yr bond yield DOWN 7 BASIS PTS to 4.058%

USA 2 YR BOND: DOWN 12 PTS AT  3.766

CDN 10 YR RATE 3.020 DOWN 7 BASIS PTS

USA dollar index: 101.25 DOWN 51 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 34/01 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  87.50 UP 0  AND  25/100 roubles

GOLD  2,494.60 3:30 PM

SILVER: 28.17 3;30 PM

DOW JONES INDUSTRIAL AVERAGE: UP 38.04 PTS OR 0.93%

NASDAQ DOWN 37.34 PTS OR 0.20 %

VOLATILITY INDEX: 21.06 UP 0.34 PTS OR 1.64%

GLD: $230.54 UP 0.14 OR 0.061%

SLV/ $25,68 UP 0.10 OR 0.39%

end

USA AFFAIRS

TODAY’S TRADING IN GRAPH FORM

Hard-Landing Panic Leads To First Yield Curve Disinversion In Two Years, As Nvidia Plunge Continues

Wednesday, Sep 04, 2024 – 04:16 PM

If yesterday’s market dump was a bang, today’s continued selling more of a whimper.

One day after the biggest drop in the S&P since the August 5 rout (which however was followed by a just as violent episode of BTFD) today stocks saw continued selling, with what little interest to buy the dip emerged promptly faded right around the time Europe closed for trading, prompting renewed if more gradual selling, which has pushed the S&P down 0.3%, a far cry from yesterday’s 2% dump, and sent it back to where it was after last month’s much stronger than expected retail sales report.

Under the surface it was more of the same: mounting fears of a hard landing, which after yesterday’s catastrophic manufacturing surveys (both ISM and PMI), were reinvigorated by today’s dire JOLTS report which saw a massive, 4-sigma miss in job openings, which not only printed below the lowest estimate…

… but also tumbled to the lowest level since January 2021 (after a sharp downward revision to the previous month of course), leaving Friday’s payrolls report in the lurch.

And since we are now squarely in a “bad data is bad news” regime, today’s rising hard-landing fears meant a 2nd day of uniform selling, with just Utilities and Consumer Staples – those pre-recession bond proxy sectors – that eeked out modest gains, with everything else a deep red.

The continued barrage of bad news also means that what until yesterday was a 35% probability of a 50bps rate cut in the September FOMC (with one rate cut now guaranteed), rose as high as 50% just after the JOLTS shock, before easing back to 44%. In other words, ahead of Friday’s payroll, it is effectively a coin toss if the Fed cuts rates 25bps or 50bps in two weeks.

The hard-landing panic did not help either the VIX, or the volatility of the VIX (aka VVIX), with both indexes reversing an early morning drop and resuming their ascent for a 2nd day.

But while previous cases of hard-landing fears at least saw rotation out of everything and into AI, today the love was sorely lacking, and yesterday’s record plunge in NVDA only became bigger, as the stock lost another 2%, pushing it below both 100DMA (after it tripped the 50DMA yesterday) and bringing the two-day drop to 11.4%, or a massive $333 billion loss in market cap in two days. Yes, Nvidia has lost a third of a trillion in the past two days.

Yet while traders sold stocks first and asked questions later, or not at all, the money once again piled into bonds, with the 10Y yiel sliding for a second day, and dropping to 3.75%, the lowest print this year, and the lowest level since last July.

But while 10Y yields dropped, 2Y yields absolutely crumbled, leading to the first (brief) 2s10s yield curve disinversion since July 2022. For those who were just waiting for this event to being the countdown to the recession, because by now everyone knows that while the inversion is bad, it is the subsequent steepening that triggers the actual recession countdown, can start counting.

It wasn’t just yields that took out 2024 lows: so did oil, as not even a denial of the Reuters bullshit report from last week that OPEC+ would boost production, managed to lead to any buying impetus of the black oil, which tumbled another 2%, and dropped to the lowest level since last December.

In other words, it is once again up to China – and its stalled stimulus – to breathe some air into the slumping commodity market… if not all of it: since the next step by either the US, or China is more stimulus, whether monetary or fiscal, gold continues to await the next steps, and after tumbling yesterday, recovered much of its losses and is trading just shy of all time high.

MORNING TRADING/

AFTERNOON TRADING///

II USA DATA

a 4 sigma miss!

Catastrophic JOLT: Job Openings Crater To Lowest Since 2021 As Data Manipulation Fails

Wednesday, Sep 04, 2024 – 11:06 AM

Last month, after the latest JOLTS report came in fractionally stronger than expected as the Kamala Department of Labor engaged in its usual data manipulation, this time by artificially inflating the number of government sector job openings, we made one prediction: expect a big drop in the next job openings report as the recent surge in government job openings quietly disappears.

twitter.com/zerohedge/status/1818284663980576974?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ct

That’s precisely what happened because moments ago, the DOL reported that in July the number of job openings plunged sharply to 7.673 Million – the lowest since January 2021 – from a prior month unrevised June print of 8.184 Million…

… which of course was revised sharply lower to 7.910 Million, which also means that what was originally reported to be a beat to estimates of an 8.00 million print has since been revised  to a miss of 7.910 million… but of course one month later nobody cares. Which is precisely how the Biden labor department has been operating all along.

In any case, since Wall Street was expecting was a much higher number based on the unrevised print, today’s miss was massive, and it printed below the lowest estimate….

… and was a 4-sigma miss to the median estimate of 8.100 million, a whopping 427K miss in absolute terms. As shown in the next chart, this was the 4th miss in the past 5 months.

As for the driver behind the last months of manipulated JOLTS “beats”, which as we showed was the artificially inflated number of government sector job openings, they did – as expected – tumble, from 1.016 million to 924K, while private sector job openings hit a fresh 3.5 year low.

