Why Gold Coin Demand Doesn’t Drive The Gold Price

Why Gold Coin Demand Doesn’t Drive The Gold Price

By Gainesville Coins.

Demand for newly fabricated coins makes up only a small part of total trading volume in gold, and therefore has little impact on the gold price.

As we discussed in a previous article about the supply and demand dynamics of gold, the price of gold isn’t set between what is annually produced versus “consumed.” Because gold isn’t used up and there are vast above ground stocks (most of which is gold held for monetary purposes), the gold price is mainly determined by trade in above ground metal.

Gold trades as a currency. Demand for coins is just a small segment of total physical trading volume, and therefore doesn’t have a significant impact on the price.

American Gold Eagle coins, manufactured by the United States Mint

Gold Prices Aren’t Affected By Gold Coin Sales

Gold investors often wonder why the gold price doesn’t rise when premiums on coins are skyrocketing. The explanation is that these premiums arise from coin supply-chain congestions, not from a shortage of gold itself.

Every gold product—an ornament, ring, bar, coin, etc.—needs to be manufactured. The manufacturing costs for, i.e., bars are fixed, but relatively lower for bars with a higher weight and value. A fixed manufacturing cost of $60 dollars is 0.008% of the value of a 400-ounce gold bar, while a little over 3% of the value of a 1-ounce bar.

The spot price of gold on your screen usually refers to the price of gold located in London—the most liquid spot wholesale market—in the form of 400-ounce bars. Products of lower weights than wholesale bars always enjoy a premium on top of the spot price. And products with high manufacturing costs, like coins, enjoy an even higher premium.

In the charts below you can see the sales figures of all U.S. Mint gold (and silver) coins since the 1980s. Clearly, gold coin demand is very volatile. In some months the U.S. Mint might sell as much as 250,000 troy ounces in coins, in other months not more than 10,000 troy ounces.

US Mint gold coin sales, 1987–date

The silver coin market has more or less the same dynamics as the gold coin market.

US Mint silver coin sales, 1987–date

How Modern Gold Coins Are Made

Like every factory, the U.S. Mint has a certain production capacity that can’t be adjusted on short notice. For fabricating gold coins, 400-ounce bars are rolled into sheets having the thickness of the series of coins the Mint wants to produce.

Next, blanks (“planchets”) are stamped from the sheets, after which these can be struck into coins using a die. Finally, the coins will be manually inspected for imperfections. In all, this is not a process that can be easily speed up or dialed down.

Watch this video to see how the United States Mint manufactures its bullion coins.

Understanding Gold Demand From a Global Perspective

When demand takes a nosedive, the Mint will lower its production capacity and add coins to its inventory. When demand increases all inventory is depleted and production capacity is increased, but it’s impossible for customers to get immediate delivery of their orders.

Coin supply is inelastic. A shortage of coins—not gold itself—causes coin premiums to rise above their averages. (For silver coins the average premiums are relatively higher as an ounce of silver is cheaper than an ounce of gold.)

The number of gold coins minted in the U.S. each year can fluctuate greatly

Demand for gold coins must be seen as a retail sentiment indicator for a specific group of buyers. While premiums on gold coins in the U.S. can be sky high, gold in China can trade at a steep discount, versus London spot, as happened in 2020.

Consider that if for whatever reason there is a shortage of nails on one continent, this doesn’t mean the global price of steel should rise. Likewise, if gold coin demand in the West is high, this doesn’t mean the gold price should rise.

Because gold is a currency there can’t be a shortage of gold itself. But there can be a shortage of specific gold products at specific locations due to supply chain issues.

Tyler Durden
Mon, 04/04/2022 – 05:00

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Brickbat: Pinned Down


NeckKneel_1161x652_1161x653

Kenosha, Wisconsin, police officer Shawn Guetschow has resigned from an off-duty security job at Lincoln Middle School after video showed him kneeling on a 12-year-old girl’s neck. Guetschow was restraining her while trying to break up a lunchroom fight. He remains employed by the Kenosha police department, which says it is investigating the incident.

The post Brickbat: Pinned Down appeared first on Reason.com.

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Do Norwegian Muslims ‘Suffer’ The Most During Ramadan?

Do Norwegian Muslims ‘Suffer’ The Most During Ramadan?

