APRIL 6A//GOLD ROCKETS NORTHBOUND BY $32.00 TO $1650/SILVER ALSO RISES BY 50 CENTS TO $14.85/COMEX COMPLETELY BROKEN(BLEW UP)/CORONAVIRUS UPDATES FROM AROUND THE GLOBE//BORIS JOHNSON IS SERIOUS CONDITION IN UK/TAKEN TO ICU//JAPAN ISSUES A STATE OF EMERGENCY SET FOR TOMORROW//TRUMP FURIOUS WITH CHINA..JUST THE START..//OIL MEETING PUT OFF//PROBABLY THE MEETING THIS FRIDAY//SAUDI ARABIA SET ON KNOCKING OUT THE SHALE BOYS//THIS WILL BE A WORK IN PROGRESS//WILL FINISH AT 5:30 PM

FINALIZED//

A LITTLE  UPDATE:  ZERO 400 OZ BAR CONTRACTS WERE NEGOTIATED TODAY

GOLD:$1650.30  UP $32.00   The quote is London spot price

 

 

 

 

Silver:$14.85//UP $.50  London spot price

 

Closing access prices:  London spot

 

 

i)Gold : $1664.00  LONDON SPOT  4:30 pm

 

ii)SILVER:  $14.96//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

APRIL comex gold price CLOSE 1.30 PM:  $1679.10

JUNE GOLD:  $1693.40  CLOSE 1.30 PM// SPREAD SPOT/FUTURE JUNE: $43.10

 

CLOSING SILVER FUTURE MONTH

 

SILVER MAY COMEX CLOSE;   $15.17…1:30 PM.//SPREAD SPOT/FUTURE MAY: 32 CENTS  PER OZ

 

 

the gold market continues to be broken as future prices are much higher than spot prices.  The comex is desperate to fix things but they have no available gold.

If one is to buy gold and or gold coins, the price is around $2600. usa per oz

and silver; $29.00 per oz//

 

LADIES AND GENTLEMEN: YOU ARE NOW WITNESSING FIRST HAND THE DIFFERENCE BETWEEN PAPER GOLD/SILVER AND THE REAL PHYSICAL STUFF!!

 

COMEX DATA

 

 

 

JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

today RECEIVING: 294/644

 

issued:  82 notices  (customer account)

EXCHANGE: COMEX
CONTRACT: APRIL 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,633.700000000 USD
INTENT DATE: 04/03/2020 DELIVERY DATE: 04/07/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
118 C MACQUARIE FUT 400
118 H MACQUARIE FUT 42
132 C SG AMERICAS 1
152 C DORMAN TRADING 18
323 H HSBC 117
355 C CREDIT SUISSE 5
657 C MORGAN STANLEY 9
657 H MORGAN STANLEY 43
661 C JP MORGAN 82 294
685 C RJ OBRIEN 2
686 C INTL FCSTONE 19 16
690 C ABN AMRO 58 57
709 C BARCLAYS 2
800 C MAREX SPEC 24 24
880 H CITIGROUP 37
905 C ADM 38
____________________________________________________________________________________________

TOTAL: 644 644
MONTH TO DATE: 25,133

 

 

NUMBER OF NOTICES FILED TODAY FOR  APRIL CONTRACT: 644 NOTICE(S) FOR 64,400 OZ (2.003 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  25133 NOTICES FOR 2,513,300 OZ  (78.174 TONNES)

 

 

 

 

SILVER

 

FOR APRIL

 

 

5 NOTICE(S) FILED TODAY FOR 25,000  OZ/

total number of notices filed so far this month: 758 for 3,790,000 oz

 

BITCOIN MORNING QUOTE  $7109 UP $340 

 

BITCOIN AFTERNOON QUOTE.: $7288 UP $516

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $32.00: AND NO PHYSICAL TO BE FOUND ANYWHERE:

WITH ALL REFINERS CLOSED//MEXICO ORDERING ALL MINES SHUT:   WHERE ARE THEY GETTING THE “PHYSICAL”?

 

 

WE HAD ANOTHER STRONG DEPOSIT OF 7.02 TONNES (PAPER TONNES/NOT REAL STUFF)

 

GLD: 978.99 TONNES OF GOLD//

 

 

WITH SILVER UP 50 CENTS TODAY: AND WITH NO SILVER AROUND

 

 

A BIG CHANGE IN SILVER INVENTORY TONIGHT//

A DEPOSIT: OF 746,000 OZ INTO THE SLV INVENTORY

 

 

 

RESTING SLV INVENTORY TONIGHT:

SLV: 395.572  MILLION OZ./

 

 

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A CONSIDERABLE SIZED 1317 CONTRACTS FROM 140,055 DOWN TO 138,738 AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE CONSIDERABLE LOSS IN OI OCCURRED WITH OUR 15 CENT LOSS IN SILVER PRICING AT THE COMEX. WE  HAD SOME LONG LIQUIDATION. IT SEEMS THAT THE LOSS IN OI IS DUE TO  BANKER SHORT COVERING PLUS A CONSIDERABLE EXCHANGE FOR PHYSICAL ISSUANCE ALONG WITH A STRONG GAIN IN SILVER OZ STANDING. WE HAD A SMALL NET LOSS IN OUR TWO EXCHANGES OF 604 CONTRACTS  (SEE CALCULATIONS BELOW)

 

 

WE HAVE ALSO WITNESSED A STRONG AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S.  WE WERE  NOTIFIED  THAT WE HAD A FAIR SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   MARCH:  00 AND MAY: 713 AND JULY: 0 ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  713 CONTRACTS. WITH THE TRANSFER OF 713 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 713 EFP CONTRACTS TRANSLATES INTO 3.565 MILLION OZ  ACCOMPANYING:

1.THE 15 CENT LOSS IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST 12 MONTHS:

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.035  MILLION OZ INITIALLY STANDING FOR APRIL

 

FRIDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL 15 CENTS).. AND, OUR OFFICIAL SECTOR/BANKERS WERE TOTALLY UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY  SILVER LONGS FROM THEIR POSITIONS, AS WE DID HAVE A SMALL NET LOSS OF 604 CONTRACTS OR 3.02 MILLION OZ ON THE TWO EXCHANGES! YOU CAN BET THE FARM THAT OUR BANKER  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER.

OUR SPREADING OPERATION HAS NOW SWITCHED INTO SILVER…..

SPREADING OPERATION FOR OUR NEWCOMERS:

WE HAVE NOW COMMENCED IN SILVER THE ILLEGAL SPREADING OPERATION \ FOR NEWCOMERS, HERE ARE THE DETAILS:

 

SPREADING LIQUIDATION HAS NOW STOPPED IN GOLD AS THEY NOW BEGIN TO MORPH INTO SILVER AS WE HEAD TOWARDS THE NEW FRONT MONTH WILL BE MAY.

 

 

FOR THOSE OF YOU WHO ARE NEW, HERE IS THE MODUS OPERANDI OF THE SPREADERS AND THE CRIMINAL ELEMENT BEHIND IT:

 HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

 

THE SPREADING LIQUIDATION OPERATION IS NOW OVER FOR GOLD..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR SILVER.  THEY WILL ACCUMULATE CONSIDERABLE AMOUNT OF THE CONTRACTS AND THEN LIQUIDATE ONE WEEK PRIOR TO FIRST DAY NOTICE

 

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:

.

 

 

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

 

 

“AS YOU WILL SEE, THE CROOKS WILL NOW SWITCH TO SILVER AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX SILVER OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF APRIL HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF MAY FOR SILVER:

 

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF APRIL. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (MAY), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

 

 

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

2912 CONTRACTS (FOR 4 TRADING DAYS TOTAL 2912 CONTRACTS) OR 14.560 MILLION OZ: (AVERAGE PER DAY: 728 CONTRACTS OR 3.640 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF APRIL: 14.560 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 2.08% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*  JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

 

ACCUMULATION IN YEAR 2020 TO DATE SILVER EFP’S:          908.05 MILLION OZ.

JANUARY 2020 EFP TOTALS SO FAR: 181.61 MILLION OZ

FEB 2020 EFP’S TOTAL :  ……     259.600 MILLION OZ

MARCH EFP’S …..                     452.280 MILLION OZ  //TOTALS//AND A NEW RECORD FOR THE MONTH)

APRIL EFP SO FAR                   14.560 MILLION OZ.

 

 

RESULT: WE HAD A CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1317, WITH THE $0.15 LOSS IN SILVER PRICING AT THE COMEX /FRIDAY THE CME NOTIFIED US THAT WE HAD A CONSIDERABLE SIZED EFP ISSUANCE OF 713 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

 

TODAY WE LOST A SMALL SIZED OI CONTRACTS ON THE TWO EXCHANGES604 CONTRACTS (WITH THE 15 CENT LOSS IN PRICE)

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 713 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 1317 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH A 15 CENT LOSS IN PRICE OF SILVER/ AND A CLOSING PRICE OF $14.35 // FRIDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY AS WELL AS A GOOD INCREASE IN QUEUE JUMPING//AMOUNT STANDING!! 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.693 BILLION OZ TO BE EXACT or 99.0% of annual global silver production (ex Russia & ex China).

FOR THE NEW  MAR DELIVERY MONTH/ THEY FILED AT THE COMEX: 5 NOTICE(S) FOR  25,000 OZ OF SILVER.

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 244,196 CONTRACTS ON AUG 22.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $14.70//TODAY’S RECORD OF 244,705 IS SET WITH A PRICE OF: 18.91 (FEB 25/2020)

 

.

 

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ  MAY: 36.285 MILLION OZ ; JUNE/2018  (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   )  FOR AUGUST 6.065 MILLION OZ. , SEPT:  A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz  NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ   JANUARY AT  5.825 MILLION OZ.AND FEB 2019:  2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/  APRIL AT 3.875 MILLION OZ/ A MAY:  18.845 MILLION OZ ..JUNE 2.660 MILLION OZ//JULY 22.605 MILLION OZ; AUGUST 10.025 MILLION OZ/ SEPT 43.030 MILLION OZ//OCT: 7.665 MILLION OZ//   NOV: 2.630 MILLION OZ//DEC:  20.970 MILLION OZ; JAN:  5.075 MILLION OZ.//FEB 1.480 MILLION OZ//MAR: 23.005 MILLION OZ/APRIL 4.035 MILLION OZ//
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, 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)

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST FELL BY A CONSIDERABLE 6019 CONTRACTS TO 484,121 AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE LOSS OF COMEX OI OCCURRED DESPITE OUR COMEX GAIN IN PRICE  OF $7.80 /// COMEX GOLD TRADING// FRIDAY// WE  HAD CONSIDERABLE BANKER SHORT COVERING ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A STRONG  EX. FOR PHYSICAL ISSUANCE AND YET THIS WAS COUPLED WITH THAT GOOD ADVANCE IN THE PAPER PRICE OF GOLD. THUS THE GAIN ON THE COMEX WAS DUE TO  CONSIDERABLE BANKER SHORT COVERING, ZERO LONG LIQUIDATION, A  VERY STRONG INCREASE IN GOLD OZ STANDING  AND OUR CONSIDERABLE GAIN IN EXCHANGE FOR PHYSICALS , . WE GAINED A TINY 140 CONTRACTS  (0.4356 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 6159 CONTRACTS:

CONTRACTS, FEB>  CONTRACTS; MARCH 00 APRIL: 0. MAY: 0, AND JUNE 6159.; DEC 0 AND ALL OTHER MONTHS ZERO//TOTAL: 6159.  The NEW COMEX OI for the gold complex rests at 484,121. 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. . 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 SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 140 CONTRACTS: 6019 CONTRACTS DECREASED AT THE COMEX AND 6159 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 140 CONTRACTS OR 0.4356 TONNES. FRIDAY, WE HAD A CONSIDERABLE GAIN OF $7.80 IN GOLD TRADING……

AND WITH THAT CONSIDERABLE GAIN IN  PRICE, WE  HAD A SMALL SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 0.23  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (ROSE $7.80). AND IT ALSO SEEMS THAT THEIR ATTEMPT TO FLEECE ANY GOLD LONGS FROM THE GOLD ARENA WERE UNSUCCESSFUL  ( SEE BELOW) 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

 WE HAD  A CONSIDERABLE SIZED INCREASE IN EXCHANGE FOR PHYSICALS  (6159) ACCOMPANYING THE CONSIDERABLE LOSS IN COMEX OI  (6019 OI):  TOTAL GAIN IN THE TWO EXCHANGES:  140 CONTRACTS.  WE NO DOUBT HAD 1 )HUGE BANKER SHORT COVERING, 2.)A MONSTROUS INCREASE IN  STANDING AT THE GOLD COMEX FOR THE FRONT APRIL MONTH,  3) ZERO LONG LIQUIDATION AND  …ALL OF THIS WAS COUPLED WITH THAT GOOD GAIN IN GOLD PRICE TRADING//FRIDAY

 

 

 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 20,896 CONTRACTS OR 2,089,600 oz OR 64.99 TONNES (4 TRADING DAYS AND THUS AVERAGING: 5224 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 4 TRADING DAY(S) IN  TONNES: 64.99 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2019, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 64.99/3550 x 100% TONNES =1.83% OF GLOBAL ANNUAL PRODUCTION

ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD HAS EXPLODED THIS MONTH.

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   2387,89  TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; : 570.19 TONNES

FEB 2020 TOTAL EFP ISSUANCE :            653.78 TONNES

MARCH TOTAL EFP ISSUANCE                1,098.93  TONNES  (//(*AND A NEW ALL TIME RECORD ISSUANCE//22 DAYS)
APRIL TOTAL EFP. ISSUANCE:               64.99  TONNES

EXCHANGE FOR PHYSICAL ISSUANCE IS NOW DECLINING!!

 

 

 

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

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

1.Today, we had the open interest in SILVER FELL BY A CONSIDERABLE SIZED 1317 CONTRACTS FROM 140,055 DOWN TO 138,738 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

ALL OF THE LOSS IN COMEX OI WAS DUE TO 1) HUGE BANKER SHORT COVERING , 2) THE ISSUANCE OF A CONSIDERABLE SIZED NUMBER OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A GOOD INCREASE IN SILVER OZ STANDING AT THE COMEX FOR APRIL AND 4) SOME LONG LIQUIDATION 

 

 

EFP ISSUANCE 713 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

 FOR FEB. 0; FOR MAR  0:  AND MAY: 713; JULY: 00 CONTRACTS   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 713 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 1317 CONTRACTS TO THE 713 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALL LOSS OF 604 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES  3.020 MILLION  OZ!!! AND WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 7.475 MILLION OZ FOR AUGUST..  A HUGE 39.505  MILLION OZ  STANDING FOR SILVER IN SEPTEMBER… OVER 2 million  OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER.,  7.440 MILLION OZ FINALLY STANDING IN NOVEMBER.  21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY,  27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL  18.765 MILLION OZ FOR MAY  NOW 2.660 MILLION OZ FOR JUNE WITH JULY AT 22.605 MILLION OZ AUGUST AT 10.025 MILLION OZ//  SEPT: 43.030 MILLION OZ///OCT: 7.32 MILLION OZ//NOV 2.63 MILLION OZ//DEC: 20.970 MILLION OZ//JAN: 5.075 MILLION OZ//FEB: 1.480 MILLION OZ//MAR: 23.005 MILLION OZ//APRIL 4.035 MILLION OZ//

 

 

RESULT: A CONSIDERABLE SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE 15 CENT LOSS IN PRICING THAT SILVER UNDERTOOK IN PRICING// FRIDAY. WE ALSO HAD A CONSIDERABLE SIZED 713 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON. THE ENTIRE LOSS OF COMEX OI WAS DUE TO SPREADER LIQUIDATION AND THAT HUGE ISSUANCE OF EX. FOR PHYSICALS.

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL

 

(report Harvey)

 

 

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

I)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 16.65 POINTS OR 0.60%  //Hang Sang CLOSED UP 513.01 POINTS OR 2.21%   /The Nikkei closed UP 756.11 POINTS OR 4.24%//Australia’s all ordinaires CLOSED UP 4.24%

/Chinese yuan (ONSHORE) closed UP  at 67.0923 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED UP // LAST AT 7.0923 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 7.1068 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

 

LET US BEGIN:

Let us head over to the comex:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A CONSIDERABLE 6019 CONTRACTS TO 484,121 MOVING FURTHER FROM OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS CONSIDERABLE COMEX OI LOSS WAS SET WITH A GOOD GAIN OF $7.80 IN GOLD PRICING //FRIDAY’S  COMEX TRADING//). HOWEVER WE ALSO HAD A STRONG EFP ISSUANCE (6159 CONTRACTS),.  THUS WE HAD 1) HUGE BANKER SHORT COVERING AT THE COMEX AND 2)    ZERO LONG LIQUIDATION AND 3)  ANOTHER STRONG INCREASE IN GOLD OZ STANDING AT THE COMEX WITH THAT HUGE STANDING  APRIL/GOLD…  AS WE ENGINEERED A TINY GAIN ON TWO EXCHANGES OF 140 CONTRACTS.

 

 

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF APRIL..  THE CME REPORTS THAT THE BANKERS ISSUED AN ATMOSPHERIC SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 2529 EFP CONTRACTS WERE ISSUED:

 FEB: 0; MARCH 00 AND APRIL: 0, MAY: 0  JUNE : 6159 AND 0 FOR DEC AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 6159 CONTRACTS.

THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST  48 HRS AFTER OUR LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES:  140 TOTAL CONTRACTS IN THAT 6159 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A CONSIDERABLE SIZED 6019 COMEX CONTRACTS.  THE BANKERS PROVIDED ALL THE NECESSARY SHORT PAPER TO WHICH OUR LONGS DUTIFULLY ACCEPTED AS THEY GOBBLED UP A CONSIDERABLE AMOUNT OF EXCHANGE FOR PHYSICALS WITH A HUGE BANKER SHORT COVERING ACCOMPANYING OUR STRONG COMEX GOLD TONNAGE STANDING FOR DELIVERY.

 

 

 

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE BY $7.80). THEY WERE   UNSUCCESSFUL IN FLEECING ANY LONGS, AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 0.4376 TONNES.

 

 

NET GAIN ON THE TWO EXCHANGES :: 140 CONTRACTS OR 14,000 OZ OR 0.4376 TONNES. 

 

COMMODITY LAW SUGGESTS THAT COMMODITY FUTURES OPEN INTEREST SHOULD APPROXIMATE 3% OF TOTAL PRODUCTION.  IN GOLD THE WORLD PRODUCES AROUND 3500 TONNES PER YEAR BUT ONLY 2200 TONNES ARE AVAILABLE FROM THE WEST (THUS EXCLUDING RUSSIA, CHINA ETC..WHO KEEP 100% OF THEIR PRODUCTION)

THUS IN GOLD WE HAVE THE FOLLOWING:  484,121 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 48.40 MILLION OZ/32,150 OZ PER TONNE =  1505 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1505/2200 OR 68.42% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 76,860 contracts

CONFIRMED COMEX VOL. FOR YESTERDAY183,777 contracts//

APRIL 6

APRIL GOLD CONTRACT MONTH

 

 

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
7491.183 oz
BRINKS
INT. DELAWARE
Deposits to the Dealer Inventory in oz NIL oz

 

 

 

Deposits to the Customer Inventory, in oz  

118,174.716

OZ

BRINKS

DELAWARE

HSBC

MALCA

SCOTIA

 

INCLUDES 75 KILOBARS

DELAWARE

A PHONY ENTRY

 

No of oz served (contracts) today
644 notice(s)
 64400 OZ
(2.003 TONNES)
No of oz to be served (notices)
1262 contracts
(126,200 oz)
3.929 TONNES
Total monthly oz gold served (contracts) so far this month
25,133 notices
2,513,400 OZ
78.177 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

We had 1 kilobar entries

 

i ) We had 0 deposits into the dealer

 

total dealer deposits: NIL oz

total dealer withdrawals: NIL oz

we had 5 deposit into the customer account

i) Into BRINKS:  51,698.808 OZ

ii) Into DELAWARE:  2411.325 oz  75 KILOBARS

iii) Into Malca 19,387.053 oz

IV)  HSBC:   4407.200 OZ

V) INTO SCOTIA:  600.33 OZ

 

 

 

 

 

 

total deposits: 118,174.716  oz

 

 

 

we had 2 gold withdrawals from the customer account:

i) Out of Brinks:  2282.721 oz

ii) Out of Int Delaware: 5208.462 oz

 

 

total gold withdrawals;  7491.183   oz

ADJUSTMENTS: 0

 

 

The front month of APRIL saw its open interest register 1906 contracts for a loss of 2181 contacts. We had 2580 notices filed yesterday so we GAINED A VERY STRONG 399  contracts or 39900 oz will  stand at the comex as these guys refused to morph into London based forwards and they also negated a fiat bonus

 

 

May saw its ANOTHER GAIN of 1 contracts to stand at  2149.

June saw a LOSS of 5373 contracts up to 354,372

 

 

We had 644 notices filed today for 64,400 oz

 

FOR THE  APRIL 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 82 notices were issued from their client or customer account. The total of all issuance by all participants equates to 644 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 294 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the APRIL /2020. contract month, we take the total number of notices filed so far for the month (25,133) x 100 oz , to which we add the difference between the open interest for the front month of  APRIL. (1906 CONTRACTS ) minus the number of notices served upon today (644 x 100 oz per contract) equals 2,639,500 OZ OR 82.099 TONNES) the number of ounces standing in this  active month of APRIL

thus the INITIAL standings for gold for the APRIL/2020 contract month:

No of notices served (25,133)x 100 oz)  + 1906 OI for the front month minus the number of notices served upon today (644 x 100 oz )which equals 2,639,500 oz standing OR 82.099 TONNES in this active delivery month which is  a great amount for gold standing for a APRIL. delivery month.

We gained 399 contracts OR an additional 39,900 OZ WILL  STAND AT THE COMEX as these guys decided it best to look for metal on the this side of the pond, first before travelling to London..

NEW PLEDGED GOLD:  BRINKS

3027.500 OZ  REMOVED TO THE PLEDGED ACCOUNT JAN 10.2020/Brinks

176,211.457 oz NOW PLEDGED  JAN 21.2020/HSBC  5.4807 TONNES

341,434.443 oz PLEDGED  MARCH 2020  JPMORGAN:  10.62 TONNES

42,548.308.00 PLEDGED  APRIL 3/2020: SCOTIA:            1.3234

TOTAL PLEDGED GOLD NOW IN EFFECT:  560,194.208  OZ OR 17.424  TONNES

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 109.15 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS

total registered or dealer gold:   4,069,518.145 oz or  126.579 tonnes
which  includes the following:
a) pledged gold held at HSBC   which cannot settled upon   176,211.457 oz x ( 5.4807 TONNES)//
b) pledged gold held at JPMorgan (added March 2020) which cannot be settled upon:  341,434.443 oz (or 10.6200 tonnes)
total pledged gold:
c)  pledged gold at Scotia: 1.3234 tonnes or 42,548.308 oz which cannot be settled  (1.3234 tonnes)
total weight of pledged:  560,194.208 oz or 17.424 tonnes
thus:
registered gold that can be used to settle upon: 3,509323.9  (109.15 tonnes)
true registered gold  (total registered – pledged tonnes  3,3509323.9 (109.15 tonnes)

total registered, pledged  and eligible (customer) gold;   15,911,934.633 oz 494.927 tonnes

 

THE GOLD COMEX IS NOW IN STRESS AS

 

1. GOLD IS LEAVING THE COMEX 

 

2. GOLD IS LEAVING THE REGISTERED CATEGORY OF THE COMEX.

 

3. NO GOLD IS ENTERING THE COMEX

WHY ARE THEY NOT SETTLING?

THE COMEX IS AN ABSOLUTE FRAUD..

 

end

 

 

April 6/2019

And now for the wild silver comex results

Total COMEX silver OI FELL BY A CONSIDERABLE SIZED 1317 CONTRACTS FROM 140,140 DOWN TO 138,738 (AND MOVING FURTHER FROM OUR NEW ALL TIME RECORD OI FOR SILVER SET ON FEB 25.2020(244,710) ECLIPSING OUR PREVIOUS RECORD, AUGUST 25/2018 RECORD (244,196).  THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9.2018/ 243,411 CONTRACTS) . OUR CONSIDERABLE OI COMEX LOSS TODAY OCCURRED WITH OUR 15 CENT DECREASE IN PRICING/FRIDAY.  THE LOSS IN OI OCCURRED WITH 1)  A CONSIDERABLE ISSUANCE OF EXCHANGE FOR PHYSICALS 2) STRONG INCREASE IN SILVER OZ STANDING AT THE COMEX, 3)  HUGE  BANKER SHORT COVERING COUPLED WITH SOME  LONG LIQUIDATION. 

WE ARE NOW INTO THE  ACTIVE DELIVERY MONTH OF APRIL

.APRIL ACTIVE DELIVERY MONTH.

 

THE FRONT MONTH OF APRIL HAS A TOTAL OPEN INTEREST OF 54 CONTRACTS, AND AS SUCH LOST 7 CONTRACTS.  WE HAD 11 NOTICES SERVED UPON YESTERDAY SO WE AGAIN, GAINED 4 CONTRACTS OR 20,000 OZ WILL STAND AT THE COMEX AS THEY REFUSED TO MORPH INTO LONDON BASED CONTRACTS AS THEY LOOK FOR METAL ON THIS SIDE OF THE POND.

 

THE BIG CONTRACT OF MAY SAW ITS OI FALL  BY 1597  UP TO 76,182.

JUNE SAW A GAIN OF 44 CONTRACTS RISING TO 49.

 

 

We, today, had  5 notice(s) FILED  for 25,000, OZ for the MAR, 2019 COMEX contract for silver

APRIL 6/2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 88,001.400 oz
CNT
BRINKS
HSBC
INT. DELAWARE

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
607,477.800 oz
Scotia
No of oz served today (contracts)
5
CONTRACT(S)
(25,000 OZ)
No of oz to be served (notices)
49 contracts
 (245,000 oz)
Total monthly oz silver served (contracts)  758 contracts

3,790,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

**

total dealer deposits: 0 oz

total dealer withdrawals: 0 oz

i)we had  1 deposits into the customer account

into JPMorgan:   0

ii)into SCOTIA:  607,477.800 OZ

 

 

 

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

JPMorgan now has 160.819 million oz of  total silver inventory or 50.04% of all official comex silver. (160.819 million/321.170 million

total customer deposits today: 607,477.800   oz

we had 4 withdrawals:

 

i) Out of CNT:  40,958.000 oz ???
ii) Out of  INT. Delaware: 10,042.810 oz
iii) Out of Brinks: 25,198.100 oz
iv) out of HSBC  8901.510

 

 

total withdrawals;  88,001.400  oz

We had 0 adjustments: and all from the dealer to the customer:

 

 

 

 

total dealer silver:  82.178 million

total dealer + customer silver:  321.617 million oz

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The total number of notices filed today for the APRIL 2020. contract month is represented by 5 contract(s) FOR 25,000 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 758 x 5,000 oz = 3,790,000 oz to which we add the difference between the open interest for the front month of APRIL.( 54) and the number of notices served upon today 5 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the APRIL/2019 contract month: 758 (notices served so far) x 5000 oz + OI for front month of APRIL (54)- number of notices served upon today (5) x 5000 oz of silver standing for the APRIL contract month.equals 4,035,000 oz.

WE GAINED 4 CONTRACTS OR AN ADDITIONAL 20,000 OZ OF SILVER WILL STAND AT  THE COMEX.

