GOLD: $1331.30  UP $ 9.90  (COMEX TO COMEX CLOSINGS)

Silver: $16.72 UP 8 CENTS (COMEX TO COMEX CLOSINGS)

Closing access prices:

Gold $1331.00

silver: $16.70

For comex gold:

APRIL/

NUMBER OF NOTICES FILED TODAY FOR APRIL CONTRACT:96 NOTICE(S) FOR 9600 OZ.

TOTAL NOTICES SO FAR 967 FOR 696700 OZ (3.007 tonnes)

ACTUALLY THERE WERE TWO LOTS FILED;  LATE THIS AFTERNOON:  198 AND LATE TONIGHT: 96

THE COMEX IS OUT OF GOLD

For silver:

APRIL

11 NOTICE(S) FILED TODAY FOR

55,000 OZ/

Total number of notices filed so far this month: 477 for 2,385,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: BID $9301/OFFER $9401: up $390(morning)

Bitcoin: BID/ $9409/offer 9509: UP $502  (CLOSING/5 PM)

 

end

First Shanghai gold fix comes at 10 pm est

The second Shanghai gold fix:  2:15 pm

First Shanghai gold fix gold: 10 pm est:  1334.58

NY price  at the same time: 1326.80

PREMIUM TO NY SPOT: $7.00

ss

Second gold fix early this morning:  1334.46

USA gold at the exact same time:  1327.20

PREMIUM TO NY SPOT:  $7.26

AGAIN, SHANGHAI REJECTS NEW YORK PRICING.

WE WILL NOT PROVIDE LONDON FIXES AS THEY ARE NOT ACCURATE AS TO WHAT IS GOING ON AT THE SAME TIME FRAME.

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

In silver, the total OPEN INTEREST FELL BY A CONSIDERABLE 6923 CONTRACTS FROM  221,503  FALLING TO 214,580  ACCOMPANYING YESTERDAY’S HUGE  50 CENT LOSS IN SILVER PRICING. AFTER A  STRING OF 4 CONSECUTIVE OI GAINS, WE FINALLY REGISTER TWO CONSECUTIVE DROPS IN OI. HOWEVER WE WERE AGAIN NOTIFIED THAT WE HAD AN HUMONGOUS SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 0 EFP CONTRACTS FOR APRIL,  5220 EFP’S FOR MAY , 193 EFP’S FOR JULY AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE OF 5413 CONTRACTS. WITH THE TRANSFER OF 5413 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 5413 EFP CONTRACTS TRANSLATES INTO 27.065 MILLION OZ  ACCOMPANYING 1.THE FALL IN  SILVER PRICE (50 CENTS) AT THE COMEX AND 2. THE STRONG AMOUNT OF SILVER OUNCES STANDING FOR APRIL COMEX DELIVERY.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF APRIL:

62,177 CONTRACTS (FOR 17 TRADING DAYS TOTAL 62,177 CONTRACTS) OR 310.885 MILLION OZ: AVERAGE PER DAY: 3,657 CONTRACTS OR 18.287 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH:  310.885 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 44.41% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S:  1.028950      BILLION OZ.

ACCUMULATION FOR JAN 2018:                                               236.879     MILLION OZ

ACCUMULATION FOR FEB 2018:                                               244.95         MILLION OZ

ACCUMULATION FOR MARCH 2018:                                       236.67         MILLION OZ

RESULT: WE HAD A CONSIDERABLE SIZED FALL IN COMEX OI SILVER COMEX OF 6923  ACCOMPANYING THE LARGE 50 CENT LOSS IN SILVER PRICE.    THE CME NOTIFIED US THAT WE HAD AN HUMONGOUS  SIZED EFP ISSUANCE OF 5413 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) . FROM THE CME DATA:  0 CONTRACTS WERE ISSUED FOR APRIL, 5220  EFP’S WERE ISSUED  FOR THE  MONTH OF MAY, AND 193 EFP CONTRACTS FOR JULY,   FOR  A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS (TOTAL: 5413). SURPRISINGLY  WITH THE HUGE WHACK YESTERDAY WE LOST ONLY  1510 OI CONTRACTS ON THE TWO EXCHANGES: i.e. 5413 open interest contracts headed for London (EFP’s) TOGETHER WITH AN DECREASE OF 6923  OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE  FALL IN PRICE OF SILVER OF 50 CENTS AND A CLOSING PRICE OF $16.64 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY IN THIS NON ACTIVE APRIL DELIVERY MONTH. 

In ounces AT THE COMEX, the OI is still represented by WELL OVER 1 BILLION oz i.e. 1.073 BILLION TO BE EXACT or 155% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT APRIL MONTH/ THEY FILED: 11 NOTICE(S) FOR 55,000 OZ OF SILVER

IN SILVER, WE HAVE NOW SET THE NEW RECORD OF OPEN INTEREST AT 243,411 AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51  ON APRIL 9.2018.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH 27 MILLION OZ AND APRIL 1.8 MILLION OZ)
2. HUGE RECORD OPEN INTEREST IN SILVER  243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018
3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
4. RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 310.885 MILLION OZ/ (SO FAR)

AND YET WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND.  TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN  (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT). IT ALSO LOOKS LIKE BANKER CAPITULATION IN SILVER AS THEY STRUGGLE TO REMOVE SOME OF THEIR HUGE OBLIGATIONS.

In gold, the open interest  FELL BY 4629 CONTRACTS DOWN TO 510,233 ACCOMPANYING THE FALL IN PRICE/YESTERDAY’S TRADING ( DROP OF $14.00).  WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF APRIL. THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GIGANTIC SIZED 15,916 CONTRACTS :   JUNE SAW THE ISSUANCE OF 15,851 CONTRACTS , MAY SAW THE ISSUANCE OF 0 CONTRACTS  AND AUGUST SAW THE ISSUANCE OF: 65 CONTRACTS (REPORTED LATE YESTERDAY) WITH ALL OTHER MONTHS ZERO.  The new OI for the gold complex rests at 510,233. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI  TOGETHER WITH  THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A LARGE SIZED  OI GAIN IN CONTRACTS ON THE TWO EXCHANGES: 4629 OI CONTRACTS DECREASED AT THE COMEX AND AN GIGANTIC SIZED 15,916 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS  TOTAL OI GAIN: 11,287 CONTRACTS OR 1,128,700 OZ = 35.107 TONNES.

YESTERDAY, WE HAD 11,451  EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 191,803 CONTRACTS OR 191,80,300  OZ OR 596.58 TONNES (17 TRADING DAYS AND THUS AVERAGING: 11,282 EFP CONTRACTS PER TRADING DAY OR 1,128,200 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :   SO FAR THIS MONTH IN 17 TRADING DAYS IN  TONNES: 596.58 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 596.58/2550 x 100% TONNES =  23.39% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.*** THE ACCUMULATION OF EFP CONTRACTS IS RISING PER MONTH.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:  2,642.005*  TONNES   *SURPASSED ANNUAL PROD’N

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018:           653.22  TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY 2018:         649.45 TONNES

ACCUMULATION OF GOLD EFP’S FOR MARCH 2018:                741.89 TONNES

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. 

Result: AN  DECREASE IN OI AT THE COMEX OF 4629 WITH THE FALL IN PRICE // GOLD TRADING YESTERDAY ($14.00 DROP). WE ALSO HAD A GIGANTIC SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 15,916 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED.   THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX.  I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 11,451 EFP CONTRACTS ISSUED, WE HAD A STRONG SIZED NET GAIN OF 12,757 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES: 

15,916 CONTRACTS MOVE TO LONDON AND 4619 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 35.107 TONNES).

we had:96 notice(s) filed upon for 9600 oz of gold at the comex.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD UP  $9.90 :  WE HAD NO  CHANGES IN GOLD INVENTORY AT THE GLD/

Inventory rests tonight: 865.89 tonnes.

