MARCH 3/RAIDS CONTINUE UNABATED: GOLD DOWN $17.70 RO $1717.40//SILVER DOWN 58 CENTS TO $26.30//GOLD TONNAGE STANDING AT THE COMEX INCREASES UP TO 15.8 TONNES/SILVER STANDING: 52 MILLION OZ//CORONAVIRUS UPDATES//VACCINE UPDATES//CHINA VS USA//USA AND EU HIT RUSSIA WITH SANCTIONS ON THE POISONING OF RUSSIAN OPPOSITION LEADER//10 ROCKETS AGAIN SLAM INTO THE USA BASE IN IRAQ//USA SERVICE PMI DOWN BADLY: SERVICE SECTOR IS 70% OF GDP//5 YEAR/BREAKEVENS SKYROCKET 2.5% INDICATING RAMPANT INFLATION COMING//GUGGENHEIM INVESTORS NOW TARGET NEGATIVE INTEREST RATES//CRISIS AT THE BORDER: USA NEEDS 20,000 FOR MIGRANT CHILDREN COMING IN FROM MEXICO//ECONOMIC DATA//SWAMP STORIES FOR YOU TONIGHT//

 GOLD:$1717.40 DOWN  $17.70   The quote is London spot price

Silver:$26,30. DOWN  $0.58   London spot price ( cash market)

PLATINIUM  $1178.30 DOWN $45.60 PER OZ

PALLADIUM:  2356.00 DOWN 23.00 PER OZ   

your data…

Closing access prices:  London spot//GOLD AND SILVER

i)Gold : $1711.50  LONDON SPOT  4:30 pm

ii)SILVER:  $26.07//LONDON SPOT  4:30 pm

Editorial of The New York Sun | February 1, 2021

end

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COMEX DATA

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

receiving today 0/939

EXCHANGE: COMEX
CONTRACT: MARCH 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,733.100000000 USD
INTENT DATE: 03/02/2021 DELIVERY DATE: 03/04/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 16
323 C HSBC 256
332 H STANDARD CHARTE 881
435 H SCOTIA CAPITAL 86
624 H BOFA SECURITIES 27
657 C MORGAN STANLEY 11
661 C JP MORGAN 415
686 C STONEX FINANCIA 3
690 C ABN AMRO 110
737 C ADVANTAGE 30 15
800 C MAREX SPEC 28
____________________________________________________________________________________________

TOTAL: 939 939
MONTH TO DATE: 4,947

issued:  415

Goldman Sachs:  stopped:  16

NUMBER OF NOTICES FILED TODAY FOR  MAR. CONTRACT: 939 NOTICE(S) FOR 93,900 OZ  (2.920 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  4947 NOTICES FOR 494700  OZ  (15,374 tonnes) 

SILVER//MAR CONTRACT

69 NOTICE(S) FILED TODAY FOR 345,000  OZ/

total number of notices filed so far this month: 7661 for 38,305,000  oz

BITCOIN MORNING QUOTE  $52,049,  UP 4725 dollars

BITCOIN AFTERNOON QUOTE.:$50,554  UP 3230 DOLLARS .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

:

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $17.70  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

WE HAVE BEEN WITNESSING HUGE WITHDRAWALS WHETHER GOLD IS UP OR DOWN.

IT SEEMS TO BE THAT IN GOLD, THE BANK OF ENGLAND WANTS ITS GOLD LEASE BACK EVEN THOUGH THE GOLD IS IN THE B OF E VAULTS.  THE RISK OF DEFAULT BY THE GLD IS TOO GREAT FOR THEM SO THEY NO DOUBT THEY ARE CANCELLING THEIR LEASES WITH GLD

(THE SAME CAN BE SAID FOR SILVER AS JPMORGAN CALLS IN ITS LEASES TO SLV)

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//:FINALLY A DEPOSIT OF: 2.62 PAPER TONNES FROM THE GLD.

GLD: 1,087.12 TONNES OF GOLD//

WITH SILVER DOWN 58 CENTS TODAY: AND WITH NO SILVER AROUND

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.774

SLV: 605.531  MILLION OZ./

xxxxx

GLD closing price//NYSE 160.62 DOWN $1.79 OR  1.10%

XXXXXXXXXXXXX

SLV closing price NYSE 24.28  DOWN $0.52 OR 2.10%

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A TINY SIZED 264 CONTRACTS FROM 158,613 DOWN TO 158,349, AND  FURTHER FROM NEW RECORD OF 244,710, (FEB 25/2020. THE FALL IN OI OCCURRED DESPITE OUR  $0.19 GAIN IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS  DUE TO HUGE BANKER AND ALGO  SHORT COVERING//HUGE REDDIT RAPTOR BUYING//.. COUPLED AGAINST A STRONG SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION ,BUT A STRONG DECREASE STANDING AT THE COMEX FOR MAR. WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 929 CONTRACTS  (SEE CALCULATIONS BELOW). 

WE WERE  NOTIFIED  THAT WE HAD A STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  1031,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  0 MAY:1031 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 1031 CONTRACTS. THE BANKERS ARE NOW BEING BITTEN BY THOSE SERIAL FORWARDS (EFP’S CIRCULATING IN LONDON)AS THEY ARE NOW BEING EXERCISED AND COMING BACK TO NEW YORK FOR REDEMPTION OF METAL.  THE COST TO SERVICE THESE SERIAL FORWARDS IS HIGH TO OUR BANKERS  BUT THEY HAVE NO CHOICE BUT TO ISSUE A FEW OF THEM!

HISTORY OF SILVER OZ STANDING AT THE COMEX FOR THE PAST 26 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

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

6.475 MILLION OZ FINAL STANDING IN AUGUST

55.400 MILLION OZ FINAL STANDING IN SEPT

8.900 MILLION OZ INITIALLY STANDING IN OCT.

3.950 MILLION OZ FINAL STANDING IN NOV.

46.685 MILLION OZ FINAL STANDING FOR DEC.

6.890 MILLION FINAL STANDING FOR JAN 2021

12.020  MILLION OZ FINAL STANDING FOR FEB 2021

52.880 MILLION OZ INITIAL STANDING FOR MARCH 2021

MONDAY,AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE …AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.19) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  SOMEWHAT UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS WE HAD A STRONG GAIN IN OUR TWO EXCHANGES (767 CONTRACTS). NO DOUBT THE TOTAL GAIN IN OI IN OUR TWO EXCHANGES WERE DUE TO i) HUGE BANKER/ALGO SHORT COVERING// STRONG REDDIT RAPTOR BUYING//.  WE ALSO HAD  ii)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A STRONG DECREASE IN  STANDING FOR SILVER  FOR MAR, iii) TINY COMEX OI LOSS AND iv) ZERO LONG LIQUIDATION//.YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

WE ARE BEGINNING TO WITNESS A LACK OF EXCHANGE FOR GOLD PHYSICALS UNDERWRITTEN DUE TO PREMIUMS STARTING TO REAPPEAR IN THE FUTURE PRICE OF GOLD VS LONDON SPOT. THE COST TO THE BANKERS IS JUST TOO GREAT TO ENGAGE IN THESE VEHICLES ONCE THIS OCCURS.

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

MAR

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

4799 CONTRACTS (FOR 3 TRADING DAY(S) TOTAL 4799 CONTRACTS) OR 23.99 MILLION OZ: (AVERAGE PER DAY: 1599 CONTRACTS OR 7.998 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR: 23.99 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON.

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR: 23.99. MILLION PAPER OZ HAVE MORPHED OVER TO LONDON.

JAN EFP ACCUMULATION FINAL:  113.735 MILLION OZ

FEB EFP ACCUMULATION FINAL:   208.18 MILLION OZ (RAPIDLY INCREASING AGAIN)

MAR EFP ACCUMULATION SO FAR: A STRONG: 23.99 MILLION OZ (SLOWING DOWN AGAIN)

RESULT: WE HAD A TINY SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 102, DESPITE OUR  $0.19 GAIN IN SILVER PRICING AT THE COMEX ///TUESDAY .…THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1031 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A STRONG SIZED 929 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $0.19 GAIN IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 1031 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A TINY SIZED DECREASE OF 264 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.19 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.88 // TUESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

FOR THE NEW MAR.  DELIVERY MONTH/ THEY FILED AT THE COMEX: 69 NOTICE(S) FOR  345,000, 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 WAS SET WITH A PRICE OF: 18.91 (FEB 25/2020)

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 ROSE BY A TINY SIZED 111 CONTRACTS TO 467,008 AND CLOSER TO  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE SMALL SIZED INCREASE IN COMEX OI OCCURRED WITH OUR GAIN IN PRICE  OF $9.40///COMEX GOLD TRADING//TUESDAY.WE PROBABLY HAD STRONG BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO  LONG LIQUIDATION. WE ALSO HAD A HUGE ADVANCE IN GOLD STANDING  AT THE COMEX TO 15.776 TONNES FOR MARCH..

YET ALL OF..THIS HAPPENED WITH OUR  GAIN IN PRICE OF $9.40!!!.

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  0//

WE HAD A SMALL SIZED GAIN  OF 3153 CONTRACTS  9.807 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 3042 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  3042 AND JUNE:  0  ALL OTHER MONTHS ZERO//TOTAL: 3042.  The NEW COMEX OI for the gold complex rests at 467,008. 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 EXCHANGE 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 3153 CONTRACTS: 111 CONTRACTS INCREASED AT THE COMEX AND 3042 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 31534 CONTRACTS OR 9.807 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3042) ACCOMPANYING THE TINY SIZED GAIN IN COMEX OI  (111 OI): TOTAL GAIN IN THE TWO EXCHANGES:  3153 CONTRACTS. WE NO DOUBT HAD 1 ) HUGE BANKER SHORT COVERING AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.)HUGE ADVANCE STANDING AT THE GOLD COMEX FOR THE FRONT MAR. MONTH T0 15.776 TONNES3) ZERO LONG LIQUIDATION /// ;4) SMALL COMEX OI GAIN AND 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS WAS HAPPENED WITH OUR  GAIN IN GOLD PRICE TRADING/TUESDAY//$9.40!!.

WE ARE BEGINNING TO WITNESS A LACK OF EXCHANGE FOR GOLD PHYSICALS UNDERWRITTEN DUE TO PREMIUMS STARTING TO REAPPEAR IN THE FUTURE PRICE OF GOLD VS LONDON SPOT. THE COST TO THE BANKERS IS JUST TOO GREAT TO ENGAGE IN THESE VEHICLES ONCE THIS OCCURS.

We have now switched to GOLD for our spreaders!!

FOR DETAILS ON THE SPREADING EXERCISE HERE IS A BRIEF OUTLINE:

SPREADING OPERATIONS/NOW SWITCHING TO SILVER  (WE SWITCH OVER TO GOLD ON NOV  1)

SPREADING OPERATION FOR OUR NEWCOMERS:

FOR NEWCOMERS, HERE ARE THE DETAILS:

SPREADING LIQUIDATION HAS NOW COMMENCED IN GOLD  AS WE HEAD TOWARDS THE  NEW ACTIVE FRONT MONTH OF APRIL.

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 GOLD.  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 GOLD AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD 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 MAR. HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF APRIL FOR SILVER:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF MAR. 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 (APRIL), 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.”

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

MAR

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAR : 11988, CONTRACTS OR 1,198,800 oz OR 37.28 TONNES (3 TRADING DAY(S) AND THUS AVERAGING: 3996 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 3 TRADING DAY(S) IN  TONNES: 37.28 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2020, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 37.28/3550 x 100% TONNES =1.05% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE:
JANUARY: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN)..THUS EFP’S IN SILVER INCREASING AND GOLD EFP’S DECREASING
MARCH:.37.28 TONNES (STRONG AGAIN)

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 at the comex, in SILVER, FELL BY A TINY SIZED 264 CONTRACTS FROM 158,511 DOWN TO 158,349 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.

THE TINY SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) HUGE BANKER SHORT COVERING//ALGO SHORT COVERING//REDDIT RAPTOR BUYING , 2) A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A STRONG DECREASE IN  STANDING FOR SILVER  AT THE COMEX FOR MARCH., AND 4)ZERO LONG LIQUIDATION.

EFP ISSUANCE 3042 CONTRACTS

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

 MARCH:  0 ; MAY: 3042 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 3042 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 264 CONTRACTS TO THE 3042 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED GAIN OF 767 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 3.835 MILLION  OZ, OCCURRED WITH OUR $0.19 GAIN IN PRICE///

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL..THE EVIDENCE IS CLEAR: HUGE AMOUNTS OF PHYSICAL STANDING FOR BOTH  SILVER AND GOLD .

(report Harvey)

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED UP 68.31 PTS OR 1.95%   //Hang Sang CLOSED UP 784.56 PTS OR 2.70%    /The Nikkei closed UP 150.93 POINTS OR 0.51%//Australia’s all ordinaires CLOSED UP 0.83%

/Chinese yuan (ONSHORE) closed UP AT 6.4646 /Oil UP TO 60.63 dollars per barrel for WTI and 63.55 for Brent. Stocks in Europe OPENED ALL GREEN EXCEPT SPAIN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4646. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4698 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /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%

COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE  BY A TINY SIZED 111 CONTRACTS TO 467,008 MOVING CLOSER TO THE 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 TINY  COMEX INCREASE OCCURRED WITH  OUR GAIN OF $9.40 IN GOLD PRICING /TUESDAY’S COMEX TRADING/)… WE ALSO HAD A SMALL EFP ISSUANCE (3042 CONTRACTS).   WE  ALSO PROBABLY HAD AGAIN  1)  HUGE BANKER SHORT COVERING//ALGO SHORT COVERING,  2) ZEROLONG LIQUIDATION AND 3)ANOTHER  HUGE  ADVANCE IN STANDING AT THE GOLD  COMEX//MAR. DELIVERY MONTH(15.776. TONNES) (SEE BELOW) …  AS WE ENGINEERED A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 3153 CONTRACTS. WE HAVE LATELY WITNESSED THE EXCHANGE FOR PHYSICALS ISSUED BEING SMALL….. AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS.

(SEE BELOW)

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT   0

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE NON  ACTIVE DELIVERY MONTH OF JAN..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 3042 EFP CONTRACTS WERE ISSUED:  ; FEB// ’21  0 AND APRIL:  3042, JUNE:  0 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3042  CONTRACTS.

YOU WILL FIND THAT WHEN WE HAVE A GOOD PREMIUM IN THE FUTURES/SPOT, THEN THE NUMBER OF EXCHANGE FOR PHYSICALS DECLINE IN NUMBERS.  THE COST IS JUST TOO MUCH FOR THEM TO ISSUE. TODAY THAT PREMIUM WAS SMALL AND THUS A LITTLE MORE THAN USUAL OF EXCHANGE FOR PHYSICALS WERE ISSUED.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED 3153 TOTAL CONTRACTS IN THAT 3042 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A TINY SIZED  COMEX OI  OF 111 CONTRACTS.WE HAVE A STRONG AMOUNT OF GOLD STANDING FOR MARCH  (15.776 TONNES) WHICH FOLLOWED FEB (113.424 TONNES)  WHICH FOLLOWED OUR STRONG LEVEL OF JAN 2021 GOLD . ((6.500 TONNES).  

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $9.40)., AND WERE UNSUCCESSFUL IN FLEECING ANY LONGS  AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED A FAIR 14.04 TONNES, ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR MAR (15.776 TONNES)..I  STRONGLY BELIEVE THAT OUR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE SMALL GAIN IN COMEX OI IS DUE TO BANKER SHORT COVERING IN A BIG WAY.  THEY ARE LOOKING OVER THEIR SHOULDERS AND WITNESSING MASSIVE SILVER SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”. 

NET GAIN ON THE TWO EXCHANGES :: 3153 CONTRACTS OR  315,300 OZ OR  9.804  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:  467,008 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 46.70 MILLION OZ/32,150 OZ PER TONNE =  1452 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1452/2200 OR 66.02% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 249,414 contracts// volume fair–good//

CONFIRMED COMEX VOL. FOR YESTERDAY:  255,837 contracts//  volume:  FAIR–good/ //most of our traders have left for London

MARCH 3 /2021

INITIAL STANDINGS FOR MAR COMEX GOLD
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
64,302.000
2000 KILOBARS
MALCA
Deposits to the Dealer Inventory in oz nil
OZ
Deposits to the Customer Inventory, in oz
nil oz
No of oz served (contracts) today
939  notice(s)
93,900 OZ
(2.920 TONNES
No of oz to be served (notices)
125 contracts
12500oz)
0.3888 TONNES
Total monthly oz gold served (contracts) so far this month
4947 notices
494,700 OZ
15.374 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 0 deposit into the dealer

total deposit:  nil   oz

total dealer withdrawals: nil oz

we had 0 deposits into the customer account

we had  1 withdrawals from  the customer account

i) Out of Malca: 64,302.000 oz (2000 kilobars)
total withdrawals:  64,302.000    oz

We had 1  kilobar transactions

ADJUSTMENTS  1: out of dealer Manfra

27,584.700 oz

into Manfra customer account:  40,493.480

The front month of MAR registered a total of 1064 CONTRACTS FOR A GAIN  OF 145 CONTRACTS. WE HAD 654 NOTICES FILED ON TUESDAY SO WE GAINED A MONSTROUS 799 CONTRACTS OR AN ADDITIONAL 79,900 OZ OR 2.485TONNES WILL STAND FOR DELIVERY ON THIS SIDE OF THE POND IN THIS VERY ACTIVE MARCH DELIVERY MONTH.  THIS IS ANOTHER QUEUE JUMP AS OUR BANKERS ARE SHORT OF GOLD AND WILL DO ANYTHING TO JUMP AHEAD OF UNSUSPECTING LONGS TO OBTAIN METAL.

APRIL LOST 4225 contracts to stand at 341,428

MAY GAINED ANOTHER 21 CONTRACTS TO STAND AT 70

JUNE GAINED 2617 CONTRACTS UP TO 79,137

We had 939 notice(s) filed today for 93,900 oz

FOR THE MAR 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  415 notices were issued from their client or customer account. The total of all issuance by all participants equates to 939  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 16 notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the MAR /2021. contract month, we take the total number of notices filed so far for the month (4947) x 100 oz , to which we add the difference between the open interest for the front month of  (MAR 1064 CONTRACTS ) minus the number of notices served upon today (939 x 100 oz per contract) equals 507,200 OZ OR 13.2908 TONNESthe number of ounces standing in this  active month of MAR

thus the INITIAL standings for gold for the MARCH contract month:

No of notices filed so far 4947 x 100 oz  + (  1064 OI for the front month minus the number of notices served upon today (939} x 100 oz which equals 507,200 oz standing OR 15.776 TONNES in this active delivery month of MARCH. This is a HUGE amount  standing for GOLD IN MARCH, A GENERALLY POOR NON ACTIVE DELIVERY MONTH.

WE GAINED A HUGE 779 CONTRACTS OR AN ADDITIONAL 77900 OZ WILL STAND ON THIS SIDE OF THE POND.

NEW PLEDGED GOLD:  scotia gone//PAID ITS PLEDGED GOLD OFF

347,117.123 oz NOW PLEDGED  SEPT 15.2020/HSBC  10.798 TONNES

182,862.893 PLEDGED  MANFRA  5.687 TONNES

290,795.495 oz  JPM  9.04 TONNES

1,048,677.37 oz pledged June 12/2020 Brinks/32.618 TONNES

94,500.934 oz Pledged August 21/regular account 2.93 tonnes JPMORGAN

6,308.08 oz International Delaware:  .196 tonnes

192.906 oz Malca

total pledged gold:  1,970,459.801 oz                                     59.33 tonnes

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 535.05 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 15.776 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  19,144,898.421 oz or 595.48 tonne
total weight of pledged:  1,970,459.801 oz or 59.33 tonnes
thus:
registered gold that can be used to settle upon: 17,274,439.0  (534,19 tonnes)
true registered gold  (total registered – pledged tonnes  17,274,439..0 (534195 tonnes)
total eligible gold: 19,996,536.700 , oz (621.97 tonnes)

total registered, pledged  and eligible (customer) gold  39,141,435.121 oz 1,217.46 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1091.12 tonnes

end

I have compiled  data with respect to registered (or dealer) gold taken on first day notice for each of the past 24 months

The data begins on first day notice for the May month taken on the last day of July 2018. and it continues to present day.