As an aside, keep an eye on construction jobs: the number of job openings in this sector is in absolute freefall, plunging to levels not seen since late 2020.

Ignoring the data manipulation, in the context of the broader jobs report, in June the number of job openings was just 510K more than the number of unemployed workers (which the BLS reported was 7.163 million), down from last month’s 1.373 million and the lowest since April 2021.

Said otherwise, in July the number of job openings to unemployed dropped to just 1.07, a plunge from the June print of 1.16, the lowest level since May 2021 and now officially below pre-covid levels.

While the job openings data set was a disaster no matter how one looks at it, there was silver lining as hiring finally staged a modest rebound after last month’s collapse…

… with quits also rising modestly from the lowest level since mid-2020.

Finally, no matter what the “data” shows, let’s not forget that it is all just estimated, and it is safe to say that the real number of job openings remains still far lower since half of it – or some 70% to be specific – is guesswork. As the BLS itself admits, while the response rate to most of its various labor (and other) surveys has collapsed in recent years, nothing is as bad as the JOLTS report where the actual response rate remains near a record low 33%

In other words, more than two thirds, or 70% of the final number of job openings, is made up!

III  USA ECONOMIC COMMENTARIES

Adding Insult To Margin Calls, Nvidia Receives DOJ Subpoena Making Record Price Drop Even Worse

Tuesday, Sep 03, 2024 – 05:25 PM

In what may be described as an attempt to sabotage her own election odds, moments after the close Bloomberg reported that Kamala Harris’ Justice Department – because let’s be honest, Joe Biden is officially a vegetable – sent subpoenas to Nvidia and other companies as it seeks evidence that the chipmaker violated antitrust laws, an escalation of its investigation into the dominant provider of AI processors, in the process sending the stock prices sliding even more.

The DOJ, which had previously delivered questionnaires to companies, is now sending legally binding requests that oblige recipients to provide information, Bloomberg reported citing sources. That takes the government a step closer to launching a formal complaint against a company, which may well have its flaws but monopolizing the industry, when its competitors such as Intel are simply criminally incompetent, is not one of them.

According to antitrust officials, Nvidia is making it harder to switch to other suppliers and penalizes buyers that don’t exclusively use its artificial intelligence chips. Which is idiocy: if anything, it is the capabilities of Nvidia chips that are forcing every tom, dick and harry to order one even if the chatGPT idiocy is nowhere near the paradigm shifting discovery idiots on TV make it seem to be. Meanwhile, all Nvidia is doing is sitting back and capitalizing by selling the “picks and shovels” to those same idiots who in about a year will realize that they spent millions on chips to power chatbots that generate zero returns.

Nvidia shares, which already suffered a record-setting rout on Tuesday when they lost a historic $280 billion in market cap, fell further in late trading after Bloomberg reported on the subpoenas, bringing its total drop today to $340 billion!

Some speculated if the idiots that are runnings Kamala’s campaign are now intentionally looking to sabotage her election odds by crashing the market-leading generals ahead of the November elections.

Kamala's admin crashing the market by destroying the most important stock in the world 2 months before the election is a bold strategy. https://t.co/KbYeegquMr

— zerohedge (@zerohedge) September 3, 2024

As part of the probe, investigators have been contacting other technology companies to gather information. The DOJ’s San Francisco office – where one Kamala Harris was Attorney General not that long ago – is taking the lead running the inquiry.

As Bloomberg reports, in the DOJ probe, regulators have been investigating Nvidia’s acquisition of RunAI, a deal announced in April. That company makes software for managing AI computing, and there are concerns that the tie-up will make it more difficult for customers to switch away from Nvidia chips. Regulators also are inquiring whether Nvidia gives preferential supply and pricing to customers who use its technology exclusively or buy its complete systems.

Nvidia CEO Jensen Huang has said he prioritizes customers who can make use of his products in ready-to-go data centers as soon as he provides them, a policy designed to prevent stockpiling and speed up the broader adoption of AI.

While the stated reason for the DOJ probe is laughable, what is far more likely is that in typical Democrat fashion, the administration is making it clear it will get its pound of flesh in bribes, kickbacks and penalties, from what is at the moment, the world’s most important company.  Analysts project that Nvidia will generate over $120 billion of revenue in calendar 2024, up from $16 billion in 2020, with most of that money coming from its data center unit. In fact, Nvidia is set to bring in more profit this year tha

end

Armed Venezuelan Prison Gang In Denver Highlights Map Of US Sanctuary Zones To Avoid Amid Migrant Crisis

Tuesday, Sep 03, 2024 – 06:50 PM

Law-abiding Americans should be made well aware of the cities, counties, and states that have laws, ordinances, and policies that obstruct immigration enforcement and shield illegal alien criminals from US Immigration and Customs Enforcement. This is because the Biden-Harris administration has imported the third world into the first world, and with that comes elevated risks of violent crime and chaos.

Footage of the Venezuelan prison gang Tren de Aragua members raiding an apartment building with at least one AR-style rifle and pistols in the northern Denver suburb of Aurora shocked the nation last week about how quickly sanctuary cities run by far-left Democrats can spiral out of control after rolling out the red carpet to illegals. 

BREAKING: The Mayor of Aurora, Colorado just CONFIRMED that Venezuelan illegal migrant gangsters have indeed taken over several apartment complexes and have pushed out property managers to EXTORT rents from the tenants directly

He also BLAMED the Kamala-Biden regime and said… pic.twitter.com/Vj0P7ceHg4

— George (@BehizyTweets) August 29, 2024

And now spillover risks?

BREAKING: Masked gang waving AR-style rifle attacks a home in a Denver suburb. 0 arrests.