SLV/

WITH SILVER UP 8 CENTS TODAY: ANOTHER HUGE  CHANGE/SOMETHING SPOOKED THE CROOKS: A DEPOSIT OF 1.601 MILLION OZ

/INVENTORY RESTS AT 316.899 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in SILVER FELL BY A CONSIDERABLE 6923 CONTRACTS from 221,503 UP TO 214,580 (AND CLOSER TO THE  NEW COMEX RECORD SET /APRIL 9/2017 AT 243,411). THE PREVIOUS RECORD OTHER THAN WAS ESTABLISHED AT: 234,787, SET ON APRIL 21.2017 ALMOST ONE YEAR AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89. AFTER WE HAVE HAD FOUR CONSECUTIVE OI GAINS WE FINALLY HAVE TWO  CONSECUTIVE OI DROPS.  HOWEVER OUR BANKERS ALSO USED THEIR EMERGENCY PROCEDURE TO ISSUE: 0 EFP CONTRACTS FOR APRIL, 5220 EFP CONTRACTS FOR MAY  (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM), AND 193 EFP’S FOR JULY AND ALL OTHER MONTHS ZERO. TOTAL EFP ISSUANCE:  5413 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  OI LOSS AT THE COMEX OF 6923 CONTRACTS TO THE 5413 OI TRANSFERRED TO LONDON THROUGH EFP’S, SURPRISINGLY WE OBTAIN A LOSS OF 1510 OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES:  7.55 MILLION OZ!!! AND THIS OCCURRED DESPITE A HUGE  FALL IN PRICE OF 50 CENTS.  THE BANKERS ORCHESTRATED THEIR RAID YESTERDAY TO DESPERATELY TRY AND PARE THEIR GIGANTIC OPEN INTEREST SHORT ON BOTH EXCHANGES BUT TO NO AVAIL: ON A NET BASIS NOBODY LET THE SILVER ARENA.   

RESULT: A GOOD SIZED DECREASE IN SILVER OI AT THE COMEX ACCOMPANYING THE  FALL IN SILVER PRICING / YESTERDAY (50 CENTS/) . BUT WE ALSO HAD ANOTHER HUMONGOUS SIZED 5413 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR APRIL, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)TUESDAY MORNING/MONDAY NIGHT: Shanghai closed UP 60.92 POINTS OR 1.99%  /Hang Sang CLOSED UP 381.94 POINTS OR 1.26%   / The Nikkei closed UP 190.08 POINTS OR 0.86%/Australia’s all ordinaires CLOSED UP .56% /Chinese yuan (ONSHORE) closed UP at 6.3070/Oil UP to 69,07 dollars per barrel for WTI and 74.73 for Brent. Stocks in Europe OPENED MIXED.   ONSHORE YUAN CLOSED UP AT 6.3070 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3068/ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING  WEAKER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW LOOKS LIKE A FULL TRADE WAR IS BEGINNING/

/NORTH KOREA/SOUTH KOREA

i)North Korea/

b) REPORT ON JAPAN

3 c CHINA

4. EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

ii)TURKEY/USA/SYRIA

Turkey is upset with the USA in that they are providing 5,000 trucks loaded with weapons to the Kurds in Northern Syria and yet the USA refuses to supply defensive weapons to Turkey. No wonder Turkey wants to repatriate its gold from the Federal Reserve Bank of New York  (FRBNY)

( zerohedge)

iii)IRAN/EUROPE/USA

( zerohedge)

6 .GLOBAL ISSUES

ii)Bellwether Caterpillar, a good indicator of global growth had good earnings but stunned the market as the basically stated that the economy turned on a dime

( zerohedge)

7. OIL ISSUES

8. EMERGING MARKET

9. PHYSICAL MARKETS

10. USA stories which will influence the price of gold/silver

b)This is interesting:  a former Obama DOJ made a dramatic call to McCabe to quash the Clinton probe

(courtesy zerohedge)

Trading Volumes on the COMEX

PRELIMINARY COMEX VOLUME FOR TODAY:266,471  contracts

CONFIRMED COMEX VOL. FOR YESTERDAY: 312,630 contracts

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:

Meanwhile, gold-trading volumes on the COMEX have never been higher:

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now for the wild silver comex results.

Total silver OI FELL BY A CONSIDERABLE 6923 CONTRACTS FROM 221,503 DOWN TO 214,580 (AND CLOSER TO THE NEW RECORD OI FOR SILVER SET APRIL 9.2018/ 243,411 CONTRACTS)  WITH THE 50 CENT FALL IN SILVER PRICING.  WE ALSO WERE ALSO INFORMED THAT WE HAD A 0 EFP CONTRACTS ISSUED FOR APRIL,  5220 EMERGENCY EFP’S FOR MAY ISSUED BY OUR BANKERS,  AND 193 EFP CONTRACTS ISSUED FOR JULY AND ZERO FOR ALL OTHER MONTHS.  THESE EFPS WERE ISSUED TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  THE TOTAL EFP’S ISSUED: 5413.   ON A NET BASIS WE LOST 1510 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 6923 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 5,413 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET LOSS  ON THE TWO EXCHANGES:   1510   CONTRACTS 

AMOUNT STANDING FOR SILVER AT THE COMEX

We are now in the non active delivery month of April and here the front month LOST 115 contracts FALLING TO 31 contracts.  We had 5 notices filed upon  so in essence we LOST 120 contracts or 600,000 additional ounces of silver will NOT  stand for delivery in this non active delivery month of April .

The next big active delivery month for silver will be May and here the OI LOST 17,874 contracts DOWN to 67,226. June saw a GAIN of 208 contracts to stand at 382.  The next big delivery month for silver is July and here the OI ROSE by 7396 contracts UP to 104,008.

We had 11 notice(s) filed for 55,000 OZ for the APRIL 2018 contract for silver

IN THE LAST 18 MONTHS 73 NET TONNES HAS LEFT THE COMEX.

end

And now for silver

AND NOW THE APRIL DELIVERY MONTH

APRIL INITIAL standings/SILVER

we had 0 inventory movement at the dealer side of things

total dealer deposits:  nil oz

we had 0 deposits into the customer account

i) Into JPMorgan: nil oz

*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 140 million oz of  total silver inventory or 53.4% of all official comex silver. (140 million/263 million)

JPMorgan did not  deposit  into its warehouses (official) today.

ii) everybody else: OZ

total deposits today: nil  oz

we had 5 withdrawals from the customer account;

i) out of Brinks: 2000.35 oz

ii) Out of Delaware:  1001.00 oz

iii) Out of CNT 615,084.157 oz

iv) Out of HSBC: 20,014.380

v) Out of Scotia:  65,235.037 oz

total withdrawals;  703,334.924  oz

we had 0 adjustment

total dealer silver:  62.576 million

total dealer + customer silver:  261.751 million oz

The total number of notices filed today for the APRIL. contract month is represented by 11 contract(s) FOR 55,000 oz. To calculate the number of silver ounces that will stand for delivery in APRIL., we take the total number of notices filed for the month so far at 477 x 5,000 oz = 2,385,000 oz to which we add the difference between the open interest for the front month of April. (31) and the number of notices served upon today (11 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the APRIL contract month: 477(notices served so far)x 5000 oz + OI for front month of April(31) -number of notices served upon today (11)x 5000 oz equals 2,485,000 oz of silver standing for the April contract month 

WE LOST 120  SILVER CONTRACT OR 600,000 ADDITIONAL OUNCES WILL NOT STAND IN THIS NON ACTIVE DELIVERY MONTH OF APRIL AND THESE GUYS GAVE UP AT THE COMEX AND TRAVELED TO LONDON IN AN ATTEMPT TO OBTAIN METAL. 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

CRIMINALS!!

ESTIMATED VOLUME FOR TODAY: 163,430 CONTRACTS (WOW)  817 MILLION OZ OR 116% OF ANNUAL PRODUCTION.

CONFIRMED VOLUME FOR YESTERDAY: 206,603 CONTRACTS (my goodness)

YESTERDAY’S CONFIRMED VOLUME OF  206,603 CONTRACTS EQUATES TO 1,033 MILLION OZ (1.033 billion oz) OR 148% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott 

1. Sprott silver fund (PSLV): NAV FALLS TO -2.22% (APRIL 24/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.51% to NAV (APRIL 24/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.22%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.51%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV FALLS TO -2.12%: NAV 13.77/TRADING 13.47//DISCOUNT 2.12.

END

And now the Gold inventory at the GLD/

APRIL 24./WITH GOLD UP $9.90, WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES/

APRIL 23.2018/WITH GOLD DOWN $14.00/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES.

