SEPT 24//GOLD CLOSED UP $23,60 TO $2651.25/SILVER IS CLOSE TO ITS BREAKOUT LEVEL AT $32,05 UP $1,26//PLATINUM WAS UP $25,35 TO $987,85 WHILE PALLADIUM CLOSED UP $15,70 TO $1062.15//CHINA PANICS AND REDUCES MAJOR INTEREST RATES AND ITS RRR RATE TO JUMP START ITS ECONOMY//ISRAEL VS HEZBOLLAH: ISRAEL IS FULL BLOWN ATTACK MODE AS THEY HIT MAJOR ARTILLERY AREAS AND AS WELL WIPE OUT THEIR ROCKET LEADER IN BEIRUT/ISRAEL WILL NOT RELENT UNTIL HEZBOLLAH IS REMOVED FROM THE SOUTH//GOOD COMMENTARIES TONIGHT FROM DR LACALLE AND BAS GIFFIN RABOBAN//COVID UPDATES/VACCINE INJURY REPORTS/ SLAY NEWS ETC//SWAMP NEWS FOR YOU TONIGHT//
624 H BOFA SECURITIES 1 661 C JP MORGAN 2 726 C PLUS500US FINAN 1 737 C ADVANTAGE 3 1
TOTAL: 4 4
JPMorgan stopped 2/4
GOLD: NUMBER OF NOTICES FILED FOR SEPT/2024. CONTRACT: 4 NOTICES FOR 400 OZ or 0.01244 TONNES
total notices so far: 4095 contracts for 409,500 Oz (12.737 tonnes)
FOR SEPT:
SILVER NOTICES: 11 NOTICE(S) FILED FOR 55,000 OZ/
total number of notices filed so far this month : 5,033 for 25.165 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $23.60 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ NO CHANGES IN GOLD INVENTORY AT THE GLD:
/ /INVENTORY RESTS AT 875.39TONNES
INVENTORY RESTS AT 875.39 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $1.26 AT THE SLV
HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 9,305 MILLION OZ OF SILVER VAPOUR
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 467.100MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUMONGOUS SIZED 1165 CONTRACTS TO 144,351 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 LOSS OF $0.39 IN SILVER PRICING AT THE COMEX ON MONDAY’S TRADING. WE LOST ZERO NET LONGS WITH THE GAIN IN PRICE. WE HAD A MEGA HUGE GAIN OF 2575 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD AGAIN A MINOR LIQUIDATION OF T.A.S. CONTRACTS //. WE HAD ATTEMPTED SHORT COVERING BY OUR SPECS WITH THE LOSS IN PRICE DURING THE COMEX TIME ZONE.. WE HAD A GIGANTIC 1440 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY A STRONG 347 CONTRACT T.A.S ISSUANCE. IN ESSENCE WE GAINED A MEGA HUGE 2575 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 MONDAY NIGHT: 347 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 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 $0.39) BUT WERE UNSUCCESSFUL IN KNOCKING ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A MEGA HUGE GAIN OF 2,575 TOTAL OI CONTRACTS ON OUR TWO EXCHANGES.
WE HAD A HUMONGOUS 1440 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 45,000OZ QUEUE JUMP//NEW STANDING REMAINS AT 25.350MILLION OZ
//NEW STANDING FOR SILVER//SEPT REMAINS AT 25.350 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI GAIN//HUGE SIZED EFP ISSUANCE/ VI) STRONG SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 347 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED 192 CONTRACTS.
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS SEPT, ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF SEPT
TOTAL CONTRACTS for 16 DAYS, total 17,392 contracts: OR 86.960 MILLION OZ (1087 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 86.960 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 BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 86.960 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
RESULT: WE HAD A HUMONGOUS SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1165 CONTRACTS DESPITE OUR LOSS IN PRICE OF SILVER PRICING AT THE COMEX//MONDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS:1440 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 45,000 OZ QUEUE JUMP
//NEW TOTAL STANDING FOR SEPT REMAINS AT 25.350 MILLION OZ
WE HAVE A MEGA HUGE GAIN OF 2767 OI CONTRACTS ON THE TWO EXCHANGES DESPITE OUR LOSS IN PRICE…..THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG SIZED 347 CONTRACTS,//MINOR FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE MONDAY COMEX//ACCESS TRADING//// MASSIVE ATTEMPTED SHORT COVERING FROM OUR SPEC SHORTS WITH THE LOSS IN PRICE MONDAY/ AND ZERO LIQUIDATION OF LONGS. ALSO SOME OF OUR LONGS EXERCISED THEIR RIGHT AND TENDERED FOR PHYSICAL SILVER MUCH TO THE ANGER OF OUR BANKERS.
THE NEW TAS ISSUANCE MONDAY NIGHT (347) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND FOR SURE TODAY., .
WE HAD 11 NOTICE(S) FILED TODAY FOR 55,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A VERY SMALL SIZED 1417 OI CONTRACTS TO 556,720 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,733 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW MUCH FURTHER FROM OUR ALL TIME LOW OF 390,000 CONTRACTS.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE 8236 CONTRACTS//
WE HAD A VERY SMALL SIZED INCREASE IN COMEX OI (1417 CONTRACTS) OCCURRED WITH OUR GAIN OF $6.65 IN PRICE /MONDAY. 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 MONDAYS SMALL 500 OZ QUEUE JUMP
NEW STANDING ADVANCES TO 12.905 TONNES
/ ALL OF THIS HAPPENED WITH OUR $6.65 GAIN IN PRICE WITH RESPECT TO MONDAY’S COMEX TRADING. WE HAD A STRONG SIZED GAIN OF 6,179 OI CONTRACTS (19.22 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. THE HORROR INTENSIFIED ONCE LONDON STARTED TO TRADE EARLY MONDAY MORNING
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A HUMONGOUS SIZED 4767 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 556,720
IN ESSENCE WE HAVE A HUGE SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6,179 CONTRACTS WITH 1,417 CONTRACTS INCREASED AT THE COMEX// AND A HUGE SIZED 4762 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 6179 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 733 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A HUGE SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4762 CONTRACTS) ACCOMPANYING THE VERY SMALL SIZED INCREASE IN COMEX OI OF 1,417 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 6179 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 500 OZ QUEUE JUMP
//NEW STANDING ADVANCES TO: /SEPT 12.905 TONNES.
/ 3) ZERO T.A.S. LIQUIDATION (DURING COMEX ACCESS) WITH ZERO NET LONG SPECS BEING CLIPPED,
4) VERY SMALL SIZED COMEX OPEN INTEREST INCREASE 5) HUMONGOUS ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 733 T.A.S.CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2024 INCLUDING TODAY
SEPT.
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: 83,472 CONTRACTS OF 8,347,200 OZ OR 259,63 TONNES IN 16 TRADING DAY(S) AND THUS AVERAGING: 5217 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 16TRADING DAY(S) IN TONNES 259,63 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 259,63 DIVIDED BY 3550 x 100% TONNES = 7.31% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
JAN ’24: 291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)
FEB’24: 201.947 TONNES
MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.
APRIL: 267.05TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)
MAY; 316.606 TONNES (WILL BE ANOTHER STRONG MONTH// 3RD HIGHEST RECORDED EFP ISSUANCE )// NOTICE THE HUGE INCREASES IN EX FOR PHYSICAL THESE PAST FEW MONTHS. THESE CONTRACTS ARE CIRCLED BACK FROM LONDON WHEREBY METAL IS REMOVED FROM THE COMEX.
JUNE 175.11 tonnes HEADING FOR A WEAKER MONTH AND MUCH LESS THAN THE THREE PREVIOUS MONTHS
JULY: 351. 65 TONNES (3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL AND THE HIGHEST EVER RECORDED POST BASEL III)
AUGUST: 274.79 TONNES//THIS MONTH WILL NO DOUBT BE A STRONG ISSUANCE OF EFP’S BUT MUCH LESS THAN LAST MONTH.
SEPT: 259.63 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 1165 CONTRACTS OI TO 144,549 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 1440 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 1440 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1440 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 1165 CONTRACTS AND ADD TO THE 1440 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2575 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 12.875 MILLION OZ OCCURRED DESPITE OUR $0.39 LOSS IN PRICE
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
TUESDAY MORNING/MONDAY NIGHT
/HANGHAI CLOSED UP 114.21PTS OR .4.15%//Hang Seng CLOSED UP 759,49PTS OR 4.19%
// Nikkei CLOSED UP 216.68PTS OR 0.57%//Australia’s all ordinaries CLOSED UP 0.01%///Chinese yuan (ONSHORE) CLOSED UP TO 7,0329CHINESE YUAN OFFSHORE CLOSED UP TO 7.0330 Oil UP TO 72,24dollars per barrel for WTI and BRENT UP AT 75.62Stocks in Europe OPENED ALL MOSTLY GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A SMALL SIZED 1165 CONTRACTS TO 556,720 WITH OUR GAIN IN PRICE OF $6.65 WITH RESPECT TO MONDAY’S TRADING. WE LOST ZERO IN NUMBER LONGS WITH THE HIGHER PRICE FOR GOLD. WE ALSO HAD A HUGE NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (5545). THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THIS MONTH DISTORTS OPEN INTEREST NUMBERS GREATLY.
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’S RISE.THEY ARE TOTALLY TRAPPED.
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 A FEW T.A.S. LIQUIDATION ON MONAY’S GAIN IN PRICE WITH ZERO LONGS BEING CLIPPED (AS YOU WILL SEE BELOW) BUT WE DID HAVE MINOR ATTEMPTED SHORT COVERING BUT AT MUCH HIGHER PRICES. 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 LAST WEEK AND THIS 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 HUMONGOUS SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A HUGE SIZED 4762 EFP CONTRACTS WERE ISSUED: : OCT/DEC 4762 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 4762 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 STRONG SIZED TOTAL OF 6179 CONTRACTS IN THAT 4762 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A SMALL GAIN OF 1417 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR STRONG GAIN IN PRICE OF $6.65 MONDAY COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AS MENTIONED ABOVE
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR MONDAY NIGHT A SMALL SIZED 733 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 AND WEDNESDAY AFTERNOON’S SMACKDOWN RIGHT AFTER THE COMEX CLOSED (DURING POWELL’S PRESSER)
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: SEPT (12.905 TONNES) WHICH IS HUGE FOR A NON DELIVERY MONTH.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 44 MONTHS OF 2021-2024:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022:
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/PRIOR= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 12.905 TONNES.
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $6.65/)//AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY SPECULATOR LONGS AS WE DID HAVE A HUGE GAIN IN OUR TWO EXCHANGES. WE HAD ZERO T.A.S. SPREADER LIQUIDATION MONDAY BUT CENTRAL BANK LONGS, SEIZING THE MOMENT, EXERCISED FOR PHYSICAL IN A BIG WAY MONDAY EVENING AS THE $2,600 PRICE LEVEL WAS PIERCED FRIDAY.
WE HAVE GAINED A TOTAL OF 19.22 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR SEPT (12.885 TONNES) ON FIRST DAY NOTICE FOLLOWED BY MONDAY’S QUEUE JUMP OF A SMALL SIZED 500 OZ
//NEW STANDING FOR SEPT ADVANCES TO: 12.905TONNES.
NEW STANDING FOR SEPT: 12.905 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $6.65
WE HAVE REMOVED 8236 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES 6179 CONTRACTS OR 617900 OZ (19.22
Total monthly oz gold served (contracts) so far this month
4095 notices 409,500oz 12.737 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
x
0 dealer deposits:
total dealer deposits: nil oz
we have 1 customer deposits
i) Into Brinks: 32,151,000 oz
total deposits 32,151.00oz (1000kilobars)
withdrawals: 0
TOTAL WITHDRAWALS: 000oz
adjustments:2
a)dealer to customer/Brinks 32,118.848 oz
b) Loomis: 3980.086 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR SEPTEMBER
For the front month of SEPT. we have an oi of 57 contracts having LOST 7 contracts. We had 12 notices filed on MONDAY so we GAINED 5 contracts or 500 oz will stand at the comex as these boys seek metal on THIS side of the pond.
OCTOBER LOST 1214 CONTRACTS UP TO 40,178 CONTRACTS
NOVEMBER GAINED 37 CONTRACTS TO STAND AT 782
DECEMBER, THE BIGGEST DELIVERY MONTH GAINED 649 CONTRACTS TO 451,688
We had 4 contracts filed for today representing 400 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 4 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 2 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 (409,500 oz ) to which we add the difference between the open interest for the front month of SEPT (57 CONTRACTS) minus the number of notices served upon today (4x 100 oz per contract( equals 414,800 OZ OR 12.905 ONNES.
thus the INITIAL standings for gold for the SEPTEMBER contract month: No of notices filed so far (4095 x 100 oz +we add the difference for front month of SEPT (57OI} minus the number of notices served upon today (4 x 100 oz which equals 414,800 oz (12.905 TONNES)
TOTAL COMEX GOLD STANDING FOR SEPT.: 12.905 TONNES WHICH IS HUGE FOR THIS NON ACTIVE DELIVERY MONTH IN THE CALENDAR.
total pledged gold: 1,876.299.342 oz 58.360 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 16,953,194.834OZ
TOTAL REGISTERED GOLD 7,503,027,266/// 233,37 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,456.615.543 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 5,626908oz (REG GOLD- PLEDGED GOLD)= 175,02 tonnes //
END
SILVER/COMEX
SEPT 242024
INITIAL
//2024// THE SEPT 2024 SILVER CONTRACT//INITIAL
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
632,311.978 OZ ASAHI CNT Delaware
.
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
593,775,000oz ASAHI
No of oz served today (contracts)
11 CONTRACT(S) (55,000 OZ)
No of oz to be served (notices)
37 contracts (0.185million oz)
Total monthly oz silver served (contracts)
5033 Contracts (25.165 MILLION oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
i) 0 dealer deposit/
total dealer deposit : NIL oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 1 customer deposits:
i) Into ASAHI: 593,775,000 oz
total customer deposits 593,775.000oz
We had 3 withdrawals
i) Out of ASAHI 600,334.3000 oz
ii) Out of CNT 22,950,400 oz
iii) Out of Delaware: 9027,278 oz
total withdrawal 632,311.978 OZ
JPMorgan has a total silver weight: 134.996million oz/304.946million or 44.27%
adjustment:1
i) Delaware: dealer to customer: 20,401,234 oz
TOTAL REGISTERED SILVER: 74.918MILLION OZ//.TOTAL REG + ELIGIBLE. 304,946million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR SEPTEMBER:
silver open interest data:
FRONT MONTH OF SEPT/2024 OI: 48 CONTRACTS HAVING GAINED 5 CONTRACT(S).