I then took, how many deliveries were recorded by the CME for each and every month.  I also included for reference the price of gold on first day notice.

The first graph is a logarithmic  graph and the second graph, linear.

You can see the huge explosion of registered gold at the comex along with deliveries.

THE DATA AND GRAPHS:
END

MARCH 3/2021

And now for the wild silver comex results

And now for the wild silver comex results

INITIAL STANDING FOR SILVER/MAR

MAR. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
616,201.124 oz
CNT
Delaware
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
NIL oz
No of oz served today (contracts)
69
CONTRACT(S)
(345,000 OZ)
No of oz to be served (notices)
2915 contracts
 14,575,000 oz)
Total monthly oz silver served (contracts)  7661 contracts 38,305,000 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
We had 0 deposit into the dealer:

total dealer deposits:  nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had 0 deposits into the customer account (ELIGIBLE ACCOUNT)

JPMorgan now has 195.174 million oz of  total silver inventory or 49.73% of all official comex silver. (195.174 million/392.445 million

total customer deposits today: nil    oz

we had 4 withdrawals:

i) out of CNT 594,119.520  oz
ii) Out of  Delaware:22,081.604 oz

total withdrawals 616,201.124   oz

We had 1 adjustments:

Out of Manfra dealer  189,569.933 oz

Int Manfra: customer account:  702,248.494 o

Total dealer(registered) silver: 131.644million oz

total registered and eligible silver:  389.757 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

MARCH saw a LOSS of 888 contracts to stand at 2984. We had 772 contracts served on TUESDAY, so we LOST 116 contracts or an additional 580,000 oz will not stand for delivery in this non active delivery month of March. These guys  morphed into London based forwards as there is no silver metal on this side of the pond. 

April gained another 170 contracts to stand at 2237

May LOST 52 contracts to stand at  127,928 contracts.

The total number of notices filed today for MARCH 2021. contract month is represented by 69 contract(s) FOR 345,000 oz

To calculate the number of silver ounces that will stand for delivery in FEB we take the total number of notices filed for the month so far at  7661 x 5,000 oz = 38,305,000 oz to which we add the difference between the open interest for the front month of MAR2984x) and the number of notices served upon today 69 x (5000 oz) equals the number of ounces standing.

Thus the MAR standings for silver for the MAR/2021 contract month: 7661 (notices served so far) x 5000 oz + OI for front month of MARCH(2984- number of notices served upon today (69) x 5000 oz of silver standing for the Jan contract month .equals 52,880,000 oz. ..VERY STRONG FOR AN ACTIVE  MAR MONTH.

We LOST 116 contracts or an additional 580,000 oz will NOT stand for delivery as the  morphed into London based forwards.

TODAY’S ESTIMATED SILVER VOLUME 80.603 CONTRACTS // volume//good//silver volumes falling

FOR YESTERDAY  87,612  ,CONFIRMED VOLUME//GOOD

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  RISES TO +0.24% ((MAR 3/2021)

2. Sprott gold fund (PHYS): premium to NAV RISES TO –0.63% to NAV:   (MAR 3/2021 )

Note: /Sprott physical gold trust is back into POSITIVE/0.24%(MAR 3/2021)

(courtesy Sprott/GATA

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

NAV 18.60 TRADING 17.95//NEGATIVE 3.47

END

And now the Gold inventory at the GLD/(this vehicle is a fraud as there is no gold behind them!)

MARCH 3/WITH GOLD DOWN $17.70 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A PAPER DEPOSIT OF 2.62 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 1087.12 TONNES

MARCH 2/WITH GOLD UP $9.40 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WHOPPING WITHDRAWAL OF 9.04 TONNES FROM THE GLD////INVENTORY RESTS AT 1084.50 TONNES

MARCH 1/WITH GOLD DOWN $5.65 DOLLARS; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 6.7 TONNES FROM THE GLD//.INVENTORY RESTS AT 1093.54 TONNES.

FEB 26/WITH GOLD DOWN $46.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 6.08 TONNES FROM THE GLD///INVENTORY RESTS AT 1100.24 TONNES//

FEB 25/ WITH GOLD DOWN $20.65 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.08 TONNES FROM THE GLD///INVENTORY REST AT 1106.36 TONNES

FEB 24/WITH GOLD DOWN $7.30 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY: A WITHDRAWAL OF 4.96 TONNES FROM THE GLD// RESTS AT 1110.44 TONNES

FEB 23/WITH GOLD DOWN $2.45 TODAY: A MONSTROUS CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 12.54 TONNES FROM THE GLD////INVENTORY RESTS AT 1115.40 TONNES

FEB 22/WITH GOLD UP $30.00 TODAY: STRANGE!! A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.25 TONNES FROM THE GLD//INVENTORY RESTS AT 1127.64 TONNES

FEB 19/WITH GOLD UP $2.00 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1132.89 TONNES

FEB 18//WITH GOLD UP $2.60 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.79 TONNES FROM THE GLD///INVENTORY RESTS AT 1132.89 TONNES

FEB 17/WITH GOLD DOWN $27.35 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 5.54 TONNES FROM THE GLD//INVENTORY RESTS AT 1136.68 TONNES

FEB 16/WITH GOLD DOWN $23.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORYRESTS AT 1142.20 TONNES

FEB 12/WITH GOLD DOWN $3.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//: A WITHDRAWAL OF 3.38 TONNES FROM THE GLD//INVENTORY RESTS AT 1142.20 TONNES

FEB 11/WITH GOLD DOWN $15.35 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/I: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD//INVENTORY RESTS AT 1146.60 TONNES

FEB 10/WITH GOLD UP $5.30 TODAY: ANOTHER HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.09 TONNES FROM THE GLD///INVENTORY RESTS AT 1148.34 TONNES

FEB 9/WITH GOLD UP $4.00 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//: A WITHDRAWAL OF 4.08 TONNES FROM THE GLD//INVENTORY RESTS AT 1152.43 TONNES.

FEB 8/WITH GOLD UP $20.80 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//: A WITHDRAWAL OF 3.33 TONNES FROM THE GLD//INVENTORY RESTS AT 1156.51 TONNES

FEB 5/WITH GOLD UP $20.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1159.84 TONNES

FEB 4/WITH GOLD DOWN $42.05 TODAY: STRANGE: HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.34 TONNES ADDED INTO THE GLD///INVENTORY RESTS AT 1159.84 TONNES

FEB 3/WITH GOLD DOWN 20 CENTS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1157.50 TONNES

FEB 2/WITH GOLD DOWN $27.60 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD// A WITHDRAWAL OF 2.63 TONNES FROM THE GLD//.INVENTORY RESTS AT 1157.50 TONNES

FEB 1/WITH GOLD UP $12.45 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.5 TONNES FROM THE GLD///INVENTORY RESTS AT 1160.13 TONNES

JAN 29/WITH GOLD UP $9.65 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL  OF 4.37 TONNES FROM THE GLD//INVENTORY RESTS AT 1164.80 TONNES

JAN 28/WITH GOLD DOWN $6.90 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.71 TONNES LEAVES THE GLD////INVENTORY RESTS AT 1169.17 TONNES

JANUARY 27/WITH GOLD DOWN $9.85 TODAY; A SMALL CHANGE IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF .87 TONNES FROM THE GLD///INVENTORY RESTS 1172.38 TONNES

JAN 26/WITH GOLD DOWN $4.15 TODAY:NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1173.25 TONNES

JAN 25.WITH GOLD DOWN 20 CENTS TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1173.25 TONNES

JAN 22/WITH GOLD DOWN (9.50 TODAY:A SMALL CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF .88 TONNES FROM THE GLD//NVENTORY RESTS AT 1173.25 TONNES

JAN 21/WITH GOLD DOWN $0.40 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: ////INVENTORY RESTS AT 1174.13 TONNES

JAN 20/WITH GOLD UP $25.20 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.5 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 1174.13 TONNES

JAN 19/WITH GOLD UP $10.90 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A MASSIVE DEPOSIT OF 16.63 TONNES INTO GLD////INVENTORY RESTS AT 1177.63 TONNES

JAN 15/WITH GOLD DOWN $22.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//: A WITHDRAWAL OF 10.21 TONNES FROM THE GLD///INVENTORY RESTS AT 1161.00 TONNES

JAN 14.WITH GOLD DOWN $2.75 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 10.50 TONNES FROM THE GLD.//INVENTORY RESTS AT 1171.21 TONNES

JAN 13/WITH GOLD UP $11.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1181.71 TONNES

JAN 12/WITH GOLD DOWN $6.70  TODAY;A HUGE CHANGES IN GOLD INVENTORY AT THE GLD// A WITHDRAWAL OF .400 TONNES FROM THE GLD..//INVENTORY RESTS AT 1181.71 TONNES

JAN 11/WITH GOLD UP $14.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1182.11 TONNES

JAN 8//WITH GOLD DOWN $75.70 : A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.57 TONNES FROM THE GLD//INVENTORY RESTS AT 1182.11 TONNES

JAN 7/WITH GOLD UP $5.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1186.78 TONNES

JAN 6/WITH GOLD DOWN $44.25 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.17 TONNES//INVENTORY RESTS AT 1186.78 TONNES

JAN 5/WITH GOLD UP $10.05 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD:A DEPOSIT OF 17.21 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1187.95 TONNES

JAN 4/WITH GOLD UP $49.70 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD; A DEPOSIT OF 0.88 TONNES INTO THE GLD/////INVENTORY RESTS AT 1170.74 TONNES

DEC 31/WITH GOLD UP $1.45 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1169.86 TONNES

DEC//30//WITH GOLD UP $13.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1169.86 TONNES

DEC.29//WITH GOLD UP $1.65 TODAY: A DEPOSIT OF  2.53 TONNES  CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1169.86 TONNES.

DEC 28WITH GOLD DOWN $3.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1167.53 TONNES

DEC 24/WITH GOLD UP $6.15 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1167.53 TONNES

DEC.23/WITH GOLD UP $7.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 2.33 TONNES FROM THE GLD//INVENTORY RESTS AT 1167.53 TONNES

DEC 22/WITH GOLD DOWN $12.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPSOIT OF 2.04 TONNES INTO THE GLD//INVENTORY RESTS AT 1169.86 TONNES

DEC 21/WITH GOLD DOWN $5.60 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1167.82 TONNES

DEC 18/WITH GOLD DOWN 90 CENTS TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD////INVENTORY RESTS AT 1167.82 TONNES

DEC 17 WITH GOLD UP $39.35 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.33 TONNES FROM THE GLD////INVENTORY RESTS AT 1167.82 TONNES

DEC 16/WITH GOLD UP $2.55 TODAY A HUGE  CHANGE IN GOLD INVENTORY AT THE GLD: ANOTHER WITHDRAWAL OF 1.17 TONNES FORM THE GLD..//INVENTORY RESTS AT 1170.15 TONNES

DEC 15/ WITH GOLD UP $23.75 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.67 TONNES FROM THE GLD//INVENTORY RESTS AT 1171.32 TONNES//

DEC 14//WITH GOLD DOWN $10.45 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD:: A WITHDRAWAL OF 3.79 TONNES FROM THE GLD//INVENTORY RESTS AT 1175.99 TONNES

DEC 11/WITH GOLD UP $5.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1179.78 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

MARCH 3 / GLD INVENTORY 1087.12 tonnes

LAST;  1010 TRADING DAYS:   +153.23 TONNES HAVE BEEN ADDED THE GLD

LAST 945 TRADING DAYS// +  339.47TONNES  HAVE NOW  BEEN ADDED INTO  THE GLD INVENTORY

end

Now the SLV Inventory/(this vehicle is a fraud as there is no physical metal behind them!)

MARCH 3/WITH SILVER DOWN 58 CENTS TODAY; A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.774 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 605.531 MILLION OZ//

MARCH 2//WITH SILVER UP 19 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 609.305 MILLION OZ

MARCH 1.WITH SILVER UP 26 CENTS TODAY:A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 6.593 MILLION OZ FROM THE SLV..//INVENTORY RESTS AT 609.305 MILLION OZ.

FEB 26/WITH SILVER DOWN  $1.17 TODAY: TWO HUGE CHANGES IN SILVER INVENTORY AT THE SLV//: A WITHDRAWAL OF 1.857 MILLION OZ FROM THE SLV AT 3 PM//AND ANOTHER 1.858 MILLION OZ AT 5.20 EST//INVENTORY RESTS AT 615.898 MILLION OZ//

FEB 25/WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 619.613 MILLION OZ//

FEB 24/WITH SILVER UP 19 CENTS TODAY: NO CHANGES IN SILVER INVENTORIES AT THE SLV//INVENTORY RESTS AT 619.613 MILLION OZ

FEB 23/WITH SILVER DOWN 34 CENTS TODAY: TWO ENTRIES I) HUGE CHANGE ISN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 127,000 OZ INTO THE SLV AND THEN A HUGE DEPOSIT OF 7.801 MILLION OZ INTO THE SLV//////INVENTORY RESTS AT 619.613 MILLION OZ

FEB 22/WITH SILVER UP 74 CENTS TODAY: 2 HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.322 MILLION OZ AT 3 PM AND 6.873 MILLION OF AT 5 20 PM EST/INVENTORY RESTS AT 611.685 MILLION OZ/

FEB 19//WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 621.007 MILLION OZ//

FEB 18/WITH SILVER DOWN 22 CENTS TODAY : TWO HUGE CHANGES IN SILVER INVENTORY AT THE SLV ANOTHER WITHDRAWAL OF 1.858 MILLION OZ FROM THE SLV AN ANOTHER WITHDRAWAL 5.758 MILLION OZ// //INVENTORY RESTS AT 621.007 MILLION OZ//

FEB 17/WITH SILVER UP  1 CENT TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV// A DEPOSIT OF 83,000 OZ INTO THE SLV//INVENTORY RESTS AT 628.623 MILLION OZ//

FEB 16/WITH SILVER DOWN 3 CENTS TODAY: A BIG CHANGES IN SILVER INVENTORY AT THE SLV:ANOTHER WITHDRAWAL OF 2.044 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 628.530 MILLION OZ//

FEB 12/WITH SILVER UP 31 CENTS//A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.312 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 630.574 MILLION OZ.

FEB 11/WITH SILVER DOWN 4 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.858 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 634.986 MILLION OZ//

FEB 10/WITH SILVER DOWN 44 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 636.844 MILLION OZ//

FEB 9/WITH SILVER DOWN $0.19 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: MASSIVE WITHDRAWAL OF 17.882 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 636.844 MILLION OZ//

FEB 8/WITH SILVER UP $0.53 TODAY: A HUGE PAPER WITHDRAWAL OF 4.451 MILLION OZ FROM THE SLV// //INVENTORY RESTS AT 654.726 MILLION OZ//

FEB 5/WITH SILVER UP 70 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 659.278 MILLION OZ

FEB 4/WITH SILVER DOWN 0.54 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 10.079 MILLION OZ FROM THE SLV..//INVENTORY RESTS AT 659.278 MILLION OZ//

FEB 3/WITH SILVER UP 38 CENTS TODAY: A MIND NUMBING: 56.784 MILION OZ “DEPOSIT” INTO THE SLV at 3 pm AND A WITHDRAWAL OF 7.99 MILLION OZ FROM THE SLV AT 5 PM//WITH THESE CHANGES IN SILVER INVENTORY AT THE SLV INVENTORY RESTS AT 669.357 MILLION OZ//

FEB2//WITH SILVER DOWN  $2.81 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: AN UNBELEIVABLE DEPOSIT OF 18.627 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 620.563 MILLION OZ//

FEB 1/WITH SILVER UP $2.56 TODAY: A FAIRY TALE DEPOSIT OF 34.419 MILLION OZ INTO  SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 601.936 MILLION OZ//

JAN 29/WITH SILVER UP 58 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.366 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 567.517 MILLION OZ//

JAN 28/WITH SILVER UP 44 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.393 MILLION OZ//INVENTORY RESTS AT 571.883 MILLION OZ/

JAN 27/ WITH SILVER DOWN 10CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV.: A XXXWITHDRAWAL OF 3.022 MILLION OZ OF IMAGINARY SILVER// INVENTORY RESTS AT 573.277 MILLION OZ/

JAN 26/WITH SILVER UP 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 576.299 MILLION OZ///

JAN 25/WITH SILVER DOWN 5 CENTS A HUGE CHANGE IN SILVER INVENTORY: A DEPOSIT OF 2.044 MILLION XXXXOZ INTO THE SLV// INVENTORY RESTS AT 576.299 MILLION OZ./.

XXXXXXXXXXXXXX
MARCH 3/2021

SLV INVENTORY RESTS TONIGHT AT

605.531` MILLION OZ

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

the author comments on the huge disconnect between paper silver and real silver

(Clint Siegner/GATA)

Clint Siegner: Bullion banks sell even more silver, but do they have it?

 Section: 

By Clint Siegner
Money Metals Exchange, Eagle, Idaho
Monday, March 1, 2021

Anyone with a naked short in the silver futures market risks getting squeezed by physical buying. Demand for delivery of Comex silver bars is rising, even as the paper price of the metal fell more than 4.5% last week.

Again last week silver shorts sold contracts representing a whole lot more silver than they have available to deliver.

… 

The disconnect between paper prices and physical demand is getting more ridiculous by the day.

It is also getting more dangerous for Comex market participants — long and short. The Comex functions on confidence, which can vanish suddenly.

It will happen when long contract holders discover, en masse, the paper they bought cannot be redeemed for the actual metal as expected. Instead they get cash-settled or, in the event of an outright default, they get nothing at all from insolvent counterparties.

Garrett Goggin has been keeping an eye on Comex silver deliveries. He notes a huge difference between this year and last. Delivery demand is roughly 20 times what it was for this period last year. It is approximately four times the previous record for the period set in 2010. …

… For the remainder of the analysis:

https://www.moneymetals.com/news/2021/03/01/do-bullion-banks-have-silver…

end

iii) Other physical stories:

Incoming SEC chair Gary Gensler will try and rid crypto markets of “fraud and manipulation”

Good luck to him

(zerohedge)

Incoming SEC Chair Gensler Will Scrutinize Trading Apps, Rid Crypto Markets Of “Fraud” And “Manipulation”

TUESDAY, MAR 02, 2021 – 20:25

Incoming SEC Chair Gary Gensler has said at the U.S. Senate confirmation hearing for the nominees to lead the Securities and Exchange Commission and the Consumer Financial Protection Bureau that he’s going to be examining the payment for order flow business model closely.

He committed to looking at the business model that has been at the center of the GameStop controversy for the past several weeks, according to Bloomberg on Tuesday. Critics of the system (including Zero Hedge) have pointed to how frontrunning could be prevalent as a result of the model. This ostensibly could result in clients of zero commission brokerages not getting the best possible execution on trades.

Gensler also said he’s going to scrutinize trading apps that encourage “gamification” of trading, according to Yahoo. He is specifically looking at “how to protect investors using trading applications with behavioral prompts designed to incentivize traders to trade more.”

Gensler also said he will try to rid cryptocurrency markets of fraud and manipulation, in what would likely be a herculean undertaking for his administration.

Meanwhile, according to Bloomberg, CFPB nominee Rohit Chopra said he “backs the U.S. making its own real-time payment system to give consumers faster access to and better control over their own dollars.”