Ramadan started on Saturday, April 2 this year as the first moon of a new lunar cycle is visible in Mecca; but while the length of the Islamic month of fasting is the same for all Muslims observing it, as Statista’s Katharina Buchholz details below, the length of the daily fast certainly is not.

Because Muslims vow to abstain from eating and drinking during daylight hours, those living further north have to go without food and drink for much longer than their counterparts living closer to the equator or even in the Southern hemisphere which is celebrating Ramadan during winter.

Infographic: How Long Do Muslims Fast For Ramadan Around the World? | Statista

You will find more infographics at Statista

Muslims fasting for Ramadan in Oslo theoretically have to do so for more than 17.5 hours, according to website islamicfinder.com. 

Muslims in Jakarta, Indonesia, fast for approximately 13 hours and 15 minutes.

Finally, Melbourne in the Southern Hemisphere only has daylight hours of about 12.5 hours depending on the exact day of the Ramadan month.

Some Muslims in Northern countries seem to feel unfairly treated by the lunar forces that govern Ramadan and found alternative solutions. According to reporting by Der Spiegel, the town of Tromsø in the very north of Norway has adopted the fasting hours of Mecca (approximately 14 hours in 2022).

Tyler Durden
Mon, 04/04/2022 – 04:15

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Brickbat: Pinned Down


NeckKneel_1161x652_1161x653

Kenosha, Wisconsin, police officer Shawn Guetschow has resigned from an off-duty security job at Lincoln Middle School after video showed him kneeling on a 12-year-old girl’s neck. Guetschow was restraining her while trying to break up a lunchroom fight. He remains employed by the Kenosha police department, which says it is investigating the incident.

The post Brickbat: Pinned Down appeared first on Reason.com.

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Sellers Are Looking To Unload Russian Crude For Yuan

Sellers Are Looking To Unload Russian Crude For Yuan

Authored by Tsvetana Paraskova via OilPrice.com,

Cargoes of Russia’s ESPO crude loading in May have been offered to China for payments in yuan, as the world’s top crude importer continues to purchase Russian oil but is constrained in bank guarantees by the Western sanctions on the Russian banking system, traders familiar with the matter told Bloomberg on Friday.

Unlike many oil customers in the West, China and another major oil importer, India, have not been shying away from Russian oil cargoes, all the more so that Moscow’s crude is now being sold at hefty discounts to Dated Brent.

According to Bloomberg’s trading sources, the Geneva-based seller of oil, Paramount Energy & Commodities SA, has recently allowed some customers in China to pay in yuan.

Several independent refiners in China have bought the ESPO cargoes for May loading at Russia’s Far East ports, but it was not immediately clear whether the payments have gone through or settled in Chinese yuan, the sources told Bloomberg. 

For China and for India, who haven’t steered clear of Russian cargoes so far, Russian oil – at times being sold at a record $35 per barrel discount to Dated Brent – is too cheap to resist, considering that the international oil benchmark has more or less stayed above $100 a barrel since the Russian invasion of Ukraine at the end of February.

Since the sanctions against Russia over its war of Ukraine limited the Russian trade in U.S. dollars, there have been reports that the importers not shunning Russian oil—China and India—could start settling some transactions in the local currencies of the importing countries, the Chinese yuan or the Indian rupee, respectively.

For the time being, India will not pay in rupees for oil from Russia or any other oil exporter, the junior petroleum minister of the world’s third-largest oil importer said earlier this week.

“At present, oil public sector undertakings neither have any contract nor is any such proposal under consideration from Russia or any other country for purchase of crude oil in Indian rupees,” Indian junior oil minister Rameswar Teli told Parliament today, as carried by Reuters.

Tyler Durden
Mon, 04/04/2022 – 03:30

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Which Nations Are On Russia’s “Unfriendly” List?

Which Nations Are On Russia’s “Unfriendly” List?

On May 13, 2021, Russian President Vladimir Putin signed into law the List of Unfriendly Nations, which included the United States and the Czech Republic.

On March 5, 2022, as Russia’s military operation in Ukraine progressed, the list was updated to include 45 more nations and jurisdictions.

The countries and territories mentioned in the list have imposed or joined the sanctions against Russia.

Source

Tyler Durden
Mon, 04/04/2022 – 02:45

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European Union Unveils New Strategy To Become A Global Power

European Union Unveils New Strategy To Become A Global Power

Authored by Soeren Kern via The Gatestone Institute,

  • The goal is “strategic autonomy” — the ability for the EU to act independently of, and as a counterweight to, the United States and the North Atlantic Treaty Organization — in matters of defense and security.