APRIL 20/WITH GOLD DOWN $10.20: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES

APRIL 19/WITH GOLD DOWN $4.25: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES/

APRIL 18/WITH GOLD UP $3.65: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES

APRIL 17/WITH GOLD DOWN $1.00 NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES/

April 16/WITH GOLD UP$2.80/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES/

April 13/WITH GOLD UP $6.15, A HUGE DEPOSIT OF 5.90 TONNES INTO THE GLD INVENTORY/INVENTORY RESTS AT 865.89 TONNES

April 12/WITH GOLD DOWN $17.40/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859.99 TONNES

April 11/WITH GOLD UP $13.85/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859,99 TONNES

APRIL 10/WITH GOLD UP $5.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859.99 TONNES

APRIL 9/WITH GOLD UP$4.50/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859.99 TONNES

APRIL 6/WITH GOLD UP $7.50 ,A HUGE CHANGE IN INVENTORY AT THE GLD/ A DEPOSIT OF 5.90 TONNES/INVENTORY RESTS AT 859.99 TONNES

APRIL 5/WITH GOLD DOWN $8.20 WE HAD TWO ENTRIES: 1) TINY WITHDRAWAL OF .28 TONNES TO PAY FOR FEES AND 2) A DEPOSIT OF 2.06 TONNES//INVENTORY RESTS AT 854.09 TONNES

April 4/WITH GOLD UP $2.90 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 852.31 TONNES

APRIL 3./WITH GOLD DOWN $9.30 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 852.31 TONNES

APRIL 2/WITH GOLD UP $19.50, WE HAD A BIG  CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 6.19 TONNES/INVENTORY RESTS AT 852.31 TONNES

MARCH 29/WITH GOLD DOWN $3.20 AND OPTIONS EXPIRY FINISHED, WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS A 846.12 TONNES

March 28/WITH GOLD DOWN $16.70, ANOTHER RAID ORCHESTRATED, AGAIN NO SURPRISES AS WE WITNESS ANOTHER 1.18 TONNES OF GOLD REMOVED/INVENTORY RESTS AT 846.12 TONNES

MARCH 27/WITH GOLD DOWN $11.70 AND A RAID INITIATED, IT WAS NO SURPRISE TO SEE THAT A MASSIVE WITHDRAWAL OF 3.24 TONNES WAS USED IN THE ABOVE RAID/INVENTORY RESTS AT 847.30 TONNES

MARCH 26./WITH GOLD UP $4.60/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 850.54 TONNES

MARCH 23/WITH GOLD UP $23.30/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 850.54 TONNES

MARCH 22.WITH GOLD UP $5.90, NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 850.54 TONNES/

MARCH 21/WITH GOLD UP $9.65 NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 850.54 TONNES

March 20/WITH GOLD DOWN $5.75, A SURPRISING HUMONGOUS DEPOSIT OF 10.32 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 850.64 TONNES/

SO FAR, FOR THE MONTH OF MARCH, THE GLD HAS ADDED 19.61 TONNES WITH A NET LOSS OF $17.45

March 19/WITH GOLD UP $5.25: ANOTHER HUGE DEPOSIT OF GOLD TO THE TUNE OF 2.07 TONNES/GOLD INVENTORY RESTS TONIGHT AT 840.22 TONNES

MARCH 16/WITH GOLD DOWN $5.65/OUR CROOKS DEPOSITED ANOTHER 4.42 TONNES INTO GLD INVENTORY/INVENTORY RESTS AT 838.15 TONNES

FOR THE WEEK: GOLD LOST  $11.80, BUT GOLD INVENTORY ADVANCED:4.42 TONNES

MARCH 15/WITH GOLD DOWN $7.85, NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 14/WITH GOLD DOWN $1.55/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 13/WITH GOLD UP $6.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

APRIL 24/2018/ Inventory rests tonight at 865.89 tonnes

*IN LAST 368 TRADING DAYS: 75.15 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 318 TRADING DAYS: A NET 81.15 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory/

APRIL 24./WITH SILVER UP 8 CENTS/SOMETHING SPOOKED OUR CROOKS TO ADD SOME PAPER SILVER: A DEPOSIT OF 1.601 MILLION OZ/INVENTORY RESTS AT 316.899 MILLION OZ/

APRIL 23.2018/WITH SILVER DOWN 50 CENTS, ANOTHER HUGE WITHDRAWAL FROM THE SLV INVENTORY: A WITHDRAWAL OF 1.413 MILLION OZ/INVENTORY RESTS AT 315.298 MILLION OZ.

APRIL 20/WITH SILVER DOWN 11 CENTS: ANOTHER HUGE CHANGE IN SILVER INVENTORY: A WITHDRAWAL OF 1.13 MILLION OZ//SLV RESTS TONIGHT AT 316.711 MILLION OZ/

APRIL 19/WITH SILVER UP 3 CENTS TODAY: WE HAD A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.355 MILLION OZ/ MAKES ABSOLUTELY NO SENSE!!/INVENTORY RESTS AT 317.841 MILLION OZ

APRIL 18/WITH SILVER UP 44 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ

APRIL 17/WITH SILVER UP 10 CENTS TODAY/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS  AT 320.196 MILLION OZ

April 16/WITH SILVER UP 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

April 13/WITH SILVER UP 17 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ.

April 12/WITH SILVER DOWN 27 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

April 11/2018/WITH SILVER UP 16 CENTS:  NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

APRIL 10/WITH GOLD UP 8 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

APRIL 9/WITH SILVER UP 12 CENTS/WE HAD NO CHANGES IN SILVER INVENTORY/INVENTORY RESTS AT 320.196 MILLION OZ/

APRIL 6/WITH SILVER UP 4 CENTS, WE HAD A HUGE DEPOSIT OF 1.319 MILLION OZ INTO THE SLV INVENTORY/INVENTORY RESTS AT 320.196 MILLION OZ

APRIL 5/WITH SILVER UP 6 CENTS/NO CHANGES IN INVENTORY AT THE SLV/INVENTORY RESTS AT 318.877 MILLION OZ/

April 4/WITH SILVER DOWN 11 CENTS/A SMALL CHANGE IN SILVER INVENTORY AT THE SLV/ A WITHRAWAL OF 135,000 OZ AND THIS IS PROBABLY TO PAY FOR FEES/INVENTORY RESTS AT 318.877 MILLION OZ/

APRIL 3./WITH SILVER DOWN 16 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

APRIL 2/WITH SILVER UP 34 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 29/WITH SILVER UP 6 CENTS, THE CROOKS DECIDED THAT THEY HAD BETTER ADD SOME 943,000 PAPER OZ TO THEIR INVENTORY/INVENTORY RESTS AT 319.012 MILLION OZ

March 28/WITH SILVER DOWN 27 CENTS/AGAIN NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ

MARCH 27/WITH SILVER DOWN 14 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

WITH SILVER UP 11 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 23/WITH SILVER UP 19 CENTS, A HAD A BIG WITHDRAWAL OF 1.602 MILLION OZ.INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 22/WITH SILVER DOWN ONE CENT, NO CHANGE IN SLV INVENTORY/INVENTORY RESTS AT 319.671 MILLION OZ/

March 21/WITH SILVER UP 21 CENTS/NO CHANGE IN SLV INVENTORY/INVENTORY RESTS AT 319.671 MILLION OZ/

March 20/WITH SILVER DOWN 13 CENTS/NO CHANGE IN SLV INVENTORY/INVENTORY RESTS AT 319.671 MILLION OZ/

March 19/WITH SILVER UP 5 CENTS, THE SLV ADDS A SMALL 659,000 OZ TO ITS INVENTORY/INVENTORY RESTS AT 319.671 MILLION OZ/

MARCH 16/WITH SILVER DOWN 15 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ.

FOR THE WEEK;  SILVER IS DOWN 42 CENTS YET ADDS 943,000 OZ OF SILVER INTO THE SLV/

MARCH 15/WITH SILVER DOWN 11 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 14/WITH SILVER DOWN 8 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 13/WITH SILVER UP 10 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

HAD ANOTHER HUGE ADDITION OF 1.315 MILLION OZ/INVENTORY RESTS AT 316.590 MILLION OZ/

APRIL 24/2018:  A BIG  CHANGE IN SILVER INVENTORY:  A DEPOSIT OF 1.601 MILLION OZ 

Inventory 316.899 million oz

end

6 Month MM GOFO 2.01/ and libor 6 month duration 2.52

Indicative gold forward offer rate for a 6 month duration/calculation:

G0FO+ 2.01%

libor 2.52 FOR 6 MONTHS/

GOLD LENDING RATE: .51%

XXXXXXXX

12 Month MM GOFO
+ 2.77%

LIBOR FOR 12 MONTH DURATION: 2.48

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.29

end

Major gold/silver trading /commentaries for TUESDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER

Russia Buys 300,000 Ounces Of Gold In March – Nears 2,000 Tons In Gold Reserves

24, April

– Russia buys 300,000 ounces of gold in March and nears 2,000t in gold reserves
– Russia now holds just over 1,861 tonnes, more than officially reported by China at 1,842t
– Both Russia and China have the power to destabilise US dollar by dumping dollar-denominated assets
– Turkey has removed all gold held in the U.S. opting for Bank of England and BIS 
– Turkey follows trend set by both Germany, Netherlands and others to remove gold reserves stored in the United States
– Central bank decisions regarding gold reserves are examples of countries becoming nervous about the outlook for the dollar under the Trump administration

Russia bought another 300,000 troy ounces of gold in March bringing Russia’s total gold reserves to 1,861 tonnes or 60.8 million troy ounces as of the start of April, the central bank announced loudly at the weekend.