WE HAD 4 NOTICES FILED ON MONDAY, SO WE GAINED 9 CONTRACTS OR 45,000 OZ
UNDERWENT A QUEUE JUMP TO TAKE DELIVERY OF SILVER OVER ON THIS SIDE OF THE POND..
OCTOBER SAW A LOSS OF 27 OF OPEN INTEREST CONTRACTS AND THUS WE HAVE 1337 OPEN INTEREST CONTRACTS FOR OCTOBER.
NOVEMBER SAW A GAIN OF 27 CONTRACTS TO STAND AT 177
DECEMBER SAW A GAIN OF 984 CONTRACTS UP TO 126,078 CONTRACTS
.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 11 for 55,000oz
CONFIRMED volume; ON MONDAY 64,850 GOOD
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 5033x 5,000 oz = 25.165MILLION oz
to which we add the difference between the open interest for the front month of SEPT(48)and the number of notices served upon today 11 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the SEPT/2024 contract month: 5033 notices served so far) x 5000 oz + OI for the front month of SEPT (48x number of notices served upon today minus (11)x 5000 oz of silver standing for the SEPT contract month equates to 25.350 MILLION OZ.
New total standing: 25.350 million oz.
There are 74.946 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 24WITH GOLD UP $23.60ON THE DAY; NO CHANGES IN GOLD AT THE GLD ./// /:// //////INVENTORY RESTS AT 875.39 ONNES
SEPT 23 WITH GOLD UP $6.65 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1,43 TONNES OF GOLD INTO THE GLD../// /:// //////INVENTORY RESTS AT 875.39 ONNES
SEPT 20 WITH GOLD UP $32.10 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1,73 TONNES OF GOLD INTO THE GLD../// /:// //////INVENTORY RESTS AT 873,96ONNES
SEPT 19 WITH GOLD UP $17,05 ON THE DAY; NO CHANGES IN GOLD AT THE GLD/// /:// //////INVENTORY RESTS AT 872.23TONNES
SEPT 18 WITH GOLD UP $5.95 ON THE DAY; NO CHANGES IN GOLD AT THE GLD/// /:// //////INVENTORY RESTS AT 872.23TONNES
SEPT 17WITH GOLD DOWN $15.35 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD A HUGE DEPOSIT OF 1.52 TONNES INTO THE GLD /:// //////INVENTORY RESTS AT 872.23TONNES
SEPT 16 WITH GOLD DOWN $1.25 ON THE DAY; NO CHANGES IN GOLD AT THE GLD /:// //////INVENTORY RESTS AT 870,71 TONNES
SEPT 13 WITH GOLD UP $30.45 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD /:/A DEPOSIT OF 14.54TONNES OF GOLD VAPOURINTO THE GLD/ //////INVENTORY RESTS AT 870,71 TONNES
SEPT 12 WITH GOLD UP $37.80 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD /:/A DEPOSIT OF 1.74 TONNES OF GOLD INTO THE GLD/ //////INVENTORY RESTS AT 866.18 TONNES
SEPT 11 WITH GOLD DOWN $0.90 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD /:/A DEPOSIT OF 1.70 TONNES OF GOLD INTO THE GLD/ //////INVENTORY RESTS AT 864.44 TONNES
SEPT 10 WITH GOLD UP $12.00ON THE DAY; NO CHANGES IN GOLD AT THE GLD /:/ //////INVENTORY RESTS AT 862.74 TONNES
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: 875.39 TONNES, TONIGHTS TOTAL
SILVER
SEPT24 WITH SILVER UP $1.26 : HUGE CHANGES IN SILVER INVENTORY:. A DEPOSIT OF 9,305 MILLION OZ FROM THE SLV/. /: .///./// /INVENTORY AT SLV 467,100 MILLION OZ
SEPT23 WITH SILVER DOWN $0.39 : HUGE CHANGES IN SILVER INVENTORY:. A WITHDRAWAL OF 1.824MILLION OZ FROM THE SLV/. /: .///./// /INVENTORY AT SLV 457.795MILLION OZ
SEPT20 WITH SILVER UP $0.08 : NO CHANGES IN SILVER INVENTORY:. A WITHDRAWAL OF 1.46 MILLION OZ FROM THE SLV/. /: .///./// /INVENTORY AT SLV 459,619 MILLION OZ
SEPT19 WITH SILVER UP $0.85 : HUGE CHANGES IN SILVER INVENTORY:. A WITHDRAWAL OF 1.46 MILLION OZ FROM THE SLV/. /: .///./// /INVENTORY AT SLV 459,619 MILLION OZ
SEPT18 WITH SILVER DOWN $0.29 : HUGE CHANGES IN SILVER INVENTORY:. A WITHDRAWAL OF 1,551 MILLION OZ FROM THE SLV/. /: .///./// /INVENTORY AT SLV 461.079 MILLION OZ
SEPT17 WITH SILVER DOWN $0.13 : HUGE CHANGES IN SILVER INVENTORY:. A WITHDRAWALOF 5.976 MILLION OZ FROM THE SLV/. /: .///./// /INVENTORY AT SLV 462MILLION OZ
SEPT16//WITH SILVER UP $0.10 : HUGE CHANGES IN SILVER INVENTORY:. ADEPOSIT OF 958,000 OZ INTO THE SLV/. /: .///./// /INVENTORY AT SLV 468.606MILLION OZ
SEPT13//WITH SILVER UP $1.13/ NOCHANGES IN SILVER INVENTORY:./. /: .///./// /INVENTORY AT SLV 467.648MILLION OZ
SEPT 11//WITH SILVER UP $0.33/SMALL CHANGES IN SILVER INVENTORY: A HUGE DEPOSIT OF 2.099 MILLION OZ INTO THE SLV/ OZ OF SILVER FROM THE SLV./. /: .///./// /INVENTORY AT 467.648MILLION OZ
SEPT 10//WITH SILVER DOWN $.06/SMALL CHANGES IN SILVER INVENTORY: A WITHDRAWAL OF 639,000 OZ OF SILVER FROM THE SLV./. /: .///./// /INVENTORY AT 465.549MILLION OZ
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 467,100 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:
Submitted by admin on Mon, 2024-09-23 11:39 Section: Daily Dispatches
11:41a ET Monday, September 23, 2024
Dear Friend of GATA and Gold:
In their report today at Wall Street on Parade, Pam and Russ Martens marvel at the increasing amount of stock, foreign exchange, and derivatives trading that has been moved into federally insured banks by Wall Street megabanks, federally insured banks that hold most deposits for ordinary Americans.
The Martenses also marvel at the explosion of monetary metals derivatives trading by federally insured banks. They write:
If this trading in monetary metals and their derivatives is really trading by the government through intermediaries, to mask market intervention, rather than the proprietary trading of the banks themselves, how would the public know? Mainstream financial journalism never asks.
After all, why would banks get so involved with monetary metals derivatives — risky stuff — if they weren’t just providing camouflage for the government or weren’t otherwise enjoying some sort of government guarantee?
Indeed, if not for Wall Street on Parade, derivatives trading by federally insured banks might not be publicized at all.
The Martenses’ report today is headlined “Wall Street Has Moved Vast Sums of Its Trading to Its Federally-Insured Banks” and can be found at Wall Street on Parade here:
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
3.CHRIS POWELL AND DAILY GOLD/SILVER DISPATCHE
Jan Nieuwenhuis: Nations in mBridge project are stockpiling gold, driving up price
Submitted by admin on Mon, 2024-09-23 19:05 Section: Daily Dispatches
By Jan Nieuwenhuis Money Metals Exchange, Eagle, Idaho Monday, September 23, 2024
Countries that participate in the novel cross-border payments system mBridge are each hoarding gold and are largely responsible for the bull market of the past two years.
How and when the global dollar standard will disintegrate is hard to predict, but setting up a non-dollar payments system (mBridge) and aggressively accumulating gold to replace U.S. Treasuries as the prime international reserve asset is a potent strategy to de-dollarize.
Bridge is an international payments project that was launched in 2021 by the Bank for International Settlements’ Innovation Hub in Hong Kong. Currently there are five full members –Thailand, China, Hong Kong, Saudi Arabia, and the U.A.E. — and over 30 observing members.
The project aims to create a multi-central bank digital currency platform for participating central banks and commercial banks, built on distributed ledger technology to enable instant cross-border payments and settlement. MBridge uses an ethereum-compatible DLT network, the mBridge Ledger, developed by China’s Digital Currency Research Institute. Because China oversees the backbone of the technology, it’s immune to Western sanctions.
A common technical infrastructure has the potential to improve the current system and allow cross-border payments to be more efficient, immediate, and cheaper. On June 5, 2024, mBridge reached the “minimum viable product” stage. …
Financial Times discovers that the Federal Reserve serves only the banking industry
Submitted by admin on Sun, 2024-09-22 10:03 Section: Daily Dispatches
Fed’s High-Rates Era Handed $1 Trillion Windfall to U.S. banks
By Stephen Gandel and Joshua Franklin Financial Times, London Sunday, September 22, 2024
U.S. banks made a $1 trillion windfall from the Federal Reserve’s 2 1/2-year era of high interest rates, an analysis of official data by the Financial Times has found.
Lenders got higher yields for their deposits at the Fed but kept rates lower for many savers, the review of Federal Deposit Insurance Corp. data showed. The boost to the U.S.’s more than 4,000 banks has helped pad out profit margins.
4. OTHER GOLD COMMENTARIES//LIVE FROM THE VAULT
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES:SUGAR
6 CRYPTOCURRENCY NEWS
END
ASIA TRADING/MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED UP 114.21PTS OR .4.15%//Hang Seng CLOSED UP 759,49PTS OR 4.19%
// Nikkei CLOSED UP 216.68PTS OR 0.57%//Australia’s all ordinaries CLOSED UP 0.01%///Chinese yuan (ONSHORE) CLOSED UP TO 7,0329CHINESE YUAN OFFSHORE CLOSED UP TO 7.0330 Oil UP TO 72,24dollars per barrel for WTI and BRENT UP AT 75.62Stocks in Europe OPENED ALL MOSTLY GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.0329
OFFSHORE YUAN: UP TO 7.0330
SHANGHAI CLOSED CLOSED UP 114.21 PTS OR 4.15%
HANG SENG CLOSED CLOSED 759,49PTS OR 4.19%
2. Nikkei closed UP 216.68POINTS OR 0.57%
3. Europe stocks SO FAR: ALL MOSTLY GREEN EXCEPT SPAIN
USA dollar INDEX DOWN TO 100.56 EURO RISES TO 1.1122 UP 12 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +0.819 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 144.05…… 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 UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.1815Italian 10 Yr bond yield DOWN to 3.519 SPAIN 10 YR BOND YIELD DOWN TO 2,9667
3i Greek 10 year bond yield DOWNTO 3.149
3j Gold at $2625,78 /Silver at: 30.84 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 50/100 roubles/dollar; ROUBLE AT 93.05
3m oil into the 72dollar handle for WTI and 75 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 144.05 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.819% 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 0.8482 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9436 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: 3.800UP 6 BASIS PTS…
USA 30 YR BOND YIELD: 4.136 UP 5 BASIS PTS/
USA 2 YR BOND YIELD: 3.601UP 3 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 34.14…
10 YR UK BOND YIELD: 4.019UP 7 PTS
10 YR CANADA BOND YIELD: 3.011 UP 6 BASIS PTS
5 YR CANADA BOND YIELD: 2.794 UP 4 PTS.
2a New York OPENING REPORT
2B) European report
Sentiment lifted after China’s flurry of stimulus efforts – Newsquawk US Market Open
Tuesday, Sep 24, 2024 – 04:39 AM
European bourses are entirely in the green, with US futures also modestly firmer with sentiment lifted after China’s flurry of stimulus efforts
PBoC Governor Pan announced to cut RRR by 50bps which will provide CNY 1tln worth of long-term capital and cut the 7-day reverse repo rate by 20bps to 1.50%, while he said they will guide LPRs lower and reduce the mortgage rate for existing mortgages
Dollar is softer, EUR gains despite poor German Ifo data & JPY underperforms; AUD fails to benefit from the Chinese stimulus efforts and despite a hawkish hold, but with Governor Bullock noting that a hike was not discussed at the meeting
Bonds hold a bearish bias given the risk tone; Bunds were unreactive to the German Ifo
Crude and base metals are firmer benefiting from the raft of Chinese stimulus announcements
Looking ahead, US Richmond Fed Index, NBH Policy Announcement, Speakers including Fed’s Bowman & BoC’s Macklem, Supply from the US, Earnings from Autozone
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
EUROPEAN TRADE
EQUITIES
European bourses, Stoxx 600 (+0.9%) began the session on a very strong footing, taking impetus from a strong APAC session overnight, which was sparked by a flurry of Chinese stimulus efforts. As it stands, European indices are firmer across the board and near session highs.
European sectors hold a strong positive bias, with the best performers in Europe largely a beneficiary of the aforementioned Chinese stimulus efforts; Basic Resources, Consumer Products (particularly Luxury) and Tech all top the pile. Real Estate and Utilities are found towards the foot of the pile.
US Equity Futures (ES +0.2% NQ +0.4% RTY +0.2%) are modestly firmer across the board, taking impetus from a strong European session which has digested and benefited from China’s stimulus bazooka.
USD is showing a mixed performance vs. peers in the current risk environment; stronger vs. JPY and CHF but softer vs. EUR, CAD, GBP. DXY is currently contained within yesterday’s 100.71-101.22.
EUR is able to gain against the USD despite more dismal data from Germany which saw a miss across the board on IFO metrics. EUR/USD has been able to hold above the 1.11 mark throughout the session and has climbed as high as 1.1139 but is yet to challenge Monday’s 1.1167 peak.
Cable has once again eked out another marginal YTD high, this time at 1.3375. There hasn’t been anything fresh during today’s session to drive the move and instead looks to be more a continuation of the current trend. UK PM Starmer is to speak at the UK Labour Party Conference at 14:00BST.
JPY is struggling alongside the current pro-risk sentiment seen overnight in China and in Europe. Ueda spoke earlier but comments did not look particularly dovish and in-fact could be seen as slightly more hawkish vs his prior comments. USD/JPY has been able to eclipse last week’s 144.49 peak with focus now on a test of the 145 mark.
