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Obama Risks Superspreader Event As 700 Expected To Attend 60th Birthday Party At Martha’s Vineyard Mansion

Obama Risks Superspreader Event As 700 Expected To Attend 60th Birthday Party At Martha’s Vineyard Mansion

Less than two weeks go, the Daily Mail reported on Australian socialite Anthony Hess, who ‘unknowingly spread the Delta strain of coron

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Obama Risks Superspreader Event As 700 Expected To Attend 60th Birthday Party At Martha's Vineyard Mansion

Less than two weeks go, the Daily Mail reported on Australian socialite Anthony Hess, who 'unknowingly spread the Delta strain of coronavirus to at least 60 people in a single weekend' despite being fully vaccinated.

And days ago, the Washington Post cited a CDC report which found that 75% of people infected during a Massachusetts COVID-19 outbreak associated with summer events and large public gatherings were fully vaccinated.

Now - as Democrat-run cities and states go back into quasi-lockdowns - former President Barack Obama has come under fire for forging ahead with his celeb-packed 60th birthday bash in Martha's Vineyard despite official warnings against large gatherings during the pandemic.

The party will be held outside the Obamas' 7,000-square-foot home in Edgarton he and former first lady Michelle bought in 2019 for nearly $12 million (pictured)

"If you're talking about a small party like I might have at my house for six or eight people who are all fully vaccinated, I do not believe, at this point, we need to put masks on to be next to each other" said NIH Director Francis Collins on Sunday, adding "But if there were 100 people, and, of course, how are you really going to be sure about people's vaccination status?"

The CDC, meanwhile, advises people who want to have large gatherings to instead do so virtually.

The event is expected to include 475 invited guests, served by at least 200 staff at his 30-acre, $12 million waterfront property he and wife Michelle bought in 2019, according to Axios, which adds that guests will need to be tested and vaccinated, and that the party will be held outdoors.

There will also be a "COVID coordinator' employed by the Obamas to ensure that proper protocols are being followed, however it's unclear how they will verify proof of a negative COVID test or a vaccine, or whether guests will be required to wear masks.

The New York Times reports that the community, at the tip of Cape Cod, was crowded with over 60,000 people, many of whom were maskless, during the holiday.

Officials did not worry about it, however, as the community had one of the highest vaccination rates in the state.

But since then, scientists have traced 965 cases to the gatherings, 238 of them involving Provincetown residents. -Daily Mail

As the Mail notes, twitter users immediately picked up on Obama's 'bad example.'

Pearl Jam will perform at the event, while a family spokesperson told The Sun that the guest list "includes a number of family members and friends to mark the occasion," while The Hill reports that Oprah Winfrey, George Clooney and Stephen Spielberg are slated to attend.

President Joe Biden, meanwhile, will not be in attendance.

Tyler Durden Mon, 08/02/2021 - 16:40

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Stocks

Largest Uranium-producing Countries

Which country had the highest uranium production in the world in 2020? Kazakhstan topped the list, followed by Australia and Namibia.
The post Largest Uranium-producing Countries appeared first on Investing News Network.

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Output from the top uranium-producing countries rose steadily for a decade, leading to a peak of 63,207 tonnes in 2016. However, global uranium production has noticeably declined in the past five years.

The lower production numbers are related to the persistently low spot price the uranium market has experienced over the last seven years; COVID-19 has also had an impact on global uranium output. While prices have begun to rebound, there is much work to be done for the industry to reach the strength seen prior to the 2011 Fukushima disaster.

The majority of mined uranium makes its way into the nuclear energy sector. Currently, 10 percent of the world’s electricity is generated by nuclear energy, and that number is expected to grow. Another by-product of mined ore is uranium oxide, which is used in glass, ceramics and for optic applications.

 

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10 largest uranium-producing countries

Due to its significance in energy generation, it’s important to know where uranium is mined and which nations are the largest uranium-producing countries.

Kazakhstan is the leader by a long shot, and has been since 2009. Last year, it was followed by Australia and Namibia in second and third place, respectively.