 

 

 

 

 

TODAY’S ESTIMATED SILVER VOLUME: 22,705 CONTRACTS //

 

 

 

 

FOR YESTERDAY:  66,541 CONTRACTS..,CONFIRMED VOLUME

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 66,541 CONTRACTS EQUATES to 332 million  OZ  47.5% 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 +0.28% ((APRIL 6/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO +0.34% to NAV:   (APRIL 6/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into POSITIVE/ 0.28%

(courtesy Sprott/GATA

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA):

NAV 15.26 TRADING 15.22///DISCOUNT 0.29

END

 

 

And now the Gold inventory at the GLD/

APRIL 6//WITH GOLD UP $32.00//ANOTHER STRONG DEPOSIT INTO THE GLD; A HUGE 7.02 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT : 978.99 TONNES

APRIL 3//WITH GOLD UP $7.80 TODAY//ANOTHER STRONG DEPOSIT OF 3.22 TONNES INTO THE GLD/INVENTORY RESTS AT 971.97 TONNES

APRIL 2//WITH GOLD UP $31.80 TODAY: ANOTHER STRONG DEPOSIT OF 1.75 TONNES INTO THE GLD//INVENTORY RESTS AT 968.75 TONNES

APRIL 1/WITH GOLD DOWN $7.70 TODAY: ANOTHER CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.62 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 967.00 TONNES

MARCH 31//WITH GOLD DOWN $32.70//A MONSTROUS PAPER DEPOSIT OF 10.84 TONNES INTO THE GLD//INVENTORY RESTS AT 964.38 TONNES

MARCH 30/WITH GOLD DOWN $6.10 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 953.54 TONNES

MARCH 27.WITH GOLD DOWN $16.40: A BIG  CHANGE IN GOLD INVENTORY AT THE GLD  A HUGE DEPOSIT OF 4.39 TONES INTO THE GLD/INVENTORY RESTS AT 953.54 TONES

MARCH 26//WITH GOLD UP $24.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 13.17 TONNES INTO THE GLD/INVENTORY RESTS AT 949.15 TONNES

MARCH 25/WITH GOLD DOWN $11.40 TODAY//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 11.99 TONES INTO THE GLD INVENTORY////INVENTORY RESTS AT 935.98 TONNES

MARCH 24//WITH GOLD UP $67.00 TODAY: A HUGE  CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 15.80 TONNES OF GOLD INTO GLD////INVENTORY RESTS AT 923.99 TONNES..THIS PROVES THAT THE GLD IS A FRAUD AS LONDON SUSPENDED DELIVERY AS WELL AS ALL REFINERS.  THEY HAD NO WAY OF GETTING ANY PHYSICAL OZ INTO ITS INVENTORY//

MARCH 23//WITH GOLD UP $76.00 TODAY: A  HUGE PAPER WITHDRAWAL OF 21.50 TONNES FROM THE GLD////INVENTORY RESTS AT 908.19 TONNES

MARCH 20//WITH GOLD UP $5.50//A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 7.46 TONNES FROM THE GLD////INVENTORY RESTS AT 922.23 TONNES

MARCH 19/WITH GOLD DOWN 90 CENTS: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 929.84 TONNES

MARCH 18/WITH GOLD DOWN $48.00: NO CHANGES IN GOLD INVENTORY AT THE GLD////INVENTORY RESTS AT 929.84 TONNES

MARCH 17/WITH GOLD UP $37.60: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.75 TONNES FROM GLD INVENTORY//INVENTORY RESTS AT 929.84 TONNES

MARCH  16/WITH GOLD DOWN $30.00/ A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 12.59 TONNES/INVENTORY RESTS AT 931.59 TONNES

MARCH 13//WITH GOLD DOWN $73.60: A HUGE WITHDRAWAL OF 9.02 TONNES OF PAPER GOLD FROM THE GLD//

INVENTORY RESTS AT 944.18 TONNES

MARCH 12/WITH GOLD DOWN $55.05 TODAY:  NO CHANGE IN GOLD INVENTORY AT THE GLD/953.26 TONNES

 

MAR 11/WITH GOLD DOWN $14.95?/A HUGE WITHDRAWAL OF 10.53 TONNES//INVENTORY RESTS AT 953.26 TONNES

MARCH 10/WITH GOLD DOWN $14.25//A HUGE 8.00 TONNES OF PAPER GOLD DEPOSIT INTO THE GLD//INVENTORY RESTS AT 963.79

MARCH 9//WITH GOLD UP $1.50 : NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 955.60 TONNES

March 6/WITH GOLD UP $6.25 A MASSIVE 21.37 PAPER TONNES OF GOLD INTO THE GLD INVENTORY//INVENTORY RESTS AT 955.60 TONNES

MARCH 5/WITH GOLD UP $25.40//NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS TONIGHT AT 934.23 TONNES

MARCH 4//WITH GOLD DOWN 1 DOLLAR: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 934.23 TONNES//

MARCH 3//WITH GOLD UP 48.55 TODAY; NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 934.23 TONNES

MARCH 2//WITH GOLD UP $27.00// no change in gold inventory at the gld//inventory remains  at 934.23 tonnes

FEB 28/WITH GOLD DOWN $73.00 WE LOST NO GOLD FROM THE GLD/INVENTORY REMAINS 934.23 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at

APRIL 6/2020/  978.99 tonnes*

IN LAST 793 TRADING DAYS:   +34.30 NET TONNES HAVE BEEN REMOVED FROM THE GLD

 

LAST 693 TRADING DAYS;+209.28  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

APRIL 6/WITH SILVER UP 50 CENTS TODAY: ANOTHER BIG CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 395.826 OZ.

APRIL 3//WITH SILVER DOWN 15 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 746,000 OZ INTO THE SLV//INVENTORY RESTS AT 395.826 MILLION OZ

APRIL 2/WITH SILVER UP 65 CENTS;  A SMALL CHANGE TODAY..A WITHDRAWAL OF .335 MILLION OZ TO PAY FOR FEES//INVENTORY RESTS AT 394.826 MILLION OZ/

APRIL 1/WITH SILVER DOWN 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 395.181 MILLION OZ//

MARCH 31/WITH SILVER UP 2 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY: A DEPOSIT OF 1.679 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 375.181 MILLION OZ//

MARCH 30/WITH SILVER DOWN 44 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 393.502 MILLION OZ.

MARCH 27/WITH SILVER DOWN 5 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A MONSTROUS PAPER DEPOSIT OF 8.115 MILLION OZ INTO THE SLV../INVENTORY RESTS AT 393.502  MILLION OZ//

MARCH 26/WITH SILVER DOWN 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 385.387 MILLION OZ///

MARCH 25/WITH SILVER UP 44 CENTS TODAY: TWO HUGE CHANGES IN SILVER INVENTORY AT THE SLV: TWO DEPOSITS OF 7.369 MILLION OZ AND 2.239 MILLION OZ OF PAPER SILVER INTO THE SLV////INVENTORY RESTS AT 385.387 MILLION OZ//

MARCH 24//WITH SILVER UP 100 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 375.779 MILLION OZ///

MARCH 23//WITH SILVER UP 70 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV; A DEPOSIT OF 2.332 MILLION OZ OF SILVER INTO THE SLV////INVENTORY RESTS AT 375.779 MILLION OZ

MARCH 20//WITH SILVER UP 39 CENTS TODAY: 2 HUGE CHANGES IN SILVER INVENTORY AT THE SLV; A PAPER WITHDRAWAL OF 1.026 MILLION OZ FROM THE SLV AND THEN A PAPER ADDITION OF 3.638 MILLION OZ INTO THE SLV.////INVENTORY RESTS AT 373.447 MILLION OZ//

MARCH 19/WITH SILVER UP 38 CENTS TODAY//A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: ANOTHER 5.597 MILLION OZ OF SILVER VAPOUR ADDED TO THE SLV INVENTORY//INVENTORY RESTS AT 370.835 MILLION OZ/

MARCH 18//WITH SILVER DOWN 75 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A MONSTROUS 12.035 MILLION PAPER OZ ADDED INTO INVENTORY//INVENTORY RESTS AT 365.238 MILLION OZ//

MARCH 17/WITH SILVER DOWN 20 CENTS TODAY; A BIG CHANGES IN SILVER INVENTORY AT THE SLV; A WITHDRAWAL OF 3.735 MILLION OZ FROM THE SLV INVENTORY: INVENTORY RESTS AT 353.203 MILLION OZ///

MARCH 16/WITH SILVER DOWN 177 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESETS AT 356.938 MILLION OZ//

MARCH 13//WITH SILVER DOWN 155 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.893 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 356.938 MILLION OZ;

MARCH 12/WITH SILVER DOWN 77 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.119 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 359.828 MILLION OZ

MARCH 11/SILVER DOWN 16 CENTS:  A SMALL WITHDRAWAL OF .467 MILLION OZ AT THE SLV/INVENTORY RESTS AT 360.947 MILLION OZ//

MARCH 10/WITH SILVER DOWN 10 CENTS: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 361.414 MILLION OZ//

MARCH 9/NO CHANGE IN INVENTORY LEVELS: SLV INVENTORY RESTS AT 361.414 MILLION OZ//

MARCH 6//WITH SILVER DOWN 10 CENTS: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 361.414 MILLION OZ

MARCH 5//WITH SILVER UP 15 CENTS TODAY; A SMALL WITHDRAWAL DUE TO FEES ETC//INVENTORY RESTS TONIGHT AT 361.414 MILLION OZ..

MARCH 4/SILVER SILVER UP 3 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 361.880 MILLION OZ//

MARCH 3/WITH SILVER UP 44 CENTS//A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A LOSS OF 5.75 MILLION OZ FROM THE SLV../INVENTORY RESTS AT 361.880 MILLION OZ

MARCH 2//WITH SILVER UP 18 CENTS//NO CHANGE IN SILVER INVENTORY AT THE SLV..INVENTORY RESTS AT 367.632 MILLION OZ//

 

FEB 28/ WITH SILVER DOWN 18 CENTS: a loss of 1.867 million oz//inventory rests at 367.632 million oz

 

 

APRIL 6.2020:

SLV INVENTORY RESTS TONIGHT AT

395.572 MILLION OZ.

END

 

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 2.50/ and libor 6 month duration 1.21

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

G0LD LENDING RATE: – 1.29

GOLD: NOWHERE TO BE FOUND!

 

XXXXXXXX

12 Month MM GOFO
+ 1.37%

LIBOR FOR 12 MONTH DURATION: 1.05

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = -.32

GOLD NONEXISTENT

end

 

 

end

 

PHYSICAL GOLD/SILVER STORIES
i) GOLDCORE BLOG/Mark O’Byrne

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

This is a must read for all:  how are now entering the hyperinflation phase of government intervention and thus all fiat currencies will be destroyed along with financial assets..the only winner will be gold

 

a must read..

 

 

Alasdair Macleod: A primer for gold newbies

 Section: 

By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, April 2, 2020

The purpose of this article is purely educational.

Increasingly, the wider public is turning to gold in a spontaneous reaction to financial and economic problems that have become suddenly apparent, hastened by the spread of the coronavirus. For everyone now thinking of buying gold it is a leap into the unknown, so they should know why.

… 

It is not just the financially inexperienced, but investment managers and financial advisors are equally unaware of what is happening to money and capital markets. We are in the early stages of a radical debasement of state-issued currencies that is on course to collapse the entire financial system.

I explain the two phases of this destruction of fiat money, the one experienced so far and the one we are about to suffer. I explain why sound money has always been physical gold and silver, returned to by the people after government and banks have collectively destroyed state-originated unsound money. …

… For the remainder of the report:

https://www.goldmoney.com/research/goldmoney-insights/a-primer-for-gold-…

* * *

end

My goodness: Bloomberg notices that gold is starting to win!!
(Bloomberg/GATA)

Bloomberg News resentfully notices that gold is starting to win

 Section: 

Gold Bugs Finally See Their Predictions of Doom Coming True

By Eddie van der Walt, Ranjeetha Pakiam, and Jan-Patrick Barnert
Bloomberg News
Friday, April 3, 2020

For years gold bugs were relegated to the fringes of financial markets. Often viewed by mainstream investors as tinfoil-hat conspiracists with basements full of beans and bottled water, their warnings sounded apocalyptic: a coming collapse in financial assets, widespread devaluation of paper money, and global disasters that erode civil liberties.

Welcome to 2020.

As the coronavirus brings economies around the world to a standstill, gold is rivaling Treasuries and the dollar as the best-performing major asset this year. The metal proved its haven status with a 6% rally as almost $16 trillion was wiped off global stock markets and oil plunged.

… 

There’s also been a scramble for physical metal as investors in exchange-traded funds build the biggest stockpile in history and dealers say they’re struggling to find gold to sell.

“We’ve been trying to warn people that something like this would happen,” said Jim Rickards, the author of several books that predicted a coming financial reset. Rickards, who spoke from a New England mountain compound, has long recommended holding gold as a precaution for wealth preservation.

“I’ve been saying it for years,” he said. “I’m not happy about being right.”

There are echoes of many of the typical gold bug predictions in today’s crisis. Besides the obvious economic and financial-market upheaval, social interaction has become taboo and in some places soldiers are telling people not to leave their homes.

Even the so-called paper market for gold is showing cracks and a squeeze last month on New York’s Comex, the largest gold futures exchange, added fuel to another of the prophecies: that when the crisis came, there wouldn’t be enough gold to go around. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-04-03/gold-bugs-finally-see…

* * *

end

A good commentary from Chris Powell on the what true official inventory China has in their vaults

(Chris Powell/GATA)

How much gold does China really have and how will it be used?

 Section: 

1:43p ET Saturday, April 4, 2020

Dear Friend of GATA and Gold:

A friend writes:

“Here’s a question for you.

“People like GoldMoney’s Alasdair Macleod have stated that China has 20,000 to 25,000 tonnes of gold. Does this total refer just to the People’s Bank of China or does it include all the gold that the central bank and the people of China have?

“Is it possible that the total is much higher — that the central bank has 20,000 tonnes and the Chinese people have another 12,000 tonnes for a total of 32,000 tonnes?

… 

“If and when China dumps its $1 trillion in U.S. Treasuries and buys more gold and then backs its currency, the yuan, with gold, the yuan could become the world reserve currency, accruing for China all the associated benefits.

“My take is that the the Covid-19 situation will result in deflation followed by inflation and hyperinflation. China is doubtless aware of the precarious financial situation of the United States. Will China take advantage of this?

“Once again. How much gold do you think China has, including both the central bank and the people?”

* * *

The gold directly possessed and controlled by the Chinese government is surely greater than what the government has reported.

We know this because China has reported its gold reserves at irregular intervals with big jumps in reserves between intervals. That metal was not acquired all at once but over time during which there were no public updates to reserve totals.

We also know that other countries sometimes have held gold in accounts not reported to the International Monetary Fund. Saudi Arabia got caught doing this in 2010:

http://gata.org/node/9094

I long have argued that, for the world’s major powers, the true location and disposition of gold reserves are secrets more sensitive than the location and disposition of nuclear weapons. That’s because nuclear weapons can only destroy the world, but, as U.S. Secretary of State Henry Kissinger’s assistant undersecretary for economic and business affairs, Thomas O. Enders, told him in a meeting in April 1974, control of gold is control of all currency valuations and thus control of the world.

Their conversation was transcribed and eventually posted at the State Department’s archive and can be found here:

http://gata.org/node/13310

Alasdair is far better informed about China than I am. Also far better informed is the prolific writer and financial analyst Jim Rickards, who has had U.S. government security clearance and seems to concur with Alasdair. Jim has often said that the Chinese military has acquired gold in other countries and shipped it home and that China assigns state-owned banks to hold gold that is not reported in the country’s official reserves.

How much gold is in the possession of the China’s population generally? Surely much of the metal that has been counted in Shanghai Gold Exchange reports is held by individuals, and that gold might be requisitioned by the Chinese government if necessary. Indeed, in 1998 South Koreans gave much of their gold to their government, 227 tonnes, to repay debt to the IMF during a foreign exchange crisis:

https://en.wikipedia.org/wiki/Gold-collecting_campaign

Gold reserves support any government’s currency because they can be used for intervention in the currency markets. There has been much official confirmation of this.

The Reserve Bank of Australia has acknowledged it in its annual reports from time to time, as in 2003 —

http://www.gata.org/files/ReserveBankOfAustraliaAnnualReport2003.pdf

— when the bank wrote:

“Foreign currency reserve assets and gold are held primarily to support intervention in the foreign exchange market. In investing these assets, priority is therefore given to liquidity and security, in order to ensure that the assets are always available for their intended policy purposes.”

William R. White, the director of the monetary and economic department of the Bank for International Settlements, the central bank of the central banks, told a BIS conference in Basel, Switzerland, in June 2005 that a primary purpose of international central bank cooperation is “the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful”:

http://www.gata.org/node/4279

The BIS constantly and surreptitiously intervenes in the gold market for its central bank members, as GATA consultant Robert Lambourne regularly reports —

http://gata.org/node/19916

— and has actually advertised to potential central bank members that its services include secret interventions in the gold market. Here is a slide from a PowerPoint presentation the bank made to prospective central bank members at BIS headquarters in Basel in June 2008:

http://www.gata.org/node/11012

Of course gold reserves also diversify a country’s foreign-exchange position generally. Any country that, like China, has placed a wildly disproportionate share of its foreign earnings in U.S. dollars has an urgent interest in using gold to hedge against devaluation of the dollar, which would expropriate China’s earnings.

But while gold reserves support government currencies, it seems unlikely that China’s government or any government would ever want to impose on its currency a fixed level of gold convertibility. For fixed currency convertibility into gold and free gold markets are powerful restraints on government power, which is why governments hate gold so much — unless, of course, when they can use gold as a currency hedge or a weapon against their adversaries.

So how much gold does China really have? All that can be said for sure is: More than you and I do.

Sorry not to be more helpful. But gold is the secret knowledge of the financial universe, and if that secret ever got out too much — if great numbers of ordinary people came to know it — power in the world would be dramatically democratized.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

end

iii) Other physical stories:

Great and Wonderful Monday Morning Folks,

      The week starts off with a positive gain in Gold with the trade at $1,667.60, up $21.10 after reaching $1,673.00 with the low at $1,638.20. The Tag a Long Kid – Silver, is up as well with its trade at $14.790 up 29.6 cents after reaching $14.86 with the low at $14.355. The US Dollar is still above par with the trade at 100.715, registering a gain of 0.038 after hitting a high of 100.945 with the low at 100.535. Of course, all of this happened before 5 am pst, the Comex open, the London close, and after Boris went to the hospital, and just before Japan declares a State of Emergency.

      Everything precious metals is green in the Emerging Markets this morning. In Venezuela, the price for Gold gained 340.57 Bolivar over the weekend with the trade at 16,655.15 with Silver doing the same, adding 1.598 with the trade at 147.715 Bolivar. Argentina’s Peso added 2,583.51 A-Peso’s to the price with the last registered trade at 108,086.37 with Silver now at 958.318 A-Peso’s showing an additional gain of 13.738 since the Friday morning count. Turkey’s Lira is also dropping in value and pushing the prices higher with Gold now at 11,297.62 Lira showing the additional gains of 327.96 with Silver adding 1.8755 T-Lira with the last trade at 100.111.

      April Silver’s Delivery Demands now shows a count of 54 fully paid for contracts proving a drop of 7 from Friday’s count which had a trading range between $14.59 and $14.436 with the last trade showing at $14.55 with the adjusted and fixed close at the low price when no real trades registered below $14.55. So far this morning, we have 1 trade in the Volume column at $14.550 making Friday’s low close nothing but a manipulation of price, not related to any purchase. Silver’s Overall Open Interest fell by 1,430 contracts from Friday’s early morning report, giving us the starting tally of 138,754 Overnighters now in play, as we wait to see what the markets will do without all that controlling paper made to keep the price low when we should already be in 3 digits from the left of the decimal.

      April Gold’s Delivery Demands now stands at 1,905 fully paid for contracts proving 2,182 obligations got settled out on Friday with that day’s trading range between $1,636.00 and $1,619.80 with the last trade at $1,634.20 and the adjusted close at $1,633.70. So far this morning we have a Volume of 393 up on the board with a trading range between $1,655.60 and $1,625.90 with the last trade at the high showing a $21.90 gain so far. Gold’s Overall Open Interest continues to fall as another 6,138 pieces of paper exited the trade, since Friday morning, leaving 484,056 still in play.

      Supposedly the next 2 weeks will be brutal, as warned by the USA Viral Team weeks ago, and as mentioned above, Boris is in the hospital with this life taking biological and after China sold four billion masks to foreign countries since MarchBritain purchased millions of masks and test kits making us wonder, are these newly made products, created by someone who just so happens to be a carrier of this virus? Can anything from the CCP be safe or trusted going forward? Let’s face it, this event in our lives is a true financial depression maker, no one can deny this at all.

      Now that we are here, the idea of cash at home is still good, but having stored foods, to carry a family over the time it takes to reboot the global system, may be more important. Leaving everyone with the question, how long will a reboot take, and will it succeed? Food wealth may take the place of immediate cash, with physical Silver and Gold set aside, and away from any third party, till for after the devaluation happens. Which may be in play now, remember Trump knows bankruptcy very well, and at the same time, the Open Interest in precious metals is dropping hard and fast.

      So Keep Positive No Matter What! That smile is by far more contagious, than the bug, because a happy face can be seen at a distance and thru masks and windows. As Always …

Stay Strong!

  1. Johnson

end

Listen to Dave Kranzler and Chris Marcus//the gold and silver squeeze:

(Marcus/Kranzler)

Gresham’s Law And The Gold And Silver Squeeze

“Bad money drives out good money.”  When Gresham put forth this proposition, sovereigns were diluting gold and silver coins with metals of lesser value yet the diluted coins were given the same value for legal tender purposes as the more pure coins. Gresham observed that the more pure coins were hoarded and the lesser value coins were used for trade.

Sound familiar?  Go find pre-1964 dimes, quarters and half-dollars and try to buy them for their legal tender value.  Pre-1964 silver coinage contains 90% silver.  Post-1964 silver coins are made from nickel and copper.  No one who holds pre-1964 coins would use them for their face value. They have disappeared from circulation. The melt-value of the silver in a 1963 quarter currently is $2.60.

The disappearance of gold bars from the LBMA and Comex is Gresham’s Law in action. Though the virus crisis exacerbated the problem, shortages were developing on both trading venues well before anyone heard of “coronavirus.”  As an example,  Russia dumped its Treasury bond holdings and used the dollars to buy gold for its Central Bank. China, which holds 12x more Treasuries than Russia held, has been slowly converting its dollar reserves into gold for several years.

Chris Marcus of Arcadia Economics and I discuss the current developments on the Comex and LBMA in our latest weekly conversation:

 

end

Due to the criminal conviction of trader Edmonds, the USA prosecution is seeking to halt the civil lawsuit. I was misinformed: all discoveries in a civil suit are public and because of that, the prosecution gives the defendants the right to plead the 5th if their testimony incriminates them
(courtesy zerohedge/Chris Powell)

US seeks halt in civil lawsuit accusing JP Morgan of manipulating metals market, citing criminal case

  • The U.S. wants a federal judge to halt a civil lawsuit accusing J. P. Morgan of manipulating precious metals markets. The Justice Department cited an ongoing criminal case as its reason for the request.
  • A former J. P. Morgan trader pleaded guilty in Connecticut last month to manipulation charges.
  • In the guilty plea, the trader said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors.

A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York.

Amr Alfiky | Reuters
A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York.

The Justice Department is asking a judge to put the brakes on a civil lawsuit against J. P. Morgan Chase, citing an ongoing probe into a “related criminal case” that involves alleged manipulation of precious metals markets.

The department wants a six-month postponement in the proceedings of the civil lawsuit, which was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders. The government also says it could ask for a longer delay in the case, according to a court filing on Monday.

The move comes days after Shak’s lawyer, David Kovel, sought permission to reopen questioning of two former J. P. Morgan traders and the bank’s current global head of base and precious metals trading.

Kovel, in making the request with the Manhattan federal judge in the civil case, cited last month’s guilty plea by one of those former traders, John Edmonds, in federal court in Connecticut.

Edmonds admitted making bogus bids on precious metals contracts while working at the bank from 2009 to 2015.

Neither J. P. Morgan Chase nor Kovel’s clients have opposed the Justice Department’s request.

In arguing for a delay, the Justice Department said Shak’s lawsuit is “related” to Edmonds’ criminal case and that Edmonds has “pleaded guilty and acknowledged his own participation in such conduct, as well as that of other traders.”

“Edmonds awaits sentencing, but the broader investigation is ongoing,” the Justice Department said. The U.S. wants to delay the civil case “to protect the integrity of its ongoing criminal investigation,” it said.

J. P. Morgan did not respond to a request for comment by CNBC. Kovel declined to comment.

Tuesday night, after this story first was published, Judge Paul Engelmayer ordered the federal prosecutors to explain in detail by Monday why postponing proceedings in the civil lawsuit would not harm those involved, and why reopening questioning “would be detrimental to the Government’s ongoing criminal investigation.”

Englemayer also wrote that he regards Edmonds’ guilty plea “as potentially highly consequential” to the civil case.

In his guilty plea, the 36-year-old Edmonds said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors. He admitted to working with “unnamed co-conspirators” at J. P. Morgan, according to the Justice Department.

Kovel wants to question Edmonds again as well as Michael Nowak, the bank’s global head of base and precious metal trading, and former J. P. Morgan Chase Managing Director Robert Gottlieb. The three had previously answered questions under oath in the civil case.

Kovel said in court filings that Nowak was the immediate supervisor of Edmonds, while Gottlieb was Edmonds’ mentor.

In his prior deposition, Edmonds said that Gottlieb sat only a “couple feet” away from him for about five years, and that he was “somebody [he] looked up to in the business,” who helped guide and train him.

Nowak is described by Edmonds as his direct supervisor, with whom he would sometimes discuss trading strategies. Nowak was also the person responsible for overseeing the performance and risk of Edmonds’ portfolio, according to the deposition.

Edmonds also stated in his prior deposition that he would enter precious metals trades for both Nowak and Gottlieb, among others.

The civil lawsuit claims Shak and his fellow plaintiffs lost tens of millions of dollars as a result of actions by J. P. Morgan’s traders.

A federal judge tells traders that they can combine cases (with the other 6 banks) as they accused JPMorgan of rigging the precious metals market
(courtesy CNBC)

Federal judge tells traders they can combine cases accusing JP Morgan of rigging metals market

  • Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.
  • Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.

71671201

Spencer Platt | Getty Images

A group of traders from across the U.S. who allege that J. P. Morgan Chase manipulated precious metals markets for years are one step closer to bringing a class action suit against the nation’s largest bank.

Earlier this month, a federal judge said five separate lawsuits making similar allegations against the bank could be combined, potentially including thousands of people who traded in the precious metals market from Jan. 2009 through Dec. 2015.

Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.

J. P. Morgan declined to comment on this story.

Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.

Vincent Briganti, a partner at the firm, filed the first suit seeking class action status in November on behalf of Dominick Cognata, a trader who alleges he suffered losses due to J.P. Morgan’s illegal trading conduct in the silver and gold futures and options markets.

That was after the federal court in Connecticut unsealed a criminal plea agreement by John Edmonds, a former J.P. Morgan metals trader. In his guilty plea, Edmonds, who is 36-years old, admitted that he and other “unnamed co-conspirators” fraudulently manipulated the precious metals markets while they were employed at J. P. Morgan from 2009 to 2015.

Edmonds said he had learned the illegal trading tactics from senior traders, and then used them hundreds of times with the knowledge of and consent of his immediate supervisors.

Briganti’s lawsuit also names John Edmonds and a group of yet-to-be-identified precious metals traders and the bank as defendants.

On Wednesday, the lawyers sent a letter to Judge Koeltl saying they were having difficulty locating Edmonds to serve him legal papers and requested a 30-day extension to do so, which the judge granted on Thursday. Briganti noted that they have been in contact with Edmonds’ attorney in the criminal case. Edmonds’ attorney and Briganti could not be reached for comment.

“We are hopeful that this extension will result in completing service on Mr. Edmonds without formal motion practice and a request for alternative means of service,” Briganti said in the letter.

The next step in the civil case is for the plaintiffs to file an amended class action complaint and set a schedule for defendants to respond.

In addition to the proposed class action, J. P. Morgan also faces a separate civil suit which also accuses the bank of rigging precious metals markets.

end

March 4.2019

Parker City News

JP Morgan faces potential class action lawsuit after guilty pleas by a former metals trader

Traders from across the U.S. are banding together to accuse J. P. Morgan Chase of manipulating precious metals markets for years.

At least six lawsuits, all making similar allegations against the nation‘s largest bank, have been filed in New York federal court in the past month, since federal prosecutors in Connecticut with a former J. P. Morgan Chase metals trader.

The cases could potentially include thousands of people who traded in the precious metals market. The White Plains, N.Y., law firm Lowey Dannenberg is asking the court to combine the cases and name it as the lead.

The law firm‘s commodities group is led by Vincent Briganti, the attorney who filed the first lawsuit on behalf of Dominick Cognata, a New York resident who alleges he suffered losses due to J. P. Morgan‘s trading conduct in the silver and gold futures and options markets.

A combined case, seeking class action status, would include anyone who purchased or sold futures contracts or an option on NYMEX platinum or palladium or COMEX silver or gold between at least Jan. 1, 2009, and Dec. 31, 2015. The lawyers believe that “at least hundreds, if not thousands” of traders would be eligible to join the case.

Named as defendants in all of the lawsuits are John Edmonds, a 36-year old former metals trader at J. P. Morgan, a group of yet-to-be-identified precious metals traders and the bank.

Edmonds, a New York resident, pleaded guilty in October to one count of conspiracy to defraud the market and manipulate prices of precious metals futures contracts and one count of commodities fraud. In the criminal plea, Edmonds admitted that he and other “unnamed co- conspirators” at J. P. Morgan, fraudulently manipulated precious metals markets from 2009 to 2015, the same time frame covered in the class action suits.

Briganti filed the initial class action on Nov. 7, just one day after the Justice Department unsealed Edmonds‘ plea in the U.S. District Court of Connecticut.

Edmonds admitted in his guilty plea that he deployed the illegal trading scheme hundreds of times with the direct knowledge and consent of his immediate supervisors. Plaintiffs say they have suffered economic injury, including monetary losses, as a direct result of actions by Edmonds and the other unnamed J. P. Morgan metals traders in the futures and options contracts.

One of the suits alleges that “the number of unlawful trades that JP Morgan traders executed in precious metals futures markets is at least in the thousands.”

J. P. Morgan declined to comment. Lowey Dannenberg did not respond to a request for comment by CNBC.

The Justice Department‘s criminal investigation is still ongoing and recently caused a separate related civil case to be put on hold for at least six months while the government continues its investigation. That civil lawsuit, which also accuses J. P. Morgan of rigging the precious metals market, was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders.

After reviewing the details of the plea agreement, David Kovel, the attorney for Shak‘s suit, sought to re- interview Edmonds, along with two other current and former senior traders at the bank. However, the government argued that reopening questioning would be detrimental to the ongoing criminal investigation. The federal judge overseeing the proceedings ordered a six-month stay in the civil case.

Kovel declined to comment.

Edmonds was originally scheduled to be sentenced in Hartford, Conn., on Wednesday, Dec. 19, but a court filing on Nov. 27 shows the sentencing has been postponed until June. A spokesman for the U.S. Attorney for Connecticut could not elaborate on why the sentencing was postponed since the court filing is under seal.

-END-

Justice Department stalls another class action in gold market rigging, this one against JPM

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

Proceedings in the federal class-action anti-trust lawsuit against JPMorganChase charging the investment bank with manipulating the gold and silver futures markets —

http://www.gata.org/node/18844

— have been suspended for three months at the request of the U.S. Justice Department, just as the department has arranged suspension of proceedings in the class-action anti-trust lawsuit against Deutsche Bank charging similar market manipulation.

… 

In both cases the Justice Department has told U.S. District Court for the Southern District of New York that proceedings would jeopardize its criminal investigation into market rigging, which has been admitted by a former JPMorganChase trader, John Edmonds, who awaits sentencing.

According to court filings, the White Plains, New York, law firm representing the plaintiffs against JPMorganChase, Lowey Dannenberg, concurred in the government’s request to suspend proceedings. The stay is to continue for three months and may be extended.

The Justice Department’s motion, granted by the court on February 26 —

http://www.gata.org/files/JPMorganChaseClassActionStay.pdf

— said “the government is not seeking an open-ended stay that could indefinitely postpone this matter and thus jeopardize the parties’ interests in a timely resolution.” The motion added, “Any developments in the criminal case during the period the consolidated action is stayed may reduce or completely resolve the need to litigate certain issues in the consolidated action.”

