GOLD PRICE CLOSED UP $12.95 TO $2503.20
SILVER PRICE UP $.45 TO $28.34
Gold ACCESS CLOSED $2503.00
Silver ACCESS CLOSED: $28.30
Friday is OTC/London LBMA options expiry which is much bigger than comex.
Bitcoin morning price:$55,241 UP 1529 DOLLARS.
Bitcoin: afternoon price: $56,748 up 8 DOLLARS
Platinum price closing UP $22.80 TO $945.00
Palladium price; UP $30.40 TO $949.00
END
*CANADIAN GOLD: $3394.50 UP 6.30 CDN dollars per oz( * NEW ALL TIME HIGH 3,431.95 CDN DOLLARS PER OZ//AUG 16 2024)
*BRITISH GOLD: 1,914.20 UP 12.97 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1937.75 BRITISH POUNDS/OZ) AUGUST 16/2024
*EURO GOLD: 2,267.46 UP 14.82Euros 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: 2,493.500000000 USD
INTENT DATE: 09/06/2024 DELIVERY DATE: 09/10/2024
FIRM ORG FIRM NAME ISSUED STOPPED
323 C HSBC 22
363 H WELLS FARGO SEC 76
435 H SCOTIA CAPITAL 12
523 H INTERACTIVE BRO 1
624 H BOFA SECURITIES 130
657 C MORGAN STANLEY 19
661 C JP MORGAN 38
686 C STONEX FINANCIA 3
737 C ADVANTAGE 79 41
905 C ADM 3
TOTAL: 212 212
MONTH TO DATE: 3,840
JPMorgan stopped 38/212
GOLD: NUMBER OF NOTICES FILED FOR SEPT/2024. CONTRACT: 212 NOTICES FOR 21,200 OZ or 0.6594 TONNES
total notices so far: 3840 contracts for 38,4000 Oz (11.944 tonnes)
FOR SEPT:
SILVER NOTICES: 56 NOTICE(S) FILED FOR 280,000 OZ/
total number of notices filed so far this month : 4,734 for 23,670,000 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 $12.95 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 .45 AT THE SLV
SMALL CHANGES IN SILVER INVENTORY AT THE SLV: ..A WITHDRAWAL OF 46,000 OZ OF SILVER AT THE SLV//
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 466.188 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUGE SIZED 842 CONTRACTS TO 129,446 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR STRONG LOSS OF $0.84 IN SILVER PRICING AT THE COMEX ON FRIDAY’S TRADING. WE LOST ZERO NET LONGS DESPITE THE LOSS IN PRICE. WE HAD A HUGE GAIN OF 2257 CONTRACTS ON OUR TWO EXCHANGES. WE HAD AGAIN A HUGE LIQUIDATION OF T.A.S. CONTRACTS DURING FRIDAY’S TRADING//. WE HAD CONSIDERABLE SHORT COVERING BY OUR SPECS WITH THE LOSS IN PRICE. WE HAD A HUMONGOUS 1415 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY ANOTHER HUGE 1491 CONTRACT T.A.S ISSUANCE. IN ESSENCE WE GAINED A MONSTROUS 2257 CONTRACTS ON OUR TWO EXCHANGES DESPITE THE LOSS IN PRICE.
PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER/GOLD T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS BUT DEMAND IS JUST TOO HIGH FOR THEM. THE HIGHER ISSUANCE OF T.A.S. IS NOW USED TO TEMPER OUR SILVER/GOLD PRICE RISE OR RAID AS WHAT HAPPENED SEVERAL TIMES LAST MONTH AND AGAIN YESTERDAY. THE ACCUMULATED T.A.S. IS BEING USED TO MANIPULATE PRICES AT THE COMEX NOW EVERY DAY..
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON FRIDAY NIGHT: 1415 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 $0.84) BUT WERE UNSUCCESSFUL IN KNOCKING ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A HUGE GAIN OF 2844 TOTAL OI CONTRACTS ON OUR TWO EXCHANGES.
WE HAD A HUGE 1415 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 280,000 OZ QUEUE JUMP//NEW STANDING ADVANCES TO 24.070 MILLION OZ
//NEW STANDING FOR SILVER//SEPT ADVANCES TO 24.070 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI GAIN //HUGE SIZED EFP ISSUANCE/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 1491 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED 587 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 5 DAYS, total 4076 contracts: OR 20.380 MILLION OZ (815 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 20.380 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: 20.380 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 842 CONTRACTS DESPITE OUR GAIN IN PRICE OF SILVER PRICING AT THE COMEX//FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS:1429 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 HUGE 280,000 OZ QUEUE JUMP
//NEW TOTAL STANDING FOR SEPT ADVANCES TO 24.070 MILLION OZ
WE HAVE A HUGE GAIN OF OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE LOSS IN PRICE…..THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE SIZED 1491 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE FRIDAY COMEX TRADING//// MASSIVE ATTEMPTED SHORT COVERING FROM OUR SPEC SHORTS WITH THE LOSS IN PRICE FRIDAY/ AND ZERO LIQUIDATION OF LONGS. ALSO SOME OF OUR LONGS EXERCISED THEIR RIGHT AND TENDERED FOR PHYSICAL SILVER.
THE NEW TAS ISSUANCE FRIDAY NIGHT (1491) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND FOR SURE TODAY., .
WE HAD 56 NOTICE(S) FILED TODAY FOR 280,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 3495 OI CONTRACTS TO 507,787 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 4269 CONTRACTS//
WE HAD A FAIR SIZED DECREASE IN COMEX OI (3495 CONTRACTS) OCCURRED DESPITE OUR STRONG LOSS OF $17.65 IN PRICE //FRIDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER.. WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR SEPT AT 12.885 TONNES ON FIRST DAY NOTICE FOLLOWED BY FRIDAYS STRONG 7700 OZ QUEUE JUMP
NEW STANDING ADVANCES TO 12.137 TONNES
/ ALL OF THIS HAPPENED WITH OUR $17.65 LOSS IN PRICE WITH RESPECT TO FRIDAY’S TRADING. WE HAD A SMALL SIZED GAIN OF 1177 OI CONTRACTS (3.660 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 STRONG SIZED 4692 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 507,787
IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1177 CONTRACTS WITH 3795 CONTRACTS DECREASED AT THE COMEX// AND A STRONG SIZED 4672 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 1177 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 1959 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4672 CONTRACTS) ACCOMPANYING THE FAIR SIZED DECREASE IN COMEX OI OF 3495 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 1177 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 7700 OZ QUEUE JUMP
//NEW STANDING ADVANCES TO: /SEPT 12.137 TONNES.
/ 3) HUGE T.A.S. LIQUIDATION WITH ZERO NET LONG SPECS BEING CLIPPED,
4) FAIR SIZED COMEX OPEN INTEREST LOSS 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 1959 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: 27,140 CONTRACTS OF 271,4000 OZ OR 84.42 TONNES IN 5 TRADING DAY(S) AND THUS AVERAGING: 5428 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 5 TRADING DAY(S) IN TONNES 84.42 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 84.42 DIVIDED BY 3550 x 100% TONNES = 2.42% 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: 84.42 TONNES//IF THIS CONTINUES WE WILL HAVE A HUMDINGER OF AN EFP ISSUANCE.
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF 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 ROSE BY A HUGE SIZED 842 CONTRACTS OI TO 129,446 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 1415 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 1415 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1415 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 842 CONTRACTS AND ADD TO THE 1415 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2257 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 11.285 MILLION OZ OCCURRED DESPITE OUR $0.84 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//
MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED DOWN 29.32 PTS OR 1.06% //Hang Seng CLOSED DOWN 247.34 PTS OR 1.42% // Nikkei CLOSED DOWN 175.72 OR 0.48%//Australia’s all ordinaries CLOSED DOWN 0.28%///Chinese yuan (ONSHORE) CLOSED DOWN TO 7,1167 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.1239/ Oil DOWN TO 6820 dollars per barrel for WTI and BRENT DOWN AT 71.61 Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 3495 CONTRACTS TO 507,787 DESPITE OUR STRONG LOSS IN PRICE OF $17.65 WITH RESPECT TO FRIDAY’S TRADING. WE LOST ZERO IN NUMBER LONGS DESPITE THE LOWER PRICE FOR GOLD. THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTH DISTORTS OPEN INTEREST NUMBERS.
THE FED IS THE MAJOR SHORT OF AROUND 157+ 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. THE FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER CONTAINMENT.
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 HUGE T.A.S. LIQUIDATION ON FRIDAY’S HUGE 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 // T.A.S DURING THE WEEK 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 STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A STRONG SIZED 4672 EFP CONTRACTS WERE ISSUED: : OCT/DEC 4672 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 4672 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 GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED TOTAL OF 1177 CONTRACTS IN THAT 4672 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A FAIR LOSS OF 3495 COMEX CONTRACTS..AND THIS SMALL GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR HUGE LOSS IN PRICE OF $17.65/FRIDAY 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 THIS PAST TUESDAY AND FRIDAY WERE ORCHESTRATED BY THE FRBNY AS WE ARE NOW FINISHED WITH OPTIONS EXPIRY FOR THE OTC/LONDON LBMA BETS ENDING LAST FRIDAY AFTERNOON. DESPITE THE FED’S HUGE SHORT PREDICAMENT THEY STILL HAVE TIME AND ENERGY TO RAID OUR PRECIOUS METALS. SUCH CROOKS!
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR FRIDAY NIGHT A FAIR SIZED 1959 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 AND THIS WEEK’S TRADING//RAIDS
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: SEPT (11.897 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. 12.137 TONNES.
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $17.65 ////BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY SPECULATOR LONGS AS WE DID HAVE A STRONG 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 3.660 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR SEPT (12.885 TONNES) ON FIRST DAY NOTICE FOLLOWED BY FRIDAY’S QUEUE JUMP OF A GOOD SIZED 7700 OZ
//NEW STANDING FOR SEPT ADVANCES TO: 12.137 TONNES.
NEW STANDING FOR SEPT: 12.137 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $17.65
WE HAVE REMOVED 4269 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES 1177 CONTRACTS OR 117,700 OZ (3.660
TONNES)
confirmed volume FRIDAY 239,095 contracts poor
//speculators have left the gold arena
END
SEPT 9 SEPTEMBER GOLD CONTRACT
/ /// THE SEPT 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | NIL . |
| Deposit to the Dealer Inventory in oz | nil |
| Deposits to the Customer Inventory, in oz | 81,226.710 oz JPMorgan |
| No of oz served (contracts) today | 212 notice(s) 21200 OZ 0.6594 TONNES |
| No of oz to be served (notices) | 62 contracts 6200 OZ 0.1928 TONNES |
| Total monthly oz gold served (contracts) so far this month | 3840 notices 384,000 oz 11.944 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month | x |
0 dealer deposits:
total dealer deposits: nil oz
we have 0 customer deposits
total deposits NIL oz
withdrawals:0
TOTAL WITHDRAWALS
NIL
adjustments: 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR SEPTEMBER
For the front month of SEPT. we have an oi of 274 contracts having LOST 625 contracts. We had 702 notices filed on Friday so we GAINED 77 contracts or 7700 oz will stand at the comex as these boys seek metal on this side of the pond.
OCTOBER GAINED 225 CONTRACTS UP TO 2,494 CONTRACTS
NOVEMBER LOST 2 CONTRACTS TO STAND AT 80
DECEMBER, THE BIGGEST DELIVERY MONTH LOST 3545 CONTRACTS TO 407,259.
We had 212 contracts filed for today representing 21,200 oz
This is a major assault on the comex for gold and this time it is physical that will be requested.
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notice issued from their client or customer account. The total of all issuance by all participants equate to 212 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 38 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 (3840) x 100 oz ) to which we add the difference between the open interest for the front month of SEPT 274( CONTRACTS) minus the number of notices served upon today (212 x 100 oz per contract( equals 390,200 OZ OR 12.137 TONNES.
thus the INITIAL standings for gold for the SEPTEMBER contract month: No of notices filed so far (3840 x 100 oz +we add the difference for front month of SEPT (274 X// , OI} minus the number of notices served upon today (212) x 100 oz which equals 390,200 oz (12.137 TONNES)
TOTAL COMEX GOLD STANDING FOR SEPT.: 12.137 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: 1,780,327.447 oz 55.375 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,037,284.269 OZ
TOTAL REGISTERED GOLD 7,425,642.244 ( 230.96 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,611,592.025 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 5,645,315 oz (REG GOLD- PLEDGED GOLD)= 175.59 tonnes //
END
SILVER/COMEX
SEPT 9/2024
INITIAL
//2024// THE SEPT 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 604,950.900 OZ Delaware asahi . |
| Deposits to the Dealer Inventory | nil oz |
| Deposits to the Customer Inventory | nil oz 604,950.900 OZ asahi delaware |
| No of oz served today (contracts) | 56 CONTRACT(S) (280,000 OZ) |
| No of oz to be served (notices) | 80 contracts (0.400 million oz) |
| Total monthly oz silver served (contracts) | 4734 Contracts (23.670 MILLION oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
i) 0 dealer deposit/
total dealer deposit : NIL oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 2 customer deposits:
i) Into ASAHI: 603,881.800 oz
ii) Into Delaware: 1069.100 oz
total customer deposit 604,950.900 oz
JPMorgan has a total silver weight: 134.996million oz/306.575 million or 44.03%
adjustment:2
c) dealer to customer Brinks 492,362.844 oz
d) dealer to customer Delaware 1069.100 oz
withdrawals: 1
i) Out of Delaware 46,321.838 oz
total customer withdrawals: 46,321.838 oz
TOTAL REGISTERED SILVER: 77.302 MILLION OZ//.TOTAL REG + ELIGIBLE. 306.575 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR SEPTEMBER:
silver open interest data:
FRONT MONTH OF SEPT/2024 OI: 136 CONTRACTS HAVING GAINED 46 CONTRACT(S).
WE HAD 10 NOTICES FILED ON FRIDAY, SO WE GAINED 56 CONTRACTS OR 280,000 OZ
UNDERWENT A QUEUE JUMP TO TAKE DELIVERY OF SILVER OVER ON THIS SIDE OF THE POND..
THERE MUST BE ENOUGH SILVER OVER HERE.
OCTOBER SAW ANOTHER LOSS OF 31 OF OPEN INTEREST CONTRACTS AND THUS WE HAVE 1340 OPEN INTEREST CONTRACTS FOR OCTOBER.
NOVEMBER SAW ITS ANOTHER LOSS OF 5 CONTRACTS TO STAND AT 17.
DECEMBER SAW A LOSS OF 460 CONTRACTS UP TO 114,385.
.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 56 for 280,000 oz
CONFIRMED volume; ON FRIDAY 91,922 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 4734 x 5,000 oz = 23.670 MILLION oz
to which we add the difference between the open interest for the front month of SEPT(136) and the number of notices served upon today 56 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the SEPT/2024 contract month: 4734 notices served so far) x 5000 oz + OI for the front month of SEPT (136)x number of notices served upon today minus (56)x 5000 oz of silver standing for the SEPT contract month equates to 24.070 MILLION OZ.
New total standing: 24.070 million oz.
There are 77,743 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 9 WITH GOLD UP $12.95 ON THE DAY; NO CHANGES IN GOLD AT THE GLD /:/ //////INVENTORY RESTS AT 862.74 TONNES
SEPT 6 WITH GOLD DOWN $17.65 ON THE DAY; NO CHANGES IN GOLD AT THE GLD /:/ //////INVENTORY RESTS AT 862.74 TONNES
SEPT 5 WITH GOLD UP $18.00 ON THE DAY; NO CHANGES IN GOLD AT THE GLD /:/ //////INVENTORY RESTS AT 862.74 TONNES
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
GLD INVENTORY: 862.74 TONNES, TONIGHTS TOTAL
SILVER
SEPT 9//WITH SILVER UP $0.45//SMALL CHANGES IN SILVER INVENTORY: A WITHDRAWAL OF 46,000 OZ OF SILVER FROM THE SLV./. /: .///./// /INVENTORY AT 466.188 MILLION OZ
SEPT 6//WITH SILVER DOWN $.84//NO CHANGES IN SILVER INVENTORY /: .///./// /INVENTORY AT 466.234 MILLION OZ
SEPT 5//WITH SILVER UP $.55//SMALL CHANGES IN SILVER INVENTORY A WITHDRAWAL OF 0.193 MILLION OZ OF SILVER INTO THE SLV/: .///./// /INVENTORY AT 466.234 MILLION OZ
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
CLOSING INVENTORY 466.188 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY
end
2. ALASDAIR MACLEOD/JIM RICKARDS/PAM AND RUSS MARTENS/ JAMES RICKARDS/ VON GREYERZ//GOLD AND SILVER COMMENTARY//BILL HOLTER:
3.CHRIS POWELL AND DAILY GOLD/SILVER DISPATCHES
China is ready with 40,000 tonnes of gold for new trading system, Maguire says
Submitted by admin on Sat, 2024-09-07 21:19 Section: Daily Dispatches
9:17p ET Saturday, September 7, 2024
Dear Friend of GATA and Gold:
U.S. Secretary of State Antony Blinken probably discussed China’s involvement in the de-dollarization movement during his recent visit to that country, London metals trader Andrew Maguire tells this week’s edition of Kinesis Money’s “Live from the Vault” program.
China, Maguire says, may have as much as 40,000 tonnes of gold is its “shadow” banking system, ready for use in the gold-linked international trade currency being prepared by the BRICS nations and Russia
Mainstream financial news organizations, Maguire says, still don’t understand that the classification of gold as a “Tier 1” asset by the Bank for International Settlements has triggered the recent rise in the gold price and facilitated de-dollarization.
The U.S. Federal Reserve, Maguire says, is losing its struggle to keep the “paper” price of gold down because declines in the “paper” price are quickly bought by foreign central banks converting “paper” to physical.
The program is 48 minutes long and can be viewed at YouTube here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
end
Reuters still thinks China’s not reporting gold purchases is the same as not purchasing
Submitted by admin on Sat, 2024-09-07 14:30 Section: Daily Dispatches
China’s Central Bank Pauses Gold Purchases for a Fourth Month in August
By Polina Devitt, Qiaoyi Li, and Ryan Woo
Reuters
Saturday, September 7 2024
China’s central bank held back on buying gold for its reserves for a fourth straight month in August, official data showed on Saturday.
China’s gold holdings stood at 72.8 million fine troy ounces at the end of last month. The value of the gold reserves, however, rose to $182.98 billion compared with $176.64 billion at the end of July.
…
Gold prices have been rising this year amid bets that U.S. rate cuts are imminent and due to safe-haven demand driven by geopolitical and economic uncertainty, with central banks making robust purchases.
Gold prices have surged 21% so far this year and are hovering slightly below a record high of $2,531.60 hit on Aug. 20.