For investors interested in following the uranium space, having familiarity with these uranium production hotspots is essential. Read on to get a closer look at 2020’s largest uranium-producing countries. All statistics are from the World Nuclear Association’s most recent report on uranium mine production.

1. Kazakhstan

Mine production: 19,477 tonnes

As mentioned, Kazakhstan had the highest uranium production in the world in 2020. In fact, the country’s total output of 19,477 tonnes accounted for 41 percent of global uranium supply.

When last recorded in 2019, Kazakhstan had 906,800 tonnes of known recoverable uranium resources, second only to Australia. Most of the uranium in the country is mined via an in situ leaching process. Kazataprom (LSE:KAP), the country’s national uranium-mining company, is the world’s largest uranium producer with a number of projects and partnerships in various jurisdictions.

2. Australia

Mine production: 6,203 tonnes

Australia’s uranium production decreased slightly in 2020 to 6,203 tonnes, down from 2019’s 6,613 tonnes. The island nation holds 28 percent of the world’s known recoverable uranium resources.

Uranium mining has been a contentious and often political issue in Australia. While the sector is heavily regulated, the future of the industry is often called into question. Recently, the Western Australian government decided to allow existing projects to go ahead, but was clear that no new domestic uranium-mining projects will be approved. This decision has left a number of companies in limbo.

Australia is home to Olympic Dam, the largest-known deposit of uranium in the world. While the country permits some uranium-mining activity, it is opposed to using nuclear energy. A new partnership between Australia, the US and the UK that will allow the Oceanic country to acquire nuclear submarines has renewed debate over whether the country should develop its own nuclear energy capacity.

 

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3. Namibia

Mine production: 5,413 tonnes

Namibia’s uranium production has been steadily increasing after falling to a low of 2,993 tonnes in 2015. In fact, the African nation overtook longtime frontrunner Canada to become the third largest uranium-producing country in 2020, putting out 5,413 tonnes of the material.

The country is home to two uranium mines that are capable of producing 10 percent of the world’s output. Uranium miner Paladin Energy (ASX:PDN,OTCQX:PALAF) owns the Langer Heinrich mine, and mining major Rio Tinto (NYSE:RIO,ASX:RIO,LSE:RIO) controls the majority of the Rössing mine.

In 2017, Paladin took Langer Heinrich offline due to weak uranium prices. In 2020, the uranium spot price began to rise, prompting the uranium miner to ramp up restart efforts.

4.  Canada

Mine production: 3,885 tonnes

Canada’s uranium output has fallen dramatically in recent years since hitting a peak of 14,039 tonnes in 2016. After producing 6,938 tonnes of yellowcake in 2019, Canadian uranium production sank to 3,885 tonnes in 2020 as the COVID-19 pandemic led to operational shutdowns.

Saskatchewan’s Cigar Lake and McArthur River are considered the world’s two top uranium mines. Both projects are operated by sector major Cameco (TSX:CCO,NYSE:CCJ).

Uranium exploration is also very prevalent in Canada, with the majority occurring in the uranium-dense Athabasca Basin. That particular area of Saskatchewan is world renowned for its high-quality uranium deposits and friendly mining attitude. The province’s long history with the uranium-mining industry has helped Saskatchewan assert itself as an international leader in the uranium sector.

5. Uzbekistan

Mine production: 3,500 tonnes

In 2020, with an estimated 3,500 tonnes of output, Uzbekistan became one of the top five uranium-producing countries. Domestic uranium production has been gradually increasing in the Central Asian nation since 2016. Previously the seventh in terms of global uranium output, it is expanding production via Japanese and Chinese joint ventures.

Navoi Mining & Metallurgy Combinat is part of state holding company Kyzylkumredmetzoloto, and handles all the mining and processing of the domestic uranium supply.

 

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6. Niger

Mine production: 2,991 tonnes

Niger’s uranium production has declined year-over-year over the past decade, with output totaling 2,991 tonnes in 2020. The African nation has two uranium mines in production, SOMAIR and COMINAK, which account for 5.5 percent of the world’s uranium production.