Much of the Justice Department’s motion is redacted to conceal from the public evidence still under investigation. Edmonds has said he and other traders manipulated the gold and silver markets for years with the knowledge of their supervisors at JPMorganChase. In its motion to conceal that evidence, also granted by the court on February 26, the Justice Department said disclosure “could lead to destruction of evidence, flight from prosecution, and otherwise interfere with the government’s ability to conduct its investigation”:

http://www.gata.org/files/JPMorganChaseClassActionStaySeal.pdf

Monetary metals investors may be skeptical of the Justice Department’s stalling the Deutsche Bank and JPMorganChase cases, since the department and the U.S. Commodity Futures Trading Commission do not seem ever to have responded conscientiously to complaints of gold and silver market rigging until the class actions commenced.

How much time will the court give the Justice Department to delay getting to the bottom of the issue? The court might hasten matters if enough monetary metals mining companies protested the harm done to them and their shareholders by market rigging, but of course most monetary metals mining companies don’t mind at all.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

Your early MONDAY morning currency, Asian stock market results,  important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/7 AM EST

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 7.0923/ GETTING VERY DANGEROUSLY PAST 7:1

//OFFSHORE YUAN:  7.1068   /shanghai bourse CLOSED DOWN 16.65 POINTS OR 0.60%

HANG SANG CLOSED UP 513.01 POINTS OR 2.21%

 

2. Nikkei closed  UP 756.11 POINTS OR 4.24%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index UP TO 100.72/Euro RISES TO 1.0801

3b Japan 10 year bond yield: FALLS TO. –.00/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.00/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 27.67 and Brent: 33.20

3f Gold UP/JAPANESE Yen DOWN CHINESE YUAN:   ON -SHORE UP/OFF- SHORE: UP

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.42%/Italian 10 yr bond yield UP to 1.54% /SPAIN 10 YR BOND YIELD UP TO 0.73%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.96: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.92

3k Gold at $1641.50 silver at: 14.58   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 25/100 in roubles/dollar) 76.39

3m oil into the 27 dollar handle for WTI and 33 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.00 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning .9778 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0559 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.42%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 0.65% early this morning. Thirty year rate at 1.28%

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

6.  TURKISH LIRA:  UP  TO 6.7748..

Futures Soar On Optimism Worst Of Virus Pandemic Is Behind Us (But Is It)

As prompted by Trump’s optimistic speech on Sunday evening in which the president said he saw signs the pandemic is beginning to level off, which came after a sharp drop in the latest number of NY corona cases, an optimistic mood of trader euphoria that the peak of the coronavirus pandemic is behind us helped boost stocks around the globe, and sent US equity futures as much as 4% higher.

Besides a potential inflection point in the global coroanvirus epicenter of New York, which however was challenged that there appears to be an odd decline for the second weekend in a row which then rebound sharply…

… Equity investors were encouraged as the death toll from the virus slowed across major European nations including France and Italy. London’s FTSE raced up 2%, indexes in Paris and Milan rose 3% and Germany’s DAX gained more than 4% after Japan’s Nikkei finished with similar gains overnight. Safe havens such as Treasuries and the yen fell, even as the dollar stay oddly strong and gold soared as new global coronavirus cases declined for two days in a row.

Carl Quintanilla

@carlquintanilla

* “Global deaths 4.7k, down two days in a row

* NY: Gross new hospitalized down two days in a row; .. peak strain now exp within a week

* Italy: ICU declined first time

* Spain: Deaths down 3 days in a row

* France: ICU slowing; deaths flattening”

(via @CowenResearch)

View image on Twitter

In Europe, the Stoxx Europe 600 Index jumped led by automakers and travel and leisure shares after Italy and Spain said they had the fewest deaths in more than two weeks, and Germany and France reported the lowest numbers in days. Corona-optimism was so widespread it allowed traders to ignore the total collapse in the economy: investor morale in the euro zone fell to an all-time low in April and the currency bloc’s economy is now in deep recession due to the coronavirus, which is “holding the world economy in a stranglehold”, a Sentix survey showed. Orders for German-made goods had already dropped 1.4% in February, German data showed. British car sales slumped 40% last month and Norwegian Air’s traffic plummeted 60%.

“Never before has the assessment of the current situation collapsed so sharply in all regions of the world within one month,” Sentix managing director Patrick Hussy said. “The situation is … much worse than in 2009,” Hussy said. “Economic forecasts to date underestimate the shrinking process. The recession will go much deeper and longer.”

Still, it wasn’t one of those days when data would spoil trader mood, and Wall Street S&P500 emini futures were up almost 4%, close to their upper limit too, bouyed by comments from U.S. President Donald Trump that his country was also seeing a “levelling off” of the crisis. “What is driving the market is the evidence that the number of new cases has started to turn the corner,” said Rabobank’s Head of Macro Strategy Elwin de Groot. As well as a slowdown in deaths in Italy, he said, improvements were starting to become visible in Spain and even in the United States there had been a little bit of a let-up. “When you see that happening you can start gauging when lockdowns can start to be gradually lifted. That gives a little bit more visibility and that is vital,” he added, although he stressed there were still huge uncertainties and risks.

Earlier in the session, Asian stocks were also mostly higher, with Australia’s benchmark index up 4.33%, Japan’s Nikkei added 4.24% even as that country moved closer to declaring a state of emergency. South Korea’s KOSPI index climbed 3.85%. Hong Kong’s Hang Seng index was 2.18% higher. That sent MSCI’s broadest index of Asian shares outside of Japan up 2%, on track for its best performance in more than a week. Markets in mainland China were closed for a public holiday.

The upbeat tone follows another negative week, and the mood among investors remains divided. As Bloomberg notes, bulls are pointing to more attractive valuations, unprecedented stimulus and now slowing death rates in several major countries. Bears are fretting the continued spread of the disease, dismal economic data and the rising corporate costs of the pandemic and subsequent shutdown.

“We are still optimistic that the administration will be able to get this virus under control and reopen the economy by the end of April, early May,” Lindsey Piegza, chief economist at Stifel Nicolaus & Co., said on Bloomberg TV. “If that does occur, it’s likely that we’re able to control the downturn from a depressionary scenario into a recessionary scenario.”

Worryingly, the number of new coronavirus cases jumped in China on Sunday, while the number of asymptomatic cases surged too as Beijing continued to struggle to extinguish the outbreak despite drastic containment efforts. “Focus in markets will now turn to the path out of lockdown and to what extent containment measures can be lifted without risking a second wave of infections,” National Australia Bank analyst Tapas Strickland wrote in a note. “Key to a strong rebound in China will be the ongoing lifting of containment measures, with Wuhan – the epicentre of the outbreak – set to lift containment measures on April 8.”

Optimism aside, there was plenty of news to demonstrate just how brutal the virus has been: eye-popping plunges in car sales and air travel in Europe, Britain’s prime minister being hospitalised, and Japan preparing to declare a state of emergency. But the markets appeared hopeful.

Beside the ramp in stock, the other big overnight move was in crude which pared a decline of as much as 11% though it remained lower as uncertainty swirled over a proposed meeting of the world’s top producers.

In FX, the dollar barely budged against the euro; the yen weakened as haven demand receded and Japanese Prime Minister Shinzo Abe said he will propose to declare a state of emergency in prefectures including Tokyo and Osaka for about a month. Commodity currencies advanced, led by Norway’s krone, after the reported death tolls in some of the world’s coronavirus hot spots showed signs of easing over the weekend. The Mexican peso slumped over 3% to a record low in Asian trading before paring losses after the nation’s stimulus pledge fell short of some investors’ expectations The pound fluctuated before turning higher even as U.K. Prime Minister Boris Johnson was admitted to hospital for tests after suffering from the coronavirus for 10 days.

In rates, the 10Y yield jump as high as 0.67% after trading around 0.60% on Friday; yields on safe-haven German government bonds crept higher in fixed income markets too, reflecting the slightly brighter tone in world markets despite some painful data.
Market Snapshot

  • S&P 500 futures up 3.6% to 2,572.75
  • STOXX Europe 600 up 2.5% to 316.64
  • MXAP up 2.5% to 135.67
  • MXAPJ up 2.1% to 437.12
  • Nikkei up 4.2% to 18,576.30
  • Topix up 3.9% to 1,376.30
  • Hang Seng Index up 2.2% to 23,749.12
  • Shanghai Composite down 0.6% to 2,763.99
  • Sensex down 2.4% to 27,590.95
  • Australia S&P/ASX 200 up 4.3% to 5,286.81
  • Kospi up 3.9% to 1,791.88
  • German 10Y yield rose 1.8 bps to -0.423%
  • Euro down 0.06% to $1.0794
  • Italian 10Y yield rose 8.3 bps to 1.379%
  • Spanish 10Y yield fell 2.0 bps to 0.722%
  • Brent futures down 2.2% to $33.36/bbl
  • Gold spot up 0.7% to $1,632.32
  • U.S. Dollar Index up 0.2% to 100.74

Top Overnight News from Bloomberg

  • Germany saw the lowest number of new coronavirus cases in six days, a tentative sign that lockdown measures are easing the outbreak
  • Oil pared earlier losses amid signs Saudi Arabia and Russia are making progress on an agreement to curb crude output as the coronavirus wreaks havoc on the global economy
  • Congress‘s near unanimity on last month’s $2.2 trillion coronavirus rescue bill has given way to partisan finger-pointing that threatens to poison the debate when lawmakers try to construct another emergency boost to the struggling economy
  • The Bank of Japan set itself up to buy more bonds in the key 5-to-10 year maturities, showing an intent to maintain yield-curve control amid growing expectations of further debt-fueled stimulus from the government

Asian equity markets traded mostly positive and US equity futures also began the week on the front-foot as participants saw a glimmer of hope from a slowdown in the pace of coronavirus deaths for several hotspots including New York, Spain and Italy in which the latter had its lowest daily death toll since March 19th. ASX 200 (+4.3%) was underpinned amid broad gains across its sectors and with notable outperformance in healthcare following reports that Australian scientists found that Ivermectin which is produced by Merck for treatment of parasites and head lice was successful in killing coronavirus within 48 hours and that the next phase will be for human trials. Nikkei 225 (+4.2%) coat tailed on the favourable currency moves and ahead of this week’s expected roll out of the stimulus package which is said to include increased subsidies, tax deferrals and cash payments to households. Hang Seng (+2.2%) was also positive following the recent monetary policy efforts in the region including the PBoC’s 100bps RRR cut announcement and with the HKMA halving the amount of reserves banks are required to set aside against bad loans, although gains were somewhat limited amid a lack of mainland participants due to the Ching Ming holiday in China. Finally, 10yr JGBs were lower with prices pressured amid gains in stocks and anticipation for increased supply with the Japanese government set to announce a stimulus package and state of emergency declaration which could occur as early as tomorrow.

Top Asian News

  • Japan’s Abe Moves to Declare Emergencies in Tokyo, Osaka Areas
  • Japan Banks Weigh Branch Cutbacks Ahead of State of Emergency
  • Japan Consumer Confidence Tanks to Lowest Since Financial Crisis
  • Singapore Adds S$5.1 Billion to Stimulus, Boosts Handouts

European equities remain firm (Eurostoxx 50 +3.8%) following a similarly positive APAC session, in which sentiment was bolstered amid positive COVID signals in key hotspots across Europe. In terms of regional performance, UK’s FTSE 100 (+2.0%) lags its peers across the channel as exporters in the index are weighed on by a firmer Sterling, whilst heavyweight energy names (Shell -0.5%, BP -2.5%) also pressure the index amid price action in the complex, with the latter also reducing production at three US refineries by ~15%. European sectors are mostly in the green (ex-energy) with cyclicals outpacing the defensives – reflecting risk appetite. Looking at the sector breakdown, Travel & Leisure leads the gains following multiple consecutive sessions of underperformance, while oil and gas reside at the bottom. Despite the energy sector overall on the backfoot, Tullow Oil (+47%) and Subsea 7 (+8%) see themselves at the top of the Stoxx 600, having seen detrimental losses from the oil market crash. Looking at other individual movers, Rolls-Royce (+14.8%) shares soared higher after announcing the securing of an additional GBP 1.5bln (vs. Exp. above GBP 1bln) revolving credit facility, thus increasing overall liquidity to GBP 6.7bln. Co. also announced that around GBP 300mln of headwinds are seen from COVID-19, whilst cost-cutting measures include a minimum 10% reductions in salaries across the global workforce this year. Rolls-Royce also confirmed it is withdrawing its FY20 guidance. GVC Holdings (+6.4%) sees strength on the back of an undrawn credit facility worth GBP 550mln, whilst expecting a virus impact of GBP 50mln per month. Pirelli (+1.9%) trades higher after announcing further cost-cutting measures, albeit the Co. reduced its FY revenue guidance to EUR 4.3-4.4bln from EUR 5.4bln whilst cutting its EBIT margin target to 14-15% from 17%. Elsewhere, NN Group (-9.5%) resides at the foot of the pan-European index after postponing its dividend and suspending its EUR 250mln share buyback scheme. Broker-led price action includes BBVA (+7.8%), ADP (+6.2%), Carrefour (+2.5%), Carlsberg (+1.5%) and Nokian Renkaat (-1.0%). Finally, as US equity futures hover near session highs, it is worth keeping tabs on today’s limit-up levels: E-Mini S&P (M0) 2601.50, E-Mini Nasdaq (M0) 7888.00 and E-Mini Dow (M0) 21972 – levels which have not yet been reached.

Top European News

  • Europe’s Virus Outbreak Shows Signs of Slowing on Lockdowns; Europe Stocks Rise Most in Nearly Two Weeks
  • Germany Tells Italy, Spain to Tap ESM If They Want Quick Aid
  • Dividend Halt Puts HSBC at Risk of Losing Core Investors
  • Tullow Jumps Most in at Least 31 Years; Volume Quadruples

In FX, Somewhat contrasting starts to the new week for the Euro and Pound as the former loses grip of the 1.0800 handle again vs the Dollar, but the latter pares losses close to 1.2200 and briefly trips stops at 1.2300 on the way to a circa 1.2320 recovery high on news that UK PM Johnson may be heading back to 10 Downing Street soon having been hospitalised over the weekend for nCoV related tests. Eur/Usd has been undermined by a sharp deterioration in the Eurozone Sentix Index and Eur/Gbp selling that has cushioned Sterling to an extent from a deeper than anticipated sub-50 collapse in the UK construction PMI.

  • AUD/NZD/CAD/NOK/SEK – A clear risk on divide across the rest of the G10 currency spectrum, but with the Greenback gleaning more traction to counter post-NFP weakness via gains vs safer havens that have a greater weighting in the DXY basket. Indeed, the index is nudging the upper end of a 100.850-460 range even though the Aussie, Kiwi and Loonie are all benefiting from less angst over COVID-19 following a decline in the number of confirmed cases and fatalities recorded in epicentres outside China including Italy and Spain. Aud/Usd is firmly back up above 0.6000 eyeing Tuesday’s RBA policy meeting when rates are expected to remain unchanged after recent emergency and scheduled easing, although money market pricing is more even between another 25 bp reduction and no further move. Nzd/Usd has reclaimed 0.5900+ status ahead of NZIER Q1 confidence, while Usd/Cad is hovering around 1.4100 vs 1.4260 at one stage as oil prices recover from another sharp retreat on a degree of OPEC+ disappointment given a delay to the emergency meeting from today until Thursday, at least. Relative calm in crude is also underpinning the Norwegian Krona along with reports that the Government may mull cutting oil output if there is general international consensus, and the Swedish Crown is tagging along.
  • JPY/CHF – The major laggards amidst renewed risk appetite on the aforementioned seemingly encouraging coronavirus developments, as the Yen falls below 109.00 and Franc meanders between 0.9762-89 in the run up to BoJ and SNB FX reserves data due tomorrow that will be monitored to see how much intervention, if any has been curbing demand for the safe havens. On that note, latest weekly Swiss bank sight deposits already reveal hefty activity as Eur/Chf remains entrenched around 1.0560.
  • EM – Whippy trade in regional currencies as positive vibes from overall risk sentiment vie with far less upbeat independent factors, like the Rand having to digest another ratings cut following Fitch deciding to downgrade SA deeper into junk territory. However, Usd/Zar has managed to pare back from new 19.3400+ record highs and Eur/Huf is off its all time peak around 368.00 awaiting Hungarian PM Orban’s economic stimulus plan that could equate to 20% of GDP.

In commodities, WTI and Brent front-month futures remain subdued, albeit way off the lows posted at the electronic open in which the contracts fell some 10% after OPEC+ postponed its tentative meeting, whilst Saudi and Russia played the blame game over the weekend. In terms of where we stand, the OPEC+ meeting will now be conducted on Thursday instead of the initially planned Monday – with sources noting the delay was to convince other countries to join in on output curtailment plant. Prices were also pressured after Russian President Putin partly blamed Saudi Arabia for the collapse in prices, whilst the Kingdom points the finger at Moscow’s hesitation at the March OPEC meeting – sources also noted that a lack of US commitment is complicating talks. That being said, the CEO of RDIF Dmitriev noted that Moscow and Riyadh are said to be “very, very close” to a deal on oil production cuts. Meanwhile, US President Trump on the weekend said he was considering slapping tariffs on oil imports, or even take other such measures, in order to protect the US energy sector from falling oil prices; Canada is reportedly considering similar measures. Following calls by leading lawmakers in recent weeks for such action. For reference, the US’ imports of petroleum were around 9.1mln BPD in 2019, of which Saudi and Russian imports measured just over 500k each. WTI May futures dipped below its 21 DMA (USD 25.89/bbl) at the open to a low of USD 25.28/bbl before recouping losses amid the overall risk appetite and the prospect of US intervention in the oil markets. Similarly, Brent June printed a low of USD 30.00/bbl, ahead of its respective 21 DMA at USD 29.26/bbl, with prices eyeing USD 34/bbl at the time of writing. The spread between the contracts has also widened to ~USD 6/bbl from Friday’s almost USD 4/bbl. Elsewhere, spot gold gains ground above USD 1600/oz as the USD retreats, and from a technical standpoint, the yellow metal could see mild resistance at USD 1637.50/oz (30 Mar high) before some psychological play at USD 1640/oz. In terms of news-flow for gold, gold refiners PAMP, Valcambi and Argor-Heraeus have been given approval to restart operations at 50% max capacity, having been asked to shut operations in late March. Copper meanwhile remains contained within the tight USD 2.15-2.25/lb range seen over the past 4 sessions, with the red metal again mimicking price action in global stocks.

US Event Calendar

  • Nothing major scheduled

DB’s Jim Reid concludes the overnight wrap

I listened to a talk radio show on Saturday that was unsurprisingly centred around the current pandemic. A 95 year old dialled in and said he lived through the global flu pandemics of the late 1950s and 1960s and was amazed at how much our thinking had changed over the last 50 years. Back then he said that people had so many threats to life that they just accepted the health risks of a new virus and got on with everyday life. He cited that Polio killed over half a million people per year worldwide at its peak in the 1940s and 1950s. Other illnesses that are now trivial also killed numerous people. It made me think that our generation and that of our parents have been so brilliant and successful in minimising death by contagious infections and disease that we really struggle when we are exposed to a new threat. Maybe in around 300,000 years of human existence this is the first pandemic where we have a near zero tolerance for risk given all that we’ve achieved medically over the last several decades and as such this is the first that has prompted a near global economic shut down.

On this it is still unclear to me what the exit strategy will be in the West from the lockdowns. In our note of the same name from last week (link here ) we used our Hubei model to speculate that restrictions would likely start to be lifted around mid-May with some countries slightly earlier and some slightly later. These restrictions would be eased in phases with domestic functioning economies prevailing with limited international travel for a while. At the point of publishing I felt the risks were balanced between a slightly better outcome than this and a worse one. However in a week where we’ve seen new cases emerge (albeit in relatively small numbers) in HK, Singapore and China with new restrictions being put in place, I’m starting to wonder how you can loosen restrictions in the West very quickly without seeing new cases increase again. Another argument for a later date of restrictions being lifted is the fact that while those most advanced through the cycle, namely Italy and Spain, are seeing their new case and fatality growth rate slow encouragingly, if you look at the graphs in our Corona Crisis Daily they are not falling as quickly as Hubei province did. I suspect to successfully reopen economies without fear of subsequent mini shutdowns or holding back significant amounts of activity we will need the antibody test rolled out so that a certain part of the population can work through regardless of the state of the viral spread. That will be the real breakthrough until we get a vaccine. Without that I fear it’s going to be tough to fully control the virus in the West. The U.K. is on the more liberal side of the lockdowns restrictions at the moment and from media reports it was noticeable that a very sunny weekend led to a number of people using parks and outdoor places more than the current restrictions intended. All this and we are only coming to the end of the second week of official lockdown here. It wouldn’t be a surprise if the U.K. felt the need to move to more strict rules in the days ahead.

In terms of new cases and fatality rate growth rates the U.K. had a better weekend as you’ll see in the Corona Crisis Daily. However we did see a similar trend over the last two weekends with the numbers not catching up until early in the “working” week. So if Monday and Tuesday’s numbers continue to see percentage growth rates slow then this is good news. But we need to be cautious for now. Elsewhere Italy and Spain growth rates in both variables continue to slow but as discussed above the absolute number of deaths are not falling on a daily basis as aggressively as Hubei/China saw at a similar stage. Overall global new case growth and fatalities are slowing but are they slowing quickly enough to work out when economies can reopen?

As we start Easter week, Asian markets are on the front foot this morning with the Nikkei (+2.33%), Hang Seng (+1.11%) and Kospi (+2.55%) all up. Chinese markets are closed for a holiday and futures on the S&P 500 are up +3.36%. In FX, Sterling is down -0.28% after Prime Minister Boris Johnson was admitted to hospital for tests after suffering from the coronavirus for 10 days. Elsewhere, yields on 10y treasuries are up +3.1bps to 0.628%.

Oil has fallen overnight with Brent currently down -2.23% and WTI -3.99% however that does compare to drops in the double digits when markets opened. This follows news over the weekend that the OPEC+ meeting planned for today has been pushed back and only tentatively rearranged for Thursday with the main protagonists in behind the scenes chat as to whether there is scope for production cuts.

Overnight, Bloomberg is reporting that the Japanese government will release the economic stimulus package in response to the coronavirus pandemic in two phases with the first phase of measures designed to prevent job losses and bankruptcies. The second phase of the package will be implemented once the spread of the virus is contained to support a V-shaped recovery. Meanwhile, various Japanese media outlets are reporting this morning that PM Shinzo Abe is set to declare a state of emergency within days, after coronavirus cases in Tokyo jumped over the weekend to top 1,000 for the first time and raised worries of a more explosive surge. The Yomiuri newspaper reported that Abe will announce the plan as soon as today, with the formal declaration for the Tokyo area coming as early as Tuesday.

In other overnight news, the FT has reported that the largest US banks will defend their plans to pay dividends in their annual capital plans due for submission to the Federal Reserve. Elsewhere, President Donald Trump and Vice President Mike Pence said overnight that they are seeing signs that the US coronavirus outbreak is beginning to level off or stabilize, citing a day-to-day reduction in deaths in New York.

The highlight this week could be the Eurogroup meeting held tomorrow via video conference which follows the invitation from the European Council on 26 March for the Eurogroup to present proposals within two weeks. I had the fortune of speaking to DB’s Mark Wall yesterday who gave me some advice on what to expect tomorrow. He said that various press reports suggest that the Eurogroup will be debating a three-part proposal for a centralised response. This is said to consist of a healthcare funding plan from the ESM worth up to EUR200bn, EIB credit guarantees worth as much as EUR200bn and an EU-wide short-shift or partial unemployment scheme from the European Commission modelled on the German Kurzarbeit scheme worth EUR100bn. A package of this size would be an impressive 4.5% of GDP. The ESB, EIB and Commission each issue the equivalent of common European bonds, so the need for a “coronabond” would be circumvented in the interest of expediency. The details will matter and the three elements are only temporary. As the risk of a protracted pandemic rises, so too does the need to follow up this plan with a centralised demand stimulus package, for example, a large-scale EIB investment programme. So a big meeting to watch.

Elsewhere the Fed minutes from the unscheduled emergency meeting on March 15th will be released. This was the meeting they cut rates 100bps and announced that they would increase their holdings of Treasury securities by at least $500bn and of agency mortgage-backed securities by at least $200bn. Things have moved on since and they injected more stimulus and announced new schemes but it will still be interesting to see how they were thinking at the time. For the rest of the week ahead see the day by day guide at the end.

Looking back at last week and Friday now. Economic data across the world showed massive signs of deterioration last week, especially employment numbers and service sector PMIs, as the economic shutdowns continued to take their toll. Equity markets were relatively calm in the face of it though but with most of the big stimulus announced in the prior two weeks they struggled for positive momentum. Overall, after 3 weeks of over 8% absolute weekly moves, the S&P 500 fell a relatively tame -2.08% over the week (-1.51% Friday), even as the US became the clear epicentre of the coronavirus crisis with over one quarter of the total cases worldwide. The index now sits -26.5% down from the recent all-time highs. Large cap European equities outperformed their US counterparts slightly on the week, with the Stoxx 600 down just -0.59% (-0.97% Friday), though European banks in particular lagged the index, down -13.17% on the week (-3.52% Friday). Equities were down across the continent as countries extended lockdowns even as new case growth recedes in the harder hit regions – Spain and Italy in particular. The DAX fell -1.11% (-0.47% Friday), the IBEX dropped -2.90% (+0.11% Friday) with the FTSE MIB -2.61% (-2.67% Friday), after the three indices gained over 5% the previous week. Asian equities were mixed on the week. The Nikkei fell -8.09% (+0.01% Friday), while the CSI was mostly unchanged at +0.09% (-0.19% Friday) and the Kospi was up slightly at +0.45% (+0.03%) on the week. The VIX fell -18.7pts over the course of the week (-4.1pts Friday) to finish at 46.8 as the S&P 500 saw relatively smaller daily moves. On the back of China increasing oil reserves and President Trump citing the need for intervention in the Russia and Saudi Arabia oil price war, both Brent and WTI crude oil rallied strongly. Brent crude was up +36.82% (+13.93% Friday) and WTI was up +31.75% (+11.93%) on the week. It was the best week for Brent since the data starts in 1988 and far outpaces the next largest 1 week gain – +22.3% in January 2009, while WTI similarly had its best week on record, beating the previous 1 week gain of +28.4% in August of 1986.

Fixed income also saw smaller weekly moves as markets attempted to settle into the new QE regime. US 10yr Treasury yields fell -8bps (-0.2bps Friday) to finish at 0.595%, just 5.4bps from the lowest closing levels on record. Meanwhile in Europe, 10yr Bunds saw yields rise +3.3bps (-0.8bps Friday) to -0.44%. The bigger moves in sovereign bonds last week were with spreads widening to Bunds. French 10yr yields widened +10.0 bps on the week (+3.1bps Friday), while Italian yields widened +19.1bps over the 5 days (+9.2bps Friday), and Spanish 10yr bonds widened +17.0bps (+4.2bps Friday). Credit spreads bifurcated last week. US HY cash spreads were 44bps wider on the week (+26bps Friday), while IG was -16bps tighter on the week (+2bps Friday). In Europe, HY cash spreads were -13bps tighter over the 5 days (-1bp tighter Friday), while IG was 1bp tighter on the week (+1bps Friday).

Friday’s services and composite PMI readings from around the world showed large declines in activity. The final Euro Area composite PMI fell to 29.7, a record low and below the flash reading of 31.4. In February, the PMI had been at 51.6, above the 50-mark that separates expansion from contraction. Germany saw their composite index fall to 35 from 50.7, while the UK’s composite came in at 36.0, down 53.0 a month ago. The Italian numbers were the worst of the major European economies, with the composite PMI falling to 20.2 and the services PMI coming in at 17.4. Incredible numbers. The US Markit service PMI fell to 39.8, slightly up from the flash reading of 39.1. The composite came in at 40.9 vs the flash of 40.5, and down 8.7 points from a month ago.

Also in the US on Friday nonfarm payroll data was released, falling by -701k in March, far below the -100k decline expected. This is the first time nonfarm payrolls have shrunk since September 2010 and this is the largest monthly decline since the -800k reading in March 2009. Notably, the survey reference period was for the calendar week containing the 12th of the month, so the jobs report did not cover the second half of the month when the more serious levels of economic disruption occurred, when nearly 10 million jobless claims were filed. Given that shutdowns in the US are due to stretch to the end of April, next month’s data is likely to be off the charts.

 

end

 

3A/ASIAN AFFAIRS

MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 16.65 POINTS OR 0.60%  //Hang Sang CLOSED UP 513.01 POINTS OR 2.21%   /The Nikkei closed UP 756.11 POINTS OR 4.24%//Australia’s all ordinaires CLOSED UP 4.24%

/Chinese yuan (ONSHORE) closed UP  at 67.0923 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED UP // LAST AT 7.0923 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 7.1068 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

JAPAN

Not good:  Japan declares a state of emergency on the coronavirus as new cases are surging at a record pace

(zerohedge)

Japan To Declare State Of Emergency On April 7

Japan’s Prime Minister Shinzo Abe has decided to declare a coronavirus emergency, according to the Nikkei, as new cases in the capital surged at a record pace. And while the Japanese publication notes that the government will hold an unofficial meeting of a panel of experts and start preparing for the declaration, Kyodo reported moments ago that Japan will declare a state of emergency on April 7, which would take effect on April 8.

An emergency declaration gives governors in the areas covered formal powers, such as issuing requests that people stay home; Tokyo and surrounding areas, as well as Osaka, are expected to be affected by the declaration.

Abe has been criticized for not having already declared an emergency – a hesitance thought by many to stem from a strong desire to hold the Olympics this summer in Tokyo as originally planned. The International Olympic Committee decided in late March to postpone the games to 2021 after consulting with the prime minister and others.

 

And yet, a conflict is set to emerge almost instantly because Japan’s constitution does not permit the government to demand that individuals stay home, owing to civil liberties concerns. Is Japan – which already buys billions in stocks just to avoid a market crash and preserve social order – about to also have a constitutional crisis?