Prior to the pause in its purchases, the People’s Bank of China had bought gold for 18 consecutive months. …
… For the remainder of the report:
END
Interviewed by Money Metals, GATA secretary explains central banking’s hostility to gold
Submitted by admin on Sat, 2024-09-07 00:23 Section: Daily Dispatches
12:23a Saturday, September 7, 2024
Dear Friend of GATA and Gold:
Your secretary/treasurer was interviewed this week by Mike Maharrey of Money Metals, explaining the longstanding hostility of central banks to gold and their aggression against the monetary metal, a powerful competitor to their own currencies. GATA’s work is also discussed, along with gold’s hastening progress toward restoration as the world reserve currency.
The interview is 35 minutes long, follows the Money Metals weekly market review, and can be heard or read in transcript form here:
https://www.moneymetals.com/podcasts/2024/09/06/gold-steady-as-stock-market-slumps-irs-audits-003438
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
END
Robert Lambourne: BIS gold swaps rose again in August
Submitted by admin on Fri, 2024-09-06 11:31 Section: Daily Dispatches
By Robert Lambourne
September 6, 2024
The August statement of account for the Bank for International Settlements has just been published:
From this it is possible to estimate the volume of gold swaps undertaken by the BIS at the month end: 157 tonnes at August 31. This is the highest level since May 31, 2023, and compares to an estimate of 116 tonnes for June 30 and an estimate of 148 tonnes at July 31, so swaps have increased during June and July by 41 tonnes.
Since February 29 the volume of swaps has increased by 89 tonnes.
Table 1 below sets out the historical level of monthly gold swaps estimated since August 2018. As is evident from the table there is still a considerable level of gold being traded via these swaps. While gold swaps are down significantly from the 501 tonnes estimated in January 2022, the level seemingly remains quite volatile, suggesting the use of swaps to cover shorter-term trading requirements.
To repeat the regular point made in these GATA reports, it seems that these swaps are undertaken by the BIS for one or more of its central bank customers with the swapped gold being accounted for as being held in a BIS registered sight account at a central bank. Given what is happening in the gold market more generally, it appears reasonable to assume that the Federal Reserve is the BIS’ customer for the swaps transactions. The evidence strongly suggests that the source of this gold is bullion banks and the gold comes from gold registered as being held by gold exchange-traded funds.
The recently published 2023-24 annual report for the BIS —
— confirms GATA’s estimate of the bank’s gold swaps as of March 31 in Table 1 of 72 tonnes.
The BIS annual report contains information that also confirms certain assumptions used to estimate the swap volumes. This includes confirmation that the BIS continued to hold 102 tonnes of its own gold. The annual report also provides strong support, via its reporting on transactions with related parties, that the source of the swapped gold is bullion banks rather than central banks.
However, the BIS continues to offer no explanation for why it is undertaking gold swaps. The BIS first reported gold swaps in its annual report for 2009-10, so gold swaps have been provided by the BIS for its customer central banks for more than 15 years. See Table 2 below for the year-end level of gold swaps reported by the BIS in its annual reports since March 2010.
*
Table 1 — Gold swaps estimated by GATA from BIS monthly statements of account
Month ….. Swaps
& year … in tonnes
Aug-24 …. /157
Jul-24 …. /148
Jun-24 …. /116
May-24 …. /109
Apr-24 …. /78
Mar-24 …. /72
Feb-24 …. /68
Jan-24 …. /117
Dec-23 …. /121
Nov-23 …./100
Oct-23 …./68
Sep-23 …./96
Aug-23 …./129
Jul-23 …. /103
Jun-23…. /87
May-23 …. /188
Apr-23 …. /135
Mar-23 …. /77*
Feb-23 … /136
Jan-23 … /103
Dec-22 … /0
Nov-22 … /105
Oct-22 ….. /7
Sep-22 …../57
Aug -22 ….. /75
Jul-22 ….. /56
Jun-22 ….. /202
May-22 ….. /270
Apr-22 ….. /315
Mar-22 …. /358
Feb-22 …. /472
Jan-22 ….. /501
Dec-21…. /414
Nov-21…. /451
Oct-21…. /414
Sep-21 …. /438
Aug-21 …. /464
Jul-21 …. /502
Jun-21 …./471
May-21 …./517
Apr-21 …. /472
Mar-21…. /490+
Feb-21 …../552
Jan-21 …. /523
Dec-20 …. /545
Nov-20 …. /520
Oct-20 …. /519
Sep-20…../ 520
Aug-20…../ 484
Jul-20 ….. / 474
Jun-20 …. / 391
May-20 … / 412
Apr-20 …. / 328
Mar-20 …. / 326**
Feb-20 …. / 326
Jan-20 …. / 320
Dec-19 …. / 313
Nov-19 …. / 250
Oct-19 …. / 186
Sep-19 …. / 128
Aug-19 …. / 162
Jul-19 ….. / 95
Jun-19 …. / 126
May-19 …. / 78
Apr-19 ….. / 88
Mar-19 …. / 175
Feb-19 …. / 303
Jan-19 …. / 247
Dec-18 …. / 275
Nov-18 …. / 308
Oct-18 …. / 372
Sep-18 …. / 238
Aug-18 …. / 370
* The estimate originally reported by GATA was 78 tonnes, but the BIS annual report states 77 tonnes. It is believed that slightly different gold prices account for the difference.
+ The estimate originally reported by GATA was 487 tonnes, but the BIS annual report states 490 tonnes, It is believed that slightly different gold prices account for the difference.
** The estimate originally reported by GATA was 332 tonnes, but the BIS annual report states 326 tonnes. It is believed that slightly different gold prices account for the difference.
GATA uses gold prices quoted by USAGold.com to estimate the level of gold swaps held by the BIS at month-ends.
*
There seem to be no new reasons to alter the assumption that the BIS is continuing to enter these swaps on behalf of the Federal Reserve. There is no evidence to suggest that any other major central bank is actively trading this much gold, and some central banks are still accumulating physical gold.
As noted above, the basic transaction that the BIS is believed to undertake is to swap dollars for gold that is transferred from a bullion bank, then to deposit this gold in a gold sight account at a central bank, presumed to be the Fed but almost certainly being the central bank that is using the BIS to execute the gold swap on its behalf.
Given the recent volatility in BIS gold swaps, it seems likely that most are of a short duration. Why a central bank needs the BIS to undertake gold swaps isn’t clear. The swaps are likely connected with short-term trading needs and perhaps are being used to aid suppression of the gold price via the futures markets.
The volatility in the volume of swaps is clear from a review of Table 1 above. Volumes of swaps in 2023 and so far in 2024 remain well below the average seen in the preceding four years but remain significant. The gold price increased from $2,327 at June 28 to $2,447 at July 31 (per USAGold.com). Using the July 31 gold price, the 148 tonnes of gold swaps carried out via the BIS in July are valued at about $11.6 billion. (The corresponding value of the swaps in place as of June 28 was around $8.7 billion.)
So the recent trading in BIS gold swaps has high dollar value and shows that gold remains a significant monetary asset still actively traded on behalf of at least one central bank, presumably the Fed.
As ever with the BIS, it remains unlikely that more information about why it undertakes these transactions will be provided. No such information was provided in the recently published annual report, which covered the year ending March 31, 2024.
GATA’s research on gold price suppression indicates that an active policy of price suppression was implemented around 30 years ago and was primarily intended to suppress interest rates. Recent updates on this research are provided by the presentations GATA secretary/treasurer Chris Powell and Chairman Bill Murphy made in November 2023 at the New Orleans Investment Conference:
https://www.gata.org/node/22886
https://www.gata.org/node/22889
In a more recent dispatch Powell laments that so much of the bullish commentary on gold fails to highlight the regular and repeated efforts to suppress the gold price during the past 30 years. He argues that this bullish commentary provides an incomplete view of the risks as well as the rewards of gold ownership even as the financial outlook for the U.S. government seems fraught amid so much debt:
https://www.gata.org/node/22993
This influential report from 2005 abut “Gibson’s Paradox” remains relevant and highlights work in this area by former U.S. Treasury Secretary and Harvard University President Lawrence Summers:
https://goldensextant.com/gibsonsparadox/
It also remains relevant to highlight the following remarks made in a speech by Summers on September 8, 1999, as reported in the book “The Wealth of Progressive Nations: The Collected Lectures of Lawrence Summers.” The remarks below are an extract of a section of the speech titled “A New Economic Paradigm.”
“Most important of all, the Clinton-Gore administration has established a new paradigm for the management of our nation’s budget, with enormous cumulative benefits for our economy and our citizens. It has become a commonplace to remark on how exceptional today’s 4.2% unemployment rate is relative to any expectation at the beginning of the decade. It is no less remarkable that today, after 8.5 years of expansion, long-term interest rates are around 2 percentage points lower than they were at its start.”
From this it is reasonable to conclude that keeping interest rates “lower” was considered a priority by the Clinton-Gore administration and succeeding at it was thought to be “remarkable.” While this is not proof that gold price suppression was undertaken specifically to reduce interest rates, it shows that reducing interest rates was a priority for the U.S. government.
Further evidence of this priority is provided by an interview with former Treasury Secretary Robert Rubin about his time working in the Clinton administration after January 1993. In answer to a question on the initial decision to prioritize deficit reduction, Rubin remarks: “On the other hand, if interest rates go down as a result, then that will stimulate growth, and we thought that the beneficial effect of lower interest rates would outweigh the contractionary impact of the deficit reduction”:
https://www.pbs.org/wgbh/pages/frontline/shows/clinton/interviews/rubin.html
Hence there is plenty of evidence that keeping interest rates low was a major goal of the Clinton presidency.
In the context of gold price suppression being used to reinforce efforts to reduce interest rates, the following report issued by GATA in 2007 with an analysis of the gold market by Frank Veneroso is a notable reference as it confirms that GATA’s primary assertions about gold price suppression were plausible:
https://www.gata.org/node/5275
… More recent trends in U.S. government deficits …
The remarks of Rubin and Summers on the U.S. government’s priorities in the 1990s are reminders of how far the the financial positions of Western nations have worsened since then.
The worsening trend for Western nations, especially the United States, probably reduces the appeal to the BIS of undertaking gold swaps on behalf of any central bank where a liability to return swapped gold is incurred. The trend possibly also reduces the appeal of any such swaps to the central bank or banks for which the BIS has been acting.
A report issued by GATA in 2012 is worth revisiting as it highlights the acknowledgment of gold price suppression by a former chairman of the BIS, Jelle Zijlstra, a Dutch politician, economist, and central banker. So it seems likely that BIS management understands what the swaps are being used for and why no reasons for the transactions are given.
https://www.gata.org/node/11304
The conundrum facing the Federal Reserve about dollar interest rates has seemingly been resolved for now with the Fed apparently not being ready to reduce rates close to the upcoming presidential election. Further market turmoil driven possibly by Japanese interest rates and currency levels may change this assumption rapidly given the high level of government debt in both countries.
Despite its opaque rhetoric, the Fed needs to sustain confidence in the U.S. stock market and the Treasuries market when the government’s ever-increasing debt has become so controversial. Forthcoming new debt issuance is being monitored even more closely by investors.
The Treasury Department’s monthly report on June 2024 revenue and expenditure shows a cumulative deficit of $1.3 trillion and points toward a broadly similar level of cash outflows in the current fiscal year to the underlying deficit of about $2.1 trillion in the year prior to September 30, 2023. The higher interest charge being reported virtually each month is one reason for the deficit to increase.
The run rate of gross interest costs reported in the last 12 months has now passed $1 trillion, despite a more muted level of annual interest payments on the approximately $7.2 trillion of Treasury debt held by federal government-sponsored trust funds. This more muted increase is perhaps indicative of the pressure to keep a lid on interest costs.
In these circumstances the room for the Fed to raise interest rates in the next few years seems restricted and hence it seems likely as noted above that the BIS and some of its member central banks might be questioning the role of the BIS in these swaps and the obligation to make future deliveries of gold, since the Fed may be unable to move interest rates high enough to contain inflation.
In this context the relatively stable price of oil is relevant as it seems that strong forces want to keep oil prices subdued despite developments that might be expected to result in higher prices, such as production cuts by major producers and the dangers to shipments through the Red Sea.
With 2024 being a presidential election year in the United States there appear to be strong political incentives to contain oil prices and that even recent moves to consolidate the number of oil producers in the U.S. might have been tacitly encouraged in return for commitments to keep production high.
The success or failure of such efforts might be a clue to the timing of a gold price reset, as there appears to be little effort by the Fed and Treasury Department to acknowledge that federal debt levels have become dangerously high.
The report at the following link, which reviews the possible connection between hedge funds’ basis trades in U.S. Treasuries and the Fed’s program of quantitative tightening, could be read as another sign of how difficult it is to locate purchasers of U.S. Treasuries at current prices:
https://www.gata.org/node/22873
The link below contains a commentary on the apparent enrichment of certain hedge funds and the individuals involved as a result of the apparent support from the Fed to the hedge fund basis trade used to effect “quantitative tightening”:
https://www.gata.org/node/22972
It also seems that the incentives for foreigners to own U.S. Treasuries are diminishing as efforts to confiscate Russian assets appear to be moving forward. Saudi Arabia has apparently warned that any such confiscation may cause it to sell its holding of U.S.Treasuries.
Again, it seems appropriate to note that a report titled “Living with High Public Debt” authored by Serkan Arslanalp and Barry Eichengreen was published in August 2023 by the Federal Reserve Bank of Kansas City. This report reinforces just how difficult it is to handle high federal government debt with spending far in excess of revenue.
The report can be found at the Kansas City Fed’s internet site and at GATA’s:
https://www.kansascityfed.org/Jackson%20Hole/documents/9749/Living_With_High_Public_SA_Sep_2_2023.pdf
https://www.gata.org/sites/default/files/Living_With_High_Public_Debt_Sep_2_2023.pdf
Here is an excerpt from the conclusions:
“Looking forward, the challenges are daunting. Given aging populations, governments will have to find additional finance for healthcare and pensions. They will have to finance spending on defense, climate change abatement, and adaptation, and the digital transition. A growing number of low-income countries are already in debt distress.
“Living with high public debt therefore means avoiding steps that make a bad situation worse. This means minimizing unproductive public spending. It means targeting social transfers as a way of limiting pressures on the expenditure side. It means limiting contingent liabilities by, inter alia, adequately regulating banks and avoiding recapitalization costs.
“It means contemplating tax increases where revenues are low by international standards. It means further developing financial markets where markets are underdeveloped and where a diverse population of local investors in debt securities is absent. It means embracing legal and procedural changes that streamline and speed restructuring for countries whose debts are unsustainable.
“This modest medicine does not make for a happy diagnosis. But it makes for a realistic one.”
In the circumstances vividly described in the report it seems unsurprising that the price of gold has increased so far in 2024. The report offers yet more reason to question whether gold swaps undertaken via the BIS, probably on behalf of the Fed, are being used to suppress the dollar gold price.
... Historical context …
The BIS rarely comments publicly on its gold activities, but its first use of gold swaps was considered important enough to cause the bank to give some background information to the Financial Times for an article published on July 29, 2010, coinciding with publication of the bank’s 2009-10 annual report.
The general manager of the BIS at the time, Jaime Caruana, said the gold swaps were “regular commercial activities” for the bank, and he confirmed that they were carried out with commercial banks and so did not involve central banks. It also seems highly likely that the BIS’ remaining swaps are still all made with commercial banks, because the BIS annual report has never disclosed a gold swap between the BIS and a major central bank.
The swap transactions potentially created a mismatch at the BIS, which may have ended up being long unallocated gold (the gold held in BIS sight accounts at major central banks) and short allocated gold (the gold required to be returned to swap counterparties). This possible mismatch has not been reported by the BIS.
The gold banking activities of the BIS have been a regular part of the services it offers to central banks since the bank’s establishment 90 years ago. The first annual report of the BIS explains these activities in some detail:
http://www.bis.org/publ/arpdf/archive/ar1931_en.pdf
A June 2008 presentation made by the BIS to potential central bank members at its headquarters in Basel, Switzerland, noted that the bank’s services to its members include secret interventions in the gold and foreign exchange markets:
https://www.gata.org/node/11012
The use of gold swaps to take gold held by commercial banks and then deposit it in gold sight accounts held in the name of the BIS at major central banks doesn’t appear ever to have been as large a part of the BIS’ gold banking business as it has been in recent years, although the recent declines suggest this may be changing.
As of March 31, 2010, excluding gold owned by the BIS, there were 1,706 tonnes held in the name of the BIS in gold sight accounts at major central banks, of which 346 tonnes or 20% were sourced from gold swaps from commercial banks.
If the BIS was adopting the level of disclosure made by publicly held companies, such as commercial banks, some explanation of these changes probably would have been required by the accounting regulators. This irony may not be lost on those dealing with regulatory activities at the BIS. Presumably the shrinkage of the BIS’ gold banking business shows that even central banks now prefer to hold their own gold or hold it in earmarked form — that is, as allocated gold.
A review of Table 2 below highlights recent BIS activity with gold swaps, and despite the recent declines, the recent positions estimated from the BIS monthly statements have regularly been large, especially in early 2022, and the volume of trading has been significant.
*
Table 2
March 2010: 346 tonnes
March 2011: 409 tonnes
March 2012: 355 tonnes
March 2013: 404 tonnes.
March 2014: 236 tonnes.
March 2015: 47 tonnes.
March 2016: 0 tonnes.
March 2017: 438 tonnes.
March 2018: 361 tonnes.
March 2019: 175 tonnes
March 2020: 326 tonnes
March 2021: 490 tonnes
March 2022: 358 tonnes
March 2023: 77 tonnes
March 2024: 72 tonnes
—–
Robert Lambourne is a retired business executive in the United Kingdom who consults for GATA about the involvement of the Bank for International Settlements in the gold market and U.S. government debt.
* * *
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Hilton New Orleans Riverside Hotel
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4. OTHER GOLD COMMENTARIES/:live from the vault
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES:silver
Silver: The Unsung Hero Of The New Economy
Saturday, Sep 07, 2024 – 10:45 PM
Silver demand continues to surge, driven by technologies like solar power and AI.
In 2023 alone, the silver market experienced a 15% supply deficit. Furthermore, the market is expected to reach a cumulative deficit of 1,093.4 million ounces from 2020 to 2024.
In this graphic by Outcrop Silver, Visual Capitalist’s Bruno Venditti discusses how new mines are necessary to meet the high demand for the metal.
Silver is Essential for New Technologies
According to Sprott, Silver is second only to oil as one of the most widely used commodities, with more than 10,000 applications worldwide.
The metal is a key component in photovoltaic cells used in solar power. The average solar panel requires 20 grams of silver.
Electric vehicles also use between 25 and 50 grams of silver.
In addition, the metal is essential for semiconductors, controls, sensors, and LIDAR technology in AI-enabled transport. Silver is also critical in healthcare AI, through conductive silver nanoparticles in wearable electronic skin patches.
The average cell phone contains 0.34 grams of silver.