  • The key component of the Strategic Compass is the development of a so-called EU Rapid Deployment Capacity (RDC), a military force able to intervene in “non-permissive environments” anywhere in the world.

  • The RDC is to become fully operational by 2025 and commanded by an institution called the “EU Military Planning and Conduct Capability.” (The term “capability” is a politically correct substitute for “headquarters,” as in “military headquarters.”)

  • The push for Europe to achieve strategic autonomy from the United States is being spearheaded by Macron, who, as part of his reelection campaign, apparently hopes to replace former German Chancellor Angela Merkel as the de facto leader of Europe.

  • The danger is that many of the pie-in-the-sky policy proposals in the Strategic Compass will divert and drain resources and finances from where they are actually needed: NATO.

  • A logical course of action would be for EU member states to honor past pledges to increase defense spending as part of their contribution to the transatlantic alliance. That, however, would fly in the face of the folie de grandeur — the delusions of grandeur — of European federalists who dream of transforming the EU into a geopolitical “great power.”

The European Union has published a new strategy aimed at transforming the 27-member bloc into an independent geopolitical actor on the world stage.

The long-awaited “Strategic Compass” lays out an ambitious ten-year plan for the EU to develop an autonomous European security architecture. The goal is “strategic autonomy” — the ability for the EU to act independently of, and as a counterweight to, the United States and the North Atlantic Treaty Organization — in matters of defense and security.

The greatest advocate of strategic autonomy, French President Emmanuel Macron, said the objective is to make Europe “powerful in the world, fully sovereign, free in its choices and master of its destiny.”

In fact, dreams of strategic autonomy have been waylaid by reality. Russia’s invasion of Ukraine has underscored the indispensability of the United States and NATO for European defense and security. In the face of Russian revanchism, most EU member states can be expected to oppose efforts to develop an independent European military capacity that undermines the transatlantic alliance.

The 64-page policy blueprint — “A Strategic Compass for Security and Defense” — was originally commissioned in June 2020 by the government of former German Chancellor Angela Merkel. An initial draft of the document, presented in November 2021, was significantly revised after EU member states were given the opportunity to submit requests for changes. The document was then hastily rewritten after Russia invaded Ukraine in February 2022.

The 2022 Strategic Compass — which builds on the 2003 European Security Strategy, the 2016 Global Strategy, the 2020 EU Security Union Strategy and the 2022 Versailles Declaration — aims to “translate” the “common ambition” of European strategic autonomy “into actionable proposals.”

The document, which has been described as “a master military strategy document” and “the closest thing the EU could have to a military doctrine,” seeks to “build a common strategic culture” to “contribute to the EU’s credibility as a strategic actor.”

The Strategic Compass, also described as “an expression of Franco-German cooperation,” is loaded with lofty rhetoric: “Europe’s geopolitical awakening,” “permanent strategic posture,” “instruments of power,” “weaponization of interdependence,” “the return to power politics,” “full spectrum of threats,” “strategic convergence,” “common strategic culture,” “learning to speak the language of power,” “quantum leap forward on security and defense,” and “shape the global future,” among many others.

The key component of the Strategic Compass is the development of a so-called EU Rapid Deployment Capacity (RDC), a military force able to intervene in “non-permissive environments” anywhere in the world. (The term “capacity” is a politically correct substitute for the word “force,” apparently to avoid giving the impression that the EU is seeking to build an army.)

The document calls for the EU to be able to quickly deploy up to 5,000 troops — including land, air, and maritime components — for “crisis management missions” outside the bloc. The RDC is to become fully operational by 2025 and commanded by an institution called the “EU Military Planning and Conduct Capability.” (The term “capability” is a politically correct substitute for “headquarters,” as in “military headquarters.”)

On March 21, the day the Strategic Compass was published, Germany’s hapless defense minister, Christine Lambrecht, announced that Germany would provide the entire 5,000-strong force plus heavy equipment for the RDC’s first year. She was forced to backtrack after learning that the German military is so understaffed and underequipped that it is incapable of delivering that amount of personnel and equipment. The German Defense Ministry later clarified that Germany would supply a “core” of between 1,500 and 2,000 troops.