Gensler is reported to be worth up to $119 million, as we noted last month.  Gensler was previously the chairman of the CFTC and a partner at Goldman Sachs. He disclosed his net worth as part of disclosures he had to file with the Office of Government Ethics last month. A majority of his money was made at Goldman, where he joined in the late 1970’s after graduating from the University of Pennsylvania. He became one of the youngest partners in Goldman Sachs history.

Recall, we wrote about Gensler’s nomination in mid-January.

His arrival will likely be a stark difference from the last 4 years of Jay Clayton, as Gensler’s resume includes going to war with major financial titans when he was head of the Commodity Futures Trading Commission – and winning. Financial lobbyists sometimes simply called him “the enemy” during the 2010 Dodd-Frank Act battle.

Justin Slaughter, a consultant at Mercury Strategies, said: “The sheriff is coming to the preeminent financial regulator in the world. It means regulation and enforcement are about to get much tougher.”

END

“Gold Is Dead, Move On” Billionaires Bet On Bitcoin, Draper Sees $5MM Price

WEDNESDAY, MAR 03, 2021 – 8:52

While Gary Gensler, nominated to chair the SEC, was evasive on specifics at yesterday’s Senate Banking Committee hearing, he was far more supportive broadly-speaking than many expected (especially after Yellen’s lies):

“Bitcoin and other cryptocurrencies have brought new thinking to financial planning and investor inclusion,” said Gensler.

“I’d work with fellow commissions both to promote the new innovation but also, at the core, ensure investor protection. If something were a security, for instance, it comes under security regulation, under the SEC.”

That provided some relief for crypto investors, but the last 24 hours have seen a great deal of news.

Bitcoin has rallied above $52k…

Source: Bloomberg

And Ethereum is back above $1600…

Source: Bloomberg

Billionaire VC Tim Draper also raised Bitcoin’s profile further yesterday in his podcast

CoinTelegraph reports that the famous investor picks Netflix among major companies as the most likely to put Bitcoin on its balance sheet.

“I think Reed Hastings is a very innovative guy and has a lot of creative thinking and I think he still controls the reins at Netflix and so I think that might be the next big one to fall.”

Ever the optimist, Draper also considered that Amazon would add a direct Bitcoin payment option in future.

“Amazon will probably start accepting Bitcoin pretty soon,” he said, noting that consumers have been able to buy products indirectly using cryptocurrency for many years.

Draper sees the (fiat) price of crypto soaring…

“I think bitcoin in 2022 or the beginning of 2023 will hit $250,000,” he said at the time, when bitcoin was worth less than $4,000. “I think the reason is that bitcoin will be the currency of choice.”

“The current currency holdings in fiat is about $100 trillion and bitcoin‘s market cap is just reaching $1 trillion now, so there’s no reason it can’t go up 100-fold,” he said.

Which would imply a $5,000,000 price for bitcoin.

“It’s not like it’s going to completely replace the dollar, although I think people are going to laugh when you’re trying to buy things for dollars in the future.”

In addition, billionaire Mark Cuban had a Twitter-tirade warning Peter Schiff that gold “will die” as a store of value

“Let me help Peter. Gold is hyped as much as Crypto. Do we really need gold jewelry? Gold can make you a ring,” one tweet reads.

“BTC/Eth are technologies that can make you a banker, allow friction free exchange of value and are extensible into an unlimited range of biz and personal applications.”

Continuing, he gave a stark verdict on the future of gold.

“What we are seeing built w/crypto today is just proof of concept. As tech continues to get better/cheaper/faster there will be new applications and maybe even something that supersedes what we know as crypto today,” a further post says.

“But Gold won’t ever change. Which is why it will die as a SOV.”

“Don’t forget, Gold was a SOV built on technology. From picks and shovels to mining operations that keep trying to improve. Whoever could use the tech of the day to find and mine the most efficiently was the most rewarded. Much like Crypto is today,” a final message to Schiff concludes.

“Gold is dead Peter. Move on.”

Cuban’s ‘Shark Tank’ colleague Kevin O’Leary has ‘come to the dark side’ as he said yesterday that he would be allocating 3% of his portfolio to Bitcoin (BTC) and looking into investing in sustainable crypto mining

With regard mainstream adoption, Coinivore reports that browser-based Google Finance slyly listed a “crypto” tab among its offerings this week.

The facing page appears as usual, allowing user customization, including market comparisons by country, a basket of currencies tab, and now a “crypto” tab.

It’s quite a subtle form of capitulation for Google.

The online behemoth has had a love/hate relationship with cryptocurrencies for years. It was only two or so years ago, for example, Scott Spencer, Vice President of Product Management, Ads Privacy and Safety at Google rocked markets by acknowledging an effective ban on advertising related to cryptocurrencies, lumping the ecosystem in with scams and dangers to online surfers.

Months later it wouldpurge crypto content from its YouTube platform. It would insist the scrubbing came as a result of an error, but such “errors” continue into the present day.

Subsequent messaging from the company about a ban of crypto was muddled, contradictory, and often confusing.

In the background, however, Google appeared to have other intentions in mind.

Finally, we note that Bitcoin continues to broadly track its stock-to-flow model expectations, signaling $100,000 by year-end, and $1,000,000 by the end of 2025…

Source

And that appears to be sparking another resurgence in HODLing as Decrypt reports that the total amount of Bitcoin on exchanges is falling further, indicating Bitcoiners are accumulating yet again.

Knowing how much Bitcoin is held on exchanges can tell us a lot about the current state of the Bitcoin market, as well as give us insights into what Bitcoin investors are thinking. If Bitcoin is coming off exchanges en masse, it tends to imply that investors are saving their holdings for the long term instead of looking to trade for short-term gains. 

Bitcoin balance on exchanges since September 2020. Image: Glassnode

“The data clearly shows an asset that is in high demand and one that appears to have the confidence of traders, further implying that resale of the newly acquired Bitcoin is not on the table in the short term,” Jason Deane, Bitcoin analyst at market analysis company Quantum Economics, told Decrypt.

END

Peter Schiff: do not bet against gold as you will lose  (and silver)
(Peter Schiff)

Peter Schiff: Anybody Betting Against Gold Is Going To Lose

WEDNESDAY, MAR 03, 2021 – 6:30

Via SchiffGold.com,

Gold and silver continue to struggle with significant selling pressure. Last Friday, gold dropped some $40 as bond yields rose yet again. There continues to be this expectation that rising inflation and economic growth are going to force the Fed’s hand and cause it to pivot to tighter monetary policy sooner than expected. But in his podcast, Peter Schiff reminds us that inflation is not a threat to gold. And he says anybody betting against the yellow metal and on the dollar is going to lose.

The yellow metal is down 9% on the year and about 17% from the high last August. The catalyst for the sell-off in gold has been the sell-off in the bond market. Bond yields continue to spike. On Friday, the yield on the 10-year Treasury pushed as high as 1.61% and the 30-year hit 2.4%. Peter said it was one of the biggest interday moves in the bond market that he’s ever seen.

Gold and silver have been pressured because of the mainstream view that the selloff in the bond market is a sign of economic growth and the Fed will have to respond to inflation with monetary tightening sooner than expected.

Some of the economic data seem to support the growing economy narrative. Personal income shot up 10% in January. But as Peter pointed out, the big jump in personal income corresponds with stimulus checks arriving in the mail. If you back out all of the government transfer payments – welfare, unemployment, etc. – personal income actually declined in January.

So, people actually earning money – that went down. But people receiving checks from the government, that went up. But that is not how a strong economy is made. You don’t have a strong economy by printing money and sending it to people who aren’t working. You build a strong economy when people are employed productively making things or providing services. That’s not what we’re doing. This is not economic growth.”

And of course, there is more stimulus coming down the pike. The House has already passed the $1.9 trillion stimulus plan. As Peter put it, the checks are all but in the mail.

The only reason they don’t bounce is because the Fed is printing money. …This is not a strong economy. This is a gigantic bubble. But people on Wall Street can’t differentiate between a bubble and genuine economic growth.

Peter also pointed out that despite the fact nominal interest rates are rising, real interest rates are actually falling. Inflation is accelerating faster than interest rates. And short-term rates remain at zero.

I don’t know where people got the idea that what affects the price of gold is the yield on a 10-year Treasury or the yield on a 30-year Treasury. That’s not it. There’s a lot of risk when you buy that far out on the yield curve, especially when rates are this low.”

The rate that’s important when contrasting it with gold is the overnight rate – the Fed funds rate.

That is stuck at zero and it’s not going anywhere.”

Federal Reserve Chairman Jerome Powell keeps telling us that. During testimony before Congress last week, Powell said he thought it would take three years to get to the 2% inflation target. This despite the fact that the recent University of Michigan sentiment numbers revealed consumers expect 3.3% inflation in the coming year.

Consumers are wrong. Inflation is likely to be much higher than 3.3%, but at least they’re closer to it than the Fed.”

Meanwhile, Wall Street continues to focus on the fact that this is somehow bad for gold.

When we had the big selloff in bonds that spiked yields, last week, the stock market finally reacted with a big sell-off Friday. That breathed a little life into the bond market as investors bought Treasuries as a safe haven. Peter said they should have been buying gold, but they sold that too.

Gold is the real safe haven if you understand the real threat. The real threat is inflation. And low-yielding US Treasuries – buying a 10-year Treasury at 1.46% … there’s no safety there. That is a negative real yield. You need to buy gold. But traders haven’t figured this out. They’re still using a playbook that no longer exists, and they don’t understand or appreciate the situation that we’re in. They all expect the Fed to fight inflation. It’s impossible. They can’t fight inflation. They’re going to surrender without a fight. Inflation is going to win, and anybody owning dollars is going to lose. And anybody betting against gold is going to lose.”

Peter also reminds us that at some point, rising interest rates will tank the stock market. Higher interest rates are particularly problematic for growth stocks. What will the Fed do if the stock market crashes? We’ve already seen how the central bank responds to a plunging stock market. It will ride to the rescue with more quantitative easing.

When it happens, it’s going to be a stampede out of the dollar and a rush to get into gold, which is why people should be buying the dips now. Don’t worry about it. If people who don’t understand where we’re headed are doing the wrong thing, you just keep on doing the right thing.”

END

Buy physical gold anyway whether Warren gets her wealth tax

(zerohedge)

‘Go Out And Buy Gold’ If Warren Wealth Tax Passes: Leon Cooperman

WEDNESDAY, MAR 03, 2021 – 10:55

Billionaire Leon Cooperman says Sen. Elizabeth Warren’s (D-MA) “ultra-millionaire” wealth tax is a terrible idea because people will simply hide their wealth.

The idea has no merit. It’s foolish. It probably is not legal,” Cooperman told “Squawk Box” on Wednesday. “If the wealth tax passes, go out and buy yourself some gold because people are going to rush to find ways of hiding their wealth.”

Warren’s tax scheme would levy a 2% annual tax on overall assets for those worth more than $50 million, and 3% on those worth over $1 billion, raising over $78 billion per year, according to an analysis by Bloomberg.

Cooperman’s appearance came after the Massachusetts Democrat and other progressives in Congress unveiled their plan for an annual tax of 2%, or 2 cents, on every dollar of people’s wealth worth $50 million to $1 billion. Those whose fortunes are valued above $1 billion would be subject to an annual tax of 3%, or 3 cents, on every dollar above that threshold.

The backers of the wealth-tax proposal said it would raise at least $3 trillion in revenue over 10 years, citing an analysis from University of California-Berkeley economists Emmanuel Saez and Gabriel Zucman. –CNBC

I believe in the progressive income tax structure. I believe that rich people should pay more,” said Cooperman, though he suggested that existing systems should instead be reformed in order to raise money – such as eliminating the so-called carried-interest loophole which benefits hedge funds and private equity funds.

The question we have to coalesce around as a nation is what should the maximum tax rate be on wealthy people? Because that will define the revenue yield to the government and the government should basically assign its activity to that revenue yield,” Cooperman added.

Cooperman, chairman of the Omega Family Office, sharply opposed Warren’s previous wealth tax pitch during her 2020 run for president – writing in a harshly worded letter to Warren that her “vilification of the rich is misguided,” later telling CNBC that the wealth tax would be “near impossible to police, and probably unconstitutional.”

On Tuesday, Warren told CNBC that she thinks the wealth tax could be “transformative” for the United States, which could then use the money for early childhood education and infrastructure.

“It’s set up now to say we’re not going to collect taxes on any asset worth less than $50,000, so this is not intrusive. It’s not about coming into people’s homes and valuing their Sub Zeros or figuring out what their 4-year-old cars are worth,” she said. “But it says if you’ve got a fortune above $50 million, you pay on it. And if your fortune is below $50 million, you don’t. Good for you, either way.”

“I think most people would rather be rich and pay 2 cents. This is not very fancy. It really is a tax on fortunes above $50 million.”

Cooperman, a hedge fund pioneer and son of a Bronx plumber, has signed The Giving Pledge, created by Bill and Melinda Gates and Warren Buffett. When asked Wednesday by CNBC’s Andrew Ross Sorkin if he would support a reform to a certain tax policy focused on inheritance, Cooperman said: “To be honest with you, I’m not focused on that because my plan is to give away all my money at death.” -CNBC

Cooperman emphasized that he’s worried about villainizing wealthy Americans – saying “We all have to work together to deal with our problems, and it’s as simple as that. You’ve got to decide whether you’re a capitalist or whether you’re a socialist.”

Your early WEDNESDAY 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 UP AT 6.4646 /

//OFFSHORE YUAN:  6.4698   /shanghai bourse CLOSED UP 68.31 PTS OR 1.95%

HANG SANG CLOSED UP 784.56 PTS OR 2.70%

2. Nikkei closed UP 150.93 POINTS OR 0.51%

3. Europe stocks OPENED ALL GREEN EXCEPT SPAIN/

USA dollar index UP TO 90.91/Euro FALLS TO 1.2067

3b Japan 10 year bond yield: FALLS TO. +.12/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 106.92/ 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:: 60.63 and Brent: 63.55

3f Gold DOWN/JAPANESE Yen DOWN CHINESE YUAN:   ON -SHORE CLOSED 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 UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.32%/Italian 10 yr bond yield UP to 0.71% /SPAIN 10 YR BOND YIELD UP TO 0.36%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.03: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.99

3k Gold at $1718.50 silver at: 26.30   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 9/100 in roubles/dollar) 73.71

3m oil into the 60 dollar handle for WTI and 63 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 106.92 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 .9177 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1067 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 FALLING to 0.32%

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 1.453% early this morning. Thirty year rate at 2.244%

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

6.  TURKISH LIRA:  UP  TO 7.37..

Market Rollercoaster Continues As Global Markets Rebound From Tuesday Rout

WEDNESDAY, MAR 03, 2021 – 8:01

Once again market sentiment has reversed violently – or rather the opposite – overnight, with yesterday’s late day spoo slump inspired by the short squeeze in Rocket Mortgage – which forced hedge funds to liquidate their best positions – being faded and on Wednesday Emini futures jumped 0.6%, global shares gained with European indexes echoed positive moves in Asia, as a recent retreat in Treasury yields fuelled demand for riskier assets… even though the 10Y has rebounded 5bps to 1.45% overnight as focus again turned back to the stimulus-fueled recovery from the pandemic. The MSCI world equity index gained 0.4% while oil halted its longest losing streak since December.

At 0730 a.m. EST, Dow E-minis were up 202 points, or 0.64% and S&P 500 E-minis were up 21.5 points, or 0.56%. Small caps were sharply higher with Russell 2000 futures up 1.1% while Nasdaq 100 E-minis were up 86.5 points, or 0.65% as a swift global roll out of vaccines and a new round of stimulus bolstered bets on a quick economic rebound, with investors also focusing on private employment and service sector reports.  Bank of America, Goldman Sachs and Morgan Stanley were up between 1.2% and 1.7% in trading before the bell.

Chevron and Exxon Mobil rose about 1.5% each as oil prices were boosted by expectations that OPEC+ producers might decide against increasing output when they meet this week. However, Exxon said that it planned to cut its workforce in Singapore, home to its largest oil refining and petrochemical complex, by about 7% due to “unprecedented market conditions” resulting from the COVID-19 pandemic.

Amid the latest virus developments, Texas sweepingly rolled back coronavirus restrictions on Tuesday, lifting a mask mandate and saying most businesses may open at full capacity next week as many U.S. states record a sharp decline in new infections and hospitalization. President Joe Biden also said the United States will have enough COVID-19 vaccine for every American adult by the end of May.

“We are caught in the middle of this crossfire between a more positive macro situation, and some excesses that have been developing here and there,” said Olivier Marciot, senior portfolio manager at Unigestion. “The market is reassessing the situation as whether or not it (stock market gains) have been too high and too fast.”

Expect more positive news on the stimulus front: the Senate is expected to take up Biden’s $1.9 trillion coronavirus relief package on Wednesday, with Democrats aiming to get it signed into law before March 14, when some current jobless benefits expire.

Europe’s Stoxx 600 added 0.4%, fading early gains of as much as 0.8%, with Frankfurt shares climbing 0.9% to a record high and London’s FTSE adding 1.3% before the UK’s new budget is introduced, with measures to boost the economy. European carmakers led the gains, adding as much as 2.6% to reach their highest since June 2018. Here are some of the biggest European movers today:

  • Georg Fischer shares jump as much as 6.6% after full-year results beat the average analyst estimate. Baader Helvea says the 2020 results and outlook for 2021 “confirm our positive view on the business model.”
  • Kuehne + Nagel shares climb as much as 3.9% to a record after the Swiss logistics company reported higher-than-expected earnings and dividend payouts.
  • The Stoxx Europe 600 Automobile & Parts Index (SXAP) rises as much as 2.9% with Volkswagen outperforming after UBS raised its PT to a Street-high, and Stellantis advancing after its first set of earnings.
  • The Stoxx Europe 600 Basic Resources Index gains as much as 1.7%, hitting the highest level since April 2011, led by steelmakers as steel rebar futures climb to near a decade-high in China.
  • Hiscox shares slide as much as 14%, the most since April 2020, as reported gross written premiums for the full year missed the average analyst estimate. The firm also cancels its dividend.

Earlier in the session, Asia stocks rose with MSCI’s index of Asia-Pacific shares ex Japan up 1.7%, led by the Hang Seng Index as shares of Macau casino operators and heavyweight Tencent Holdings climbed, as did markets in Australia, where data showed the economy maintained its rapid recovery in the final three months of 2020.

China’s Shanghai Composite surged 2% after state media commentary saw stable policy and the Caixin services PMI matched estimates. Hong Kong’s gauge jumped 2.7%, the most since Jan. 19. Tencent contributed the most to its advance, as well as to that of the MSCI Asia Pacific Index. Sea Ltd., which is backed by Tencent, said it expects e-commerce revenue to double in 2021. Galaxy Entertainment jumped 7.7%, the most on the Hang Seng index, after Macau decided to allow people to enter casino floors without having to show a negative Covid-19 test result. Sands China also rose more than 5%. Equity measures in China, Thailand, India and Taiwan also advanced more than 1.5%. Sector-wise, financials and materials led gains in Asia. Banks and insurers rallied in China on expectations of higher interest rates and a continued market rotation into relatively-cheaper sectors.

The V-shaped recovery coming into sharp relief in Australia is highlighting expectations for a global rebound that boosts earnings and supports the run up in stocks. At the same time, investors are keeping an eye on inflationary pressures that could shake confidence by undercutting pledges from central banks to keep monetary policy loose. “Key ingredients are still there to support the reflation trade,” said Sebastien Galy, senior strategist at Nordea Investment Funds. “We remain supported by extremely lax liquidity conditions for quite a while as central banks will look through transitory inflation.”