AUD/USD is unable to benefit from the Chinese stimulus efforts with greater attention on events at the RBA. The Bank delivered what was seen as another hawkish hold. However, AUD/USD was subsequently dragged lower by comments from the RBA Governor stating that, unlike the prior meeting, the board did not discuss a rate hike.
USTs are weighed on by the broader risk tone and down to a 114-13+ base. Support comes in at Monday’s 114-11+ trough before the figure. Fed’s Bowman and US 2yr supply.
Bunds are softer below 134.50 but still clear of Monday’s 134.02 base, potentially weighed on by somewhat hawkish remarks from Ueda (vs his post-policy announcement speech) and the strengthening risk tone more generally given substantial Chinese stimulus overnight. Poor German Ifo data spurred no real reaction in the complex.
Gilts are pressured and moving in-line with peers; BoE’s Bailey spoke earlier, but added little. Gilts initially opened higher by 13 ticks but have since faded and lost the 99 handle to a 98.73 trough.
UK sells GBP 1.5bln 0.75% 2033 I/L Gilt: b/c 3.17x (prev. 2.94x) and real yield 0.486% (prev. 0.462%).
Germany sells EUR 3.708bln vs exp. EUR 4.5bln 2.70% 2026 Schatz: b/c 2.4x (prev. 2.5x), average yield 2.14% (prev. 2.41%) and retention 17.6% (prev. 16.93%).
A firm session thus far for the crude complex amid the overnight raft of Chinese stimulus announced which takes some sting out of the Chinese demand woes which has plagued the crude markets for much of this year and amid the heightened geopolitical environment in Lebanon/Israel.
Upward bias across precious metals but to varying degrees. Spot gold sees the shallowest gains, potentially amid less demand for havens in a risk-on environment. XAU overnight printed yet another fresh All-time-high at USD 2,640.18/oz (vs low 2,622.68/oz).
Base metals are higher across the board as the raft of Chinese stimulus announced overnight boosts demand prospects for the sector. 3M LME copper topped USD 9,700/t.
BP (BP/ LN) cut oil and gas production at two US Gulf of Mexico platforms and curtailed output at two others, while it is removing non-essential staff from five US Gulf of Mexico platforms ahead of a predicted hurricane.
Chevron (CVX) announced it was evacuating non-essential personnel from all Gulf of Mexico platforms including Anchor, Big Foot, Blind Faith, Jack/St. Malo, Petronius and Tahiti.
NHC says Hurricane John is just inland over southern Mexico. Life-threatening winds, storm surges and flash flooding continues in the warning area; more recently, John has been downgraded to a tropical storm, moving north-westward; life threatening flash flooding to continue along southern Mexican coast for the next few days
Ukrainian President Zelensky said he held talks with Japanese PM Kishida on energy supplies in light of Russian attacks.
RBA kept its Cash Rate Target unchanged at 4.35%, as expected, while it reiterated that the Board remains resolute in its determination to return inflation to the target and is not ruling anything in or out. RBA also repeated that inflation remains above target and is proving persistent, as well as stated that returning inflation to target is the priority. Furthermore, it said inflation is still some way above the midpoint of the 2–3% target range and the Board will rely upon the data and the evolving assessment of risks to guide its decisions.
RBA Governor Bullock says recent data has not materially affected policy outlook; reiterates rates to remain on hold for the time being; Did not explicitly consider a rate hike at the meeting (vs “board did consider a rate rise” at August’s meeting). Headline CPI could come within 2-3% band. The message is that the board does not see rate cuts in the near term.
BoJ Governor Ueda says appropriate to increase rates if trend inflation heighten in line with our forecast. Will raise interest rate if economy and price move in line with forecasts shown in quarterly outlook report. Uncertainty surrounding the economy and prices is high. BoJ must conduct monetary policy in a timely and appropriate fashion without having a pre-set schedule, taking into account various uncertainties. Will watch with strong sense of urgency of US and overseas economic outlook, still unstable market developments. One-sided JPY falls have been reversed since August, and rise in import prices moderating. Can afford to spend time scrutinising market moves and overseas developments behind market developments. Must prevent a return to deflation.
BoE’s Bailey says inflation has come down a long way, still have to get it sustainably to target and their is an unbalanced mix of components currently, via KentOnline; adds, encouraged the path for inflation is downward.
NOTABLE DATA RECAP
German Ifo Expectations New (Sep) 86.3 vs. Exp. 86.3 (Prev. 86.8); Ifo Business Climate New (Sep) 85.4 vs. Exp. 86.0 (Prev. 86.6); Ifo Current Conditions New (Sep) 84.4 vs. Exp. 86.1 (Prev. 86.5, Revised 86.4); IFO’s Fuest says “We can’t exclude that the German economy is shrinking this year”.
NOTABLE EUROPEAN HEADLINES
ECB President Lagarde says the ECB is almost at the 2% target, wants to make sure they reach the target and remain there, according to comments on The Daily Show.
ECB’s Muller says “it’s reasonable to expect more cuts if outlook holds”.
UK PM Starmer is to argue that tough decisions are needed for the UK national renewal and say in his speech on Tuesday that there are no easy answers, according to FT. It was also reported by Huffington Post that PM Starmer is to warn of more pain to come as he pledges a new Britain.
French Finance Minister Armand says they are working on the latest estimates for the 2024 budget deficit, aiming to be able to present “something credible”.
NOTABLE US HEADLINES
China’s Commerce Ministry is to launch an investigation into US PVH Group (PVH) for suspected violations of market trading principals regarding Xinjiang related products
GEOPOLITICS
MIDDLE EAST
IDF Radio, citing military sources, say “We have a long way ahead and we are still at the beginning”, via Al Arabiya.
“Senior Israeli official says a ground operation in Lebanon could be considered if political track does not lead to the return of the Israeli residents to the north”, according journalist Soylu.
Hamas armed wing said field commander Mahmoud Al-Nader was killed in an Israeli strike on southern Lebanon on Monday.
US President Biden and UAE’s leader said after their meeting that a two-state solution is the only framework for resolving the conflict, while it was also reported that the UAE expressed deep concern over Israeli attacks on southern Lebanon.
US State Department senior official said the US has been working hard in recent days to find a diplomatic solution to the spike in fighting between Israel and Hezbollah, while the key focus for Secretary of State Blinken’s discussion with allies is on finding an off-ramp to prevent further escalation and the US has some “concrete ideas” that it is going to be discussing to prevent escalation in the region.
US Deputy Treasury Secretary told the Bank of Israel Governor of US concern about threats by some within the Israeli government to sever correspondent banking relationships between Israeli and Palestinian banks, while the Deputy Treasury Secretary insisted these relationships should be extended for at least a year and stressed these relations would be critical to preventing an economic crisis in the West Bank.
EU’s Borrell said the escalation in Lebanon is extremely worrying and that they are almost in a full-fledged war, while he added that they are still working to stop escalation in Lebanon but the worst expectations are becoming reality.
Iran’s President said US policies support and encourage Israel in its open war and Washington’s actions contradict its words, while Iran reaffirms that an open regional war will not be in the interest of anyone in the region and the world. Furthermore, he said Iran has sufficient capacity to strike Israel and their response will be at the right time and in the appropriate way, while he added that Israel’s assassination of Haniyeh will not be without a response and their reply is coming.
Iran’s President said at the UN Summit of the Future that Tehran aspires to “a world free of nuclear weapons and a Middle East free of weapons of mass destruction, without any preconditions”, according to journalist Abas Aslani via X.
Iran’s Foreign Minister denied statements attributed to Iran’s President about a willingness to reduce tensions with Israel, while the Foreign Minister added that Israel will receive a response to attacks in due course, according to Al-Arabiya.
“The response to the new air force airstrikes in Lebanon would not only come from Lebanon, but from other resistance axes such as Yemen”, according to Houthi sources cited by Lebanese newspaper Al-Akhbar.
OTHER
Ukrainian President Zelensky said Ukraine’s war with Russia is ‘closer to the end’ and separately commented that US decisive action now could hasten an end to Russian aggression next year, according to ABC News and Reuters.
EU’s Borrell said it is clear that Russia has been receiving new weapons in particular, missiles from Iran, while he added that G7 will hold talks about providing long-range missiles to Ukraine to strike Russian territory.
Venezuela’s highest court approved an arrest warrant for Argentine President Milei who is a vocal critic and ideological rival of Venezuelan President Maduro, according to AFP News Agency. Argentine Justice requests international arrest of Venezuelan President Maduro for alleged human rights violations
CRYPTO
Bitcoin takes a breather after its recent advances, and holds just avove USD 63k.
APAC TRADE
APAC stocks traded mostly higher following gains on Wall St. and China’s various stimulus measures.
ASX 200 was subdued amid the RBA rate decision where the central bank unsurprisingly opted for a hawkish hold.
Nikkei 225 gapped above the 38,000 level as it played catch up on its return from the long weekend.
Hang Seng and Shanghai Comp were boosted after the PBoC, NDRC and NRFA press briefing where PBoC Governor Pan announced a cut in the RRR by 50bps and the 7-day reverse repo rate by 20bps to 1.50%, while it will reduce the MLF rate and guide the LPR lower. Furthermore, support measures were also announced for the property industry and China will create new tools to support the stable development of the stock market, as well as allow funds and brokers to tap PBoC funds to buy stock.
CHINA STIMULUS
PBoC Governor Pan announced to cut RRR by 50bps which will provide CNY 1tln worth of long-term capital and cut the 7-day reverse repo rate by 20bps to 1.50%, while he said they will guide LPRs lower and reduce the mortgage rate for existing mortgages in which the average reduction in the interest rate of existing mortgages will be about 0.5 percentage points. PBoC also lowered downpayments for second homes to 15% from 25% and will no longer distinguish between down payments for first and second homes which will be unified at 15%. Pan said they must support the steady recovery of prices in the economy and must coordinate monetary policy and fiscal policy, while he added the financial weighted reserve ratio for large banks will be reduced to 8% after the RRR cut and they might further cut RRR by year-end. Furthermore, he stated the MLF rate will be lowered by 0.3ppts and LPR will be lowered by 0.2-0.25ppts.
China Securities Regulatory Commission Chairman said they will issue guidance for medium-term and long-term funds to enter the market and will issue measures to promote mergers, acquisitions and reorganisations. China will also release six new measures to support M&A soon and allow funds and brokers to tap PBoC funds to buy stock, while China reportedly plans at least CNY 500bln of liquidity to support stocks and is studying setting up a stock stabilisation plan.
China NFRA head said China is to increase core tier-1 capital of the country’s six largest commercial banks and will broaden the amount and proportion of equity investment restrictions, as well as establish a mechanism for coordinating financing of micro and small enterprises.
Former US President Trump said regarding his tariff plans that he doesn’t need Congress and would have the right to impose them himself, according to Washington Post’s Stein.
BoJ Governor Ueda says it is desirable for FX to move stability reflecting fundamentals; global market remains somewhat unstable; must watch market developments with strong sense of urgency for the time being. Says the unwinding of short-term speculative JPY positions, which were partially behind the August rout, have likely run their course. Says he wants scrutinise each month’s service price data in gauging development in underlying inflation. BoJ natural rate of interest was among the factors taken into account when setting policy. Does not comment on short-term FX fluctuations.
2C ASIAN REPORT.
Futures point to a firmer open, RBA holds while PBoC unveil stimulus – Newsquawk Euro market open
Tuesday, Sep 24, 2024 – 01:15 AM
APAC stocks traded mostly higher following gains on Wall St. and China’s various stimulus measures.
PBoC cut the RRR and 7-day reverse repo rate, whilst also announcing measures for the property sector and stock market.
RBA kept its Cash Rate Target unchanged at 4.35%, as expected, while it reiterated that it is not ruling anything in or out.
European equity futures are indicative of a positive cash open with the Euro Stoxx 50 future +0.5% after the cash market closed higher by 0.3% on Monday.
Looking ahead, highlights include German Ifo, US Richmond Fed Index, NBH Policy Announcement, Speakers including Fed’s Bowman & BoC’s Macklem, Supply from UK, Germany & US.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
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US TRADE
EQUITIES
US stocks were choppy and the major indices eked mild gains to notch fresh record closes for the S&P 500 and the DJIA, although the small-cap Russell 2000 lagged as attention centred on a slew of weak PMI data releases from Europe, while the US figures were mixed and accompanied by inflationary commentary within the report. As such, the US release spurred two-way price action in T-Notes which ultimately settled flat ahead of supply this week, as well as a plethora of Fed speak on Thursday and key US PCE data on Friday.
SPX +0.29% at 5,718, NDX +0.31% at 19,852, DJIA +0.15% at 42,125, RUT -0.34% at 2,220.
US intelligence official said foreign actors are using AI to influence the outcome of the US presidential election and that Russia has generated the most AI content to influence the US presidential election whereby the content is consistent with the broader Russian effort to boost Republican candidate Trump over Democrat Harris, while the US has not yet seen China using AI for any specific operations targeting US election outcomes.
APAC TRADE
EQUITIES
APAC stocks traded mostly higher following gains on Wall St. and China’s various stimulus measures.
ASX 200 was subdued amid the RBA rate decision where the central bank unsurprisingly opted for a hawkish hold.
Nikkei 225 gapped above the 38,000 level as it played catch up on its return from the long weekend.
Hang Seng and Shanghai Comp were boosted after the PBoC, NDRC and NRFA press briefing where PBoC Governor Pan announced a cut in the RRR by 50bps and the 7-day reverse repo rate by 20bps to 1.50%, while it will reduce the MLF rate and guide the LPR lower. Furthermore, support measures were also announced for the property industry and China will create new tools to support the stable development of the stock market, as well as allow funds and brokers to tap PBoC funds to buy stock.
US equity futures (ES U/C) were lacklustre and largely ignored China’s support efforts.
European equity futures are indicative of a positive cash open with the Euro Stoxx 50 future +0.5% after the cash market closed higher by 0.3% on Monday.
FX
DXY lacked firm direction after failing to sustain the prior day’s initial momentum with headwinds amid dovish Fed rhetoric.
EUR/USD remained subdued and retested the 1.1100 level to the downside after the bloc’s recent dismal PMI releases.
GBP/USD traded sideways after yesterday’s gains which coincided with the momentum in activity currencies.
USD/JPY was choppy following the recent indecision and as comments from BoJ Governor Ueda loom.
Antipodeans were contained amid a quiet data calendar but with mild support seen after the RBA kept rates unchanged and stuck to a hawkish tone.
FIXED INCOME
10yr UST futures were lacklustre after recent price swings owing to somewhat mixed US PMI data which included inflationary comments and with mostly dovish rhetoric from Fed officials who left the door open for further large interest rate cuts.