In any case, we find it strange that there were almost “no cases” in the weeks leading up to Japan’s reluctant decision to postpone this year’s Olympics, only to see a sudden record surge afterwards as Japan’s cases “mysteriously” soared, demonstrating once again that the coronavirus – or rather the tracking of its case and death toll – is first and foremost a political priority.

Abe met with parties including Health Minister Katsunobu Kato and Yasutoshi Nishimura, the economic and fiscal policy minister, on Sunday to discuss the spread of infections.

“If necessary, we will decide [to declare an emergency] without hesitation,” said Nishimura, who heads the government’s coronavirus response, on a show of public broadcaster NHK on Sunday. “We are looking for signs of an overshoot,” he said, referring to an explosion in cases, and noted that the atmosphere has grown extremely tense. On the same program, Tokyo Gov. Yuriko Koike called on the central government to issue an emergency declaration promptly.

end

3 C CHINA

CHINA/MONDAY

Here Comes Round Two: China Just Reported The Most New Covid Cases In A Month

Last week we reported that even as the world’s attention had shifted to the new global coronavirus outbreak epicenters of New York, Italy, Spain and other western nations, China – which rushed to restart its economy at any cost as the alternative was too dire to even consider – had put a major county on lockdown after a new cluster of coronavirus infection had emerged. To wit, last Wednesday we learned that in post on its social media account, Jia county – which has a population of about 600,000 – said that no one can travel out of Jia county without proper authorization after one person tested positive.

This new cluster emerged just days after China once again revised its virus reporting methodology to also include asymptomatic carriers of the disease, which naturally begged the question why China wasn’t reported his subset of infections previously.

We got the answer overnight when Mainland China reported 39 new coronavirus cases as of Sunday, up from 30 a day earlier, and the number of asymptomatic cases also surged, as Beijing continued to struggle to extinguish the outbreak despite drastic containment efforts.

China’s National Health Commission said in a statement on Monday that 78 new asymptomatic cases had been identified as of the end of the day on Sunday, compared with 47 the day before.

Of the new cases showing symptoms, 38 were people who had entered China from abroad, compared with 25 a day earlier, although how China keeps track of this on an instantaneous basis is unclear. Also it’s odd to blame “imports” as China also closed off its borders to foreigners, though according to Beijing most imported cases involve Chinese nationals returning from overseas.

Separately, one new locally transmitted infection was reported, in the southern province of Guangdong, down from five a day earlier in the same province. The new locally transmitted case, in the city of Shenzhen, was a person who had travelled from Hubei province, Guangdong provincial authorities said.

As Reuters reports overnight, imported cases and asymptomatic patients, who have the virus and can give it to others but show no symptoms, have become China’s chief concern in recent weeks after draconian containment measures succeeded in slashing the infection rate.

This means that whether asymptomatic or not, imported or domestic, Hubei-based or not, on April 5, China reported the most new Coronavirus cases in a month as slowly the disease appears to be reestablishing itself in the world’s most populous nation.

As a result, the Guangdong health commission raised the risk level for a total of four districts in the cities of Guangzhou, Shenzhen and Jieyang from low to medium late on Sunday.

In its panicked scramble to reboot the economy, China has been reporting that daily infections have fallen dramatically from the peak of the epidemic in February, when hundreds were reported daily, but new infections continue to appear daily. Despite a miraculous rebound in China’s latest PMIs, the truth is that China’s economy has been very slow to recover and by some metrics – as shown below – appears to already be double dipping.

Mainland China has now reported a total of 81,708 cases, with 3,331 deaths. The real number is likely orders of magnitude higher, and what’s worse, a rebound in cases likely means that round two of the pandemic may just be starting.

END

CHINA

this is a must must read…we now know patient zero is Huang Ling who had bat urine splashed on her. The urine already had the mutated coronavirus and she absorbed the virus after she touched her skin and then she must have rubbed her face.  The virus entered no doubt through her nasal passage…

Her bio has disappeared from the Wuhan Lab directory and she has also been disappeared. Read the two lab postings for job interviews especially the 2nd one issued in late December…

This should be conclusive evidence that the virus started in the Wuhan 4 lab

(zerohedge)

“I Found The Source Of COVID-19…”

After living and working in China for over 10 years and speaking fluent Chinese, you get to know a society pretty well… and let me tell you this – if you’re applauding or admiring the political leadership of China, you’re all deluded beyond belief.

That is how “laowhy86” begins this succinct  video exploring the ‘facts’ – not conspiracies – behind the source of the coronavirus that is ravaging the earth.

“China doesn’t operate like ‘your’ country,” he warns, “the Chinese government is a face- and greed-driven government that relies on lies and bullying to maintain leadership.”

Furthermore, he notes, the Chinese government layers are “broken and fragile” and so it didn’t surprise him when he was able to follow breadcrumbs – as begun by our inquisition about the roles that certain individuals played in Wuhan – to discover the “very suspicious” fact that the Wuhan Bio lab had ajob opening from November 18, 2019, asking for scientists to come and research the relationship between the coronavirus and bats.

However, after ZeroHedge was permanently suspended from Twitter for daring to suggest anything but the official narrative handed downlaowhy86 notes that another job opening appeared on December 24th (remember this is before any news broke of the virus publicly), which basically says ‘we’ve discovered a new and terrible virus and would like to recruit people to come deal with it’…

So, he decided to dig a little bit more into the staff… and that’s where it gets interesting… as he discovers silenced scientists, disappeared doctors, and constant propaganda…

“…it’s quite clear that the Chinese government needs to close its mouth and acknowledge that this virus did in fact come from Wuhan, Hubei, China.”

As he concludes,

“I did not get into any conspiracy theories, I’m not talking about bioweapons or biolabs; this is all public information on the Chinese internet published by researchers, scientists, and doctors.”

Despite the CCP’s all-powerful ability to hide everything it can, the truth usually finds its way out – the Chinese government should cover their tracks better next time if they’re going to blame this on Italy or the US or whatever is convenient to your narrative.”

“…the CCP’s incompetence and its understanding of the danger of the virus on a pure scientific level – and then going on to silence those who wanted to warn the public… and letting the virus spread for months… is the reason the Chinese government must be held accountable!

Watch the full breakdown below:

t can, the truth usually finds its way out – the Chinese government should cover their tracks better next time if they’re going to blame this on Italy or the US or whatever is convenient to your narrative.”

“…the CCP’s incompetence and its understanding of the danger of the virus on a pure scientific level – and then going on to silence those who wanted to warn the public… and letting the virus spread for months… is the reason the Chinese government must be held accountable!

Watch the full breakdown below:

What is really fascinating, however, is that while this thread was dismissed and censored as utter nonsense just two months ago (and got many banned for even daring to mention it), none other than David Ignatius, The Washington Post’s favorite establishment columnist, is now questioning China’s narrative and raising his own doubts as to the origin of the virus, writing that …as China dished wild, irresponsible allegations of its own.

What is really fascinating, however, is that while this thread was dismissed and censored as utter nonsense just two months ago (and got many banned for even daring to mention it), none other than David Ignatius, The Washington Post’s favorite establishment columnist, is now questioning China’s narrative and raising his own doubts as to the origin of the virus, writing that …as China dished wild, irresponsible allegations of its own.

On March 12, Chinese foreign ministry spokesman Lijian Zhao charged in a tweet: “It might be [the] US army who brought the epidemic to Wuhan.”

He retweeted an article that claimed, without evidence, that U.S. troops might have spread the virus when they attended the World Military Games in Wuhan in October 2019.

A competing theory has been gathering momentum – of an accidental lab release of bat coronavirus…

Less than 300 yards from the seafood market is the Wuhan branch of the Chinese Center for Disease Control and Prevention. Researchers from that facility and the nearby Wuhan Institute of Virology have posted articles about collecting bat coronaviruses from around China, for study to prevent future illness. Did one of those samples leak, or was hazardous waste deposited in a place where it could spread?

Richard Ebright, a Rutgers microbiologist and biosafety expert, told me in an email that “the first human infection could have occurred as a natural accident,” with the virus passing from bat to human, possibly through another animal. But Ebright cautioned that it “also could have occurred as a laboratory accident, with, for example, an accidental infection of a laboratory worker.” He noted that bat coronaviruses were studied in Wuhan at Biosafety Level 2, “which provides only minimal protection,” compared with the top BSL-4.

Ebright described a December video from the Wuhan CDC that shows staffers “collecting bat coronaviruses with inadequate [personal protective equipment] and unsafe operational practices.” Separately, I reviewed two Chinese articles, from 2017 and 2019, describing the heroics of Wuhan CDC researcher Tian Junhua, who while capturing bats in a cave “forgot to take protective measures” so that “bat urine dripped from the top of his head like raindrops.”

Ignatius unapologetically admits that what’s increasingly clear is that the initial “origin story” – that the virus was spread by people who ate contaminated animals at the Huanan Seafood Market in Wuhan – is shaky.

“Shaky” indeed, David!

END

Did we expect less..The terrific Gatestone Institute delves deeply into all of those defective Chinese Covid 19 fighting medical equipment.

a must read,,

(Gatestone Institute)

China Floods Europe With Defective COVID-19-Fighting Medical Equipment

Authored by Soeren Kern via The Gatestone Institute,

As the coronavirus rages across Europe, a growing number of countries are reporting that millions of pieces of medical equipment donated by, or purchased from, China to defeat the pandemic are defective and unusable.

The revelations are fueling distrust of a public relations effort by Chinese President Xi Jinping and his Communist Party to portray China as the world’s new humanitarian superpower.

On March 28, the Netherlands was forced to recall 1.3 million face masks produced in China because they did not meet the minimum safety standards for medical personnel. The so-called KN95 masks are a less expensive Chinese alternative to the American-standard N95 mask, which currently is in short supply around the world. The KN95 does not fit on the face as tightly as the N95, thus potentially exposing medical personnel to the coronavirus.

More than 500,000 of the KN95 masks had already been distributed to Dutch hospitals before the recall was enacted.

“When the masks were delivered to our hospital, I immediately rejected them,” a hospital worker told the Dutch public broadcaster NOS.

If those masks do not seal properly, the virus particles can simply pass through. We cannot use them. They are unsafe for our people.”

In a written statement, the Dutch Ministry of Health explained:

“A first shipment from a Chinese manufacturer was partly delivered last Saturday.These are masks with a KN95 quality certificate. During an inspection this shipment was found not to meet our quality standard. Part of this shipment had already been delivered to healthcare providers; the rest of the cargo was immediately withheld and not further distributed.

“A second test also showed that the masks did not meet our quality standard. It has now been decided that this entire shipment will not be used. New shipments will undergo additional tests.”

The Dutch newspaper NRC Handelsblad reported on March 17 that the Netherlands had only a few days’ supply of masks: “All hope is now for that one cargo plane from China on Wednesday.” The substandard quality of the masks delivered by China has left the Netherlands shattered. A spokesperson for a hospital in Dutch city of Eindhoven said that Chinese suppliers were selling “a lot of junk…at high prices.”

In Spain, meanwhile, the Ministry of Health on March 26 revealed that 640,000 coronavirus tests that it had purchased from a Chinese vendor were defective. The tests, manufactured by Shenzhen Bioeasy Biotechnology Company in Guangdong province, had an accurate detection rate of less than 30%.

On April 2, the Spanish newspaper El Mundo reported that it had been presented with leaked documents which showed that Bioeasy had lied to the Spanish government about the accuracy of the tests. Bioeasy had claimed, in writing, that its tests had an accurate detection rate of 92%.

Also on April 2, the Spanish government revealed that a further million coronavirus tests delivered to Spain on March 30 by another Chinese manufacturer were also defective. The tests apparently required between five and six days to detect whether a patient is infected with coronavirus and were therefore useless to diagnose the disease in a timely manner.

On March 25, the Spanish government announced that it had purchased medical supplies from China in the amount of €432 million ($470 million), and that Chinese vendors demanded that they be paid up front before the deliveries were made. Spanish Health Minister Salvador Illa explained:

“We have bought and paid for 550 million masks, which will start arriving now and will continue to arrive for the next eight weeks. 11 million gloves will arrive in the next five weeks. As for rapid tests, we have acquired 5.5 million for the months of March and April. In addition, we will receive 950 respirators during the months of April to June. We are managing the purchase of more equipment.”

It is not at all clear how the Spanish government will be able to guarantee the quality of these new mass purchases, or how it would obtain compensation if the products from China were again substandard.

On March 28, the French government, which apparently has only a few weeks’ worth of supplies, announced that it had ordered more than one billion face masks from China. It is unclear whether the quality control problems experienced by other European countries would affect France’s purchasing plans.

Other countries — in Europe and beyond — have also criticized the quality of Chinese medical supplies:

  • Slovakia. On April 1, Prime Minister Igor Matovič said that more than a million coronavirus tests supplied by China for a cash payment of €15 million ($16 million) were inaccurate and unable to detect COVID-19. “We have a ton of tests and no use for them,” he said. “They should just be thrown straight into the Danube.” China accused Slovakian medical personnel of using the tests incorrectly.
  • Malaysia. On March 28, Malaysia received a consignment of medical equipment donated by China, consisting of test kits, medical face masks, surgical masks and other personal protective equipment. A senior official in the Ministry of Health, Noor Hisham Abdullah, said that the test kits would be evaluated for accuracy after previous test kits from China were found to be defective: “This is a different brand from the one we tested earlier. We will assess the new test kit which is FDA-approved. I was assured by the Chinese ambassador that this is more accurate than the other one we tested.” Abdullah previously stated that the accuracy of the Chinese tests was “not very good.”
  • Turkey. On March 27, Turkish Health Minister Fahrettin Koca said that Turkey had tried some Chinese-made coronavirus tests but authorities “weren’t happy about them.” Professor Ateş Kara, a member of the Turkish Health Ministry’s coronavirus task force, added that the batch of testing kits were only 30 to 35% accurate: “We have tried them. They don’t work. Spain has made a huge mistake by using them.”
  • Czech Republic. On March 23, the Czech news site iRozhlas reported that 300,000 coronavirus test kits delivered by China had an error rate of 80%. The Czech Ministry of Interior had paid $2.1 million for the kits. On March 15, Czech media revealed that Chinese suppliers had swindled the Czech government after it paid upfront for the supply of five million face masks, which were supposed to have been delivered on March 16.

On March 30, China urgedEuropean countries not to “politicize” concerns about the quality of medical supplies from China. “Problems should be properly solved based on facts, not political interpretations,” Foreign Ministry spokeswoman Hua Chunying said.

On April 1, the Chinese government reversed course and announced that it was increasing its oversight of exports of coronavirus test kits made in China. Chinese exporters of coronavirus tests must now obtain a certificate from the National Medical Products Administration (NMPA) in order to be cleared by China’s customs agency.

Meanwhile, the Chinese telecommunications giant Huawei announced that it would stop donating masks to European countries as a result of allegedly derogatory comments by the EU Foreign Policy Chief Josep Borrell.

On March 24, Borrell had written in a blog post that China was engaging in a “politics of generosity” as well as a “global battle of narratives.”

On March 26, a Huawei official told the Brussels-based news service Euractiv that due to Borrell’s comments, the company would be ending its donation program because it did not want to become involved in a geopolitical power play between the U.S. and China.

On March 28, Huawei paid for sponsored content in the publication Politico Europe. Huawei’s Chief Representative to the EU, Abraham Liu, wrote:

“Let me be clear — we have never sought to gain any publicity or favor in any country by what we are doing. We made a conscious decision not to publicize things. Our help is not conditional and not a part of any business or geopolitical strategy as some have suggested. We are a private company. We are trying to help people to the best of our abilities. That’s all. There is no hidden agenda. We don’t want anything in return.”

On March 30, the BBC reported that Huawei was acting as if nothing had really changed since the coronavirus crisis began:

“That may be naive on the company’s part. While nothing has really changed when it comes to the technical and security issues around Huawei’s equipment, the political climate for the company has certainly worsened.

“A story in the Mail on Sunday at the weekend had Downing Street warning China ‘faced a reckoning’ over its handling of the coronavirus.

“And that is likely to embolden those MPs who have been telling the government no Chinese company should be allowed a role in the UK’s vital infrastructure.”

On March 29, the British newspaper Daily Mail reported that British Prime Minister Boris Johnson and his allies in parliament had “turned” on China because of the coronavirus crisis:

Ministers and senior Downing Street officials said the Communist state now faces a ‘reckoning’ over its handling of the outbreak and risks becoming a ‘pariah state.’

They are furious over China’s campaign of misinformation, attempts to exploit the pandemic for economic gain and atrocious animal rights abuses blamed by experts for the outbreak.”

On January 28, Johnson had granted Huawei a role in Britain’s 5G mobile network, frustrating efforts by the United States to exclude the company from the West’s next-generation communications, which, it seems, can also be used for spying. The London-based Financial Times reported that U.S President Donald J. Trump vented “apoplectic fury” at Johnson in a tense phone call. Johnson is now facing pressure from his Cabinet as well as from Members of Parliament to reverse his decision.

After Chinese officials blamed the United States and Italy for starting the coronavirus pandemic, the Daily Mail quoted a British government source as saying:

There is a disgusting disinformation campaign going on and it is unacceptable. They [the Chinese government] know they have got this badly wrong and rather than owning it they are spreading lies.”

The newspaper continued:

“Mr. Johnson has been warned by scientific advisers that China’s officially declared statistics on the number of cases of coronavirus could be ‘downplayed by a factor of 15 to 40 times.’ And No. 10 believes China is seeking to build its economic power during the pandemic with ‘predatory offers of help’ to countries around the world.

“A major review of British foreign policy has been shelved due to the Covid-19 outbreak and will not report until the impact of the virus can be assessed. A government source close to the review said: ‘It is going to be back to the diplomatic drawing board after this. Rethink is an understatement.’

“Another source said: ‘There has to be a reckoning when this is over.’ Yet another added: ‘The anger goes right to the top.’

“A senior Cabinet Minister said: ‘We can’t stand by and allow the Chinese state’s desire for secrecy to ruin the world’s economy and then come back like nothing has happened. We’re allowing companies like Huawei not just into our economy, but to be a crucial part of our infrastructure.”

In an article published by The Mail on Sunday on March 29, former Tory Party leader Iain Duncan Smith wrote:

“All issues can and will be discussed, except for one, it seems — our future relationship with China.

“The moment anyone mentions China, people shift uncomfortably in their seats and shake their heads. Yet I believe it is vital that we start to discuss how dependent we have become on this totalitarian state.

“For this is a country which ignores human rights in the pursuit of its ruthless internal and external strategic objectives. However, such facts seem to have been swept aside in our rush to do business with China.

“Remember how George Osborne [Chancellor of the Exchequer under Prime Minister David Cameron from 2010 to 2016] made our relationship with China a major plank of UK Government policy? So determined were Ministers to increase trade that they were prepared to do whatever was necessary.

“Indeed, I am told that privately this was referred to as Project Kow-Tow — a word defined by the Collins dictionary as ‘to be servile or obsequious.’

“We were not alone. Countless national leaders over recent years have brushed aside China’s appalling human rights behavior in the blind pursuit of trade deals with Beijing….

“Thanks to Project Kow-Tow, the UK’s annual trade deficit with China is £22.1 billion ($27.4 billion). But we are not alone in being in hock to Beijing.

“For China has racked up a global trade surplus of £339 billion ($420 billion). Distressingly, the West has watched as many key areas of production have moved to China….

“The brutal truth is that China seems to flout the normal rules of behavior in every area of life — from healthcare to trade and from currency manipulation to internal repression.

“For too long, nations have lamely kowtowed to China in the desperate hope of winning trade deals.

But once we get clear of this terrible pandemic, it is imperative that we all rethink that relationship and put it on a much more balanced and honest basis.”

END
CHINA/GERMANY/FRANCE CANADA/USA
The fun begins:  Germany joins France and Canada accusing Trump of stealing maks
(zerohedge)

‘Modern Piracy’: Germany Joins France & Canada In Accusing Trump Of Stealing Masks

On Friday Germany lashed at the United States for what one top lawmaker in Berlin called “an act of modern piracy” after US authorities “confiscated” a Chinese-manufactured shipment of 200,000 protective masks after they arrived at a port in Thailand while en route to Germany.

In an amazing irony, the masks had actually been purchased by the German government from an American company — though manufactured in China — and yet the US still intercepted them at a moment Trump has warned US companies with factories in China they’ll “have a big price to pay” if they don’t increase supply to the US.

By the end of the week in total three US allies accused Washington of theft over intercepts and seizures of supplies being shipped out of China, namely Canada, France and Germany.

 

Image via BBC

Berlin Interior Minister Andreas Geisel stated bluntly of Washington’s brazen move: “Even in times of global crisis, we should not be ruled by Wild West methods,” according to Deutsche Welle. The German newspaper explained further:

The state of Berlin had ordered FFP2-class respirators for Berlin police officers, who continue to operate during the crisis.

The chairman of the SPD parliamentary group, Rolf Mützenich, said the confiscation was “illegal” and called for the incident to be clarified.

Interestingly, this whole episode underscores just how desperately strained the US health system is becoming under the COVID-19 panemic, considering the unprecedented lengths the US administration is willing to go, essentially resorting to “piracy” – as Germany put it.

Donald J. Trump

@realDonaldTrump

We hit 3M hard today after seeing what they were doing with their Masks. “P Act” all the way. Big surprise to many in government as to what they were doing – will have a big price to pay!

Canada on Thursday also lashed out after US authorities apparently muscled their way into redirecting a protective gear shipment intended for America’s northern neighbor. Prime Minister Justin Trudeau said he was “concerned” over reports that a crucial major shipment was depleted after “a higher bidder” took advantage of the situation. “We understand that the needs in the US are very extensive, but it’s the same in Canada, so we have to work together,” Trudeau said.

The same allegation was made by French officials. “The leader of the Ile-de-France region, which includes Paris, accused unidentified Americans of swooping in with cash at the last minute to secure shipments already promised to French buyers,” AFP reported.

Valerie Pecresse, government minister over France’s most populous region, said that Washington is “just looking to do business on the back of the whole world’s distress,” in a television interview. Other French ministers reported similar experiences when trying to procure emergency protective gear.

International reports described one egregious last minute ‘intervention’ as follows:

As a planeload of masks was loaded up and prepared for departure from Shanghai to France this week, American buyers turned up on the tarmac at the last minute to purchase the shipment for three times its value. “A French order was bought out with cash by Americans on the tarmac, and the plane that was to fly to France took off for the US instead,”Rénaud Muselier, the head of the southeastern Provence-Alpes-Côte d’Azur region told RT France on Wednesday.

The US side, meanwhile, has vehemently denied the allegations. “The United States government has not purchased any masks intended for delivery from China to France,” a senior Trump administration official told AFP. “Reports to the contrary are completely false.”

However, it’s highly unusual if not unheard of that three close US allies at the same time would come forward to accuse the US of ‘theft’ and even “piracy” — and further of bullying tactics at a moment global crisis. It will be interesting to see if the reports continue and grow into next week as Trump ramps up his rhetoric both against China and domestic companies over-reliant on their foreign-based factories.

Regardless, the damage is done, and US officials should be wary that inevitably in international relations what goes around comes around— meaning the Europeans are no doubt already planning their revenge, and could ‘return the favor’ sometime in the near or distant future, at some crucial moment Washington will be desperate to swing things its way.

END
China vs USA
Trump furious and weighs in on legal action again China for their halting of PPE with respect to USA owned firms operating and manufacturing in China. China took and paid for these items themselves and then refused exporting these essential items to the rest of the world. This is just the beginning!
(zerohedge).

Trump Weighs Legal Action Against China Over PPE Hoarding As International ‘Mask Wars’ Heat Up

The Trump administration is considering legal action against China after leading US manufacturers of medical safety gear say Beijing has prohibited them from exporting goods in what the New York Post says was a bid to “corner the world market” in personal protective equipment (PPE).

“In criminal law, compare this to the levels that we have for murder,” said Trump re-election campaign senior legal adviser, Jenna Ellis, who says that legal options include filing a complaint with the European Court of Human Rights or working ‘through the United Nations.”

“People are dying. When you have intentional, cold-blooded, premeditated action like you have with China, this would be considered first-degree murder,” she added.

 

Executives from 3M and Honeywell told US officials that the Chinese government in January began blocking exports of N95 respirators, booties, gloves and other supplies produced by their factories in China, according to a senior White House official.

China paid the manufacturers their standard wholesale rates, but prohibited the vital items from being sold to anyone else, the official said.

Around the same time that China cracked down on PPE exports, official data posted online shows that it imported 2.46 billion pieces of “epidemic prevention and control materials” between Jan. 24 and Feb. 29, the White House official said. –New York Post

In total, nearly $1.2 billion in gear – which included over 2 billion masks and 25 million “protective clothing” items which came from EU countries, along with Australia, Brazil and Cambodia according to the White House official.

“Data from China’s own customs agency points to an attempt to corner the world market in PPE like gloves, goggles, and masks through massive increased purchases — even as China, the world’s largest PPE manufacturer, was restricting exports,” they added.

‘Mask wars’

The shortage of vital protective equipment has pitted neighboring countries – and even US states – against each other, resulting in accusations of theft and modern piracy, according to the CBC. The United States, in particular, has been accused of stymying efforts by allies to procure said equipment – by allegedly attempting to scuttle European deals for purchases from China, as well as attempting to halt exports of US-made N95 masks to Canada and Latin America last week.

That said, a Berlin senator who accused the US of “piracy” by diverting a shipment of protective masks slated for delivery in the German capital has reversed his position – saying that no US firms were involved in the case of the still-missing masks.

Richard Grenell

@RichardGrenell

Now the WashPost has corrected the story. cc: @jeffmason1 https://twitter.com/usbotschaft/status/1246572947227185154 

US-Botschaft Berlin

@usbotschaft

.@washingtonpost: “A #Berlin official, who accused the U.S. administration of “piracy” after 200,000 #masks for the city police went missing, backtracked Saturday and said the masks were ordered from a #German firm.” https://www.washingtonpost.com/world/2020/04/04/coronavirus-latest-news/#link-GQ4VHJ7T2ZGQPD3VUWO5W6QZRU 

View image on Twitter

The CBC suggests that ‘the apparent desperation of some of the wealthiest countries on earth’ comes as a surprise which has ‘justifiably raised eyebrows in less fortunate parts of the world’ which are now preparing for coronavirus to hit, yet with a fraction of the resources.

Striking selfishness

“It’s normal for countries to take care of their own citizens first,” said University of Ottawa professor of international affairs and former Trudeau adviser, Roland Paris – who added that the selfishness and lack of coordination among leading countries “is striking.”

“We’re unfortunately seeing a mad scramble to grab whatever’s available, to hell with the other guy,” added Paris, who’s apparently unfamiliar with game theory.

Even more stark, the mask wars have seen American and other buyers scuttling European and Brazilian deals, some even snatching shipments already promised to other jurisdictions by outbidding them—even “on the tarmac” as planes prepared to take off. Some shipments reportedly just disappear. –CBC

Not just masks…

While global PPE supplies have run critically short, nearly half the supply of hydroxychloroquine – the Trump-touted treatment for COVID-19, comes from India – which has banned exports of all form of the ‘game-changing’ drug.

Consequently – while China is without a doubt the biggest antagonist to the US, India is beginning to grate on Trump’s nerves despite his nominally cordial relationship with Modi. According to data compiled by Bloomberg Intelligence, 47% of the U.S. supply of the drug last year came from India makers. Only a handful of suppliers in the top 10 are non-Indian, such as Actavis, now a subsidiary of Israeli generics giant Teva Pharmaceutical Industries Ltd. Still, it’s likely that some of their production facilities are nevertheless located in India.

India’s export ban on the drug is aimed at ensuring it has enough supply for domestic use after the American president’s endorsement sparked global stockpiling of the medication. Now, Trump’s decision to tout the drug will cause major shortages in the US.

Imagine if the United States hadn’t exported the manufacture of just about everything?

END

4/EUROPEAN AFFAIRS

UK//THE GLOBE/CORONAVIRUS UPDATE//SATURDAY

UK Suffers Deadliest Day Yet As New Cases Drop Across Europe; Mortality Rate Jumps To Record 10.3%: Live Updates

As the scramble for ventilators & PPE continues across the country, President Trump last night finally invoked the DPA to ban “unscrupulous actors and profiteers” (an apparent reference to 3M, the pillar of American manufacturing that has become embroiled in a feud with the administration in the middle of an unprecedented pandemic) from exporting critical medical gear used to protect wearers from the coronavirus. Unfortunately, that won’t do anything to increase the availability of badly needed ventilators as hospitals in NYC discover that an alarming number of ICU patients require ventilators. If the number of critical patients starts to overwhelm ICUs, without enough ventilators on hand, nurses and doctors will effectively be deciding who lives and who effectively suffocates to death on their own fluids.

The issue of health-care workers becoming infected has become a major problem in the UK, and was infamously a huge problem in Wuhan during the early days of the epidemic (who can forget the martyrdom of Dr. Li Wenliang?). But now, it looks like it’s becoming a growing problem in the US: More than 850 hospital employees in Massachusetts have tested positive for COVID-19, according to a tally being kept by one journalist.

Mike Saccone

@mikesacconetv

UPDATE: More than 850 hospital employees in Massachusetts have tested positive for COVID-19, according to a tally I’ve been keeping.

These includes workers in clinical & non-clinical roles.

The hospitals with the most cases are below.

Full list: https://www.boston25news.com/news/local/more-than-500-massachusetts-healthcare-workers-test-positive-covid-19/2B5BNFQTHJFXBGD7VNBBPFVDSU/ 

View image on Twitter

Last night, the chair of the surgery department at New York Presbyterian’s Columbia University Irving Medical Center said 98% of ICU patients required ventilators.

During a Friday morning interview on CNBC, 3M CEO Mike Roman said it was “absurd” to suggest his company wasn’t doing all it could to help the U.S. fight the pandemic, and that by banning export of critical gear, it could make it more difficult to acquire these products in the US as more companies start hoarding and banning export in response.

But perhaps the biggest news overnight came out of the UK, where the Department of Health reported the biggest jump in deaths yet. The DoH said early Saturday that 708 patients had died across the UK on Friday, bringing the nationwide death toll to 4,313. Meanwhile, the 3,735 new cases of COVID-19 reported brought the UK’s total above 40k to 41,903 . The drop in new cases combined with the jump in new deaths brought the UK’s mortality rate to an all-time high of 10.3%.