Coming to a neighborhood near you: pic.twitter.com/3Kn75Pt4Ux

— End Wokeness (@EndWokeness) September 2, 2024

Let’s not forget sanctuary city NYC…

The big picture understanding is that sanctuary cities have imported millions of illegal aliens, some of which are prison gang members and have zero respect for first-world laws. Defunding the police has also been pushed nationwide by Democrat lawmakers, and with that comes the risk that local municipalities could become quickly overwhelmed. 

Independent think tank Center for Immigration Studies has done the easy work for readers, outlining the cities, counties, and states with laws, ordinances, regulations, resolutions, policies, or other practices that obstruct immigration enforcement and shield criminals from ICE.

In other words, these areas have a possibility of high risk for violent crime. And in our view, these areas should be avoided for safety reasons. 

https://twitter.com/CIS_org/status/182886111846428706

Sigh… 

It will not matter who wins the election. The flood of illegals have a purpose in the overall plan that has been unfolding. Chaos as far and wide as possible.
Massive spread across the nation!https://t.co/qFhElt4NtW

— Phillip Davis (@Phillip96207244) September 2, 2024

Here’s the full list:

States

California

Colorado

Connecticut

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The chaos erupting in a Denver suburb, driven by a Venezuelan prison gang, is a wake-up call for Americans. It highlights how the Biden-Harris administration’s disastrous open southern border policies could cause other sanctuary cities and areas to descend into turmoil. 

If the police are overwhelmed…

Who will come to help you? 

This is insanity! 

END

First Dollar General, Now Dollar Tree Shares Plunge As Both Discount Retailers Warn Of Core Customer Under Pressure 

Wednesday, Sep 04, 2024 – 10:15 AM

Shares of Dollar Tree plunged nearly 12% in premarket trading in New York after the discount retailer, which operates thousands of stores nationwide, posted fiscal second-quarter earnings that fell short of Wall Street expectations. The company also slashed its full-year outlook, pointing to mounting financial pressures on middle-income and higher-income customers. This comes less than a week after major rival Dollar General reported a “financially constrained core customer” that sent shares crashing the most on record.

Dollar Tree reported this morning that the macroeconomic environment is pressuring its middle—and higher-income consumers. Traffic increased during the quarter, but the average ticket size decreased. It said second-quarter comparable sales and adjusted earnings per share missed Wall Street’s expectations. 

Here’s a snapshot of second-quarter earnings (courtesy of Bloomberg): 

• Adjusted EPS 67c vs. 91c y/y, estimate $1.05
• EPS 62c vs. 91c y/y

Enterprise comparable sales +0.7% vs. +6.9% y/y, estimate +1.45%

• Family Dollar comparable sales -0.1%, estimate -0.21%
• Dollar Tree Segment comparable sales +1.3% vs. +7.8% y/y, estimate +2.89%

Net sales $7.37 billion, +0.7% y/y

• Dollar Tree net sales $4.07 billion, +5% y/y, estimate $4.16 billion
• Family Dollar net sales $3.31 billion, -4% y/y, estimate $3.35 billion

Gross profit margin 30% vs. 29.2% y/y, estimate 29.9%

• Dollar Tree gross margin 34.2% vs. 33.4% y/y, estimate 34.1%
• Family Dollar gross margin 24.9%, estimate 24.6%

Total location count 16,388, -0.5% y/y, estimate 16,374

• Dollar Tree Locations 8,627, +5.5% y/y, estimate 8,294
• Family Dollar locations 7,761, -6.5% y/y, estimate 8,071

With nearly 16,400 stores nationwide, the discount retailer now expects its full-year consolidated net sales outlook between $30.6 billion and $30.9 billion versus the previous forecast of $31 billion to $32 billion. 

• Sees net sales of $30.6 billion to $30.9 billion, saw $31.0 billion to $32.0 billion
• Sees adjusted EPS $5.20 to $5.60, estimate $6.57 (Bloomberg Consensus)

Chief Financial Officer Jeff Davis wrote in a statement that the “increasing effect of macro pressures on the purchasing behavior of Dollar Tree’s middle- and higher-income customers” was the main driver in slashing its full-year sales forecast. 

Here’s Goldman’s Eric Mihelc and Scott Feiler’s take on Dollar Tree earnings:

“DLTR -13%…Low bar post DG results but the 20% guidance cut is worse than expected (a cut was expected but most we had heard from were not this low). Also, they spoke to weakness spreading to their middle and higher income (it’s all relative) customers.  Details: 2Q EPS of $0.97 vs Consensus $1.04, with revenues 160 bps light. Comps of +0.7% vs Consensus +1.6%. Dollar Tree brand drove the comp miss. SG&A also missed by 200 bps. They spoke to the increasing effect of macro pressures on the purchasing behavior of Dollar Tree’s middle- and higher-income customers. Guides 3Q EOS light at $1.10 (mid) vs Consensus $1.32 and revenues 1% light. Lowers 2024 EPS to $5.40 (mid) vs prior $6.75, a 20% cut, on a revenue cut as well.” 

What’s critical to note for the political strategist: Dollar Tree & Family Dollar and Dollar General stores are mostly concentrated in the eastern half of the US. Mangment’s gloom about its core customer base should serve as a proxy for consumer sentiment for mid/low-tier consumers. In other words, there is a lot of gloom and doom among working-poor Americans in critical swing states.

Last week, Dollar General shares crashed the most on record after management warned that core customers “feel financially constrained.”

witter.com/zerohedge/status/1829149827311251709?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed

DG’s stores are primarily based in the eastern half of the US. Again, this should serve as a proxy for consumer sentiment.

In markets, shares of Dollar Tree in New York plunged 12%. 

Is the slide in Dollar Tree and Dollar General shares a signal for broader main equity indexes?