The RDC concept — widely viewed as the foundation of a future supranational EU Army — replaces the existing EU Battlegroup concept. Created in 2007, EU battlegroups, battalion-sized formations consisting of 1,500 troops each, are paper tigers. They have never been deployed due to disputes over when and where they should be used, and over funding. The Strategic Concept does not explain why the EU thinks the RDC will succeed where the EU Battlegroup concept has failed.

Another key element of the Strategic Compass involves implementation of Article 44 of the Lisbon Treaty (aka the European Constitution) which allows the EU to circumvent the unanimous consent principle during crises. The Strategic Compass states that the EU will “decide on practical modalities” for implementing Article 44, which has never been used.

In practical terms, Article 44 would allow the EU to launch EU-flagged missions and operations without the consent of all 27 EU member states. In effect, such “coalitions of the willing” would be a back-door way for EU member states, such as France and Germany, to move ahead with military integration regardless of opposition from other EU members, such as those from Eastern Europe. Implementation of Article 44 will probably move forward during the French EU Presidency in the first half of 2022.

The Strategic Compass also calls for:

  • Creating an “EU Hybrid Toolbox” to respond to “a broad range of hybrid threats.” A “Hybrid Fusion Cell” aims to provide “foresight and situational awareness” while a “dedicated toolbox” will “address foreign information manipulation and interference.”

  • Further developing the “EU Cyber Defense Policy” to be “better prepared for and respond to cyberattacks.” A new “Cyber Resilience Act” aims to “increase our common approach to cyber infrastructure.”

  • Expanding the “Coordinated Maritime Presences” to the Indo-Pacific.

  • Developing an “EU Space Strategy” for security and defense.

  • Implementing a “Climate Change and Defense Roadmap.”

  • Creating a “Defense Innovation Hub” within the European Defense Agency.

The document further seeks to: “fill strategic gaps,” “reduce technological and industrial dependencies,” “promote rapid and more flexible decision-making processes,” “strengthen command and control structures,” “increase readiness and cooperation,” “ensure greater financial solidarity,” “spend more and better in defense,” “develop cutting-edge military capabilities,” and “invest in technological innovation for defense.”

In all, the Strategic Compass includes more than 40 goals in four “work strands” — “Act,” “Secure,” “Invest,” and “Partner” — that are to be implemented by 2030.

The EU’s foreign policy chief, Josep Borrell, described the Strategic Compass as “a turning point for the European Union as a security provider and an important step for the European security and defense policy.” He added: “This is only the beginning.”

Impact on NATO

A key unanswered question is how the Strategic Compass will impact NATO, the only credible guarantor of European security. The EU’s foreign policy chief, Josep Borrell, in a forward to the report, pledged that a stronger EU will “strengthen NATO” and be a “stronger transatlantic partner.” Indeed, the document stresses the complementarity between the EU and NATO.

The aim of EU strategic autonomy, however, is evidently to push the United States out of Europe so that the EU can assume its role as a “strategic power” and an independent pole in a “contested multipolar world.”

The push for Europe to achieve strategic autonomy from the United States is being spearheaded by Macron, who, as part of his reelection campaign, apparently hopes to replace former German Chancellor Angela Merkel as the de facto leader of Europe.

Macron, who claims that NATO is “brain dead,” argues that Europe needs its own military because, according to him, the United States is no longer a reliable ally. He cites as examples: U.S. President Joe Biden’s precipitous withdrawal of American troops from Afghanistan; the growing pressure on Europe to take sides with the United States on China; and France’s exclusion from a new security alliance in the Indo-Pacific region.

Even before Russia invaded Ukraine, many EU member states disagreed with Macron. Eastern European countries know that neither the EU nor France can match the military capabilities offered by NATO and the United States. Other countries are concerned about a panoply of issues ranging from financial costs to national sovereignty. Still others are opposed to creating a parallel structure to NATO that could undermine the transatlantic alliance.

Many EU countries insist on respecting former U.S. Secretary of State Madeleine Albright’s famous “three Ds“: no decoupling of European security from the United States and NATO; no duplicating capabilities and structures that already exist within NATO; and no discriminating against NATO members that are not members of the EU.

The danger is that many of the pie-in-the-sky policy proposals in the Strategic Compass will divert and drain resources and finances from where they are actually needed: NATO.