Put another way:

Norbert Elekes@NorbertElekes

New UK coronavirus deaths reported:

4/4: 708
4/3: 684
4/2: 569
4/1: 563
3/31: 381
3/30: 180
3/29: 209
3/28: 260
3/27: 181
3/26: 113
3/25: 43
3/24: 87
3/23: 54
3/22: 48
3/21: 56
3/20: 33

Meanwhile, with London looking eerily empty as citizens finally obey the lockdown, Health Secretary Matt Hancock reminded the country on Saturday that the order for Britons to stay indoors this weekend was “not a request.”

Germany recorded 6,082 new coronavirus cases over the past 24 hours, bringing its total to 85,778, while the number of deaths rose by 141 to 1,158, a 14% jump, according to the Robert Koch Institute. Outside the UK, perhaps the most startling numbers reported overnight was another jump in confirmed cases in Tokyo: More than 110 new cases of coronavirus were confirmed, the largest daily jump since the outbreak began, a record that has been broken over and over these last two weeks.

In Italy and Spain, officials reported another promising decline in new cases, suggesting that the lockdowns imposed by both countries are finally working. However, as the number of confirmed cases in Spain surpassed the number of total cases in Italy, the government of PM Pedro Sanchez ordered a two-week extension of Spain’s mandatory lockdown.

“I understand it’s difficult to extend the effort and sacrifice two more weeks,” Sanchez said in a televised speech on Saturday. “These are very difficult days for everyone.” At this point, a longer lockdown would need the approval of Spain’s cabinet and congress.

The number of confirmed cases climbed by 7,026 over the last day to 124,736, according to the Health Ministry. Deaths rose by 809 to 11,744.

Despite Spain officially moving into the No. 2 spot in terms of total confirmed cases (right behind the US at No. 1, though China likely saw the largest number of cases, as possibly hundreds of thousands went uncounted). Spanish Health Minister Salvador Illa said on Friday that the goal of slowing the epidemic was “within reach,” as Spain’s government has imposed some of the most restrictive lockdown measures in Europe.

In Italy, Parliament and the ruling government approved an additional €200 billion ($216 billion) of emergency loans for businesses, according to the local press. It said the moves, part of a new aid decree, will be approved by Monday and will let companies seek state-backed bank loans for as much as 25% of their revenue (with, we suspect, a generous handout to Italy’s struggling banks).

Meanwhile, the number of cases, at 119,827, with the number of deaths at 14,681.

Meanwhile, Portugal reported 638 new cases of coronavirus and 20 new deaths, bringing it to a total of 10,524 cases and 266 deaths. Belgium reported 1,661 new cases and 140 new deaths, bringing it to a total of 18,431 cases and 1,283 deaths.

As Joe Biden and dozens of Democrats bash the administration for the abrupt firing of Capt. Brett Crozier, who circumvented the chain of command to insist that his sailors be saved from an inevitable outbreak onboard his ship, the American military is learning that it isn’t alone. After bringing several infected soldiers from abroad, the French Army Minister said that around 600 French soldiers have now tested positive for the virus.

In the US, pop singer Pink announced late Friday that she had tested positive for COVID-19.

Meanwhile, with markets closed, investors will still be keeping a close eye out for any progress in the US’s $2.2 trillion stimulus, as well as any news about the ‘Part 4’ deal that’s purportedly being worked out.

END
UK/Boris Johnson

UK PM Boris Johnson Taken To ICU As COVID-19 Symptoms Worsen Dramatically

After being admitted to the hospital over the weekend, UK Prime Minister Boris Johnson has been taken to intensive care as his condition has apparently worsened dramatically overnight.

Dominic Raab has now been deputized to lead Britain in his place.

Laura Kuenssberg

@bbclaurak

The Prime Minister has been taken to intensive care

Laura Kuenssberg

@bbclaurak

PM is asking Dominic Raab to deputise for him

The news sent GBP/USD tumbling into the red on the day.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY/GREECE/EU

NATO meeting on the Covid 19 erupts between Greece and Turkey.  It seems that Turkey has a lot of migrants who tested positive for the virus and they want to export these poor souls to Europe.  Of course Greece is stopping the flood of migrants to its shores..an d thus the huge war of words.  Relations between Turkey and Greece are at an all time low

(Al-Masdar news)

NATO Meeting On COVID-19 Erupts In Greece & Turkey War Of Words Over Migrants

Via Al-Masdar News,

On Friday the foreign ministers of the NATO nations held a teleconference to discuss the ongoing COVID-19 outbreak and their contingencies; however, the meeting would apparently turn sour when Greece and Turkey traded accusations over Ankara’s decision to open their European border to migrants, the Russian newspaper Gazeta.RU reported.

According to the publication, Turkish Foreign Minister Mevlut Cavusoglu left the virtual meeting earlier than all the other participants after disputes with Greece over migrants.

 

The Greek and Turkish foreign ministers, file image.

The diplomat recalled that an agreement was concluded between Ankara and the European Union in 2016, which obliged Turkey to accept about four million refugees from Syria and other countries of the Middle East, and not allow them to go to Europe.

In exchange for this, the EU promised to provide Turkey with assistance in the amount of €6 billion and provide other incentives, such as a visa-free regime for Turkish citizens. Cavusoglu stressed that the EU has not fulfilled its part of the deal.

“We advise them to think about the long term, because it is not just a matter of migration,” he said, demanding from Europe liberalization of the visa regime, updating the agreement on the customs union and strengthening the fight against terrorism.

Not long after this, Cavusoglu accused Greece of killing migrants trying to cross the common border of countries.

The Guardian

@guardian

Refugees told ‘Europe is closed’ as tensions rise at Greece-Turkey border https://www.theguardian.com/world/2020/mar/06/refugees-europe-closed-tensions-greece-turkey-border?utm_term=Autofeed&CMP=twt_gu&utm_medium&utm_source=Twitter#Echobox=1583519071 

Refugees told ‘Europe is closed’ as tensions rise at Greece-Turkey border

Teargas fired by both sides amid political standoff over people displaced by war in Syria

theguardian.com

In response, Greek Foreign Minister Nikos Dendias said that Ankara’s claims are specially organized propaganda for political purposes and are fake news.

Greece faced an organized and unprecedented attack on its border and a disinformation campaign from Turkey. The methods used by Turkey violated the values ​​of NATO. All allies have the right to call for NATO solidarity, but only if they fulfill their obligations,” the Greek diplomat emphasized, as quoted by Gazeta.RU.

Cavusoglu demanded to give him the opportunity to answer, but NATO Secretary-General Jens Stoltenberg stopped this attempt, so as not to contribute to inciting scandal online.

The Turkish Foreign Minister, in response, disconnected from the conference.

Turkish and Greek relations are at a decade-long low, as disagreements over the movement of migrants and Ankara’s oil exploration off the coast of Cyprus has put the two countries at odds.

end

ISRAEL/CORONAVIRUS/COMPLETE LOCKDOWN

Netanyahu Announces Full Lockdown Of Israel Ahead Of Passover

Israeli caretaker Prime Minister Benjamin Netanyahu has announced the entire country will enter complete lockdown starting 4 pm on Tuesday until 7 am Friday.

This will also include a mandated home-confinement for all citizens from Wednesday׳s Passover Seder until 7am on Thursday, with citizens only allowed to venture outside up to 100 meters from their home during that time. All travel between cities will be banned, which appears to have already begun to be enforced by police.

Netanyahu further indicated some restrictions will remain in effect for the full holiday week, with some likely to be lifted gradually following the Passover holiday. It’s being interpreted as a controversial move to prevent families from traveling to gather for Passover.

 

Quarantined Haredi neighborhood in Israeli, file image.

Local media reports have suggested the move is in part a bid to open up the economy again after the intensive period of ‘stay at home’ orders.

Passover typically includes large family gatherings and heightened travel across the Jewish state, and the PM framed the drastic nationwide police-enforced lock down as aimed at preventing large-scale transmissions during the festivities.

He also said during his statements, “we see positive signs on the horizon” at a moment over 8,400 Israelis have been confirmed for COVID-19, including 53 deaths as of Monday afternoon.

 

In the ultra-Orthodox Israeli city of Bnei Brak, via AFP.

Netanyahu in his remarks touted that Israel has successfully initiated testing on a more expansive level than any other country currently hard-hit by the pandemic, and emphasized health officials are determined to reach 10,000 tests a day.

Police have been particularly active in resistant ultra-Orthodox towns, especially Bnei Brak outside of Jerusalem, for broad refusal to shut down synagogues and religious schools amid local mandates.

Anna Ahronheim

@AAhronheim

This is crazy. A group of 20 hilltop youth settlers who were in contact with a known corona patient refused to enter a quarantine facility in . As they were being driven to another location in the south, they rioted in the police bus and broke the windows of the bus https://twitter.com/yoavzitun/status/1247213921192292357 

יואב זיתון

@yoavzitun

אירוע חריג מהשעה האחרונה:
קבוצה של כ-20 בני נוער גבעות מהשומרון שנחשפה לחברם חולה קורונה והייתה בדרך לבידוד בירושלים בליווי משטרתי, לא נכנסה למלון הבידוד, לפי החשד כי סירבה.
בדרך למתקן מעצר בדרום חלקם ניפצו שמשות הטיולית הצבאית בכביש 1, ולפי החשד כניראה נמלטו

Embedded video

The new national lockdown and strict curfew for Passover still needs to be approved by the cabinet, where there’s been fierce internal debate over whether the lockdown should only be applied to ultra-Orthodox communities, given the rapid spread of the virus there and broad refusal to abide by health restrictions and social distancing.

Likely the new lockdown orders will be met with resistance in conservative neighborhoods, given also Passover is among the top few most important observances on the Jewish calendar.

END

6.Global Issues

University of Pittsburgh…big discovery… SATURDAY

(zerohedge)

Biotech CEO Featured In ‘Pandemic’ Documentary May Have COVID-19 Cure

A San Francisco biotech executive featured in the Netflix documentary “Pandemic” announced this week that he and his team may have a cure for coronavirus which is headed to the US military for testing.

Dr. Jacob Glanville of Distributed Bio tweeted on Tuesday that after nine weeks, “we have generated extremely potent picomolar antibodies that block known #neutralizing #ACE2 #epitopes, blocking the novel #coronavirus from infecting human cells.”

Dr. Jacob Glanville@CurlyJungleJake

Anti- update. After 9 weeks we have generated extremely potent picomolar antibodies that block known , blocking the novel from infecting human cells. Read more at http://www.centivax.com.

View image on Twitter

“I’m happy to report that my team has successfully taken five antibodies that back in 2002 were determined to bind and neutralize, block and stop the SARS virus,” he told Radio New Zealand’s “Checkpoint” – adding “We’ve evolved them in our laboratory, so now they very vigorously block and stop the SARS-CoV-2 [COVID-19] virus as well.”

The new virus is a cousin of the old SARS. So what we’ve done is we’ve created hundreds of millions of versions of those antibodies, we’ve mutated them a bit, and in that pool of mutated versions, we found versions that cross them over.

So now we know they bind on the same spot as the new virus, Covid-19.

It binds the spot that the virus uses to gain entry into your cells. It blocks that.

At this point we know it binds the same spot extremely tightly with high affinity. The next step is we send the antibodies to the military, and they will directly put those on the virus and show that it blocks its ability to infect cells. –Dr. Jacob Glanville (via RNZ)

“Antibodies are attractive because you can give them to a patient right when they’re in the hospital like an antiviral. You can also give them to doctors, you could give them to the elderly people to prevent them from getting sick,” he added.

When asked directly over Twitter if it’s a cure, Glanville replied that it’s a “Candidate cure” which requires validation tests and human trials before it can be released.

Mark Rimmer@okmark5

In simpler terms is this a cure?

Dr. Jacob Glanville@CurlyJungleJake

“Candidate cure.” We need to run some validation tests, grow it up in big expensive batches, and then run a phase I/II human trial. Then we can release it.

Glanville says that the treatment could be ‘out by September,’ however he will need ‘funding and efficient GMP manufacturing.’

Testing + #masks4all can end the lockdown@LegalDiligence

With regard to the crowdfunding, roughly how much money do you guys need to move forward?

Dr. Jacob Glanville@CurlyJungleJake

For GMP and Phase I/II it’s a lot. Government should pay for it. The crowd funding could cover a couple headcount that would help us more efficiently engage the FDA and make sure that we are talking to all global interests to get the drug available everywhere needed.

The antibodies will be sent to the US Army Medical Research Institute of Infectious Diseases according to Fox News.

end
FINLAND//CORONAVIRUS: ECONOMIC SITUATION IN THAT COUNTRY/SATURDAY

Finns Warned World’s Best-Funded Welfare State Collapsing Under Virus-Triggered Mass Unemployment

On March 30, Finland said it would extend its countrywide shutdown until May 13 from April 13.It appears strict social distancing and quarantines are working, but it comes at a massive economic cost. Now we’re beginning to learn that the country’s welfare system is cracking and cannot handle the influx of unemployed.

Finland has recorded 1,615confirmed COVID-19 cases and 19 deaths, by far, some of the lowest numbers when compared to the rest of Europe.

There are signs that restrictions on civilian movement are working, Mika Salminen, the director of health security at the Finnish Institute for Health and Welfare (THL), told reporters at a government press conference on April 1.

Finnish Institute for Health and Welfare (THL)@THLresearch

The number of people in the risk groups for varies significantly by region in – variation may affect the need for hospital care across the country.

Read more 👉https://thl.fi/en/web/thlfi-en/-/the-number-of-people-in-the-risk-groups-for-coronavirus-varies-significantly-by-region-variation-may-affect-the-need-for-hospital-care 

View image on Twitter

The opportunity cost of flattening the pandemic curve has come at a tremendous economic cost, resulting in a downturn and high unemployment. Bloomberg notes that Finland has the best welfare system in the world, which is now starting to crack as the surge in unemployment applications is overwhelming the system.

And just like that, in a matter of weeks, 300,000 Finns lost their jobs because of quarantines. The tradeoff is preserving the nation in the long run while dealing with short term economic pain.

Managing Director Sanna Alamaki said on April 1 that funding the welfare system isn’t the current issue: It’s “that the benefit applications can’t be processed and, consequently, money can’t be paid out quickly enough.”

Even if General Unemployment Fund YTK were to triple staff to increase application output, there still would be a three-month wait for out-of-work Finns to receive their benefits. YTK expects that 100,000 more applications could “flood” in this month (April) due in part to the extended shutdowns.

The problem developing, like in many other countries, is that Finland is becoming overwhelmed by the virus. Though each country is different, it’s Finland’s generous welfare system, one of the best-funded in the world, cannot process applications in time that could lead to prolonged suffering by households that have seen incomes dry up in the last month.

Finns who cannot receive benefits in time will lose faith in the government, and that could be the moment when social unrest follows.

END
CANADA/NURSING HOMES/CORONAVIRUS UPDATE
Canada’s nursing homes have basically given up and they are now prepared for massive deaths
(zerohedge)

“No Hope”: Canada’s Nursing Homes Prepare For Mass Death

Nursing homes in Canada have been instructed by health officials to ‘keep seniors comfortable’ if they contract COVID-19 and not take them to the hospital due to their high mortality rate, according to Canada’s Global News.

They’re treating it like a hospice, like there’s no hope like they have stage four brain cancer and they just have to keep them comfortable because there’s nothing they can do,” said Tanya Bartley, whose grandmother died last month at Pinecrest Nursing Home in Bobcaygeon, Ontario – where 22 residents have died and 1/3 of the staff are in isolation due to coronavirus.

“They don’t play god. Everybody is the same. I don’t care if it’s a two-year-old, a 10-year-old, a 20-year-old, middle-aged, elderly. I don’t care,” Bartley added.

One dementia-stricken resident, Edna Bowers, was one such coronavirus victim who was treated at the home and not transferred to the hospital.

In a March 23 letter seen by Global News, Dr. Allan Bell – medical director and chief of emergency medicine at Quinte Health Care (QHC) in Belleville, Ontario, outlines suggestions on how long-term care administrators should prepare for potential COVID-19 outbreaks in their facilities.

“Having this conversation pre-emptively is very important. It gives families time to digest the information when they are not in a crisis situation and, should an outbreak happen, it is difficult to manage all of the conversations at once,” reads the letter in part, while also recommending against hospital visits – citing a shortage of medical options for frail patients.

Our critical care colleagues are of the strong opinion that ventilator treatment will not make a survival difference to patients who are frail and ventilator support is very unlikely to be offered,” the letter continues “for those residents who go on to develop respiratory failure, care needs to focus on the provision of comfort to ease suffering at the end of life.”

When reached by Global News for comment, Ontario’s Health Minister Christine Elliott said she was unaware of the guidelines – adding that nobody would be denied care in an ER.

“If people are ill enough that they have to go to hospital of course they will be transported to hospital. If they’re showing symptoms of COVID-19, they’ve been diagnosed with it but they can be maintained in self-isolation within the home; we’ll do that too but no one is going to be denied health care if they need it,” she said.

Elliott says no patient has been “blocked” from hospitals, adding: “If they need to be taken there they will be taken there.

It’s unclear where the directive came from, as several complainants came forward to Global News with similar experiences.

One family in southwestern Ontario says their loved one was asked to sign a waiver agreeing to remain at the long-term care home she resides at in the event of an outbreak. –Global News

According to health officials, residents of long-term care homes are being screened twice daily and are subject to more intense screening in order to try and limit the spread of the virus.

END

Australia launches a criminal probe into Carnival after dozens died

(zerohedge)

Australia Launches Criminal Probe Into Carnival After Dozens Died, 100s Were Infected Aboard Its Ships

The cruise ship-outbreak “Nightmare at Sea” has by now become a familiar trope to many of those following the coronavirus pandemic gripping the world. But  although dozens of ships operated by nearly all of the major cruise lines (and their many subsidiaries) have experienced outbreaks onboard, one cruise line stands out as a symbol for the calamities that unfolded on its ships, some of which became floating international incidents.

That company, of course, is Carnival. Not only is it the owner of the Princess Cruise subsidiary, which is responsible for the “Diamond Princess” fiasco in Japan, the “Grand Princess” in California, and, most recently the Coral Princess, Another lethal outbreak unfolded aboard the Zandaam which docked in Ft. Lauderdale earlier this weekThat ship is owned by another Carnival subsidiary, Holland America. After being turned away by more than a dozen countries, somehow, that ship, too, became America’s problem.

As cruise ships continued to contribute to the spread of the virus, and their management continued to appear confused, overwhelmed or downright negligent in responding to these floating fiascos, we started to suspect that the issue would soon become a criminal matter, somewhere, perhaps notoriously punitive Japan.

But Australian authorities managed to strike first. As the BBC reports, a criminal investigation has been launched in Australia into how passengers traveling aboard the “Ruby Princess” were allowed to disembark in Sydney even though some clearly exhibited flu-like symptoms.

Eventually, some 600 passengers tested positive for COVID-19; 10 of them died. The ship is still sitting off the coast of Australia, with some 200 passengers aboard. It has become a terrible political headache for PM Scott Morrison at a time when he needs to focus on leading his country’s response to the outbreak.

Police in New South Wales said they would look into whether Australia’s national biosecurity laws had been violated. The country has so far reported 5,548 coronavirus cases and 30 deaths. Those sickened on cruise ships account for roughly 10% all cases in Australia.

Data obtained by Bloomberg reveals that dozens of cruise ships continued to sail the globe even after COVID-19 first emerged as a transnational threat in late January/early February. Though the virus’s true infectious potential wasn’t ascertained right away, by mid-February, cruise lines should have been able to read the writing on the wall. And yet, ships continued to launch as late as the first week in March, shortly before Carnival’s Princess Cruises subsidiary finally suspended operations, even as dozens of cruises continued on.

Carnival still has five ships active with passengers aboard, traveling thousands of miles from port. There have been no incidents of coronavirus reported on those ships, at least not yet. MSC Cruises also reported one ship with passengers, while Norwegian and Royal Caribbean report none, per BBG.

end

IMPORTANT: from Michael Every

there will be attempt to go back to normal but it will be IMPOSSIBLE

(zerohedge)

Rabobank: “There Will Be Attempts To Go Back To Normal After This Crisis, But It Will Be Impossible”

Submitted by Michael Every of Rabobank

The Grand National-ists

The weekend’s world-famous UK horse race, the Grand National, was won by Potters Corner, trained in Wales and ridden by Jack Tudor, at 18-1. That’s a little unusual – but not as much as the fact that this was all a virtual race run on a computer because the actual Grand National was cancelled for the first time since WW2 due to COVID-19.

I mention this because there is a lot of Grand National-ism about at the moment due to this virus. After all, Germany accused (then apparently retracted, to far less attention) claims of ”piracy” as 200,000 face masks in Bangkok destined for it ended up in the US instead: this is normally called “gazumping” in the UK, and in healthier times is seen as perfectly natural – which says something about how we used to operate. The US is also refusing to send medical gear to Canada. Germany itself had of course previously refused to send ventilators and masks to Italy when asked, and France requisitioned private-sector stocks weeks ago. Meanwhile, China has placed strict controls on the export of personal protective equipment (PPE), masks, and virus test kits – which is a problem given it is still the world’s bulk producer – though the Czechs, Dutch, Spanish, and Turkish have all reportedly returned such gear for being faulty, and one news report alleges Pakistan received a shipment of masks clearly made of women’s underwear.

In terms of medicine, there is also a struggle to access virus testing chemical reagents – Israel has had to scale back its testing as Germany has nationalised one of the chemical producers and South Korea has been forced to close one of its plants due to the virus itself. The US is trying to persuade India, the world’s bulk producer, to lift an export ban on hydroxychloroquine, an anti-malaria drug that some trials and one US president regard as having huge potential in fighting COVID-19. China still remains the bulk producer of the ingredients for many other drugs the whole world relies on, and is at least getting its supply chain slowly back in action – though the political good will is where other fears now lie.

The point is that suddenly, and in a crucial area at a vital time, free trade has collapsed. Borders are closed. Planes aren’t in the air. Key goods either aren’t available along supply chains, or national governments are stepping in to hoard or redirect supply for home use – and crucially there is no way politically any government is going to emerge from this crisis saying “Let’s get back to BAU and rely on global supply chains for XXX because its 2% cheaper.”

Yes, local production will take time and be more expensive and will often mean redundant capacity – but that is called crisis preparation. Just look at the human body. Why do we have two lungs? Two kidneys? Will those who preach efficiency donate (or sell) one of each pair – they won’t ever need them, after all. No takers? I thought not. No, for ourselves we take a more defensive stance.

So much is going to change. In oil, for example, the US and *Canada* are apparently in serious discussion about imposing tariffs on foreign oil in order to protect their own domestic industries if the Saudis and Russia cannot agree to sit down with the States and agree on a huge output cut. The fact that the date for that latter decision has been pushed back from today to Thursday has seen energy slump in the Asian session – but also underlines the risk that the US (and *Canada*!) will protect their own industries and workers regardless of what free-trade doctrine tells them to do.

That’s just one key example, but there is a growing recognition of what we already argued would be the case weeks ago in “28 Weeks Later”: yes, there will be an attempt to go back to business as usual after this crisis, but in many key respects this is likely impossible.

We were all stunned by Thursday’s 6.6 million US initial claims number, which was twice as bad as the previous week’s 3.3 million. Then on Friday we got a print in US payrolls just over -700K. If one cannot see the new political imperatives wrapped up in that kind of wrenching socio-economic disruption then perhaps one never will. But please don’t take my word for it. Listen to the serious and/or financial press:

  • Bloomberg argues “This is The End of Western Capitalism as We Knew It”;
  • The Atlantic argues The Revolution is Under Way Already”, drawing historical parallels with the US today and the build-up to 1789 in France;
  • A Financial Times editorial argues we need radical reforms that reverse the policy direction of the last 40 years: governments must play a larger role in the state; public services must be seen as investments rather than liabilities; labour markets re-regulated; redistribution included on the agenda; and wealth taxes and universal basic income included in the mix; and
  • Spain’s Prime Minister has written an op-ed arguing that “Europe’s future is at stake in this war against coronavirus”, arguing “either we respond with solidarity or our union fails.” Fiscal solidarity, that is.

True, the ‘talking heads’ and politicians do like to talk. Yet it is very hard to imagine how, once we all finally get back to life as normal in X weeks or months, people will accept the status quo ante of unsustainable structural imbalances in the economic and financial system; of asset bubbles over salary; of lionising tech disruptors over their hard-working and insecure delivery drivers; and of economic resources always being steered towards the needs of “GDP” and business and/or finance, not to doctors, nurses, public transport, society, or even science. Add in the need for local production to allow a spare lung and kidney, and the global economy and markets will surely look very different. Of course, this is not even considering how we will deal with the massive new debt we are about to build up. Do we pay carry it like an albatross around our necks? Or do we default one way or another? The implications are enormous, whatever we decide.

Of course, it’s unclear what markets will look like a lot sooner than that. One wonders how long until we only have virtual markets to play with in AI computer simulations like the recent Grand National. (Then again, it might do less harm to the economy in the long run if all speculative cash just played a giant on-line game– while actual productive capital was ploughed into the real economy and social needs!)

7. OIL ISSUES

SATURDAY//SAUDI ARABIA/RUSSIA/USA (SHALE PRODUCERS)
After the record rally in oil prices, the meeting for Monday has been cancelled and a new feud has erupted between the Saudi and Russia as to who really started the conflict
(zerohedge)

After Record Rally, Oil Faces Collapse As New Feud Erupts Between Saudis And Russia; Monday OPEC+ Meeting Cancelled

In retrospect, trading on a Trump tweet may not have been the best idea.

On April 2, in what initially appeared to be a belated April fool’s joke, the US president tweeted “Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!”

What followed was the biggest rally in the price of oil ever, as countless oil shorts scrambled to cover their positions amid concerns there could be even a shred of truth to Trump’s boast that the oil price war between Saudi Arabia and Russia could be coming to an end, especially since global oil demand had cratered by over 20% just as Saudi Arabia boosted its own output to a record 12mmb/d

One day later, on Friday, the surge continued after R-OPEC members saying they may indeed consider a 10mmb/d cut (which, as we also explained would not be nearly enough to balance the oil market but at least it was a start), with Putin admitting he had spoken with US President Trump saying “we are all worried about the situation” and that he is “ready to act with the US on oil markets” with 10mmb/d in oil production needed to be cut.

However, as his Russian energy minister, Alexander Novak, explained at the same time, any production cut would need to also include US shale producers , something that Trump was certainly not too keen on. As the WSJ reported, “Saudi Arabia and Russia won’t cut unless they get signals from U.S. producers they will reduce output, the officials said. But they added that official joint curbs would be more difficult to enact in the U.S. because of antitrust laws.”

And so, the world was excitedly looking forward to the Monday’s virtual R-OPEC conference where the question was whether Trump would agree to cut US production (and whether he even had the authority to enforce such a cut)

But before that, something happened that few noticed yet ended up being a gamechanger: among the other things Putin said on Friday, we reported that the Russian president was also kind enough to summarize the reasons for the oil price collapse which he blamed on the coronavirus, the lack of oil demand and, drumroll, the Saudi withdrawal from the OPEC+ deal.

“It was the pullout by our partners from Saudi Arabia from the OPEC+ deal, their increase in production and their announcement that they were even ready to give discounts on oil” that contributed to the crash, along with the coronavirus-driven drop in demand, he said.

“This was apparently linked to efforts by our partners from Saudi Arabia to eliminate competitors who produce so-called shale oil,” Putin continued. “To do that, the price needs to be below $40 a barrel. And they succeeded in that. But we don’t need that, we never set such a goal.”

As it turns out, Saudi Arabia was – and remains – quite sensitive to accusations over who was responsible for the failure of the March 5 Vienna summit which ended up in Russia refusing to be forced into even bigger production CUTS to appease Saudi Arabia, and prompted Saudi Arabia to unleash a historic oil glut.

In a statement early on Saturday, the Saudi Foreign Minister Prince Faisal bin Farhan said the comments noted above by Putin laying blame on Riyadh for the end of the OPEC+ pact between the two countries in March were “fully devoid of truth.

“Russia was the one that refused the agreement” in early March, the Saudi foreign ministry said. “The kingdom and 22 other countries were trying to to persuade Russia to make further cuts and extend the agreement.”

Which just happens to be more fake news, and the reason why Russia balked is because it was faced with what it – correctly – viewed was a hostile ultimatum by OPEC. As the NYT reported:

After talks with OPEC members in Vienna, Russia’s energy minister, Alexander Novak, returned to Moscow for consultations on Thursday. In his absence, OPEC officials met and came up with what amounted to an ultimatum. The group as a whole would trim production by 1.5 million barrels a day, or about 1.5 percent of world supply. OPEC, meaning largely the Saudis, would make the bulk of the cutbacks, one million barrels, as long as Russia and other producers trimmed the rest.

The gambit was “something of a boss move,” said Helima Croft, an analyst at RBC Capital Markets, but it backfired badly. Russia had played hard to get before, but this time Mr. Novak was not playing. The answer was “no” again, and the Saudi oil minister, Prince Abdulaziz bin Salman, and other officials headed back to their hotels with no results and no communiqué.

Needless to say, Saudi Arabia was not used to getting no for an answer, and so it responded by effectively disbanding OPEC, even as it continued to blame Russia for doing so: as Bloomberg reports, “since the original OPEC+ deal fell apart at a March 5 meeting in Vienna, the Saudis have argued Russia decided to walk away and was first to say countries were free to pump as much as possible.”

“The Russian Minister of Energy was first to declare to the media that all the participating countries are absolved of their commitments,” said Prince Abdulaziz, the energy minister and half-brother of Crown Prince Mohamed bin Salman. “This led to the decision by countries to raise their production in order to offset lower prices and compensate for their loss of returns.”

In any case, Saturday’s direct criticism of Putin was echoed in a statement by Energy Minister Prince Abdulaziz bin Salman, and threatened any fleeting hope of an agreement to stabilize the collapsing oil market after President Trump devoted hours of telephone diplomacy last week to brokering a truce in the month-long price war between Moscow and Riyadh.