Both projects are operated by subsidiaries of Orano, a private uranium miner with projects in top uranium-producing countries Kazakhstan and Canada.

Niger is also home to the flagship project of explorer GoviEx Uranium (TSXV:GXU,OTCQB:GVXXF). The uranium company is presently developing its Madaeouela asset, as well as projects in Zambia and Mali.

7. Russia

Mine production: 2,846 tonnes

Russia was in seventh place in terms of uranium production in 2020. Output has been steady in the country since 2011, usually coming in near the 3,000 tonne range.

The top uranium-producing country is expected to increase its production in the coming years to meet its energy needs and growing uranium demand around the world. However, Russian uranium has been an area of controversy in recent years, with the US conducting a Section 232 investigation around the security of uranium imports from that region.

In terms of domestic uranium production, Rosatom, a subsidiary of ARMZ Uranium Holding, owns the country’s Priargunsky underground mine and is working on developing the Vershinnoye deposit in Southern Siberia through a subsidiary.

8. China

Mine production: 1,885 tonnes

China’s uranium production rose from 885 tonnes in 2011 to 1,885 tonnes in 2018, and has been holding steady since then. China General Nuclear Power, the country’s sole domestic uranium supplier, is looking to expand nuclear fuel supply deals with Kazakhstan and additional foreign uranium companies.

China’s goal is to supply one-third of its nuclear fuel cycle with uranium from domestic producers, obtain one-third through foreign equity in mines and joint ventures overseas and purchase one-third on the open uranium market. China is also leading the way in nuclear energy generation; Mainland China has 51 nuclear reactors with an additional 18 in construction.

 

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9. Ukraine

Mine production: 400 tonnes

After reaching a high of 1,200 tonnes in 2015, uranium production in Ukraine slid to 800 tonnes in 2016. After a few more years at around the 800 tonne level, output dropped to 400 tonnes in 2020.

Ukraine is heavily dependent on nuclear power, and has 15 reactors that meet about half of the country’s electricity requirements. Most of its uranium demand is met through Russian uranium.

Ukraine holds just 2 percent of the world’s known uranium reserves; in comparison, neighboring Russia accounts for 8 percent of the world’s uranium reserves.

10. India

Mine production: 400 tonnes

Rounding out the list is India, which produced 400 tonnes of the energy fuel in 2020. The country’s uranium output has held steady between 300 and 420 tonnes over the past decade.

As of 2018, the country had uranium stockpiles of 71,000 tonnes dedicated to its domestic nuclear energy sector. India currently has 23 operating nuclear reactors with another seven under construction. “The Indian government is committed to growing its nuclear power capacity as part of its massive infrastructure development programme,” according to the World Nuclear Association.

“The government has set ambitious targets to grow nuclear capacity.”

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

 

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Commodities

A Looming Crude Oil Showdown

A Looming Crude Oil Showdown

By Ryan Fitzmaurice, senior commodity strategist at Rabobank

Summary

As expected, China’s recent attempt to pressure oil prices lower has so far been unsuccessful

All eyes will be on the next OPEC+…

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A Looming Crude Oil Showdown

By Ryan Fitzmaurice, senior commodity strategist at Rabobank

Summary

  • As expected, China’s recent attempt to pressure oil prices lower has so far been unsuccessful

  • All eyes will be on the next OPEC+ meeting to see if Saudi Arabia will surprise the oil market by slowing or pausing planned production increases in response to China’s SPR release

  • US CPI inflation data for August registered a +5.3% year-on-year gain in consumer prices

  • The broad-based commodity indices are signalling even more upside inflationary pressures ahead, as those indices reached new multi-year highs just this week

Oil prices were strong last week, setting new multi-week highs much to the dismay of large oil consuming nations that are fighting soaring commodity price inflation. This is particularly true for China given that crude oil imports there have soared back above the 10mb/d mark in recent data.