Japanese shares also rose, reversing earlier losses, as investors jumped in to buy automakers, trading houses and other stocks seen as cheap. The Topix index and Nikkei 225 Stock Average each erased a decline of 0.2% to close 0.5% higher. Pharmaceutical makers and banks were also among sectors that contributed most to the benchmark’s gain, while steelmakers rose a wave of optimism on regional commodities plays. A group of electronics stocks fell after technology shares led losses in the S&P 500 Tuesday. “With vaccine distribution and support from U.S. stimulus, the economy is expected to recover globally this year, which will be a favorable environment for buying Japanese cyclical and value stocks,” said Toshiya Matsunami, chief analyst at Nissay Asset Management Corp. in Tokyo. Japanese stocks declined in early trading after the Nikkei reported Tokyo is considering asking for about a two-week extension of its Covid-19 state of emergency order beyond March 7. FNN echoed that two-week call, adding that the central government could make its decision as early as Thursday and announce it the next day. “The market is not too worried over the emergency status situation,” said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management. “It may take a bit more time but over the long term, the Nikkei 225 is likely to head toward recovery of the 30,000 mark.”

On the other hand, aiding risk sentiment, the U.S. 10-year Treasury yield was last up 1.44%, well below last week’s peak of above 1.61% that triggered a selloff in the equities market on valuation worries. The 10Y TSY yield was up 5bp near 1.44%, leading developed market bonds to the downside; bunds trade 2.5bp better vs Treasuries, gilts outperform by 1.5bp. The 10Y has traded in a narrow 5bps range since the end of February as buyers emerge around the 1.45% area.

Treasuries dipped as U.S. trading began after sliding during London morning, with focus on pandemic recovery lifting U.S. equity futures. The curve has continued to steepen; long-end yields are cheaper by ~5bp with front-end little changed. European bonds outperformed.

10-year Bund yields rose after officials familiar with internal discussions said ECB policy makers see no need for drastic action to combat rising bond yields.

Some analysts have continued to warn that stock prices may be frothy – a fear echoed by a top Chinese regulatory official on Tuesday – and as result make it hard for equity markets to hang on to gains. Fears that last week’s sell-off in U.S. Treasuries, which rattled stock markets, could resume may also put a lid on stock prices, they said. “While markets have stabilized …, the tone remains tenuous as investors continue to fear a further sell-off in rates,” analysts at TD Securities said in a note.

The swings in fixed income that roiled markets last week have moderated, but the outlook for longer-term borrowing costs and real yields remains a major point of debate.

“If interest rates start moving higher and quicker than expected, then there’s a chance there might be more significant pullback in the market,” Katerina Simonetti, Morgan Stanley Private Wealth Management senior vice president, told Bloomberg TV.

The overnight rebound in market sentiment did little for the dollar, and the Bloomberg Dollar Spot Index fluctuated and the greenback was mixed against its Group-of-10 peers. The euro briefly jumped to $1.2113, the highest level this week. The pound strengthened against the dollar and the euro before Chancellor Rishi Sunak unveils his budget, where he’s set to announce further fiscal support to the U.K. economy. U.K. service industries reported the quickest acceleration in inflation in a year, with rises in the cost of fuel and shipping. The Australian dollar was steady near large FX option strikes at 0.7825 due March 4, muting bullish reaction to 4Q GDP data that topped most estimates. Norway’s krone led G-10 gains as oil prices rebounded after a three-day fall, with the OPEC+ alliance said to be poised to agree an output increase at its meeting this week in a sign of the market’s underlying resilience as the impact of the pandemic ebbs.

Developing-nation currencies resumed their advance as comments by U.S. officials eased the fallout from last week’s surge in Treasury yields, fueling risk appetite. MSCI Inc.’s gauge tracking emerging-market currencies increased 0.2%, the most in more than a week, with Asian currencies including the Indian rupee, Indonesian rupiah and Taiwanese dollar rising the most. Stocks advanced, boosted by finance and communication-services shares, while the premium investors demand to hold developing-nation bonds over Treasuries fell. “Following last week’s selloff and the temporary stabilization in rates, we have seen bottom pickers coming in,” said Trieu Pham, a strategist at ING Groep NV in London. Still, Pham said he remains cautious and expects rates to move higher again. “There should be still a feeling of unease, especially for emerging-market debt investors.”

In commodities, Brent crude futures extended gains, reversing oil’s longest losing streak since December and rising as much as 1.9% to $63.88/bbl by 9:50am London time. WTI also climbed, adding as much as 1.8% to $60.82/bbl. Bitcoin soared back over $52,000 after tech icon Tim Draper predicted bitcoin would hit $5,000,000.

Looking at the day ahead, the data highlight will be the release of the February services and composite PMIs from around the world, as well as the ISM services index in the US. In addition, there’ll be the Euro Area PPI reading for January, the final Italian GDP reading for Q4, and the ADP’s February report of private payrolls in the US. Fed speakers include Harker, Bostic and Evans, while there’ll also be the release of the Fed’s Beige Book. From other central banks, we’ll hear from ECB Vice President de Guindos, the ECB’s Hernandez de Cos, Panetta and Schnabel, and the BoE’s Tenreyro. Finally in the UK, Chancellor Sunak will be setting out the 2021 Budget.

Market Snapshot

  • S&P 500 futures up 0.7% to 3,894.00
  • MXAP up 1.3% to 212.22
  • MXAPJ up 1.8% to 715.98
  • Nikkei up 0.5% to 29,559.10
  • Topix up 0.5% to 1,904.54
  • Hang Seng Index up 2.7% to 29,880.42
  • Shanghai Composite up 1.9% to 3,576.91
  • Sensex up 2.2% to 51,404.09
  • Australia S&P/ASX 200 up 0.8% to 6,817.98
  • Kospi up 1.3% to 3,082.99
  • Brent futures up 1.1% to $63.38/bbl
  • Gold spot down 0.6% to $1,728.05
  • U.S. Dollar Index little changed at 90.71
  • Euro up 0.1% to $1.2105
  • Brent futures up 1.1% to $63.42/bbl

Top Overnight News from Bloomberg

  • Bond traders have been saying for years that liquidity is there in the world’s biggest bond market, except when you really need it. Last week’s startling gyrations in U.S. Treasury yields may offer fresh backing for that mantra, and prompt another bout of soul-searching in a $21 trillion market that forms the bedrock of global finance. While stocks are prone to sudden swings, such episodes are supposed to be few and far between in a government- debt market that sets the benchmark risk-free rate for much of the world
  • Britain is expected to sell nearly half as much debt next fiscal year, including the nation’s first green gilt, as the government balances budget discipline with dealing the worst recession in three centuries. The Debt Management Office will sell 249.5 billion pounds ($346 billion) of gilts in 2021-22, according to the median estimate in a Bloomberg survey of 16 primary dealers
  • Consumers in the world’s largest economies amassed $2.9 trillion in extra savings during Covid-related lockdowns, a vast cash hoard that creates the potential for a powerful recovery from the pandemic recession
  • The EU is still months away from issuing Covid-19 immunity certificates, raising the risk of another lost tourism season for the bloc’s aviation and hospitality industries
  • Italy is making its first foray into the green bond market, the latest major debt issuer to tap into one of the fastest-growing sectors of finance. The nation is selling debt maturing in 2045 via banks, an unusual tenor that is expected to draw interest from domestic investors as well as specialist environmental funds. European nations are piling into the market as they seek to finance a greener recovery from the pandemic
  • Chancellor Angela Merkel backed a relaxation of coronavirus restrictions despite a stubbornly high infection rate, acknowledging that many Germans are weary of curbs on daily life after months of lockdown

A quick look at global markets courtesy of Newsquawk

An improved mood was observed in Asia as equity markets shrugged off the weak handover from Wall Street where the major indices declined led by ongoing selling in tech amid reopening optimism and regulatory concerns after US Senator Warren commented that we need to break up big tech and that she was more concerned about big tech now than a year ago. ASX 200 (+0.8%) was underpinned by strength across the mining sectors after yesterday’s rebound in metal prices and with participants cheering stronger than expected Q4 GDP data which showed the economy expanded Q/Q by 3.1% vs. Exp. 2.5%. Nikkei 225 (+0.5%) traded with cautious gains as early support from a predominantly weaker currency gradually faded amid expectations of an extension to the state or emergency for Tokyo where officials are considering requesting for the government to maintain the emergency declaration in the capital for an additional two weeks. Hang Seng (+2.7%) and Shanghai Comp. (+2.0%) conformed to the positive tone across the region after Chinese press reported that analysts suggested the PBoC could reduce RRR for certain banks this month, although the advances in the mainland were gradual after the latest Chinese PMI data releases including Caixin Services PMI which printed its lowest reading since April last year. Finally, 10yr JGBs were contained amid the mostly positive risk tone across the region and with demand for bonds also subdued by the lack of BoJ purchases in the market, while the RBA were active today for AUD 1bln of semi government bonds which was inline with last Wednesday’s operation.

Top Overnight News

  • Asia Stocks Jump as Tencent, Casino Shares Spur Hong Kong Bounce
  • Australian Attorney-General Porter Denies 1988 Rape Claim
  • China Revs Up Grand Chip Ambitions to Counter U.S. Blacklistings
  • China Hacking India Port as Part of Shadow War, U.S. Firm Says

European indices opened the session firmer across the board (Eurostoxx 50 +0.6%) following on from APAC’s positive handover – with the FTSE 100 (+0.9%) the leading bourse in the run-up to the much-anticipated UK budget. Stateside, US equity futures abide by the same pattern with RTY (+1.1%) the outperformer and relatively broad-based gains across the NQ (+0.6%) , ES (+0.5%) and YM (+0.7%). Back to Europe, sectors are all in the green but in the most part seeing relatively modest gains. A slight pro-cyclical approach is perceived with the leading sector being Autos (+3.0%), whilst Energy (+1.3%), Travel & Leisure (+1.4%), Basic Resources (+1.0%) and Banks (+1.8%) among the top performers. Ahead of the UK Budget at 12:30 GMT (link to newsquawk preview), homebuilders and pub stocks are among the stocks to watch as it has been suggested UK Chancellor Sunak will announce further specific support for the housing sector and damaged hospitality sector. Some stocks on watch include: homebuilders Taylor Wimpey (+3.4%) and Persimmon (+4.3%); residential banks Lloyds (+2.0%) and NatWest (+1.4%); pub chain JD Wetherspoon (+4.3%); retailers Marks & Spencer (+2.2%) and JD Sports (+2.8%); infrastructure names Balfour Beatty (+1.7%) and CRH (+1.8%); “sin” stocks BATS (+0.6%), Imperial Brands (+0.8%), Diageo (+0.6%) and trading platform Hargreaves Lansdown (+1.7%). Alongside this, to the detriment of the UK equity market, Goldman Sachs have forecast that if corporation tax increases 6% to 25% it could spark a fall in UK stocks and cut up to 4% off the FTSE 100 index’s market capitalization. Nonetheless, the bank has noted that the COVID vaccine rollout and unlocking of the economy will matter more for UK stocks. Elsewhere, Hiscox (-9.5%) have seen the most downside this morning following their earnings where they reported a FY pretax loss of USD 268.5mln & a missed on gross written premiums USD 4.0bln vs exp. USD 4.13bln. Saint-Gobain (+4.0%) trades higher after the Co. invested in a plasterboard line which is expected to help the company expand its range of products.

Top European News

  • Employers May Face Fines Under Draft EU Gender Pay Gap Rules
  • Hiscox Plunges as Insurer Pulls Dividend, Posts Record Loss
  • London’s Deserted Offices Could Gain 25% Over Next Five Years
  • Hungary’s Orban to Pull Party From EPP Caucus, Nemzet Reports

In FX, the Buck is trying to stop the rot and draw lines in the sand right across the board following yesterday’s fall from grace, with some assistance from a resumption in UST bear-steepening that has pulled the recovery rug from bonds in general. However, trade is volatile and having flattered to deceive above the 50 DMA on Tuesday, the DXY only just evaded a clear downside breach of the 21 marker (90.627) within a 90.871-626 band and the Dollar remains mixed vs major counterparts and weaker for choice against EMs ahead of a busy agenda including weekly MBA mortgage applications, ADP, the final Markit services and composite PMIs, non-manufacturing ISM and more Fed speak before the latest Beige Book.

  • GBP/NZD/AUD/CAD – All firmer vs the Greenback, as Sterling hovers around 1.4000 in the run up to the UK Budget and the Pound also picks up momentum relative to the Euro following indecision in the cross around 0.8650 even though final services and composite PMIs were somewhat underwhelming vs manufacturing, flash readings and their Eurozone prints. Meanwhile, the Kiwi is holding near 0.7300 where 1.4 bn option expiries lie in wake of eyewatering rises in GDT auction prices, the Aussie has taken firmer grip of the 0.7800 handle on the back of firmer than expected Q4 GDP and the Loonie has extended gains to test 1.2600 following decent Canadian Q4 growth and gleaning support from firm crude prices ahead of building permits.
  • EUR – Not the biggest net G10 mover or even on a cumulative basis, but in focus amidst the aforementioned mostly firmer than forecast Eurozone PMIs, bar German for a change, and an ECB report via sources suggesting that the GC sees no need to take drastic action to cap debt yields, in contrast to some officials that have advocated enlarging the PEPP. Eur/Usd is back below 1.2100 from circa 1.2113 at one stage when a 38.2% Fib retracement level was hurdled (1.2088) to expose a 50% Fib (1.2117) of the same pull-back from 1.2243 to 1.1992.
  • CHF/JPY – The Franc is looking rather deflated after weaker than anticipated Swiss CPI, with Usd/Chf pivoting 0.9150 and Eur/Chf revisiting recent peaks into 1.1100, but the Yen is underperforming and still looking vulnerable to losing its battle to stay afloat of 107.00 given dovish BoJ vibes from Kataoka overnight.

In commodities, WTI and Brent front-month futures have seen a tear higher in recent trade and are hovering around best levels during early European trade. Oil prices saw gains following President Biden revealing he hopes for every adult in the US to be vaccinated by May which in turn boosted demand hopes and the economic outlook. However, gains were capped due to the big builds in private inventories, crude stocks increased by 7.4mln bbls, ahead of the EIA data later today which may provide further short-term volatility on prices. Despite saying this, it could be overlooked due to the fundamental OPEC+ meeting later today. Ahead of the confab, it was reported OPEC+ members are in agreement that the market can take more supply which would be expected to amount to a reduction in oil prices. On the flipside, it was reported this morning OPEC+ options include a rollover of current cuts and several members support the idea of no supply easing in April which resulted in immediate upside for both WTI and Brent. Note, a Rolling Headline covering the event is available on the Headline Feed. Meanwhile, it’s also worth keeping tabs on the geopolitical landscape as Iraqi sources noted of missile strikes targeting a base that houses US troops, albeit no casualties were reported. Furthermore, a Saudi-led coalition said it has destroyed a drone launched by Yemen Houthis towards the southern region of Saudi Arabia – the latest in a series of increasing attacks against the oil-rich nation. WTI has eclipsed USD 61.00/bbl (vs low USD 59.27/bbl) and Brent USD 64.00/bbl (vs high USD 62.40/bbl) at best, but just below these handles currently. Elsewhere, precious metals are both softer on the session during early European hours with spot gold trading at USD 1,725/oz and spot silver trading at 26.60/oz – with the precious metals failing to garner much impetus from the receding Dollar. Elsewhere, base metals predominantly softer on the session with LME copper -1.0%. Leading on from this and of note for aluminium, the US Commerce Department issued an anti-dumping duty from 18 countries, including up to 242.8% on imports from Germany and 4.83% on imports from Bahrain. Additionally, these duties will come on top of 10% US tariffs imposed on the majority of aluminium imports.

US Event Calendar

  • 8:15am: Feb. ADP Employment Change, est. 200,000, prior 174,000
  • 9:45am: Feb. Markit US Services PMI, est. 58.9, prior 58.9
  • 10am: Feb. ISM Services Index, est. 58.7, prior 58.7
  • 10am: Fed’s Harker Discusses Equitable Workforce Discovery
  • 12pm: Fed’s Bostic Discusses an Inclusive Economy
  • 2pm: U.S. Federal Reserve Releases Beige Book

DB’s Jim Reid concludes the overnight wrap

As lockdown continues to drag, the twins have started to resort to asking “why this and why that?” to virtually every single part of life. Examples include “Daddy, why you got no hair?”, “Why you go to work?” and my favourite at bed time last night, “Daddy, why you got eyebrows?”. On the final one it took me until after they went to sleep to actually remember it was to stop sweat and water going into your eyes. I said they were ornamental which was an incredibly stupid answer especially when you think how wild mine have grown in lockdown. Luckily Zoom is quite low definition.

There were more than a few raised eyebrows at the last few days price action in global markets but things are calming back down for now. Following the best performance for US equities since June on Monday, yesterday saw another (mild) retrenchment as the focus once again turned back to the sustainability of current valuations in a higher-yield environment. It’s true to say that the recent moves shouldn’t be exaggerated though, as the S&P 500 is still only -1.64% beneath its all-time closing high seen less than a month ago, but the big question is whether those valuations can be justified as the economy and markets are weaned off the massive levels of stimulus they’ve been receiving over the last year. Although talking of stimulus yesterday’s CoTD looked at a proprietary DB survey of US brokerage account holders. This “Retail” group said they would invest an average of 37% of future stimulus checks into the stock market. We did some back of the envelope calculations in the note as to how much firepower this could bring. See it here for more and for the full survey findings. Email jim-reid.thematicresearch@db.com if you want to be on the Chart of The Day distribution.

Back to markets and by the close of play the S&P 500 shed -0.81% thanks to a sharp move lower in tech stocks, with the NASDAQ (-1.69%) and the NYSE FANG+ (-1.90%) both underperforming as the worries about valuations in a higher yield environment persist. Semiconductors (-3.10%) and large tech stocks like Apple (-2.09%) and Tesla (-4.45%) were particularly under pressure. Small-cap stocks also struggled with the Russell 2000 falling -1.93%. In Europe, equity markets managed to hold onto their gains as the STOXX 600 rose +0.19%.

Given the recent volatility in sovereign bond markets, there was much attention on Fed Governor Brainard’s remarks around lunchtime in the US. She noted that “those moves last week, and the speed of the moves, caught my eye.” Governor Brainard added that disorderly conditions or a persistent tightening of financial conditions that could potentially hinder progress toward the Fed’s dual mandate would cause her concern. She also again highlighted that “Even after the conditions for liftoff have been met, changes in that policy rate are likely to be only gradual.” 10yr US treasuries yields continued to mean revert yesterday as they fell -2.6bps lower to 1.391%, as the drop in real rates (-6.3bps) overcame the +3.7bps increase in 10yr breakevens. 5yr yields also continued to normalise, falling -3.7bps, as the more extreme pricing of future Fed hikes from late last week continued to be reversed.

Over in Europe there was a general decline in yields as well, with those on 10yr bunds (-1.8bps) and OATs (-2.1bps) both moving lower, as gilts (-7.2bps) outperformed strongly ahead of today’s budget announcement. And following last week’s comments from key ECB policymakers that they were closely monitoring the level of yields, we got additional remarks from Fabio Panetta of the ECB’s Executive Board, who said that “The steepening in the nominal GDP-weighted yield curve we have been seeing is unwelcome and must be resisted”. As it happens, the move in 10yr German bund yields over the last 3 sessions (-12.0bps) has now more than reversed the increase over the 3 sessions before that (+10.7bps), in contrast to Treasury yields which still stand +2.6bps above their levels of Monday last week.

Staying on Europe, Bloomberg reported yesterday that the European Commission were likely to suspend the EU rules in 2022 as the bloc recovers from the pandemic. The official decision isn’t actually due for another two months, but the officials cited in the report said that the recommendation would be the rules aren’t reintroduced until 2023. A question I had is whether they’ll ever come back in the same form? Maybe much depends on how successful (or not) the US is in reviving its economy with the upcoming stimulus package.