Case in point: NATO already has a rapid reaction force. The so-called NATO Response Force can deploy 40,000 troops (eight times more than the EU’s proposed rapid reaction force) that are drawn from the same European militaries that the EU wants to use (21 EU member states are also members of NATO). If the EU’s real concern is about security, why would it be trying to duplicate existing NATO capabilities?

A logical course of action would be for EU member states to honor past pledges to increase defense spending as part of their contribution to the transatlantic alliance. That, however, would fly in the face of the folie de grandeur — the delusions of grandeur — of European federalists who dream of transforming the EU into a geopolitical “great power.”

Evaluating the Strategic Concept

In an analysis — “The EU’s Strategic Compass: Brand New, Already Obsolete” — Nick Witney, a senior policy fellow with the pro-EU European Council on Foreign Relations, wrote:

“The product of many months of debate in Brussels, this effort to align the strategic thinking of 27 member states, each with its own foreign and defense policies, was meant to be a foundational document for a geopolitical EU. But, as a strategy conceived and largely drafted in the days before Russian President Vladimir Putin changed the world, the Strategic Compass has simply been overtaken by events….

“The Compass itself is full of the usual process-heavy gradualism, to be implemented over a decade and wrapped in conventional reflections on the dangerous world we live in and the ever-popular bromides about the EU’s need to ‘partner’ with all and sundry….

“What really dooms the operational side of the Compass’s agenda is, of course, the same thing that has crimped the EU’s military aspirations from the beginning — the reluctance of top brass across Europe to take the enterprise seriously. NATO has always been where ‘serious’ military business is done, where they rub shoulders with (and are told what to do by) the mighty United States. The notion of EU intervention operations seems, by contrast, both amateurish and risky without the US to back them up. Now that NATO is rejuvenated and overhauling its whole defensive posture against Russia, no one will rush to stand up a new EU force.”

In an interview with Euronews, Isabella Antinozzi, an analyst with the European Council on Foreign Relations, noted:

“The document devotes barely a line to outlining cooperation with the UK — which is striking considering how much of a key partner the UK is on matters of security and defense. This is, to me, a clear sign that relations between London and Brussels are completely strained.”

In an essay — “Grand Illusions: Partnerships in the EU’s Strategic Compass” — Antinozzi added:

“It is important for the EU to recognize that excluding the UK from European defense is likely to be both unrealistic and counterproductive. As such, any mixed feelings and wider political tensions associated with Brexit should now give way to constructive defense dialogue between the sides….

“Security and defence are versatile policy areas with the potential to help rebuild trust between London and Brussels. And ad hoc cooperation in these realms could provide a foundation for a better political relationship in the future.”

In an analysis — “Does the Strategic Compass Herald a Stronger EU in Security and Defense?” — Luigi Scazzieri, an analyst with the Center for European Reform, wrote:

“The Strategic Compass is unlikely to end transatlantic and European debates about the EU’s role in European security…. The EU’s ambitions to be a military player endure and could create friction between EU member-states and the U.S., and within Europe, if they lead to competition for resources and personnel with NATO. There may also be disagreements if the EU expands its investments in defense capabilities, as funds would almost certainly be tied to strengthening the EU defense industry and therefore buying European rather than US equipment.”

The Brussels-based Center for European Policy Studies published an 11-page report — “The EU’s Strategic Compass: A Guide to Reverse Strategic Shrinkage?” — which concluded:

“The text has been substantially rewritten in the last month to emphasize the impact of Russia’s war of aggression against Ukraine, revealing a newfound consensus on the danger Russia poses but also a lack of strategic foresight. This raises the question of whether the final document might contain shortcomings that could prove to be fatal. As it stands, the Strategic Compass may now be lopsided, downplaying the threat posed by China to the multilateral rules-based order vouched for by the EU and, despite being the talk of Brussels in 2021, the relevance to Europe of what will surely be the center of gravity in the 21st century: the Indo-Pacific. As such, the document essentially characterizes the EU’s security and defense ambitions as that of regional — not a global — power.”

Tyler Durden
Mon, 04/04/2022 – 02:00

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Pollsters Humiliated As 2 Pro-Putin Parties Win Avalanche Victories In European Elections

Pollsters Humiliated As 2 Pro-Putin Parties Win Avalanche Victories In European Elections

In a one-two knockout punch for pro-Russia governments in Europe, on Sunday the government of Serbia’s pro-Russia president Aleksandar Vučić was headed for an avalanche victory in the country’s presidential election with nearly 60% of the vote, a big improvement to this 2017 election result…

…. while Hungary’s Pro-Russia prime minister, Viktor Orban, was on track to clinch a fourth consecutive term, leveraging a message against being dragged into the war in neighboring Ukraine, to reassert himself as the European Union’s longest-serving premier.