The continuing robust and steady accumulation of gold reserves continues and it was notable how Russian media channels loudly (more loudly than usual it seemed with many outlets covering) pronounced the continuing diversification into gold bullion by the Russian central bank. It suggests that gold is being used as a bulwark to protect Russia from the stealth financial, trade and currency wars which appear to be deepening.

Russia is not the only country diversifying into gold and many other countries are doing so as they seek to protect themselves from the coming devaluation of the US dollar and U.S. dollar hegemony. This is evidenced both by gold purchases and also in many strategic decisions regarding the storage of national gold reserves.

While Russia was adding to its gold reserves, taking it above China’s holdings, Russia’s new ally Turkey was busy removing all gold bullion reserves held in the United States.

Both are clear moves against US dollar hegemony. Gold reserve changes combined with the news that Russia and China have agreed to settle some trades in ruble and yuan is a clear step that the world’s super powers are looking to reduce dependence on the US dollar and the increasing move away from the US dollar as global reserve currency.

Whilst it can be difficult to look past the Western media rhetoric regarding the likes of Russia, Turkey and China, there are lessons to be learnt by the everyday investor and saver.

These moves have also been seen by western nations such as the Netherlands and Germany who recently made the decision to bring some (if not all) of their reserves back to Europe.

The Gold Mission 

Putin has long been on a mission to build up the country’s gold reserves after previous Russian governments ran the country’s reserves down to less than 300 tonnes.

The current president has made it clear that the country should be holding gold, rather than US dollars. For many years, the Russian central bank has consistently bought gold, driven by Putin’s believe in the financial sovereignty offered by gold and its protection against geopolitical and economic risks.

“Under the instruction by President Putin, the Bank of Russia has been implementing the program of increasing the absolute share of gold in the gold and currency reserves of Russia for many years.”
First Deputy Chairman of the Russian regulator Sergey Shvetsov

Putin first came to power in 2000 and since then the country has had more months than not, when it has purchased gold bullion. A large jump in reserves was seen in 2014 after Western sanctions were imposed and Russia has been the world’s largest gold buyer ever since. It is now the fifth largest gold holder after the United States, Germany, Italy, and France.

Russia is also the third largest producer of the precious metal. As a result, the majority of its purchases are locally sourced, giving the country an additional edge when it comes to protecting its finances. This is something that China is also wise to. It does not allow the export of any gold mined in the country, further evidence of the desire to protect the country’s financial system and economy and position the yuan as an alternative to the dollar in the long term.

Listen on SoundCloud , Blubrry & iTunes. Watch on YouTube below

The golden noose?

The build-up of gold reserves by non-Western countries is something which could end up tipping the scales of the global order.

Many believe that should bad relations continue between the US and these nations then US-denominated assets currently held in forex holdings by the relevant central banks, could be dumped for alternatives. Nations may opt to diversify into the Chinese yuan (in the case of Russia) but also gold. Most likely it would just take either Russia or China to do this, before many others followed suit.

We know from recent comments by the likes of Erdogan and Putin that this is a possibility not far from their minds:

“With the dollar the world is always under exchange rate pressure. We should save states and nations from this exchange rate pressure. Gold has never been a tool of oppression throughout history.”  Turkish PM Erdogan, April 2018

At the same conference Erdogan explained how he was pushing for international loans to no longer be made in dollars, but instead gold:

“I made a suggestion at a G20 meeting. I asked: Why do we make all loans in dollars? Let’s use another currency. I suggest that the loans should be made based on gold.”

When loans are made in dollars, the debtor is instantly taken hostage by the issuing central banks’ policies. The central bank determines the price of dollar through monetary policy and it’s value thanks to currency printing. Were loans to be issued in gold these huge counter party pressures would no longer be a feature of the largely dollar based debt-system.

Hands off our gold

China for many years has made it clear that gold purchased in China is to stay in China. Russia and Turkey are of the same belief.

The news broke last month that Erdogan’s central bank had decided to call back its gold reserves held in the United States. There were reportedly 220 tonnes stored in the country. The move was followed by the country’s largest private banks also moving their gold from the country. One example was Halk Bankasi bank  which transferred 29 tons of gold back to Turkey

The decision followed Erdogan’s call to “to get rid of exchange rate’s pressure and to use gold against the dollar.”

Speaking to RT about Turkey’s decision to repatriate its gold from the US Federal Reserve, Anatoly Aksakov (chairman of the State Duma Committee on Financial Markets) said: “We do not have a gold reserve in the US, we have only Forex (foreign exchange) reserves abroad. No one can lay hands on our gold.“

By removing gold from one jurisdiction to another you are making one very loud and political statement – we can look after our gold and we don’t want you anywhere near it.

Decisions by both western and non western countries to repatriate their gold tells the US that they will no longer have power over their foreign reserves and that they do not trust them to look after them.

Conclusion – Be your own central bank and take delivery or own in safest vaults, in safest jurisdictions in the world

Russia and increasingly Turkey and China are countries that are increasingly seen as threats to the West, in one form or another. As a result various measures have been taken against them to make international trade and negotiations very difficult.

Whether through sanctions or trade tariffs countries are beginning to really feel the weight of the US and its allies’ powers. As a result, they are using gold to protect themselves and to protect their foreign exchange reserves and hard earned national savings.

Investors can learn something here. Fiat currencies will always have a counterparty that is far more powerful than the saver or pension holder. There is rarely little interest by the fiat issuer to take note of how it’s currency management is affecting the individual’s savings and investments.

Gold removes this risk. Central banks are unable to impact the supply or holding of physical gold that an investor holds legal title to and stores in a safe jurisdiction.

The likes of Russia, Turkey and China recognise the financial independence holding gold bullion can bring, they also understand the importance of storing it at a location that cannot be compromised by western sanctions, central bank screw-ups, political targeting and nationalisation of gold assets and gold companies.

Investors should follow suit and act as their own central bank. Prepare financially by having a sensible allocation to physical gold so that it is protected from central banks massive monetary experiment that risks destroying all hard earned wealth.

Gold also serves to protect in times of heightened geopolitical risk, terrorism and war. Follow the same steps as these aforementioned countries – own physical gold, store in a safe jurisdiction and ensure you have legal title to your bullion through allocated and segregated bullion ownership.

Listen on SoundCloud , Blubrry & iTunes. Watch on YouTube below

Recommended reading

Gold Bullion Is “100% Guarantee from Legal and Political Risks” – Russia

Turkey, Gold and the End of US Dollar Hegemony

China, Russia Alliance Deepens Against American Overstretch

News and Commentary

Gold steady but buoyant dollar, Treasury yields weigh (Reuters.com)

U.S. existing home sales rise; inventory remains tight (Reuters.com)

Trade war negative for economy says Fed’s Williams: El Pais (Reuters.com)

After Weeks of Chaos, U.S. Throws Aluminum Industry Lifeline (Bloomberg.com)

Deutsche Bank’s Bad News Gets Worse With $35 Billion Flub (Bloomberg.com)

Image source: US Investors

Trump Stress-Tests the World Economy (Bloomberg.com)

Oil Rises on Flaring Geopolitical Risks and Shrinking Stockpiles (Bloomberg.com)

The Pension Crisis Gets A Catchy Name: “Silver Tsunami” (DollarCollapse.com)

SWOT Analysis: Hindu Celebration Could Push Gold Price Higher By 10 Percent (GoldSeek.com)

ECB Capitulates On Defusing Eurozone’s “$1 Trillion Ticking Time Bomb” (ZeroHedge.com)

Listen on SoundCloud , Blubrry & iTunes. Watch on YouTube below

Gold Prices (LBMA AM)

23 Apr: USD 1,328.00, GBP 950.45 & EUR 1,085.64 per ounce
20 Apr: USD 1,340.15, GBP 953.52 & EUR 1,089.14 per ounce
19 Apr: USD 1,347.90, GBP 950.54 & EUR 1,090.59 per ounce
18 Apr: USD 1,346.55, GBP 949.59 & EUR 1,088.95 per ounce
17 Apr: USD 1,342.95, GBP 937.24 & EUR 1,084.57 per ounce
16 Apr: USD 1,344.40, GBP 941.21 & EUR 1,087.62 per ounce

Silver Prices (LBMA)

23 Apr: USD 16.94, GBP 12.14 & EUR 13.85 per ounce
20 Apr: USD 17.11, GBP 12.15 & EUR 13.91 per ounce
19 Apr: USD 17.20, GBP 12.09 & EUR 13.91 per ounce
18 Apr: USD 16.95, GBP 11.93 & EUR 13.70 per ounce
17 Apr: USD 16.63, GBP 11.60 & EUR 13.44 per ounce
16 Apr: USD 16.60, GBP 11.61 & EUR 13.42 per ounce