Bund futures held on the prior day’s gains but remained below the 135.00 territory ahead of German Ifo data and a Schatz auction.
10yr JGB futures were underpinned on return from the long weekend as a report noted that San-in Godo Bank, which operates in Japan’s least populated area, is planning to return to government bonds after being stung by Fed hikes which could have major ramifications if its peers follow suit.
COMMODITIES
Crude futures gradually gained amid heightened geopolitical tensions and China stimulus.
BP (BP/ LN) cut oil and gas production at two US Gulf of Mexico platforms and curtailed output at two others, while it is removing non-essential staff from five US Gulf of Mexico platforms ahead of a predicted hurricane.
Chevron (CVX) announced it was evacuating non-essential personnel from all Gulf of Mexico platforms including Anchor, Big Foot, Blind Faith, Jack/St. Malo, Petronius and Tahiti.
Shell (SHEL LN) said it was monitoring tropical disturbance 35 for potential impacts to its assets and operations in the Gulf of Mexico where it has shut in production at its Stones asset and curtailed output at Appomattox.
Russia sees oil and gas revenue shrinking for the next three years and is considering lifting an extra output tax on Gazprom in 2025, according to Bloomberg.
Ukrainian President Zelensky said he held talks with Japanese PM Kishida on energy supplies in light of Russian attacks.
Spot gold was little changed and retested all-time highs after the recent dovish rhetoric from some Fed officials.
Copper futures were higher alongside the mostly positive risk appetite and China’s policy support measures.
CRYPTO
Bitcoin marginally declined and briefly dipped beneath the USD 63,000 level before recouping some of the losses.
NOTABLE ASIA-PAC HEADLINES
PBoC Governor Pan announced to cut RRR by 50bps which will provide CNY 1tln worth of long-term capital and cut the 7-day reverse repo rate by 20bps to 1.50%, while he said they will guide LPRs lower and reduce the mortgage rate for existing mortgages in which the average reduction in the interest rate of existing mortgages will be about 0.5 percentage points. PBoC also lowered downpayments for second homes to 15% from 25% and will no longer distinguish between down payments for first and second homes which will be unified at 15%. Pan said they must support the steady recovery of prices in the economy and must coordinate monetary policy and fiscal policy, while he added the financial weighted reserve ratio for large banks will be reduced to 8% after the RRR cut and they might further cut RRR by year-end. Furthermore, he stated the MLF rate will be lowered by 0.3ppts and LPR will be lowered by 0.2-0.25ppts.
China Securities Regulatory Commission Chairman said they will issue guidance for medium-term and long-term funds to enter the market and will issue measures to promote mergers, acquisitions and reorganisations. China will also release six new measures to support M&A soon and allow funds and brokers to tap PBoC funds to buy stock, while China reportedly plans at least CNY 500bln of liquidity to support stocks and is studying setting up a stock stabilisation plan.
China NFRA head said China is to increase core tier-1 capital of the country’s six largest commercial banks and will broaden the amount and proportion of equity investment restrictions, as well as establish a mechanism for coordinating financing of micro and small enterprises.
Former US President Trump said he will call Chinese President Xi if elected to discuss the Phase One deal and added that China is not living up to the agreement. It was separately reported that Trump said regarding his tariff plans that he doesn’t need Congress and would have the right to impose them himself, according to Washington Post’s Stein.
Germany’s Economy Minister said a big part of the auto market problem lies in demand from China and it does not seem that this problem will be solved soon.
RBA kept its Cash Rate Target unchanged at 4.35%, as expected, while it reiterated that the Board remains resolute in its determination to return inflation to the target and is not ruling anything in or out. RBA also repeated that inflation remains above target and is proving persistent, as well as stated that returning inflation to target is the priority. Furthermore, it said inflation is still some way above the midpoint of the 2–3% target range and the Board will rely upon the data and the evolving assessment of risks to guide its decisions.
BoJ Governor Ueda says appropriate to increase rates if trend inflation heighten in line with our forecast. Will raise interest rate if economy and price move in line with forecasts shown in quarterly outlook report. Uncertainty surrounding the economy and prices is high. BoJ must conduct monetary policy in a timely and appropriate fashion without having a pre-set schedule, taking into account various uncertainties. Will watch with strong sense of urgency of US and overseas economic outlook, still unstable market developments. One-sided JPY falls have been reversed since August, and rise in import prices moderating. Can afford to spend time scrutinising market moves and overseas developments behind market developments. Must prevent a return to deflation.
GEOPOLITICS
MIDDLE EAST
Israeli army chief said they launched a proactive offensive targeting combat infrastructure and are preparing for the next phases, while the Lebanese health ministry said the death toll from Monday’s IDF airstrikes rose to 492 with 1,645 wounded.
Hamas armed wing said field commander Mahmoud Al-Nader was killed in an Israeli strike on southern Lebanon on Monday.
It was initially reported that senior Hezbollah Leader Ali Karaki was reportedly killed in the latest raid in southern Beirut suburbs. However, a report later stated that Ali Karaki was injured during the targeting in Beirut but did not die, according to Al-Arabiya citing sources. Hezbollah also confirmed that its senior leader Ali Karaki was safe after the targeted Israeli strike on him in Beirut.
US will reportedly send additional troops to the Middle East amid escalation, according to AP.
US President Biden and UAE’s leader said after their meeting that a two-state solution is the only framework for resolving the conflict, while it was also reported that the UAE expressed deep concern over Israeli attacks on southern Lebanon.
US State Department senior official said the US has been working hard in recent days to find a diplomatic solution to the spike in fighting between Israel and Hezbollah, while the key focus for Secretary of State Blinken’s discussion with allies is on finding an off-ramp to prevent further escalation and the US has some “concrete ideas” that it is going to be discussing to prevent escalation in the region.
US Deputy Treasury Secretary told the Bank of Israel Governor of US concern about threats by some within the Israeli government to sever correspondent banking relationships between Israeli and Palestinian banks, while the Deputy Treasury Secretary insisted these relationships should be extended for at least a year and stressed these relations would be critical to preventing an economic crisis in the West Bank.
EU’s Borrell said the escalation in Lebanon is extremely worrying and that they are almost in a full-fledged war, while he added that they are still working to stop escalation in Lebanon but the worst expectations are becoming reality.
Iran’s President said US policies support and encourage Israel in its open war and Washington’s actions contradict its words, while Iran reaffirms that an open regional war will not be in the interest of anyone in the region and the world. Furthermore, he said Iran has sufficient capacity to strike Israel and their response will be at the right time and in the appropriate way, while he added that Israel’s assassination of Haniyeh will not be without a response and their reply is coming.
Iran’s President said at the UN Summit of the Future that Tehran aspires to “a world free of nuclear weapons and a Middle East free of weapons of mass destruction, without any preconditions”, according to journalist Abas Aslani via X.
Iran’s Foreign Minister denied statements attributed to Iran’s President about a willingness to reduce tensions with Israel, while the Foreign Minister added that Israel will receive a response to attacks in due course, according to Al-Arabiya.
OTHER
Ukrainian President Zelensky said Ukraine’s war with Russia is ‘closer to the end’ and separately commented that US decisive action now could hasten an end to Russian aggression next year, according to ABC News and Reuters.
EU’s Borrell said it is clear that Russia has been receiving new weapons in particular, missiles from Iran, while he added that G7 will hold talks about providing long-range missiles to Ukraine to strike Russian territory.
Venezuela’s highest court approved an arrest warrant for Argentine President Milei who is a vocal critic and ideological rival of Venezuelan President Maduro, according to AFP News Agency. Argentine Justice requests international arrest of Venezuelan President Maduro for alleged human rights violations
EU/UK
NOTABLE HEADLINES
UK PM Starmer is to argue that tough decisions are needed for the UK national renewal and say in his speech on Tuesday that there are no easy answers, according to FT. It was also reported by Huffington Post that PM Starmer is to warn of more pain to come as he pledges a new Britain.
UK Chancellor Reeves is considering changing how the government’s fiscal rules are calculated to allow billions of pounds more in capital spending, according to The Guardian citing government sources.
2 JAPAN
JAPAN/RUSSIA
Japanese F-15s Fire Warning Flares After Russian Spy Plane Violates Airspace 3 Times
Monday, Sep 23, 2024 – 10:10 PM
US ally Japan just had a close call with a Russian military airplane. The country’s defense ministry has condemned what it says was a blatant violation of Japanese airspace on Monday.
Japan’s defense chief Minoru Kihara in a press briefing described that a Russian Il-38 reconnaissance plane breached Japan’s airspace above Rebun Island in the far north of the Japanese island chain. This is not far off the main northern island of Hokkaido.
“The airspace violation was extremely regrettable,” Kihara said, detailing that in the aftermath Tokyo “strongly protested” to Moscow by diplomatic channels, demanding that future preventative measures be put in place.
Importantly, Japan disclosed that it scrambled multiple F-15 and F-35 fighter jets in response to the airspace violation, and that the Russian aircraft appeared to ignore initial warnings.
That’s when the Japanese fighters fired flares to escalate the warning, after which the Russian plane eventually departed the area.
Japan’s defense ministry described that the aircraft violated sovereign airspace three times during a five-hour total flight. The Russian plane spent up to a minute inside Japan’s airspace during each violation instance.
China and Russia have been conducting joint naval and aerial patrols in the area, putting both US and Japanese forces on high alert. There was a also a recent joint naval sail-through of the area.
The Associated Presswrites of the latest maneuvers, “The Chinese aircraft carrier Liaoning, accompanied by two destroyers, sailed between Japan’s westernmost island of Yonaguni and nearby Iriomote, entering close to Japan’s waters.”
According to more, “According to Japan’s military, it scrambled jets nearly 669 times between April 2023 and March 2024, about 70% of the time against Chinese military aircraft, though that did not include airspace violations.”
END
3 CHINA
China panics as they cut multiple rates and RRR to prop up their stock market
(zerohedge)
China Panics: Cuts Multiple Rates And Reserve Ratio Requirements, Goes All-In To Prop Up Stocks
Monday, Sep 23, 2024 – 10:33 PM
This morning, when we reported that a sudden – and extremely overdue – urgency appeared to grip Beijing’s top power echelons in fasttracking a bunch of new monetary stimulus measures, including a cut in the 14-day reverse repo tool, we said to expect much more during today’s impromptu briefing on the economy, attended by the country’s three top financial regulators, which had fueled speculation that China was about to unleash far more efforts to revive growth, among which further cuts to the country’s Reverse Repo rate, and LPR rate but also cuts to the RRR and various other monetary stimulus measures.
That’s precisely what happened moments ago when PBoC Governor Pan Gongsheng unleashed what Bloomberg called a “stimulus blitz”, and what we call “sheer panic”, when he announced a bevy of stimulus measures to prop up the sinking economy and crashing stock market. Among these:
The PBOC will reduce the 7-day reverse repo rate by 20bps.
The PBOC will cut the reserve requirement ratio by 0.5%, a move that will free up1 trillion yuan ($142 billion) in liquidity, Pan said.
China may also cut the RRR further this year by another 0.25 to 0.5% at the appropriate time.
The PBOC will cut the 1 Year MLF rate by 30bps
The PBOC will also lower the rates for existing mortgages and cut the down payment ratio on second homes to 15% from 25%.
The deposit rate will be lowered to “neutralize” the impact on bank margins.
“Monetary policy easing come bolder than expected, with both rate cuts and RRR cuts announcing at the same time,” said Becky Liu, head of China macro strategy at Standard Chartered Plc. “We see room for bolder easing ahead in the coming quarters, following the Fed’s outsized rate cuts.”
Or, to quote Mike Ehrmantraut, no more half measures, just as we predicted on Friday.
But wait, there’s much more: at a time when not even the shoeshine boy wants to be within a ten foot pole of Chinese stocks, the PBOC governor also said that – in a last ditch attempt to bail out the country’s stock market – it will set up a swap facility allowing securities firms, funds and insurance companies to tap liquidity from PBOC to buy stocks. Brokers, funds and insurers will be allowed to pledge assets in exchange for liquidity for funds and buy stocks; the PBOC will also set up a separate specialized refinancing facility for listed companies and major shareholders to buy back shares, raise holdings. In other words, Beijing is greenlighting direct intervention in the stock market to prop up stocks.
According to Goldman, “this is very interesting new way of supporting stock market as so far it’s mainly national teams.”
While the devil will certainly be in the details, China is making it clear that it is not playing around, with Bloomberg reporting that China plans at least 500 billion yuan in liquidity support to stocks!
Over the past two years, Xi Jinping’s government has enacted piecemeal rate cuts that have completely failed to reverse a slowdown in the world’s No. 2 economy, with growth weakening further after grinding to its worst pace in five quarters and the housing market collapsing at an unprecedented pace.
That deterioration, which has translated into growing social unrest and surging labor strikes, has tested the Chinese leadership’s tolerance for missing its high-profile annual target for the second time in three years, at a moment when investor confidence is waning.
In May, China unveiled a laughable property rescue package which not only failed to turn around a years-long real estate slump that’s wiped out an estimated $18 trillion in wealth from households, but somehow made it even worse. Only 29 cities out of 200 urged to participate are heeding Beijing’s call to help absorb an excess of housing. New home prices clocked their biggest decline last month from July since 2014.
Not surprisingly, the central bank governor made the latest announcement at his first high-profile press conference since March, when he defended the government’s growth goal of about 5% alongside other top economic officials.
This year the PBOC chief has displayed a more transparent approach to policy in a bid to stabilize sentiment. Pan used a similar briefing in January to announce a cut to the amount of money banks must hold in reserve two weeks ahead of time, as authorities tried to halt a $6 trillion stock-market rout.
In response to the larger than expected – if not yet bazooka stimulus – the offshore yuan weakened 0.1% as PBOC announced the various rate cuts while China’s 10-year government bond yields declined to 2%, a fresh record low.
The plunge in yields confirms that the market was certainly taken aback with the size of the monetary stimulus, although for the real kick, Beijing will also have to unleash the fiscal firehose, which is also what Standard Chartered’s Becky LIu said when she predicted that the PBOC could take more aggressive action in the future, after a series of surprise rate cuts on Tuesday.
“The possibility for USD-CNY to dip below 7.0 is rising. China rates also have more downside.”
Echoing this view, Lynn Song, chief economist for Greater China at ING, said that China’s 10-year yield could decline to 1.8% should PBOC ease monetary policy further.