With roughly half of the vote counted, Orban’s Fidesz party led United for Hungary, a six-member opposition alliance, 57% to 32% in the party list contest, according to the National Election Office, with 63% of the votes counted. That would be sufficient for Fidesz to keep its two-thirds parliamentary majority.

Despite opinion polls forecasting a tighter race, Orban’s Fidesz party won comfortably across much of the country. Opposition leader Peter Marki-Zay even failed to win in his own district, where he had served as mayor. The far-right extremist Mi Hazank party won 6.3%, and was set to enter parliament, further diluting the power of the anti-Orban alliance.

“We have such a victory it can be seen from the moon, but it’s sure that it can be seen from Brussels,” Orban said in his speech on Sunday night, making light of his government’s long-running tensions with EU leaders.

“We will remember this victory until the end of our lives because we had to fight against a huge amount of opponents,” Orban said, citing a number of his political enemies including the Hungarian left, “bureaucrats” in Brussels, the international media, “and the Ukrainian president too — we never had so many opponents at the same time.”

The election campaign was dominated by Moscow’s invasion of Ukraine, which put Orban’s lengthy association with Russian President Vladimir Putin under scrutiny. In his victory speech, Orban called Ukraine’s President Volodymyr Zelensky one of the “opponents” he had to overcome during the campaign.

Orban’s unexpectedly strong victory defied polls ahead of the vote that had predicted Orban would face the toughest challenge to re-election in his 12 years in power, according to a report from the anti-Orban Bloomberg News. It almost makes one wonder why anyone – besides liberals of course – still uses polling, which obviously can’t forecast the future and also fails at mere propaganda and influencing election turnouts.

Until recently, a new term would have been a defining moment for the 58-year-old Orban, who over the past decade consolidated power and challenged the EU’s so-called “democratic foundations”, raising questions about Hungary’s allegiance to so-called “western values.”

As Bloomberg adds, “after forging closer ties with Russian President Vladimir Putin while needling his EU counterparts over everything from controlling courts to LGBTQ rights, Orban risks deeper isolation as Europe confronts Moscow over the invasion of Ukraine.” Perhaps so, but the people have spoken and the people clearly want a person in charge who forges closer ties with Putin while needling EU counterparts. Or maybe it’s time for the deep state Biden to suggest some more regime change, this time in Hungary?

Amid the war in Hungary’s eastern neighbor, Orban refused to fold to western pressure and offered limited support for Ukraine, refusing to let weapons shipments cross Hungary and rejecting a ban of Russian oil and gas imports.

His message was that joining a rush by fellow EU and NATO members to aid Ukraine with weapons would drag Hungary into the war. That resonated with voters against an opposition campaign suggesting that Orban is Putin’s pawn and the ballot a choice between East and West.

In the end, being close to Putin served as a powerful force behind Orban’s avalanche victory.

That said, Obran has an uphill battle in containing the fallout from the Ukraine war – record pre-election spending which prompted the government to cut the economic growth outlook, will require Orban to almost immediately address budget concerns. Phasing out price caps on basic food items and especially fuel, imposed in the run-up to the vote, will test his enduring popularity. Household energy subsidies, in place since 2013 and a reliable vote-getter, may also have to go.

The political challenges could be equally daunting. While the cost of financing Hungarian debt has soared as the central bank hiked interest rates to the highest in the EU, Hungary’s access to billions of euros of crucial EU funding has been delayed due to concerns over corruption in Hungary, a standard trick in Brussels which ruthlessly and anti-democratically determines who can and can not rule in Europe by limiting access to funds.

Meanwhile, Orban’s political narrative – centering on the decline of the West and the rise of authoritarian regimes – remains his strong suit. As a result of the Ukraine war, about half a million refugees have arrived in Hungary, and in one of the starkest U-turns, the anti-immigration Orban welcomed them and even posted pictures of himself hugging Ukrainians.