As an immediate result, the OPEC+ (or R-OPEC) meeting scheduled for Monday has been delayed as Riyadh and Moscow have discovered a new reason to feud: arguing over who’s to blame for the collapse in oil prices.

And while the alliance is tentatively aiming to hold the virtual gathering on April 9 instead of Monday as it previously intended, a Bloomberg source said with another noting that “producers need more time for negotiations”; in other words,it is unclear if the meeting will take place at all now that the diplomatic spat has reached the highest levels of the world’s top oil producers.

And, as we discussed on Friday, beyond this latest diplomatic spat, Saudi Arabia and Russia have indicated they want other oil countries to join in any output cuts, complicating efforts to call a meeting, the delegate said, asking not to be named discussing diplomatic matters.

“We always remained skeptical about this wider deal as U.S. producers cannot be mandated to cut,” said Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd. If so, Russia doesn’t come to the table. And if everyone doesn’t cut, Saudi Arabia’s long held stance is that they will not cut either.”

A delay is “not a good sign,” said Ayham Kamel, head of Middle East and North Africa at the Eurasia Group consultancy. “This entirely plays negatively for the discussions.”

“Part of Putin’s comments are about saving face and also justifying why the oil price crashed and partly to deter criticism from the U.S. Putin doesn’t want to be blamed for any losses in the U.S. energy industry. It seems to me that there’s both a defensive effort to shield from criticism abroad for both the Saudis and the Russians,” Kamel said.

The prospect of a new deal spurred a 50% recovery in benchmark oil prices last week as traders saw some relief from the catastrophic oversupply caused by a lockdown of the world’s largest economies, in a bit to halt the coronavirus pandemic. With billions of people forced to stay at home, demand for gasoline, diesel and jet has collapsed by about as much 35 million barrels a day.

Which means that absent either Putin or MBS making some major concessions in what would be seen as a glaring sign of weakness, the record oil rally is about to go in reverse because the primary reason behind the oil price crash still looms: the world running out of oil storage in months if not weeks, and is why the Saudis, who have ramped up production to a record 12 million barrels a day in the past month and massively discounted the price of their oil, have insisted a new agreement must involve significant contributions from all OPEC+ nations and major producers outside the coalition, including the U.S. and Canada.

“No one had expected such a total collapse in the oil market,” said Fyodor Lukyanov, head of the Council on Foreign and Defense Policy, a research group which advises the Kremlin. Saudi Arabia and Russia have lost control of the situation. Tearing up the OPEC+ deal caused a lot of hurt feelings in Moscow and Riyadh, for Putin and MBS. That makes things more difficult, they have to get over that while not losing face. That’s why they’re both pointing the finger at each other.”

END
SUNDAY/RUSSIA/SAUDI ARABIA/USA (SHALE)
The real reason for the oil glut was the Saudi desire to crush the uSA shale
(zerohedge)

Putin: Oil Glut Is Really About Saudi Desire To Crush US Shale

While it appears an expected emergency virtual OPEC+ meeting planned for Monday has been postponed, pushed back to later in the week to allow more time for negotiations, it’s likely that we’ll actually see the heated blame-game for the collapse in oil prices ratchet up  and oh,in the meantime oil is set to crater come Monday as the feud is only expected to get uglier.

Indeed the aggressive war of words has started, with Putin offering a biting Russian narrative aimed at the Saudis in remarks Friday: It was the pullout by our partners from Saudi Arabia from the OPEC+ deal, their increase in production and their announcement that they were even ready to give discounts on oil” that drove the crash alongside the double-whammy of the coronavirus-driven drop in demand, Putin said according to Bloomberg.

This was apparently linked to efforts by our partners from Saudi Arabia to eliminate competitors who produce so-called shale oil,”Putin continued. “To do that, the price needs to be below $40 a barrel. And they succeeded in that. But we don’t need that, we never set such a goal.”

 

Via Daily Mail

Thus in one fell swoop Putin, ironically enough, framed the new ‘war on US shale’ as in reality a Saudi dirty little secret and motive despite all spin to the contrary, perhaps also seeking to inject division and tension in the close Washington-Riyadh alliance.

Both Russia and the Saudis opened the taps and prices plunged following Russia’s early March declaration that it would be quitting the OPEC plan to slash output by 1 million bpd, conditioned also on Russia-led non-OPEC countries cutting 500,000 bpd. Moscow reasoned that ultimately US shale-oil producers would be the ones benefiting as they had previously, filling the gaps in earlier curtailments.

Putin’s attack has for the time being had the immediate effect of forcing Riyadh into the awkward position of having to deny it could have been a willing participant in deeper machinations to crush US shale producers in a price war. This as already the steep drop-off in prices have left some US shale producers saying they’re ready to initiate voluntary production cuts amid the ballooning oil glut, as the WSJ reported Friday.

News 10

@KTVL

White House convenes oil CEOs as bust threatens US boomhttps://bit.ly/2x0ocgg

View image on Twitter

Saudi Foreign Minister Prince Faisal bin Farhan responded to Putin in early Saturday comments, blasting the allegations as “fully devoid of truth.”

“Russia was the one that refused the agreement” the Saudi foreign ministry statement said. “The kingdom and 22 other countries were trying to to persuade Russia to make further cuts and extend the agreement.”

Energy minister and half-brother of Crown Prince Mohamed bin Salman said something similarnoticeably without taking the shale angle to the Russian accusations head-on.

“The Russian Minister of Energy was first to declare to the media that all the participating countries are absolved of their commitments,” he said. “This led to the decision by countries to raise their production in order to offset lower prices and compensate for their loss of returns.”

Interestingly, Bloomberg’s own summary of the OPEC+ unraveling tacitly admits what few pundits are ready to do, namely that the Saudis for all practical purposes have appeared ‘equal partners’ in squeezing US shale: “The Saudis, who have ramped up production to a record 12 million barrels a day in the past month and massively discounted the price of their oil, have insisted a new agreement must involve significant contributions from all OPEC+ nations and major producers outside the coalition, including the U.S. and Canada,” as the report puts it.

END

This is a terrific commentary from Tom Luongo..his topic,  the cold war has shifted from Russia to China

 

a must read…

 

(Tom Luongo)

 

Has The US Cold War Shifted From Russia To China?

Authored by Tom Luongo via Gold, Goats, ‘n Guns blog,

Starting in the Obama administration the U.S. increased its full spectrum dominance campaign against Russia as an extension of its goals to destabilize the entire Middle East.

Russia’s intervention into the war in Syria after the so-called Arab Spring across North Africa emerged over an eighteen month period as the demarcation line between the unipolar moment of U.S. hegemony and the beginning of the multi-polar world now well underway.

From the moment President Putin brokered an agreement to halt the U.S. invasion of Syria over the chemical weapons attack blamed on Syria’s President Bashar al-Assad Putin has been the main focus of U.S. foreign policy.

That focus has shifted now.

The thwarted invasion, helped by the betrayal of the U.K. parliament of Prime Minister David Cameron, set the stage for turning the Maidan uprising in Kiev into the ouster of Ukrainian President Viktor Yanukovich and the bloody war to prevent Donbass secession that has raged since then.

That l

ed to Russia’s reunification of Crimea and the worst strategic defeat for the U.S. since Vietnam.

Now, I bring up this history not to pedantically repeat myself but to remind you of how deep the roots of U.S. policy are and how hard it is and how long it takes to turn the ship of statecraft and point it somewhere else.

Because we’re nearly seven years since Putin stepped in to help President Obama save face over his ‘red lines’ in Syria. We’re six years and a month since the Crimea vote which the U.S. still refuses to acknowledge even though Crimea is healthier, happier and more prosperous despite sanctions than it ever was as part of Ukraine.

Event

 

But this time I don’t think that’s the case. There’s something much more serious happening here. Donald Trump has been making his pivot to China as the real threat to the U.S.’s future world standing a priority since the day he was elected.

And he has been hampered and dogged in this the entire time by the Democratic Party and its Clintonista and Obamaite holdovers in the CIA, State Dept. and both sides of the legislature who clearly work for the globalist oligarchy I love to call The Davos Crowd.

One could easily make the argument that RussiaGate itself was an extension of Chinese influence over the Democrats, which has been China Occupied Territory going back to the Clinton Adminstration.

And that has had the disastrous effect of putting the U.S. at odds with everyone who Trump thinks looks at him cross-eyed. The die-hard neoconservatives want him to finish their encirclement of Russia and secure Israel’s future as an energy exporter to Europe and destroying Iran.

The globalists of both Clintonian and Obaman persuasion want him to continue cozying up to China, outsourcing America’s productive capacity and propping up the failing European Union.

And he’s been focused on realigning our foreign policy towards China to reverse the globalism and decouple the U.S. economy from China. He’s used the crudest of tools, trade wars and tariffs, but there’s little denying what the goal has been.

And with the Coronapocaplyse coming on the heels of bitter confrontations in Hong Kong, Iraq, the Philippines, Kashmir, and Iran Chinese/U.S. relations have hit a new low as both sides openly accuse the other of a bio-weapon attack via COVID-19.

It doesn’t matter if the accusations are true or not. Likely neither claim is true. What is relevant is that both are using it to justify fundamental shifts in rhetoric to justify shifts in policy.

So, in contrast to the bitter words between the U.S. and China over COVID-19 and the growing propaganda operations by both governments, we have a pivotal phone call between Trump and Putin which seems very well timed.

Beginning with helping Trump save American lives with a plane-load of aid and expertise and potentially ending with a tacit agreement to keep oil prices from cratering further to assist Trump stabilizing the finances of his domestic oil and gas industry on which both his re-election campaign and the future of the U.S. rests.

So Putin now emerges as someone Trump can do business with when the chips are down. He found out Putin’s character when presented with a real crisis while MbS reacted with belligerence and, worse from Trump’s perspective, incompetence.

MbS has been incapable of wrangling OPEC into any kind of regional force. He’s started a price war while Trump is paying for defense of his oil fields from Yemeni attacks.

So, right now it seems to me the perfect opportunity for Putin and Trump to put MbS and the rest of OPEC in its place and dictate terms as to how the oil markets of the future will look.

I’m not suggesting that Putin and Trump will bury the hatchet or anything, but they need each other in many ways. And they will need to tone things down on a number of fronts, especially the Middle East and Ukraine, if Trump is going to successfully pull the U.S. out of China’s economic orbit.

Putin’s partnership with China, his friendship with Chinese Premier Xi Jinping is an asset which Trump can use to broker deals between all three nations during his second term if he survives this Coronapocalypse.

But he has to get through this summer and the concerted effort on the part of The Davos Crowd to destroy the U.S. economy through mismanagement of this pandemic and the insane power grab that is on the table.

It’s more pronounced and obvious in Europe, which I’ve talked about at length in previous posts (here and here), but it’s a real concern in the U.S. Riders on all of these stimulus bills will see the Democrats getting some of their worst ideas made manifest at the national level even after we see broad usurpation of power by officials at the state level.

And I have to wonder, now, just what these people were thinking in trying to stop the use of hydroxychloroquine to treat the disease, especially in light of real hinckey circumstances in France and the overwhelmingly positive results doctors are getting with the treatment.

This, by all accounts, is a cheap and effective solution to the virus, which can be treated for around $20. And when people truly realize just how thoroughly ideological hacks like Bill DeBlasio, Andrew Cuomo, Emmanuel Macron of France and the media tried to kill their loved ones for their political gain, their anger will be explosive.

The attacks on Trump from all the usual suspects in the media after he let it ‘slip’ at that infamous press conference that the drug could be promising are a dead giveaway that he broke containment on the severity of the crisis.

If Trump did that against everyone’s advice it may turn out to be the most influential act of his presidency.

Because, there’s something not adding up about this Coronapocaplypse. I’m becoming more and more convinced this is a naked power grab during a crisis by The Davos Crowd to retain control while the financial and political systems fail.

The sheer speed we’ve gone from it’s just China’s problem to cries of the need for global government, gun control, nationalization of industry and financial repression has given even the most paranoid of us whiplash.

And if Trump suspects that China was assisting his political enemies in withholding treatment for COVID-19 to do damage to him politically, true or otherwise, this will forever change the nature of the U.S’s relationship with China.

He already believes they purposefully downplayed the disease to let it infect the world.

This will accelerate the decoupling of their economies and set them on a path indistinguishable from open warfare.

Putin then becomes a very interesting middle man standing between these two behemoths struggling with maintaining their standing in the world while their economic and political fortunes metastacize in the new world built on a whole lot less credit and public trust.

Regardless of where things go from here, it should be obvious by now that Trump is ready to pursue a different path if he’s given the chance. It’s clear he’s still battling the remnants of the Clintonista and Obamaite globalists within the U.S. bureaucracy of dubious loyalty.

But after guiding the U.S. through this pandemic and the financial crisis it has catalyzed, he may be in a position in his second term to beat The Davos Crowd one more time.

*  *  *

Join my Patreon if you want help guiding your way through a Post Chi-merica world . Install the Brave Browser if you want to help yourself keep the lines of communication open.

END

8 EMERGING MARKET ISSUES

INDIA

Not good:  the principal manufacturer of hydroxychloroquin has been banned for export by India

It looks like Teva will be the major exporter of the drug from Herzliah, Israel.

(zerohedge)

India Bans Exports Of Trump’s “Game Changer” Anti-COVID-19 Drug

After initially declaring that he wouldn’t use the DPA because American companies were doing the right thing and accelerating production of ventilators and other critical supplies on their own – Trump said that with a straight face while Elon Musk turned in a batch of Tesla-made “ventilators” that turned out to be CPAP machines – President Trump became embroiled in what has become by all accounts a nasty feud with 3M, a Dow constituent and pillar of American industry.

After Trump accused the company for being “unpatriotic” and risking American lives by choosing to honor contracts promising deliveries of critical medical supplies to customers abroad instead of turning them over to hospitals in the US, its CEO appeared on CNBC Friday to try and explain why its decision would save more lives in the long run because it would surely prompt other countries to respond in-kind. And given 3M’s complex, international supply chain, this could jeopardize the company’s ability to continue providing its products to the US.

Many of Trump’s critics blasted the president for appearing to scapegoat a vital American corporation for the administration’s flat-footed response to the outbreak, and repeated some version of the argument outlined above. And while their arguments are certainly based on a reasonable foundation, they’ve neglected to mention one critical fact: Other countries are already doing the same thing to the US. Many Chinese factories have stopped delivering products from masks and gloves all the way to widely used drugs. And now, after earlier restricting its export to purely “humanitarian” grounds (as if there was any other reason for the use of medicine), New Delhi is banning export of hydroxychloroquine, a malaria drug that Trump once touted as a “game changer”, and which has recently proved effective at combating some of the virus’s deadliest symptoms.

According to Bloomberg, exports of the drug and its formulations are now being prohibited “without any exceptions” and with immediate effect, according to India’s Directorate General of Foreign Trade. The statement is dated April 4.

Trump raised the issue of India’s decision to restrict export of the drug up during Saturday’s press conference. He claimed that he had appealed directly to Indian Prime Minister Narendra Modi for already-ordered shipments of the drug to be released to the US

India is giving his request “serious consideration,” the president said.

Trump says the federal government is stockpiling millions of doses of the drug to make it available for coronavirus patients. And fortunately, it’s not the only drug that has shown to be effective in treating COVID-19. Japanese PM Shinzo Abe recently ordered japanese drugmakers to ramp up production of Avigan, a drug Abe believes to be quite effective. Antivirals like Gilead’s Remdesivir have also shown effectiveness and are also being studied.

 

Your early morning currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings MONDAY morning 7:00 AM….

Euro/USA 1.0801 UP .0006 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /GREEN

 

 

USA/JAPAN YEN 109.00 UP 0.558 (Abe’s new negative interest rate (NIRP), a total DISASTER/NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2306   UP   0.0055  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.4131 DOWN .0062 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  MONDAY morning in Europe, the Euro FELL BY 8 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED DOWN 16.65 POINTS OR 0.60% 

 

//Hang Sang CLOSED UP 513.01 POINTS OR 2.21%

/AUSTRALIA CLOSED UP 4,24%// EUROPEAN BOURSES ALL MIXED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 513.01 POINTS OR 2.21%

 

 

/SHANGHAI CLOSED DOWN 16.65 POINTS OR 0.60%

 

Australia BOURSE CLOSED UP 4.24% 

 

 

Nikkei (Japan) CLOSED UP 756.11  POINTS OR 4.24%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1640.40

silver:$14.58-

Early MONDAY morning USA 10 year bond yield: 0.65% !!! UP 6 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.28 UP 6  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 100.72 UP 15 CENT(S) from  FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  MONDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.86% DOWN 3 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.00%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.72%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,49 DOWN 4 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 77 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: RISES TO –.43% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.92% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

Closing currency crosses for MONDAY night/USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA 1.0808  UP     .0014 or 14 basis points

USA/Japan: 109.00 UP .565 OR YEN DOWN 57  basis points/

Great Britain/USA 1.2289 UP .0041 POUND UP 41  BASIS POINTS)

Canadian dollar UP 57 basis points to 1.4137

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 7.0923    ON SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.1051  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.7720 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.00%

 

Your closing 10 yr US bond yield UP 7 IN basis points from FRIDAY at 0.66 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.28 UP 6 in basis points on the day

Your closing USA dollar index, 100.61 UP 3  CENT(S) ON THE DAY/1.00 PM/

 

Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for MONDAY: 12:00 PM

London: CLOSED UP 166.89  3.08%

German Dax :  CLOSED UP 549.40 POINTS OR 5.77%

 

Paris Cac CLOSED UP 191.56 POINTS 4.61%

Spain IBEX CLOSED UP 262.70 POINTS or 3.79%

Italian MIB: CLOSED UP 654.96 POINTS OR 4.20%

 

 

 

 

 

WTI Oil price; 26.46 12:00  PM  EST

Brent Oil: 32.44 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    76.34  THE CROSS LOWER BY 0.31 RUBLES/DOLLAR (RUBLE HIGHER BY 31 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.43 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM :  26.46//

 

 

BRENT :  33.15

USA 10 YR BOND YIELD: ..0.67   . up 7 basis points…

 

 

 

USA 30 YR BOND YIELD: 1.27  up 6 basis points..

 

 

 

 

 

EURO/USA 1.10793 ( UP 7   BASIS POINTS)

USA/JAPANESE YEN:109.24 UP .789 (YEN UP 79 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 100.82 UP 24 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2237 UP 13  POINTS

 

the Turkish lira close: 6.7905

 

 

the Russian rouble 76.07   UP 0.57 Roubles against the uSA dollar.( UP 57 BASIS POINTS)

Canadian dollar:  1.4106 UP 21 BASIS pts

 

 

 

German 10 yr bond yield at 5 pm: ,-0.43%

 

The Dow closed UP 1627.46 POINTS OR 7.33%

 

NASDAQ closed UP 540.16 POINTS OR 0.27%

 


VOLATILITY INDEX:  13.53 CLOSED DOWN .44

LIBOR 3 MONTH DURATION: 2.302%//libor STILL VERY HIGH

LIBOR/OIS: 1.311  VERY HIGH

 

 

USA trading today in Graph Form

Gold Soars To 8-Year Highs As Stocks Melt-Up On Massive Short-Squeeze

Some positive second-derivatives in various state and nation case- and death-count-curves appeared to spark hope in stocks…

Source: Bloomberg

Do you believe in miracles…

 

…but gold’s surge suggests more fear than hope (or more helicopter money)…

Source: Bloomberg

Quoth the Raven@QTRResearch

Live look at Dow futures

Embedded video

The ‘Virus Fear’ trade eased modestly today

Source: Bloomberg

Gold futures finally broke above (and held above) $1700 today…

This is the highest gold futures price since Dec 2012…

Source: Bloomberg

“The virus is continuing to spread unchecked, especially in the US. US President Trump has warned that the population should prepare itself for two very tough weeks. This will further delay any normalisation of public life,” Carsten Fritsch, an analyst as Commerzbank, said in a note.

“The economic impact is already very serious … It is hardly surprising that gold is in demand against this backdrop.”

Rather notably, futures are leading spot once again and the markets are decoupling over physical shortages stress…

Source: Bloomberg

Treasuries were sold today (no safe haven bid) as stocks soared…

Source: Bloomberg

And today was a massive day for US stocks… all up around 8% with a mind-numbingly stupid meltup into the close on a $6.5bn MoC headline…

On the back of the second biggest short-squeeze ever…

Source: Bloomberg

Dow Futures (up 1700 points) perhaps show the algos’ preferences best as recent high stops were run…

Virus-impacted sectors bounced…

Source: Bloomberg

Banks also surged on the day…

Source: Bloomberg

VIX fell to a one-month low…

Treasury yields were higher across the curve today with 10Y yields up most (+7.5bps) and the short-end relatively outperforming…

Source: Bloomberg

The dollar drifted lower to end unchanged from overnight gains…

Source: Bloomberg

Cable tumbled on news that BoJo was moved to ICU as his condition worsened…

Source: Bloomberg

With BoJo down (but not out), this seemed appropriate…

Cryptos screamed higher today, led by Ethereum…

Source: Bloomberg

Commodities were mixed with opil down hard, copper gaining and PMs strong…

Source: Bloomberg

WTI tried to rebound after the disappointing delay for the OPEC+ meeting sent prices sharply lower…

As Gold topped $1700, Silver surged back above $15

Finally, as we asked earlier – is it a retest of the lows?

Or no retest?

But an ugly ending…

Source: Bloomberg

Of course, this is once again not about fun-durr-mentals…

Source: Bloomberg

Trade accordingly.

END

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

Why the ramp up in the Dow/Nasdaq futures!

Futures Surge As Trump Touts “Glimmers Of Hope” In Italy & New York

Officials in New York and Italy reported notable declines in new cases and deaths on Sunday, helping to inspire the most positive reaction in futures to kick off a new trading week since the ‘rona rout.

Futures surged out the gate as President Trump struck an upbeat tone during Sunday evening’s press conference (even as his critics continued to urge the mainstream press to drop coverage of the president’s briefings). Riffing off the data reported out of New York and Italy, Trump and Pence noted what appears to be the first “glimmers of progress.”

“We are beginning to see the glimmers of progress,” Pence said at a White House news conference on Sunday. “The experts will tell me not to jump to any conclusions, and I’m not, but like your president I’m an optimistic person and I’m hopeful.”

After three straight days of “pain”, “hell” and more gloom and doom from Trump, his decision to rapidly embrace some of the first encouraging signs of progress in months was apparently exactly what traders needed to hear, considering that they completely ignored another record jump in new cases reported out of Tokyo (Japan’s nationwide death toll just broke above 100) and an NYT report claiming 1000s of deaths in the US may have gone uncounted.

Trump bundled this with the typical rundown of various federal government plans, partnerships and deployments, as expressing that “we hope we’re seeing a leveling off” in the coming days.

“We’ll see what happens,” he added.

Donald J. Trump

@realDonaldTrump

Embedded video

ES was up more than 3% at one point, and Japan’s benchmarks climbed more than 2%, snapping a five-day losing streak even as PM Shinzo Abe reportedly prepares for an emergency declaration.  The yen dropped along with Treasuries as haven demand receded. Crude oil prices slumped as uncertainty remains over a proposed meeting of supplier nations that is planned for April 9.

And an old favorite gif made a resurgence on twitter to mark the occasion.

Quoth the Raven@QTRResearch

Live look at Dow futures

Embedded video

end

b)MARKET TRADING/USA/AFTERNOON

‘Hope’ Vs ‘Nope’ – Dow Soars 1000 Points As Gold Spikes Near $1,700

One market is saying “hope”…

Dow Futures are up over 1,000 points, topping 22k…

While another is yelling “nope”…

Gold futures are up over 2%, nearing $1,700…

Is this investors claiming to “…barbell the virus turning point?”

The dollar has drifted back to unchanged…

And bonds are offered…

Who will be right at the end of the day?

END

ii)Market data/USA

My goodness: only 100 loans disbursed in the USA latest small business bailout shock

(zerohedge)

Millions Of Applicants But “Only 100 Loans Disbursed” In Latest Small Business Bailout Shock

On Friday, we reported that millions of small business owners around the country were stunned to learn that they weren’t eligible for loans via the government’s “Paycheck Protection Program”, or would at least face more roadblocks, and more critical delays, as landlords demand rent and vendors demand payment.

Last week, Treasury Secretary Steven Mnuchin and SBA Secretary Jovita Carranza scrambled to publicly assure investors that rumors of a “power struggle” between the Treasury and SBA were false, and that the big banks were finally beginning to process loan applications. He even enthusiastically tweeted out aggregate totals for approved loans. But amazingly, as more businesses owners went about applying for loans only to learn they weren’t eligible or would need to try again at a different bank, finally, BofA’s BriMo had to appear on CNBC to explain that businesses should apply for their stimulus loans via lenders with which they have “preexisting relationships”.

But as the administration and the big banks scramble to save the American economy from a far more brutal collapse (which is what would happen if half of the small businesses in the country close), even more roadblocks are popping up on Monday.

In a phoned-in interview on CNBC, Wilfred Frost urgently reported that Bank of America has received 177,000 applications for some $32.6 billion in emergency liquidity, but so far, only 100 of these loans have been disbursed.

The bank hopes to get most of the stack processed by mid-week, but it’s unclear what they’re basing these hopes on. Also, in case you dear reader still harbored any doubts about just how devastating this has been for small businesses, which typically don’t have the ‘fortress’ balance sheets that corporations do, nor the access to cheap capital, that $32.6BN figure represents 10% of the total Congressional allocation from the $2.2 trillion stimulus package for all the banks.

BofA described the demand as “fierce” – something that shouldn’t be a surprise to anyone, but is apparently a surprise for the bankers down in Charlotte.

About a week ago, we explained the infrastructure-related difficulties that government agencies and the big banks would face in doling out the money, one reason why it might take longer than Americans would ideally like, posing an existential threat to potentially hundreds of thousands of businesses.

Importantly, BofA was the first major lender to set up and launch its portal for the program.

And BofA isn’t the only big bank having trouble: CNBC reported last night that Wells Fargo will only be able to do $10 billion of the PPP loans due to the Fed asset cap that the central bank imposed on WFC back in January 2018. Because of this, Wells will focus on companies with fewer than 50 employees, as well as nonprofits. The bank also said it would donate “all fees related to program to nonprofits focused on small businesses,” Frost reported.

Wilfred Frost

@WilfredFrost

announces will only be able to do $10bn of PPP loans due to Fed asset cap. So will focus on companies less than 50 employees, and nonprofits. ALSO – will donate all fees related to program to nonprofits focused on small businesses.

How did regulators and Congress not anticipate this, and ask the Fed to suspend the asset cap that has prevented the bank from growing its assets, essentially stopping it from growing? Imagine being a small business or other business whose ‘regular bank’ is Wells Fargo, only to learn that they can’t give you a loan because the Fed won’t allow it?

Howard Schultz said on CNBC Monday morning that small businesses are facing a period of “carnage and fear.” We doubt this will help offer any peace of mind.

That certainly doesn’t inspire confidence in banks’ ability to ‘execute’ here. They’ve already demanded their extra 50bp in ‘tribute’. Does the administration need to dangle another ‘incentive’ in their faces?

END

iii) Important USA Economic Stories

New York/Coronavirus Update/Sunday

New York Reports First Drop In Daily COVID-19 Deaths As ‘Hell Week’ Begins: Live Updates

Summary:

  • NY reports first drop in daily deaths since outbreak began
  • FT shows how US has become COVID-19s “epicenter”
  • NY hospitalizations drop
  • India bans export of Trump’s ‘miracle’ coronavirus drug
  • Tokyo reports yet another jump in new COVID-19 cases
  • Queen Elizabeth plans special televised address to Britain, only the 4th during her reign
  • Australia launches criminal probe into Carnival Cruises
  • COVID-19 deaths in Japan pass 100

*    *    *

Before we delve into our daily breakdown of some of the biggest coronavirus-related news from around the world, we’d like to highlight yet another grim milestone in COVID-19’s “conquest” (are we still allowed to use war metaphors or has that been declared un-PC?) of the US. While the outbreaks in Mexico and Canada have only produced about 16k cases between them, the total number of cases confirmed in the US has ballooned past 300k in the US (to 312,249 as of 11amET Sunday morning).

Now, here’s the FT, which detailed the shift in momentum from Asia, to Europe, to the US. It’s a little more complicated than look at only the overall totals and the current daily figures.

In a little over one month the daily number of Covid-19 cases globally has grown exponentially from 2,359 on March 1 to 101,503 on Saturday.At the beginning of March, Asia accounted for more than half of the total cases reported each day. This quickly shifted as outbreaks began in continental Europe, with Italy, Spain, Germany and France all reporting cases in the thousands. By mid-March, Europe was responsible for four in every five new confirmed cases each day. While Europe is still responsible for nearly 40 per cent of daily cases, the US has become the new centre of the Covid-19 pandemic. The country accounts for nearly one-third of all daily cases, with New York state particularly affected.

Here’s most of that, broken down into a chart:

All that said, with the US gearing up for what President Trump and NY Gov. Andrew Cuomo expect to be the week where the outbreak peaks (in New York, at least), the Empire State has at least started off on the right foot.

New York reported 8,327 new cases of coronavirus and 594 new deaths on Sunday (compared with 630 a day ago), marking the state’s first drop in daily deaths since the outbreak began. In total, 122,031 cases have been confirmed in the state (roughly equivalent to the national totals of both Italy and Spain )and 4,159 deaths. While we’re certainly no epidemiologists, we suspect others might point to this as a small, but hopefully promising, hint that the ‘peak’ is near, or here.

And as we noted last night, hospitalizations in the state have shown another encouraging decline, even as many ICUs in NYC remain very close to, or at, capacity.

Cuomo is beginning his daily press briefing below:

Andrew Cuomo

@NYGovCuomo

The governor kicked off Sunday’s presser by thanking New York’s health-care workers, before adding that recent trends suggest that the state might have already arrived at its hoped-for plateau.