“It will be interesting to see if the PBOC steps in again to try and protect the 2% level, but I am personally expecting it to move below 2% at some point,” said Song. “If we are seeing more easing later in the year, it would not surprise me to see it move down to 1.8% or so.”
Tuesday’s RRR cut is “in line with expectations as it has been signaled for some time, but will not have too much of an impact as the issue currently is not banks lacking the funds to lend out but rather limited quality borrowing demand.”
What does today’s barrage of rate cuts mean for the economy? According to Jing Liu HSBC Global Research Greater China Chief Economist, China’s policy rate cuts are to support its 5% growth target goals, and there may be further reductions in the reserve requirement ratio: “This is basically to ensure that China can deliver the 5% growth target. With stronger support now I think we are going to see some kind of lifting effect… Don’t forget we could still have further fiscal stimulus. We still have more than one trillion yuan of quota left to be used up this year.” And with rates at all time lows, China can certainly afford to see yields tick up amid a flood of new debt.
“I personally think they are likely to use ultra long-term bonds because that doesn’t change the longer-term deficit and at the beginning of the year they left room for more operation on that” Liu said adding that “the next move to watch is whether the central government can put money directly into stabilizing the housing market. And whether China can have PPI inflation turn positive relatively soon.”
Xiaojia Zhi, head of research at Credit Agricole CIB, said that a big driver for the Chinese move was the Fed’s 50bp rate cut and the rebound in the yuan, which gave China room to ease monetary policy: “While PBOC rate cut and increase in liquidity would weigh on CNY and CNH, an partial offsetting factor could arrive if there is a boost to sentiment,” she says
While it remains to be seen how long this latest stimmy will last, at least the kneejerk reaction among risk assets was favorable, and the Chinese stock market rose with Chinese property stocks jumping after the PBOC’s announcement. “Good to see policy makers’ proactive moves to help overall economy and to support property market. The 15% down payment for second home is one of the lowest levels in history, which coupled with lower mortgage rate, could help reduce financial burden of homebuyers,” says Raymond Cheng, head of China property research at CGS International Securities Hong Kong.
Meanwhile, Pan’s mentioning of support to buy unsold homes could suggest more implementation of the policy. Overall, the stimulus was positive for the sector near term although yet to see impact on property sales.
Despite all that, the skeptics remain. According to Oversea-Chinese Banking Corp, China’s policymakers are clearly attempting to repair market confidence though more information is needed on the measures themselves. “The cuts were more or less within expectations but what is slightly different this time is a tool to support equity markets,” says Singapore strategist Christopher Wong. “This clearly shows that policymakers are making attempts to repair confidence — but it still remains to be seen if this sees sustained gains or just another one to two days of gains. Equity markets should cheer the move but devil is still in the details.”
Worse, according to ANZ bank head of Asia research Khoon Goh, the easing package – while the most comprehensive to date, “is far from being a bazooka.”
“If the new measures to support the equity market is successful, it could see a return of foreign inflows, supporting the yuan” “Whether any rally in the equity market can be sustained ultimately lies in the ability for these measures to turn confidence around. Still, markets will welcome this announcement” if only for a few days at which point the selling will resume, as traders do everything in their power to force the PBOC panic to hit boss level.
Which it will: now that China has finally tipped its hand with what appears to be a barrage of monetary easing, it may pretend it won’t do a fiscal bazooka but when this “panicked” stimmy fizzles as it will, as have all previous ones, Beijing will have no choice but to flood the economy with debt, which will then send commodities soaring, and restart China’s export of its favorite commodity – inflation… and just in time for the Fed’s aggressive rate cuts.
In short, 2025 is shaping up like a very exciting year, if only for the second coming of the Arthur Burns Fed.
END
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
UK
EVs Are “Up To Twice As Expensive” To Run As Regular Gas Cars In The UK, New Data Finds
Tuesday, Sep 24, 2024 – 02:45 AM
As if the EV boom needed another nail its in coffin, the UK has now produced figures showing that driving and electric vehicle is “up to twice as expensive” as driving a regular gas powered car.
Data from the app ZapMap has confirmed that operating an electric vehicle (EV) can cost over 24p per mile, compared to 12.5p per mile for a diesel vehicle, according to Yahoo Finance and The Telegraph.
And charging an EV at a rapid or ultra-rapid roadside station can reach up to 80p per kilowatt hour.
According to calculations by The Times, a typical electric car travels 3.3 miles per kWh, making rapid chargers cost 24.1p per mile, while slower chargers cost 16.4p per mile. This is roughly double the cost of a diesel car at 12.5p per mile, with petrol cars costing 14.5p per mile.
A round trip from London to Penzance would cost £148 using rapid chargers, compared to £77 for diesel and £89 for petrol. Charging at home is much cheaper, costing less than a third of rapid chargers.
ZapMap noted a 5% rise in rapid charger prices over the past year, despite a 30% drop in electricity wholesale prices and falling oil prices, the report says.
The Yahoo report says that even drivers using slower public chargers, which can fully recharge a vehicle in about 30 minutes, pay more per mile than petrol or diesel users.
The number of rapid and ultra-rapid charging stations in Britain has risen by 40%, now exceeding 12,500. However, electric car sales have slowed, making up 17.2% of new registrations in 2024, down from 18.7% in late 2022.
Currently, rapid chargers cost EV drivers 24.1p per mile, while slower chargers cost 16.4p per mile.
END
FRANCE
France’s Macron Calls For End Of “Incomplete & Unjust” World Order
French President Emmanuel Macron has called for reform of the current “unjust” world order so that humans can coexist more peacefully in the “New World Order.”
What the ruler didn’t say was that the slaves would still be slaves, and governments would still rule them, it’s only that illusion that is going to go away.
While speaking before the Catholic community of Sant’Egidio, Macron said “We must be imaginative enough to think about the peace of tomorrow, a peace in Europe in a new form.”
If the European continent is to become more stable, everyone should acknowledge that it is “neither quite the European Union nor resolutely NATO,” he stated.
“We will have to think of a new form of organization for Europe and rethink our relationship with Russia” after the Ukraine conflict is over, the president added.
Macron further claimed that the global system that was created in the wake of World War II was “incomplete and unjust,” because many modern nations did not even exist at that time and don’t have a “proper place at the table.”
He said international bodies, such as the United Nations, the World Bank, and the International Monetary Fund, should be reformed accordingly.
However, if anyone wants freedom, reforming the governing structure isn’t the way to go about it.
Abolishing the system of slavery is what we should be doing, not changing it.
Hopefully, no one is falling for this horrific propaganda anymore.
The speech comes as Ukrainian leader Vladimir Zelensky is set to meet US President Joe Biden to present his so-called ‘victory plan’ – a purported roadmap to pressuring Russia into conceding defeat. He wants permission to conduct long-range strikes deep inside Russia with Western weapons as part of the plan, according to a report by RT.
Macron has never been in the habit of promoting peace. No ruler will ever want peace, because it would mean their power is nonexistent. In early 2024, he said the West should not rule out the deployment of NATO troops on Ukrainian soil. Multiple other national rulers have rejected that idea.
France is among a handful of nations that have donated such military hardware to Ukraine in the form of SCALP/Storm Shadow cruise missiles, which the country produces jointly with the UK. British officials have supported Kiev’s request to strike Russia, but the ultimate decision is understood to be in Washington’s hands.
Russian President Vladimir Putin has stated that any such attack would be considered an act of war by NATO member states and Moscow would respond appropriately.
No reforms to the ruling systems will ever result in peace.
They are inherently violent in nature and the only way to achieve anything close to peace is to abolish all slave systems for good and stop falling for the rhetoric.
Because all government is slavery, and slavery will never be peaceful, unless every ruling class is going to disband itself and stop stealing from others and hiring thugs to force compliance with its edicts, there will be no peace.
end
EUROPE
5/RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL/HEZBOLLAH/LEBANON
Hamas armed wing says field commander killed in Israeli strike on Lebanon on Monday
By REUTERSSEPTEMBER 24, 2024 00:16
Hamas’ armed wing, al-Qassam Brigades, said that its field commander in southern Lebanon, Mahmoud al Nader, was killed in an Israeli strike on Lebanon on Monday.
END
ISRAEL/HEZBOLLAH/
From de-Nazification to de-Hezbollahization: The blueprint for a new Middle East – comment
Nasrallah faces challenges in responding to Israel amid weakened Hezbollah forces, prompting discussions on long-term strategies against the Iranian threat.
Nasrallah is likely regretting today that he didn’t join the October 7 Massacre. The elderly leader in the bunker is eager to respond beyond the current barrage of rockets fired at northern Israel—and he has the means to do so. But let’s not kid ourselves; this is far from over.
Right now, however, Nasrallah faces significant challenges in executing his plans. His senior command structure has been decimated, thousands of operatives are out of action, communication networks are severely disrupted, and reports suggest disappointment with his backers in Tehran. Adding to his troubles are relentless strikes on Hezbollah’s weapon depots.
It’s clear that Israel prepared meticulously for this scenario long ago, gathering intelligence, identifying targets (including targeted warnings sent through secure communications, sometimes humorously referred to as “beepers”), and taking the threat seriously. Israel studied the enemy intensely and devised a structured war plan it knew would eventually be needed.
This starkly contrasts with the situation in Gaza. When you study your enemy comprehensively, don’t underestimate them, and prepare detailed, intelligence-based strategies—you can manage them. But when you underestimate, neglect intelligence, and turn a blind eye—you open the door to surprises, even if, fortunately, not to defeat.
A tour with the families of the abductees in Kibbutz Beeri (credit: AVSHALOM SASSONI)
Another key difference lies in the dynamics on the ground. In Lebanon, most of the population opposes the significant Shia minority that supports Hezbollah. In Gaza, however, Hamas is deeply entrenched within the population and enjoys considerable support.
Hezbollah’s weapons caches continue to burn
It’s a stroke of immense luck—if not divine providence—that Hezbollah didn’t join the conflict on October 7. Otherwise, the situation would be vastly different. It’s reminiscent of the inexplicable halt of Syrian forces on the Golan Heights during the Yom Kippur War (1973 Arab-Israeli War).
As Hezbollah’s weapon caches continue to burn—and may they burn even more—the pressing question in the corridors of the Kirya (Israel’s Defense Ministry headquarters) and Givat Ram (government complex in Jerusalem) is: What’s next? How do we ensure this threat never looms again? We cannot afford another, “and the land had rest for forty years” (Judges 5:31) situation before the next great war.
Options must include a new regional alliance, de-radicalization of educational systems, dismantling UNRWA (United Nations Relief and Works Agency) and other conflict perpetrators, completely severing Iranian involvement in Lebanon, and the expulsion of Hezbollah’s leadership. All these options need to be explored in depth.
After World War II, the European Union was born from a radical partnership between former arch-enemies, Protestant Germany and Catholic France, who had fought over Europe’s hegemony for centuries. Suddenly, they had to depend on each other to rebuild. This initiative, supported by the US and the Marshall Plan, also involved the de-Nazification of Germany’s education system and the imposition of liberal Western governance on the population, leading to the Germany we know today.
This may be the path forward, or perhaps not. What’s essential is a long-term vision to address the Iranian threat, not just the ad-hoc band-aids we have become experts at applying.
And finally, 101 of our brothers and sisters are still trapped in Hamas tunnels in Gaza. The time has come to act, including taking a firm stand against Qatar, to secure their release.
END
ISRAEL/BEIRUT/ANALYSIS
Israel strikes back: Long overdue action against Hezbollah’s threats – editorial
After enduring years of provocations, Israel is taking decisive military action against Hezbollah to defend its sovereignty and ensure security.
Smokes rise, amid ongoing cross-border hostilities between Hezbollah and Israeli forces, in Tyre, southern Lebanon September 23, 2024.(photo credit: REUTERS/AZIZ TAHER)
After years of constant provocations, the Israel Defense Forces (IDF) have finally responded with decisive action against Hezbollah in Lebanon.
For too long, we’ve been on the receiving end of aggression, with rockets launched indiscriminately at our towns and strategic threats looming over our borders. Now, after numerous warnings and international appeals, the moment has come for Israel to defend itself without apology. It’s about time.
Let’s be clear: this response is not just justified; it’s long overdue. Imagine if Mexico took over parts of California or launched missiles into Texas – would the United States react any differently? Of course not.
No sovereign nation can stand idle while its citizens are targeted and its security is undermined. Israel is no exception, and as a nation, we are standing up for our right to live in peace, free from the shadow of terror.
Yet, while this moment is a necessary and bold step, we must all be prepared for what lies ahead. This is not a simple tit-for-tat exchange or a minor flare-up; it’s a significant escalation that could bring real challenges to our doorstep.
Israel’s Iron Dome anti-missile system operates for interceptions as rockets are launched from Lebanon towards Israel, amid cross-border hostilities between Hezbollah and Israel, as seen from Haifa, Israel, September 23, 2024. (credit: REUTERS/Ronen Zvulun)
Hezbollah is not a minor adversary – they are a well-armed, well-funded terrorist organization backed by Iran, and they have spent years preparing for this confrontation. We know their tactics: hiding weapons in civilian areas, using human shields, and spreading disinformation to paint Israel as the aggressor. But make no mistake; Hezbollah’s aim is clear: to disrupt our lives, instill fear, and, if possible, inflict real damage on the heart of our nation.
For Israelis, this means we must be vigilant and prepared. Long-range missiles may soon target buildings in the center of Israel, a scenario we have not faced since the Gulf War. Sirens may become a regular occurrence, and the comfort of normalcy might feel distant.
Every citizen, whether in the North, the center, or the South, must take these threats seriously. Go to your safe rooms, stock up on essentials, ensure you have a plan for your family, and be ready to act swiftly when alarms sound.
Our government and military leaders have been forthright: this will not be an easy period. The IDF is expanding its operations in the Bekaa Valley, a region in Lebanon that Hezbollah has transformed into a fortress of rockets, drones, and long-range strategic weapons.
Hezbollah protected by civilians
The strikes are aimed at dismantling this terror infrastructure, but the road to safety is not without obstacles. Hezbollah has embedded its weapons in residential areas, turning civilian homes into armories. This is not just a military challenge but a moral one – our forces must navigate a landscape filled with complex ethical dilemmas, all while defending our nation from imminent threats.
But amid the chaos, we must not lose sight of the bigger picture. This conflict is not about revenge or mere retaliation; it’s about survival. Hezbollah has spent years stockpiling weapons, many provided by Iran, with the express intent of using them against us.