The Risk of a Supply Gap
Despite silver’s importance, declining ore grades and depleting reserves at existing mines are reducing the metal output.
The industry also suffers from a lack of investment in primary silver mines. Today, over 70% of silver is mined as a byproduct of gold, copper, and other metals.
Production is also concentrated in three countries—Mexico, Peru, and China—which together account for half of global silver production.
The Future of Silver
If current circumstances continue, new mines will be necessary to meet the growing demand.
Outcrop Silver is quickly advancing the Santa Ana high-grade silver deposit in the Mariquita District, known as the highest-grade primary silver district in Colombia, with historic silver grades among the highest in Latin America.
The Indicated Grade for the Santa Ana project is ranked the second highest in the world.
6 CRYPTOCURRENCY NEWS
END
ASIA TRADING/MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED DOWN 29.32 PTS OR 1.06% //Hang Seng CLOSED DOWN 247.34 PTS OR 1.42% // Nikkei CLOSED DOWN 175.72 OR 0.48%//Australia’s all ordinaries CLOSED DOWN 0.28%///Chinese yuan (ONSHORE) CLOSED DOWN TO 7,1167 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.1239/ Oil DOWN TO 6820 dollars per barrel for WTI and BRENT DOWN AT 71.61 Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.1167
OFFSHORE YUAN: DOWN TO 7.1239
SHANGHAI CLOSED DOWN 29.32 PTS OR 1.06 %
HANG SENG CLOSED DOWN 247.34 PTS OR 1.42%
2. Nikkei closed DOWN 175.72 PTS OR 0.48%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 101.59 EURO FALLS TO 1.1042 DOWN 34 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +00.906 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 143.65…… 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 UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.2135/Italian 10 Yr bond yield UP to 3.5980 SPAIN 10 YR BOND YIELD UP TO 3.043%
3i Greek 10 year bond yield UP TO 3.244
3j Gold at $2497.00//Silver at: 28.12 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 72/ 100 roubles/dollar; ROUBLE AT 90.80
3m oil into the 68 dollar handle for WTI and 71 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 143.65/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.906 % 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 0.8486 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9372 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: 3.747 UP 4 BASIS PTS…
USA 30 YR BOND YIELD: 4.058 UP 4 BASIS PTS/
USA 2 YR BOND YIELD: 3.694 UP 5 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 34/05…
10 YR UK BOND YIELD: 3.957 UP 4 PTS
10 YR CANADA BOND YIELD: 3.031 UP 7 BASIS PTS
5 YR CANADA BOND YIELD: 2.861 UP 6 PTS.
2a New York OPENING REPORT
2B) European report
European equities gain, DXY stronger whilst JPY lags given the risk appetite – Newsquawk US Market Open
Monday, Sep 09, 2024 – 05:54 AM
- European equities are entirely in the green, attempting to pare back some of last week’s hefty losses; Tech leads whilst Luxury lags
- Dollar is firmer while JPY lags after GDP revisions and risk appetite, with USD/JPY back above 143
- Bonds are entirely in the red and reside near session lows.
- Crude is on the front foot, precious metals are mixed, and base metals are higher across the board despite softer Chinese inflation.
- Looking ahead, US Employment Trends, Wholesale Sales, NY Fed SCE, Apple iPhone Event, Earnings from Oracle.
More Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
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EUROPEAN TRADE
EQUITIES
- European bourses, Stoxx 600 (+0.5%) began the session on a firmer footing and continued to edge higher as sentiment continued to improve as the session progressed.
- European sectors are entirely in the green; Tech is the best performer, propped up by gains in semi-conductor names, as they attempt to pare back some of the last week’s hefty losses; ASML (+2.5%), BE Semi (+2%). Luxury is towards the foot of the pile, hampered by a double broker downgrade for Kering (-2.7%), with poor Chinese inflation metrics also not helping.
- US equity futures (ES +0.6, NQ +0.8%, RTY +0.3%) are entirely in the green, attempting to pare back some of the hefty losses seen in the prior session. Data docket for today is light, but Tech traders will be focused on Apple’s iPhone event later today.
- Apple’s (AAPL) new iPhone will use Arm’s (ARM) next-gen chip technology for AI, according to FT.
- Boeing (BA) said it reached a tentative agreement with the International Association of Machinists and Aerospace Workers and district lodges for a 25% wage hike, according to Reuters. Elsewhere, Dalian Airlines Boeing (BA) 737 flight has suffered engine malfunction on Monday en route from Dalian to Beijing, safely returned to Dalian airport, according to Chinese State Media.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- DXY is on the march this morning with USD gains strongest vs. CHF and JPY. DXY has picked itself up from a 100.58 base on Friday to a current session peak of 101.59.
- EUR is losing ground to the USD after slipping back onto a 1.10 handle last Friday. The current session low at 1.1046 is still a bit away from last week’s 1.1026 trough.
- Cable has slipped below the 1.31 mark and slipped under last week’s low at 1.3087 after failing to hold above 1.32 last week. UK-specific newsflow light today, but will see the region’s jobs report on Tuesday.
- JPY is the laggard across the majors after posting a run of four consecutive sessions of gains and following downward revisions to Q2 GDP. USD/JPY has picked itself up from a 141.77 base on Friday to a current session high of 143.43 (still sub-Friday’s peak at 144.04).
- Antipodeans are both softer vs. the USD but NZD more so with NZD/USD extending on Friday’s downside. AUD/USD is seeking some comfort in higher coppers but ultimately is lower vs. the USD following soft Chinese inflation metrics overnight
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- USTs are pulling back following a session of gains on Friday in the wake of the August NFP print and comments from Fed’s Waller, Williams and Goolsbee. Today’s data docket remains light, focus is on NY Fed SCE, but traders will ultimately be attentive of the Presidential Debate on Tuesday and CPI on Wednesday. From a yield perspective, the 10yr has recovered to circa 3.75% after briefly taking out the August low @ 3.667%.
- Bunds are following suit to the losses in global fixed-income markets. Fresh EZ-driver remains light. However, this is not set to remain the case with the ECB rate decision on Thursday looming large. From a yield perspective, the German 10yr is back within the 2.2-25% band after a sharp move on Friday which briefly dragged it as low as 2.147%.
- Gilts are on the backfoot after an indecisive session on Friday. In terms of UK specific updates, a monthly REC/KPMG report showed the UK labour market cooled noticeably in August as job placements declined sharply and pay growth slowed. From a yield perspective, the UK 10yr is just below the 3.95% mark.
- China’s Finance Ministry says it will issue up to EUR 2bln of Euro Sovereign Bond in Paris on Sept 23.
- Click for a detailed summary
COMMODITIES
- Crude is on a firmer footing, in what has been a choppy session for the complex thus far. Softer-than-expected Chinese inflation metrics have been unable to cap overnight gains, but also in the context of bullish OPEC+ headlines last week. Brent’Nov currently sits in a USD 71.42-72.21/bbl range.
- Spot gold is incrementally softer, but has clambered off lows in the European session and now looking for a test of USD 2.5k to the upside.
- Base metals are mostly firmer despite the softer-than-expected Chinese inflation metrics overnight and fairly resilient to the Dollar strength seen this morning; positivity may stem from increased bets of Chinese stimulus efforts. 3M LME Copper reclaimed USD 9k/t.
- Morgan Stanley lowers Q4 Brent price forecast to USD 75/bbl (prev. USD 80/bbl); Still estimates surplus in 2025 but slightly smaller than before; unless demand weakens more, Brent likely to remain anchored around mid-USD70/bbl. Lowers Q1 2025 target to USD 75/bbl (prev. USD 78/bbl). Says OPEC+ announcement to delay start of planned oil output increases signal that group remains focused on balancing the market.
- Iraq set October Basrah medium crude OSP to Asia at a discount of USD 0.50/bbl vs Oman/Dubai average, according to SOMO.
- Kuwait’s Emir accepted the resignation of Deputy PM and Oil Minister Al-Atiqi, while Kuwait’s Minister of Finance Al-Fassam was appointed as the acting Minister of Oil, according to Reuters.
- NHC said a system in the Gulf of Mexico is likely to strengthen from Tuesday, increasing the risk of a life-threatening storm surge and damaging winds along the upper Texas and Louisiana coasts by mid-week, according to Reuters.
- NHC says increasing risk of life-threatening storm surge and hurricane-force winds along the Louisiana and upper Texas coasts by mid-week. Says disturbance expected to become a strengthening tropical storm today; threatening storm surge and hurricane-force winds along Louisiana and upper Texas expected by mid-week.
- Goldman Sachs still expects three months of OPEC+ production increases but pushed out the start date to December from October, while it maintained its USD 70-85/bbl Brent forecast range and December forecast of USD 74/bbl. Furthermore, it still sees risk to its forecast range skewed to the downside given high spare capacity, risks to demand from weakness in China and potential trade tensions.
- Trafigura executive said in APPEC that soft China demand is worrying markets and OPEC is sending confused messages to the market, while the executive added that oil market sentiment is soft at the moment.
- Russian Energy Minister said Russian coal exports to China decreased by 8% Y/Y 45mln tons in the first half of 2024 and no sharp growth is expected although coal exports to China are expected to increase to at least 100mln tons starting in 2025, according to TASS.
- Russia forces attacked energy facilities in seven regions in the past day, according Ukraine’s Energy Ministry.
- Click for a detailed summary
NOTABLE DATA RECAP
- EU Sentix Index (Sep) -15.4 vs. Exp. -12.5 (Prev. -13.9)
NOTABLE EUROPEAN HEADLINES
- UK PM Starmer defended the decision to scrap winter fuel payments for 10mln pensioners to shore up public finances and said his government must be prepared to be unpopular, according to FT.
- UK labour market cooled noticeably in August as job placements declined sharply and pay growth slowed, according to a monthly survey by the Recruitment and Employment Confederation and KPMG cited by Reuters.
- Italy expects 2025 GDP growth of at least 1.2%, according to a Treasury junior minister cited by Reuters.
- European banks are on course for zero growth in mortgage lending for the first time in a decade this year due to high interest rates but a recovery is expected from next year, according to FT.
- Former ECB President Draghi’s report: says EU must spend an additional EUR 750bln per year to compete globally; calls for EU to move towards regular joint debt issuance.
NOTABLE US HEADLINES
- A New York Times survey showed former President Trump ahead of VP Harris at 48% vs 47% among likely voters nationally which was the first major poll to show a drop in the support for Harris, while it lowered Harris’s lead in the overall average of polls to 2.5% and just 0.3% in the key swing state of Pennsylvania, according to the Telegraph.
- Former US President Trump threatened a 100% tariff for countries that turn away from the dollar, according to Bloomberg.
- US is to propose bank capital rule revisions as soon as this month, according to Bloomberg.
- Tesla (TSLA) exported 23,241 China-made vehicles in August vs 27,890 in July, via CPCA.
GEOPOLITICS
MIDDLE EAST
- Israel conducted a strike which killed three Lebanese paramedics in the southern Lebanese town of Faroun, while Hezbollah launched a “squadron of missiles” targeting an Israeli military headquarters in response which resulted in casualties, according to Reuters.
- Lebanese media reported that the Israeli army targeted the town of Kafr Kila in southern Lebanon with surface-to-surface rockets and mortar shells, according to Sky News Arabia.
- Israeli army said three Israeli civilians were killed in a shooting attack on the Jordan border, while Israel closed its land border crossings with Jordan after the deadly attack at the Allenby Bridge crossing, according to Israel’s airport authority, according to Reuters.
- Syrian media reported explosions in the city of Tartous and that Israeli aircraft conducted shelling on the Damascus countryside.
- Yemen’s Houthis claimed they shot down a US MQ-9 drone conducting hostile acts over the Marib governorate’s airspace.
- UK MI6 spy agency head Moore said he suspects that Iran will try to get revenge for the death of Hamas leader Haniyeh, while Moore also commented that it is too early to say how long Ukraine can hang on in Kursk.
OTHER
- Iran officially denied reports that it supplied Russia with ballistic missiles to aid its war in Ukraine, although an Iranian MP admitted to a deal of sending ballistic missiles to Russian forces fighting in Ukraine in exchange for soybeans and wheat, according to The Telegraph. Furthermore, Ukraine expressed concern over reports of a possible Iranian missile transfer to Russia and called on the international community to increase pressure on Tehran and Moscow, according to Reuters.
- Russian military is to join Chinese drills in sea and airspace in Sea of Japan and Sea of Okhotsk in September, according to Xinhua.
- Russian forces took control of Novohrodivka in eastern Ukraine, according to RIA.
- Italian PM Meloni said what must not happen is to think that the Ukrainian conflict can be resolved by abandoning Ukraine to its fate and that the decision to support Ukraine is aligned with Italy’s national interest which will never change. Meloni added that the Western World’s decision to support Ukraine after Russia’s invasion led to the current stalemate which is the pre-condition for peace talks.
- CIA Director Burns said there was a genuine risk of the potential use of tactical nuclear weapons in the fall of 2022, while Burns added that he doesn’t see any evidence today that Russian President Putin’s grip on power is weakening, according to Reuters.
- North Korean Leader Kim Jong Un emphasised the importance of strengthening naval power, according to KCNA. Furthermore, North Korean media also reported that Chinese President Xi called for deeper strategic communication and cooperation with North Korea, while Russian President Putin said a comprehensive partnership between Russia and North Korea will be strengthened in a planned way.
CRYPTO
- A much firmer session for Bitcoin and Ethereum, climbing above USD 54k and USD 2.3k respectively.
APAC TRADE
- APAC stocks suffered firm losses as the region took its opportunity to react to last Friday’s disappointing US jobs data, while participants also braced for this week’s key events including the latest US CPI report.
- ASX 200 declined with the index pressured by underperformance in gold stocks and the top-weighted financials sector.
- Nikkei 225 gapped beneath the 36,000 level with sentiment not helped by disappointing Japanese Q2 GDP revisions.
- Hang Seng and Shanghai Comp conformed to the negative mood with the former dragged lower by notable weakness seen in the energy-related stocks after recent oil price pressures, while the mainland also reflected on softer-than-expected CPI data and sharper PPI deflation.
NOTABLE ASIA-PAC HEADLINES
- Japan’s LDP’s says Japan’s inflation is still weak when excluding external factors; cannot say Japan has achieved BoJ’s 2% inflation target
- PBoC may have sold long-dated bonds and bought short-dated ones last week, signalling a warning that authorities aim to maintain a tight grip on the market, according to Shanghai Securities News.
- US Treasury Secretary Yellen said she would welcome a visit to the US by her Chinese counterpart and that she may return to China, while she added the US relationship with China needs to be prioritised and nurtured.
- Typhoon Yagi killed 21 people and wreaked havoc on infrastructure and factories in Vietnam.
- China Auto Industry Body CPCA says China sold 1.92mln passenger cars in August, -1.1% Y/Y (vs 1.73mln cars in July).
- Acer (2353 TT) August (TWD) Consolidated Revenue 22.82bln, +5.2% Y/Y
DATA RECAP
- Chinese CPI YY (Aug) 0.6% vs. Exp. 0.7% (Prev. 0.5%)
- Chinese PPI YY (Aug) -1.8% vs. Exp. -1.4% (Prev. -0.8%)
- Chinese FX Reserves (USD)(Aug) 3.288T (Prev. 3.256T)
- Chinese Gold Reserves (Aug) 72.8mln ounces (Prev. 72.8mln ounces)
- Japanese GDP Revised QQ (Q2) 0.7% vs. Exp. 0.8% (Prev. 0.8%)
- Japanese GDP Revised Annualised (Q2) 2.9% vs. Exp. 3.2% (Prev. 3.1%)
2C ASIAN REPORT
APAC stocks suffered firm losses as the region took its opportunity to react to NFP -– Newsquawk Europe Market Open
Monday, Sep 09, 2024 – 02:03 AM
- APAC stocks suffered firm losses as the region took its opportunity to react to last Friday’s disappointing US jobs data.
- Chinese data saw softer-than-expected CPI metrics and sharper PPI deflation.
- European equity futures are indicative of a positive cash open with the Euro Stoxx 50 future +0.4% after the cash market closed lower by 1.6% on Friday.
- DXY is in positive territory with USD strongest vs. JPY and CHF across the majors, EUR/USD languishes beneath 1.11.
- Looking ahead, highlights include US Employment Trends, Wholesale Sales, NY Fed SCE, Apple iPhone Event.
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US TRADE
EQUITIES
- US stocks weakened on Friday and extended on last week’s declines for the worst weekly performance in the S&P 500 and Nasdaq since 2023 and 2022, respectively, with the major indices weighed on by the souring of risk sentiment despite initial gains following the US jobs report which missed forecasts but ultimately failed to decisively guide towards a greater magnitude of the September FOMC rate cut.
- SPX -1.7% at 5,408, NDX -2.7% at 18,421, DJIA -1.0% at 40,345, RUT -1.9% at 2,091.
- Click here for a detailed summary.
NOTABLE HEADLINES
- Fed’s Goolsbee (2025 Voter) said on Friday that the employment data is a continuation of what they’ve been seeing and the jobs market is slowing down. Goolsbee also noted that it raises some serious questions about this meeting and the next several months, while he suggested they have to make sure not to make the labour market turn into something worse and he is concerned odds of a recession might be rising if they maintain this level of restrictiveness.
- A New York Times survey showed former President Trump ahead of VP Harris at 48% vs 47% among likely voters nationally which was the first major poll to show a drop in the support for Harris, while it lowered Harris’s lead in the overall average of polls to 2.5% and just 0.3% in the key swing state of Pennsylvania, according to the Telegraph.
- Former US President Trump threatened a 100% tariff for countries that turn away from the dollar, according to Bloomberg.
- US is to propose bank capital rule revisions as soon as this month, according to Bloomberg.
NOTABLE US EQUITY UPDATES
- Apple’s (AAPL) new iPhone will use Arm’s (ARM) next-gen chip technology for AI, according to FT.
- Boeing (BA) said it reached a tentative agreement with the International Association of Machinists and Aerospace Workers and district lodges for a 25% wage hike, according to Reuters.
APAC TRADE
EQUITIES
- APAC stocks suffered firm losses as the region took its opportunity to react to last Friday’s disappointing US jobs data, while participants also braced for this week’s key events including the latest US CPI report.
- ASX 200 declined with the index pressured by underperformance in gold stocks and the top-weighted financials sector.
- Nikkei 225 gapped beneath the 36,000 level with sentiment not helped by disappointing Japanese Q2 GDP revisions.
- Hang Seng and Shanghai Comp conformed to the negative mood with the former dragged lower by notable weakness seen in the energy-related stocks after recent oil price pressures, while the mainland also reflected on softer-than-expected CPI data and sharper PPI deflation.
- US equity futures (ES +0.4%) partially nursed recent losses but with price action contained ahead of this week’s key events.
- European equity futures are indicative of a positive cash open with the Euro Stoxx 50 future +0.4% after the cash market closed lower by 1.6% on Friday.