“You could argue that you are seeing a plateauing,” he told reporters in Albany. “Next week they will tell you whether we are on a plateau or is it just a blip,” he said, referring to statisticians. He noted that deaths had leveled off for three days following the dramatic increases seen for most of last week, which saw the state reporting close to 1k deaths a day for a few days there.

New hospitalizations dropped to 574 on Sunday from 1,095, Cuomo said, adding that 74% of those hospitalized have been discharged.

Being a pandemic with almost no precedent in modern times (other than the Spanish Flu pandemic of 1918), traditions of culture and governance are being disrupted left and right (hell, we just cancelled the Olympics). In keeping with that trend, Queen Elizabeth will deliver a special televised address to Britain; it will be only the fourth time she has done so during her nearly 70-year reign. Excerpts from the address have already been released, and in them, the Queen acknowledges the suffering of hundreds of thousands of families around the country, while seeking to “lift their spirits” and “offer hope,” according to ABC News.

The 93-year-old monarch is expected to acknowledge the suffering that many families have experienced because of the COVID-19 crisis, which has infected more than 42,000 people in the U.K. and killed at least 4,313 of them. She will seek to lift spirits and offer hope to the country in its hour of need.

“I am speaking to you at what I know is an increasingly challenging time,’’ she said, according to excerpts released ahead of remarks that were being broadcast Sunday night. “A time of disruption in the life of our country; a disruption that has brought grief to some, financial difficulties to many and enormous changes to the daily lives of us all.”

Elsewhere, Tokyo reported yet another record jump in daily cases, with 143 new coronavirus infections announced on Sunday,metropolitan government officials said. Meanwhile, the number of COVID-19-related deaths finally surpassed 100 in Japan, Nikkei reports. In India, the government of Narendra Modi has banned the export of hydroxychloroquine, a drug widely touted by Trump for treating COVID-19. In Australia, prosecutors have launched a criminal investigation into Carnival Cruises as hundreds were sickened, dozens died on their ships.

end
CORONAVIRUS UPDATE/NEW YORK//THE GLOBE//MONDAY

Doubts Raised About Reported Drop In NYC Deaths As “The Hardest And Saddest Week Of Our Lives” Begins: Live Updates

During an appearance on “Fox News Sunday” yesterday morning, Surgeon General Jerome Adams told Chris Wallace that the upcoming week will be “the hardest and saddest week of most Americans’ lives,” calling it our “our Pearl Harbor, our 9/11 moment,” except that, unlike those attacks, this one won’t be “localized” – it will be unfurling across the US, almost simultaneously.

Nearly 12 hours later, President Trump and VP Pence said during the evening’s task force press briefing that the numbers reported out of Continental Europe and New York earlier that day were “very optimistic,” sending futures on what looks like their most bullish trading to kick off a new week since the end of the ‘rona rout (or at least, the first installment of it).

To be sure, some experts have raised doubts about the optimistic numbers reported out of New York State and New York City last night. Notably, the state reported its first decline in daily coronavirus deaths.

The second day of declining hospitalizations state-wide was one of the most optimistic numbers reported yesterday by Cuomo.

Numbers showing deaths in NYC declined yesterday for the second day in a row, when they were reported by NYC Mayor Bill de Blasio. De Blasio also revealed last night that the feds had sent NYC 174 nurses, 104 doctors and 13 respiratory therapists, not enough to completely make up the shortfall, but “a start”, the mayor said.

Before people get too excited about these latest numbers out of New York, we noticed several epidemiologists and other ‘data people’ found flaws in the numbers that they highlighted on Twitter. One expert who reviewed the data said she found a pattern that suggests the city might have underreported deaths yesterday, meaning these encouraging numbers don’t reflect reality, and that more deaths would be reported later on Monday to compensate.

Here’s Dr. Andrea Feigl, a Harvard-trained medical writer:

Dr. Andrea Feigl@andreafeigl1

1/ @nycgov dths supposedly ⬇️ 2day

I don’t believe these

Why?

Yesterday’s 630 toll reported just before 9pm; hourly, ~50 dths + in NYC the last few days; the 594 # reported in AM … no increase since

My estimate: We underreported ~300 – 400 dths in NYC 2day

Dr. Andrea Feigl@andreafeigl1

2/ –> will they be added & 2morrow’s tally is close to **1k***????

Same conjecture on my end 4 new admissions & ICU unit usage

pls tell me i am wrong ..

Sources: https://www.worldometers.info/coronavirus/country/us/ @JohnsHopkinsSPH

Dr. Andrea Feigl@andreafeigl1

3/ Also, looking at Italy 🇮🇹: each Sat & Sunday, dth reporting Downwards arrow, then Up-pointing triangle on Mondays …. https://worldometers.info/coronavirus/country/italy/ 

My speculation: @NYGovCuomo
jumped the gun 2day

She also highlighted the NYT report we mentioned last night showing widespread underreporting of deaths across the US.

Dr. Andrea Feigl@andreafeigl1

4/ and yes, underreporting not just a @NYCMayor issue …https://www.nytimes.com/2020/04/05/us/coronavirus-deaths-undercount.html?fbclid=IwAR3zYCKrujnff9YnSvYld84PbfK9YCvIq0RZU0_Czv107jMzWtKExwgmMYU 

Lina Evans, the coroner in Shelby County, Ala., said she is now suspicious about a surge in deaths in her county earlier this year, many of which involved severe pneumonias.

Official Counts Understate the U.S. Coronavirus Death Toll

Inconsistent protocols, limited resources and a patchwork of decision-making has led to an undercounting of people with the coronavirus who have died, health experts say.

nytimes.com

While equity strategists appeared to focus on the strong numbers out of the Continental Europe yesterday, (Italy, Spain, France, Germany, Belgium, the Netherlands, mostly), numbers out of the UK, where the Queen delivered a landmark speech while the PM was admitted to the hospital with brutal COVID-19 symptoms, were much more alarming, with the largest jump in deaths reported yet as the UK’s death toll has accelerated over the past week. Meanwhile, reports that Britons continue to flout the lockdowns despite the crackdown by police have vexed those trying to combat the outbreak.

Worldwide, we’re on the verge of 70k deaths as the virus continues to spread, finally accelerating in places like Brazil, and elsewhere across Latin America, while small outbreaks have cropped up in practically all of Africa’s 54 countries.

The same is true in Asia: While South Korea reported just 47 new cases of the coronavirus, the lowest daily uptick since infections began surging on Feb 21., and the first time that number has dipped below 50 since then as well. At the peak, SK was reporting 900+ new cases daily. As one reporter noted on twitter, things could still turn on a time, but it’s definitely a milestone for the country with arguably the most effective response to the virus in the world.

Victoria Kim

@vicjkim

South Korea reports just 47 new cases of the coronavirus, the lowest daily uptick since infections began surging Feb 21, & the first time it’s dipped below 50 since.

At the peak, it was 900+ new cases in one day.

Things could still turn on a dime, but feels like a milestone.

Although South Korea never had to close their economy (as officials’ swift response kept things from getting to out of control), analysts at Nomura just helped put SK’s outbreak in perspective.

Tracy Alloway@tracyalloway

Reported coronavirus cases adjusted for population, via Nomura:

View image on Twitter

Meanwhile, another 50+ cases were reported out of Tokyo overnight, as Japanese PM Abe prepared to announce plans to launch a state of emergency set to begin tomorrow. As Nikkei Asian Review reported Monday morning, Abe said Monday the planned state of emergency would be rolled out in seven prefectures, while also announcing a record 108 trillion yen (about $1 trillion) stimulus package.

Tokyo, Kanagawa, Saitama, Chiba, Osaka, Hyogo and Fukuoka prefectures will be covered by the decree. However, because the Japanese Constitution bows to civil liberties and doesn’t give the government the authority to stop people from leaving their homes, cities and governors won’t be able to punish businesses who flout the rules – though they can engage in that famously Japanese cultural practice: shaming.

“Even though we will declare a state of emergency, we will not lock cities down and I do not think it is necessary,” Abe told reporters in Tokyo before a meeting of the government’s coronavirus task force. “We will ramp up our effort to maintain economic activities as possible as well as preventing the further spread of the virus.”

The prime minister said he would declare the state of emergency as soon as Tuesday. His bailout will include cash payments to households and bailouts for small businesses similar to what the US is trying to pull off.

Before we go, here is a snapshot on how the situation in the US has developed over the last 24 hours.

Norbert Elekes@NorbertElekes

Coronavirus update, U.S.

– 26,076 new cases in last 24 hours
– 337,620 cases in total
– 17,461 recovered
– 9,643 deaths
– 36% of cases in New York
– 1.7 million tests performed

Late last night, Axios reported (and we duly note) whispers that “the first major confrontation” had unfolded during a White House task force meeting between – of all people – Peter Navarro and Dr. Fauci. Navarro slammed Dr. Fauci for allegedly playing down the efficacy of hydroxychloroquine, which was recently determined to be one of the more effective therapies that have been tested in small batches (albeit without control groups, which, as any good scientist will tell you, is vital for producing ‘usable’ data). At the end of the fight, Jared Kushner demanded that Navarro “Take yes as an answer” since the administration is already working to get the drug to ‘hotspots’ around the country.

 END
This is not good:  Hospital operator Quorum Health, which operates 24 hospitals in 14 states is preparing for bankruptcy
(zerohedge)

Hospital Operator Quorum Health Is Facing Bankruptcy Amidst The COVID-19 Outbreak

Quorum Health, which operates 24 hospitals in 14 states, is preparing for bankruptcy at the worst possible time: the middle of a global pandemic. The “flood” of coronavirus patients that the hospitals have experienced have put pressure on an already precarious set of financials, leaving the the company little choice, according to Bloomberg.

Quorum’s executives are in the midst of negotiations with stakeholders on possible restructuring deals, but at the same time the company is preparing Chapter 11 plans. Earlier this week, the company delayed its annual report filing to focus on negotiations with its creditors. No official decision has been made.

But the worst part is that Quorum’s troubles could foreshadow what’s coming for the American healthcare system. Even prior to the outbreak, hospitals in rural areas were “losing profitable elective procedures to outpatient facilities while still handling patients who lack good insurance.”

And now, hospitals are being forced to cancel optional and elective procedures to make capacity for coronavirus patients. This further squeezes the financials of many of these facilities and federal relief may not be enough to save them. Prior to the virus even becoming a factor, more than 30 facilities went bankrupt last year.

CEO Robert Fish said: “Regardless of the path forward the company chooses, Quorum Health and its hospitals will continue to maintain all operations without any interruption to service.”

Quorum started in 2016 as a spinoff of 38 hospitals from Community Health Systems. It is now down to just 24 facilities and 2,000 beds. The company hasn’t been profitable since the spinoff and its 2023 unsecured bonds are trading for about 70 cents on the dollar. 

KKR & Co., York Capital Management Global Advisors LLC and Mudrick Capital Management round out a list of the company’s stakeholders. KKR offered last year to help recapitalize the company, but noted that it would likely wipe out the company’s equity holders. 

end

Looting in New York amid the coronavirus lockdown

(zerohedge)

Looting Wave Strikes New York City Amid Coronavirus Lockdown

We’ve been laying out the possible case for the next phase of the COVID-19 pandemic could be social unrest.

Millions of Americans have just lost their jobs, have no saving, and insurmountable debts, are flooding food banks across the nation to survive. With the economy crashed and now entering a depression, last week was a significant milestone in the progression of the crisis, as looting of businesses in California and South Carolina began.

Now the looting is spreading across the nation. We noted how stores in New York, San Francisco, Seattle, and Chicago, were boarding up their windows, preparing for civil unrest.

After all, when 10 million people lose their jobs in two weeks, and an estimated unemployment rate that could reach 15-20% in the second quarter, as per RealInvestmentAdvice.com’s Lance Roberts latest report, the ripple effect on society is so sudden that there could very well be an outbreak of unrest when the weather shifts too much warmer trends, and geographically be situated in low-income areas of inner cities. Hence why the National Guard was called up and now being positioned around and or in major metros.

The beginning innings of social unrest could now be unfolding across New York City. Households are cracking as hundreds of thousands have lost their jobs over several weeks. The city has become the epicenter of the virus crisis, recording 103,060 confirmed cases and 2,935 deaths (as of Saturday afternoon, April 4).

The Wall Street Journal reports an increase in burglaries of commercial establishments across all five boroughs from March 12-31, coinciding when mass shutdowns went into effect.

The New York City Police Department (NYPD) recorded a 75% jump in burglaries of businesses during the period, or about 254 burglaries, compared with 145 over the same period last year.

“The increase in burglaries coincided with steps to stop the spread of the coronavirus. On March 15, the city ordered restaurants and bars to cease on-site service, prompting many establishments to close altogether or limit operations. A March 20 decree by Gov. Andrew Cuomo called for the closure of all nonessential businesses, leading many retail stores to shutter,” the Journal noted. 

“We knew with the closing of many stores that we could see an increase and, unfortunately, we are,” said NYPD Chief of Crime Control Strategies Michael LiPetri.

LiPetri said the most targeted establishments by criminals had been restaurants, supermarkets, and retail stores. Between March 12-31, there were over 30 reports of burglaries of supermarkets, a 400% increase over the same period last year.

He said thieves were specifically after food, alcohol, and retail goods. Many gained entry from rooftops and or forcing doors open or breaking windows.

The Journal notes that some retail chains have boarded up shops across the city, citing fears that social unrest could soon follow. Here are some shops that have already boarded up windows:

TRT World

@trtworld

Thousands of stores in New York have boarded up their doors and windows to avoid possible looting

Embedded video

George Mentz JD MBA@GeorgeMentz

New York Gazette ™ Store owners boarding up buildings across Manhattan: http://fox5ny.com – NEW YORK – A growing scene for those who venture out into the streets of Manhattan these days is boarded up storefronts. From luxury retailers to small… http://dlvr.it/RT8G84

View image on Twitter

As looting surges in New York City, the next fear is that the NYPD could become overwhelmed by virus-related incidents and or a shortage of officers.

On Friday, one out of every six NYPD officers was sick or in quarantine. Over 1,500 have tested positive for the virus, which could lead to decreased patrols while crime is surging across the city.

“It’s a worst-case scenario across the board,” a sergeant told The New York Times.

And now it should make sense why President Trump recently signed an executive order to activate up to one million troops – that is because the evolution of the virus crisis and economic collapse, is social unrest and looting and whatever else that may bring.

end

It seems that the roll out for small business loans is not going smoothly

(zerohedge)

From ‘Nightmare’ To ‘Surprisingly Seamless’ – Small Business Owners Describe COVID-19 Bailout Experiences

The Trump administration’s $350 billion SBA Paycheck Protection Program was launched on Friday as part of the $2 trillion bailout package, letting small businesses gain access to capital for payroll and other overhead costs.

As we reported on Fridaythe rollout went horribly awry for some – with banks such as BofA requiring an existing credit line to qualify, surprising many. JPM delayed the rollout until 1pm, while Wells Fargo and others completely dropped the ball.

That said, it wasn’t all bad on Friday – with some business owners such as small business owner Kyle Stewart, who told Bloomberg that the process was “surprisingly seamless” when he applied for a loan to keep his batting-cage and baseball training business afloat.

After spending two hours gathering the payroll and business information required and completing the Paycheck Protection Program application Thursday night, Kyle found uploading the form to the bank’s portal Friday morning was “surprisingly seamless” and automated.

After San Francisco announced a shelter-in-place order on March 16, Stewart told his five hourly workers he wouldn’t be able to pay them going forward. The timing couldn’t have been worse, as his company makes 60% of its profit in the month of March ahead of the baseball season. He’s hoping the loan will help keep them on until the business is able to reopen. –Bloomberg

We are still stuck on second base with 2 outs in the ninth inning,” said Stewart. “Here is to hoping for a clutch hit from the Feds.

Cute.

Others, such as Ohio hair salon owner Clara Osterhage found the process to be a “nightmare.” After gathering documents in preparation to be one of the first in line with her application on Friday, she was told by her small regional bank at 11 a.m. that they weren’t going to be able to submit applications that day, and that ‘even big banks weren’t able to do it.’

“This is a nightmare,” she said, adding that she doesn’t have a clue when she’ll gain access to the funds she needs.

How do I feel? Uncertain with a capital ‘U.’

Goat’s milk soap maker Theresa Richard of Arnaudville, Louisiana was “at a loss” after trying to obtain a loan for her Youngsville store, Bain Amour Bath & Body Co., which has been shut since the state’s March 22 stay-at-home order, which has left her lone employee without work.

Richard’s local bank, Farmers and Merchants Bank & Trust Co. of Beaux Bridge told her they’re still waiting on more information about the program. Her other bank, Chase, sent her an email notifying her that they wouldn’t be ready for the program’s Friday morning launch.

“Nobody has a real clear idea of what they need in place to start doing the loans,” she said.

Community bankers are “rightfully frustrated and, in many cases, livid” after promised online portals never went live on Friday, said Rebeca Romero Rainey, chief executive officer of Independent Community Bankers of America.

It was “a nightmare situation,” Rainey said. “Media reports continue to indicate successful launches through the country by community banks, few of which we have been able to confirm.” –Bloomberg

Robin Schultz, who operates Birmingham, Alabama commercial lighting company Quality Electric, says that despite using the same lender for over two decades that she was surprised to receive an email from them Thursday night notifying her that it hadn’t received guidelines from the feds.

After trying to apply at 4 a.m. Friday morning, she received an email around noon to let her know that the site was operational. Moments later, it was down, and she still wasn’t able to file paperwork for the loan.

More tales of woe and optimism (via Bloomberg):

‘Eight Weeks Is Ten Years’

Erik Bruun owns SoCo Creamery, an ice cream shop and wholesale supplier in Great Barrington, Massachusetts. Foot traffic into his store is slower this time of the year, but is down 60% from where it typically is.

Wholesale ice cream sales, which make up the majority of revenue during the off-season, have completely stopped.

Bruun applied for an emergency loan last week but has yet to hear back. He tried to apply to the paycheck protection program as well, but his local bank told him the application changed and he’d have to wait until they receive instructions to proceed.

The application made it sound like the money would be dispersed in 72 hours. Time is critical right now, and even if his paycheck protection application is approved he’s not sure if the duration will be enough.

“Eight weeks? Eight weeks is ten years right now,” he said. “Eight weeks ago we lived in the allegedly good times. Now we live in the Great Depression.”

One small perk with the lockdown: as people hunker down, pint sales in local grocery stores are up.

‘So Much Confusion’

Wahid Nassar, who runs a restaurant in Highlands, New Jersey, tried going online Friday morning to apply for the loan through his lender, Bank of America, but repeatedly got error messages.

“There’s so much confusion and hard to get a straight answer from anyone right now,” he said.

‘Bringing Hope’

At 9:30 a.m. Friday, the paperwork, so utterly confusing at times, was finally in order for Jason Maxwell. The CEO of MassPay, a payroll and human resources firm that employs 59 people in Beverly, Massachusetts, faxed his application for an SBA loan to his banker in nearby Salem.

Late Thursday, Maxwell was told the federal loan program had tweaked its application. Luckily, Maxwell has a good relationship with his banker, Ed Lomasney, a senior vice president at Salem Five Bank. Lomasney contacted Maxwell, who immediately filled out the new form.

Maxwell has worked with Lomasney for seven years, even switching lenders when the banker relocated to a new financial-services institution three years ago.

“He’s the kind of guy who would knock down doors for us,” Maxwell said of his financial guru, who was too busy Friday with applications to comment.

Maxwell has also been helping other business owners navigate the programs and loans available. He called the owner of his favorite coffee shop, who is not a client, when he heard the man was feeling utterly hopeless, and offered information and advice on how to get some relief.

The programs “are bringing hope to a pretty grim situation,” Maxwell said.

‘Somewhat Optimistic’

Steve Vernetti, owner of Vernetti, an Italian restaurant in Los Angeles that’s a favorite of Mayor Eric Garcetti, said he had to fill out multiple applications because they kept changing, including as recently as Friday morning.

“It seems like the program is being fleshed out in real-time,” Vernetti said.

Vernetti said his business manager has a close relationship with his bank that’s keeping them in the loop, and that “I can only imagine what the confusion is like for those who don’t have the advantages we have.”

The restaurant owner said he’s been paying his 20 employees for two weeks out of his own pocket but won’t be able to continue. If he gets some confirmation of the SBA funding, he’ll consider opening for pickup and delivery services in two weeks.

“I am starting to see a way through this, and I am feeling somewhat optimistic,” Vernetti said.

Let’s see what next week brings in the land of struggling business loans…

end

This is a problem:  by mistake COVID 19 patients are accidentally delivery to the Navy Hospital in New York.

(zerohedge)

COVID-19 Patients Mistakenly Delivered To Navy Hospital Ship In New York

Multiple coronavirus patients were mistakenly transferred from New York’s Javits Center to the Navy hospital ship Comfort on Friday, according to Fox News, citing three US officials.

Until Friday, Javits was only treating non-coronavirus cases until President Trump – at NY Governor Andrew Cuomo’s request – authorized the facility to bring on COVID-19 patients. This meant that the existing patients at Javits – a few dozen – had to be transferred to Comfort some 10 blocks away. The ship is only supposed to treat trauma patients, not those infected with coronavirus.

The number of patients on board Comfort is “less than five,” according to one official. Of note, the patients had initially screened as negative for the virus, while up to half of those infected with coronavirus show no symptoms, according to new data.

The top general leading the coronavirus response for the U.S. military told Fox News there was another COVID-19 patient who showed up to the hospital ship Comfort in New York earlier Saturday after being delivered by ambulance. The patient later tested positive on board while in isolation.

We are treating the emergency situation that needs to be treated,” Air Force Gen. Terrence O’Shaughnessy said in a phone interview with Fox News Saturday afternoon and disclosed the new case aboard Comfort. –Fox News

Current protocol is to test patients before they come onboard Comfort, isolate them, and then wait for the results.

Navy officials reasoned that since only a handful of patients had tested positive, their existing protocols are working. They also noted that this illustrates the complexity of the situation.

Comfort, which arrived in New York on Monday, is currently docked on Pier 90 located on Manhattan’s west side. It is said to have a “couple dozen” patients on board according to the Pentagon’s top spokesman, Jonathan Hoffman.

The positive patients were transferred off of Comfort and back to Javits on Saturday morning to continue treatment according to one official.

The Javits Center has been transformed into a 3,000 bed makeshift hospital by the Army Corps of Engineers.

The officials called the risk to the hospital ship’s crew “low,” because of the protocols were already in place.

“We were prepared with a contingency plan in case we received patients that later tested positive. Immediately upon arrival the patients were isolated while awaiting the test results,” the official added.

Another official pointed out this was why the hospital ship did not want to fill all 1,000 beds on board too quickly because the risk of the virus coming on board is so great. –Fox News

The crew of Comfort is now in the process of sanitizing areas in which the patients were housed, while all US Navy medical personnel were wearing personal protective equipment (PPE).

“We have infectious disease specialists on board as well,” an official told Fox.

“The Comfort has infection control procedures that are followed just like hospitals ashore. Our medical experts on board are well prepared for cases like this, and have taken the appropriate precautionary measures. The patients were isolated and received care aboard the ship while working to transfer the patients as soon as practical to the Javits Federal Medical Station, which is treating COVID-19 patients. The Comfort is capable of continuing its mission,” said Cmdr. Ashley Hockycko – a spokeswoman for the US Second Fleet.

Coronavirus has claimed just over 65,000 lives worldwide as of this writing, of which more than 3,000 were in New York.

end
This is obvious:  state tax revenues are being slammed due to the coronavirus
(zerohedge)

“We Have No Money”: Coronavirus Slams State Taxes

Authored by Sophie Quinton of the Pew Trust,

Economists who advise the Colorado legislature told lawmakers in mid-March to expect a roughly $800 million revenue decline for the next fiscal year as people travel and dine out less during the coronavirus pandemic. That estimate already looks far too optimistic.

“The forecast that we released in March — we weren’t imagining the world that we’re living in right now,” said Kate Watkins, chief economist for the Legislative Council Staff, the nonpartisan research arm of the Colorado General Assembly.

Governors nationwide have ordered businesses to close and people to stay home in order to slow the spread of the novel coronavirus. But the public health measures have created an economic crisis that will, in turn, hit state and city budgets.

Now policymakers are scrambling to figure out how much spending power they’re losing at a moment when they need money to fight the pandemic and help laid-off workers and struggling businesses.

Few state economists and budget analysts have calculated the fiscal impact of the pandemic so far, and it’s hard at this early stage to say how big the drop off in tax collections will be, said Brian Sigritz, director of state fiscal studies for the National Association of State Budget Officers, a Washington, D.C.-based membership organization.

But the early estimates don’t look good, he said. “It looks like the drop-off that states could be facing this time could be more severe than the Great Recession.”

State officials all over the country are planning for revenue declines. Hawaii officials have estimated a $225 million decline; in New York, it’s a whopping $15 billionWest Virginia is losing $9 million a week from its closed casinos alone.

The governors of New Jersey, Ohio and Pennsylvania already have announced limited spending and hiring freezes. California Gov. Gavin Newsom, a Democrat, and Ohio Gov. Mike DeWine, a Republican, have warned state agencies to expect budget cuts.

New York Gov. Andrew Cuomo, a Democrat, said in a radio interview last week that lawmakers may need to cut education funding in order to address the state’s budget hole.

“I said kiddingly to a legislator before, I said, ‘This is the easiest budget we’ve done. There’s no option. The number is zero,’” Cuomo said.

“We have no money.”

The members of Colorado’s Joint Budget Committee haven’t been able to meet in person to discuss the changing revenue picture yet, said Rep. Daneya Esgar, a Democrat who chairs the committee.

But Esgar said she’s already asking lawmakers to review what their measures will cost. “I think it’s optimistic to think that any new program be funded at this point,” she said.

The $150 billion the federal government has approved in coronavirus relief for states and cities could help stabilize their budgets, Sigritz said, although its impact remains to be seen. “It’s less than some governors had hoped for, but it will help states address some of the increased spending demands.”

The budget outlook has worsened for states as it’s become clear that social distancing restrictions will need to be in place for months, not weeks, to prevent hospitals from becoming overwhelmed with coronavirus patients.

After initially saying he’d like to lift social distancing guidelines by Easter, President Donald Trump has extended them to April 30. Virginia Gov. Ralph Northam, a Democrat, this week issued a stay-at-home order that will be in effect until June 10.

Twenty-three states have passed budgets for fiscal 2021, which for most states starts July 1, according to the National Conference of State Legislatures, a Denver-based organization that represents legislatures. Twenty-seven states are still debating their budgets for next year.

Lawmakers in states with a budget in place may have to make changes, given the sputtering global economy.

“We are going to have to review our budget, there’s no question about it,” said Washington state Sen. Christine Rolfes, a Democrat and chairwoman of the Senate Ways and Means Committee.

Rolfes said lawmakers adjourned on March 12 thinking they’d crafted a prudent budget, with a huge ending balance and a $1.8 billion rainy-day fund. But they didn’t anticipate the scale of the economic slowdown.

Cities also are bracing for a drop in tax collections.

“We’re looking at at least a $100 million deficit,” said Las Vegas City Manager Scott Adams. The total budget is about $650 million, he said. “And that’s a midpoint, that’s not the worst-case scenario. And I’m worried that we might be leaning closer to the worst-case scenario.”

Major sources of sales tax revenue, such as restaurants, are closed or doing a fraction of their normal business through curbside pickup and delivery, Adams said.

He said the city has furloughed about 200 employees so far due to the pandemic. If the city doesn’t get federal funding to help it absorb the costs of fighting the coronavirus, he said, those furloughs will become unpaid.

Comparisons to the Great Recession underscore how damaging the pandemic could be for states. Sharp declines in tax collections during the 2007-2009 recession and subsequent slow recovery led lawmakers nationwide to lay off state workers and cut spending on education, health care and social services.

Ten years later, spending on some programs still hadn’t recovered, according to research from the Pew Charitable Trusts (Pew also funds Stateline).

Unlike the federal government, almost all states are required to balance their budgets.

It’s not clear that comparisons to the Great Recession can help states and cities weather the current crisis, fiscal experts say, as the nature of the pandemic is so different — it’s not a slowdown caused by a financial crisis, or a housing bust — and its duration is so uncertain.

“We’ve never had a recession before where businesses are under order to close their doors,” said Jared Walczak, director of state tax policy for the right-leaning Tax Foundation, a Washington, D.C.-based tax policy nonprofit.

In a typical recession, sales tax collections fare better than income tax collections because laid-off workers still make basic purchases, Walczak said. But if businesses stay closed for months and consumption patterns change, sales taxes could emerge as a bigger pain point.

“The one class of purchases that’s doing extremely well right now is groceries, and everything else is falling off the cliff,” he said. Most states don’t tax grocery sales, he noted.

Some states have built up substantial rainy-day funds and budget reserves over the past decade which can help them absorb a short-term drop in revenues and address the pandemic. Governors such as Newsom and Washington’s Jay Inslee, a Democrat, already have drawn upon their state budget reserves.

But even large reserves may not be big enough as lawmakers scramble to fight the pandemic. California budget analysts, for instance, began the year projecting a $21 billion cash reserve by this summer. They’re now warning the money could be spent in months.

“I think to some extent states did learn from the last crisis — they built up their rainy-day funds to the highest nominal level on record,” said Tracy Gordon, a senior fellow at the Urban Institute, a Washington, D.C.-based research organization. “It’s just that nothing could prepare them for this.”

end
McConnell tells Pelosi to stand down but they are getting ready for another infusion. They are waiting to see what effect the initial stimulus is gaining.
(zerohedge)

“Stand Down”: McConnell Trips Up Pelosi’s Rushed Phase-Four COVID-19 Stimulus

Senate Majority Leader Mitch McConnell (R-KY) is putting the brakes on House Speaker Nancy Pelosi’s (D-CA) attempt to rush a phase-four coronavirus relief package through Congress – insisting that they take a wait-and-see approach after a $2.2 trillion rescue package was signed into law last month by President Trump.

Pelosi, who has been holding near-daily calls with reporters, has been aggressively pushing for the follow-up legislaton which would make funds available for transportation, coronavirus treatment (not just testing), more money for states, and benefits for employees such as paid family and sick leave, according to The Hill.