Israelis must also understand that international criticism will follow. Already, we hear voices from around the world decrying civilian casualties in Lebanon, yet often these critiques ignore a fundamental truth: Hezbollah’s use of human shields is a war crime.
The IDF has repeatedly warned Lebanese civilians to evacuate areas where Hezbollah has hidden its weapons, a warning not always heeded. Hezbollah’s strategy is to hide behind the innocent, hoping to win sympathy when the inevitable occurs. But Israel cannot allow this tactic to deter us. We must stand firm, knowing that our actions are just and necessary.
As we move forward, patience and resilience will be our greatest strengths. There may be dark days ahead. Remember, this is not just a battle of bombs and bullets; it’s a battle of wills. Israel’s resilience has always been our greatest weapon. We have faced existential threats before, and each time, we have emerged stronger.
Stay strong, be prepared, and keep faith. This is our home, and we will protect it with all our might. Stand with the IDF, support our security forces, and know that together, we will weather this storm. Israel will prevail because it must – because our only option is to fight for our survival.
ISRAEL/HEZBOLLAH/
Northern Arrows’: IDF announces the name of operation in Lebanon
DF Chief of Staff Hertzi Halevi announced that the name of the operation against Hezbollah in Lebanon is “Northern Arrows.”
end
ISRAEL/ HEZBOLLAH/USA
White House Urges All Americans To Flee Lebanon As 3rd Israeli Strike Rocks Beirut
Tuesday, Sep 24, 2024 – 09:35 AM
On Tuesday White House national security spokesman John Kirby urged that all Americans should leave Lebanon immediately while there are still flights. Two days of heavy Israeli airstrikes targeting especially Hezbollah strongholds of the south have killed at least 558 people and left 1,835 injured, according to the latest Lebanese Healthy Ministry figures. The situation is growing more urgent as the war comes to Beirut.
“We want to make sure that there are still commercial options available for Americans to leave, and they should be leaving now while those options are available,” Kirby told ABC News. The US Embassy in Beirut has since October a year ago issued several alerts and warnings telling Americans to leave the country.
The US has warships in the Mediterranean in the scenario that direct emergency evacuations of stranded US citizens are needed.
Lebanese government sources say that among the over 500 dead are 50 children. Official figures have not distinguished the rest of the fatalities between militants and civilians.
Also on Tuesday Israel launched a third airstrike on the Lebanese capital, again targeting a southern neighborhood in what’s possibly another attempt to take out Hezbollah commanders. Israel’s military says it has attacked over 1,300 Hezbollah targets over the prior 24 hours.
Since yesterday and throughout the night, tens of thousands of civilians have made their way on clogged freeways from the south to north. Many poured into Beirut while others went all the way north to Tripoli.
The below video shows a fresh strike on the Lebanese capital Tuesday:
Historically Hezbollah has long presented itself as the protecting force to the residents of the south, so the fact that it is struggling to provide this now is widely seen as a significant negative blow to its reputation.
As Westerners and Lebanese alike look for a way out, options to get out of the country are fast dwindling. Already most major American and European carriers had halted service to Beirut, but regional carriers are joining them as Israel expands aerial operations to Beirut:
Gulf airlines, including Emirates and Qatar Airways, temporarily suspended flights to Beirut as tensions soared between Israel and Hezbollah.
“The safety of our crew and customers is of utmost importance and will not be compromised,” Emirates said in a statement, announcing the suspension of flights on Tuesday and Wednesday. Etihad Airways and flydubai also joined several international carriers in suspending Beirut services.
The latest airstrike on Beirut appears to have hit a single residential building, with Lebanon’s National News Agency (NNA) reporting several casualties. Initial reports from the region say there are at least three fatalities.
It happened in the southern neighborhood of Ghobeiri, and emergency responders are seeking to access people reportedly trapped among three severely damaged or collapsed floors.
Israeli media is meanwhile reporting that “the target of the Israeli airstrike in the Lebanese capital of Beirut is the head of Hezbollah’s missile unit, defense sources tell Israeli media.” However at this early point his fate is unknown.
Hezbollah meanwhile has fired over 100 rockets on northern Israel in the past several hours, and aerial alarms have been frequently sounding in the port city of Haifa – as it’s come under attack in the past days.
An Israeli official has described the current IDF mission in Lebanon as seeking “to change the balance of power in the north by destroying thousands of rockets, by destroying [Hezbollah’s] capabilities, and through other means.” It began with “various explosions of beepers and other devices across Lebanon” (despite Israel now strangely officially denying it was behind the pager attacks).
“It continued with the assassination of Ibrahim Aqil and the Radwan leadership,” the official described to Times of Israel. “And it has continued over the past two days with the expansion of massive fire with the aim of hitting Hezbollah hard.”
Fires in the aftermath of Hezbollah rockets raining down on northern Israeli towns and settlements:
The United Nations is calling for urgent de-escalation, saying that diplomacy is still possible, but on the ground it’s looking like that ship has sailed.
Pentagon: U.S. sending more troops to Middle East as Israel steps up strikes on Hezbollah
More U.S. troops are heading to the Middle East as Israel steps up its strikes on Hezbollah in Lebanon, according to the Pentagon.
Pentagon Press Secretary Maj. Gen. Pat Ryder declined to disclose how many additional troops are heading to the Middle East or elaborate on their specific tasks.
There are currently about 40,000 U.S. troops spread out across the Middle East.
“In light of increased tension in the Middle East and out of an abundance of caution, we are sending a small number of additional U.S. military personnel forward to augment our forces that are already in the region,” Ryder said on Monday. “But for operational security reasons, I’m not going to comment on or provide specifics.”
The State Department advised U.S. citizens on Saturday to leave Lebanon.
“Due to the unpredictable nature of ongoing conflict between Hezbollah and Israel and recent explosions throughout Lebanon, including Beirut, the U.S. Embassy urges U.S. citizens to depart Lebanon while commercial options still remain available,” said the department.
Thousands fled their homes after the Israeli military warned residents in southern and eastern Lebanon to evacuate before launching strikes against Hezbollah on Monday, killing more than 270 people and wounding over 1,000.
Last week, pagers and other communication devices exploded in different parts of the country in a targeted attack against Hezbollah. Sources have said Israel was behind the operation but the Israeli government has not yet confirmed its involvement.
ISRAEL/HEZBOLLAH/LEBANON//
Israeli intelligence is pretty good: the just knocked off rocket chief Kabisi + other commanders in Beirut
Hezbollah is now in total disarray
(JerusalemPost)
IDF kills Hezbollah rocket chief Ibrahim Muhammad Kabisi in Beirut
The strike, conducted on a six-story building in Beirut’s Dahieh, targeted a senior Hezbollah official.
An ambulance stands outside a hospital following an Israeli strike in Beirut’s southern suburbs, Lebanon September 24, 2024.(photo credit: AMR ABDALLAH DALSH / REUTERS)
The IDF eliminated Hezbollah’s rocket chief, Ibrahim Muhammad Kabisi, in Beirut on Tuesday afternoon.
Additional Hezbollah commanders from the rocket unit were with Kabisi at the time of the strike.
Kabisi planned the kidnap terror attack in Mount Dov in the year 2000 in which Hezbollah terrorists kidnapped and killed St.-Sgt. Benyamin (Benny) Avraham, St.-Sgt. Adi Avitan and St.-Sgt. Omar Sawaid, whose bodies were returned to Israel for burial in 2004.
Kabisi was the chief of the terror group’s various missile units, including precise missiles, the IDF said, adding that over the years and during the recent war, he had been responsible for the projectiles fired on the Israeli home front.
Kabisi, who joined Hezbollah in the 80s, held several roles in the terror group, during which he was responsible for the advancement of terror attacks against IDF troops and Israeli citizens.
Previously, the IDF assassinated top sub-commanders of Kabisi, but they were operating outside of Beirut.
With one exception on July 30, it is only since the conflict between Israel and Hezbollah reached a much higher crescendo last week that the IDF has been targeting the highest-level Hezbollah officials in Beirut itself.
On Friday, the IDF killed Hezbollah Radwan special forces commander Ibrahim Aqil and around 15 other sub-commanders, and on Monday, the air force attempted to assassinate Ali Karaki, Hezbollah’s third in command, the last remaining living member of a triumvirate of top military advisers to Hezbollah chief Hassan Sayyed Nasrallah.
Reports were mixed about whether he survived the strike, but at the very least he appeared to be wounded, with estimates that he would not be able to act in a command capacity for some time.
Karaki was supposed to replace Aqil.
The military is trying to kill Hezbollah commanders so fast that it will harm the organization’s ability to maintain a serious threat on the Israeli home front as Hezbollah continues to be pounded in many areas by thousands of IDF missiles.
END
ISRAEL.HEZBOLLAH/TUESDAY AFTERNOON UPDATE
Netanyahu Vows Attacks On Lebanon Won’t Stop As Hezbollah Escalates With Deepest Strike Inside Israel
Tuesday, Sep 24, 2024 – 03:00 PM
Update(1500ET): Sky News and others are reporting that for the first time of the conflict, Hezbollah has launched a drone attack on a navy base which lies south of Haifa. The Atlit navy base which was targeted lies 80 kilometers from the Lebanese border. This is an attack significantly deep into Israel and reveals an extended range of Hezbollah missiles. Likely as things slide further, and with Israel keeping up its intense airstrikes on Lebanon, Hezbollah missiles will begin reaching further and further.
Israeli Prime Minister Benjamin Netanyahu has said late in the day Tuesday (local time) on X: “We will continue striking Hezbollah. Anyone who has a missile in their living room and a rocket in their garage will not have a home.”
Israel’s military has been repeatedly claiming that Hezbollah is storming missiles, drones, and ammunition inside people’s homes in the south of Lebanon. “Our war is not with you, our war is with Hezbollah,” he warned in the message emphasizing that Israel won’t stop its strikes.
Hezbollah announces targeting using a swarm of one-way drones the HQ of the Israeli Special Naval Task Unit Shayetet 13 at the Atlit base south of Haifa.
The drones – the farthest drone strike so far – accurately hit the positions of its officers and soldiers.
“Nasrallah is leading you to the brink of the abyss,” Netanyahu added in the message directed at the Lebanese population. “Rid yourself from Nasrallah’s grip, for your own good.”
Israel’s Iron Dome anti-air defense system continues to be highly active over the north:
Calling Nasrallah’s bluff: IDF strikes bring turning point in Israel-Hezbollah war – analysis
It’s possible Iran will enter the conflict or push the Houthis to increase attacks. Many things can happen in war.
By SETH J. FRANTZMANSEPTEMBER 24, 2024 14:25Updated: SEPTEMBER 24, 2024 16:10
A man uses a hose to extinguish flames, amid ongoing cross-border hostilities between Hezbollah and Israeli forces, in Dishon, near Kiryat Shmona, northern Israel, June 4, 2024.(photo credit: REUTERS/AMMAR AWAD)
It is likely that Israel’s decision to turn the tables on Hezbollah and call its bluff via massive airstrikes against it this week will be seen as a turning point in the conflict. It is important to understand how these events unfolded, especially since, for many years, an ingrained fear of Hezbollah was built up in Israel.
On Monday, the IAF launched airstrikes on more than 1,300 Hezbollah targets. They included numerous waves of airstrikes across southern Lebanon and deeper into Lebanon. Lebanese civilians were called upon to flee areas where Hezbollah is present in southern Lebanon and the Bekaa Valley.
Many things occurred on Monday that illustrate how Israel is turning the tide against Hezbollah. Calling on civilians to leave areas in Lebanon where Hezbollah is present is one example. The IDF provided details on how Hezbollah has used civilian homes to store arms. This is important information that could have been provided earlier, although this might have tipped Israel’s hand about its plans to turn the tables on Hezbollah.
Another key aspect of the turning of the tide against Hezbollah was calling the terrorist group’s bluff. Hezbollah has always threatened to rain down thousands of missiles a day on Israel and also use numerous new capabilities it had acquired over the last years. For instance, Hezbollah acquired precision-guided munitions and also drones. It threatened to use these capabilities to target Israeli infrastructure.
Damage in Israel’s North following multiple Hezbollah rocket barrages on September 22, 2024 (credit: MDA SPOKESPERSON)
Hezbollah was seen as so powerful that any war with it would be devastating for Israel. In past years, the description of war with Hezbollah always made it seem almost apocalyptic. According to those predictions, it would mean civilians in shelters across the country for days or weeks on end, widespread destruction, and large numbers of casualties.
The Hezbollah bogeyman was conjured up because of fears of what a major conventional-style war would mean. This model for what war would look like emerged slowly and wasn’t typical in the years after the 2006 war. Instead, in the years after 2006, the main concern was that Hezbollah had proven itself tougher to fight than Israel assumed. The IDF had to put in place reforms for its ground forces after the war. Training was a key element intended to redeploy the IDF from fighting terrorism in the West Bank to being a conventional military force again.
The fear of another 2006 war haunted Israel, and fear soon became an overarching narrative that Hezbollah was some kind of all-powerful monster. Hezbollah increased its capabilities, and it became typical to talk of the group as possessing 150,000 or 200,000 rockets. The rocket arsenal soon came to include precision-guided munitions. Over the past year or two, it became clear that the terrorist group had also acquired thousands of drones.
Hezbollah’s weaponry
This huge arsenal painted a picture of a war in which thousands of rockets would rain down across Israel, threatening most of the country. This is because Hezbollah was assumed to have a large number of long-range rockets as well.
Hezbollah benefited from the Syrian civil war. Even though it suffered losses in Syria due to its involvement from 2012-2018, it also achieved a lot. Its fighters gained experience fighting as a conventional ground force. It also was able to penetrate Syria deeply and knit itself in with other Iranian-backed militias. Hezbollah sought to expand the threat to Israel to include the Syrian side of the Golan Heights.
Iran also used Hezbollah to expand its own concept of a multifront or multi-arena war. This is what gave Hezbollah the sense it could get involved in the war against Israel after October 7. Hezbollah broke through any sense of Israel’s ability to deter it by beginning its attacks on Israel on October 8. Hezbollah forced Israel to evacuate the North. Fears that it could carry out an October 7-type attack led to the evacuations. In addition, there was hesitancy about creating a larger war with Hezbollah. The limited proportional war began to take shape, which benefited Hezbollah.
Israel called Hezbollah’s bluff on September 23. It was able to do this by eliminating Hezbollah’s commanders in an airstrike on September 20. In addition, Israel was able to accomplish this via other means. The exploding pagers hurt Hezbollah and caused numerous casualties. Hezbollah struggled to respond, but it found itself in chaos.