Recent Market Updates

– Family Offices and HNWs Invest In Gold Again
– New All Time Record Highs For Gold In 2019
– Palladium Bullion Surges 17% In 9 Days On Russian Supply Concerns
– Silver Bullion Remains Good Value On Positive Supply And Demand Factors
– London House Prices See Fastest Quarterly Fall Since 2009 Crisis
– Global Debt Bubble Hits New All Time High – One Quadrillion Reasons To Buy Gold
– Oil Surges Over 8%, Gold and Silver Marginally Higher, Stocks Gain In Volatile Week
– EU and Euro Exposed To Risks Including Trade Wars and War With Russia In Middle East
– Trump Tweets Russia “Get Ready” For Missiles In Syria – Gold, Oil Rise and Stocks Fall
– Private: EU and Euro Exposed To Trade Wars, Energy Dependence, Anti-EU and Anti-Euro Movements
– Trump Making ‘Major Decisions’ on Syria, Iran and Russia Response ‘Very Quickly’
– Gold Out Performs Stocks In 2018 and This Century By Ratio Of Two To One
– Jamie Dimon Warns Of Potential ‘Market Panic’

Mark O’Byrne

Andrew Maguire’s Kinesis money which is a “bitcoin” but backed 100% by allocated gold and silver is set to go.

it think it would be a great idea to look at this!

please read at:  https://kinesis.money/#/

(Andrew Maguire)

3. ASIAN AFFAIRS

i)TUESDAY MORNING/MONDAY NIGHT: Shanghai closed UP 60.92 POINTS OR 1.99%  /Hang Sang CLOSED UP 381.94 POINTS OR 1.26%   / The Nikkei closed UP 190.08 POINTS OR 0.86%/Australia’s all ordinaires CLOSED UP .56% /Chinese yuan (ONSHORE) closed UP at 6.3070/Oil UP to 69,07 dollars per barrel for WTI and 74.73 for Brent. Stocks in Europe OPENED MIXED.   ONSHORE YUAN CLOSED UP AT 6.3070 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3068/ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING  WEAKER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW LOOKS LIKE A FULL TRADE WAR IS BEGINNING/

3 a NORTH KOREA/USA

North Korea

 

3 b JAPAN AFFAIRS

c) REPORT ON CHINA/HONG KONG

4. EUROPEAN AFFAIRS

GERMANY

A must read if you want to understand what is going on in Europe.  As i have pointed out the key is the Nord Stream 2 project and that will bring Germany closer to Russia than the USA.

a very important commentary

(courtesy Tom Luongo)

Merkel Caught In Energy Conundrum Over Germany’s Future

Authored by Tom Luongo,

The nominal U.S. President, Donald Trump, will meet with the two main European leaders this week with the goal of pushing the President off his position to end the Iran Nuclear Deal, or JCPOA. But it is the bigger issues of energy security that will be the real focus.

From soy-boy Emmanuel Macron of France to the Gelded One of Germany, Angela Merkel, putting the European Union back in its place is one of the few things that Trump may still be able to affect the trajectory of when it comes to foreign policy.

He has no control over Syria, having ceded his authority to the neoconservative crazies who have been wrong about everything since the fall of the Soviet Union.  I also don’t think he has much control over negotiations with North Korea.

While everyone on the right keeps talking about how he keeps winning, after the disaster of his strikes on Syria, why would anyone take him seriously during Korean demilitarization talks?

Does anyone think now Donald Trump has the leeway to negotiate an end to the Korean War and make those terms stick?

And if you do, do you think Xi or Putin or Kim himself do?

EU Fracturing

And that brings me back to Macron and Merkel.  They were split on striking Syria.  It’s obvious that Macron saw this as an opportunity to up his ‘street cred’ with the globalist oligarchy, cozying up to the U.S. and U.K. and finish what his predecessors started in Syria decades ago.

Macron is positioning himself to replace Merkel as the de facto leader of the EU. He’s been groomed for this position as Merkel’s time on the world stage comes to an end.

While a terminally-weakened Merkel, fielding off political and social unrest at home, saw through the cheap theatre of the U.K.’s machinations to further isolate Russia, i.e. Skripal and the false flag in Syria, refusing to support airstrikes.

Both leaders have raised Trump’s ire.  Merkel over not being a good NATO partner and Macron for over-stating his influence with Trump for staying in Syria.

So, suffice it to say there may not be any “beautiful chocolate cake” on this diplomatic table.

In fact, the divisions over many issues may be deep enough that we begin to see real movement from Merkel away from the U.S. and towards the hated Russia.

It has been a staple of geopolitical maneuvering for the past couple hundred years to keep Germany and Russia from forming any sort of real political and economic alliance.  And up to now Merkel has been the good soldier, working to align Germany and the EU with the goals of the globalist oligarchy that Trump has been so vocal in wanting to curtail.

This is the basis for their antipathy.

But, her days of being the leader of that front are approaching their end.  Deep divisions have opened up in German politics and her coalition with the Social Democrats is thin to the point of being anorexic.

New SPD leader Andrea Nehles is going to be a handful for Merkel.  Merkel won’t have a whipped hound as coalition partner for the next four years.  So, expect a lot more, dare I say, “Germany First,” from Germany.

And this will lead to problems with Trump and his “Empire First’ cabinet.

Drill, Baby Drill

Because where Merkel and Trump fundamentally disagree is allowing Russia any more access to the European gas market.  This is one of the ways in which his neocon Iagos can convince him so easily on staying in the Middle East.

All they have to do is whisper, “Energy security” and “billions in natural gas revenues” and Trump makes the wrong decision every time.

Merkel knows that Germany’s path to independence lies through the Nordstream 2 pipeline as well as extricating itself from the mess that is Ukraine.  Energy independence for Germany means Nordstream 2, now that they’ve shuttered their nuclear reactors and the coup in Ukraine has failed to produce leverage over Russia in gas markets.

But, no one in the U.S wants this pipeline built and we’ve threatened the world with nuclear annihilation over it.  And that we’ve expended so much political capital in attempting to stop it tells you just how important it is to power brokers in D.C. and London.

The realities are not lost on Trump who has a domestic oil and gas industry to build new markets for while maintaining control over European Union policy.

That’s the song that’s been sung to him over Syria.  Don’t kid yourself.

Because the U.S. ousting Assad in Syria delivers a devastating blow to Russia, Iran and China while re-opening pipeline access to Europe per the original plan.

And that’s why Merkel’s abstention on Syria was so significant.  It is also why Nordstream will be the most heated discussion between them next week.  Not Iran’s nuclear program, but how the U.S. can craft policy that brings ‘energy security’ to Europe which cuts out Russia and curtails China’s plans for central Asian development and integration.

Merkel in the Middle

In other words, same policy, different president.

To this point Merkel has tried to walk the fine line between the loyal NATO/US satrap and unwilling partner in antagonizing the Russians over energy needs.  But, Trump has been more than clear in his willingness to screw over all of Europe and Asia just to sell a few tankers of liquefied natural gas (LNG) to Poland at prices that ensure Europe’s anti-competitiveness for a generation.

On this idea I don’t think he disagrees with the neocons at all.

Because in the end Trump is a mercantilist, just like I said before he was elected.  And while he talks a good game about better deals for the U.S., what he really means is a cheap dollar, protection tariffs and mafioso foreign policy to sell half as many goods at twice the price.

Like all mercantilist policies, it’ll work for a while.  And Europe’s own fecklessness has brought it to this position where it’s vulnerable to it.  When the sovereign debt crisis begins to hit Europe, it will need the U.S. to help manage it, if possible.

And that’s why Merkel will say nothing that will change the situation one whit.

*  *  *

To support work like this and see how it correlates to a holistic investment strategy in strategic commodities, join My Patreon and subscribe to the Gold Goats ‘n Guns Investment Newsletter

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/USA

Israel has a red line with respect to the S 300 defense system which has a range of 120 miles and thus well within the airspace of Lebanon and Israel itself. Russia has stated that it may wish to provide Syria with these S 300 missile defense system.  Israel will no doubt strike to remove this threat.

(courtesy zerohedge)

US CENTCOM Chief Makes “Secret And Unprecedented” Visit To Israel As Russia Mulls Arming Syria

Increasingly it appears that the recent US coalition missile strikes on Syria have utterly backfired: instead of weakening Syria or degrading its military capabilities, the attack may have actually served to strengthen Syria’s defenses. 

Since the massive strike which involved the US, UK, and France launching over 100 cruise missiles, Russia is rumored to be moving forward on delivery of its advanced S-300 missile defense system, which would be a monumental upgrade allowing Syrian defenses to far surpass current capabilities which utilize the Soviet-made S-125 and S-200 air defense systems.