Moreover, China’s recent attempt to pressure oil prices lower by announcing its intention to release oil from its strategic petroleum reserve (SPR) has so far been unsuccessful, a dynamic we discussed in detail in last week’s note. Further reinforcing our thesis, oil prices fell suddenly again on Tuesday morning as more details of the Chinese SPR release were announced, however, the bearish market reaction was very short-lived and oil prices went on to quickly recover and settle higher on the day, just as they did last week when news of the Chinese SPR plans first hit the wires. Notably, ever since the pandemic hit, OPEC+ holds a virtual conference call every month to adjust supply to current market conditions with the stated goal of reducing global stockpiles and the unstated goal of increasing oil prices and revenue.

As such, all eyes will be on the next OPEC+ meeting, scheduled for October 4th, to see if Saudi Arabia will surprise the oil market by slowing or pausing planned production increases in response to China’s SPR release. This is a real possibility, as we see it, and especially in light of the Saudi Energy Minister’s recent comments indicating he still has “tricks up his sleeve” and suggesting he would inflict financial pain on those that seek to impede the OPEC+ mission.

Importantly, if there were to be a surprise on the supply side, it would likely have a much bigger impact on oil than the Chinese SPR release has, given that OPEC+ controls nearly all of the available spare capacity. In addition to that, OPEC+ has the powerful herd of systematic algos on its side doing the heavy-lifting and bidding oil prices higher.

Commodity inflation

As we noted in the onset, soaring commodity price inflation has put large consuming nations on the defensive this year. Further to that end, US CPI data for August was released on Tuesday and registered a +0.3% month-on-month gain which equated to a +5.3% year-on-year gain in consumer prices. Moreover, this was the fourth consecutive month that consumer inflation has come in at or above 5% y/y with no signs of letting up. In fact, the broad-based commodity indices are signalling even more upside inflationary pressures ahead, as those indices reached new multi-year highs just this week, thanks in large part to the gains in oil and gasoline prices.

The CPI data release also prompted comments from President Biden yesterday in which he suggested that gasoline prices were somehow being artificially propped up despite evidence that they should be lower, as he put it. The President did not provide any detail as to what evidence there is to suggest gasoline prices should be lower which left many traders and analysts scratching their heads. On the contrary, we see considerably more upside risks than downside risks to oil and gasoline prices into year-end and even beyond. As it stands, both fundamental and quantitative market signals are overwhelming bullish and the speculative positioning has plenty of room to grow from current levels as we discussed last week. Perhaps more important though, is the revival in commodity index investing that was such a key driver for commodity markets in the first half of the year. On that note, the massive capital inflows into commodity index products witnessed in the first half of the year have gone dormant in recent months, a dynamic we detailed here. However, in our view, it won’t be long before institutional investors and large asset managers are forced to increase commodity index allocations as surging inflation expectations and fear of missing out forces capital off the side-lines. As such, we fully expect to see a notable pick-up in commodity allocations in the coming weeks and months given the well-known inflation hedging benefits commodity indices have historically provided. Furthermore, commodity markets are the best performing asset-class year-to-date with gains of more than 25%, so those asset allocators that have remained underweight commodities have missed out on the strong risk-adjusted gains and are very likely underperforming their peers and benchmarks.

Looking Forward

Looking forward, we see real potential for a bullish OPEC+ surprise at the upcoming October meeting in response to China’s recent SPR release. As we noted, OPEC+ currently has the herd of systematic algorithms on its side helping to bid up prices. Further to that end, aggregate open interest for petroleum futures increased this week as prices rose, signalling new speculative “long” positions are likely being established.

Furthermore, we see the potential for a large increase in commodity index allocations as a result of surging inflation worries coupled with fears of missing out (FOMO) on the strong absolute and relative performance of commodity markets this year.

Tyler Durden Mon, 09/20/2021 - 18:40

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Government

Mass Exodus Begins As Illegal Immigrants Abandon Texas Bridge Camp For Mexico To Avoid Deportations

Mass Exodus Begins As Illegal Immigrants Abandon Texas Bridge Camp For Mexico To Avoid Deportations

Authored by Charlotte Cuthbertson and Zachary Stieber via The Epoch Times,

Some of the thousands of illegal immigrants who have amassed…

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Mass Exodus Begins As Illegal Immigrants Abandon Texas Bridge Camp For Mexico To Avoid Deportations

Authored by Charlotte Cuthbertson and Zachary Stieber via The Epoch Times,

Some of the thousands of illegal immigrants who have amassed near the Texas border are leaving the United States, going back to Mexico to pick up supplies or avoid being deported back to their home countries.