Meanwhile, both discount retailers are facing heightened competition from Aldi and Walmart as corporate America fights over the market share of the middle class that is imploding under Bidenomics. 

end

US Steel CEO Warns Collapse Of Nippon Deal Would Spark Plant Closings 

Wednesday, Sep 04, 2024 – 10:42 AM

Just days after Democratic presidential nominee Kamala Harris publicly opposed Nippon Steel’s $14.9 billion bid for US Steel, the CEO of the Pittsburgh-based steel giant told the Wall Street Journal that the company would be forced to relocate its headquarters and shut down steel mills if the deal falls through.

CEO David Burritt told WSJ that Japan’s Nippon plans to invest $3 billion in the company’s older mills, ensuring the plants remain competitive in domestic and global markets. The investment will also secure the jobs of thousands of steelworkers.

“We wouldn’t do that [upgrade plants] if the deal falls through,” Burritt said in an interview, adding that US Steel doesn’t have the money to afford upgrades.

The timing of Burritt’s comments comes days after VP Harris said in a speech on Monday that she opposes Nippon’s deal to purchase US steel, arguing that the Pittsburgh steelmaker “should remain American-owned and American-operated.”

Since the deal was first announced in December following a multi-month bidding process, CEO Burritt has mostly refrained from making public statements. In the interview, he said Nippon would bring much-needed investment and the latest steelmaking technology to older mills in Gary, Ind., and its Mon Valley Works near Pittsburgh. He called the mounting opposition to the deal highly “puzzling and confusing.”

Spending on mill maintenance and equipment upgrades was deferred over the last decade because US Steel was losing money as it struggled with elevated costs and low steel prices. Higher steel prices in recent years have helped restore profits despite some Wall Street analysts forecasting dismal demand in the quarters ahead amid recession threats.

US Steel owns two modern steel mills in Arkansas near Osceola in Mississippi County. Without investment from Nippon, the company could shutter Mon Valley, the company’s last steelmaking operation in Pittsburgh. 

“If that mill won’t make it to the next decade, why would we stay there?” Burritt said, adding more of its steelmaking capacity is shifting to the southern part of the US, and with that, so could the headquarters. 

Besides VP Harris and President Biden, former President Trump has also vowed to block the deal if re-elected. Both candidates are fighting for the votes of Pennsylvania steelworkers and blue-collar folks in this crucial battleground state. 

end

US Steel Shares Melt Down After Biden Reportedly Prepares To Block Deal With Japan’s Nippon

Wednesday, Sep 04, 2024 – 02:33 PM

Update (1433ET):

Shares of US Steel in New York crashed around 1343 ET after a Washington Post report, citing three people familiar with the matter, revealed that President Biden intends to formally block Nippon Steel’s proposed $14.9 billion deal with the Pittsburgh-based steelmaker. 

Shares crashed 21% to the $27 handle, erasing all gains made in late 2023 after Japan’s largest steelmaker said it would buy US Steel for $55 per share in an all-cash transaction.

If losses hold through the end of the cash session, this would be the largest daily loss since -26.8% on April 26, 2017. 

Financial Times said Biden’s formal decision could come in just a few days. Democratic presidential nominee Kamala Harris revealed on Monday that she opposed the deal, and President Trump has also vowed to block it. 

Earlier, WSJ cited US Steel CEO David Burritt as warning that a blocked deal with Japan’s Nippon would result in plant closures. 

*     *    *

Just days after Democratic presidential nominee Kamala Harris publicly opposed Nippon Steel’s $14.9 billion bid for US Steel, the CEO of the Pittsburgh-based steel giant told the Wall Street Journal that the company would be forced to relocate its headquarters and shut down steel mills if the deal falls through.

CEO David Burritt told WSJ that Japan’s Nippon plans to invest $3 billion in the company’s older mills, ensuring the plants remain competitive in domestic and global markets. The investment will also secure the jobs of thousands of steelworkers.

“We wouldn’t do that [upgrade plants] if the deal falls through,” Burritt said in an interview, adding that US Steel doesn’t have the money to afford upgrades.

The timing of Burritt’s comments comes days after VP Harris said in a speech on Monday that she opposes Nippon’s deal to purchase US steel, arguing that the Pittsburgh steelmaker “should remain American-owned and American-operated.”

Since the deal was first announced in December following a multi-month bidding process, CEO Burritt has mostly refrained from making public statements. In the interview, he said Nippon would bring much-needed investment and the latest steelmaking technology to older mills in Gary, Ind., and its Mon Valley Works near Pittsburgh. He called the mounting opposition to the deal highly “puzzling and confusing.”

Spending on mill maintenance and equipment upgrades was deferred over the last decade because US Steel was losing money as it struggled with elevated costs and low steel prices. Higher steel prices in recent years have helped restore profits despite some Wall Street analysts forecasting dismal demand in the quarters ahead amid recession threats.

US Steel owns two modern steel mills in Arkansas near Osceola in Mississippi County. Without investment from Nippon, the company could shutter Mon Valley, the company’s last steelmaking operation in Pittsburgh. 

“If that mill won’t make it to the next decade, why would we stay there?” Burritt said, adding more of its steelmaking capacity is shifting to the southern part of the US, and with that, so could the headquarters. 

Besides VP Harris and President Biden, former President Trump has also vowed to block the deal if re-elected. Both candidates are fighting for the votes of Pennsylvania steelworkers and blue-collar folks in this crucial battleground state. 