FX
- DXY was little changed after Friday’s data-induced fluctuations with price action calm to start the week amid the Fed blackout period and with markets awaiting US CPI data scheduled for Wednesday.
- EUR/USD lacked direction and languished beneath the 1.1100 handle as participants also looked ahead to an expected ECB rate cut.
- GBP/USD traded rangebound after failing to sustain a brief incursion above 1.3200 late last week, while a monthly REC/KPMG report showed the UK labour market cooled noticeably in August as job placements declined sharply and pay growth slowed.
- USD/JPY rebounded from support around the 142.00 level following the downward revisions to Japanese Q2 GDP.
- Antipodeans attempted to nurse some of their recent losses but with the recovery limited after softer-than-expected Chinese CPI data and deeper deflation in Chinese factory gate prices.
FIXED INCOME
- 10yr UST futures traded subdued after the post-NFP price swings as the combination of a disappointing headline reading, a fall in the Unemployment Rate and firmer Average Earnings ultimately did little to boost the prospects of a greater cut for next week’s FOMC meeting.
- Bund futures continued to pull back from last week’s peak with little pertinent catalysts to start the week.
- 10yr JGB futures followed suit to the recent retreat in global peers in the absence of BoJ purchases and despite downward Q2 GDP revisions.
COMMODITIES
- Crude futures found some mild reprieve following the prior week’s losses but with the rebound limited amid ongoing economic concerns.
- Iraq set October Basrah medium crude OSP to Asia at a discount of USD 0.50/bbl vs Oman/Dubai average, according to SOMO.
- Kuwait’s Emir accepted the resignation of Deputy PM and Oil Minister Al-Atiqi, while Kuwait’s Minister of Finance Al-Fassam was appointed as the acting Minister of Oil, according to Reuters.
- NHC said a system in the Gulf of Mexico is likely to strengthen from Tuesday, increasing the risk of a life-threatening storm surge and damaging winds along the upper Texas and Louisiana coasts by mid-week, according to Reuters.
- Goldman Sachs still expects three months of OPEC+ production increases but pushed out the start date to December from October, while it maintained its USD 70-85/bbl Brent forecast range and December forecast of USD 74/bbl. Furthermore, it still sees risk to its forecast range skewed to the downside given high spare capacity, risks to demand from weakness in China and potential trade tensions.
- Trafigura executive said in APPEC that soft China demand is worrying markets and OPEC is sending confused messages to the market, while the executive added that oil market sentiment is soft at the moment.
- Russian Energy Minister said Russian coal exports to China decreased by 8% Y/Y 45mln tons in the first half of 2024 and no sharp growth is expected although coal exports to China are expected to increase to at least 100mln tons starting in 2025, according to TASS.
- Spot gold lacked direction and lingered just beneath the USD 2,500/oz level for most of the session ahead of US CPI data mid-week.
- Copper futures were rangebound following last week’s fluctuations and after disappointing US jobs data stoked concerns that the Fed may be behind the curve in lowering rates.
CRYPTO
- Bitcoin was choppy and eked mild gains after oscillating around through the USD 55,000 level.
NOTABLE ASIA-PAC HEADLINES
- PBoC may have sold long-dated bonds and bought short-dated ones last week, signalling a warning that authorities aim to maintain a tight grip on the market, according to Shanghai Securities News.
- US Treasury Secretary Yellen said she would welcome a visit to the US by her Chinese counterpart and that she may return to China, while she added the US relationship with China needs to be prioritised and nurtured.
- Typhoon Yagi killed 21 people and wreaked havoc on infrastructure and factories in Vietnam.
DATA RECAP
- Chinese CPI YY (Aug) 0.6% vs. Exp. 0.7% (Prev. 0.5%)
- Chinese PPI YY (Aug) -1.8% vs. Exp. -1.4% (Prev. -0.8%)
- Chinese FX Reserves (USD)(Aug) 3.288T (Prev. 3.256T)
- Chinese Gold Reserves (Aug) 72.8mln ounces (Prev. 72.8mln ounces)
- Japanese GDP Revised QQ (Q2) 0.7% vs. Exp. 0.8% (Prev. 0.8%)
- Japanese GDP Revised Annualised (Q2) 2.9% vs. Exp. 3.2% (Prev. 3.1%)
GEOPOLITICS
MIDDLE EAST
- Israel conducted a strike which killed three Lebanese paramedics in the southern Lebanese town of Faroun, while Hezbollah launched a “squadron of missiles” targeting an Israeli military headquarters in response which resulted in casualties, according to Reuters.
- Lebanese media reported that the Israeli army targeted the town of Kafr Kila in southern Lebanon with surface-to-surface rockets and mortar shells, according to Sky News Arabia.
- Israeli army said three Israeli civilians were killed in a shooting attack on the Jordan border, while Israel closed its land border crossings with Jordan after the deadly attack at the Allenby Bridge crossing, according to Israel’s airport authority, according to Reuters.
- Syrian media reported explosions in the city of Tartous and that Israeli aircraft conducted shelling on the Damascus countryside.
- Yemen’s Houthis claimed they shot down a US MQ-9 drone conducting hostile acts over the Marib governorate’s airspace.
- UK MI6 spy agency head Moore said he suspects that Iran will try to get revenge for the death of Hamas leader Haniyeh, while Moore also commented that it is too early to say how long Ukraine can hang on in Kursk.
OTHER
- Iran officially denied reports that it supplied Russia with ballistic missiles to aid its war in Ukraine, although an Iranian MP admitted to a deal of sending ballistic missiles to Russian forces fighting in Ukraine in exchange for soybeans and wheat, according to The Telegraph. Furthermore, Ukraine expressed concern over reports of a possible Iranian missile transfer to Russia and called on the international community to increase pressure on Tehran and Moscow, according to Reuters.
- Russian forces took control of Novohrodivka in eastern Ukraine, according to RIA.
- Italian PM Meloni said what must not happen is to think that the Ukrainian conflict can be resolved by abandoning Ukraine to its fate and that the decision to support Ukraine is aligned with Italy’s national interest which will never change. Meloni added that the Western World’s decision to support Ukraine after Russia’s invasion led to the current stalemate which is the pre-condition for peace talks.
- CIA Director Burns said there was a genuine risk of the potential use of tactical nuclear weapons in the fall of 2022, while Burns added that he doesn’t see any evidence today that Russian President Putin’s grip on power is weakening, according to Reuters.
- North Korean Leader Kim Jong Un emphasised the importance of strengthening naval power, according to KCNA. Furthermore, North Korean media also reported that Chinese President Xi called for deeper strategic communication and cooperation with North Korea, while Russian President Putin said a comprehensive partnership between Russia and North Korea will be strengthened in a planned way.
EU/UK
NOTABLE HEADLINES
- UK PM Starmer defended the decision to scrap winter fuel payments for 10mln pensioners to shore up public finances and said his government must be prepared to be unpopular, according to FT.
- UK labour market cooled noticeably in August as job placements declined sharply and pay growth slowed, according to a monthly survey by the Recruitment and Employment Confederation and KPMG cited by Reuters.
- Italy expects 2025 GDP growth of at least 1.2%, according to a Treasury junior minister cited by Reuters.
- European banks are on course for zero growth in mortgage lending for the first time in a decade this year due to high interest rates but a recovery is expected from next year, according to FT.
3 CHINA
CHINA/
China Faces Worst Deflationary Streak Since 1999
Sunday, Sep 08, 2024 – 10:13 PM
By John Liu and Zheng Wu, Bloomberg markets live reporters and strategist
Three things we learned last week:
1. China’s former central bank chief made a rare admission that the nation should tackle deflation. The economy faces its worst deflationary streak since 1999, putting pressure on corporate profits, wages and asset prices.
China should focus on fighting deflationary pressure now, former Governor Yi Gang said in Shanghai on Friday. The unambiguous message contrasts with the People’s Bank of China’s restrained efforts in monetary easing so far. The PBOC has repeatedly signaled it would refrain from any “drastic easing.”
Competing priorities have hampered China’s fight against deflation up to now. The PBOC has been reluctant to cut interest rates aggressively because of concerns about currency weakness and banks’ profit margins.
Illustrating that tension, the head of the PBOC’s monetary policy department cautioned on Thursday about constraints on decreasing deposit and lending rates further. The central bank may be inclined to reduce banks’ reserve requirements before acting again to cut its policy rate.
* * *
2. Bearish sentiment intensified in financial markets as investors saw no near-term escape from China’s economic malaise. Although the yuan got a boost from anticipation of a rate cut by the Federal Reserve later in the month, risk-off sentiment remained dominant in equity and bond markets.
The benchmark CSI 300 index declined to the lowest level since early February, when China unexpectedly replaced the chief of its stock-market watchdog amid a market selloff.
JPMorgan Chase last week abandoned its buy recommendation for Chinese stocks, following similar moves by former China bulls UBS Global Wealth Management and Nomura.
Investors again piled into government bonds despite the PBOC’s constant pushback. The yield on the most actively traded 10-year government bond touched the lowest level on record Wednesday. There were signs that PBOC once again stepped in to curb the rally.
3. Moving quickly to cut mortgage rates may be China’s best shot to fight persistent deflation and the property slump. Financial regulators proposed reducing rates on outstanding mortgages nationwide by a total of about 80 basis points, and the first cut may come in the next few weeks, according to people familiar with the matter.
In May, the PBOC relaxed mortgage rules and made available 300 billion yuan ($42 billion) of funding to buy unsold homes. A Bloomberg index of Chinese developer stocks has dropped more than a third since then as the rescue efforts failed to lift home sales.
Existing homeowners were left out, as the steps taken in May mostly benefited new buyers. The new plan targets existing borrowers and may be the PBOC’s best chance to shift market sentiment.
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
GERMANY/CHINA
Germany Rejects Carbon Credit Certificates Over Alleged China Fraud
Monday, Sep 09, 2024 – 05:00 AM
Authored by Tsvetana Paraskova via OilPrice.com,
The German Environment Agency on Friday said it had rejected carbon credit certificates from eight projects over concerns about fraudulent emission-reduction reporting and certification in China.
The so-called Upstream Emission Reduction (UER) projects are being used by oil companies to meet the European Union’s regulations and targets of reducing greenhouse gas emissions. Companies earn green credits by funding emission-reduction initiatives in oil production, such as a halt to gas flaring.
The German Environment Agency, UBA, has been investigating projects for carbon credits in China due to alleged irregularities in a scandal that emerged a few months ago.
The agency has found that eight such projects for carbon credits for a total of 215,000 tons of carbon dioxide (CO2) did not meet standards.
UBA has been investigating the projects, all carried out by large international companies, and has found serious legal and technical inconsistencies in seven of the eight projects, the agency said.
UBA will also investigate another 13 projects.
The agency will review other critical UER projects worldwide until all allegations are addressed or cleared, UBA said.
At the same time, the Berlin public prosecutor’s office is investigating 17 managing directors and employees at companies verifying the projects and carbon credits on suspicion of commercial fraud, the agency said.
Germany, which launched the carbon offsets projects in China in 2018, will phase out the carbon credits from UER projects by the end of next year.
Carbon credits and voluntary carbon credit markets have come under increased scrutiny in recent years.
A United Nations task force is opposing the idea that companies use carbon credits and offsets outside government-regulated emissions markets to claim emissions reductions, according to a draft document seen by the Financial Times in July.
“Carbon credits used cannot be counted as their [polluters’] own emission reductions” when these credits are acquired in markets outside of government-regulated carbon markets, the UN task force on global carbon markets wrote in the document seen by FT.
The task force has been convened by UN Secretary-General António Guterres, who criticized last year the voluntary carbon credits markets as a pathway to reducing emissions.
end
GERMANY/EU
zero hedge lays out perfectly the ills of the EU
Draghi Says Europe In Existential Danger Without Massive new Spending And Joint Debt; Germany Immediately Says “Nein”
Monday, Sep 09, 2024 – 03:35 PM
It has been a while since we were reminded that without the ECB’s constant (and endless) backstop, the Frankenstein monster that is the European (fiscal Dis)Union, is doomed. Well, this morning, former ECB President Mario Draghi reminded us of just that when he called on the EU to invest as much as €800 billion ($884 billion) extra a year and commit to the regular issuance of common bonds to make the bloc more competitive with China and the US.
In his long-awaited report on European Union competitiveness (link here), Draghi urged Europe to “develop its advanced technologies” (unclear what those are: maybe cultural appropriation from integrating 10 million Muslim immigrants in the past decade), create a plan to meet its climate targets and boost defense and security of critical raw materials, labeling the task “an existential challenge” because “if Europe cannot become more productive, we will be forced to choose. We will not be able to become, at once, a leader in new technologies, a beacon of climate responsibility and an independent player on the world stage. We will not be able to finance our social model. We will have to scale back some, if not all, of our ambitions.”
To achieve his proposed goal, Draghi said that Europe would need to boost investment by about 5 percentage points of the bloc’s GDP in order to transform its economy so that it can remain competitive. Needless to say, this is not only unprecedented – for comparison, the additional investments provided by the Marshall Plan between 1948-51 amounted to around 1-2% of GDP annually – it will simply not happen without a huge global crisis which will make the panicked reaction to the covid pandemic pale by comparison.
In short, Europe is cooked unless it unleashes the biggest spending spree in its history, surpassing even the post WWII Marshall Plan, one that would also require pretty much constant QE (to monetize all the newly issued debt) and send gold and crypto to unprecedented highs.
“For the first time since the Cold War we must genuinely fear for our self-preservation,” Draghi told reporters in Brussels Monday. “And the reason for a unified response has never been so compelling and I am confident that in our unity we will find the strength to reform.” And by “strength” he meant just the right crisis to greenlight what will be a record avalanche of spending and debt issuance.
Draghi’s report notes that EU economic growth has been persistently slower than in the US over the past two decades, driven by smaller advances in productivity. Germany has emerged as a particular weak spot as its industrial sector continues to struggle with high energy costs and a loss of competitiveness to China. GDP in the euro zone’s biggest economy is barely higher than before the pandemic.
Draghi also warned that EU economic growth was “persistently slower” than in the US, calling into question the bloc’s ability to digitalize and decarbonize the economy quickly enough to be able to rival its competitors to the east and west.
To be expected, implementing the report’s most ambitious proposals, such as more joint debt, would face significant push back from countries including Germany and the Netherlands, that are strongly opposed to deeper fiscal integration as it means Europe’s less advanced “southern” countries would be a drain on “northern” Europe’s hard work and resources… again . What’s more, most of the largest EU countries are contending with difficult domestic political situations that could give them limited room to maneuver.
European Commission President Ursula von der Leyen, who tasked Draghi with delivering the report, will need to decide how much of his recommendations to pursue.
Yet her decision is already moot: the digital ink on the report was not dry yet and Germany’s Finance Minister Christian Lindner already said nein, noting that “Joint EU borrowing will not solve the structural problems.”
The report comes as European leaders are increasingly aware of the loss of competitiveness against the bloc’s main rivals, US and China, partly due to Europe’s energy dependency (on Russia), lack of raw materials, and lack of a defense strategy (that does not rely entirely on the US). Meanwhile the EU continues to be hampered by the inability of its telecom and defense industries to harness economies of scale and be better prepared for a more nimble security stance.
As Bloomberg notes, the EU has also failed so far to push forward on a roadmap to lower the barriers of its capital markets to mobilize billions of euros across its borders needed to accelerate the development of clean technologies to meet its ambitious green targets or to create the next generation of technology champions.
Draghi also pitched a rewriting of the bloc’s competition policy rulebook so that more money can be pumped into Europe’s key industrial sectors, and pressed regulators to adopt a more creative approach to vetting mergers — which could lead to the approval of more high-profile deals. He called for the EU’s merger watchdogs to take into account the pro-innovative effects of certain deals, which could offset any negative risks to competition.
Draghi also gave a boon to the telecom sector, in pressing for greater consolidation across Europe to plug gaps in the bloc’s prized single market.
The consequences of the slow response to the challenges posed by American financial incentives for the green transition and China’s aggressive industrial plans, with billions of dollars invested in subsidies, are already felt in some of the key industries.
Volkswagen AG announced that it’s considering factory closures in Germany for the first time in its 87-year history.
“Europeans need to understand that defense is not an answer, it’s just a temporary answer,” Alicia Garcia Herrero, economist at Natixis, speaking to Guy Johnson and Kriti Gupta on Bloomberg TV. “We need to attack — meaning certainly not anything but compete on better terms, meaning more innovation. The single market has to be strengthened.”
Draghi also laid bare the challenges facing EU industry as it embarks on its mission to reach net zero by the middle of the century. Energy prices in the region are too high and are holding back investments, while the bloc’s climate goals are placing a heavy short-term burden on the highest-emitting sectors. China and the US do not face such obstacles, while the level of finance they provide to the sector dwarfs that of the EU.
Daring to call Europe’s green emperor completely naked, Draghi said that to make the energy transition an opportunity, Europe needs to sync all its policies with climate goals and come up with a joint plan for decarbonization and competitiveness that would span energy producers, clean tech and automotive sectors as well as energy-intensive companies where emissions are hard to abate.
That would cost trillions. No really: the four largest emission-intensive industries in the EU, such as chemicals and metals, will require €500 billion over the next 15 years in order to decarbonize, Draghi’s report said. On top of that, transport investment needs will amount to €100 billion every year between 2031 and 2050.
This, for a continent which can barely issue any new debt without ECB backstops.
Draghi drew on the automotive sector for particular scorn, calling it a “key example of a lack of EU planning.” The bloc faces a real risk that EU carmakers continue to lose market share to China, which has is ahead of the 27-member bloc in “virtually all domains,” while producing at a lower cost.
To address the growing digital innovation divide between the EU and the US and China, the report proposed reforming an agency to be modeled after the US Defense Advanced Research Projects Agency, which would finance breakthrough technologies and be managed by innovators rather than civil servants.
The European Investment Bank should also be allowed to co-invest in promising tech companies in order to encourage more venture capital to flow to businesses.
The report suggests common funding for defense R&D in a number of sectors such as drones, hypersonic missiles, directed-energy weapons, defense artificial intelligence and seabed and space warfare, but also the space sector. He also recommends ramping up collaborative procurement on defense equipment as well as favoring European companies, provided they are competitive.
The former Italian premier suggested that the EU could follow the model of Next Generation EU, the recovery fund financed by €800 billion in joint debt to overcome the consequences of the Covid pandemic. Alas, any time Germany heads “joint debt” it falls into anaphylactic shock and the proposal dies a quick and gruesome death.
Under current rules, the EU will cease additional net borrowing from 2026 when its pandemic-relief program expires. While there are discussions about additional issuance to fund items such as defense and climate, calls for permanent joint borrowing have been steadfastly opposed by the bloc’s economic powerhouse, Germany, which as noted above, has already said “nein.”
“If Europe cannot become more productive, we will be forced to choose. We will not be able to become, at once, a leader in new technologies, a beacon of climate responsibility and an independent player on the world stage,” Draghi wrote in the report. “We will have to scale back some, if not all, of our ambitions.”