He will also need to navigate a new EU mechanism that links funding to adherence to rule of law. It was approved in 2020 after the Hungarian premier outmaneuvered the bloc’s concerns about the rollback of democratic norms for the better part of the decade. Should it be activated this year, it threatens to deprive Hungary of as much as $40 billion. Of course, should it be activated, many peripheral states may simply decide to seek a better fate in the orbit of other nations – such as China or Russia – which would be a catastrophic blow to the future of the EU.

Tyler Durden
Mon, 04/04/2022 – 01:00

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NIH Admits It “Suppressed” Wuhan Lab Genetic Data, But Disputes Watchdog’s “Deleted” Label

NIH Admits It “Suppressed” Wuhan Lab Genetic Data, But Disputes Watchdog’s “Deleted” Label

Authored by Mark Tapscott via The Epoch Times (emphasis ours),

A National Institutes for Health (NIH) spokesperson is disputing a non-profit watchdog group’s claim that the agency “deleted” genetic sequencing data on Covid-19 from a Chinese lab, but the same official acknowledged the data was “suppressed.”

NIH Director Dr. Francis Collins holds up a model of the coronavirus as he testifies before a Senate Appropriations Subcommittee looking into the budget estimates for National Institute of Health (NIH) and the state of medical research, on Capitol Hill in Washington on May 26, 2021. (Sarah Silbiger/Pool via AP)

The headline says the sequences were deleted which is inaccurate. They were not deleted. This is a really important point, and I’ve highlighted what did happen from what we provided to you earlier this week,” NIH Media Branch Chief Amanda Fine told The Epoch Times in a March 31 email.

Fine was referring to a March 29 Epoch Times story headlined “NIH Deleted Info Received From Wuhan Lab on Covid-19 Genetic Sequencing, Watchdog’s FOIA Finds.” The information Fine referenced as having been provided to The Epoch Times by NIH earlier in the week was included in the published story:

“’In June 2020, in response to a request by the same [Wuhan] researcher, National Center for Biotechnology [NCBI] gave the sequence data the status of ‘withdrawn,’ which removes sequencing data from all public means of access but does not delete them.

“NCBI subsequently reassigned the status of the sequence data to ‘suppressed,’ which means that sequence data are removed from the search process but can be directly found by accession number. This action to reassign the data was identified as part of NLM’s ongoing review into the matter. We are working to make more information available,” the spokesperson said.

The biotechnology center, which is part of the institute’s National Library of Medicine (NLM), is the U.S. component of the International Nucleotide Sequence Database Collaboration.

The Epoch Times story was prompted by a report published on March 29 by Empower Oversight Whistleblowers and Research (EO) that was based on Freedom of Information Act (FOIA) responses the group received from the institute.

The non-profit reported that “on June 5, 2020, a Wuhan University researcher requested that NIH retract the researcher’s submission of BioProject ID PRJNA637497 because of error. The Wuhan researcher explained ‘I’m sorry for my wrong submitting,’” Empower Oversight said in a statement (pdf) on March 29.

“BioProject ID PRJNA637497 is also referred to as Submission-ID SUB7554642. Three days later, on June 8th, the NIH declined the researcher’s request, advising that it prefers to edit or replace, as opposed to delete, sequences submitted to the SRA,” EO reported. SRA refers to the Sequence Read Archive (SRA) data resource made available by NCBI, and it “stores raw sequencing data.”

“But then, on June 16, 2020, NIH officials reversed themselves and deleted the genetic sequencing data, as requested by the Wuhan researcher. That researcher was quoted by EO as explaining to NIH: ‘Recently, I found that it’s hard to visit my submitted SRA data, and it would also be very difficult for me to update the data. I have submitted an updated version of this SRA data to another website, so I want to withdraw the old one at NCBI in order to avoid the data version issue.’

“After some discussion about what would be deleted, the NIH concluded the discussion by reassuring the Wuhan researcher that it ‘had withdrawn everything.’”

Asked for a response to Fine’s claim the information was not deleted, EO Founder and President Jason Foster told The Epoch Times that NIH’s actions ensure the CCP (Chinese Communist Party) virus genetic sequencing info is only available to the few individuals possessing its “accession number,” which effectively deletes the data from open access and research.

“NIH documents released with Empower Oversight’s report demonstrate that the sequencing data was deleted from public view by the NIH at the request of the Wuhan researcher,” Foster said.