On the topic of US stimulus, President Biden and Senate Majority Leader Schumer are in the midst of their first test to keep their party all onside ahead of the vote on the new stimulus bill. Moderate Senators Manchin and Shaheen both have raised concerns on some of the spending items in the bill, namely the weekly pandemic unemployment bonus set to expire March 14 and the income cap for stimulus checks. They want to keep the unemployment bonus at the current $300/week – which a majority of Democrats have been trying to raise to $400/week – while also wanting to cap the income level for families getting stimulus checks at $200,000. Senator Manchin did not call any of the measures deal-breakers and wants to reach a resolution today ahead of a vote later this week. Overall party leaders remain confident the bill will pass the Senate and also its return trip to the House this week or over the weekend.

Overnight in Asia, markets have switched back to risk on mode with the Nikkei (+0.39%), Hang Seng (+1.86%), Shanghai Comp (+1.43%), Kospi (+0.81%) and Asx (+0.82%) all up. Supporting this has been stronger February services and composite PMIs for many Asian countries. Japan’s final services PMI came at 46.3 (vs. 45.8 flash) with the composite at 48.2 (vs.47.6 flash) while India’s services PMI came in at 55.3 (vs. 52.8 last month) with the composite at 57.3 (vs. 55.8). China’s Caixin services PMI printed in line with consensus at 51.5 with the composite at 51.7 (vs. 52.2 last month). In terms of other data releases, Australia’s 4Q GDP came in at +3.1% qoq (vs. +2.5% qoq expected) while the previous quarter was revised up by 0.1pp to 3.4%. Lastly, futures on the S&P 500 are also trading up +0.43% this morning and the European ones are pointing to a positive open.

Here in the UK, attention will today turn to the government’s 2021 Budget, which Chancellor Sunak will be presenting in the House of Commons at around 12:30 London time, before later holding a press conference at 17:00. Much of the potential announcements have already been trailed in the press, such as the possibility of higher corporation taxes and an extension of the furlough scheme (now to September as confirmed last night), but as ever with UK budgets there may be some unrevealed rabbits that could yet be pulled out of the hat. The backdrop is a relatively bright one by the standards of recent months, with the UK having had one of the most successful vaccine rollouts of any major country. This helped the 7-day case average fall to 7,680 yesterday, which is its lowest since October 3. For those wanting more detail on the budget, our UK economists put out their preview last week (link here).

Elsewhere on the pandemic, Bloomberg reported that Chancellor Merkel was in favour of extending the German lockdown until March 28, which includes the closure of non-essential shops and restaurants, albeit with a relaxation on private gatherings from March 8. At the other end of the spectrum, Texas – the second most-populous state in the US with nearly 29 million residents – has lifted its state wide mask mandate and the Governor announced that all businesses will be allowed to open at 100% of capacity as of next Monday. This runs counter to the current CDC guidelines. Elsewhere San Francisco reopened indoor dining, theatres and gyms on a limited basis as the state lowered the county’s restrictions. On the vaccine front, President Biden announced that Merck & Co. will be working in partnership with Johnson & Johnson to produce more of the latter’s vaccine, which received authorisation this past weekend. The Biden administration expects nearly 20 million doses in total by the end of this month, having already been allocated 3.9 million. President Biden has also said that the U.S. may have enough vaccines for every adult American by the end of May.

Looking at yesterday’s data, the flash Euro Area CPI reading for February came in at 0.9% as expected, whilst core inflation also came in as expected at 1.1%. Separately in Germany there were some underperformances in the data, as retail sales fell by -4.5% in January (vs. +0.3% expected) amidst the country’s lockdown, and unemployment rose by +9k (vs. -10k expected) in February, which marks the first monthly increase in since back in January.

To the day ahead now, and the data highlight will be the release of the February services and composite PMIs from around the world, as well as the ISM services index in the US. In addition, there’ll be the Euro Area PPI reading for January, the final Italian GDP reading for Q4, and the ADP’s February report of private payrolls in the US. Fed speakers include Harker, Bostic and Evans, while there’ll also be the release of the Fed’s Beige Book. From other central banks, we’ll hear from ECB Vice President de Guindos, the ECB’s Hernandez de Cos, Panetta and Schnabel, and the BoE’s Tenreyro. Finally in the UK, Chancellor Sunak will be setting out the 2021 Budget.

3A/ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED UP 68.31 PTS OR 1.95%   //Hang Sang CLOSED UP 784.56 PTS OR 2.70%    /The Nikkei closed UP 150.93 POINTS OR 0.51%//Australia’s all ordinaires CLOSED UP 0.83%

/Chinese yuan (ONSHORE) closed UP AT 6.4646 /Oil UP TO 60.63 dollars per barrel for WTI and 63.55 for Brent. Stocks in Europe OPENED ALL GREEN EXCEPT SPAIN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4646. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4698 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /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

3 C CHINA

CHINA/USA

Xi Jinping Calls Out US As “Biggest Threat” To China’s Development & Security

WEDNESDAY, MAR 03, 2021 – 13:03

China is currently signaling the world that it has mapped out its post-COVID ascent, but crucially it is now openly naming the United States as its biggest global obstacle.

Though Beijing and Washington now seem to have accepted their ongoing economic and financial rivarly as essentially commonplace across various industries, particularly tech and communications, as well as defense, a recent speech by President Xi Jinping upped the ante further, having as its central theme “the East is rising and the West is declining.”

Via Reuters

The biggest source of chaos in the present-day world is the United States,” Mr. Xi stated ultra-confidently in a speech that was published last week and recently translated. And according to an official cited in The New York Times as having been present at the speech, Xi said, “The United States is the biggest threat to our country’s development and security.”

The NY Times reporting of the speech observed further of its significance:

That warning, echoed in similar recent public comments by senior officers near Mr. Xi, reinforces how he’s looking for to steadiness confidence and warning as China strides forward whereas different international locations proceed to grapple with the pandemic.

His double-sided pronouncements replicate an effort to maintain China on guard as a result of, regardless of its success at dwelling, it faces deep mistrust in Washington and different Western capitals. Although China is rising stronger, Mr. Xi has stated, there are nonetheless some ways by which “the West is strong and the East is weak,” officers have recounted in speeches not too long ago issued on native get together web sites.

Meanwhile US Secretary of State Antony Blinken on Wednesday returned the favor, saying that US-China relations will be “biggest geopolitical test” of the century.

In the major scheduled speech intended to lay out Biden’s strategy to “renew America’s strengths” on the world stage, Blinken said of China that the US will “manage” the relationship “from a position of strength.”

Blinken said further of China in the much anticipated speech:

“That requires engaging in diplomacy and in international organizations, because where we have pulled back, China has filled in…”

The top U.S. diplomat said Washington would continue to compete, collaborate and be “adversarial,” if necessary, with China, “the only country with the economic, diplomatic, military, and technological power to seriously challenge the stable and open international system – all the rules, values, and relationships that make the world work the way we want it to.”

There were other parts of the speech where China, though at times unnamed, was on the receiving end of digs such as Blinken’s mentioning “countries stealing our intellectual property.”

Ultimately, Biden’s Secretary of State assured, the United States will “lead with diplomacy” around the globe to “renew democracy, because it’s under threat.”

“We’re not simply picking up where we left off. We’re looking at the world with fresh eyes,” he added.

4/EUROPEAN AFFAIRS

FRANCE/

France has complete loss of trusts in the Pfizer and Moderna vaccine: half of home health workers state that they will resist taking the vaccine

(zerohedge)

“Complete Loss Of Trust”: Half Of French Home Health Workers Say They’ll Resist Taking Vaccine

WEDNESDAY, MAR 03, 2021 – 5:45

Astounding new figures out of France suggest what is no doubt a broader global trend of hesitancy and skepticism when it comes to the current big push to ‘vaccinate all’.

Reuters in covering the country’s vaccine rollout finds that merely around “half of health workers in French care homes do not want to be vaccinated” — even after many of these routinely witness the ravages of COVID-19 on the elderly and infirm.

“There’s a complete loss of trust,” one home health care worker and trade union representative was cited in the report as saying, reflecting resistance to the growing pressure put on often underpaid staff in difficult working conditions who are being ordered to get vaccinated lest they risk the safety of the elderly patients. And another reflected a common answer of “I’m going to wait a bit”.

Via Reuters

The intense skepticism and pushback stems from the fact that it’s both the government that’s reportedly underpaying them, while also demanding they get the jab.

Reuters presents a common refrain among the frontline care-givers as follows:

Marie-France Boudret, who works in a French home for the elderly, watched a patient suffocate to death in front of her because COVID-19 had infected his lungs. But when her employer offered her a vaccine against the virus, the nurse hesitated.

“I have some doubts,” said Boudret, 48. “I prefer to wait.”

The trend is also being observed across Europe, raising deep concerns among health officials that the elderly population remains at great risk to the degree that large portions of health workers refuse or at least delay the jab.

The report offers as nearby examples Germany and Switzerland, where resistance to the vaccine among home healthcare staff could be even greater than in France. “In Germany, care home operator BeneVit Group surveyed staff in November and found only 30% wanted to get vaccinated,” writes Reuters.

Over the past year France has struggled to contain a series deadly coronavirus outbreaks at nursing homes and elderly care facilities, akin to similar tragedies in New York and other places in the US:

And of Switzerland, the report cites the following: “Peter Burri, head of ProSenectute, Switzerland’s biggest advocacy group for seniors, said at most half of nursing staff in the medical sector were willing to get inoculated.”

France has lately been debating whether or not older people with pre-existing conditions should receive AstraZeneca’s vaccine. Previously Paris warned against it, however, on Tuesday government health officials revised the stance which had been taken out of caution over lack of data from clinical trials, and has now lifted the ban for people 65 and up.

Currently France is approaching the 4 million mark (at 3.8 million) in terms of recorded total COVID invections since the pandemic began, including over 87,000 deaths.

end
UK
This upcoming insolvency of Greensill could possibly become systemic as we will probably see massive defaults jobs losses
(zerohedge)

“Insolvent” Greensill Warns Of ‘Wave Of Defaults, Job Losses’ After ‘Spectacular Unraveling’

WEDNESDAY, MAR 03, 2021 – 9:55

How the mighty fall…

Lex Greensill has gone from “the king of supply chain finance” to insolvent in two weeks.

As we detailed previously, London-based Greensill Capital was heralded for apparently revamping the humdrum business of supply-chain finance, a kind of lending that speeds up payments between companies. Bloomberg reported in early Feb that the 44-year-old financier says the firm provided $150 billion to businesses and customers in 175 countries last year.

Then, yesterday morning, things escalated as, following Credit Suisse and Softbank’s decisions to abandon the fund yesterday, Swiss asset manager GAM Holdings is closing the GAM Greensill Supply Chain Finance Fund to subscriptions and redemptions “as a result of recent market developments.” It added:

“A certain part of the [funds’] assets is currently subject to considerable uncertainties with respect to their accurate valuation.”

Greensill said it acknowledged “the decision” to “temporarily” suspend the funds, adding:

“We remain in advanced talks with potential outside investors in our company and hope to be able to update further on that process imminently.”

But, it now appears as if things are getting terminal, as The FT reports that Greensill Capital is preparing to file for insolvency in the UK, capping a spectacular unravelling for the finance company backed by SoftBank and advised by former prime minister David Cameron.

The planned filing comes as US private equity firm Apollo Global Management races to strike a deal to buy the most attractive parts of Greensill.

A deal with Apollo would be likely to wipe out Greensill’s shareholders such as SoftBank’s Vision Fund.

Lawyers for Greensill warned this week that the recent loss of a $4.6bn insurance contract could cause a wave of defaults among its clients and 50,000 job losses.

It said that some of these clients were “likely to become insolvent, defaulting on their existing facilities”, as their funding for working capital was removed.

But the hits just keep coming for Greensill, as Bloomberg reports that a probe by Germany’s financial regulator found irregularities with how Greensill Bank AG booked assets related to companies controlled by or close to U.K. entrepreneur Sanjeev Gupta.

BaFin mandated KPMG with a forensic investigation last year as part of a wider probe, according to people familiar with the matter. One of the most serious findings was that the bank had booked claims for transactions that hadn’t yet occurred but which were accounted for as if they had, the people said, asking to remain anonymous because the information isn’t public.

As we noted previously, Greensill’s apparently dismal dive into illiquid assets (and liabilities) follows the fall of infamous U.K. stock picker Neil Woodford in 2019 who ploughed large amounts into unlisted or thinly-traded companies and was forced to freeze his funds to allow for an orderly liquidation. H20 Asset Management also had to freeze funds under pressure from the French regulator because of illiquid investments tied to German financier Lars Windhorst.

When will The Fed start buying all this extremely illiquid crap on to its (the US taxpayers) balance sheet? Somebody do something!

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/USA

Both the EU and the USA hit Russia with sanctions over the Navalny poisoning

(zerohedge)

US & EU Hit Russia With Coordinated Sanctions Over Navalny Poisoning

TUESDAY, MAR 02, 2021 – 19:05

As expected on Tuesday shortly after the European Union announced sanctions against top Russian officials accused in connection to the Navalny case, the United States rolled out with its own sanctions in a coordinated effort.

“Today, as part of a robust inter-agency response to the poisoning and imprisonment of opposition figure Alexei Navalny, the Treasury Department is designating seven senior members of the Russian government,” the Biden administration announced Tuesday afternoon.

In particular the US Treasury penalties target seven Russian government officials who stand broadly accused of orchestrating the alleged ‘nerve agent poisoning’ of anti-Kremlin activist Alexei Navalny, who since his return to Russia from Germany has been sentenced by a Moscow court to 2.5 years in prison stemming from a prior embezzlement case.

Via Reuters

“We join the EU in condemning Alexei Navalny’s poisoning as well as his arrest and imprisonment by the Russian government,” Treasury Secretary Janet Yellen stated.

Russia is further banned from receiving any financial assistance from any and all US departments or agencies for a minimum of one year. An official State Department press release highlighted Russia’s bio-chemical weapons program in relation to Navalny:

“Today, the Secretary of State determined that the government of the Russian Federation has used a chemical weapon against its own nationals“, the release said. “As a result, the following sanctions will be imposed: Denial to Russia of any credit, credit guarantees, or other financial assistance by any department, agency, or instrumentality of the United States government, including the Export-Import Bank of the United States.”

And according to further details:

Senior administration officials, speaking to reporters on a conference call, said the sanctions also include export controls on 14 parties — nine Russian, three German and one Swiss, and three Russian government research institutes, most of which are believed to be involved in the production of chemical and biological agents.

Reuters lists the following officials targeted: “Among those blacklisted by the Treasury were Andrei Yarin, the chief of the Kremlin’s domestic policy directorate; Alexander Bortnikov, the Director of the Federal Security Service (FSB); and deputy ministers of defense Alexei Krivoruchko and Pavel Popov, among others, according to a statement.”

The EU sanctions similarly targeted “high profile individuals” – which includes travel bans against select Russian security officials and the freezing of their assets held in Europe.

Meanwhile, the State Department suggested there’s more penalties to come…

end
UKRAINE/USA/RUSSIA
USA gives $125 million in military aid to the Ukraine as they battle Russia
(DeCamp/AntiWar.com)

Pentagon Announces $125 Million In Military Aid For Ukraine

WEDNESDAY, MAR 03, 2021 – 2:00

Authored by Dave DeCamp via AntiWar.com,

On Monday, the Pentagon announced a $125 million military aid package for Ukraine. The $125 million package includes two armed Mark VI patrol boats, giving Ukraine a total of eight such vessels provided by the US.

The Pentagon said the package also includes “capabilities to enhance the lethality, command and control, and situational awareness of Ukraine’s forces.” This means additional counter-artillery radars, other tactical equipment, continued support for satellite systems, and some medical equipment.

US training Ukrainian troops, via UNIAN

This package is the first part of the $275 million approved by Congress for Ukraine in the 2021 fiscal year. As per the 2021 National Defense Authorization Act, the additional $150 million is contingent on Ukraine reforming its military. The Pentagon said it will work with the State Department to certify “that Ukraine has made sufficient progress on key defense reforms this year.”

Since the 2014 US-backed coup in Ukraine that sparked the war in the eastern Donbas region, the US has provided Kyiv with $2 billion in military aid.

Despite the controversy around President Trump and aid to Ukraine, he took a step the Obama administration was not willing to take and sent Javelin anti-tank missiles to Kyiv.

Last week, President Biden released a statement on the seventh anniversary of Russia’s annexation of Crimea and said the US would “never” accept Russian sovereignty over the peninsula. He said the US “will stand with Ukraine against Russia’s aggressive acts.”

“We reaffirm a simple truth: Crimea is Ukraine. The United States does not and will never recognize Russia’s purported annexation of the peninsula,” Biden had said.

Like the war in the Donbas, the annexation of Crimea was also sparked by the US-backed coup in Kiev. The largely ethnic Russian populations of Crimea and Donbas rejected the nationalist post-coup government in Kiev, and the majority of Crimeans favored joining Russia.

END

It sure looks like it: Biden reenlisting forever wars?

(Pat Buchanan)

Is Biden Reenlisting In The Forever Wars?

TUESDAY, MAR 02, 2021 – 21:25

Authored by Pat Buchanan via Buchanan.org,

Thursday, in its first military action, the Biden Pentagon sent two U.S. F-15Es to strike targets of Kataib Hezbollah, an Iranian-backed Iraqi militia just inside the eastern border of Syria.

The U.S. strikes were in retaliation for a missile attack on a U.S. base in Irbil, capital of Iraqi Kurdistan, which killed a contractor and wounded a U.S. soldier.

“We’re confident that the target was being used by the same Shia militia that conducted the strikes,” said Defense Secretary Lloyd Austin.

But Democratic Sens. Tim Kaine and Chris Murphy want to know where President Joe Biden got his authority to launch attacks in Syria, where there was no clear or present danger to any U.S. troops.

Days before the U.S. strike, Kataib Hezbollah issued a statement denying any complicity in the Irbil attack: “We absolutely did not target Erbil or the Green Zone and have no knowledge of the group that did.”

Iran has also denied any involvement in the missile attack on the Americans. On a visit to Baghdad, Iran’s Foreign Minister Javad Zarif called for an investigation as to who is initiating the attacks inside Iraq.

“We emphasize the need for the Iraqi government to find the perpetrators of these incidents,” said Zarif.

Foreign Minister Sergei Lavrov said Russian forces in Syria got only four or five minutes’ notice that U.S. planes were on their way to a strike.

Bottom line: Those conducting these attacks on U.S. bases and troops in Iraq, provoking American counterstrikes, seek to ignite a conflict between the U.S. and Iran, and its proxies in Iraq and Syria.

And they are succeeding.

Biden broke with former President Donald Trump on the latter’s decision to pull out of the Iran nuclear deal and impose “maximum pressure” sanctions to compel Iran to negotiate a more restrictive deal. But Biden has yet to reveal his own strategy or goals in dealing with Tehran.

Is he willing to accept a return to the nuclear deal the U.S., U.K., France, Germany, China and Russia negotiated with Iran in 2015? And if that deal is now no longer adequate, how does Biden propose to get Iran to negotiate and agree to a tougher deal?

The leverage we have are the sanctions Trump imposed. If Biden lifts those in return for Iran returning to the terms of the 2015 deal, he surrenders all of his leverage for a new deal covering Tehran’s missile development and aid to Shia militias in Yemen, Syria, Iraq and Lebanon.

But if Biden refuses to lift the Trump sanctions, Iran is likely to revive its nuclear enrichment program, give up on the U.S. and elect a hardline regime this year that could adopt a policy of attacking U.S. interests and personnel across the region until the Americans go home.

Six weeks into his administration, Biden seems in danger of being drawn back indefinitely into the forever wars of the Middle East.

In Afghanistan, under the terms of the peace deal negotiated with the Taliban in 2020, all U.S. troops are to be out of the country by May 1.

Under that deal, not a single U.S. soldier has been lost in combat in the last year.

If the U.S. announces, as some believe is likely, that we are not going to withdraw all forces by May 1, the Taliban, who control half the country, are likely to begin targeting the remaining American troops in the country.