“The coronavirus is moving swiftly, and our communities cannot afford for us to wait. House Democrats will continue to work relentlessly and in a bipartisan way to lift up American families and workers to protect their health, economic security and well-being today and throughout this crisis,” Pelosi insisted on Friday.

McConnell is having none of it – and has made abundantly clear that he wants to wait to see if the first package has had any impact.

We’re not going to be doing, in the name of an emergency, items unrelated to the emergency,” he told Fox News Radio when asked about the next bill.

Of note, while Congressional leaders have remained in Washington, most lawmakers are out of town until at least April 20.

Congressional Republicans are backing McConnell, however they’ve been privately discussing a fourth bill as well.

House Minority Leader Kevin McCarthy (R-Calif.) backed up McConnell, telling reporters that while Pelosi “is trying to talk about a fourth bill, I don’t think that is appropriate at this time.”

Some rank-and-file GOP senators say they are already informally discussing a fourth bill as the number of coronavirus cases in the U.S. is expected to skyrocket in the coming weeks. As of Friday evening, there were about 274,000 cases in the United States and more than 7,000 deaths, according to data from Johns Hopkins University. –The Hill

Kevin McCarthy

@GOPLeader

Speaker Pelosi’s ambition to create a select committee on the coronavirus crisis isn’t about oversight. It’s pure politics.

She wants to exploit this crisis in order to fundamentally restructure America and advance her political agenda.

Embedded video

Barbs between Pelosi and McConnell have spilled into the public sphere – with McConnelltelling Pelosi to “stand down”in one interview – suggesting she’s trying to “jam” Senate Republicans.

Pelosi, meanwhile, suggested that McConnell’s comments – along with verbal sparring between Trump and Senate Minority Leader Chuck Schumer (D-NY) was “chicken feed,” and that “you can’t pay attention to that stuff,” adding “They’re playing to their base.”

The Trump administration has remained on the periphery while Congressional leaders continue to spar – with Treasury Secretary Steve Mnuchin telling reporters that he has spoken with lawmakers – saying “I’ve spoken to the leader, I’ve spoken to the Speaker. I’ve spoken to the president constantly. When the president is ready and thinks we should do the next stage, we’re ready.

Read the rest of the report here.

end

Baltimore

We are now witnessing the beginnings of a bank run…

Baltimore…

(zerohedge)

“They Want Their Monies Out” – Baltimore Residents ‘Storm Bank’ Amid Fears Of Social Unrest

The evolution of panic hoarding started with 3M N95 masks, then hand sanitizers, non-perishable foods, guns and ammo, and now cash?

video surfaced on Instagram on Saturday, showing a possible bank run in Baltimore City at the MECU Credit Union, located at 2337 E Northern Pkwy.

 

Baltimore MECU Bank on April 4 h/t Teresa Davis 

The area is considered low/middle class working families (predominantly African American community). The video shows a large line of cars on Saturday afternoon and a line at the ATM. People weren’t cashing in their paychecks because many people were laid off, as we noted, more than 14 million people in the last several weeks have lost their jobs across the county, and what we could be looking at is the beginnings of a bank run.

 

 

Baltimore MECU Bank ATM line on April 4 h/t Teresa Davis 

“As soon as the National Guard rolled into Baltimore City – many folks asked themselves – is this a revisit of the Freddy Gray unrest back in 2015,” said Teresa Davis, owner and operator of Teresa Davis Productions.

 

National Guard Tent City in Baltimore Metro Area h/t Teresa Davis 

Davis said for weeks the National Guard had staged military tent cities across the Baltimore–Washington metropolitan area. She said military Humvees had been spotted in East Baltimore (down the street from MECU bank), more specifically on East Monument Street, near the Johns Hopkins Hospital, which she adds is a low-income/high-crime area.

She said the last time Humvees were spotted on East Monument Street was back during the 2015 riots.

Davis said residents had concerns that military vehicles on the streets could suggest that social unrest is nearing. She said, “you know it is kind of weird, everyone just lost their jobs, people are freaking out, and now people are storming the bank.”

“How are they going to pay their bills that are still mounting? How are they going to feed their families,” she said. 

Davis said residents are going to the local banks because they fear banks are going to fail, and unrest could be nearing.

“They want their monies out,” Davis said, adding that some people in the community have been watching their 401ks crash, and others have been watching the news that a recession could be imminent.

Last month, the smart money in Mid-Town Manhattan and Hamptons were withdrawing as much cash as they could, with at least one bank running out of $100 bills.

Several weeks ago, we noted that the FDIC made an unusual request to all Americans to keep their monies in the bank because it is safe…

“Your money is safe at the banks. The last thing you should be doing is pulling your money out of the banks thinking it’s going to be safer somewhere else.”

The chart below shows the surge in demand for cash by Americans at the moment has surpassed all of 2008, and about to rival the panic ahead of Y2K that ATMs would not function…

“Here we go again,” Davis said, referring to the possibility that social unrest like the 2015 riots could be nearing. She said there’s certainly a different dynamic at play today, back then, thousands of people didn’t lose their jobs all at once – it was years of wealth, health, and education inequality, on top of the trigger: Freddy Gray’s death, that brought people into the streets. Now today, “social unrest could be more explosive.”

end

iv) Swamp commentaries

Trump fires the Ukrainegate Inspector General Atkinson who helped initiate the impeachment process against Trump

(zerohedge)

Trump Fires Ukrainegate Inspector General Who Helped Initiate Impeachment

President Trump on Friday fired the intelligence community inspector general, Michael Atkinson, who brought a hearsay whistleblower complaint to Congressional Democrats, kicking off President Trump’s impeachment.

Atkinson’s closed-door testimony was so troubling to House Republicans that they launched an investigation into his role into what President Trump and his allies coined the ‘impeachment hoax.’

Ranking member of the House Intelligence Intelligence Committee Devin Nunes (R-CA) told SarahCarter.com that transcripts of Atkinson’s secret testimony would expose that he either lied or needs to make corrections to his statements to lawmakers.

Trump notified the Senate and House Intelligence Committees of his decision to fire Atkinson, according to Politico, citing two congressional officials and a copy of a letter dated April 3.

“This is to advise that I am exercising my power as president to remove from office the inspector general of the intelligence community, effective 30 days from today,” wrote Trump, who added that he “no longer” has the fullest confidence in Atkinson.

“As is the case with regard to other positions where I, as president, have the power of appointment, by and with the advice and consent of the Senate, it is vital that I have the fullest confidence in the appointees serving as inspectors general,” Trump wrote. “That is no longer the case with regard to this inspector general.”

Trump knocked Atkinson on January, noting that House Intelligence Committee Chairman Adam Schiff’s (D-CA) decision to withhold Atkinson’s testimony was a “major problem.”

Donald J. Trump

@realDonaldTrump

House Republicans investigating origins of the Ukraine Whistleblower complaint. ICIG Michael Atkinson facing serious questions. “The Democrats know the ICIG is a major problem-didn’t release his testimony. Looks so much like everything else we’ve seen, from the Russia Hoax, to…

Donald J. Trump

@realDonaldTrump

….the Ukraine Hoax that became the Impeachment Scam. Must get the ICIG answers by Friday because this is the guy who lit the fuse. So if he wants to clear his name, prove that his office is indeed incompetent.” @DevinNunes @MariaBartiromo @FoxNews The ICIG never wanted proof!

Democrats had a fit at the news, with Senate Intelligence Committee Vice Chairman Mark Warner (D-VA) calling Atkinson’s firing “unconscionable” while accusing Trump (with a straight face?) of an ongoing effort to politicize intelligence.

“In the midst of a national emergency, it is unconscionable that the president is once again attempting to undermine the integrity of the intelligence community by firing yet another intelligence official simply for doing his job,” wrote Warner in a statement.

Warner’s House counterpart, Intelligence Committee Chairman Adam Schiff (D-CA) called Atkinson’s firing “retribution” in the “dead of night” – adding that it’s “yet another blatant attempt by the president to gut the independence of the intelligence community and retaliate against those who dare to expose presidential wrongdoing.”

Senate Minority Leader Chuck ‘six ways from Sunday’ Schumer (D-NY) said Atkinson’s firing was evidence that Trump “fires people for telling the truth,” according to Politico.

Whistleblower lawyer and Disneyland aficionado Mark Zaid – who once bragged about getting security clearances for pedophiles, called the firing “delayed retaliatory action” for Atkinson’s “proper handling of a whistleblower complaint.”

“This action is disgraceful and undermines the integrity of the whistleblower system,” said Zaid. “It is time GOP members of the Senate stand up for the rule of law and speak out against this president.”

The whistleblower complaint effectively kicked off the House’s impeachment inquiry, which began in late September amid allegations that Trump had solicited foreign interference in the 2020 election when he asked Ukraine’s president to investigate his political opponents, including Joe Biden.

Atkinson opposed the decision by then-acting director of national intelligence Joseph Maguire to withhold the whistleblower complaint from the House and Senate intelligence committees — in particular, Maguire’s decision to seek guidance on the issue from the Justice Department, rather than turn it over to Congress as required by law. –Politico

To learn more about Atkinson, read hereand here.

END

 

v) King report/Courtesy of Chris Powell of GATA which includes the major swamp stories.

New York’s daily death toll falls to 594 prompting Gov. Andrew Cuomo to suggest the state is already at its apex as hospitalizations and ICU admissions also decrease

https://www.dailymail.co.uk/news/article-8189353/NYs-daily-death-toll-falls-594-prompting-Cuomo-suggest-state-apex.html

@AlexBerenson: The @IHME_UW model vs reality for New York State, April 5. The model is less accurate than ever. 69K beds projected, 16.5K actually needed; 12,346 ICU beds projected, 4376 needed. Even better (tho not for the model), overall bed count rose less than 600 statewide – less than 4%… Reminder: this model and its friend from imperial college are two of the main reasons that schools are closed, the economy is in free fall, and people who go outside to paddleboard are being arrested

CDC Tells Hospitals to List COVID as Cause of Death Even if You’re Just Assuming or It Only Contributed –“COVID-19 should be reported on the death certificate for all decedents where the disease caused or is assumed to have caused or contributed to death…  If the decedent had other chronic conditions such as COPD or asthma that may have also contributed, these conditions can be reported in Part II.”  https://www.westernjournal.com/cdc-tells-hospitals-list-covid-cause-death-even-just-assuming-contributed/

Why is Queens the Hotspot of Hotspots in the Nation’s Coronavirus Crisis?

Nearly half of all U.S. fatalities have occurred in New York state [37% of US cases]

    City residents returning from Wuhan…were worried they had been infected with the contagious disease before coming back to the states… As late as March 11, DeBlasio was encouraging people to go out to eat and downplayed the risk to the general public…

    In most neighborhoods in Queens, at least 50 percent of COVID-19 tests came back positive…  One area particularly hard hit is Elmhurst, Queens and surrounding neighborhoods… It is home to one of New York City’s three Chinatowns; nearly half of its residents are Asian

    John Liu, the state senator who represents the area, explained that his district is densely populated “with multiple generations living under one roof, or a group of single workers living together.”…

    Oddly, the news media is incurious as to why Queens—and Elmhurst… is overrun with coronavirus activity…City officials refuse to indicate whether a victim is an American citizen or someone who traveled here from an infected region such as China…

    People in flyover country, a target of scorn for Big Apple elites, nonetheless, are paying the price Cuomo and De Blasio need to give specific answers about how coronavirus took hold and why it continues to spread…  https://amgreatness.com/2020/04/03/why-is-queens-the-hotspot-of-hotspots-in-the-nations-coronavirus-crisis/

 

Experts and Trump advisers doubt White House’s 240,000 coronavirus deaths estimate

Fauci… told others there are too many variables at play in the pandemic to make the models reliable: “I’ve looked at all the models… They don’t tell you anything. You can’t really rely upon models.”… Birx said the projection was based on five or six modelers…But two models appeared to have been particularly influential: the one by Imperial College and one from the Institute for Health Metrics and Evaluation at University of Washington (IHME)… [Reporters are starting to question the model vs data.]

https://www.washingtonpost.com/health/2020/04/02/experts-trumps-advisers-doubt-white-houses-240000-coronavirus-deaths-estimate/

People leaked to the WaPo because some believe the projections are bogus and the economy is being killed.  Others leaked to cover their butts and salvage their reputations by getting the MSM behind them.

This is the week that Covid-19 cases and deaths should soar as it escalates into the projected peak on April 15.  If the data doesn’t change drastically in coming days, Drs. Fauci & Birx have a lot of explaining to do before Trump replaces them.

Fauci’s call for a national stay-at-home order and the horrible March Employment Report felled stocks on Friday.  ESMs hit their nighttime bottom 30 minutes before China closed (2:00 ET).  A modest rally into the European open ended minutes after the open.  ESMs stair stepped lower until 5:36 ET.  Then, a strong rally developed that sent ESMs 50 handles higher by the opening of the US bond market (8:00 ET).  ESMs then tumbled 40 handles in 28 minutes or two minutes before the US March Employment Report was due.  Obviously, someone had non-public information and acted on it.

The March Employment Report shows -701k NFP, 4.4% Unemployment; the Household Survey shows a loss of 2.987m jobs and a 1.353m increase in unemployed. https://www.bls.gov/news.release/empsit.a.htm

A reason that the March Employment Report was far worse than expected is that the BLS changed its methodology.  It moved the sampling for the Household Survey from the usual second week of the month (week that contains the 12th) to the third and fourth weeks of March.  This is when shutdowns commenced.  The BLS also changed seasonal adjustments.

https://www.bls.gov/cps/employment-situation-covid19-faq-march-2020.pdf

@johncardillo: “This is not a major threat for the people in United States, and this is not something the citizens of the United States right now should be worried about” – Dr. Fauci to @gregkellyusa, Jan 21, 2020    https://twitter.com/johncardillo/status/1246098728085336066

@IngrahamAngle: The “experts” are routinely wrong on issues big and small—on wearing masks, on reusable grocery bags…virus modeling and treatments. For years they defended outsourcing to China. So when experts issue edicts, remember their often spectacular record of failure.

@AlexBerenson: Speaking of leading indicators, here is real-time NYC data in emergency dept visits for people with flu-like symptoms. The peak was 3/25, 1691 cases, a multi-year high – visits are down 55% since then and back to a normal rangehttps://a816-health.nyc.gov/hdi/epiquery/v

Chart of NYC Flu Visits: https://twitter.com/AlexBerenson/status/1246159998125854721/photo/1

    And here’s the category of “respiratory” visits. The peak was the same day… https://twitter.com/AlexBerenson/status/1246160849275944967/photo/1

NY Gov. Andrew Cuomo ordered the National Guard to seize ventilators from upstate hospitals, further exacerbating anger from up-state citizens over policies that harm them.

‘Unacceptable’: Poloncarz, local lawmakers push back on Cuomo ventilator mandate

Upstate hospital executives and elected officials said it would be unacceptable to dispatch National Guard troops to pick up ventilators, masks and gowns from hospitals in areas not yet hard-hit by the spread of Covid-19 and deliver them to New York City…Even key Democratic lawmakers objected to the Cuomo announcement…  https://buffalonews.com/2020/04/03/cuomo-to-hospitals-turn-over-your-excess-ventilators-personal-care-equipment/

Health clinic exec says offer to help NYC with beds, equipment is being ignored

https://nypost.com/2020/04/04/coronavirus-health-clinic-exec-says-offer-to-help-nyc-is-being-ignored/

Half of coronavirus patients in Iceland are symptom-free: study

https://nypost.com/2020/04/01/half-of-coronavirus-patients-in-iceland-are-symptom-free-study/

Europe’s PMIs Show Tight Controls Mean Deeper Recessions

https://www.bloomberg.com/news/articles/2020-04-03/europe-s-pmis-show-tight-controls-mean-deeper-recessions-chart

European leaders warn coronavirus could lead to the breakup of their union

The response among European Union member states showed that national interests trump more-altruistic European ideals. Border restrictions were reimposed haphazardly, and Germany and France threw up export bans on medical equipment such as masks and ventilators, even as Italy clamored for assistance…

    The past week has seen a reemergence of a north-south rift over how to handle the economic response. The union is also being pulled east and west, as Hungarian Prime Minister Viktor Orban has used emergency powers to effectively suspend democracy…

https://www.washingtonpost.com/world/europe/coronavirus-europe-unity/2020/04/02/4c9ed8c0-743e-11ea-ad9b-254ec99993bc_story.html

The number of people being admitted to hospital with coronavirus FALLS in London…

https://www.dailymail.co.uk/news/article-8185595/Green-shoots-number-people-admitted-hospital-coronavirus-FALLS-London.html

New York City is lying about Chinese virus death rates

In New York City, the death of anyone who dies who tests positive for COVID-19 is counted as a coronavirus death.  This is the case even if the coronavirus failed to play a significant role in the person’s passing or illness…Brit Hume of Fox News read about New York City’s unscientific methods in a Twitter thread initiated by a thoughtful user named Adam Townsend (@adamscrabble).  Hume tweeted April 1:  “Very informative thread.  Explains why NY’s Covid 19 fatality numbers are inflated.  They don’t distinguish between those who die with the disease and those who die from it.”

https://www.americanthinker.com/blog/2020/04/new_york_city_is_lying_about_chinese_virus_death_rates.html

@RealCandaceO: Georgia Department of Public Health officials have walked back their earlier report that an 11 year old had died from coronavirus. He would have been the youngest victim in the state.

    I can now confirm that the infant in CT was accidentally suffocated by its caretaker, who then called the police. @GovNedLamont KNEW this, & then lied to the world by linking it to the coronavirus because he wants more Federal money. He should RESIGN.

@brandconsultant: Sweden will release figures showing how many people died FROM coronavirus opposed to died WITH coronavirus… This change in reporting will cut the number of people dying from COVID19 by up to 80%, slashing death rate to below 1%, even lower than seasonal flu.

Illinois’ near-insolvent unemployment trust fund can’t handle surge in unemployment claims, will need to tap federal loans – Wirepoints – The record 178,000 Illinoisans who applied for jobless benefits last week are learning that the state’s unemployment trust fund is one of the nation’s least prepared. With just $2 billion set aside at the beginning of 2020, Illinois’ fund was the 4th-least solvent in the nation…

https://wirepoints.org/illinois-near-insolvent-unemployment-trust-fund-cant-handle-surge-in-unemployment-claims-will-need-to-tap-federal-loans-wirepoints/

Surplus forces dairy farmers to dump hundreds of thousands of gallons of milk

Officials have asked Wisconsin dairy farmers to dump all their milk and be reimbursed for the next week because of the milk surplus, due to COVID-19 [You can’t make this up!]

https://www.wisn.com/article/milk-surplus-leads-to-hundreds-of-thousands-of-gallons-of-milk-dumped/32012671

 

Freedom Caucus Chairman Andy Biggs: Get America back to work – At some point, though, we cross from a mitigation period of separation to inducing health and societal problems from poverty and economic duress.  We are crippling our economy and witnessing the destruction of the life savings of entrepreneurs and investors who have created small and medium-sized businesses…There are ways to deal with the spread of this virus without further economic devastation and unconstitutional government mandates https://www.washingtonexaminer.com/opinion/op-eds/freedom-caucus-chair-andy-biggs-get-america-back-to-work

 

The Fed announced on Friday that it would pare its QE again: to $50B of Treasuries from $60B, which was down from $75B.  MBS QE would decrease by $5B to $25B.

 

Early Friday night at his daily Covid-19 briefing, Trump said the US is suffering; but we are healing and soon the economy will rebound.  Then DJT uttered a revealing statement: “They told me to shut it down.”  A reporter asked DJT if he agrees with Fauci that a national stay-at-home order should be imposed.  DJT: “I leave it up to the governors.  The governors know what they’re doing.” https://cbsnews.com/live-updates/c

A reporter asked Dr. Birx if data has started to track with her models.  She didn’t answer the question.  She went into a dissertation about models & other countries.  Her evasion is very telling.  DJT: “The professionals did the models; I was never involved in a model … at least this kind of model.”

 

@bennyjohnson: Dr. Deborah Birx: “I will remind you that on February 3rd the head of the @WHO

said there was no reason to ever do a Travel Ban. You know, it wasn’t until January 14th that we knew there was Human-to-Human Transmission.” [Response to ‘why were precautions taken earlier’?]

Trump responding to a reporter about mail voting: “The general election will happen on November 3rd…I think a lot of people cheat with mail in voting…you should vote at the booth and have voter ID”

 

George Soros Groups Pushing Democrat Scheme for Mail-In Voting

https://www.breitbart.com/politics/2020/04/03/george-soros-groups-pushing-democrat-scheme-mail-voting/

@realDonaldTrump on Saturday: I will immediately ask Congress for more money to support small businesses under the PPPloan if the allocated money runs out. So far, way ahead of schedule. @BankofAmerica & community banks are rocking.

    “This will be probably the toughest week, between this week and next week. There’ll be a lot of death, unfortunately, but a lot less death than if this wasn’t done but there will be death… Let me be extremely clear about one point. We will move Heaven and Earth to safeguard our great American citizens… We want to finish this War. We have to get back to work. We have to open our country again…The cure cannot be worse than the problem itself.

@QuickTake: Dr. Anthony Fauci of the Coronavirus Task Force said, “Deaths that are going to continue to go up… we want to focus on the effect of mitigation… really, the number of new cases.”

@susancrabtree: Trump on whether he shld crack down on govs who are not instituting lock downs. “We have a thing called the Constitution, which I cherish. I know all those govs…they’re doing a great job, they’ve been very successful. Says depends on what is happening in individual states

The 10th Amendment: The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.

On Saturday, DJT said the creation of a second White House coronavirus task force to examine how best to reopen the country’s economy is a “good idea”.  Trump and even some in the MSM realize that Fauci and Birx’s gloom & doom models are wrong to date; but the economic carnage is real & unnecessary.

Like on Friday, reporters on Saturday quizzed Fauci & Birx on the efficacy of the model that they are using.  Even MSM reports are realizing how bad the model projections have been.

julie_kelly2: After Birx & Fauci give nonsensical defenses of the Murray model, they keep demanding more and more stringent steps.  Did Birx just say not to go to the grocery store?

@mlakan: Dr. Birx: “This is the moment to do everything that you can on the presidential guidelines. This is the moment to not be going to the grocery store, not going to the pharmacy but doing everything you can to keep your family and your friends safe. [Birx’s discomfort is palpable; her cred is sinking.]

Solomon: Tracking site suggests White House model is overestimating coronavirus hospitalizations

The forecast predicted, for example, that the United States would need around 164,750 hospital beds for COVID-19 patients on Saturday. Yet the COVID Tracking Project, a team of journalists and data analysts who collect and tabulate coronavirus data from state tallies around the country, reported only around 22,158 currently hospitalized coronavirus patients nationwide on Saturday

    But at a White House press conference on Saturday, Birx said that coronavirus modelers are “re-evaluating all of their models in light of the level of the impact of the mitigation.” “Just to be clear, we won’t know how valid the models are until we move all the way through the epidemic,” she said….

https://justthenews.com/politics-policy/coronavirus/white-houses-coronavirus-model-has-overestimated-tens-thousands#.XonqG482cZs.twitter

@NikolovScience: Comparing COVID19 Projections (https://covid19.healthdata.org/projections) with reported data by Covid Tracking (https://covidtracking.com/data/) for Apr 5: Overestimation of hospitalizations: 8 times; Overestimation of ICU beds needed: 6.4 times; Overestimation of ventilators needed: 40.5 times

@wesbury: The percent increase in daily new cases is continuing to slow: 3/28 – 18.9% increase in cases over 3/273/29 – 17.6%3/30 – 15.4%3/31 – 15.1%4/1 – 14.1%4/2 – 13.4%4/3 – 13.8% slight acceleration4/4 – 12.4% slowest daily growth so far in pandemic

@julie_kelly2 on Friday night: This is a major indicator of COVID-19 activity. The CDC collects weekly data on reports of flu-like illness, which tracks cases of flu-like symptoms that mirror COVID-19. After a jump the week ending March 21, last week saw a big drop. This is a good sign: [Chart at link]

https://twitter.com/julie_kelly2/status/1246419318881075202

 

2019-2020 U.S. Flu Season: Preliminary – CDC estimates that, from October 1, 2019, through March 28, 2020, there have been: 39,000,000 – 55,000,000 flu illnesses; 400,000 – 730,000 flu hospitalizations; 24,000 – 63,000 flu deaths   https://www.cdc.gov/flu/about/burden/preliminary-in-season-estimates.htm

@nedryun: The Asian Flu in 1957 killed 116,000 Americans. [Population 50% lower] Hong Kong Flu in 1968 killed 100,000 Americans. Just for perspective.

44 UT Austin ‘Spring Breakers’ test positive for COVID-19, APH says… returning from a Spring Break trip to Mexico…  https://www.kxan.com/news/coronavirus/large-group-of-spring-breakers-return-to-austin-with-covid-19-aph-says/

@Barnes_Law: Iceland, like Sweden, refused to shut down, and instead employed the historic techniques for containing viruses — quarantine the sick, close mass gatherings, targeted testing and encourage social distancing. Their data suggests infection rate of 1% of population & .01% mortality.

France Reports Significant Drop in Daily Virus Deaths Sunday – Bloomberg

Italy Reports Lowest Daily Coronavirus Deaths since March 19 – Bloomberg

@nytimes: As hospitals across the U.S. brace for a surge of coronavirus patients, doctors, nurses and other health care workers — even in emerging hot spots — are being furloughed, reassigned or told they must take pay cuts https://nyti.ms/2R94nKI

@WSJ: The NYPD has seen a 75% increase in reports of burglaries of commercial establishments since New York City Mayor Bill de Blasio declared a state of emergency   https://on.wsj.com/2x3qZoP

Indiana sees ‘alarming’ spike in mental health, addiction issues amid coronavirus – Indianapolis Star

Indiana’s 211 hotline went from receiving roughly 1,000 calls a day regarding mental health — including suicidal — to 25,000 calls a day… calls to addiction hotlines went from an average of 20 a week to 20 a day…  https://www.indystar.com/story/news/health/2020/04/03/coronavirus-indiana-how-get-help-mental-health-addiction/5104357002/

@BloombergAsia: House Majority Whip Jim Clyburn said it’s unlikely a congressional panel overseeing coronavirus relief will investigate the Trump administration’s initial response [Because it would incriminate Dems for their impeachment fixation and opposition to the travel ban.]

DJT’s unscheduled Covid-19 brief last night, Birx highlighted the drop in Italy & Spain’s cases, saying it provides optimism for the US.

@SharylAttkisson: Web MD, Kathleen Doheny: The fatality rate from COVID-19 is not as high as experts have reported, according to a new analysis published Monday in The Lancet Infectious Diseases.

@Raging_Red: Reporter: “Joe Biden just attacked you in a tweet… Did you see it?”  Trump: “He didn’t write it. He wished he did. A democrat operative wrote it. He’s not even watching right now and even if he is, he doesn’t understand what he’s watching.”

Biden repeatedly slammed Trump for the China Travel Ban instituted on 1/31.   On Sunday, Biden inexplicably slammed DJT for moving too slow to impose the ban.  “Forty five nations had already moved to keep…block China’s personnel from being able to come to the Unites States before the president moved.  It’s about pace.” [You can’t make this up?] https://twitter.com/AndrewHClark/status/1246808106937573376

@FrancisBrennan: Biden just called [Sunday on ABC’s “This Week”] on Trump to enact the Defense Protection Act and appoint a supply commander to combat the coronavirus. President Trump invoked the DPA on March 18 and appointed a supply commander last month. [Stephanopoulos didn’t correct Joe.]

@MattWolking: Today [Saturday], Joe Biden demonstrated again that he has no clue what is going on.  He called for President Trump to “appoint a supply commander to coordinate critical materials.”  Trump already did this – last month!  The Supply Chain Stabilization Task Force at FEMA is headed up by Rear Admiral John Polowczyk of the Joint Chiefs of Staff. [Last week Schumer slammed DJT for NOT appointing a military officer to head the Supply Chain Task Force!  You can’t make this up!]

RNCResearch: Joe Biden starts to lie about budgets under President Trump, appears to forget his point halfway through [This is not funny anymore!] https://twitter.com/RNCResearch/status/1246798622919921666

@JoeConchaTV: If I’m following Joe Biden correctly during this ABC interview, he still wants the Wisconsin primary to proceed this week during a stay-at-home order amid a pandemic, but says out of caution that the DNC Convention should not be held in Wisconsin 3-4 months from now.

Media mystified as America rallies behind President Trump during coronavirus crisis

“Who Are the Voters Behind Trump’s Higher Approval Rating?” a New York Times headline asked last week. That is: Who could possibly think he’s doing a good job — when no one at the Times does?…

   MSNBC’s Andrea Mitchell was utterly flabbergasted by polls showing his approval ratings among Democrats and independents “skyrocketing” to 60 percent for his handling of the crisis…

   Then again, Joe Biden isn’t inspiring anyone these days. Though he’s surely getting plenty of rest, his comments from his basement refuge have been as addled as ever…

https://nypost.com/2020/04/04/media-mystified-as-us-rallies-behind-trump-amid-coronavirus-crisis/

FISA court orders FBI to determine if misleading warrants need to be invalidated

Foreign Intelligence Surveillance Court Chief Judge James Boasberg gave the bureau until June 15 to complete the review…The court signaled on Friday additional action may be taken given the widespread problems now revealed about the FBI’s handling of FISA warrants dating back five years

https://justthenews.com/government/courts-law/fisa-court-orders-fbi-determine-if-misleading-warrants-need-be-invalidated#.XofgtjsUJFE.twitter

@VicToensing: Trump fires Michael Atkinson, DNI IG who changed whistleblower rules to allow hearsay allegations, resulting in impeachment. Before being IG, MA at DOJ in charge of FISA corrupt targeting 29 US persons without evidence. WP story omits last fact

Rep @Jim_Jordan: Of course Adam Schiff is complaining about ICIG Atkinson being fired. He was Schiff’s key impeachment enabler. Let the Whistleblower lie about meeting with Schiff’s staff

Didn’t disclose the fact that the WB worked for Biden. Schiff still won’t release Atkinson’s transcript!

Well that is all for today

I will see you MONDAY night.

 

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