Robert H:

Harris, Walz will keep discriminating against children and families – Washington Times

Once schools are gone nations soon follow.
And one wonders why teachers do not want to teach.
This is not limited to America as many Canadian teachers are quitting or those retirees say they are glad they are not teaching

https://www.washingtontimes.com/news/2024/sep/3/harris-walz-will-keep-discriminating-against-child/

IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and  PERVASIVE ANTISEMITISM/WOKISM

iiiC USA COVID //VACCINE ISSUES/IMPORTANT MEDICAL ISSUES

end

END

FREIGHT ISSUES/USA/

END

VICTOR DAVIS HANSON OR NEWT GINGRICH/TUCKER CARLSON

SWAMP STORIES

KING REPORT

The King Report September 4, 2024 Issue 7319

Independent View of the News

Chinese and Philippine vessels collide at a disputed atoll and governments trade accusations It was the second confrontation in days near Sabina Shoal, about 140 kilometers (85 miles) west of the Philippine province of Palawan, in the internationally recognized exclusive economic zone of the Philippines…  https://apnews.com/article/china-philippines-us-sea-clash-d08f4532c2a66047c6fa2833b76d7773   The S&P Global Manufacturing PMI for August is 47.9; 48 expected and prior.   U.S. manufacturers still mired in slump.  (ISM Mfg for August is 47.2; 47.5 consensus; July 46.8)     The index of new orders fell 2.8 points to a weak 44.6% — the lowest level in more than two years.     The production barometer dipped 1.1 points to 44.8%. That’s the lowest level since the economy was shut down in May 2020 at the height of the pandemic.     The employment gauge rose 2.6 points to a still-weak 46.0%.     The price index, a measure of inflation, rose 1.1 points to 54.0%. It’s still somewhat higher compared to the year before the pandemic… https://www.marketwatch.com/story/u-s-manufacturers-still-mired-in-slump-ism-shows-but-fed-rate-cuts-to-offer-jolt-of-adrenaline-756eeea2   China and recession angst roiled the equity markets and the dollar on Tuesday.   Before the 11:30 ET European close: Intel was -7.1%; Nvidia was -8% (-12.5% last 5 sessions); Boeing was -8.7%; the yen/$ was +1%; and WTI crude oil (Nov contract) sank to 70.38, lowest since February.   USUs rallied as much as 1 17/32; but the peak of 124 21/32 appeared at 9:59 ET.  USUs then fell to 123 30/32 by 12:38 ET.  Given the recession fright reflected in stocks, the USU rally should have been better.   ESUs traded mostly negative but sideways until they broke down at 4:51 ET.   After falling to 5626.50 at 6:01 ET, ESUs traded in a 10-handle range until broke down at 9:27 ET.  ESUs intractably declined.  They hit a daily low of 5516.75 (-144.25) at 15:47 ET.  A desperate late manipulation took ESUs to 5546.75 at 16:03 ET.   @KobeissiLetter 16:35 ET: The US Department of Justice has sent a subpoena to Nvidia related to its antitrust investigation. Today, the stock fell over 9% on no headlines at all. Did someone know?   Tesla’s China sales have best month of the year in August https://t.co/hv98grMgoP   Former Labor Secretary to Newsmax: Fed Rate Cut Timing ‘Disturbing’ Former Secretary of Labor Alex Acosta: “… it’s a little disturbing that the rate cuts are coming right before the election season. The Fed prides itself on being apolitical, but the timing of these cuts is a little bit disturbing.”…      The last time the Fed cut interest rates within two months of an election was in 2008… during the Great Recession… Jan Hatzius, chief economist at Goldman Sachs, said as much in a commentary, writing that the Fed’s Open Market Committee “has an undeniable (if never acknowledged) incentive to avoid initiating cuts in the last two months of a presidential election campaign.” https://t.co/TQFAsLr5df   Positive aspects of previous session Gasoline declined sharply. The usual late ESU manipulation truncated losses.   Negative aspects of previous session China and recession fright induced spirited defensive asset allocation. The USU rally peaked early and rescinded much of the early robust rally. The NY Fangs+ Index tumbled as much as 4.07%. July Construction Spending -0.3% m/m; +0.1% consensus.   Ambiguous aspects of previous session Will the entity that kept rescuing stocks during August appear today?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5552.38 Previous session S&P 500 Index High/Low: 5623.89; 5504.33   Ex-Clinton advisor: @Mark_Penn: After Israel accepted US terms twice while Hamas rejected them, President Biden’s comment that Israel isn’t doing enough to get a ceasefire is reprehensible.  It’s Biden who isn’t doing enough to discourage evil tunnel Hamas snakes from executing hostages.   @Osint613: US Attorney General Merrick Garland: “Today, the Justice Department unsealed charges against Yahya Sinwar and other senior leaders of Hamas for financing and directing a decades long campaign to murder American citizens and endanger the security of the United States… In its attacks over the past 3 decades, Hamas has murdered or injured thousands of civilians, including dozens of American citizens…  They murdered the elderly, and they murdered young children. They weaponized sexual violence against women. On October 7th, Hamas terrorists murdered nearly 1200 people, including over 40 Americans… We will pursue the terrorists responsible for murdering Americans and those who illegally provide them with material support for the rest of their lives.” https://x.com/Osint613/status/1831100605873701347   Why is the Obama-Biden DoJ charging Sinwar and Hamas now?  Why not months ago?  Polling panic!   @JewishWarrior13: The Biden/Harris DOJ charged Hams leader Yahya Sinwar and other Hamas terrorist leaders for their involvement in the attack on Israel on October 7. But the Biden/Harris administration is forcing Israel to negotiate with them. Did I get this right, or am I going crazy here?   @susancrabtree: EXCLUSIVE and BREAKING: The Secret Service assigned to protect former President Donald Trump’s Mar-a-Lago estate in Palm Beach, Fla., failed to prevent a juvenile from illegally entering the compound in late December last year, according to three sources in the Secret Service community. The juvenile was able to remain undetected inside the Mar-a-Lago estate for nearly an hour, and apparently responding to a dare, jumped into the pool outside the entrance to Trump’s residence…     Dan Bongino, a popular conservative commentator, during a forum on the assassination attempt at the Heritage Foundation earlier this week, said a “direct source” told him the Secret Service denied a request by Trump for “enhanced” protection at Mar-a-Lago because the Secret Service cannot protect “a nightclub.”