Biden could then be presented with this Hobbesian choice: Flee Afghanistan under fire, or send more U.S. troops to protect those we left behind. Writes William Ruger, a veteran of the war and Trump’s nominee to be ambassador to Afghanistan:

“Keeping our troops in Afghanistan beyond the promised deadline is pushing them back in the Taliban’s cross hairs and indefinitely continuing an … unwinnable war, which has already cost more than $2 trillion and more than 2,400 American lives …

“Anything less than a full drawdown means that Afghanistan will become President Biden’s war. He will have to own the predictably terrible consequences of continuing a war that can’t be won.”

Looking at our 20 years of military intervention in the Middle East, since Osama bin Laden drew us in by bringing down the twin towers and hitting the Pentagon, what is on the asset side of our balance sheet?

Two decades of fighting in Afghanistan, yet the Taliban enemy we ousted in 2001 seems today destined to retake power when we depart.

Pro-Iranian Shia militia dominate the Iraq that we sent an army to liberate from Saddam Hussein. In Yemen and Syria, we bear major moral responsibility for two of the worst humanitarian disasters of the 21st century, and we are facing strategic defeats in both theaters.

In Libya, whose regime we helped to overthrow, Turks and Russians are fighting for control.

And China, which stayed out of all these wars we started — or into which we plunged — has prospered in these 20 years as few other nations in modern history.

IRAN/USA

Your move Mr Biden: 10 rockets slam into the USA base in Iraq

(zerohedge)

Iran’s Revenge? At Least 10 Rockets Slam Into US Base In Iraq

WEDNESDAY, MAR 03, 2021 – 9:30

There’s yet more significant escalation in Iraq as it appears pro-Iranian militia forces may have ‘hit back’ in a potential retaliation strike against US forces, as the Pentagon has confirmed at least ten rockets were fired on the the Ain al-Asad airbase in Iraq’s Anbar province Wednesday morning.

There were initial reports of no casualties and Iraq’s military reported “no significant losses”. A US Coalition statement said that according to its initial assessment “10 IDF rockets targeted an Iraqi military base, Al Asad Airbase, hosting Coalition troops, on March 03, 2021 at approx 7:20 a.m. (Iraqi time).”

However, the AFP in the hours afterward reported the following death related to the security threat: “A civilian contractor with the US-led coalition in Iraq died of a heart attack during a rocket attack on the sprawling Ain al-Assad air base, Iraqi and Western security sources say.”

Ain al-Asad airbase, via Reuters

It’s the first such rocket fire on US facilities and assets in the region since the major US strike on Eastern Syria on Feb.25. Biden controversially authorized that attack which may have killed multiple ‘Iranian militia’ operating in the country in response to the prior rocket volley attack on Erbil Air Base last month.

That strike grabbed international attention given it was the first time Biden authorized a military attack on a foreign country’s sovereign soil, the details of which has recently emerged as follows:

The Biden administration had earlier said it was unclear what the casualty toll was from the bombing raid, which was carried out in retaliation for a deadly rocket attack on a U.S.-led coalition base in northern Iraq as well as two other rocket attacks.

Two U.S. F-15 fighter jets dropped seven precision-guided bombs last Thursday on what the Pentagon said was a logistics hub for the Iranian-backed militias near Syria’s border with Iraq. The Pentagon blamed the militias for the recent rocket attacks.

Further as AFP also underscores, this new assault is fourth time in less than three weeks that rockets hit a Western installation in Iraq.

“Western security sources told AFP the rockets were Iranian-made Arash models, which are 122mm artillery rockets and heavier than those seen in similar attacks,” the report adds.

And crucially recall that Ain al-Asad base is the site of the major Iranian ballistic missile attack which rained down on coalition troops during the January 2020 retaliation for the US killing of IRGC General Qassem Soleimani.

Also the attack comes a mere two days ahead of Pope Francis’ scheduled visit to the country, which is the first time in history a Pope has traveled to Iraq, in what is expected to be a bit of a ‘security nightmare’ for local officials.

END

6.Global Issues

With or without the vaccines, the USA will probably have herd immunity by June.  Biden promises all Americans of adult age will be promised a vaccination

(zerohedge)

Biden Promises Vaccines For All Americans By End Of May, Return To Normal In A Year

TUESDAY, MAR 02, 2021 – 17:34

Joe Biden said the United States will have enough vaccine supply to vaccinate all American adults for coronavirus by the end of May, crediting a “stepped up process” under his administration because he had to differentiate his vaccine rollout process from that of his predecessor.

“We’re now on track to have enough vaccine supply for every adult in America by the end of May,” Biden said in remarks Tuesday afternoon at the White House. “When we came into office, the prior administration had contracted for not nearly enough vaccine to cover adults in America. We rectified that.”

Biden made the announcement while outlining the previously leaked “breakthrough collaboration” between Merck and Johnson & Johnson to produce the latter’s single-dose coronavirus vaccine – a partnership between rivals aimed at ramping up the pace of inoculations that will help provide enough supply for every adult in the U.S. by the end of May. Biden stressed that Tuesday’s developments marked a significant milestone in the fight against the virus, but he cautioned that more work needs to be done in order to distribute the vaccine and inoculate much of the U.S. population.

The new timeline is more condensed than Biden’s previous prediction that the U.S. would have enough vaccines for all American adults, some 600 million doses, by the end of July.

Biden also said he hopes the U.S. would be back to normal “by this time next year” but said he’d been cautioned not to provide a specific date “because we don’t know for sure.”

“My hope is by this time next year we are going to be back to normal or before that,” Biden said.

He underscored his administration’s efforts to boost the number of vaccinators and locations where Americans can receive doses. “That is progress, important progress,” Biden said. “But it’s not enough to have the vaccine supply.”

It could take much longer for the country to vaccinate the adult population, given the logistical hurdles of distributing and administering vaccines. Americans in states and cities, including Washington, D.C., have encountered challenges in signing up for appointments online. The Biden administration is also trying to address vaccine hesitancy by communicating that the vaccines are safe and effective in order to ensure that as much of the population as possible gets vaccinated.

Biden urged Americans to remain vigilant by continuing to wash their hands, keep their distance from others and wear masks. Ironically, his remarks came as governors in Texas and Mississippi lifted mask mandates and other restrictions, allowing businesses to fully reopen. Biden did not mention those states on Tuesday but emphasized his call for Americans to wear masks for the first 100 days of his presidency.

“Things may get worse again as new variants spread and as we face setbacks like recent winter storms in the Midwest and South. But our administration will never take this public health threat lightly,” Biden said. “Now is not the time to let our guard down. People’s lives are at stake.”

END

Hong Kong probes the death of a 63 year old man who received the Sinovac vaccine (made in China)

(zerohedge)

Hong Kong Authorities Probe Death Of Man Who Received Covid-19 Vaccine

TUESDAY, MAR 02, 2021 – 22:15

Hong Kong’s health authority is investigating whether the death of a 63-old man is related to inoculation with the Covid-19 vaccine, it said in a statement late Tuesday.

The Department of Health said the man had received the shot on February 26 at Kwun Chung Sports Centre in Jordan, one of the government’s designated vaccination sites.  He was sent to Queen Elizabeth Hospital on February 28 after suffering shortness of breath.

A source said the man had suffered a cardiac arrest soon after he was admitted, and died on the same day after failed resuscitation attempts.

“At the moment, the causal relationship with the vaccination cannot be ascertained,” the department said in a late-night statement, adding that it was seeking more information from the Hospital Authority.

The source said that when the man was admitted to hospital, clinicians were notified that he had been vaccinated with the Sinovac jab, but at that time they thought the conditions were unrelated, as the patient suffered from chronic illnesses. According to the SCMP, a hospital spokesman said the man, who also had a record of respiratory tract diseases, was admitted at about 1.30am on Sunday. He was transferred to medical ward at about 3am but his condition deteriorated rapidly and he died at around 6am. The Coroner’s Court would follow up on the death, the spokesman said.

In a press briefing at about 12.30am on Wednesday, hospital deputy chief executive Dr Johnny Chan Wai-man said the patient told emergency unit staff he had received a jab, but personnel in the medical ward were not aware of the vaccination as they focused on his rapidly deteriorating condition.

Chan said no signs of allergic reactions were detected during resuscitation attempts and staff believed from clinical judgments the patient had chronic bronchitis, for which he was treated. None of the patient’s conditions that day could be associated with inoculation, he said.

The hospital alerted the health department the following day after reviewing his record and realizing he had been vaccinated.

Dr Ronald Lam Man-kin, controller of the Centre for Health Protection, stressed that it was too early to conclude there was a causal relationship and the expert committee would examine the incident.

The vaccine was still recommended as the benefits outweighed the risks, he said, adding that the department’s monitoring mechanism was in line with international standards.

“A vaccination programme cannot be arbitrarily stopped before a causal relationship is established,” Lam said. Chan, however, admitted that communications could be improved.

Professor David Hui Shu-cheong, a respiratory medicine expert at Chinese University and a government adviser on the pandemic, told the SCMP whether the man’s death was related to the vaccination had yet to be concluded by a postmortem examination. He said the man had suffered from four risk factors of a coronary artery disease, including his smoking habit, high blood pressure, hyperlipidemia and high blood glucose levels, which could pose threats to his health even without the vaccine.

The diabetic man had been seeking treatment from a government outpatient clinic and was taking two kinds of medicine. His blood glucose levels were normal when he was admitted to the hospital emergency unit. “If the [diabetes] is well controlled, there is no problem in getting the vaccine,” Hui said.

Experts had said adverse reactions reported by several people after receiving shots of the mainland-made Sinovac vaccine were unlikely to be linked to the jab. Some 40,000 people have received the jab so far.

Meanwhile, bookings for the Pfizer-BioNTech vaccine, which was jointly developed by German and US firms, will open on Wednesday at 9am. With 140,000 slots available for priority residents, the jabs will be offered from March 10 to 30 at seven vaccination centers operated by the Hospital Authority.

According to the SCMP, at least seven people had been sent to hospital after they developed complications – such as a rapid heartbeat, dizziness and high blood pressure – following Sinovac shots over the past few days. The University of Hong Kong’s Professor Ivan Hung Fan-ngai, co-convenor of the expert committee on adverse reactions to vaccines, said the conditions reported by the patients were also common in other situations.

“Dizziness is a common response among some people who get injected for vaccinations or blood-drawing. Many people also have palpitations,” he said, referring to the condition of a fast-beating or fluttering heart.

He said the committee would meet on Wednesday to look into the adverse events.

Hui also said those reactions were likely to have been caused by unconscious responses in the nervous system, such as rising heart rates due to a fear of needles or blood.

“If you are afraid of needles, maybe don’t look at the needle,” he told a radio programme. “There’s no need to worry, the needle is there to help you develop immunity.”

END
Canada
What a mess!
(zerohedge)

Canada’s Quarantine Hotels Backfire As People Starved

TUESDAY, MAR 02, 2021 – 22:25

A couple of weeks ago, the Canadian government introduced a new set of rules forcing international air travelers to quarantine in hotels for three days upon arrival; the plan has since backfired, “after a series of endless, chaotic setbacks including food shortages and even alleged sexual assaults,” according to RT News.

Vancouver’s local radio station CKWX reports travelers have become upset at Sheraton Gateway Hotel in Toronto after they waited hours for their meals.

Arunthia Urmi, who traveled outside of Canada to visit her father, said she waited hours for food, only to receive nothing more than a flimsy piece of salmon – barely a meal. She also said:

“There was no water. There was no fork or knife, no utensils. No salt or pepper. Nothing,” Urmi said.

Twitter user Raymond Truesdale documented the frustration between travelers at the Toronto hotel and staff.

Truesdale said, “Here at Hotel Sheraton airport terminal 3 They were ill-prepared for this 3-day quarantine No kitchen staff no food they say no water people have come to lobby boondoggle.”

Multiple confrontations broke out between those in quarantine and hotel staff about lack of food and water.

This time there was “no food, no water.”

…and when they got food – the hotel price gouged the living hell out of those in quarantine. Judging by the content of the food, it was certainly not worth $50.

The mandatory quarantines have restricted these people from going outside to retrieve food. So they must rely on staff who were not adequately equipped with supplies.

At a Holiday Inn quarantine in Toronto, residents also complained about water shortages, cold food, and a lack of utensils.

“I was so hungry. I called so many times,” one woman told CTV News.

Canadian officials were underprepared as the lack of security and confusion among hotel staff resulted in starving people.

A spokesperson for the Minister of Health said they had been informed of many of these mishaps.

“We’re aware of reports that some travelers have experienced issues with food and accommodation at government-authorized hotels during their mandatory 3-night hotel stopover,” they said in an email.

“The Public Health Agency of Canada is working directly with hotel partners to find solutions to these issues.”

Police at Toronto Pearson International Airport slapped several people with fines after they attempted to escape quarantine.

Other reports state there have been multiple sexual assaults at these quarantine hotels – calls for lawmakers to end the program are mounting.

Canada’s sudden imposition of mandatory hotel quarantine for incoming air travelers has done nothing to suppress the virus’ spread but has only created more problems. 

end

Inflation running rampant in Toronto: average home now tops $1 million.

(BNN Bloomberg)

Toronto average home price tops $1M in February as sales surge

BNN Bloomberg

March 3

Home buyers piled into the country’s largest housing market last month, pushing the average price of a Toronto home above $1 million in the process as low interest rates continue to fuel activity.

A total of 10,970 homes were sold across the Greater Toronto Area (GTA) in February, representing a 52.5 per cent surge compared to a year earlier and setting a new record for the month, according to a release from the Toronto Regional Real Estate Board (TRREB) on Tuesday.

Supply came under the pressure during the month, with active listings slipping by one per cent.

That one-two punch of surging sales and eroding inventory propelled the average selling price 14.9 per cent higher year-over-year to $1,045,488 in February.

“It’s clear that the historic demand for housing experienced in the second half of last year has carried forward into the first quarter of this year with some similar themes, including the continued popularity of suburban low-rise properties,” said TRREB President Lisa Patel in a release.

“It’s also evident that the supply of listings is not keeping up with demand, which could present an even larger problem once population growth picks up following widespread vaccinations later this year and into 2022.”

The single-family detached property segment saw the strongest price growth, with the GTA average jumping 23.1 per cent year-over-year to $1,371,791. Prices rose at an even faster rate in the so-called 905 region that surrounds the City of Toronto, as the work-from-home trend continues to send buyers hunting for larger homes outside Canada’s largest city.

Meanwhile, the condo market saw the most frenzied activity in February as sales surged 64.3 per cent in February compared to a year earlier.

the Great Reset

Square closes up nearly 5% after Jack Dorsey’s company launches its own bank

Inbox
Robert H to me:
“A couple of months ago, I wrote about the unholy alliance of big social tech and the leftist forces (communists)  swayed by the great reset crowd.
Under the Great Reset agenda the approach is in essence to default on government debt as people like Thomas Picketty, the French economist has publicly said and issue digital currency ensuring government continuity in its’ present form. Once this decision was made to follow this path, the rest was execution of the plan.
Part of this strategy using digital currency is to render typical historical banking obsolete  by eliminating the need of banks to sell government debt. This in turn will render many banks with a tremendous loss of fees as not only government debt goes away, so does corporate debt as corporate debt can be addressed by social media type of platforms issuing the digitization of such debt, without banking as they are the bank. Spotify the other day went direct in disclosing its’ desire to issue more stock bypassing banks and traditional vehicles as a sign of direct interface with a paying public eliminating the need to pay bank fees.
The likes of Twitter, Google and others see themselves replacing banks as the vehicle to push out digital currency. Their ability to use non bricks and mortar to put digital currency in your wallet renders the branch network of banking as obsolete and an albatross banks cannot escape as that is the core of their banking service model and their holdings become a legacy cost they cannot outrun. The biggest threat to banks is the likes of Twitter who are gunning to wipe them out. Once their platforms are solidified and they get to issue a given currency the obituaries will be written. The plans in Europe are well canvassed as I previously have written and public consultations have been had.
Government loves the independence of non accountable for its’ actions and spending and this approach is thought to fulfill this objective. Countries like China face similar issues big their approach has been to seize on long term debt paying 3% to pull in cash while they try to build a consumer economy based on America and turn away from the mercantile model fashioned after Germany which they have successfully used in the past.
Globally over 24 trillion dollars of activity was lost last year working as a brake on economic activity effectively rolling back the ability to service and retire debt. Since WWII debt issuance has always run behind the growth of Gross Global Output/ consumption. The lockdowns of last year into 2021 have effectively rendered this impossible. And has served to render the ability of many banks to roll over their own debts  problematic. Hence the so called Reset to fix all sins and foster the agenda of control.
All money serves as means of settlement of account and is not a store of value in of itself. This fundamental point is missed in the concept of settlement. Typically even fiat currency is created on balance sheet by the sweat of one’s labor and thus defined as value worthy. Farmers sell crops and shoemakers fix shoes etc. creating products worthy of payment. Their desire to accept currency is a function of acceptance for their labors and efforts. It really remains to be seen whether digital currency will be accepted or shunned and whether such currency will be accepted in global trade. Currency as a means of settlement is a confidence game. It is not an absolute given, which is why throughout history currencies have failed as civilizations saw their day, only to see it dim.
Today, we see such efforts as a test of history ignoring its’ lessons led by new Pipers like Twitter who have their own baggage of censorship and discrimination to carry, attempting to destroy traditional banking as hand maidens of communist ideology forgetting that their own actions render confidence in their neutrality of service as compromised.
The outlook for US dollars looks brighter as the only global currency not defaulted on as does the outlook for gold and silver, as I sincerely doubt that the majority of people will blindly accept that Twitter will not cancel or censor their wealth on a whim, or philosophical opinion”.

https://www.cnbc.com/2021/03/02/square-stock-jumps-after-it-launches-its-own-bank.html

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

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

Euro/USA 1.2067 DOWN .0018 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /GREEN EXCEPT SPAIN

USA/JAPAN YEN 106.92 DOWN 0.406 (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 1.3970   UP   0.0017  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2626 DOWN .0011 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  WEDNESDAY morning in Europe, the Euro FELL BY 18 basis points, trading now ABOVE the important 1.08 level FALLING to 1.2067 Last night Shanghai COMPOSITE UP 68.31 OTS IR 1,95% 

//Hang Sang CLOSED UP 784.56 PTS OR 2.70% 

/AUSTRALIA CLOSED UP 0,83%// EUROPEAN BOURSES ALL GREEN EXCEPT SPAIN

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN EXCEPT SPAIN

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 784.56 PTS OR 2.70% 

/SHANGHAI CLOSED UP 68.31 PTS OR 1.95% 

Australia BOURSE CLOSED UP 0.83% 

Nikkei (Japan) CLOSED UP 150.93  POINTS OR 0.51%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1925.15

silver:$26.56-

Early WEDNESDAY morning USA 10 year bond yield: 1.456% !!! UP 5 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.2445 UP 4  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 90.91 UP 12 CENT(S) from  TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

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And now your closing  WEDNESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.27% UP 2 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.12.%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.38%//UP 8 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.75 UP 6 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 37 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.29% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.04% 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 WEDNESDAY

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

Euro/USA 1.2078  DOWN     .0007 or 7 basis points

USA/Japan: 106.89 UP .132 OR YEN DOWN 13  basis points/

Great Britain/USA 1.3986 UP .0033 POUND UP 33  BASIS POINTS)

Canadian dollar UP 27 basis points to 1.2609

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The USA/Yuan,  CNY: closed UP AT 6.4679    ON SHORE  (UP)..

THE USA/YUAN OFFSHORE:  6.6.47140  (YUAN up)..