Crucially, S-300s have a range of up to 150-200 kilometers (or 120 miles), bringing Syrian deterrent reach easily to within Lebanese airspace (as Israel has routinely struck targets inside Syria while firing over “neutral” Lebanese airspace in recent years), and could even extend airspace coverage into Israel itself.

Could this be the reason for some major behind-the-scenes diplomatic scrambling?

On Monday VOA News chief White House correspondent Steve Herman announced that US CENTCOM commander General Joseph Votel is in the midst of “a secret and unprecedented visit to Israel.”

Knowledge of the “secret” visit was based on exclusive footage broadcast by Israel’s Kann News, which first reported, “the commander of the American Central Command arrived for the first time to Israel, and met with senior security officials, including the Chief of Staff.”

Steve Herman

✔@W7VOA

Israeli public broadcaster reports @CENTCOM commander General Votel making a secret and unprecedented visit to #Israel. https://twitter.com/kann_news/status/988462149520457728 …

No doubt the potential for what weapons experts have commonly described as the “exceptionally advanced” Russian-supplied S-300 in Israel’s backyard is making Tel Aviv and its allies nervous. Israel has repeatedly called delivery of the S-300s a “red line” for which it would act, however, plans for just such a scenario could be hastening.

Early Monday morning Israel’s Channel 10 senior diplomatic correspondent broke the following, subsequently confirmed in the Times of Israel and Reuters:

Russian newspaper Kommersant reports that Russia might deliver S-300 anti aircraft missiles to Syria in the very near future in order to defend Damascus & Strategic Syrian army bases from Israel & U.S. airstrikes.

Kommersant reported Russia will give the S-300 missiles to Syria for free from Russian army supplies as part of its military assistance to Syria. This way the delivery could be done very quickly.

Russian military sources said parts of the S-300 will be delivered soon to Syria via cargo planes or Russian navy ships. Until Syrian officers will be trained to operate the system it will be operated by Russian military experts in coordination with the Syrian army.

According to Kommersant Russia believes that delivering the system will stabilize the situation in Syria and deter Israel and the U.S. from continuing its airstrikes in Syria. Russian sources said that if Israel attacks the missiles the results would be catastrophic.

Barak Ravid

✔@BarakRavid

1 \ Russian newspaper Kommersant reports that Russia might deliver S-300 anti aircraft missiles to Syria in the very near future in order to defend Damascus & Strategic Syrian army bases from Israel & U.S. airstrikes

Though still being hotly debated and contested among analysts, Syria’s over 30-year old current deterrent system appears to have performed well, likely stunning the West and neighboring Israel (which itself played a part in the coalition attack) as it reportedly shot down 71 of the 103 cruise missiles,according to official Russian and Syrian government sources. 

As we previously described, Pentagon officials have vehemently denied that their “nice and new and smart” cruise missiles were actually shot down, and Russia now further claims to be in possession of at least two non-detonated coalition missiles. Most Western media reports continue to assert that Syrian missile defense failed to shoot down a single inbound missile. Notably, the Pentagon has been careful in all statements to say Russia’s S-300 system (currently present aboard Russian battleships in the Mediterranean) did not engage.

However, there are other possibilities that the coalition’s missiles simply failed in reaching their targets in some instances without intercept by Syrian defenses, or even that advanced Russian air defense Electronic Counter Measures (ECM) may have been in play.

But one doesn’t need to take the Russian Defense Ministry’s word for it. It is entirely possible and even likely that Russian intercept claims are inflated, yet that there were a number of intercepts that night was also reported by several important outside sources, including by Syrian pro-rebel media, foremost being the Syrian Observatory for Human Rights (SOHR), which has for years been a chief go-to source for all mainstream reporting on Syria (though ironically when SOHR contradicts the mainstream media, such as in this case, its numbers are ignored).

SOHR reported, based on “several intersected sources” on the ground, that “the number of missiles that were downed exceeded 65.” That anti-Assad/anti-Russia pro-rebel SOHR is saying this is hugely significant, and is consistent with Russia’s claim.

But all of this will perhaps quickly become a moot point if Russia does indeed deliver the S-300 system to Syria after warning immediately on the heels of the US-led strike, that there would be consequences.

On the very morning after the US strike took place, Russia’s first deputy chief of staff, Sergei Rudskoi, said Russia would “reconsider” whether to supply the air defenses to Assad – an issue previously thought dead as Israeli Prime Minister Benjamin Netanyahu had reportedly successfully lobbied President Putin against the possibility in 2013.

Netanyahu was quoted at the time as saying of the S-300 system, “We’ll destroy your missiles if you deliver them to Assad” – a warning which has recently been repeated in the form of an Israeli “red line”. However, Russian military sources have this week been quoted in the Times of Israel as saying: if Israel tried to destroy the anti-aircraft batteries—as analysts have indicated Israel likely would—it would be “catastrophic for all sides.”

But on Monday, Reuters reported that no decision had been made on S-300 delivery to Syria, citing Foreign Minister Sergei Lavrov, who said, “We’ll have to wait to see what specific decisions the Russian leadership and representatives of Syria will take.” Lavrov added, “There is probably no secret about this and it can all be announced (if a decision is taken).”

However, given Israel’s past history of “strike first” in Syria and negotiate later, we could witness missiles flying before any official announcement takes place.

END

TURKEY/USA/SYRIA

Turkey is upset with the USA in that they are providing 5,000 trucks loaded with weapons to the Kurds in Northern Syria and yet the USA refuses to supply defensive weapons to Turkey. No wonder Turkey wants to repatriate its gold from the Federal Reserve Bank of New York  (FRBNY)

(courtesy zerohedge)

Turkish President Erdogan Blasts The US For “Sending 5,000 Trucks Loaded With Weapons To Northern Syria”

On Saturday, Turkish President Recep Tayyip Erdoğan sharply criticized the United States Armed Forces and its N.A.T.O. (North Atlantic Treaty Organization) allies for supplying weapons to Kurdish militias in Syria for free, while refusing to sell defense hardware to Turkey.

“We cannot buy weapons from the US with our money, but unfortunately, the US and coalition forces give these weapons, this ammunition, to terrorist organizations for free,” Erdoğan stated in an interview on Turkish NTV news channel.

“So where does the threat come from? It comes primarily from strategic partners,” he said, warning that Washington continues to pump in truckloads of weapons into northern Syria.

President Recep Tayyip Erdogan appearing as a guest of the Political Affairs Special program on NTV news channel over the weekend. (Source:NTV)

During the interview, the Turkish president unloaded a bombshell that most Americans are entirely oblivious to — Washington and the Trump administration are deploying thousands of trucks jammed packed with guns and ammunition to Syrian terrorist.

The United States has recently “sent 5,000 trucks loaded with weapons to northern Syria,” he said.

Meanwhile, Trump took to Twitter on April 14 with a triumphant message in less than 280 characters after the US-led precision strikes in Syria hit alleged chemical weapons manufacturing sites earlier this month. “A perfectly executed strike,” he bragged, ending the tweet with a foolish phrase: “Mission accomplished!”

The tweet eerily echoed that famous phrase of a former president, George W. Bush, who announced “mission accomplished” in 2003 to mark the start of the Iraq War, also called Second Persian Gulf War, that would continue for another 8-years until 2011. Even though Trump could have been using the phrase in a different context — the recent delivery of 5,000 trucks packed with military weapons and ammunition via Washington to terrorist organizations in Syria, indicates that fight in Syria is far from over.

Donald J. Trump

✔@realDonaldTrump

A perfectly executed strike last night. Thank you to France and the United Kingdom for their wisdom and the power of their fine Military. Could not have had a better result. Mission Accomplished!

In recent times, Washington has supplied weapons to the Syrian Kurdish People’s Protection Units (YPG) in the campaign against the Islamic State of Iraq and the Levant (ISIL). The support “infuriated Ankara, which sees the YPG as the Syrian branch of the outlawed Kurdistan Workers’ Party (PKK),” said Press TV.

Erdogan accused Washington of building a “terror army” in Syria, which this could very well be true — considering the weapons convoy, he alleges…

On January 20, Turkey launched an operation against the YPG in the Syrian city of Afrin. The cross-border invasion of Syria, dubbed Operation Olive Branch, has severely strained relations between Washington and Ankara.

As the situation between both countries becomes dire, Ankara has gravitated towards Russia and Iran to ensure a smooth political transition in Syria, leaving Washington out of the discussions. Ankara has even decided to purchase arms from Russia, including the S-400 air defense systems, which has made the country vulnerable to Western sanctions. Assistant Secretary of State Wess Mitchell recently warned, noting that “it is in the American national interest to see Turkey remain strategically and politically aligned with the West.”

“The ease with which Turkey brokered arrangements with the Russian military to facilitate the launch of its Operation Olive Branch in the Afrin district –arrangements to which America was not privy– is gravely concerning,” he said. “Turkey lately has increased its engagement with Russia and Iran.”