Haitians and others were witnessed Monday crossing the Rio Grande River to enter Acuna, Mexico, as they consider their options following a U.S. crackdown on the illegal immigrant camp under the international bridge just north of the border in Del Rio.

Phanel, a Haitian who has been living in Chile for three years, was one of the immigrants who went to Acuna. He told The Epoch Times he was stocking up on supplies, including water and fruit, after hearing around camp that everybody who stayed would get deported.

Phanel, an illegal immigrant from Haiti, points to supplies he picked up in Acuna, Mexico, on Sept. 20, 2021. (Charlotte Cuthbertson/The Epoch Times)

Phanel, who declined to give his last name, said he was considering what to do next.

Yaneth, 32, whose husband is Haitian, also expressed concern about being deported. She planned to venture back to Del Rio to get her family, including her partner, and return to Acuna to try to formulate a plan.

Yaneth, an illegal immigrant, is seen in Acuna, Mexico, on Sept. 20, 2021. (Charlotte Cuthbertson/The Epoch Times)

Recounting a harrowing journey from Chile, Yaneth said that most women who travel through the Darien jungle get raped. “I’m not going back,” she said, adding that the family would likely go to a different part of the U.S.-Mexico border and try to cross there.

People carry supplies from Acuna, Mexico, on their way back to Del Rio, Texas, on Sept. 20, 2021. (Charlotte Cuthbertson/The Epoch Times)

Nader Alth, 39, was not as certain of heading to a different spot on the border. The Haitian native, who was with his 9-year-old son, was looking for a shelter in Mexico and said he’d stay there for now.

“It’s not an option to back to Haiti,” he told The Epoch Times.

“I can’t go back, they’ll kill me.”

Nader Alth, an illegal immigrant from Haiti, is seen in Acuna, Mexico, on Sept. 20, 2021. (Charlotte Cuthbertson/The Epoch Times)

The Del Rio area has become the epicenter of the Biden administration’s border crisis, which has built up since the president took office in January and abruptly reversed or altered key Trump-era policies like the Migrant Protection Protocols, the border wall, and the expulsion of illegal immigrant children through pandemic-era powers.

Homeland Security Secretary Alejandro Mayorkas traveled to the area on Monday to get an on-the-ground operational update and see firsthand the huge, litter-ridden camp that sprung up under the international bridge in the Texas town.

Mayorkas said the surge in immigrants was “rather sudden” and “rather dramatic,” prompting a large scale response that has included moving some 6,500 immigrants to other parts of the border in the last several days to ease the burden on the overtaxed agents in the Del Rio Border Sector while sending approximately 400 agents and officers to the sector.

The Department of Homeland Security conducted three repatriation flights from Del Rio to Port-au-Prince, Haiti on Sunday, flying 327 Haitian nationals back to their home country. The agency expects to conduct one to three such flights per day for a while, and is attempting to secure additional planes to carry out more flights.

Mayorkas denounced what he described as “false information” driving the surge. He said the message to people thinking about making the journey from the south is that:

“Our borders are not open and people should not make the dangerous journey.”

“if you come to the United States illegally, you will be returned. Your journey will not succeed and you will be endangering your life and your family’s life,” he said, adding that many of the immigrants would be deported.

Biden administration officials have emphasized the message for months, but it’s been undercut by some of the worst border numbers in history and by officials allowing a large portion of the immigrants to stay in the United States as well as the rollback of various immigration enforcement schemes, such as the protocols.

Mayorkas later denounced smugglers, saying: “It is tragic to see families, vulnerable individuals, who have been deceived by treacherous and exploitative smuggling organizations. It is tragic and it is heartbreaking.”

Tyler Durden Mon, 09/20/2021 - 18:00

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