… https://x.com/susancrabtree/status/1829633904669835677   NBC: Inside the bitter personal battle between top FBI and DOJ officials over Mar-a-Lago Career officials from the FBI Washington field office eventually took an unusual step. They privately questioned a career DOJ prosecutor’s political donations to Democrats and what they saw as his aggressive stance toward Trump…     Steven D’Antuono, then the head of the bureau’s Washington field office and who has since retired, feared that the documents dispute would further erode public faith in the FBI… Several FBI agents in the Washington field office were concerned about the aggressive tactics and political donations of Jay Bratt, one of the Justice Department prosecutors…     Bratt, through the Justice Department press office, declined an interview request… D’Antuono, though, was concerned about the approach of the DOJ team investigating Trump, which Bratt led. “Jay was being a little overly aggressive,” D’Antuono recalled. “The aggressiveness that was there, from day one.”…  https://www.nbcnews.com/politics/bitter-personal-battle-top-fbi-doj-officials-mar-lago-rcna169067   Curious minds want to know why NBC News, late in the election cycle, publishes an article that implies the DoJ, for political reasons, prosecuted Trump against the protests of the FBI.  Why are some in the FBI now squealing on the DoJ?  Are some FBI officials courting favor with whom they believe will be prez?   @LeadingReport: Democrat mail-in ballot requests in Pennsylvania have dropped by 132,000 (vs) 2020.   To ingratiate himself with unions, The Big Guy ‘joked’ that his great-grandfather was a murderous thug! Biden says his great-grandfather was accused of being in a group of killer coal miners in long-winded anecdote – “I remember when my great-grandfather was only the second Catholic elected statewide in the state Senate here in Pennsylvania,” Biden began. “And I remember they talked about — when they’d run against him in 1906 — they said, ‘Guess what? He’s a Molly Maguire… And Molly Maguires, if they found out the foreman was taking advantage of an individual, they would literally kill him. Not a joke. And they would bring his body up and put him on the doorstep of his family.”  AFL-CIO president Liz Shuler’s head snapped back after Biden’s quip… “That was a joke. That was a joke,” Biden assured the crowd…  https://t.co/LP431x7H9e     @WesternLensman: Dazed and confused Joe Biden has no idea what to do as a handler attempts to get him to leave the room and then escorts Joe out like he’s a child.  It wasn’t very long ago that corrupt media would’ve assured this is a cheap fake.  https://x.com/WesternLensman/status/1831045208454418655   @Osint613: BIDEN: “I can’t go out in public anymore. The Secret Service won’t let me.”  REPORTER: “Why?” BIDEN: “They say it’s too dangerous and no one is allowed to go out.“ (ex-DJT, Vance, Harris, Walz – what are ‘they’ trying to hide?) https://x.com/Osint613/status/1831122706739175584   CNBC says Kamala Harris will propose expanding the small business tax deduction to $50,000 from $5,000.  Yes, Virginia; the proposal is another indication of Team Obama-Harris panic.   Today – We warned months ago that summer rallies on hopes of Fed rate cuts on perceptions that the economy is slowing often turn into autumn debacles.  When the summer rally is unusually manic and there is a bubble presence (AI and Mag7) the unwind is horrid.   We also warned that if the low from the first troubling decline (August 5) is violated, panicky selling tends to appear.  Be prepared!  “Fasten your seat belts, it’s going to be a bumpy night.”   Traders will play for a rebound.  Trapped longs will try to manipulate stuff higher.  The key will be the presence or absence of defensive asset allocators and/or organic sellers.  However, stocks have broken down technically.  The onus is now on bulls!   NQUs are -52.25 (NVDA); ESUs are -9.50; The Nikkei is -3.15%; and USUs are +2/32 at 20:35 ET.   Expected Economic Data: July Trade Balance -$79.0B; July JOLTS Job Openings 8.1m; July Factory Orders 4.7% m/m; July Durable Goods 9.9% m/m   S&P Index 50-day MA: 5504; 100-day MA: 5368; 150-day MA: 5279; 200-day MA: 5133 DJIA 50-day MA: 40,112; 100-day MA: 39,429; 150-day MA: 39,251; 200-day MA: 38,655 (Green is positive slope; Red is negative slope)   S&P 500 Index (5528.93 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 negative – a close above 5599.82 triggers a buy signal   Illegal immigration and its contribution to crime was the major political theme on Tuesday.   NY Post: Migrants flooding NYC’s justice system — making up ‘75% of arrests in Midtown’ — as ‘pathetic’ sanctuary city laws handcuff cops – Jefferson Maldenado, a 31-year-old migrant from Ecuador, has been arrested in New York City five times since arriving in the US earlier this year… https://nypost.com/2024/09/02/us-news/migrants-flooding-nycs-justice-system-making-up-75-of-arrests-in-midtown-as-pathetic-sanctuary-city-laws-handcuff-cops/   NBC: ‘Ghost criminals’: How Venezuelan gang members are slipping into the U.S. Cases linked to Tren de Aragua, including sex trafficking and a shooting, show how hard it is for border agents to vet migrants from nations that won’t provide criminal background info. https://www.nbcnews.com/politics/immigration/tren-de-aragua-venezuelan-gang-members-slip-into-us-rcna156290   @RNCResearch: An illegal alien has been arrested for stabbing a 14-year-old girl watching her brother’s baseball game. The illegal had been deported back to Honduras in 2018 under President Trump — then was let back in by Border Czar Kamala Harris. Coming to your city in a Harris presidency. https://t.co/NdHmik18AM   @SpeakerJohnson: Democrat sanctuary city policies are wrecking America’s cities.  Harris and Biden have unleashed an unprecedented border crisis that’s hurting every American.   @libsoftiktok: A group of 32 armed Venezuelans took over an apartment building in Chicago tonight. Here’s the audio of the 911 dispatch call. First, they did this in Aurora, CO and now Chicago? Which city will be next?… https://t.co/0L33y7PXto (Chicago police said they found no weapons.)     Chicago resident posts warning to Venezuelans taking over Chicago.  “This aint Colorado. This is just like where you’re from. The only difference is… we got switches.” The gang wars in Chicago are not going to be pretty… This is on Kamala. https://t.co/yhdhXUSwgb   @SteveGuest: Over 3 minutes of Kamala Harris using different phony accents throughout the years. Despite spending her childhood in Berkley, California and Montreal, Canada, Kamala uses what she thinks is a Detroit accent, what she thinks a southern accent in Georgia, a French accent, and more! https://x.com/SteveGuest/status/1830683943332651457   Kamala Harris should have been ‘pushed harder’ on Biden’s mental fitness during interview: WaPo columnists – “Couldn’t Bash (CNN), though, have pushed a bit harder on what Harris knew about Biden’s fitness for office and how she viewed his decline over time?” Washington Post media columnist Erik Wemple asked the group of colleagues, which included Perry Bacon and David Von Drehle… “Yes. I think there was only one question about Biden’s fitness versus, by my count, four questions on fracking,” Bacon responded…. https://t.co/LAGaEbR9IX   @RobertKennedyJr: Kamala Harris: “He [Musk] has lost his privileges.”  