Nevertheless, Marcus Montgomery, a fellow at the Arab Center Washington DC, has warned: “The Trump administration do not seem to understand the gravity of Turkey’s concerns.”

Robert Stephen Ford, a retired American diplomat who served as the United States Ambassador to Syria from 2010 to 2014, echoed Montgomery’s comments about the Trump administration’s progress to ease the worries of Ankara.

“The American position in northern Syria is strategically foolish and operationally dangerous,” Ford told Middle East Eye news portal, which he is referring to Washington’s decision to arm terror organizations in Syria.

While President Trump has told the American people the U.S. would “be coming out of Syria very soon,” there are new claims from Turkish President Erdoğan that Washington is preparing for further conflict by resupplying their proxy armies with more than 5,000 truckloads of weapons.

END

IRAN/EUROPE/USA

Iran again threatens trouble for the west if Trump leaves the Nonproliferation treaty

(courtesy zerohedge)

Tehran Threatens To Leave Nuclear Nonproliferation Treaty If Trump Kills Iran Deal

While the UN, EU, International Atomic Energy Agency and a host of implored President Trump late Monday to preserve the landmark Iran nuclear deal – even if the US couldn’t achieve concessions on Iran’s ballistic missiles program that it has been aggressively pushing – Iranian officials have been cranking their rhetoric up to “11”, with Ali Shamkhani, the Secretary of Iran’s Supreme National Security Council, acknowledging during a news broadcast on state television that the Iranian leadership had discussed leaving the Nuclear Nonproliferation Treaty as “one of three options that we are considering” in response to the US scrapping the deal.

Iranian President Hassan Rouhani

While this isn’t the first time Iran has threatened to leave the NPT – the cornerstone of the international nonproliferation order – it’s the first time the leadership has threatened to leave as a tit-for-tat response to the US leaving the Iran deal. While Iran committed to not pursuing a nuclear weapon when it joined the NPT in 1970, the Iran deal imposed tighter restrictions on the regime, per Reuters.

Of course, by leaving both agreements, Iran would only fuel its enemies’ claims that the Islamic Republic is explicitly seeking to build a nuclear weapon.

Per the Jerusalem Post, Shamkhani, who spoke with reporters shortly before departing for Russia, said the Atomic Energy Organization of Iran was ready for some “surprising actions” if the nuclear deal is scrapped.

A senior Iranian official said on Tuesday that Tehran might quit a treaty designed to stop the spread of nuclear weapons if U.S. President Donald Trump scraps the nuclear accord Iran signed with world powers in 2015.

Trump has said that unless European allies fix what he has called “terrible flaws” in the accord by May 12, he will restore U.S. economic sanctions on Iran, which would be a severe blow to the pact.

The other powers that signed it – Russia, China, Germany, Britain and France – have all said they want to preserve the agreement that curbed Iran’s nuclear program in return for the lifting of most international sanctions.

Meanwhile, over the weekend (and again on Monday), Iranian Foreign Minister Javad Zarif warned that Tehran would reactivate its centrifuges should the US drop out of the deal and reimpose economic sanctions. On Tuesday, the war of words ratcheted higher when Iranian President Hassan Rouhani warned that Trump should keep the deal in its current format or face “severe consequences.”

“I am telling those in the White House that if they do not live up to their commitments…the Iranian government will firmly react,” Rouhani said in a speech.

“If anyone betrays the deal, they should know that they would face severe consequences,” Rouhani told a cheering crowd of thousands gathered in the city of Tabriz. “Iran is prepared for all possible situations,” he added.

During a nuclear non-proliferation conference in Geneva earlier this year, Russia and China submitted a statement voicing “unwavering” support for the Joint Comprehensive Plan of Action (the Iran deal’s official name) which was signed in 2015 by Iran along with the US, France, the UK, Russia, China and Germany.

French President Emmanuel Macron is preparing one last desperate plea to convince Trump to stay in the Iran nuclear deal during a lavish state dinner at the White House Tuesday – but experts quoted by CNN believe Macron would “have to pull a rabbit out of his hat” to persuade President Trump – who has surrounded himself with Iran hawks like Defense Secretary James Mattis, National Security Advisor John Bolton and CIA Director and Secretary of State nominee Mike Pompeo – to stay in the deal after the US’s self-imposed May 12 deadline.

Already, Iran is bracing for further deterioration in relations with the US by announcing earlier this month that it would stop reporting foreign trade in dollars, and would use euros instead. Of course, scrapping the Iran deal would also have implications for commodity markets: Iran’s oil export and output increased by approximately one million barrels per day after sanctions were dropped, with the bulk of Iran’s output now going to those countries who are most vocal about keeping the Iranian deal in place.

end

Macron could not break Trump as he states that the Iran deal is insane:

(courtesy zerohedge)

Trump Bashes “Insane” Iran Deal, Wipes Dandruff Off Macron’s Shoulder

Update: Macron and Trump have been meeting for barely an hour, and it appears they’ve already made progress on a number of issues.

Here are a few headlines. More are expected.

• TRUMP SAYS HE AND MACRON COULD HAVE AN AGREEMENT SOON ON IRAN
• TRUMP SAYS AFTER TALKS WITH MACRON HE BELIEVES THEY HAVE SOLUTIONS TO A NUMBER OF ISSUES: RTRS
• TRUMP SAYS TRADE WITH FRANCE IS COMPLICATED BECAUSE OF THE EU, WHICH HAS TRADE BARRIERS THAT ARE UNACCEPTABLE
• TRUMP SAYS HE WOULD PREFER TO DEAL DIRECTLY WITH FRANCE ON TRADE
• TRUMP SAYS TREASURY SECRETARY MNUCHIN IS GOING TO CHINA IN A FEW DAYS TO NEGOTIATE ON TRADE: RTRS
• TRUMP SAYS U.S. HAS VERY GOOD CHANCE OF A DEAL WITH CHINA: RTRS

After Trump’s bellicose remarks this morning, we imagine Macron feels the meeting is going better than he’d expected.

* * *

Much to Emmanuel Macron’s chagrin, President Donald Trump delivered some of his most bellicose remarks yet regarding the Iran deal during a brief press conference as the two world leaders prepared for a long-anticipated White House meeting on Tuesday.

Macron is hoping to convince the president to give the deal another chance by arguing in favor of the US staying in the deal in exchange for the various parties discussing a separate deal that would restrict Iran’s ballistic missile tests.

But the press conference got off to an embarrassing start as Trump brushed what appeared to be dandruff off Macron’s shoulder saying “we have to make him perfect.”

Washington Examiner

✔@dcexaminer

Trump wipes off dandruff from Macron’s shoulder: “We have to make him perfect.”

Meg Wagner

✔@megwagner

Trump says he and Macron will be talking about Iran, terrorism, the Paris Accord and more

1

But instead of approaching the talks with an open mind, Trump referred to the Iran deal as “insane and ridiculous” while reluctantly confirming that “we’ll discuss it.”

“We gave them $150 billion…we gave them $1.8 billion in cash, that’s actual cash, barrels of cash, it’s insane it’s ridiculous it should’ve never been made.”

Trump is referring to reports that the Obama administration strategically “unfroze” Iranian assets in the US to help entice the regime into making the deal.

Trump repeated his administration’s line (fed to him by Saudi Arabia’s Crown Prince Mohammed bin Salman) that Iran has a hand in all of the conflicts in the Middle East, and continues to finance terrorism across the world.

“No matter where you have it, Iran is behind it and now unfortunately Russia is getting more and more involved. But Iran seems to be behind everything. The Iran deal is a disaster. They’re testing missiles – what is that all about? What kind of a deal is it where you’re allowed to test missiles all over the place? What kind of a deal is it when you don’t talk about Yemen and all the other problems? Look at what they’re doing in Iraq. Virtually everywhere in the Middle East – if there’s a problem, Iran is behind it.”

He then blamed Barack Obama for being too lazy to discuss restricting Iran’s ballistic missile program as part of the deal.

When asked by a reporter for a response to Iran’s claim that it would swiftly restart its centrifuges if the US reimposes economic sanctions, Trump insisted that Iran wouldn’t be restarting anything.

“You’ll find out about that. They’re not going to be restarting anything. If they restart their nuclear program, they’re going to have bigger problems than they have ever had before…”

In addition to Iran, Trump affirmed that the two leaders would talk about the US rejoining the Paris Climate Accord. Trump is also expected to meet with German leader Angela Merkel at the White House later in the week, but his relationship with Merkel isn’t nearly as strong as his relationship with Macron, with whom he bonded during a visit to Paris for France’s Bastille Day parade.