Which Europe will do… until the next global crisis greenlights the opportunity to flood the market with trillions in new debt, allowing the Frankenstein monster that is Europe to kick the can for a few more years. The only question is after covid, what will “they” pull out of their hat to generate enough of a shock response (if you said war, you are right).
GERMANY
5/RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL//HAMAS/
IAF kills Islamic Jihad commanders, Hamas terrorists embedded in civilian areas
The “Amr Ibn al-As” School, located in northern Gaza, was reportedly used by Hamas to plan and launch attacks both on Israeli forces in the Gaza Strip and on Israeli territory.
By GADI ZAIG, SAM HALPERNSEPTEMBER 7, 2024 07:18Updated: SEPTEMBER 7, 2024 18:17
Palestinian Islamic Jihad (PIJ) Deir al-Balah Battalion commanders Abdallah Khatib and Hatem Abu Aljidian were eliminated on Saturday during a day of Israel Air Force strikes on PIJ and Hamas terrorists embedded in a humanitarian area, and schools in the Gaza Strip, the IDF and Shin Bet (Israel Security Agency) announced.
The statement noted that the Israel Air Force strike was precise and targeted an immediate threat in the area and that it was conducted to neutralize the danger posed by the terrorists.
Khatib reportedly commanded terrorist activity of the battalion during the October 7 massacre in southern Israel. The other commander, Aljidian, was the commander of the Islamic Jihad’s Eastern Deir al-Balah Battalion.
IAF strikes Hamas terror command center embedded in northern Gaza school
Earlier, IAF aircraft conducted a precise strike on Hamas terrorists operating from within a command and control center embedded in a structure that had previously served as a school building, the IDF and Shin Bet (Israel Security Agency) stated on Saturday evening.
The “Amr Ibn al-As” School, located in northern Gaza, was reportedly used by Hamas to plan and launch attacks both on Israeli forces in the Gaza Strip and on Israeli territory.
In a similar strike, the IDF reported early Saturday morning that during the previous night, the IAF struck a Hamas terrorist command and control center embedded within the Halima al-Sa’diyya school in northern Gaza.
The terrorists had also reportedly been using the command center to plan terror attacks.
Steps taken to reduce civilian harm
In the announcements of all the strikes mentioned, the IDF and Shin Bet stated that Israel had taken numerous steps to mitigate risk to civilians near the targets.
Additionally, they noted that IAF strikes had used precise ammunition, aerial surveillance, and additional intelligence to mitigate risk further.
Hamas regularly exploits current or past civilian infrastructure to shelter its activities.
Related TagsHamasGaza StripIsraeli Air ForceairstrikeIsrael-Hamas War
end
Cairo’s two faces: ‘Egypt has no interest in Israel defeating Hamas’
“Egyptians live in a kind of duality: on the one hand, they see with open eyes the Muslim Brotherhood growing in the Gaza Strip, and on the other hand, they want to harm Israel,” says Eli Dekel.
By PELED ARBELISEPTEMBER 7, 2024 03:11
Lt. Col. Eli Dekel, a former intelligence officer who specializes in the study of Egypt, spoke with Maariv, he was asked if Egypt is interested in weakening Hamas?
“In my opinion, Egypt, since 1956, since the Suez Crisis, has had a huge interest in bleeding Israel continuously,” Dekel said.
“Since we retreated from Sinai in the Suez Crisis under enormous pressure from the Americans, yes. Even then, the Americans were involved. The Egyptians, in return, pledged not to harm us from the Israel-Egypt border, and indeed, they stood by it,” he said.
“There were no attacks from the Suez War until the Six-Day War. But, what we did do, and it’s clear that we did, is that they immediately went and established the so-called Gaza Fedayeen.”
“They sent an officer with the rank of lieutenant colonel to the Gaza Strip, who will believe and bankroll terrorist acts against Israel. Even then, they were interested in spilling our blood, although not from their border, but through the Gazans.”
“Not only did they found the Fedayeen, but Egypt also had a hand in establishing the Fatah movement, and even much more than a hand. They trained Fatah, they helped establish it, and the Fatah movement sent their brigade to fight against us on Egyptian soil in the Yom Kippur War.
“They have a long-standing interest for many years to spill our blood and exhaust us through the Gazan fighters. Therefore, they have an interest from the day the peace agreement was signed until now to do the same thing, which the peace agreement does not allow them to harm us directly. So the Gazans do their job.
“Only there is a problem here, which is that the Gazans began to be inclined toward the Muslim Brotherhood – a movement that opposes the Egyptian government – which is a different type of Islam. The roles flipped.”
The double-edged sword
“On the one hand, in Gaza, there is Hamas, controlled by the Muslim Brotherhood, which is a movement that President Abdul-Fattah al-Sisi overthrew by force of arms. He staged a military coup against the legal and legitimate rule of a president from the Muslim Brotherhood [Mohamed Morsi].
“Egyptians live in a kind of duality: on the one hand, they see with open eyes the Muslim Brotherhood growing in the Gaza Strip, and on the other hand, they want to harm Israel. They live with this dissonance, that on the one hand Hamas – are not exactly supporters of Egypt and in the depths of their hearts they are also happy to topple al-Sisi, who deposed the incumbent President Morsi, on the other hand – they want to hurt us.
“Hamas in Gaza, in their wisdom, do not rely only on poor Egypt. So they started turning their eyes towards Qatar, which is aligned with the Muslim Brotherhood, so Hamas has some admirers.”
“Wealthy admirers like Iran and Qatar who push the money and an Egyptian admirer – admittedly poorer, but all the weapons flow through them, and this is how they have lived since the Jewish expulsion from the Gaza Strip, what is known in washed-up language as ‘disengagement.’
“Therefore, Egypt has an interest in continuing to hurt us from the Gaza side, and on the other hand, they have an interest in dwarfing Hamas so that it will be small and weak and listen to Egypt.
“Therefore, Egypt has no interest in us destroying Hamas. Egypt has no interest in us winning any kind of war. Indeed, not if it has invested billions of dollars over the years in arming Hamas and so on, and it will not want to lose this asset.”
“On the other hand, it is very happy that Israel is beating and cutting it down to size, but it will make every effort, as much as it can, to prevent the [total] destruction of Hamas, which is the goal of the State of Israel after October 7,” Dekel concluded.
ISRAEL/WEST BANK
3 Israelis killed in terror shooting at crossing between West Bank and Jordan
Jordanian terrorist drives truck from Jordan, opens fire at Allenby Bridge workers and then is shot dead; IDF rules out vehicle was rigged with explosives
By Emanuel Fabian FollowToday, 1:23 pmUpdated at 3:06
Israeli medical and security forces seen at the scene of a deadly terror attack near the Allenby Crossing between the West Bank and Jordan on September 8, 2024 (Magen David Adom/Ahmad Gharabli/AFPTV/AFP); undated photos show Yuri Birnbaum (left), Yohanan Shchori (center), and Adrian Marcelo Podzamczer, killed in the attack. (Courtesy)
Three Israeli men were killed in a terrorist shooting attack at the Allenby Bridge Crossing between Jordan and the West Bank on Sunday morning, authorities said.
The attack was carried out by a Jordanian truck driver who had arrived from Jordan. The crossing, also known as the King Hussein Bridge, is the West Bank’s sole crossing with Jordan.
The three victims were named Yohanan Shchori, 61, a father of six from the West Bank settlement of Ma’ale Efraim, Yuri Birnbaum, 65, from the settlement of Na’ama, and Adrian Marcelo Podzamczer, from the settlement city of Ariel.
According to the military and Israel Airports Authority officials — the latter of which manages the land crossing — the gunman got out of the truck he was driving during an inspection at the terminal and opened fire at several of the crossing’s workers, killing three.
IAA security guards returned fire at the terrorist, killing him.
He was identified by Israeli security sources as Maher Dhiab Hussein al-Jazi, 39, a Jordanian national from the southern Jordan town of Udhruh, east of Petra.
Yuri Birnbaum (left), Yohanan Shchori (center), and Adrian Marcelo Podzamczer, killed in a terror shooting attack at the Allenby Bridge Crossing, September 8, 2024. (Courtesy)
The Magen David Adom ambulance service said its medics treated the three men at the scene, but were forced to declare their deaths.
Footage circulating online purported to show the moment of the attack.
The Israel Defense Forces described the shooting as a terror attack. It published an image of the handgun used by the terrorist.
IDF sappers dispatched to the scene later ruled out suspicions that the truck in which a terrorist arrived had been rigged with explosives, the military said.
Israeli security forces gather at the scene of a terror attack near the Allenby Crossing between the West Bank and Jordan on September 8, 2024 (Ahmad GHARABLI / AFP)
Terror groups Hamas and Palestinian Islamic Jihad both welcomed the attack.
Hamas hailed the attacker as “one of Jordan’s brave men.”
In a statement, it said that the attack was a “natural response to the holocaust carried out by the Nazi Zionist enemy against our people in Gaza and the occupied West Bank, and its plans for the Judaization of the Al Aqsa mosque.”
The terror group further called on people in Arab and Muslim countries to rise up in support of Palestinians.
The handgun used by the terrorist who carried out a shooting attack near the Allenby Bridge Crossing in the West Bank on September 8, 2024 (Israel Defense Forces)
On its Telegram channel, the PIJ described the attacker as a “hero” and said the assault is an “expression of the sentiments of the Jordanian people and the Arab and Muslim peoples towards the brutal massacres committed by the enemy.”
“This heroic attack and similar ones are the only response that the American administration understands,” the statement added, accusing the United States of being an “accomplice” to Israel.
Israeli and Jordanian authorities both announced that the crossing had been closed until further notice following the deadly shooting attack.
The Jordanian interior ministry also said that authorities had begun an investigation into the attack.
The IAA said that in addition to the closure of Allenby Bridge, the other land crossings with Jordan — the Rabin Crossing near Eilat and the Jordan River Crossing near Beit She’an — were closed at the request of security authorities.
Palestinians can only use the Allenby Bridge Crossing to enter Jordan from the West Bank, while Israelis generally use the Rabin and Jordan River crossings.
The scene of a shooting attack at the Allenby Crossing between the West Bank and Jordan on September 8, 2024 (Magen David Adom)
Violence in the West Bank has surged in the past year, following the October 7 Hamas terror onslaught in southern Israel, in which some 1,200 people were massacred and 251 were taken hostage.
Since October 7, troops have arrested some 5,000 wanted Palestinians across the West Bank, including more than 2,000 affiliated with Hamas.
According to the Palestinian Authority health ministry, more than 670 West Bank Palestinians have been killed in that time. The IDF says the vast majority of them were gunmen killed in exchanges of fire, rioters who clashed with troops or terrorists carrying out attacks.
During the same period, 32 people, including Israeli security personnel, have been killed in terror attacks in Israel and the West Bank. Another six members of the security forces were killed in clashes with terror operatives in the West Bank.
Gianluca Pacchiani co
END
ISRAEL /LEBANON/HEZBOLLAH
Hezbollah rockets cause damage to house in Shlomi, cause fire in Liman
Earlier, the Israel Air Force targeted Hezbollah military infrastructure and a rocket launcher in the area of Qabrikha in southern Lebanon.
By JERUSALEM POST STAFFSEPTEMBER 7, 2024 13:15Updated: SEPTEMBER 7, 2024 14:49
Hezbollah rockets caused damage to a house in Shlomi and caused a fire in Liman, army radio reported Saturday afternoon, following a volley of ten rockets from Lebanon.
No injuries were reported following this barrage.
Some rockets landed in the Kibbutz Matzuva orchards and in open areas in Liman.
Later, Hezbollah fired rockets at Safed and Biriya at 1:31 p.m.
https://player.jpost.com/public/player.html?player=jpost&media=3766108&url=www.jpost.comIAF strike on Hezbollah infrastructure in the area of Qabrikha, in southern Lebanon, September 7, 2024. (credit: IDF Spokesperson’s Unit)
https://www.jpost.com/breaking-news/article-819077
Approximately five rockets were identified crossing from Lebanon, and they fell in open areas.
Rocket alert sirens sounded in several localities in the western Galilee in northern Israel at 12:51 p.m. The alerts in Safed were the first in the area in two weeks, according to army radio.
IAF targets Hezbollah infrastructure
Earlier, the Israel Air Force targeted Hezbollah terror infrastructure and a rocket launcher used to fire rockets toward Israeli territory in the area of Qabrikha in southern Lebanon, the IDF reported.
In addition, IDF artillery struck Ayta ash Shab and Kfarchouba in southern Lebanon.
This is a developing story.
END
ISRAEL/USA
US Warns Israel That Carriers Can’t Stay Indefinitely
by Tyler Durden
Friday, Sep 06, 2024 – 05:20 PM
The Pentagon giveth and the Pentagon taketh away. According to Israeli media, Netanyahu has been put on notice that US warships could soon be ordered home and that they can’t stay in eastern Mediterranean waters indefinitely to protect Israel.
Israeli media is reporting Friday that with regards to a potential wider all-out regional war and Iranian attack, a message was sent that tensions need to be reduced at some stage because “the US aircraft carriers will not be able to stay in the area forever.”
Currently no less than two air craft carriers — the Theodore Roosevelt and the Abraham Lincoln — along with accompanying warships are in Mideast regional waters. They were deployed there following threats from Iran weeks ago.
The whole region braced for an Iranian response to the Israeli killing of Hamas leader outside Tehran Ismail Haniyeh on July 31st. The US moved warships closer to Israel in anticipation that the US would help shootdown potential inbound Iranian ballistic missiles and drones.
Apparently the guided-missile submarine Georgia, which can fire cruise missiles and transport Navy SEAL commandos, is also in the region.
Did Iran back off its threat for a major attack? It appears so, or else Tehran is just slow-playing the response, anticipating that the Pentagon will eventually withdraw its naval assets and that a willingness to defend Israel will subside.
All of this comes at a moment of rare US-Israel tensions, especially in the wake of Prime Minister Netanyahu declaring that efforts to achieve a ceasefire deal with Hamas are essentially dead.
“There’s not a deal in the making,” he told Fox News. “Unfortunately, it’s not close.” He said this during a morning Fox News live interview segment. This flatly contradicted recent White House statements and is somewhat of an embarrassment for the Biden administration.
Meanwhile divisions within the Israeli government and differences over the Gaza end-game have been growing:
Washington has sent a message to Israel that they “oppose the [potential] firing of Defense Minister Yoav Gallant,” and said that they are “satisfied with the cooperation” with him, Channel 13 news reports.
The outlet says the message was “polite, but clear.”
But even should the US carrier groups be recalled from the region, Washington weapons are still pouring into Israel. Some reports have said that without US arms, Israel would only be able to sustain its Gaza operations for a couple of months.
The conclusion of many analysts is that Biden could pressure Netanyahu enough to force him to strike a truce and hostage exchange deal. Instead Biden has been largely hands-off and Bibi has prioritized the military offensive to eradicate Hamas.
Netanyahu has laid blame on Hamas for there being no deal. He said to Fox this week that the group “don’t agree to anything. Not to the Philadelphi Corridor, not to the keys of exchanging hostages for jailed terrorists, not to anything. So that’s just a false narrative.”
Mass Israeli protests in the wake of the recent recovery of six dead hostages have demanded Netanyahu’s removal from office. The hostage victims’ families also claim he has thwarted a truce deal for the release of the hostages at every turn, instead choosing to prioritize the military operation against Gaza militants.
end
ISRAEL.HAMAS
Israel paves road in Philadelphi Corridor amid Gaza ceasefire talks – BBC
This move is seen as a show of determination regarding Israel’s stance on not leaving the Philadelphi Corridor.
By MAARIV ONLINESEPTEMBER 7, 2024 19:04Updated: SEPTEMBER 7, 2024 19:05
Israeli forces have paved a road along the Philadelphi Corridor, according to a Saturday report by the BBC.
This move is seen as a show of determination regarding Israel’s stance on not leaving the Corridor, which has become a central point of contention in negotiations over a hostage deal and a ceasefire in Gaza.
Videos shared on social media show that the infrastructure was laid on Wednesday, September 4 — the same day Prime Minister Benjamin Netanyahu reiterated his “Philadelphi Corridor speech” in English at a press conference for the foreign media, according to the report. In the accompanying video, heavy machinery can be seen laying asphalt on the ground.
The BBC also claims to have compared two satellite images of the area, proving that the road was indeed paved along the Philadelphi Corridor, including the Rafah Crossing. The road stretches 12.6 km, the report said.
The BBC further noted that Israel’s investment in the Netzarim Corridor also indicates no intention of leaving the area. This includes concrete barriers and operational bases with towers and walls.
The report comes two days after Egyptian Chief of Staff Ahmed Khalifa’s surprise tour along the Gaza Strip border and the Rafah Crossing area.
The Egyptian military spokesperson told the “Al-Qahera Al-Akhbariya” channel that the visit aimed to assess the security situation and security measures at the border.
In the video, the Chief of Staff meets with forces at the Rafah Crossing, emphasizes the importance of border security, and receives a briefing on border control measures.
Khalifa was quoted saying, “The armed forces are capable of defending the homeland’s borders, generation after generation.”
Khalifa’s visit is perceived as an Egyptian show of force in the region against the backdrop of recent sharp statements against Israel and Netanyahu.
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The Hezbollah-affiliated Lebanese newspaper “Al-Akhbar” reported that the Egyptian statements against Netanyahu are the harshest yet and reflect a coordinated diplomatic escalation between Egyptian intelligence and the Foreign Ministry.
end
ISRAEL/HAMAS
Gaza war breakdown: 17,000 terrorists killed as Israel weathers terror attacks, rockets – INSS
Since the beginning of the war, alerts have sounded in 935 communities, forcing Israelis to run to safe areas some 15,000 times.
By WALLA!SEPTEMBER 8, 2024 09:05Updated: SEPTEMBER 8, 2024 14:47
Since the beginning of the Israel-Hamas war, 1,664 Israelis have been killed, of which 706 were soldiers, 17,809 were wounded, some 143,000 people have been evacuated from their homes, and some 20,000 projectiles have been fired at Israeli territory, according to a recent INSS report.
Currently, 101 hostages are being detained in Hamas captivity.
Since the beginning of the war, alerts have sounded in 935 communities, forcing Israelis to run to safe areas around 15,000 times.
In October alone, 7,721 sirens were activated. The numbers dropped in November to 1,303 and in December to 1,277. Since then, fewer than a thousand sirens have sounded, apart from April when more than a thousand sirens were triggered amid Iran’s April attack.
Data from the Gaza Strip, the north and West Bank
Since the outset of the war, some 17,000 Hamas terrorists have been eliminated in Gaza, with the IDF striking approximately 38,000 Hamas military targets throughout Gaza. According to the Hamas-run Gaza health ministry, which does not draw distinctions between the deaths of civilians and combatants, some 41,000 Palestinians have been killed, and almost 95,000 have been wounded since October 7.