Hezbollah was seen as a major bogeyman, but it’s possible it never put in place an ability to launch thousands of rockets a day. Hamas had achieved this on October 7. Hezbollah may not have actually been able to do what Hamas did. In addition, the chaos that emerged after September 18 also enabled Israel to increase its strikes on Hezbollah launchers. The lessons of August 25, when Hezbollah sought to launch thousands of projectiles at Israel, also helped Israel understand how Hezbollah would react.
The overall story here is that Hezbollah became arrogant and complacent. It also came to overly rely on Iran and Iran’s multifront strategy. This reined in Hezbollah. This restrained it and turned it into a kind of secondary front for Iran. Iran wants to preserve Hezbollah, and therefore, it is afraid of Hezbollah entering a major war. This left Hezbollah open to the kinds of attacks it suffered from September 17-23.
It’s possible Hezbollah will be able to get its house in order and carry out large-scale attacks against Israel. It’s possible Iran will enter the conflict or push the Houthis to increase their attacks. Many things can happen in a war. Once you decide to go to war, there is contact with the enemy, and one cannot know how the war will unfold.
Israel will also have to decide what to do. Israel shaped the battlefield in strikes on September 20-22. That is why September 23 will ring out as a major shift in this conflict. Israel has sought to turn the tide on the Iranian-backed terrorist group. It has called Iran’s bluff and pushed away the bogeyman of Hezbollah. Now, the sum of all our fears about Hezbollah’s capabilities has been deflated a bit.
I drove along the border of northern Israel on September 23 and expected to see wide-ranging Hezbollah rocket fire. I expected to see the enemy launch anti-tank-guided missiles along the border.
As I drove home at sunset, after most of Israel’s 1,300 airstrikes had been carried out, I saw numerous barrages of Hezbollah rockets over my head. But it appeared that Hezbollah’s capabilities to launch its arsenal of rockets had been degraded to a similar level that Hamas had in October 2023. It’s still a major threat, but the fear of Hezbollah has now diminished.
I
end
RUSSIA/IRAN
RUSSIA
END
RUSSIA/UKRAINE/USA
6.COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUE
Bancel Sahin Wessman Tureci Kariko et al. (& all others linked to these people) with Fauci Hahn Birx Azar et al., all involved, to investigate them, get judges & courts to rule & hang them if courts
determine this; Bobby Jr. has to help us bring these people to justice. We have the science, the evidence, the facts, we need no more of that and we have waited long, too long, and we need no one telling us what we already know are the facts for it is clear…we just need the political will and honesty to make it happen. It is time we get accountability, justice, punishment. No cover ups, no ‘friends’ ‘oh he is my friend’ ‘oh we belong to the same groups’ bullshit, no, we want true accountability for all harmed and all who lost loved ones during COVID and the deadly Remdesivir and Ventilator and the deadly Malone Bourla Bancel et al. mRNA gene-based technology platform.
Thank you Bobby Jr. for joining and stepping up. Thank you.
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.
We want all. Accountable. That includes legacy et al. media folk too.
___
You must not wait for another catastrophic crisis (at times manufactured but we are prevented from making our own basic personal decisions or accessing needed drugs and response tools) to catch you off-guard. We must take charge and be prepared today so that we can enjoy peace of mind tomorrow.
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
China Fires A Monetary Bazooka… It Won’t Be Enough
Tuesday, Sep 24, 2024 – 11:45 AM
By Bas van Geffen, Senior Macro Strategist at Rabobank
A fresh coat of paint
After widespread speculation on social media, a Chinese zoo has finally admitted that their “panda bears” are actually “panda dogs”. Or, well, just some regular dogs with painted furs. In similar fashion, the Chinese government now seems to admit that the economy is in a worse state than hoped.
Yesterday, the central bank had already announced a 10bp cut to its 14-day repo rate. More importantly, the PBOC announced a rare press conference for today’s session – sparking market speculation that further measures were forthcoming. Indeed, today Governor Pan Gongsheng unveiled a substantially bigger stimulus package than earlier attempts to stem the bleeding in the property sector:
First of all, the PBOC lowered the amount of reserves banks have to hold by 0.5 percentage points, and Pan added that –depending on conditions– the reserve requirement may be reduced by another 25 to 50 basis points before the end of the year. This should –theoretically– unlock CNY 1 trillion in additional liquidity.
Whether this liquidity will be drawn depends on demand. To encourage borrowing, the PBOC cut the 7 day reverse repurchase rate from 1.7% to 1.5%, and Pan stated that the medium-term lending facility rate is expected to be cut by 0.3%. The loan prime rate and deposit rates will probably fall by some 20 to 25 basis points.
Crucially, these lower rates will not only apply to new borrowers, but also to outstanding loans. Homeowners will be allowed to renegotiate mortgage terms with their current lender, and the central bank is looking into allowing people to switch between banks.
Prior easing measures mostly helped new buyers, and not existing homeowners. That led to a flood of early repayments, weighing on China’s banking sector. Of course, the refinancing plan could still affect banks’ balance sheets and profitability, but Pan expects this to be less impactful as financing rates will fall in tandem. The PBOC governor expects that this should lower interest rates on existing mortgages by some 0.5% on average.
The central bank calculated that this should lower the mortgage burden for some 150 million people, cutting the annual interest payments by CNY 150 billion. However it is unclear whether only mortgages for first homes may be refinanced (as was the case last year), or if this is also applicable to mortgages for second homes. Since these second-home mortgages come with significantly higher rates, that may partially determine how effectively this proposal will stem early repayments.
Additionally, the central bank is clearly looking to revive demand for property. First, the minimum downpayment on second homes will be cut to just 15% of the purchase amount, from an already-low 25%. And secondly, the PBOC will double down on its re-lending programme for state-owned enterprises that buy up unsold property. The central bank will now provide liquidity equal to 100% of the value of the bank loans used for this purpose, up from the previous cap of 60%.
And on top of the support measures aimed at the real estate sector, China is also propping up equity markets:
The PBOC will set up a swap facility that gives securities firms, funds, and insurers access to central bank liquidity for the purchase of equities;
The central bank is also exploring a re-lending facility that provides listed companies and major shareholders with liquidity to buy back shares.
Traders certainly welcomed the comprehensive set of measures. China’s equity indices gained 4% on the day, if this was not simply the result of the stimulus that directly targets China’s stock markets. But, despite this exuberance, are the plans really more than a fresh coat of paint to make things look new and shiny again?
We doubt that the PBOC has done enough to revive the real estate sector, kick-start the domestic economy, and to effectively mitigate the risks of deflation. Mortgage rates and borrowing restrictions may have been lowered, but will households really start purchasing (second) homes again if economic uncertainty is still this high? Broader fiscal measures may be needed to revive consumer confidence, bolster the real estate sector, and to kick-start the domestic economy in order to achieve the government’s growth target.
Whereas the PBOC pleasantly surprised markets today, the Australian central bank stuck to its script. The RBA left the cash rate on hold at 4.35% today, as expected by virtually everyone. The Board’s statement was little changed from August. Policymakers continue to emphasise that inflation remains too high, aggregate demand remains above aggregate supply, and that the labour market is operating beyond estimates of the NAIRU.
In the press conference Governor Bullock mentioned that the RBA did not explicitly consider a rate rise at this meeting. That’s a change from previous meetings where a rate rise was explicitly considered. Our Australia strategist believes this to mean that the hawkish bias of the RBA is all but gone. Recent forward indicators (PMIs) suggest that output prices are rising at a slower pace even as input price gains remain elevated. This suggests that the demand/supply imbalance is no longer so great that firms have pricing power to fully pass on higher supply chain costs. Our house view has been for a first RBA rate cut in May, but today’s meeting clearly skews the balance of risks towards an earlier cut, rather than later.
7.OIL PRICES/GAS PRICES/OIL ISSUES
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
VENEZUELA
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.1122 UP 0.0012
USA/ YEN 144,05 UP 0.423 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 NOW IMPLODES//YEN CARRY TRADE TRYING TO RE ESTABLISH
GBP/USA 1.3364 UP 0015
USA/CAN DOLLAR: 1.3509 DOWN. 0021 (CDN DOLLAR UP 21 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 1141.21PTS OR .4.15%
Hang Seng CLOSED UP 759,49 PTS OR 4.19%
AUSTRALIA CLOSED UP 0.01%
// EUROPEAN BOURSE: ALL MOSTLY GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MOSTLY GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 759,49 PTS OR 4.19%
/SHANGHAI CLOSED UP 114.21PTS OR 4,15%
AUSTRALIA BOURSE CLOSED UP 0.01%
(Nikkei (Japan) CLOSED UP 216,68 POINTS OR 0.57%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2628,00
silver:$30.88
USA dollar index early TUESAY morning: 100.56 UP 1 BASIS POINTS FROM MONAY’s CLOSE.
…the yuan strengthened to 7.01/USD (strongest vs USD since May 2023)…
Source: Bloomberg
…and that sent the dollar index lower…
Source: Bloomberg
Domestically, bad news was bad news… consumer confidence crashed, home price appreciation slowed, and Richmond Fed manufacturing survey collapsed to COVID lockdown lows all sparked the biggest drop in ‘soft’ macro data since April…
Source: Bloomberg
…which pushed rate-cut expectations (dovishly) higher for 2024 (above 3 more rate-cuts expected now), while 2025 cuts remain flat-ish around 4 cuts…
Source: Bloomberg
…and while other asset classes were moved on this, gold shone most, surging up to a new record high above $2650…
Source: Bloomberg
The US equity open saw immediate selling pressure but BTFD-ers stepped in to rescue stocks with Nasdaq outperforming (as the other majors clung to unchanged/small green on the day)…
The basket of Mag7 stocks shows the day’s big swing most clearly…
Source: Bloomberg
Most Shorted stocks also had a turbulent day… surging higher at the open only to be monkeyhammered to the lows of the day before a panic-bid squeezed it back to the highs….
Source: Bloomberg
Treasury yields were lower across the curve with the short-end outperforming (but the day was a rollercoaster with overnight selling erased by US session buying in USTs)…
Source: Bloomberg
The yield curve continues to steepen with 2s10s now at +20bps – its steepest since June 2022…
Source: Bloomberg
Crude prices bounced back from yesterday’s weakness (thanks to China) with WTI topping $72 – the highs of the month…
Source: Bloomberg
Bitcoin rallied up to $64,000 intraday – but remains somewhat rangebound…
Source: Bloomberg
And finally, still wondering why stocks just won’t stop rising despite all the ‘fears’…
Source: Bloomberg
Wonder no more – it’s not the economy, its global liquidity, stupid! And the Chinese just primed the pump for even more.
And if you are looking for a way to play that surge in liquidity that isn’t already priced in…
Source: Bloomberg
Bitcoin is ready to move.
MORNING TRADING
AFTERNOON TRADING///
II USA DATA
Home prices hit record highs
(zerohedge)
US Home Prices Hit New Record High, But YoY Appreciation Slows Significantly
Tuesday, Sep 24, 2024 – 09:11 AM
For the fourth month in a row, US home price annual appreciation slowed in July (according to the latest data from S&P CoreLogic’s Case-Shiller indices).
The 20-City Composite index rose 0.27% MoM (less than the +0.4% expected), which left the YoY price change at +5.92% – its lowest since November…
Source: Bloomberg
US Home prices are at record highs (a great time to cut rates)…
Source: Bloomberg
The home price appreciation continues to track bank reserves at The Fed (lower on a lag)…
Source: Bloomberg
Of course, the funniest thing is that as price appreciation actually begins to slow (a good thing for affordability at the margin), The Fed has slashed interest-rates (which one would expect will juice home prices once again?).
Mortgage rates are already leading lower…
Will The Fed ignite another housing bubble and re-heat CPI in an Arthur-Burns-esque 1970s redux?
END
Consumer confidence sinks to 3-month low. Americans pessimistic ahead of elections.Consumers the most pessimistic about the economy since 2021
MarketWatch
Sept. 24, 2024 at 10:06?a.m. ET
The numbers: Consumer confidence fell in September to a three-month low ahead a pivotal U.S. election whose outcome could hinge on which presidential candidate voters think will do a better job on the economy.
The index of consumer confidence sank to 98.7 this month from a revised 105.6 in August the Conference Board said Tuesday.
Economists polled by the Wall Street Journal had forecast the index to rise to 104.0.
Americans were more worried about the jobs market in light of a steady rise in unemployment and greater difficulty in finding work.
Consumer confidence tends to signal whether the economy is getting better or worse. The gauge of consumers is well below the 128 monthly average in the last year before the onset of the pandemic in 2020.
Key details: A measure that looks at how consumers feel about the economy right now tumbled 10 points to 124.3, marking the lowest level since March 2021.
Americans were more anxious about the availability of jobs, business conditions and future incomes.
Unemployment has risen steadily since the spring of 2023 to a more than three-year high of 4.2%. Job openings and the number of people being hired have also declined sharply.
A confidence gauge that looks ahead six months, meanwhile, slipped to 81.7 in September.
Still, the so-called expectations index has been above the key 80 level that typically signals recession for three months in a row.
Big picture: The economy is on track to expand at a seemingly very health 3% or so pace in the third quarter ending in September. Yet enough cracks have begun to show that the Federal Reserve cut interest rates last week for the first time since the pandemic.
The Fed mostly reduced borrowing costs because of slowing inflation. Top officials also wanted to prevent further deterioration in the jobs market.
Global money supply has soared by $20.6 trillion since 2019, according to Bloomberg.
Additionally, global debt surged by over $15 trillion in 2023, reaching a new record high of $313 trillion. Around 55% of this rise came from developed economies, mainly the U.S., France, and Germany. Unfunded liabilities in the United States amount to $72 trillion, almost 300% of GDP. This may seem high until you look at Spain with 500% of GDP, France with close to 400%, or Germany with close to 350% of GDP.
There is no escape from debt. Paying for the government’s fictitious promises in paper money will result in a constantly depreciating currency, thereby impoverishing those who earn a wage or have savings. Inflation is the hidden tax, and it is very convenient for governments because they always blame shops or businesses and present themselves as the solution by printing even more currency.
Governments want more inflation to reduce the impact of the enormous debt and unfunded liabilities in real terms. They know they can’t tax you more, so they will tax you indirectly by destroying the purchasing power of the currency they issue.
High taxes are not a tool to reduce high debt, but rather to perpetuate the expropriation of national wealth. Countries with high taxes and big governments also have enormous public debt levels.
If you thought the monetary destruction we have witnessed in recent years was excessive, just wait for the suffering we will endure in the future.