Can someone please explain to her that freedom of speech is a RIGHT, not a “privilege”?  Kamala Harris: “There has to be a responsibility placed on these social media sites to understand their power.” Translation: “If they don’t police content to conform to government-approved narratives, they will be shut down.” https://x.com/RobertKennedyJr/status/1830745926861758712   Kamala Harris speech from 2023 on transgender rights risks boomerang with American voters “What Vice President Harris calls anti-equality laws are seen as common sense by most Americans,” pollster Scott Rasmussen says. https://justthenews.com/politics-policy/elections/old-kamala-harris-speech-transgender-rights-risks-boomerang-american   Fox News: After 44 days as the presumptive and now official Democratic nominee for president, Vice President Kamala Harris has yet to hold an official press conference.   @elonmusk on Kamala wanting Musk censored: This is what she actually believes. Free speech is the bedrock of democracy and the Democratic Party (Kamala is just a puppet) wants to destroy it.   Kamala Harris is brutally roasted after bringing back very classic catchphrase – ‘We can see what is possible, unburdened by what has been.’… https://t.co/1wNucNCS7K   Kamala Harris is called out for sneaky tactic to avoid answering questions as she boards plane Wearing a pair of headphones… https://t.co/KNqNWZIlUd   On Monday, ex-GOP prez candidate Vivek Ramaswamy stated that the GOP is not running against Kamala Harris; they are running against a system.   Kamala Harris Is but a Cog in the Democrats’ Machine The name on the ballot is largely irrelevant. No one is really voting for Harris, but for the party she represents… Like Biden, her vacuity is her appeal; she is another empty vessel that Democrat marketing whizzes can fill with blithe slogans – Joy! Freedom!! Goldilocks!!!… Also, like Biden, her lack of insight and conviction is a plus as she is unlikely to offer any pushback to the plan…     Who’s running the government? The machine.  Ironically, Harris’ largely ceremonial role adds a splash of truth to her party’s efforts to hide her. She doesn’t need to grant many interviews or hold press conferences because her own thoughts are largely irrelevant…     The Democrats will continue their push to transform America into a woke, quasi-socialist republic like those that dominate the broke and feckless nations of Western Europe. They will give us higher taxes, expanded regulation, mounting national debt, and – perhaps most troubling of all – the ever more strident effort to censor and punish dissenting views… https://www.realclearpolitics.com/articles/2024/08/29/kamala_harris_cog_in_democrats_machine_151534.html   @WarClandestine: RFK Jr. on the All-In Podcast, says we are “going to see a very different President Trump than we did in the first term”. RFK Jr. talks about his conversations with Trump admitting what he did wrong last time, and some of his bad appointees… https://t.co/0Po22C0L1S   @EricLDaugh: Trump is surging among white men, new reporting finds… “White men, from +13 points for Trump before the convention to +21 points now.” – ABC.  Jake Tapper said Harris is declining among men in PA, and is likely down there, according to internals. Checks out.   @VeryInsig: Lots of white voters in the key states didn’t bother to vote in 2020. Presumably the GOP is working hard to get as many of them as possible to the polls in November.  Table 4b has the data. https://t.co/zayDkQc14p   Ann Coulter regularly notes that Trump lost tons of white male voters in 2020.   @DC_Draino: Whoa – the Wisconsin Senate race is down to a 1-point spread.  It was 8 points just 2 weeks ago.  This could be a huge surprise flip from D-> R.  https://x.com/DC_Draino/status/1831005660672102664   Alexa is telling inquirers that it cannot give reasons to vote for Trump; but it gives reasons to vote for Harris.  After being confronted about this, Amazon says it’s just an error (Why do the errors/glitches always favors Democrats).  Video at link: https://x.com/bennyjohnson/status/1830966887636967615   Alexa Had Different Responses to Key Query on Kamala Harris And Donald Trump; Amazon Cites Error “Quickly Fixed” https://deadline.com/2024/09/amazon-alexa-bot-kamala-harris-donald-trump-2024-presidential-election-1236076820/   Is Amazon via Alexa committing election interference?  Isn’t that a charge against Trump?   @CollinRugg: John McCain’s son, Jimmy, says he is so disgusted that Trump would turn Arlington into a “campaign backdrop” that he is voting for Kamala. Ironically, in 1999, John McCain himself used Arlington National Cemetery as a “campaign backdrop.” In a political ad, then-presidential candidate John McCain was seen walking through Arlington.  The incident got so much attention that McCain was forced to remove the footage from his ad… https://x.com/CollinRugg/status/1831127134020280593   Former aide to NY Democrat Gov. Hochul charged with acting as agent of Chinese government Her husband, Chris Hu, was also arrested at the couple’s $3.5 million home located on Long Island. https://justthenews.com/government/state-houses/former-aide-new-york-governor-charged-acting-agent-chinese-government   @dom_lucre: The Church of the Immaculate Conception in Saint-Omer, Pas-de-Calais from 1854, mysteriously caught on fire in what is a growing trend in Europe. The Victorian church survived two world wars. A church is being burned or damaged in France around every 2 weeks in 2024. https://x.com/dom_lucre/status/1830711400152371496   @Jkylebass: Haven’t see a mosque burn yet…the French Christians should ask the Muslims how they prevent such fires.   Actor @RobertJohnDavi: If a Mosque was burning every 2 weeks in France what would Macron the s&$^ for brain do?   Fox: Two US Marines ambushed, assaulted by mob of Turkish nationalists: ‘Yankee, go home!’ Turkish youth group said US Marines ‘cannot dirty our country’, cited Palestinian conflict (No respect for The Big Guy and Kamala.  Can you imagine this happening under Reagan or DJT?) https://www.foxnews.com/world/two-u-s-marines-ambushed-assaulted-mob-turkish-nationalists-yankee-go-home   @nytimes: Less than nine months after the first gray wolves were released into the wild in Colorado, amid widespread attention as part of an ambitious reintroduction program, officials are now scrambling to capture and move the state’s first breeding pack. https://t.co/cKn4MzdtOF (And we’re supposed to trust ‘the science’ and spend tens of trillions of dollars on climate change?)   “A serious problem in planning against American doctrine is that the Americans do not read their manuals, nor do they feel any obligation to follow their doctrine.” – Soviet observation during the Cold War  https://mwi.westpoint.edu/broken-unreadable-unbearable-aversion-doctrine/