On the northern front, 50 Israelis have been killed, of which 24 were soldiers.
Some 7,600 projectiles have been fired to date at Israeli territory from both Syria and Lebanon.
Over 68,000 Israelis have been evacuated from 43 northern communities, and according to the report, some 100,000 people have been evacuated from their homes in Lebanon.
The report also detailed the occurrences in the West Bank. According to the INSS, since the onset of the war, 4,973 terror attacks have occurred in the West Bank, killing 38 Israelis, 12 of whom were soldiers and three were police officers.
In addition, 285 Israelis were wounded in these terror attacks.
Nearly 700 Palestinians have been killed throughout the West Bank since the beginning of the war, according to the report, citing the Palestinian health ministry.
Some 4,400 Palestinians were arrested, among whom 1,850 were Hamas terrorists, representing a 114% increase in the number of Palestinian prisoners imprisoned in Israeli jails compared with the numbers in July of 2022.
Also, in the West Bank, since the beginning of the war, there have been 1,407 incidents of violence between Palestinians and settlers, with the largest number of such incidents, 300, occurring in October of last year.
Regarding protests worldwide on the war, the report showed that an average of 2,090 anti-Israel protests occur globally every month in comparison to 65 pro-Israel demonstrations.
Yemen saw the most anti-Israel protests, with 5,500 demonstrations. The US came in second, with 3,500 protests, followed by Morocco, Turkey and Iran.
The most pro-Israel protests, 317, have occurred in the US, followed by France with 108, Germany, Canada, and Australia.
END
ISRAEL/SYRIA
Israel allegedly strikes Syria area believed to house Iran forces; 3 killed, 15 hurt
The alleged Israeli strikes in central Syria have killed at least three people and wounded at least 15, including some in critical condition, according to a local hospital director in the Masyaf area cited by state news agency SANA.
The Masyaf area, west of Hama, is thought to be used as a base for Iranian forces and pro-Iranian militias, and has been repeatedly targeted in recent years in attacks widely attributed to Israel.
It contains the Scientific Studies and Research Center, known as CERS or SSRC, which according to Israel is used by Iranian forces to manufacture precision surface-to-surface missiles
END
Looks like they hit their chemical weapons’ research centre.
ISRAEL SYRIA/SAME STORY AS ABOVE
Israeli Strike On Alleged Syrian Chemical Weapons Facility Leaves High Death Toll
Monday, Sep 09, 2024 – 02:35 PM
A late Sunday night apparent Israeli aerial attack on Syria has left at least 18 people dead and 36 injured, Syrian state SANA news agency reported Monday.
This marks the highest death toll in Syria from an Israeli strike since the Gaza war began last October. Several explosions were witnessed shortly before midnight on Sunday impacting the Tartous and Hama governorates, particularly in the area of the Masyaf countryside. Israeli strikes in this coastal vicinity is somewhat rare.
The target appears to have been a secretive facility long eyed by the West as part of the Assad government’s chemical weapons program.
“About half an hour before midnight, multiple airstrikes targeted the Syrian Military Scientific Studies and Research Center (SSRC) and several nearby buildings. I heard at least eight explosions, followed by the sound of ambulances,” a local resident who spoke to CNN described.
Some of the injured remain in critical condition, and the unusually high death toll suggests there may have been employees and staff inside the research center building when it was hit.
Syrian Health Minister Hassan al-Ghabbash described the strikes as a “brutal and barbaric aggression” against a sovereign state.
In the aftermath of the strikes, large forest fires erupted along the nearby Wadi al-Uyun highway in Masyaf. Syrian media sources released the below photograph of fires raging in the area…
The Associated Press has cited a UK-based anti-Assad monitoring group to claim that Hezbollah operatives were among those killed in the attack:
The Syrian Observatory for Human Rights, a U.K.-based war monitor, said 25 were killed, including at least five civilians, while the others included Syrian army soldiers and members of Hezbollah and other Iran-linked armed groups.
One strike targeted a scientific research center in Masyaf, and others struck sites where “Iranian militias and experts are stationed to develop weapons in Syria,” the observatory said. It said the research center was reportedly used for developing weapons, including short- and medium-range precision missiles and drones.
However, the reality is that these weapons program facilities have been targeted by Israel going back many years, in order to degrade the Syrian Army’s capabilities, also in the wake of Western allegations that Assad forces had deployed chemical weapons against ‘rebel’ strongholds.
However, Damascus has long rejected the accusations of Washington and its Western and Gulf allies, saying instead that West-backed jihadi insurgents have launched chemical weapons attacks and carried out mass atrocities.
At this moment, the region is still on edge bracing for a potential Iranian attack on Israel in response to recent major provocations. This fresh Israeli attack on Syria will certainly provoke Tehran and Damascus, and the escalation spiral might not be over.
RUSSIA/UKRAINE/
Russia Takes New Village Near Hub Of Pokrovsk; Drone Debris Hits Outside Ukraine’s Parliament
Saturday, Sep 07, 2024 – 11:05 AM
On Saturday Russia’s defense ministry (MoD) has announced the capture of another village in Eastern Ukraine as its forces close in on the key logistics hub of Pokrovsk.
Moscow forces “have liberated the village of Kalynove” in the Donetsk region, which is about 16 miles southeast of Ukraine-held Pokrovsk.
Pokrovsk is the crossroads city of some 60,000 people seen as vital to Kiev’s defense efforts. The fears in the West are that if it falls, the whole of Donetsk will be easily taken by Russia, and so will all of the Donbass region.
Ukraine authorities have already ordered an evacuation of all children and young people from the city amid the months-long Russian advance. Moscow has recently said it captured a string of villages in the area, and all of these maneuvers are seen as aiding in capturing the ultimate prize of Pokrovsk.
President Putin reiterated Thursday in a talk that capturing and solidifying all of the Donbass under Russian rule remains the “primary objective” of the ‘special military operation’.
But there are conflicting reports over just how fast the Russian advance is occurring. Ukraine has on Saturday said its military recaptured part of nearby Niu-York:
In an interview with CNN, Oleksandr Syrskyi, the commander in chief of the Armed Forces of Ukraine, confirmed that Russia did not advance in Pokrovsk on Thursday.
“Over the last six days the enemy hasn’t advanced a single meter in the Pokrovsk direction,” he told the outlet.
So once again the competing narratives from the two warring side flatly contradict each other.
Unusual or new drone technologies continue to appear on the Ukraine battlefield…
Overnight there was another Russian aerial onslaught. Ukraine’s Air Force claimed to have intercepted 58 out of 67 long-range drones sent in the new barrage.
Al Jazeera, citing local media, also reported this detail: “Debris from a downed drone was also found next to Ukraine’s parliament building in the capital, Kyiv, the Verkhovna Rada said in a statement on the Telegram messaging app on Saturday.”
There were no reports of casualties from this latest drone attack. Prior Russian ballistic missile attacks from earlier this week, however, have resulted in scores of casualties.
IRAN///RUSSIA/
US Goes Ballistic Over New Iranian Missile Transfers To Russian Forces
Friday, Sep 06, 2024 – 11:00 PM
As another reminder of how these already dangerous and volatile wars in the Middle East and Eastern Europe are inter-connected, United States officials are slamming the Iranian government in the wake of fresh reports saying Tehran has transferred short-range ballistic missiles to Russia.
The Wall Street Journal was the first to report Friday that “Iran has sent short-range ballistic missiles to Russia, according to U.S. and European officials, a move that gives Moscow another potent military tool in its war against Ukraine and follows stern Western warnings not to provide those arms to Moscow.”
The Pentagon and US intelligence has for months been warning about such a possibility, and has been threatening Iran over the potential move, but a US official has now “confirmed” to the WSJ that the missiles “have finally been delivered.” The Biden White House has said “a severe response” to Tehran awaits.
NATO countries led by the US have been warning of swift and severe consequences, but the reality is at this point there’s not too much left to sanction in either the Islamic Republic or Russia. Both are a couple of the most highly sanctioned countries on earth, which has only resulted in their deepening their relations, and turning to BRICS and non-aligned Global South countries. Group of 7 countries have said they will coordinate to punish Iran if missile deliveries to Russia’s armed forces go through.
It’s long been well-known that Russia has received thousands of Iranian kamikaze drones, which have for the last two-and-a-half years been a feature of the aerial assault on Ukrainian cities. The Islamic Republic is even helping Russia manufacture drones inside Russia.
The WSJ notes of the sensitive political timing of the alleged ballistic missile transfer and also the potential impact to the ‘moderate’ Pezeshkian administration on the global stage:
The missile deliveries also could have implications for the hopes of the new Iranian government to tamp down tensions with the West. The country’s new president, Masoud Pezeshkian, has said he hopes to improve the domestic economy by winning sanctions relief from Europe and the U.S.
But at this rate, this hoped-for sanctions relief is surely not going to happen. Late Friday, Iran issued a formal rejection of the contents of the WSJ report and the allegations of Western officials:
In a statement shared with Newsweek, however, the Iranian Mission to the United Nations stated that Iran had not provided weapons to either side of the conflict in Ukraine and called on other nations to cease doing so.
“Iran’s position vis-à-vis the Ukraine conflict remains unchanged,” the Iranian Mission said. “Iran considers the provision of military assistance to the parties engaged in the conflict—which leads to increased human casualties, destruction of infrastructure, and a distancing from ceasefire negotiations—to be inhumane.”
“Thus, not only does Iran abstain from engaging in such actions itself but it also calls upon other countries to cease the supply of weapons to the sides involved in the conflict,” the statement added.
We recently highlighted that Russia has appeared to step up supplies of air defense equipment to the Islamic Republic, at a moment Tehran is still threatening possible massive retaliation attacks on Israel for the July 31 killing of Hamas leader Ismail Haniyeh in Tehran. The expectation in such a scenario is that Israel’s counter-response would be bigger. And yet for now it seems this escalation scenario has waned, given that over a month has passed and there’s been no big strikes.
The Iranians are reportedly also pressuring Moscow to fulfill delivery of Su-35S fighter jet fighters which were previously pledged in a defense deal, given the regional temperature is heating up fast.
Moscow likely feels obliged given the significant Iranian drone transfers it has received throughout the course of the Ukraine war. Iran has heavily aided Russian forces, and now Russia is quickly coming to Iran’s assistance
end
UKRAINE/RUSSIA
RUSSIA/UKRAINE
6.COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUE
special thanks to Robert H for sending this to us:
Singapore’s Ministry of Health is killing the people of Singapore
https://kirschsubstack.com/p/singapores-ministry-of-health-is
The evidence is crystal clear. However, people in Singapore are completely oblivious to the genocide. They can be put in jail if they repost this article.
Executive summary
Ben at US Mortality just wrote a Substack showing the devastation in Singapore.
I reached out to Ben and suggested he also show the per month stats because these stats clearly show the excess mortality was NOT caused by COVID.
It’s the Singapore pandemic policies that are killing people, not the virus. This is so obvious when you look at the data (steady excess mortality every month).
And yet, no one in a leadership position in Singapore is saying a word.
Hello!?!? The numbers are supposed to be going the other way if the Ministry of Health (MoH) policies are working.
In this article, I’ll show you the highlights.
The Singapore graphs show higher CFR for Omicron than Delta. Why isn’t the MoH telling the public they goofed?
OWID data shows that you are more likely to die from an Omicron case than a Delta case. Huh?!?! That’s impossible without human help from the MoH.
Everyone knows Omicron is a more mild variant. So how is the CFR higher??? How is the MoH explaining that? Is anyone even asking the question??
Singapore numbers from US Mortality
The cumulative excess deaths keep going up at a constant rate. This isn’t caused by COVID because COVID kills in waves. This is a steady line upwards. Monotonically increasing. This is caused by a man-made intervention that started in 2021 that is killing massive numbers of people.
Now, can you think of something that might kill people that was mandated on everyone in Singapore in 2021? Hmmmm… that’s a toughie, isn’t it? It’s a medical mystery!!!
Summary
It is so obvious that the Singapore Ministry of Health is killing people.
I predict no one will speak out because they are afraid to challenge the MoH, the MoH will continue to do this rather than admit their mistakes, and the population will consent to the killing without objection. And there will be no debates and they will silence anyone who tries to challenge the narrative.
It’s really sad how blind people are to the data in plain sight, isn’t it?
WORLD EVENTS NOTEWORTHY
END
MARK CRISPIN MILLER
DR PAUL ALEXANDER
hreshtha et al.’s review shows cardiovascular heart damage after MONKEYPOX vaccines e.g. ACAM2000 (for Smallpox & monkeypox, JYNNEOS, and modified vaccinia Ankara vaccines)
I have published what public health response should be in the GAY, tranny, & BI-SEXUAL communities (below) & McCullough reminds that monkeypox is self-limiting & treated with oral or IV tecovirimat
| Dr. Paul AlexanderSep 8 |
‘A review by Shreshtha et al indicates heart damage from Monkeypox vaccination may come from an off-target attack on the heart by antibodies raised by the vaccines. The paper concludes more research is needed for safer vaccines.
Because Monkeypox is largely a self-limited skin rash in immunocompetent individuals and easily treated with oral or intravenous tecovirimat, vaccination is a high-risk public health intervention and if widely applied in the Congo we can expect to see rising numbers heart failure and sudden death in vaccine recipients.’
McCullough indicates that this is a dangerous public health response to mass vaccinate and I agree fully. The focus has to be on proper PSAs advising the GAY and bi-sexual community (where monkeypox is the foci and NOT the general low-risk heterosexual populations) how to behave sexually in terms of limited (no orgies or multiple sex partners etc.) or NO skin-to-skin intimacy that could rupture pustules and boils that contain infectious material, as well as acute contact tracing of exposed persons.
I also argue (and Vanden Bossche) that mass vaccination with the monkeypox vaccine (used also for smallpox) in populations who are immune compromised due to the COVID Malone Bourla Bancel et al. mRNA vaccine that has damaged and subverted and dysregulated the immune system, then there is risk for smallpox emerging. This needs to be urgently studied.
Alexander MAGA Trump news; fake PCR created non-pandemic is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
See McCullough’s recent stack on concerns regarding cardiac side effects from Monkeypox Vaccination as it relates to all 3 vaccines and see my substack below on urgent open, explicit, transparent PSAs for the GAY and bi-sexual and tranny community in what must be done to mitigate spread within their community and expansion to the low-risk general population (heterosexual):
By Peter A. McCullough, MD, MPH
‘Monkeypox vaccines include ACAM2000 (used for Smallpox, recently FDA approved for Monkeypox), JYNNEOS, and modified vaccinia Ankara. The at-risk population is young men who are at the highest risk of idiopathic and COVID-19 vaccine myocarditis at baseline. ACAM2000 has been reported to have major cardiovascular adverse events such as myocarditis, dilated cardiomyopathy, and heart failure. Whereas JYNNEOS and modified vaccinia Ankara are associated with minor cardiovascular adverse events such as tachycardia, palpitation, electrocardiogram changes such as T wave inversion, and ST elevation in the peer-reviewed literature. The CDC has reported serious myocarditis from the Bavarian Nordic JYNNEOS vaccine requiring hospitalization of young men.
Shrestha AB, Mehta A, Zahid MJ, Candelario K, Shrestha S, Pokharel P. Concerns over cardiovascular manifestations associated with monkeypox immunization: a literature review. Ann Med Surg (Lond). 2023 May 19;85(6):2797-2801. doi: 10.1097/MS9.0000000000000861. PMID: 37363545; PMCID: PMC10289523.
A review by Shreshtha et al indicates heart damage from Monkeypox vaccination may come from an off-target attack on the heart by antibodies raised by the vaccines. The paper concludes more research is needed for safer vaccines.
Because Monkeypox is largely a self-limited skin rash in immunocompetent individuals and easily treated with oral or intravenous tecovirimat, vaccination is a high-risk public health intervention and if widely applied in the Congo we can expect to see rising numbers heart failure and sudden death in vaccine recipients.’
SLAY NEWS
| The latest reports from Slay News |
| Leaked Government Data Exposes Dramatic Sudden Death Surge among Covid-VaxxedData leaked from the New Zealand government’s official database has exposed a dramatic surge in sudden deaths among those who received Covid mRNA shots.READ MORE |
| WEF: Covid ‘Was the Test’ for ‘Huge Number of Unimaginable Restrictions’The globalist World Economic Forum (WEF) has declared that the Covid pandemic was merely “the test” for “a huge number of unimaginable restrictions” on the general public’s freedoms.READ MORE |
| Robert F Kennedy Jr to Campaign in Swing States to Help Trump ‘Drain the Swamp’Former Democrat Robert F. Kennedy Jr. will campaign with President Donald Trump in the battleground states.READ MORE |
| NYT Editorial Board Member: It’s ‘Silly’ for Corporate Media to Treat Trump & Harris ‘Equally’A member of the New York Times editorial board has argued that the notion of treating President Donald Trump and Democrat presidential nominee Kamala Harris “equally” is “silly.”READ MORE |
| War Veteran Ex-Cop Has Jan 6 Sentence ReducedA former Virginia cop and war veteran has had his sentence reduced by more than a year for his conviction over the protests at the U.S. Capitol on January 6, 2021.READ MORE |
| Prosecutor Moves to Reinstate Charges against Alec Baldwin for Killing CinematographerLiberal Hollywood star Alec Baldwin just received some bad news regarding the cinematographer he shot and killed on the set of his movie “Rust.”READ MORE |
| More Polls Spell Doom for Kamala HarrisPolls that spell doom for Democrat presidential nominee Kamala Harris’s November election hopes are now continuing to stack up.READ MORE |
| Trump Attorneys Appeal Rejection to Move ‘Hush Money’ Sentencing to Federal CourtPresident Donald Trump’s attorneys have appealed a decision to reject his request to move the sentencing hearing for his so-called “hush money” conviction to a federal court.READ MORE |
| Jim Jordan Subpoenas Biden Admin over Kamala Harris’ ‘Border Czar’ RoleHouse Judiciary Committee Chairman Jim Jordan (R-OH) has issued a new subpoena against the Biden-Harris administration over the crisis at the Southern Border.READ MORE |
| Elon Musk Says He Looks ‘Forward to Serving America’ in Next Trump Admin ‘If the Opportunity Arises’Elon Musk has responded to reports that President Donald Trump will offer him a key role in his next administration if he wins re-election.READ MORE |
| Jonathan Turley: Hunter Biden Will Face Prison Time after ‘Legal Death Wish’ Guilty PleaLegal scholar Jonathan Turley has noted that Hunter Biden should still be facing a prison sentence, despite his last-minute move to plead guilty in his federal tax charges case.READ MORE |
| Trump Vows to Establish Government Efficiency Commission Led by Elon Musk, Cut Business Tax Rate to 15%President Donald Trump delivered a major economic address in New York City on Thursday.READ MORE |
| New York Times Publisher Panics, Warns Trump Will ‘Increase Attacks’ on Corporate Media in 2nd TermA.G. Sulzberger, the publisher of the New York Times, has warned his allies that President Donald Trump will “increase attacks” on the liberal corporate media when he returns to the White House.READ MORE |
| Government Vaccine Scientist Blows Whistle: Covid Shots Were Planned for 20 YearsA former government vaccine scientist has come forward to blow the whistle, revealing that Covid mRNA shots had been in development for 20 years before the pandemic emerged.READ MOREScientists Raise Alarm as New ‘Neurological Emergency’ Surges Among Covid-VaxxedScientists have issued a disturbing warning over a new “neurological emergency” that has begun surging among people “vaccinated” with Covid mRNA shots.READ MORENew York City Paying Illegal Aliens $4000 Each to Move Out of SheltersDemocrat-controlled New York City is giving illegal aliens taxpayer-funded $4,000 payments to move out of migrant shelters.READ MOREBiden-Harris White House Hit with Lawsuit for Censoring Americans OnlineThe White House has been hit with a lawsuit over allegations that President Joe Biden and Democrat presidential nominee Kamala Harris used a proxy to demand social media companies censor the American people online.READ MOREElise Stefanik Files 2nd Ethics Complaint against Trump’s ‘Hush Money’ Judge over Links to Harris CampaignHouse Republican Conference Chairwoman Elise Stefanik (R-NY) has filed a new ethics complaint against the Democrat judge overseeing President Donald Trump’s “hush money” case.READ MORERFK Jr Has Name Withdrawn from Wyoming Ballot in Another Big Win for TrumpRobert F. Kennedy Jr. has spent the past several weeks attempting to have his name removed from several state ballots after suspending his presidential campaign and throwing his full support behind President Donald Trump. READ MOREPro-Hamas Students Protest Hillary Clinton Teaching at Columbia University: ‘Fascist Bootlicker’Twice-failed Democrat presidential candidate Hillary Clinton has been met with pro-Hamas protests at Columbia University where she is teaching.READ MORE |
EVOL NEWS
| LATEST NEWS: |
NEWS ADDICTS
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
Cheney Reaction
Monday, Sep 09, 2024 – 11:35 AM
By Benjamin Picton, senior macro strategist at Rabobank
Cheney Reaction
Friday’s US payrolls report was supposed to settle the question of whether the Fed would be cutting by 25bps next week, or 50. On Thursday of last week the OIS futures had 33.8bps of cuts priced in for the September meeting. Today, it has 33.2bps of cuts priced in. Clearly the signal wasn’t as clear as many would have been hoping.