TURKISH LIRA:  7.43  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.12%

Your closing 10 yr US bond yield UP 8 IN basis points from TUESDAY at 1.483 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.258 UP 5 in basis points on the day

Your closing USA dollar index, 90.83 UP 5  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 WEDNESDAY: 12:00 PM

London: CLOSED UP 54.66  0.83%

German Dax :  CLOSED UP 33.57 POINTS OR .24%

Paris Cac CLOSED UP 17.80 POINTS 0.31%

Spain IBEX CLOSED DOWN 24.10 POINTS or 0.29%

Italian MIB: CLOSED DOWN 29.20 POINTS OR 0.13%

WTI Oil price; 61.34 12:00  PM  EST

Brent Oil: 64.15 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    73.91  THE CROSS HIGHER BY 0.11 RUBLES/DOLLAR (RUBLE LOWER BY 11 BASIS PTS)

TODAY THE GERMAN YIELD  RISES  TO –.29 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 f0r Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OILPRICE 4:30 PM :  61.26//

BRENT :  64.03

USA 10 YR BOND YIELD: … 1.473..up 7 basis points…

USA 30 YR BOND YIELD:2.262 up 6 basis points..

EURO/USA 1.2065 ( DOWN 20   BASIS POINTS)

USA/JAPANESE YEN:106.97 DOWN .216 (YEN UP 22 BASIS POINTS/..

USA DOLLAR INDEX: 90.96 UP 17 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3951 DOWN 2  POINTS

the Turkish lira close: 7.46

the Russian rouble 74.07   DOWN 0.27 Roubles against the uSA dollar. (DOWN 27 BASIS POINTS)

Canadian dollar:  1.2647 DOWN 11 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.29%

The Dow closed DOWN 121.43 POINTS OR 0.39%

NASDAQ closed DOWN 376.42 POINTS OR 2.88%


VOLATILITY INDEX:  26.67 CLOSED UP 2.57

LIBOR 3 MONTH DURATION: 0.183%//libor dropping like a stone

USA trading today in Graph Form

Stocks & Bonds Hammered As Hindenburg Omen Strikes

WEDNESDAY, MAR 03, 2021 – 16:01

Amid the chaotic swings of the last few days, a “Hindenburg Omen” has been triggered in the Nasdaq for the first time since the pre-COVID peak.

While there are slightly different constructions of it, and there is disagreement on what thresholds should be used to trigger an alert, Refinitiv notes that a more stringent construction of the indicator shows a signal popped up Tuesday on the Nasdaq. The last signal developed 12 trading days ahead of the Nasdaq’s Feb. 19, 2020 top and what would then prove to be a 33% swoon in the tech-laden index into its March trough.

Source: Refinitiv

And while Nasdaq Composite triggered the ominous sounding warning, As Tom McClellan notes, the broadest equity index, NYSE Composite, came very close: ” The other conditions being met, it needed to have seen more than 91 new highs AND new lows. It only saw 89 new lows. Pretty close.”

Source: Bloomberg

Primer on Hindenburg Omen here…

All the major indices were ugly today, led by the Nasdaq which is now in the red for March…

Nasdaq broke below its 50DMA…finding major support once again at 13,000…

And the S&P closed at its 50DMA…

QQQ tumbled to its Put Wall…

Nasdaq 100 is now red for the year…

Hedge fund favorites are getting clubbed like a baby seal…

Source: Bloomberg

And the big-tech index is now at its weakest relative to small caps since February 2020…

Source: Bloomberg

Momo was monkeyhammered to its weakest since 2017…

Source: Bloomberg

Value continues to outpace growth (back to its highest since June 2020)… but it has a long way to go to break the decade-long downtrend…

Source: Bloomberg

Russell 1000 Growth/Value broke and has sustained that break of a key support area…

Source: Bloomberg

FANG stocks plunged today, second biggest drop since the election…

Source: Bloomberg

Rocket crashed back to earth today…

Cathie Wood crushed as ARKK hits a bear market…

TSLA tumbled…

Bonds bloodbath’d again today with the belly up around 8bps… European seem like the big sellers?

Source: Bloomberg

10Y stalled just shy of 1.50%…

Source: Bloomberg

Foreign buyers of US Treasuries are getting some serious compensation for a hedged position…

Source: Bloomberg

5Y Breakevens soared above 2.50% today…

Source: Bloomberg

…the highest since 2008…

Source: Bloomberg

And this is why it matters (and why The Fed is fearful of tamping down inflationary fears!)

Source: Bloomberg

The dollar ended the day higher but in a tight range this week…

Source: Bloomberg

Bitcoin burst back above $50k today…

Source: Bloomberg

And Ethereum jumped back up to $1600…

Source: Bloomberg

Oil prices rallied on the day, despite a record build in crude stocks (ahead of tomorrow’s OPEC+ meeting)…

Copper was lower on the day…

Gold futures plunged below $1700 for the first time since April 2020…

Silver also slumped but remains rangebound (between $26 and $27)…

Gold keeps falling as Treasury yields rise and ETF rout deepens. Gold ETFs holdings had the 12th straight day of declines Tuesday, the longest losing streak since Dec2016.

Finally, while spot breakevens continue to support stocks (and hurt gold), we do warn that rise in the forward inflation curve is flashing a warning over valuations…

And did big-tech just get too over-valued relative to the market?

Source: Bloomberg

a)Market trading/THIS MORNING/USA

Futures Tumble As Market Increasingly Susceptible To Gamma “Sucker Punch”

WEDNESDAY, MAR 03, 2021 – 8:59

Ahead of today’s very disappointing ADP print, which badly missed expectations of 200K by nearly half, coming at just 117K, the whisper number was far higher, somewhere in the 300-400K range (to be expected following JPM’s latest prediction that the US will add 675K jobs per month for the next year), which in turn pushed yields sharply higher ahead of the print.

Alas it was not meant to be, and yields quickly reversed on the far worse than expected ADP report.

But while as recently as last week such a poor economic print would have been sufficient to push risk assets higher, especially with yields lower, today that was not the case, and instead futures tumbled as soon as the flashing red ADP headline hit the tape.

Could it be that we have transitioned away from a “bad news is good news (for markets” regime to a clear cut “bad news is bad news” and why?

One answer comes from our friends at spotgamma who remind us just how difficult it has been for the market to rise above the 3,900 level in the S&P, pointing out that “there seems to be this rather strange dynamic to markets wherein buyers stall out >3900, and light put buyers step in.”

Specifically, what happens is that markets shake out, VIX spikes and those short duration put holders close immediately which fuels a retest of 3900. Or as the put it best, “It’s as if the SPX return was simply a function of volatility spasms.”

Making matters worse, despite yesterday’s plunge in implied vol, beneath the market’s hood realized volatility remains very high especially since high beta leaders like AAPL, TSLA, and AMZN all appear to be breaking down while the S&P holds flat. Meanwhile, despite volatility of volatility being very high, downside hedging is weak at best.

Which, to Spotgamma means that “traders seem to be using puts as alpha generation mechanisms rather than hedges.”

And so, with the S&P stubbornly unable to rise above 3,900 preventing dealers from turning long gamma, the bottom line is that “positive gamma refuses to materially build around current SPX price levels, and that positive gamma that does exist requires a push up into 3950.”

As a result, with markets unable to hold the light resistance over 3900, SpotGamma’s punchline – no pun intended – is that it is growing quite concerned that markets are increasingly susceptible to a “sucker punch” and if today’s “bad news is bad news” is any indication, even a small tremor could unleash the next market puke.

b)MARKET TRADING/USA//Non farm payrolls

ii)Market data/USA

THE PRIVATE ADP REPORT

The normally bullish ADP report which is released on the Wednesday, prior to the Non farm payroll report shows employment gains being quite slow in February.

(ADP)

Goods-Sector Jobs Tumble Most Since April As ADP Employment Gains Slow In February

WEDNESDAY, MAR 03, 2021 – 8:23

Despite the ongoing weakness signaled in initial (and pandemic emergency) claims data, ADP signaled stronger than expected January gain and analysts expected an even stronger February. However, it wasn’t with ADP reporting just 117k jobs added in February (well below the 205k expectation). January was revised up from 174k to 195k.

Source: Bloomberg

For context, payrolls expectations – for Friday – are at 210k.

The good sector saw jobs decline 13.9 in Feb – the biggest monthly decline since April

“The labor market continues to post a sluggish recovery across the board,” said Nela Richardson, chief economist, ADP.

“We’re seeing large-sized companies increasingly feeling the effects of COVID-19, while job growth in the goods producing sector pauses. With the pandemic still in the driver’s seat, the service sector remains well below its pre-pandemic levels; however, this sector is one that will likely benefit the most over time with reopenings and increased consumer confidence.”

Manufacturing was the hardest hit sector…

The biggest companies also saw layoffs…

Finally, we note that February’s job gains are still way below what JPMorgan expects going forward – 675k jobs added per month!

END
USA SERVICE PMI
The USA Service pMI slides as input costs explode higher
Service is 70% of GDP so this is not good
(zerohedge)

US Services Sector Jobs Slide As Input Prices Explode Higher

WEDNESDAY, MAR 03, 2021 – 10:05

After a mixed picture from US Manufacturing (PMI down, ISM up), expectations for February Services data were positive and Markit delivered with a better than expected 59.8 final print, but, we we have got used to, ISM disappointed notably, dropping from 58.7 to 55.3.

The Soft Survey data is completely mixed…

  • Markit US Manufacturing PMI fell to 58.6 from 59.2 (this was above the 58.5 flash print)
  • Markit US Services PMI rose to 59.8 from 58.3 (highest since 2014)
  • ISM Manufacturing rose to 60.8 from 58.7 (highest since 2004)
  • ISM Services fell to 55.3 from 58.7 (lowest since May 2020)

Take your pick…

Source: Bloomberg

Under the hood, employment slowed notably as prices soared and new orders tumbled…

The main headline was soaring inflationary pressures:

Cost pressures remained marked in February, with the rate of input price inflation accelerating to the fastest since data collection began in October 2009.

Firms were able to pass on higher costs through a robust rise in output charges. The pace of increase was the second-steepest on record, behind November 2020.

Source: Bloomberg

The Composite PMI Output Index posted 59.5 in February, up from 58.7 in January, to signal a substantial upturn in private sector business activity. A further robust expansion in manufacturing production and a faster increase in service sector activity helped boost total output.

Commenting on the latest survey results, Chris Williamson, Chief Business Economist at IHS Markit, said:

“US business activity is growing at the fastest rate for six-and-a-half years, setting the economy up for a strong start to 2021. Although consumer-facing sectors, notably hospitality, travel, and tourism, continue to be adversely affected by COVID-19 restrictions, and will be for some time to come, other parts of the economy are springing back into life. Financial services and business services are faring well, accompanying a strong manufacturing recovery. Even some hard hit consumer-facing sectors are enjoying some loosening of restrictions or adapting to life with the virus.

“A wide variety of costs are rising, however, putting additional pressure on companies across the board. Many materials prices are sharply higher, transport costs are increasing and wage pressures are building as firms struggle to hire suitable staff, resulting in the largest monthly rise in service sector costs since comparable data were first available in 2009.

“Some of these higher costs will inevitably prove transitory as pandemic-related disruptions to supply start to ease, but it remains unclear how long these price pressures will persist for due to uncertainties over the duration of social distancing requirements and the strength of demand over the coming months.”

Finally, we note that, despite all the excitement, business confidence moderated from that seen in January due to service sector concerns regarding the longevity of the pandemic and success of the vaccine roll-out.

end
5 Y breakevens surge above 2.5% signaling inflation to be rampant!
(zerohedge)

5Y Breakevens Surge To 2.50%, Highest Since 2008

WEDNESDAY, MAR 03, 2021 – 10:07

The market is officially freaking out about inflation.

While 10Y breakevens have been relatively rangebound in recent days and printed at 2.23% earlier, the action now appears to be focusing on the belly where moments ago 5Y breakevens surged above 2.50%, rising to the highest since 2008.

While there is no one catalyst, the market appears to be transfixed by every reflation print and following the earlier record print in the Markit Service PMI prices print, which as Markit noted “cost pressures remained elevated, with the rate of input cost inflation accelerating to the fastest on record (since October 2009)” and “in response, firms raised their selling prices at the second-quickest rate since data collection began over 11 years ago”, a subsequent ominous print came from the Service ISM which while missing overall due toi a big drop in New Orders, also saw prices surge 7.6 to 71.8.

Bottom line: traders have become extremely jittery when it comes to rising prices and any incremental print that suggests reflation is here to stay will push yields ever higher until the Fed does something, with the most likely outcome some sort of Yield Curve Control needing to be launched.

end

Guggenheim now suggests we are heading for negative interest rates

(Guggenheim Investments)

Yields on 10-year U.S. T- notes could zigzag down to -0.5%: Guggenheim Investments

(Reuters) – The yield on the benchmark 10-year Treasury note is in a long-term trend lower and, with financial markets awash in cash, it could zigzag down to -0.5% a year from now, even if it drifts up from current levels, according to Guggenheim Investments.

In a research note published on Tuesday, Guggenheim Global Chief Investment Officer Scott Minerd said using sine regression analysis of 10-year rates since the 1980s, yields were seen potentially bottoming at -0.5% by early 2022, bounded by a two-standard deviation range of 1.0% and low of -2.0%.

The driving force is the surge in broad M2 money supply, which has driven short rates practically to zero, but is likely to continue to work its way out the curve.

“As stimulus payments and tax refunds are distributed and more money looks to be put to work, investors will extend maturities on their bond portfolios in a ‘reach for yield’,” he wrote.

Minerd cited Nobel Prize-winning economist Eugene Fama’s Random Walk theory where a securities price can stumble left and right like a “drunk man in the snow” and still maintain a general direction, which for Treasury yields is down.

“The foregone conclusion today is that long-term rates are on an uninterrupted trajectory higher. History tells us something different.”

The 10-year yield closed Tuesday at 1.3982%, having reached its highest in a year at 1.614% last week. The rate bottomed at 0.318% in March last year as the coronavirus pandemic began to impact the global economy.

iii) Important USA Economic Stories

This is going to be a nightmare: The USA will need 20,000 beds to handle the huge spike in migrant children

(zerohedge)

24 Hours After ‘No Crisis’, Biden Briefed On 20,000 Beds To Handle 45% Spike In Migrant Children

TUESDAY, MAR 02, 2021 – 17:45

On Monday, Homeland Security Director Alejandro Mayorkas confidently said there was no crisis at the southern border following reports that the Biden administration was reopening a Trump-era overflow facility to handle a flood of migrant children.

“The men and women of the Department of Homeland Security are working around the clock seven days a week to ensure that we do not have a crisis at the border—that we manage the challenge, as acute as the challenge is,” Mayorkas said during a press briefing, adding “we are getting it done.”

Human traffickers may beg to differ…

Today, Axios reports that a Tuesday afternoon briefing prepared for President Biden “outlines the need for 20,000 beds to shelter an expected crush of child migrants crossing the US-Mexico border.”

Biden will be told that the number of migrant kids is on pace to exceed the “all-time record by 45%,” and the administration doesn’t have enough beds.

More via Axios:

  • Facing the growing numbers, the Department of Health and Human Services — which oversees the network of child migrant shelters — is planning to change its coronavirus protocols to make room for an additional 2,000 kids and teens, according a source with direct knowledge of the presentation and a second congressional source.
  • Even with new shelters and loosened COVID-19 restrictions, the administration projects it will fall short of its needs by a couple thousand.
  • A DHS spokesperson did not immediately respond to an email seeking comment. An HHS spokesperson referred the request to the White House, which declined comment.Between the lines: DHS currently projects there will be 117,000 unaccompanied child migrants crossing the border this year, according to information on the slides.
  • A large number of them are teenagers. Just last month, some 6,000 migrants aged 16 and 17 were caught, according to the slides.
  • HHS is expected to reach its shelter capacity later this month, according to the two sources.

In order to expedite the transfer of children out of federal custody, the Biden administration plans to end a Trump-era requirement that sponsors be strictly vetted to avoid human trafficking and other crimes. Critics claim that vetting sponsors has a ‘chilling effect’ on their willingness to open their homes to migrant children.

HHS will pay for transporting the children when sponsors cannot, and has also recommended removing a request for Social Security numbers from a form required to be filled out by potential caretakers, according to Reuters.

END
11 million pour souls are at risk of losing their homes once the COVID protection expires
(zerohedge)

11 Million At Risk Of Losing Their Homes Once COVID Protections Expire

TUESDAY, MAR 02, 2021 – 21:45

With the Federal government supercharging the US consumer with now periodic massive stimulus payments – $900 billion here and $1.9 trillion there – and universal basic income handouts, it’s hardly a surprise that the US economy, where the government is now responsible for a staggering 27% of all personal income

…  is redlining to the point of overheating as Goldman found recently when its latest Goldman Sachs Analyst Index (GSAI) which provides a snapshot perspective on the US economy, hit an all time high.

None of this is a surprise: when money literally drops from the sky, it would be a miracle if the economy wasn’t overheating. The question is what happens when the party stops. Unfortunately for some 11 million people, the hangover will be a disaster.

According to a new report issued by the CFPB on Monday, the number of homeowners that are behind on their mortgage has doubled since the beginning of the pandemic, with 6% of mortgages in delinquency as of December 2020. The consumer protection bureau found that total of 2.1 million mortgages are considered “seriously delinquent,” with borrowers more than 90 days behind on making their payments, and in addition, an estimated 8.8 million tenant households are behind on their rent.

While COVID-19 relief programs have reduced the number of foreclosures and evictions thus far, the bureau estimated that 11 million families could be at risk of losing their homes as COVID-19 relief measures expire, ABA Banking Journal calculated . As of January 2021, there were 2.7 million borrowers in active forbearance—and of those, more than 900,000 will have been in forbearance for over a year as of April 2021.

The CFPB also noted that 263,000 seriously delinquent borrowers have not taken forbearance to date, and warned that should COVID-19 relief options expire before they do so, they would have limited options to avoid foreclosure. On a positive note, however, the bureau found that “most borrowers that have exited forbearance have been able to resume their payments without issue.”

That’s hardly encouraging to the 11 million or so who will end up homeless if and when the generous covid benefits finally expire.

In a blog post, acting CFPB Director Dave Uejio acknowledged the efforts of mortgage servicers and landlords throughout the pandemic to help keep borrowers and renters in their homes, noting that “most mortgage servicers are working hard to engage with the record number of homeowners in forbearance and the many other homeowners struggling to make payments.”

And while mortgage servicers will do everything while under the government gun to generously extend terms, the moment they no longer have to be good samaritans is when millions of Americans will find themselves on the street without a house. How the already frayed US social fabric will deal with this potentially cataclysmic influx of newly homeless people is anyone’s guess.

end

With this much printing of money, they are hitting gold? States are receiving 600% of lost tax revenues

(zerohedge)

COVID Relief Showers States With 600% Of Lost Tax Revs, Turning Rescue Into Stimulus

WEDNESDAY, MAR 03, 2021 – 13:57

Joe Biden is giving so much money to states as part of the $1.9 trillion stimulus package that they’re set to receive approximately six times more money than estimated tax revenue shortfalls across the country, according to Bloomberg.

While the package carves out nearly $200 billion for state governments, the cumulative tax revenues which have disappeared in the current fiscal year are just $31 billion. “In other words, that money could make up for that loss and be plowed back into states’ economies, such as their own version of relief checks, infrastructure projects and more, depending on the federal guidelines around the aid.”

In short – states, assuming they don’t squander the funds (who are we kidding?), could play a pivotal role in accelerating the recovery – assuming the money actually stimulates jobs and/or ends up in the hands of consumers. The funds would also allow for the unwinding of various budgetary cuts which began last March, and are responsible for the elimination of more than 1.3 million state and local government jobs – which Bloomberg notes is “nearly twice as many as were lost after the last recession.”

Republicans, however, argue that some of the stimulus should be cut or shifted to other priorities which could have a more immediate impact than essentially giving states their own giant slush funds.