“Our report also details emails between Professor Jesse Bloom and the NIH’s Steve Sherry from October 2021 that clearly indicate NIH retained copies ‘for archival purposes.’ Yet, the emails demonstrate that NIH refused to share that data in an open, transparent scientific process sought by Professor Bloom,” Foster continued.

The NIH should make more information available about each and every time it reassigned the status of sequence data and any information potentially relevant to the origins of COVID-19 should be made available for scientific inquiry,” he said.

Fine did not respond when The Epoch Times asked who “has access to all of the genetic sequencing information provided by the Wuhan researcher and which was requested by that researcher to be removed.”

The Epoch Times also asked that because “NIH must know who in fact has accessed the data … who did so and when since the Wuhan researcher requested the information’s removal?”

Tyler Durden
Sun, 04/03/2022 – 23:30

via ZeroHedge News https://ift.tt/VBUyIiN Tyler Durden

“I Have No Idea What’s Going On” – Shanghai Officials Separate COVID-Positive Children From Parents As Outbreak Worsens

“I Have No Idea What’s Going On” – Shanghai Officials Separate COVID-Positive Children From Parents As Outbreak Worsens

Local authorities’ initial plans for a nine-day staggered lockdown in Shanghai have already been dashed, as we reported earlier that the entire city is now under some level of lockdown, despite authorities’ promises that the eastern half of the city would see restrictions eased on Friday. And while the CCP scrambles to bring more hospital capacity online to treat the desperately ill (including primarily those who are suffering from non-COVID maladies), locals are complaining that authorities have resorted to separating sick children from their parents in the name of the lockdown.

Parents who brought their children in for treatment have seen them taken by authorities and moved to official quarantine facilities, often leaving families in the dark about their childrens’ condition. When both parent and child have tested positive, doctors have used threats to browbeat families into compliance. in some cases, children as young as 3 months old have reportedly been separated from their breast-feeding mothers.

Reuters shared the story of Esther Zhao, a woman who was separated from her 2.5-year-old daughter in Shanghai after the girl came down with a fever.

Esther Zhao thought she was doing the right thing when she brought her 2-1/2-year-old daughter to a Shanghai hospital with a fever on March 26.

Three days later, Zhao was begging health authorities not to separate them after she and the little girl both tested positive for Covid, saying her daughter was too young to be taken away to a quarantine centre for children.

Doctors then threatened Zhao that her daughter would be left at the hospital, while she was sent to the centre, if she did not agree to transfer the girl to the Shanghai Public Health Clinical Center in the city’s Jinshan district.

Despite pleading with doctors for information, parents are often left in the dark, offered few – if any – updates about their child’s status.

Since then she has had only one brief message that her daughter was fine, sent through a group chat with doctors, despite repeated pleas for information from Zhao and her husband, who is in a separate quarantine site after also testing positive.

“There have been no photos at all…I’m so anxious, I have no idea what situation my daughter is in,” she said on Saturday through tears, while still stuck at the hospital she went to last week. The doctor said Shanghai rules is that children must be sent to designated points, adults to quarantine centres and you’re not allowed to accompany the children.

Making matters worse, images of crying children who had been separated from their parents went viral on Chinese social media, filling Zhao with feelings of dread. The photos and videos posted on China’s Weibo and Douyin (the Chinese version of TikTok) social media platforms depicted wailing babies, crowded three to a cot. In one video, a clearly distressed toddler crawled out of a room with four child-sized beds pushed to one side of the wall. Few adults could be seen. While Reuters wasn’t able to independently verify the videos, a sources familiar with the facility confirmed their authenticity, and also confirmed that the facility is situated in at the Jinshan District of Shanghai.

While most of these posts had been deleted by the authorities by Saturday, thousands of comments and complaints remained on the sites.

Some of the videos have survived on American social media.

The separation policy is the latest controversy to elicit widespread outrage across Shanghai. It comes after authorities were caught lying about the number of deaths in the city’s nursing homes.

The big question now: will this be enough to derail the political career of Li Qiang, the Communist Party secretary of Shanghai and an important ally of President Xi? Li is (or rather, was) expected to be elevated to the Politburo Standing Committee, China’s most powerful policy-setting body during the National Party Congress later this year.

But considering the number of local officials who have been sacked for their failure to contain local outbreaks, it’s not outside the realm of possibility that Li could be next.

Tyler Durden
Sun, 04/03/2022 – 23:00

via ZeroHedge News https://ift.tt/uHJAYGZ Tyler Durden