The reaction in market pricing might come as a surprise to many who took the time to read through the numbers. Employment growth in August of 142,000 exceeded the originally-reported 114,000 figure for July – which helped to precipitate a mini crash in markets – but was a long way shy of the 165,000 median estimate on the Bloomberg survey.
The two-month net payrolls revision also looked grim. If markets thought that 114,000 new jobs in July was a bad result when those figures were first released, the revised figure of just 89,000 jobs must surely be a worry. It’s worth keeping in mind that the June payrolls report was revised down from 206,000 to 118,000, and the May report was revised down from 272,000 to 216,000. Are you sensing a trend here?
The one bright spot in the report might have been the 1-tick decline in the unemployment rate from 4.3% to 4.2%. That was as-expected by surveyed economists, but while the headline unemployment rate was improving the U6 rate rose to 7.9%, the worst result since October of 2021.
The indecisive reaction in OIS futures might have been influenced by the Wall Street Journal’s Fed-whisperer Nick Timiraos’ assessment that the August employment number wasn’t weak enough to justify a supersized cut, but that the 2-month revisions left the door open for such an outcome. Clear as mud.
Nevertheless, bond and equity markets reacted sharply to the employment figures. The NASDAQ shed more than 2.5%, the S&P500 was down more than 1.7%, and the US 2-year yield fell 9.5bps to continue the recent run of bull flattening that has seen the 2s10s Treasury curve un-invert for the first time since 2022.
Not to be outdone, commodity markets have also experience substantial volatility in recent days as markets confront a weakening demand picture in the United States and China. Active Brent crude futures fell by almost $6/bbl over the course of last week to close at $71.06/bbl on Friday evening. That was despite OPEC+ producers reaching an agreement to delay planned production increases that were due to take place in October and November. SGX iron ore active futures have also traded below $90/mt this morning for the first time since August 2023 as demand from Chinese steel mills continues to soften. This hasn’t gone unnoticed in Australia, where the Treasury coffers are filled by taxing iron ore bound for China.
China and trade are likely to be a lively topic of discussion on Tuesday when Donald Trump and Kamala Harris face off in the second Presidential debate (the first between these candidates). Readers will recall that Trump has promised tariffs of 100% or more on Chinese goods should he be elected President, and over the weekend he extended that promise to include any country that seeks to exit the Dollar-based global trade system. “You leave the dollar and you’re not doing business with the United States because we are going to put a 100% tariff on your goods”.
In an election cycle that has already made for strange political bedfellows – a Kennedy and a former DNC Vice Chair are openly supporting Donald Trump – the strangeness was amplified by news over the weekend Bush VP Dick Cheney will be supporting Kamala Harris. Tucker Carlson was quick to point out that this shouldn’t really surprise anyone, because we are witnessing a political re-alignment where the old lines of demarcation between Democrats and Republicans are being swept away and replaced by a delineating question of “are you a globalist, or a nationalist?”
In some respects, this is a throwback to an older style of American politics. Trump’s deployment of tariffs to “Make America Great Again” bears a strong resemblance to Abe Lincoln’s exclamation “give us a protective tariff and we will have the greatest nation on earth”, and his admiration for William McKinley’s protectionism is well known. Harris, almost by default, assumes the role of torchbearer for a multilateral approach to foreign affairs, free(er) trade and US military adventurism of the type that Cheney is notorious for.
Consequently, Harris is likely to attempt to use Tuesday’s debate as an opportunity to pitch for unity, urging voters to end to the divisive politics of the last 8 years by drawing a line under Donald Trump as a political figure. This is a risky strategy, because voters who have been energised by Trump’s nationalism are unlikely to be enthused by a message that treats their concerns as a political aberration and hints at returning to a pre-Trump uniparty paradigm as sold by some of the most unpopular figures of recent political history.
Besides, the mere fact that the Biden administration largely continued Trump’s mercantilist trade policies (indeed, extended them) should tell us that we are not in free-trade Kansas anymore, Toto. That world is now dead, and international trade relationships are being reshaped in a way that is creating new frictions with the potential to introduce substantial basis effects between markets, eliminate cross-market correlations altogether, or even eliminate exchange entirely in some circumstances. Hedging risk in cross-border trade is becoming something of an extreme sport.
The challenge for Harris will be to sell herself as the candidate best equipped to deal with these new economic and geopolitical realities over an opponent who has become emblematic of this changed environment. It’s Trump’s world, but Kamala is going to have to convince voters that she has the better plan for living in it.
7.OIL PRICES/GAS PRICES/OIL ISSUES
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
Brazil/Elon Musk
Bolsonaro Leads Massive Free Speech Protest In Brazil After Supreme Court Bans X
Sunday, Sep 08, 2024 – 03:25 PM
Thousands of Brazilians flooded city streets on Saturday to protest against the government’s censorship crusade against Elon Musk’s ‘free-speech’ X platform.
The demonstration, held Saturday on Independence Day, was led by former Brazilian President Jair Bolsonaro – who said in response to Supreme Court Justice Alexandre de Moraes: “I hope that the Federal Senate puts the brakes on Alexandre de Moraes, this dictator who does more harm to Brazil than Luiz Inacio Lula da Silva himself.”
Several notable X accounts, including journalist Michael Shellenberger, are reporting from Sao Paulo’s main boulevard, where tens of thousands have gathered today in opposition to far-left Brazilian President Luiz Inácio Lula da Silva and Supreme Court Justice Alexandre de Moraes that recently blocked X nationwide.
Here’s more from Shellenberger on the situation:
Brazilian President Lula and Supreme Court Justice Alexandre de Moraes say they must block X to protect Brazil’s independence. X is a platform for dangerous, false, and hateful words, they say, and many of those words violate Brazil’s laws and Constitution.
But their censorship goes far beyond what Brazil’s constitution allows. The government demanded that X and other social media networks censor and ban individual people, including journalists and politicians. Such bans are immoral, illegal, and unconstitutional. They constitute election interference and undermine democracy by preventing candidates from getting the word out.
I agree that lying is wrong, hate speech is ugly, and there are limits to freedom of speech. We must not allow people to use words that directly result in physical violence.
But everybody lies, everybody engages in hate speech, and the limits to free speech must never include elections. Imagine what would happen if it were illegal to lie: everyone should go to prison starting with the journalists and politicians. As for hate speech, did Lula express hatred when he praised Adolf Hitler? Does he not express hatred every time he speaks of Elon Musk and Jair Bolsonaro?
People blame speech for the chaos of January 6 in the United States and January 8 in Brazil. But the events of those days resulted from inadequate security, not anything anyone said online. And if the government can censor disfavored election information, how would anyone ever know if the government stole an election?
Democracy and secure elections depend on freedom of speech. The idea that we must censor speech to protect democracy ranks with other Orwellian ideas like “War is peace” and “Slavery is freedom.” For thousands of years, democracy and freedom walk hand in hand, as do censorship and dictatorship.
Everybody knows in their heart that censorship is wrong. We all know that we are imperfect and do not know everything. We know that we rely on others to discover the truth. Why, then, do so many people want censorship?
In a separate X post, Shellenberger said, “The crowd was absolutely enormous. Without a doubt one of the largest free speech protests in history.”
Rebel News journalists were also on the ground, capturing the massive crowds via drone footage.
The leftist censorship campaign against political opponents is all too familiar Americans – with Democrats having spent years on a crusade to cancel political opponents under the guise of ‘misinformation’ and ‘disinformation.’
His son, Eduardo Bolsonaro, said Moraes plans to “end freedom of speech in the country” and called for the impeachment of the president. He added that Elon Musk “understands that the battle is for freedom of speech and transcends economic issues.”
Eduardo Bolsonaro recently spoke with conservative journalist Breanna Morello about the far-left government using the guise of ‘hate speech’ to kill the Bolsonaro movement.
Last week, shortly after X was banned in Brazil, in the US, the former Deputy Chair of the Democratic National Committee, Keith Ellison, wrote on X, “Thank you Brazil.”
The far-left basically wants to ban any speech they disagree with.
END
BRAZIL
END
VENEZUELA/USA
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.1042 DOWN 0.0034
USA/ YEN 143.65 UP 1.471 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 1.3048 DOWN .0037
USA/CAN DOLLAR: 1.3559 DOWN .0002 (CDN DOLLAR UP 2 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 29.32 PTS OR 1.06%
Hang Seng CLOSED DOWN 247.34 PTS OR 1.42%
AUSTRALIA CLOSED DOWN .0.28 %
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 247.34 PTS OR 1.42 %
/SHANGHAI CLOSED DOWN 29.32 PTS OR 1.06%
AUSTRALIA BOURSE CLOSED DOWN 0.28%
(Nikkei (Japan) CLOSED DOWN 175.72 PTS OR 0.48%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2497.20
silver:$28.15
USA dollar index early MONDAY morning: 101.59 UP 45 BASIS POINTS FROM FRIDAY’s CLOSE.
MONDAY MORNING NUMBERS ENDS
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And now your closing MONDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 2.802% DOWN 0 in basis point(s) yield
JAPANESE BOND YIELD: +0.855% DOWN 4 AND 4/ 100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.020 UP 3 in basis points yield
ITALIAN 10 YR BOND YIELD 3.564 UP 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.181 UP 1 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1049 DOWN .0027 OR 27 basis points
USA/Japan: 142.81 UP 0.635 OR YEN IS UP 96 BASIS PTS//ROUND II OF ENDING YEN CARRY TRADE EXPLODES AGAIN TODAY
Great Britain 10 YR RATE 3.927 UP 1/2 BASIS POINTS //
Canadian dollar DOWN .00009 OR 9 BASIS pts to 1.3572
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The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.1130 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.1150)
TURKISH LIRA: 34.05 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.901
Your closing 10 yr US bond yield UP 4 in basis points from WEDNESDAY at 3.725% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.033 UP 2 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.677 UP 0 BASIS PTS.
GOLD AT 11;00 AM 2501.65
SILVER AT 11;00: 28.13
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: MONDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 89.37 PTS OR 1.09%
German Dax : CLOSED UP 141.66 PTS OR 0.77%
Paris CAC CLOSED UP 72.96 PTS OR 0.98%
Spain IBEX CLOSED UP 99.80 OR 0.96%
Italian MIB: CLOSED UP 298.95 OR 0.90
WTI Oil price 70.13 12EST/
Brent Oil: 73.40 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 90.75 ROUBLE DOWN 0 AND 67/100
GERMAN 10 YR BOND YIELD; +2.1805 UP 1 BASIS PTS.
UK 10 YR YIELD: 3.9270 UP 1 BASIS POINTS
CDN 10 YEAR RATE: 3.007 UP 3 BASIS PTS.
CDN 5 YEAR RATE: 2.784 DOWN 2
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1041 DOWN 0.0035 OR 35 BASIS POINTS
British Pound: 1.3076 DOWN 0.0048 OR 48 basis pts
BRITISH 10 YR GILT BOND YIELD: 3.8910 DOWN 0 BASIS PTS//
JAPAN 10 YR YIELD: 0.905
USA dollar vs Japanese Yen: 142.86 UP .677 YEN UP 68 BASIS PTS//
USA dollar vs Canadian dollar: 1.3561 DOWN 0.0007//CDN dollar UP 7 BASIS PTS
West Texas intermediate oil: 68.76
Brent OIL: 71.86
USA 10 yr bond yield DOWN 3 BASIS pts to 3.696
USA 30 yr bond yield DOWN 2 BASIS PTS to 3.999%
USA 2 YR BOND: UP 1 PTS AT 3.673
CDN 10 YR RATE 3.030 UP 3 BASIS PTS
CDN 5 YEAR RATE: 2.794 DOWN 4
USA dollar index: 101.54 UP 39 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 34.07 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 90.55 DOWN 2 AND 47/100 roubles
GOLD 2,503.65 3:30 PM
SILVER: 28.30 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 484.18 PTS OR 1.20%
NASDAQ UP 239.20 PTS OR 1.30 %
VOLATILITY INDEX: 19.45 DOWN 2.93 PTS OR 13.09%
GLD: $231.60 UP 0.97 OR 0.42%
SLV/ $25.85 UP .37 OR 1.45%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Stocks Bounce After Brutal Week Despite Apple Unveiling A Dud
Monday, Sep 09, 2024 – 04:10 PM
After the worst week for the S&P since the March 2023 bank crisis…
… one which sent the Nasdaq to one of the most oversold levels since the covid crash…
… today’s bounce back was basically a formality, and bounce back we did after the brutal start to September…
… as all sectors were deep in the green (well, almost all)…
… yet while some tech names enjoyed today’s session, chief among them Palantir and Dell, which learned they would be added to the S&P500 index, pushing the latter to its best one-day gain since February…
… and even Nvidia managing a rebound from the critical $100 level…
… others were less lucky, Google parent Alphabet most notably as the tech giant dropped another 3%, down on 4 of the past 5 days, 7 of the past 9, and decisively breaching below its 200DMA…
… and AAPL failing to capialize on today’s iPhone 16 reveals, which was largely viewed as a dud, sending the stock to session lows before recovering…
… and down 5 of the past 6 sessions.
And so, as the Mag 7 generals that have led the market for the past 2 days are starting to wobble, the critical support below the Mag 7 index is in jeopardy. If the key support line gives way, then it is the 100DMA, then 200DMA… and then things get very ugly…
… although as Goldman TMT specialist Peter Callahn notes, positioning is not yet a major problem:
- Goldman Prime Broker data shows overall long/short net and gross exposures are moderate, based on a 3-year look-back.
- Hedge funds and mutual funds cut exposure to Info Tech, holding their lowest tilts to the sector in the past decade.
- In TMT subsector positioning: Internet > Semis > Software > Hardware > Payments > CME; positioning is no longer a bearish factor for the sector.
That’s the good news. The bad news as Goldman’s Tony Pasquariello noted over the weekend, is that systematic buying is now reversing, and the massive buyback bid which kickstarted the August rebound, enters its blackout period next Friday, among the notable factors that are about to become a headwind for stocks, to wit:
- Demand from the systematic trading community has diminished.
- Corporate buybacks are tapering, reducing a key support for the market.
- Follow-ons and block trades are increasing, but may not fully offset the fading buybacks.
- As the derivatives expiry on the 20th approaches, key drivers of the August market bounce (systematic demand and buybacks) will likely fade.
- Household investment activity, another key market support, is also slowing down, raising concerns for continued upward momentum.
But wait, there’s more headwinds for the all-important generals, with the annual earnings growth for the Mag 7, still at impressive levels, set for a long, painful convergence with the rest of the S&P500.
It makes you wonder if the Nasdaq jaws of death (Advance/Decline line vs the Nasdaq itself) are starting to finally close?
Meanwhile, while the bulls enjoyed today’s rally, that can and will quickly reverse with dealers still deep in negative gamma territory, and all that would take for another trapdoor lower is a sudden drawdown in stocks which forces dealers to chase risk to the downside, as the dreaded positive feedback loop of negative gamma positioning kicks in.
While stocks staged a comeback, the rest of the market was quiet, with bond yields failing to rebound, and after rising in the early morning, yields gradually faded all day only to closer down on the day…
… which in turns hammered the all important carry trade, as the USDJPY first ramped higher after the European open, only to slink back ahead of the cash open and stay there…
… and finally, no matter what happens across the rest of the market universe, one place where the bid refuses to fade is gold: after getting hammered on Friday in the aftermath of Waller’s comments which were interpreted by Timiraos as hawkish, gold once again rebounded and has managed to recover most of its losses as it trades just shy of its all time highs.
MORNING TRADING/
AFTERNOON TRADING///
II USA DATA
Social Security Facing $63 Trillion In Unfunded Liabilities
Saturday, Sep 07, 2024 – 09:20 AM
Authored by Andrew Moran via The Epoch Times (emphasis ours),
Social Security is facing $63 trillion in long-term unfunded liabilities, according to the 2024 Old-Age, Survivors, Disability Insurance (OASDI) trustees report.
The report looked at two things: how much money will be missing indefinitely and how much will be missing in the next 75 years. The report determined that there will be a permanent $62.8 trillion deficit and about a $23 trillion shortage for the next 75 years.
Officials explained that these numbers show how much less money they will have after the money saved up in trust funds runs out.
“The annual shortfalls after trust fund reserve depletion rise slowly and reflect increases in life expectancy,” the report reads.
“The summarized shortfalls over the infinite horizon, as percentages of taxable payroll and GDP, are larger than the shortfalls for the 75-year period.”