If the whole point of this bill is to stimulate economic activity, the federal government has ways of doing that, that may be more efficient than sending checks to state and local governments,” said Moody’s director of public sector research, which estimates that $56 billion is the actual price tag states need to cover shortfalls through 2022 after previously allocated aid is taken into account.

Bloomberg also notes that “the financial impact overall has been far smaller than initially feared when Covid last year sent the US economy into the deepest recession since World War II, which left governors nationwide braving for the gravest fiscal crisis of modern times.”

Deficits on that scale were averted after the federal government pushed through stimulus plans in March and again late last year, driving stocks to record highs and promising to increase collections of capital gains taxes. The magnitude of the shortfalls also reflects the unusually uneven nature of the recession: While lower paid service industry employees were thrown out of work, the highest earners who pay far more in state taxes were less affected because they were able to work from home.

The result has been in some cases dramatic. California, a state that’s heavily dependent on income-tax revenue from the highest earners, is seeing revenue collections run about 10% more than was anticipated in the budget for the fiscal year that will end in June. In Oregon, the pandemic-era revenue losses “pale in comparison” with those of previous recessions, forecasters wrote in a Feb. 24 dated report. -Bloomberg

There are notable exceptions, however – such as tourism-dependent Hawaii, which has seen revenues evaporate. The state’s revenue forecast has dropped around 19% from pre-pandemic expectations for fiscal 2021 according to Bloomberg. In New York, revenues are projected to be 11.7% below pre-pandemic forecasts.

That said, tax revenues are just one way to gauge the impact of the pandemic, and doesn’t account for increased cost. The toll may also be understated due to shifted tax deadlines, inflating revenue collections in various states. Moreover, $50 billion has been borrowed from the federal government so states can cover a deluge of jobless claims, while cities and counties have been begging for aid throughout the pandemic.

In total, the stimulus will allocate $350 billion to states and local governments struggling to operate amid sharply lowered tax forecasts.

Republicans, particularly former President Donald Trump, have repeatedly called the carve-outs a “bailout” for poorly run Democratic strongholds. Even Mitt Romney (R-INO) called Biden’s plan “wasteful and harmful,” while moderate Democrats in the Senate are looking at potential cuts to state and local aid as they attempt to streamline the package.

JPMorgan CEO Jamie Dimon says the government “should be cautious about overdoing it,” adding “Get us through the problem, get the country growing, but try not to overdo it too much.”

end
Payouts to bail out insolvent states
(Forbes)

$350 Billion Covid “Bailout” To States, Cities, And Counties: Here Are Biggest Winners And Losers

WEDNESDAY, MAR 03, 2021 – 16:21

Authored by Adam Andrzejewski, originally published in Forbes

This week, the U.S. House passed, along party lines, the $1.9 trillion American Rescue Plan Act of 2021. A vote in the U.S. Senate is expected soon. Buried within the 591-page bill is a $350 billion bailout for 50 states, tribal governments, U.S. territories, and more than 30,000 cities and counties.

Our auditors at OpenTheBooks.com finally located the $350 billion allocation, line-by-line, in a supplemental database hidden on the back end of the House Oversight Committee’s website.

We mapped the data to each of the 50 states. Click here to see how much taxpayer money Congress earmarked your hometown to receive from the COVID “relief” bill.

Congress tried to hide these line-by-line appropriations, but thanks to technology and the internet, you can search it for yourself.

Here’s a summary of our oversight findings — our top-down state analysis uses figures found in the Congressional Research Service (CRS) report issued 3/3/2021.

States

Speaker Nancy Pelosi’s House Democrats changed the allocation formula from being based on population to the unemployment rate. This change caused 23 states to gain $31.9 billion and 27 states to lose that funding. The four biggest winners were Democratic strongholds: California—which reaped an extra $6.7 billion; New York—which added another $6 billion; Illinois — increased by $2.1 billion; and New Jersey — a $2 billion increase.

Overall, California – Pelosi’s home state – was allocated the most money ($42.3 billion), followed by Texas ($27.3 billion), New York ($23.5 billion), and tribal governments ($20 billion). They’re followed by states like Florida ($17.3 billion), Illinois ($13.5 billion), Pennsylvania ($13.5 billion), Ohio ($11 billion), Michigan ($10.1 billion), and New Jersey ($10 billion).

The biggest losers were Florida (-$2.3 billion), Vermont (-$2.1); and Wyoming (-$2 billion). The funding change rewarded Gov. Andrew Cuomo (D) in New York ($23.5 billion) over Gov. Ron DeSantis (R) in Florida ($17.3 billion), even though Florida has a larger population and a lower COVID-19 death rate.

Since the Senate is split evenly between the two parties, Democrats can’t afford any defections if the bill is to pass.

Will the two new Democratic senators, Jon Ossoff and Raphael Warnock, from Georgia still vote for this bill even though it shifts $1.5 billion of their Georgia tax dollars to California and New York? What about Sen. Joe Machin (D-WV), whose state is losing $991 million due to the allocation change?

Furthermore, we found that Puerto Rico received more funding at $4 billion than 22 states. Including an extra “plus up” from the previous CARES Act Covid aid bill, the District of Columbia received more funding at $2.3 billion than 13 states.

Cites and Localities – $65 billion

The largest cities received huge allocations of aid. For example, New York City received $4.3 billion, which is more money than 25 state governments. Chicago, with their bonds at junk status, was allocated $1.98 billion, an amount more than 12 state governments.

Democrats apparently don’t believe anyone will object to giving big bailouts to prosperous towns. Beverly Hills, CA, will receive $6.3 million while the Hamptons, NY, will get $8.6 millionThey’re followed by Key West, FL ($10.1 million); Greenwich, CT ($21 million); Oyster Bay, NY ($32.7 million); and Cambridge, MA ($65 million).

In fact, the 50 richest places (Bloomberg) would receive $100 million in COVID-19 bailout funds. For example, Atherton, CA, the wealthiest city in America with an average household income of $525,000, received $1.3 million from the legislation.

Hillsborough, CA, reaps $2.1 million from the bill even though it boasts a median home price of $5.8 million. Scarsdale, NY—the richest place on the East Coast—would get $2 million in “relief.”

Democrats earmarked $2 million for the richest town in Texas, Highland Park. The median home price is $1.5 million and notable residents include the owner of the Dallas Cowboys, Jerry Jones, and the Bush family.

California’s sunny playgrounds get big bailouts including Manhattan Beach ($6.6 million); Newport Beach ($9 million); Palm Springs ($11 million); Palo Alto ($12 million); Brentwood ($12.1 million); Napa ($15 million); San Jose ($22 million); Santa Barbara ($22 million); Santa Monica ($29 million); Huntington Beach ($31 million); and even Berkeley ($68 million).

Other high-end vacation destinations like Palm Beach, FL ($3.7 million); Nantucket, MA ($1.1 million) and Martha’s Vineyard at Edgartown, MA ($428,000) received funding from the bill.

Search your hometown on our interactive map at OpenTheBooks.com.

Counties & U.S. Territories – $65 billion

Congress earmarked $1 billion for the top ten richest counties across the U.S. Four of the top six are located in Virginia and Maryland, inside the Washington, D.C. beltway. They include Loudon County, VA ($80.2 million); Howard County, MD ($63.2 million); Arlington County, VA ($45 million); and Fairfax County, VA ($4.5 million). With a median income of $136,000, Loudoun County has the highest income of any U.S. county with more than 65,000 residents.

The wealthy county of Santa Clara, CA, is set to receive a whopping $385 million from the legislation. Located in the heart of Silicon Valley, the county has the highest median income of any county in California. The county seat is the city of San Jose, where the average home price tops $1 million.

Here are the top five counties receiving the most money in COVID “relief”: Los Angeles County, CA ($2 billion); Cook County, IL ($1 billion); Harris County, TX ($914.1 million); Maricopa County, AZ ($870 million); and San Diego County, CA ($647.5 million).

During the past three years, Republicans and Democrats have helped drain the U.S. Treasury from the left and the right. Our national debt increased from $10 trillion (2008) to $19.6 trillion (2016) to $23.6 trillion (2020) and stands at $28 trillion today.

Continuing non-targeted coronavirus responses and bloated legislation will drive the national debt much higher.

Rand Paul:  “If the Democrats initiate their wealth tax, it will destroy our country”

(Watson/Summit News)

Rand Paul: Democrat “Class-Warfare Wealth-Tax Will Destroy Our Country”

WEDNESDAY, MAR 03, 2021 – 8:30

Authored by Steve Watson via Summit News,

Senator Rand Paul has warned that a Democrat proposed ‘wealth tax’ is fundamentally “un-American” and will kill off entrepreneurship.

Appearing on Fox Business, Paul spoke about the ‘extreme’ plan being pushed by Sen. Elizabeth Warren, urging that “A wealth tax will destroy our country.”

Watch:

“It’s not good for our country,” Paul said explaining that “This class warfare, punitive stuff that some of these Democrats want – it’s un-American.

“It’s bad for business and it’s bad for everybody,” Paul continued, adding “Because capitalism uplifts all.”

The plan would see higher taxes on the “rich”, with Bloomberg News analysis concluding that the 100 richest Americans would have their income shrink by $78 billion per year.

The plan would impose a 2% annual tax on the net worth of households worth $50 million and above, as well as an additional 1% tax on holdings of $1 billion upwards.

Paul argued that “capitalism, trade and division of labor” in the US means it has a poverty level that is one of the lowest internationally.

The Senator pointed to other countries that have attempted wealth taxes, and failed.

“The class warfare people need to get a grip on what happens,” Paul declared, adding “When they take over, we become Venezuela and I don’t want that for our country either.”

END

Senate To Kick Off Debate On $1.9 Trillion Stimulus As Soon As Wednesday

WEDNESDAY, MAR 03, 2021 – 10:38

Te Senate may begin debate on President Biden’s $1.9 trillion COVID-19 relief package as soon as Wednesday, as Majority Leader Chuck Schumer predicted on Monday that the chamber has “some late nights” ahead this week, according to Politico.

The goal is to pass the stimulus into law before March 14, when enhanced unemployment benefits are set to expire. In order to accomplish this, Senate Democrats will use ‘budget reconciliation’ – a tool used to pass bills by simple majority as opposed to requiring at least 60 votes to proceed. If all Democrats sign on to the bill – which is all the more likely after a $15 an hour minimum wage provision was dropped by the Senate parliamentarian, there will be enough votes to send it to Biden’s desk.

In addition to extending benefits, the bill will include $1,400 stimulus payments – though just 9% of the $1.9 trillion it is slated for direct COVID-19 intervention such as vaccines and testing. Then there’s the pork… $100 million for an underground rail project in Silicon Valley$480 million towards the preservation of Native American languages, $50 million for ‘environmental justice’ grants, and a $1.5 million bridge connecting New York and Canada. According to the Committee for a Responsible Federal Budget, around 15% of the package goes to “long-standing policy priorities that are not directly related to the current crisis.”

According to Schumer, Senators are in for “a hardy debate and some late nights,” adding “But the American people sent us here with a job to do, to help the country through this moment of extraordinary challenge.”

The House passed Biden’s pandemic relief plan in the early hours of Saturday morning. While that House-approved legislation would increase the minimum wage to $15 an hour, the provision is effectively dead during the Senate debate after its parliamentarian determined Thursday evening that including a hike in the Senate bill would violate the chamber’s rules.

The Senate could begin consideration of the package as early as Wednesday. However, its parliamentarian still needs to rule on a handful of outstanding issues that the massive legislation addresses, including health subsidies aimed at keeping laid off workers on their insurance and pensions. -Politico

According to Senate Majority Whip Dick Durbin (D-IL), passing the COVID-19 relief bill will be “less complicated” without the minimum wage component.

Reconciliation notably allows any Senator to offer an amendment to the COVID-19 relief package. According to the report, Senate Republicans plan to offer several such amendments in an attempt to put Democrats on the spot regarding key issues. That said, Durbin says he’ll whip against “any amendments that we think will be destructive of the reconciliation process.”

One issue pressed by Republicans is a budget amendment which would prohibit illegal immigrants from receiving stimulus checks – a measure which attracted the cross-party votes of eight Senate Democrats. That said, Senate Republicans say Democrats aren’t negotiating with them – and say that the legislation is not sufficiently targeted.

On Monday, Senate Minority Leader Mitch McConnell (R-KY) said that Democrats “have chosen to go a completely partisan route.”

“This is where we are: a bad process, a bad bill and a missed opportunity to do right by working families.”

END

iv) Swamp commentaries

v) King report/Courtesy of Chris Powell of GATA which includes the major swamp stories.

China ‘Worried’ About Bubbles in Property, Foreign Markets
China’s top banking regulator says it’s worried about a slew of risks including the nation’s property bubble, rapid inflow of foreign capital and elevated global markets… Bubbles in U.S. and European markets could burst because their rallies are heading in the opposite direction of their underlying economies and will have to face corrections “sooner or later,” Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission and Party secretary of the central bank said at a briefing in Beijing on Tuesday…  https://t.co/9k6KhLIE7M

China is worried about US and European bubbles; but the Fed and ECB is not worried.  Why?

One thing that we learned after two tours of duty with Japanese firms is that food inflation is very, very alarming to Asian politicians.  Asia engages in mercantilism because of the difficulty in feeding their enormous populations.  Hungry citizens produce riots, instability and even revolution.

Long-time readers might recall that we have occasionally noted that Japan actively keeps a lid on the yen because it needs to export to feed its people.  One of the few times that Japan will allow its currency to appreciate is when there is food or energy inflation.

While the career academics at the Fed see no inflation, food inflation has been soaring globally.  China, Japan, India and Indonesia cannot politically afford more food inflation

Elizabeth Warren, Senate Democrats introduce proposal for 3% tax on billionaires
Democratic lawmakers led by Sen. Elizabeth Warren introduced a proposal Monday to implement a 3% tax on wealth greater than $1 billion.  The “Ultra-Millionaire Tax Act” would implement a 2% annual tax on the net worth of households and trusts ranging from $50 million to $1 billion and an additional 1% annual surtax — for an overall tax of 3% — for those exceeding $1 billion… https://t.co/f7sqkvBKBW

Democratic senators call for tougher capital requirements for US banks https://t.co/hB5soezBQy
Sherrod Brown and Elizabeth Warren warn Fed it would be ‘grave error’ to extend pandemic relief

Fox: Texas Governor Greg Abbott ends statewide mask mandate [Says ‘state is 100% open’]

Mississippi Gov @tatereeves: Starting tomorrow, we are lifting all of our county mask mandates and businesses will be able to operate at full capacity without any state-imposed rules. Our hospitalizations and case numbers have plummeted, and the vaccine is being rapidly distributed. It is time!

ESHs sank during Asian trading after China voiced concern about bubbles.  ESHs rallied when Europe opened; but the up leg ended in 41 minutes.  ESHs then quickly tumbled to their session low at 4:12 ET.  ESHs then staged a long, strong rally that ended three minutes before the NYSE open.

6 Dr. Seuss books dropped by publisher, citing ‘hurtful and wrong’ portrayals
https://www.foxnews.com/us/dr-seuss-books-canceled-racist-imagery

When people and religious leaders objected to offensive depictions and outright depravity in books, magazines, TV shows and movies over the past few decades, do you remember the response to them?

The US is at a tipping point.

@charliekirk11: The same people who think Dr. Seuss could be a bad influence on our kids are okay letting Planned Parenthood write sex-ed curriculums for 6-year-olds in Illinois.

Babylon Bee: Can You Find All 17 Instances of Racism on This Page from a Dr. Seuss Book?
The giant orange beast is obviously a reference to Donald Trump… 4. Zoom in on the tuba. Keep zooming. Keeeeep zooming: IT’S A TINY HITLER, OH MY GOODNESS!… 7. These four men have Hitler mustaches…11. The little mouse dude is carrying a key to go lock up kids in cages…13. The unicycle has one wheel, representing the supremacy of a single race… 15. The white musician is playing his racist banjo while literally being pulled by slaves…
https://babylonbee.com/news/we-found-17-different-instances-of-racism-on-just-one-page-of-a-dr-seuss-book

@TheBabylonBee: Google Deploys Squads of Firemen to Burn Offensive Books, Videos, Websites
https://babylonbee.com/news/google-posts-job-listing-for-book-burning-firemen

Mises Institute: The Idea of Secession Isn’t Going Away
Regardless of the prudence of such mob action, the aftermath of the Capitol rush stood out as a masks-off moment of the highest order. Those who may share disagreements on a number of political issues are no longer treated as fellow Americans, but rather as enemies with malicious intentions whose behavior must be corrected through a combination of state and corporate power. For the haughtiest mouthpieces of the current therapeutic regime, Trump supporters are the perfect test subjects for the experiments to deprogram Middle Americans of their recalcitrant behavior, better known as rejecting the corporate media’s narrative.
    The battle lines have been clearly drawn, and sober minds would recognize that any return to previous eras of normalcy in America is a fleeting fantasy. Talk of session… personifies a vestigial desire for self-governance
    Ignoring this new paradigm of hyperpolarization could prove deadly for Americans who view their political rivals as existential threats and for the numerous bystanders who want nothing to do with this political squabble. How about we don’t take any chances by preserving this flawed political order and choose the road of radical decentralization instead?  https://mises.org/wire/idea-secession-isnt-going-away

GOP Rep @CongressmanHice: Dems’ Legislative Calendar: Last wk: Obliterate religious liberties w/ Equality Act (HR5).  This wk: End fair elections w/ For the People Act (HR1).  Next week: Undermine 2A  w/ Background Check Act (HR8).  They’re rapidly pushing their agenda to destroy your freedom!!!

FBI Director Wray won’t share Officer Brian Sicknick’s cause of death with senators
Wray cited an “ongoing” investigation into Sicknick’s death… We’re not at a point where we can disclose or confirm the cause of death,” Wray said… He wasn’t hit on the head, no. We think he had a stroke, but we don’t know anything for sure. We’d love to know what happened,” said Sicknick’s mother, Gladys Sicknick…   https://nypost.com/2021/03/02/fbi-director-wray-mum-on-officer-brian-sicknicks-cause-of-death/

@AnneElizabethUS: President Trump’s CPAC speech drew over 31 million views. Wow!  Biden’s national address got a whopping 38k views w/ comments turned off.  Guess which one is said to have gotten the most votes of any American in history.

How Biden’s ‘best friend’ Obama initially refused to support a ‘tragicomic caricature of an aging politician having his last hurrah’ and only coronavirus saved him after doing almost everything wrong, new book claims    https://t.co/wKdlb4LdDy

Biden won White House with ‘put your dumb uncle in the basement’ strategy, new book says
“They used coronavirus as an excuse to keep him in the basement, and it was smart… Biden was able to hide his biggest weakness, which is himself. And he did it with an excuse that sounded responsible.”… [Either a majority of Americans are fools or there was massive vote fraud.]    https://trib.al/9gYrqQX

How ‘Landslide Lyndon’ stole the Senate race in 1948
Mysteriously, a box of uncounted ballots was “discovered” in the south Texas town of Alice in Jim Wells County, Precinct 13. Confusion reigned in Texas and by the end of the week, LBJ won by 87 votes. Both sides accused the other of voter fraud… LBJ turned to Washington attorney and former FDR appointee Abe Fortas. Abe Fortas persuaded Supreme Court Justice Hugo Black, who was also appointed by FDR, to intervene.
    On Sept. 28, 1948, Justice Black overturned the lower court ruling, letting the decision in the Johnson-Stevenson race rest with the Texas Democrat Central Committee.
   In return for his favor, Abe Fortas was nominated by President Lyndon Johnson in 1965 to be a Justice on the U.S. Supreme Court… Johnson went through an equally breathless battle in the state convention and the courts to make his clearly tainted victory stand up.”…
https://www.worldtribune.com/how-landslide-lyndon-stole-the-senate-race-in-1948/

Well that is all for today

I will see you THURSDAY night.

5 comments

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