GREG HUNTER

Sliding Towards Chaos – Signs are Everywhere

By Greg Hunter On September 3, 2024 In NewsNo Comments

By Greg Hunter’s USAWatchdog.com

Every week there are new signs we are sliding towards chaos.  Is this what they want?  Look no further than the underreported mess that is Ukraine.  Russian Foreign Minister Sergei Lavrov, in a stark warning just last week, said, “The West is playing with fire,” and he made a chilling WWIII warning directly to the USA.  Now, Lavrov has said that the West is “asking for trouble” by considering Ukrainian requests to loosen curbs on using foreign-supplied weapons. . . . He added, “Americans unequivocally associate conversations about a Third World War as something that, God forbid, if it happens, will affect Europe exclusively.”  Lavrov went on to point out nuclear war will not be contained in Europe, but it will affect everybody everywhere.This includes the USA.  If there were ever a time to make sure you have backup power and sat phone communication, this is it.  Satellite Phone Store can help you do both along with BeReady123.com.  (Here’s an 8-minute demo video for solar battery power back up.)

Here is another warning sign the world is sliding into chaos and that is billionaire investor Warren Buffett selling a huge 34 million shares of Bank of America for $1.48 billion, according to a public filing Friday.  This brings the total shares of BofA sold by Buffett to about 90 million since mid-July.  What does Buffett see coming that we don’t?  If Bank of America was solvent and strong, would he be selling?  Look at the rest of the economy.  It’s a basket case being propped up by inflation and lies.  This is why you should consider diversifying into hard assets for insurance in a financial paper world.  This can be done at Discount Gold and Silver Trading.  Melody Cedarstrom is totally honest, and I have not had a complaint in more than 10 years.

Want some more current chaos?  Think you are safe in America?  Think again.  Look at the recent armed Venezuelan gangs taking over apartment complexes in Colorado and Chicago.  This is all brought to you by the open border policy of the Democrats and RINO Republicans.

Look at all the fires happening all over North America.  They continue to burn, and as a side effect, wildfires poison water systems.  You also get poison in water and air with what is going on right now in New York City.  NYC began spraying for West Nile virus recently.   This is going to go on for a while.  Mosquito spraying all over town will probably be done in many other cities soon.  (Who knows what else they are spraying.)  Can spraying massive amounts of bug killers harm your air and water?  You bet it can, and don’t expect government officials to care about you—they don’t.   This is why you need the water filtration tech of Dry Element.  They are American made and are experts in water filtration and storage.  Dry Element filters fit Berky, too.

You also need a way to scrub all the smoke and poison out of the air in your home.  Simply walking inside and closing the door is not going to work.  This is why you should consider the patented bipolar ion air scrubbing tech of Weston Scientific.  They have a new machine called the WS 2000, and it is state of the art air scrubbing tech you need now.  There is also the compact tried and true CarryiOn.  There are deals on these products now.

Finally, my confidential election data miner says they have new information on Kamala Harris.  The data mining shows her job approval is bouncing at around 8.5%.  It gets worse as the latest data shows Harris is “unelectable.”  Harris does not win a single demographic.  My source says if the Deep State wants to cheat her in, the cheating is going to be obvious.  The Deep State is desperate NOT to allow Donald Trump into office.  Could they start a war?  Could they crash the financial system?  Could they release a super deadly virus that kills many and locks us down again?  Or, all of the above?

All the signs are in front of your face that we are sliding into chaos.  So, get prepared now.

There is much more in the 24-minute video below.

Join Greg Hunter of USAWatchdog.com as he tells you why you need these survival tools and shows the USAW sponsors that have them.  You are not just helping the sponsors and USAW, but you are helping yourself too.  Don’t wait.

After the Post

:https://usawatchdog.com/sliding-towards-chaos-signs-are-everywhere/

SEE YOU ON THURSDAY//