OASDI trustees noted that the shortfall could be eliminated if the combined payroll tax rate was raised to “about 17.0 percent” or if there was a “permanent reduction in benefits for all current and future beneficiaries by about 26.5 percent.”
Laurence Kotlikoff, professor of economics at Boston University, told The Epoch Times that assessing the current infinite unfunded liability is imperative.
“There’s nothing in economics that says you should just look at 75 years and assume everybody’s going to be dead the day after,” Kotlikoff said.
“It’s like operating on half of the cancer, removing half a cancer, and telling your patient to come back in 10 years, and when they do, it’s twice as big, and you’re operating out on half.
“[That’s] the practice here in our country dealing with Social Security.”
This is not the first report to spotlight the deteriorating fiscal state of the retirement scheme and other federal programs.
In February, the Treasury Department released the “Financial Report of the United States Government.”
It concluded that U.S. taxpayers face more than $78 trillion in long-term unfunded obligations for Social Security and Medicare.
The problem, according to Mark Warshawsky, a senior fellow at the American Enterprise Institute, is that these outlooks are based on rosy scenarios, meaning that the United States will not grapple with a financial crisis, a major military conflict, or another pandemic.
“To make matters worse, the [Financial Report] is based on optimistic, indeed unrealistic, assumptions,” he wrote, adding that the report suggests that the Trump-era tax cuts will completely lapse, income tax revenues will rise over time, and defense spending will not increase.
Still, it is valuable to disseminate these numbers to the public, according to Warshawsky.
“Despite its faults, the undoubtedly large effort needed to produce the [Financial Report] annually is worthwhile and it should get more attention from policymakers, the media, and the public,” he said.
Last week, the nonpartisan Congressional Budget Office (CBO) projected that an essential Social Security trust fund—the Old-Age and Survivors Insurance Trust Fund—will be exhausted by 2033.
Additionally, the Disability Insurance Trust Fund balance could run dry by 2064.
According to CBO Director Phillip Swagel, if Social Security is left intact over the next decade, recipients would receive a 21 percent cut to their benefits.
Over the years, lawmakers on both sides of the aisle have presented a series of solutions to rescue Social Security.
In March, the Republican Study Committee, a group of more than 170 House GOP representatives, published its fiscal year 2025 budget proposal, championing raising the eligibility age to 67 from 65.
President Joe Biden and other Democrats have said that ensuring that the “highest-income Americans pay their fair share” is a feasible response to the looming funding shortage for the top retirement programs.
“No benefit cuts,” the White House said in a March 11 statement. “The president opposes any proposal to cut benefits, as well as proposals to privatize Social Security.”
Calls to Embrace Reform
But many economists and financial experts say that public policymakers need to embrace reform.
“What we need is not just a smart Social Security fix, but we need to have a radical reform of our fiscal system,” Kotlikoff said. “It’s not doodling around the current system.”
Indeed, he has proposed several different measures that Washington could institute to keep the Social Security system intact through what he calls a “Personal Security System.”
Kotlikoff has recommended phasing out the existing Social Security system while paying off all accrued obligations to current retirees and workers and “replacing it with a fully funded, progressive retirement account system.”
As for immediate solutions, Doug Carey, a chartered financial analyst, said a change to the payroll tax would be appropriate, although it would be hard to pass in Congress.
“Currently, the payroll tax for both employees and employers is 6.2 percent for Social Security,” Carey told The Epoch Times.
“Increasing this rate would help with the solvency of the trust fund but would be difficult to pass in Congress since it would raise taxes on most people.”
Another policy adjustment, according to Carey, is increasing the payroll tax cap.
“This is the most popular idea,” he said.
“Currently, only earnings up to $168,600 are subject to Social Security taxes. Raising or completely eliminating this limit would go a long way toward increasing the solvency of the trust fund.
“It is also more likely to pass Congress since it only hits a small percentage of workers.”
Revisions to methodology could also serve as a prescription to help keep Social Security afloat, according to Tyler Meyer, a certified financial planner and the owner of QED Wealth Solutions.
“Another approach is to modify the benefit formula to slow the growth of benefits for higher earners while protecting lower-income beneficiaries,” Meyer told The Epoch Times.
“Policymakers might also consider introducing a means-testing system, where benefits are reduced or eliminated for individuals with substantial retirement income from other sources.”
Are Benefits Enough?
Estimates suggest that the Social Security cost-of-living adjustment (COLA) for 2025 will be close to 2.6 percent.
In today’s inflationary environment, are benefits enough?
According to a study by The Senior Citizens League, the value of seniors’ benefits has decreased by 20 percent since 2010.
Researchers found that, on average, retirees would need to receive a $4,440 annual boost—or $370 per month—“to rebuild their lost value.”
“The reality is that COLAs have become less and less likely to match inflation over time,” the report reads.
“In the 1990s and 2000s, 60 percent of COLAs beat inflation. In the 2010s, only 40 percent did. Through the 2020s so far, only one COLA out of five [2023; 8.7 percent] has done so.”
This might be a concerning trend for future retirees after the Employee Benefit Research Institute (EBRI) discovered in April that 88 percent of workers anticipate Social Security to be a top source of actual or expected income in retirement.
“Social Security is normally an important part of the guaranteed income portion of the plan as a means to cover essential expenses,” Stephen Kates, principal financial analyst for Retire Guide, told The Epoch Times.
“In the absence of Social Security, retirees will need to replace it with other sources of guaranteed income like pensions or annuities.
“A key consideration for retirees is the ability to cover all essential expenses with guaranteed income.”
For workers engaged in planning their retirements, it is vital to work with a financial adviser for guidance on how to turn savings into an income plan.
“With less Social Security income, your retirement plan may need adjusting, and burying your head in the sand will not help,” Kates said.
III USA ECONOMIC COMMENTARIES
SPRINGFIELD OHIO
“Can’t Take It Anymore”: Residents Of Springfield Ohio Beg For Help After 20,000 Haitians Overwhelm City, Eat Local Wildlife
Sunday, Sep 08, 2024 – 04:55 PM
The city of Springfield, Ohio – population 60,000, has been overwhelmed by roughly 20,000 Haitian illegal migrants, who flocked to the city – exacerbating a ‘significant housing crisis’ according to city officials, and eating pets and wildlife according to locals.
During an Aug. 27 City Commission meeting, one local resident said that Haitians were “in the park grabbing ducks, cutting the heads off, and eating them.”
Another local resident posted to a Facebook group that their neighbor had a cat go missing – only to see it “hanging from a branch, like you’d do a deer for butchering, & they [the Haitians] were carving it up to eat.”
Springfield is a small town in Ohio. 4 years ago, they had 60k residents. Under Harris and Biden, 20,000 Haitian immigrants were shipped to the town. Now ducks and pets are disappearing.
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4.5M Views
https://twitter.com/EndWokeness/status/183213498455711370
While the cat claim has been refuted by as racist fear-mongering, others have provided receipts showing that cats are indeed part of Haitian cuisine.
Another local told the city that she “can’t take it anymore,” as Haitian migrants are littering on her yard and harassing she and her husband.
Tensions came to a boil last year after a illegal immigrant from Haiti caused a school bus crash last August, killing 11-year-old Aiden Clark after the child was thrown out of the emergency exit as the bus rolled off the road. Another 20 students were injured.
In July, city manager Bryan Heck wrote to leaders of the Senate Banking Committee asking for more federal funding.
“Springfield has seen a surge in population through immigration that has significantly impacted our ability as a community to produce enough housing opportunities for all,” he wrote.
END
MACY’S
Macy’s Set To Close 55 Stores By The End Of 2024
Sunday, Sep 08, 2024 – 05:30 PM
By Bernadette Giacomazzo of RetailWire
Macy’s has announced that it is closing a total of 55 stores by the end of 2024, in the faltering brand’s ongoing effort to revamp its business.
According to The Daily Mail, the company originally intended to close 50 underperforming stores by the end of the year, part of the 150 total locations it will close within three years. However, it now plans to close 55 before 2025.
The locations of the shuttering stores have not yet been announced, but speculation is abounding that the stores will include a location in Newington, New Hampshire, one in Traverse City, Michigan, and one in WestShore Plaza mall in Tampa, Florida. These stores are reportedly set to close after the winter holidays.
“The biggest things that have gone wrong at Macy’s are the quality of the stores and the product assortment,” GlobalData Retail analyst Neil Saunders said to the outlet.
“And so over the years customers have deserted it, sales have tumbled and store productivity has gone down. All the metrics have gone in the wrong direction.”
News of these closures comes shortly after Macy’s announced that it was diverting funds to its in-house brands in yet another effort to turn the proverbial ship around.
According to TheStreet, the shop has resurrected or introduced a number of other brands, including On 34th and State of Day, as part of its rehabilitation drive. It plans to launch a men’s collection before the end of the year, and a new kids’ brand will follow next.
But Macy’s significant rebrand goes beyond simply bringing back well-known brands. The mall mainstay is purportedly concentrating more on its well-known high-margin luxury products in an attempt to attract customers with a little more disposable income.
The company has said that it will focus its efforts on designer fragrances, which are more affordable than high-end handbags, for example, yet feature coveted brands like Chanel and Dior.
Some Macy’s stores already carry high-end fragrances from brands like Tom Ford, Creed, and Cartier. The company did, however, declare that it will have 42 outlets by the end of 2024 that would sell its high-end cosmetic products, with a focus on scent, as part of its aim to expand the availability of designer fragrances.
Additionally, Macy’s will soon offer store-in-store concepts that will mimic Target’s Ulta strategy and Kohl’s well-known and successful Sephora endeavor.
end
If The Fed Cuts Rates A Half-Point, Should Trump Complain, Rejoice, Neither, Or Both?
Monday, Sep 09, 2024 – 10:20 AM
Authored by Mike Shedlock via MishTalk.com,
Think carefully. I will grade your answer…
The current odds suggest only a 30 percent chance the Fed will cut rates by a half-point on September 18.
I believe those odds are very understated because I think the next CPI report will be very Fed friendly. I will write that up shortly.
Meanwhile, the question is how should Trump react if the Fed were to cut by that much, not what Trump will do.
When Will We Know?
We will not have a firm grasp until Wednesday September 11 (CPI report). The Fed meets a week later.
My guess is the combination of last Friday’s jobs report plus the CPI report will allow the Fed to cut by 50 basis points if it wants to.
Self-Grading the Answers (depending on precise reasoning)
- Rejoice: B+ minimum to A+
- Complain: F to C
- Neither: F to C
- Both: B- minimum to A+
Rejoice Discussion
Those who said Rejoice have the right idea. Trump should privately rejoice. A deteriorating economy rates to benefit Trump. Those who rejected both only because they believe complaining is counterproductive get an A.
Whether complaining will add or subtract depends on how loudly and in what ways Trump does that. Complaining could very well be negative. Full A+ credit for those who fully understood the nuances.
Both Discussion
Those who said Both for the right reason get an A. The right reason is Trump should privately rejoice at an economy that is deteriorating badly enough to allow the Fed to cut that much. Those who think complaining will help, get grade A-. Those who think complaining will help if done properly get an A+. Those who think complaining is the bigger idea get a B-.
At the time I wrote the question, I thought Both was the correct answer. But upon reflection there are a couple problems with both. First, Trump is likely to overreact. Second, this economy is deteriorating rapid and Trump, if elected, will be calling on the Fed to cut if he wins. So why should trump moan now and then beg for cuts later?
Full credit if you thought about all of that and voted Both anyway. This is about what Trump should do. I have no problem with complain mildly (if it helps election chances) but it will make him look silly later when he changes his tune.
Complain Discussion
Complain has all of the problems of both but none of the recognition that Trump should be privately pleased about the economic realities.
A deteriorating economy rates to benefit trump. Those who said complain seem to have missed the key idea or ignored it.
For those who firmly believe the Fed should not cut at all, OK why?
There should not be a Fed at all. But if that’s the reason, Trump sure hasn’t been saying so.
Trump ridiculously stated that he could do a better job than the Fed. That is dangerously stupid. One thing worse than a Fed is putting politicians in charge of interest rates.
Neither Discussion
Neither is a bit confusing. But a deteriorating economy rates to benefit trump. At a minimum Trump should privately be happy.
Apply the above paragraphs and rate yourself.
Interesting Exchange
Without reservation, I agree that the Fed will not impact the election. It’s too late.
I also agree that Trump will complain even if the Fed only cuts by a quarter point.
However, the reason the Fed would cut by 50 points certainly does matter.
The Fed is very aware of the politics. It the Fed cuts by 50 points the underlying economic fundamentals will likely be poor and deteriorating.
The Fed is well aware of the lags and the potential for complaints in both directions. If the Fed only cuts 25 basis points and the economy crumbles, Democrats will be moaning.
Powell is in a no-win situation.
It takes time for rate cuts to work, but time has expired. It’s too late for cuts to save the economy. So Trump should welcome a half-point cut (privately).
A half-point cut is all but admission that a recession has started. It may even spook the market, further helping Trump.
BLS Negative Job Revisions 15 of Last 21 Months
For further economic discussion, please see BLS Negative Job Revisions 15 of Last 21 Months
I recap a slew of indicators all screaming one thing: Recession.
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM
iiiC USA COVID //VACCINE ISSUES/IMPORTANT MEDICAL ISSUES
end
END
FREIGHT ISSUES/USA/
Illinois Trucking Company With 480 Drivers Abruptly Ceases Operations
Monday, Sep 09, 2024 – 06:30 AM
By Clarissa Hawes of FreightWaves,
An Illinois-based trucking and logistics company, which contracted with the U.S. Postal Service to haul mail has notified over 650 employees, including more than 480 drivers, that the carrier is ceasing operations, according to sources familiar with the closure.
Former truck drivers for Midwest Transport Inc. (MTI), headquartered in Robinson, Illinois, told FreightWaves that they received telephone calls from their regional managers late Thursday notifying them the company was winding down operations.
As of publication on Friday, MTI has not issued a formal statement about what led to the closure. However, FreightWaves confirmed with some former senior managers and truck drivers who worked for the mail contractor that the company was ending operations. They did not want to be named in the article for fear of retaliation.
According to an email sent to MTI employees and drivers about the closing late Friday, which was obtained by FreightWaves, the company stated that postal operations “will complete all trips through the trips that begin on Sunday, September 8. Freight operations should be following the instructions from your load planners on returning. Terminal and office personnel will receive information and updates from your managers as we progress through this transition.”
MTI, founded in 1980, operated key terminals in Greenup, Illinois; Harmony, Pennsylvania; Memphis, Tennessee; and two terminals in Tampa and Jacksonville, Florida, according to its website.
MTI had over 480 drivers and 428 power units, according to the Federal Motor Carrier Safety Administration’s SAFER website.
FMCSA data shows the company’s trucks had been inspected 244 times, and 65 had been placed out of service for a 27% out-of-service rate over the preceding 24-month period. That is significantly higher than the industry’s national average of around 22%.
MTI’s drivers had been inspected 564 times, and 16 were placed out of service over a two-year period, resulting in a nearly 3% out-of-service rate. That is less than half the industry’s national average of 7%, according to FMCSA.
The trucking company had 21 injuries and 42 tow-aways over the past 24 months.
According to the SAFER database, MTI was cited for acute/critical violations in two categories: controlled substances/alcohol and driver fitness.
A check on SAFER shows that MTI’s common, contract and broker authorities remain active. MTI had two compliance reviews on July 7 and July 25, according to FMCSA data.
As of publication Friday, MTI had not filed a notice of its impending closure in Illinois, Tennessee, Pennsylvania or Florida.
One longtime former MTI driver said he was surprised by the news the company was ceasing operations but said that drivers had started receiving notices over the past few months to ensure their log books were certified after each run and to watch their speed and improve their on-time performance.
“I don’t know what happened because we had a lot of postal contracts all over the U.S.,” a former MTI driver told FreightWaves.
“I [don’t know if] the USPS is just finding out like us [that] the mail will be sitting on the docks on Monday.”
A media spokesperson with the Postal Service did not immediately return FreightWaves’ request for comment.
END
VICTOR DAVIS HANSON OR NEWT GINGRICH/TUCKER CARLSON
SWAMP STORIES
KING REPORT
GREG HUNTER INTERVIEWING BO POLNY
Biblical Intervention Against Evil Alpha Predators – Bo Polny
By Greg Hunter On September 7, 2024 In Political Analysis6 Comments
By Greg Hunter’s USAWatchdog.com
Biblical cycle timing expert, geopolitical and financial analyst Bo Polny says things are so evil and out of control that the only way to stop evil from killing off mankind and destroying the planet is a Biblical intervention must happen from the hand of God. Polny’s recent best-selling book called “Revelation The Good News” is helping people understand the spiritual and physical fight happening now between Jesus and Satan in what many are calling “The Last Days” or “End Times.” Polny says, ” If God intervenes, nobody in their right mind is going to miss what is about to happen. The prophecies are saying everything goes dark. So, the internet goes down. TVs go down and the news media, everything goes dark. The entire world goes dark for a period of time. Could this happen in September? There is a huge probability that it can. Can it happen in October on the Elul (29) cycle (Oct 2nd)? There is a huge probability. Could this happen before the election? Again, a huge probability. . . . This is God’s plan, not mine. What I am telling you is God is going to intervene before or into the election because these people are alpha predators, and they will not stop. They will not stop—period. They have proven to us what they can do in 2020, and now we know what they will do. So, we do need a Biblical intervention or nothing changes. I do want to tell you prophecy tells us God is going to intervene on the world.”
Polny says the only way you can explain all the crazy things happening now is clear. Polny says. “We are living in Biblical times.”
Polny also contends, “We are not going to have World War III, at least not yet. WWIII is in the future, and we are stepping into a window of divine favor.”
Polny also predicts bad news for the US dollar, and a sudden downward revaluation is coming soon. Polny says, “The dollar has to crash because if it does not, nothing is going to change. They used the dollar to build Babylon. The financial system is how they control anybody and everybody. This includes elections, politicians and presidents. Everything is controlled by the Federal Reserve that is not federal and has no reserves. I believe the dollar will lose one third of its value overnight. Again, there is a big probability that it happens in September or October. If it does go down overnight by one third, that will break the bond market or collapse the bond market. It will also suddenly collapse all mortgages. It will be the complete and utter destruction of the financial system. This is fulfilling prophecy, and that is ‘The brothers of Goliath (the BRICS nations of Brazil, Russia, India and China). They stand in glee; we will cripple you.’ They will ruin the credit of the US. So, the financial credit system of the United States will be destroyed by the collapse of the dollar when the BRICS attack.”
Polny also predicts gold and silver prices will go much higher this year as well.
There is much more in the 1-hour 16-minute in-depth interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Biblical cycle expert and financial analyst Bo Polny, author of the new book called “Revelation: The Good News” for 9.7.24.
(To Donate to USAWatchdog.com Click Here)
usawatchdog.com/biblical-intervention-against-evil-alpha-predators-bo-polny
After the Interview:
SEE YOU ON tuesDAY//
H
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