In 2024, the world has seen more than seventy elections where none of the parties with access to power even bothered to present a realistic plan to cut debt. Governments and politicians understand that they can make any promises using someone else’s money, and many voters will readily accept the fallacy of taxing the wealthy. Naturally, currency debasement leads to widespread impoverishment.
Kamala Harris promises tax deductions for start-ups and first-time homebuyers, as well as families with children. It is hilarious. Inflation, a hidden tax, consumes their earnings and savings, while high direct and indirect taxes absorb the remaining funds. Despite this, she promises a tax deduction that most small businesses will never take advantage of, as they will shut down before generating any profit.
The Treasury expects a $16 trillion increase in public debt between 2024 and 2034, without taking into account any recession risk. The enormous government debt of $35 trillion, along with its subsequent additions, has the potential to destroy the currency. Citizens will face higher debt, reduced access to goods and services, and the ultimate dissolution of the middle class in the absence of a pro-growth plan and serious support for the currency’s purchasing power.
Governments and politicians need the votes of the middle class to reach power, and they also need to erode the savings and wages of that same middle class to reduce the weight of public debt in real terms. When the government says they can print and issue more debt, you pay for it.
The trillions of dollars accumulated in debt will lead to an unprecedented wave of central bank easing, which will continue to include negative real rates and even direct debt monetization. However, they need an excuse to present themselves as the solution to the problem they created. A recession or a significant slowdown will be the trigger to implement the plan to destroy the purchasing power of currencies. However, this time inflation is already evident and persistent.
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM
iiiC USA COVID //VACCINE ISSUES/IMPORTANT MEDICAL ISSUES
end
END
FREIGHT ISSUES/USA/
END
VICTOR DAVIS HANSON OR NEWT GINGRICH/TUCKER CARLSON
END
TUCKER CARLSON….
SWAMP STORIES
Your Tax Dollars At Work: San Fran Cops Dress Up As Inflatable Chicken To Catch Speeding Drivers
Monday, Sep 23, 2024 – 11:00 PM
Today in “your tax dollars at work” news, San Francisco police are donning inflatable chicken suits to catch drivers speeding through crosswalks.
SFGate first reported on officer Lt. Jonathan Ozol in costume at a crosswalk on Alemany Boulevard, where Capt. Amy Hurwitz said the goal is to get drivers to yield to pedestrians.
Some drivers didn’t seem to care and failed to yield to the giant inflatable chicken, according to Fox News. Imagine that.
Captain Hurwitz told Fox News: “I don’t want them to get run over. But the costume is so bright, it’s like, how can you miss it?”
“If you don’t see someone in a giant chicken costume, then we really have a problem,” Ozol added. “It’s having an impact. Drivers seem more aware, more cognizant. Certainly when they see the chicken.”
Monday marked the fifth stunt in six months, with officers dressing up as characters like unicorns or Big Bird to cross various intersections.
Capt. Hurwitz noted that each operation led to 30-40 citations, with fines up to $400. Lt. Ozol expressed disappointment at the consistently high numbers.
SFGate first reported last week: “The exercise has been featured in police newsletters, and in fact, after police performed the exercise at the same crosswalk previously, someone with a sense of humor put up a ‘chicken crossing’ sign nearby.”
Meanwhile, while this nonsense is taking place, the Fox report notes that in 2023, homicides in San Francisco increased by 83%, while the overall violent crime rate went up by 4%.
.
KING REPORT
he King Report September 23, 2024 Issue 7333
Independent View of the News
WSJ: China’s Central Bank Announces Rate Cut, Injects Liquidity The People’s Bank of China cut the 14-day reverse repurchase interest rate by 10 basis points to 1.85%
Fed’s Goolsbee Sees ‘Many More’ Rate Cuts Over the Next Year Chicago Fed President Austan Goolsbee said interest rates need to be lowered “significantly” to protect the US labor market and support the US economy… “Over the next 12 months, we have a long way to come down to get the interest rate to something like neutral to try to hold the conditions where they are,” https://www.bnnbloomberg.ca/investing/2024/09/23/feds-goolsbee-sees-many-more-rate-cuts-over-the-next-year/
@biancoresearch: Chicago Fed President Austan Goolsbee today … GOOLSBEE: AT MOMENTS LIKE THIS, ANECDOTAL DATA VERY IMPORTANT Translation: The headlines below are what he wants to believe/do.The problem is that he cannot support them with economic data, so he selectively picks ” anecdotes ” to support his case… https://x.com/biancoresearch/status/1838299109582868716 Here is an “anecdote” for Austan: BOEING OFFERS 30% GENERAL WAGE INCREASE to UNION
Meta hit an all-time high. Citi raised its price target to $645 from $580 because ‘ads should lift earnings’.
After falling during the first 30 minutes of Nikkei trading, ESZs commenced a rally that hit a peak of 57871.00 at 21:40 ET. The rally was the usual Sunday night buying in anticipation of the Monday Rally and the PBoC rate cut.
ESZs then traded sideways until they broke down at 1:52 ET. They then tumbled to a daily low of 5745.25 at 3:16 ET. Old World traders eagerly and aggressively bought the opening dip in Europe. ESZs erratically but persistently rallied to a new daily high of 5784.50 at 10:20 ET. ESZs then formed a ‘W’ formation that ended with the normal decline near noon ET. ESZs slid to 5761.00 at 13:01 ET.
The ingrained afternoon rally took ESZs to 5775.00 at 14:23 ET. ESZs then went inert until the late manipulation appeared at 15:33 ET. ESZs hit 5778.75 at 15:37 ET and then sank to 5770.75 at 15:44 ET. A final manipulation pushed ESZs to 5779.50 at 15:59 ET.
Positive aspects of previous session The DJTA rebounded moderately; the DJIA and S&P 500 Index had labored rallies. Gasoline declined sharply; oil declined 0.47 cents.
Negative aspects of previous session Gold rallied again; USUs declined 11/32 after an early rally. TLT has declined for 5 consecutive sessions. (But the Fed cut rates 50bps!) The NY Fang+ Index declined despite Citi’s Meta tout. CrowdStrike declined over 2%.
Ambiguous aspects of previous session With expiration and Fed Week upward biases over, are equities peaking?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5716.05 Previous session S&P 500 Index High/Low: 5725.36; 5704.22
Despicably, Zelensky appeared in Pennsylvania and campaigned against Trump and Vance. Zelensky said Trump doesn’t know how to stop the war and Vance “is too radical.”
@greg_price11: Zelensky is now touring ammunition factories in Pennsylvania and attacking President Trump and JD Vance in American media outlets. A foreign leader is essentially campaigning for Harris on American soil.https://x.com/greg_price11/status/1838246916301201518/photo/1
@bradleyajaye: Not only did Johnson rely on 163 Democrat votes to save his speakership, but he relied upon Democrats to advance Ukraine aid – the first time in recorded history a Speaker used minority party votes in the Rules Committee to advance legislation opposed by his own party.
@mboyle1: And now Zelensky is repaying him (Johnson) by taking Air Force jets to Pennsylvania to campaign for Kamala Harris. This is a massive scandal. The speaker of the House needs to stop this TODAY or it’s clear he shouldn’t remain in that position after Nov. 5. Everyone should be outraged.
@dandcaldwell: Worth noting that Zelenskyy was flown to Pennsylvania on an U.S. Air Force C-17. The Biden-Harris admin is using military assets to fly a foreign leader into a battleground state in order to undermine their political opponents.
@charliekirk11: Zelenskyy shakes down American taxpayers for billions of dollars to fight his no-win war with Russia, and then has the audacity to campaign against Trump/Vance while in the swing state of Pennsylvania?Foreign interference!! Outrageous.
GOP Rep. @RepMattGaetz: One of the five known teams hunting President Trump before the Butler, PA attempt was UKRAINIAN! Customs and Border Protection had the wherewithal to question the second would-be assassin and put him on their radar, yet Homeland Security Investigations took no action when they learned about him. https://x.com/RepMattGaetz/status/1838266730637861132
NYT: As U.N. Meets, Pressure Mounts on Biden to Loosen Up on Arms for Ukraine Finland’s president and NATO’s departing secretary general are urging Mr. Biden to allow Ukraine to use weapons to hit bases deeper inside Russia… The push comes as Ukraine is slowly losing ground to mass Russian assaults in the eastern Donbas region and Russia continues to pound Ukraine’s civilian infrastructure, including electricity and heating plants, from a safe distance as winter is approaching… https://www.nytimes.com/2024/09/23/world/europe/as-un-meets-pressure-mounts-on-biden-to-loosen-up-on-arms-for-ukraine.html
From Ryan Routh letter released by the DoJ: “This was an assassination attempt on Donald Trump but I failed you. I tried my best and gave it all the gumption I could muster. It is up to you now to finish the job; and I will offer $150,000 to whomever can complete the job…”
@BreannaMorello: Ryan Routh failed to assassinate President Donald Trump.Routh is now offering a $150,000 bounty for whomever kills President Trump.The DOJ released the letter.Why would the DOJ publicly release this letter? I have an idea–they’re all in on it… Btw, the FBI won’t release the Nashville manifesto due to public safety concerns… The DOJ failed to provide me with an explanation for releasing this unredacted letter in court filings.
Asking for a friend: Are Fed officials in a hurry to aggressively cut rates this year so they will be able to hike them if Trump becomes president? Trump on Monday night: “I think Zelensky is the greatest salesman in history. Every time he comes into the country, he walks away with 60 billion dollars… He wants them to win this election so badly… If I win this election, the first thing I am going to do is call up Zelensky and call up President Putin and say, ‘you got to make a deal’…” https://x.com/TheInsiderPaper/status/1838371468285022292
Today – Despite the PBoC rate cut, the propensity for stocks to rally on the session that ensures expiration, and the Monday Rally bias, stocks needed the last-hour manipulation to post gains. Stocks appear to be tired and need some type of retrenchment.
Expected Economic Data: July FHFA House Price Index 0.2% m/m; July S&P CoreLogic 20-City home prices 0.4% m/m & 6.1% y/y; Conference Board Sept Consumer Confidence 103; Sept Richmond Fed Mfg. Index -12; Fed Gov. Bowman (dissented on 50bp cut) 9 ET at Kentucky Bankers’ Association
NQZs are -13.50; ESZs are -4.75; and USZs are -5/32 at 20:30 ET. S&P Index 50-day MA: 5520; 100-day MA: 5441; 150-day MA: 5337; 200-day MA: 5206 DJIA 50-day MA: 40,646; 100-day MA: 39,876; 150-day MA: 39,506; 200-day MA: 39,062 (Green is positive slope; Red is negative slope)
S&P 500 Index (5718.57 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 4983.62 triggers a sell signal Weekly: Trender is positive; MACD is negative – a close below 5298.80 triggers a sell signal Daily: Trender and MACD are positive – a close below 5539.78 triggers a sell signal Hourly: Trender is positive; MACD is negative – a close below 5686.06 triggers a sell signal
Team Obama-Harris is spending millions of dollars in an outreach program to procure overseas votes!
@TrumpDailyPosts: The Democrats are talking about how they’re working so hard to get millions of votes from Americans living overseas. Actually, they are getting ready to CHEAT! They are going to use UOCAVA to get ballots,a program that emails ballots overseas without any citizenship check or verification of identity, whatsoever. (Foreign interference?) Remember they say, we have the “most secure elections in history,” and anyone can get a ballot emailed to them! They want to dilute the TRUE vote of our beautiful military and their families, who Comrade Kamala has totally disrespected and abandoned. Republicans must act to stop them from stealing our military votes. WATCH! Remember, IF YOU VOTE ILLEGALLY, YOU’RE GOING TO JAIL.
@CortesSteve: Hillary Clinton says it’s a sexist “double standard” to require Kamala Harris to do interviews and explain her policy positions in order for to get elected President of the United States: “She does not have to do it.” The most pathetic defense ever of Kamala’s incompetence… https://x.com/CortesSteve/status/1838261844923887706 Dems and their media stooges have exclaimed ‘racist, sexist,’ etc. so much and so often that only liberals are affected by the allegations.
After decades of preaching and pleading for ‘tolerance’ for their ideas and ideals, the left wants to halt any speech or message they dislike or that threatens their power.
@PaulIngrassia: Trump: “The Kamala Harris/Joe Biden Department of Justice and FBI are mishandling and downplaying the second assassination attempt on my life since July. The charges brought against the maniac assassin are a slap on the wrist. It’s no wonder, since the DOJ and FBI have been coming after me nonstop with Weaponized Lawfare since I announced my first Historic Campaign for the Presidency. “From Russia, Russia, Russia, Ukraine, Ukraine, Ukraine, Iran, Iran, Iran, Impeachment Hoax Number One, Impeachment Hoax Number Two, to the Lawless Documents Hoax brought after an Illegal and unConstitutional Raid of my home, on which I am suing the DOJ for their wrongful acts, to the January 6th Hoax in Washington, D.C., where the J6 Unselect Committee illegally deleted and destroyed all Documents, the Manhattan D.A.’s Zombie Case, the New York A.G. Scam, illegally Spying on my Campaign, to censoring the Hunter Biden Laptop from Hell, which was criminally led by the fake 51 Intelligence Officials who lied and claimed it was “Russian Interference and Disinformation,” while the Laptop was, in fact, Hunter Biden – Not Russia, and exposed Crooked Joe and his family for their decades of grift – and many lawless, Radical attacks against their Political Opponent, ME. “The DOJ and FBI have a Conflict of Interest since they have been obsessed with “Getting Trump” for so long. It’s very difficult to trust the Biden/Harris DOJ/FBI to investigate the assassination attempts, due to Election Interference and the FAKE CASES brought against me, including their control over local D.A.s and A.G.s. Shockingly, after the bullet went through my ear on that fateful day in Butler, Pennsylvania, the FBI Director went before Congress and falsely said that it may not have been a bullet, “It was just glass or shrapnel”– a lie condemned by even my worst enemies… and he was forced to immediately retract. “If the DOJ and FBI cannot do their job honestly and without bias and hold the aspiring assassin responsible to the full extent of the Law, Governor Ron DeSantis and the State of Florida have already agreed to take the lead on the investigation and prosecution. Florida charges would be much more serious than the ones the FBI has announced. The TRUTH would be followed, wherever it leads. OUR JUSTICE SYSTEM IS CORRUPT AND DISCREDITED, especially as it pertains to the 45th President of the United States, Donald J. Trump… https://x.com/PaulIngrassia/status/1838296394320216305
harveyorganblog.com 