AnalysisNyTimes@analysisnytimes

– @EmmanuelMacron: “I want to thank President @Trump and your country, your people for this very warm welcome.”
– @POTUS: “The Iran deal is a terrible deal.” pic.twitter.com/agINuCFUzF@analysisnytimes

Macron made sure to emphasize their friendship during his opening remarks with reporters. Trump affirmed that the two have “a very special relationship” and that this “isn’t fake news.”

Earlier today, a senior Iranian official said the regime is considering walking away from the Nuclear Nonproliferation Treaty (which it joined in the early 1970s) if the US scraps the nuclear deal.

END

6 .GLOBAL ISSUES

The following spectacular miss by a key Apple supplier certainly paints a picture for 1) i phone demand

2) the general state of the global economy:

(courtesy zerohedge)

“Spectacular Miss” By Key Apple Supplier Paints Ominous Picture For iPhone Demand

Another day, another flashing red warning that sales of the iPhone X are far worse than Tim Cook had ever expected; this time courtesy of Austrian chipmaker AMS AG – which makes the optical sensors that control brightness and color  – which just days after a similar warning from semiconductor giant Taiwan Semi, became the latest Apple-supplier to cast doubt over the iPhone’s chilled reception.

AMS shares plunged as much as 14%, the most this year, after warning on negative operating margins because of low production capacity at its Singapore factories, and after its guidance for sequential revenue drop in 2Q missed the lowest estimate among analysts in a Bloomberg survey, adding to the recent negative datapoints in the iPhone X supply chain.

Mirabaud analyst Neil Campling said AMS’ “spectacular miss on guidance” was so bad, “it’s surprising the company didn’t preannounce.” Campling also said that major product changes and product transitions blamed are “all Apple, specifically iPhone X” and added that “phasing down iPhone X has taken the supply chain by surprise.”

With regard to AMS, he said that even as 3D sensing is a complex technology, AMS is another semiconductor company to have re-rated higher, valuation needs to reset. And while other analysts noted AMS’ expertise in complex 3D sensing technology should provide some long-term cover, the lack of short-term visibility will keep shares under pressure in the near term.

Following the AMS reports, European chipmakers including Dialog Semi, STMicro and IQE all fell, with industry concerns further fueled by a disappointing report from South Korea’s SK Hynix. Following last week’s surprise guidance miss, today the bulk of Apple’s supply chain was lower, with Dialog Semi -5.9%, STMicro -4%, ASML -2.1%, and Infineon -1.6%.

Following the report, Apple’s five largest device assemblers have all reported a sharp slowdown after peaking at the end of last year, suggesting demand for the high-end device may have faded just a quarter after its release. As Bloomberg notes, while Hai Precision Industry Co., Pegatron Corp. and three other key suppliers reported an 8 percent rise in their total sales across the March quarter, growth cratered later in the period – a drop that in the past has presaged a downturn for Apple, hardly what AAPL longs want to hear one week ahead of earnings, which are expected on May 1.

As Bloomberg also notes, the concern is that the iPhone X, while enjoying a customary holiday quarter spike for new-generation Apple gadgets, “fizzled out rapidly.”

Apple’s costliest smartphone has struggled to draw customers in emerging markets, while competitors from Huawei to Xiaomi roll out more premium phones and dominate China — the U.S. company’s biggest foreign market. On Friday, Morgan Stanley cut its estimate on iPhone shipments by 6 million, underscoringthe growing unease since Taiwan Semiconductor Manufacturing Co., the maker of iPhone processors, issued a disappointing outlook that triggered a 7 percent loss in Apple’s value over the past three days.

As AAPL’s recent stock troubles confirm, investors remain concerned that iPhone failed to meet their lofty expectations. Mia Huang, an analyst at Taipei-based research firm Trendforce, estimates that overall iPhone production volumes grew slightly to 54-56 million units in the March quarter – barely up from 52 million in the same period of last year, when it was propelled by demand for lower-priced and older models like the iPhone 6S and ramp up of the iPhone 7.

“According to our estimates, iPhone X’s production volume fell by 50% in the first quarter compared to the fourth quarter,” said Huang.

Hardly a ringing endorsement for the world’s most valuable company…

end

Bellwether Caterpillar, a good indicator of global growth had good earnings but stunned the market as the basically stated that the economy turned on a dime

(courtesy zerohedge)

Caterpillar Plunges, Wiping Out 5% Gain After Surprising Guidance

It was supposed to be Caterpillar’s day.

Early this morning, the CAT reported another set of blowout numbers, with Q1 EPS of $2.82 on Exp. $2.11, on revenue of $12.90, also smashing estimates of $12.07BN. The company’s commentary was stellar, seeing growth across all verticals:

• Construction: “expects broad-based growth in all regions in 2018, with the biggest drivers being strength for construction activity in North America and infrastructure development in China”
• Mining: “global economic conditions and favorable commodity price levels will drive miners to increase capital expenditures in 2018 for both equipment replacement cycles and expansions”
• Energy: “continued strong demand for reciprocating engines for well servicing and gas compression applications in North America. The current turbines backlog remains healthy in support of the midstream Oil and Gas business”

And sure enough, the market rewarded the stock by sending it 5% higher out of the gate, and pushing the Dow Jones higher.

The sellside rushed to gush about the company’s stellar, if backward looking, results, without even bothering to listen to the conference call, such as this brave Citi analyst did.

Commentators, such as Bloomberg’s markets live team, likewise quickly jumped on the bandwagon, praising CAT’s “superb” earnings as the only thing that matters today, and supposedly confirming the strength of the equity market.

Well… Oops, because just a few minutes later the narrative suffered a spectacular collapse.

Recall, that first overnight the company reported retail sales numbers that showed an unexpected reversal in growth across all geographic regions, with the all important Asia/Pacific region sliding from up 51% in January to just 31% in March.

But it was the ominous guidance that the company gave on the 11am conference call, that slammed the stocks, after management said that Q1 was Caterpillar’s “high water mark” for the year, and also warned that it expects resource industries margins to drop from first quarter.

Translation: the collapse in the Chinese credit impulse which we most recently showed last month, has finally caught up with the broader economy, and is now spilling over across the Pacific.

As a result, after surging as high as $161 early int he morning, CAT stock has tumbled back in the red, and is down nearly $15 from session highs.

end

7. OIL ISSUES

Oil drops on Macron’s proposal of a new Iranian deal

(courtesy zerohedge)

Oil Tumbles After Macron Proposes New Iran Deal

With crude oil surging in recent weeks as a result of geopolitical tensions, including Trump’s tariffs on Russia but mostly due to concerns the US president will terminate the Iran nuclear deal in two and a half weeks, eliminating roughly 1 million barrels in Iranian output from the market, it was to be expected that the mere suggestion that the Iranian deal could be salvaged – as virtually all of Europe has insisted and pleaded with Trump – would send oil tumbling.

That’s precisely what happened moments ago, when during his press conference with Donald Trump, French President Emmanuel Macron proposed a new Iran deal, noting that a “new deal” would block nuclear activity to 2025.

Here’s a breakdown of Macron’s “Plan B” for the Iran, per CBS.

“I always said there is the JCPOA but we needed to add three pillars post 2025. I don’t know what President Trump will decide on the JCPOA and it is his responsibility,” said Macron when asked again on the Iran deal.

“I’m not saying we’re moving from one deal to another, I’m saying its one aspect of the problem,” Macron said. He added, “I’ve never been critical [of the JCPOA] because I think we can usefully add to it.”

Macron again urged adding limitations on Iran’s ballistic missile program and limiting Iran’s regional influence to a potential new deal.

“It’s about respecting the sovereignty of the states in the region,” added Macron. “It’s not about tearing apart an agreement but building something new that will cover all of our concerns.”

In a kneejerk response, oil tumbled by nearly one dollar, sliding below the $69 level it reached earlier today for the first time since 2014, and dropping briefly below $68, in the process slamming Inflation breakevens, and the broader market, as suddenly inflation is not looking all that certain.

That said, Trump did everything in his power to assure his best weapon purchasing buddy, Saudi Arabia, that a renewed deal with Iran is anything but certain:

• TRUMP SAYS IF IRAN THREATENS U.S. IN ANY WAY THEY WILL PAY A PRICE LIKE FEW COUNTRIES HAVE EVER PAID
• TRUMP SAYS `NOBODY KNOWS’ WHAT I’M GOING TO DO ON IRAN DEAL MAY 12: PRESS BRIEF.

As Trump suggests, we may indeed have to wait until May 12 to know what the president will decide, although judging by the oil move today, it no longer appears definite that Trump will kill the Iran deal.

end

8. EMERGING MARKET

end

And now your more important USA stories which will influence the price of gold/silver

TRADING IN GRAPH FORM FOR THE DAY

HARVEY