MARCH 11//GOLD UP $1.25 TO $1724.75//SILVER DOWN ONE CENT TO $26.09/HUGE ADVANCE IN GOLD TONNAGE STANDING AT THE COMEX UP TO 25.43 TONNES/SILVER STANDING ALSO ADVANCES UP TO 54 MILLION OZ//HUGE AMOUNTS OF GOLD AND SILVER LEAVE THE COMEX//CORONAVIRUS UPDATES//VACCINE UPDATES//SOLID 30 YR AUCTION CAUSES RATES TO INITIAL FALL BUT LATE IN SESSION THEY RISE/REPO RATE FOR 10 YR STILL AT -2.0%//BIDEN ADMINISTRATION ALLOWS SHIPS TO PASS THROUGH THE TAIWAN STRAIT WHICH IS ANGERING CHINA//JOBLESS BENEFITS BEING HANDED OUT TO STILL 20 MILLION AMERICANS///SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1724.75 UP  $1.25   The quote is London spot price

Silver:$26.09. DOWN  $0.01   London spot price ( cash market)

PLATINIUM  $1190-.40 UP $15.00

PALLADIUM:2341.00 UP 48. PER OZ

Closing access prices:  London spot//GOLD AND SILVER

i)Gold : $1722.40  LONDON SPOT  4:30 pm

ii)SILVER:  $26.13//LONDON SPOT  4:30 pm

Editorial of The New York Sun | February 1, 2021

end

Editorial of The New York Sun | February 1, 2021

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COMEX DATA

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

receiving today 729/1735

EXCHANGE: COMEX
CONTRACT: MARCH 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,721.500000000 USD
INTENT DATE: 03/10/2021 DELIVERY DATE: 03/12/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 1
167 C MAREX 1
332 H STANDARD CHARTE 736
435 H SCOTIA CAPITAL 1
657 C MORGAN STANLEY 19
657 H MORGAN STANLEY 256
661 C JP MORGAN 101 729
709 C BARCLAYS 1607
737 C ADVANTAGE 2 12
905 C ADM 5
____________________________________________________________________________________________

TOTAL: 1,735 1,735
MONTH TO DATE: 7,932

issued:  101

Goldman Sachs:  stopped:  1

NUMBER OF NOTICES FILED TODAY FOR  MAR. CONTRACT:  1735 NOTICE(S) FOR 173,500 OZ  (5.396 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  7932 NOTICES FOR 793200  OZ  (24.672 tonnes) 

SILVER//MAR CONTRACT

8 NOTICE(S) FILED TODAY FOR 40,000  OZ/

total number of notices filed so far this month: 9660 for 48,300,000  oz

BITCOIN MORNING QUOTE  $56,011,  DOWN 219 dollars

BITCOIN AFTERNOON QUOTE.:$57,918  UP 1688 DOLLARS .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

Gold

WITH GOLD UP $1.25  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//:A HUGE WITHDRAWAL OF: 1.75 PAPER TONNES FROM THE GLD.

GLD: 1,060.23 TONNES OF GOLD//

Silver

WITH SILVER DOWN 1 CENT TODAY: AND WITH NO SILVER AROUND

NO CHANGES IN SILVER INVENTORY AT THE SLV//

SLV: 592.438  MILLION OZ./

xxxxx

GLD closing price//NYSE 161.52 DOWN $0.14 OR  0.09%

XXXXXXXXXXXXX

SLV closing price NYSE 24.25  DOWN $0.07 OR 0.29%

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A SMALL SIZED 673 CONTRACTS FROM 155,425 UP TO 156,098, AND  CLOSER TO A NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED DESPITE OUR TINY  $0.03 LOSS IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS  DUE TO A CONSIDERABLE BANKER AND ALGO  SHORT COVERING !//HUGE REDDIT RAPTOR BUYING//.. COUPLED AGAINST A SMALL EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION  AND A STRONG INCREASE STANDING AT THE COMEX FOR MAR. WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 1105 CONTRACTS  (SEE CALCULATIONS BELOW). 

WE WERE  NOTIFIED  THAT WE HAD A SMALL  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  432,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  0 MAY:425 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 432 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

53.940 MILLION OZ INITIAL STANDING FOR MARCH 2021

WEDNESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE …AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.03) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS.  WE HAD A STRONG NET GAIN  OUR TWO EXCHANGES (1105 CONTRACTS). NO DOUBT THE TOTAL GAIN IN OI IN OUR TWO EXCHANGES WERE DUE TO i) MONSTROUS BANKER/ALGO SHORT COVERING// STRONG REDDIT RAPTOR BUYING//.  WE ALSO HAD  ii)  A  SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A STRONG INCREASE IN  STANDING FOR SILVER  FOR MAR, iii) SMALL COMEX OI GAIN 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:

10,956 CONTRACTS (FOR 9 TRADING DAY(S) TOTAL 10,956 CONTRACTS) OR 54.780 MILLION OZ: (AVERAGE PER DAY: 1217 CONTRACTS OR 6.09 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR: 54.780 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: 54.780. 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: 54.780 MILLION OZ  (DRAMATICALLYSLOWING DOWN AGAIN)

RESULT: WE HAD A SMALL SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 693, DESPITE OUR TINY  $0.03 LOSS IN SILVER PRICING AT THE COMEX ///WEDNESDAY .…THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 432 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A STRONG SIZED 1125 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR $0.03 LOSS IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  432 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A SMALL SIZED INCREASE OF 673 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.03 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.21 //WEDNESDAY’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: 8 NOTICE(S) FOR  40,000, 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 SMALL SIZED 401 CONTRACTS TO 476,296 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 GOOD GAIN IN PRICE  OF $4.70///COMEX GOLD TRADING/WEDNESDAY.WE MUST HAVE HAD STRONG BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION. WE ALSO HAD A HUGE ADVANCE IN GOLD STANDING  AT THE COMEX TO 25.600 TONNES FOR MARCH..

YET ALL OF..THIS HAPPENED WITH OUR  GAIN IN PRICE OF $4.70!!!.????????????????

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

WE HAD A SMALL SIZED GAIN  OF 2548 CONTRACTS 14.22 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 2366 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  2147 AND JUNE:  0  ALL OTHER MONTHS ZERO//TOTAL: 2366.  The NEW COMEX OI for the gold complex rests at 474,272. 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 2548 CONTRACTS: 401 CONTRACTS INCREASED AT THE COMEX AND 2147 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 2548 CONTRACTS OR 7.925 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2147) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI  (401 OI): TOTAL GAIN IN THE TWO EXCHANGES:  2548 CONTRACTS. WE NO DOUBT HAD 1 ) CONSIDERABLE BANKER SHORT COVERING AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.) STRONG ADVANCE STANDING AT THE GOLD COMEX FOR THE FRONT MAR. MONTH T0 25.600 TONNES3) ZERO LONG LIQUIDATION /// ;4) SMALL COMEX OI GAIN AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS HAPPENED WITH OUR  GAIN IN GOLD PRICE TRADING/WEDNESDAY//$4.70!!.

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 : 29,643, CONTRACTS OR 2,964,300 oz OR 92.20 TONNES (9 TRADING DAY(S) AND THUS AVERAGING: 3293 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 9 TRADING DAY(S) IN  TONNES: 92.20 TONNES

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

THUS EFP TRANSFERS REPRESENTS 92.20/3550 x 100% TONNES =2.55% 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:.92.20 TONNES (STRONG AGAIN//EQUAL TO JANUARY)

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, ROSE BY A SMALL SIZED 673 CONTRACTS FROM 155,425 UP TO 156,098 AND CLOSER TO 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 STRONG SIZED GAIN 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 INCREASE IN  STANDING FOR SILVER  AT THE COMEX FOR MARCH., AND 4) ZERO LONG LIQUIDATION,

EFP ISSUANCE 432 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: 432 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 432 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 673 CONTRACTS AND ADD TO THE 432 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED GAIN OF 1105 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 5.525 MILLION  OZ, OCCURRED WITH OUR TINY $0.03 LOSS 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)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 79.09 PTS OR 2.36%   //Hang Sang CLOSED UP 478.09 PTS OR 1.65%    /The Nikkei closed UP 175.08 POINTS OR 0.60%//Australia’s all ordinaires CLOSED UP 0.08%

/Chinese yuan (ONSHORE) closed UP AT 6.4850 /Oil DOWN TO 65/12 dollars per barrel for WTI and 68.81 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4850. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4843 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 BELOW 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 AN SMALL SIZED 401 CONTRACTS TO 474,272 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 SMALL  COMEX INCREASE OCCURRED WITH  OUR  GAIN OF $4.70 IN GOLD PRICING /WEDNESDAY’S COMEX TRADING/)… WE ALSO HAD A SMALL EFP ISSUANCE (2147 CONTRACTS).   WE  PROBABLY HAD AGAIN  1)  HUGE BANKER SHORT COVERING//ALGO SHORT COVERING,  2) ZERO LONG LIQUIDATION AND 3)ANOTHER  HUGE//ATMOSPHERIC  ADVANCE IN STANDING AT THE GOLD  COMEX//MAR. DELIVERY MONTH(25.600. TONNES) (SEE BELOW) …  AS WE ENGINEERED A FAIR  SIZED GAIN ON OUR TWO EXCHANGES OF 2548 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 MAR..  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 2147 EFP CONTRACTS WERE ISSUED:  ; FEB// ’21  0 AND APRIL:  2147, JUNE:  0 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2147  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 2548 TOTAL CONTRACTS IN THAT 2147 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A SMALL SIZED  COMEX OI  OF 401 CONTRACTS.WE HAVE A STRONG AMOUNT OF GOLD STANDING FOR MARCH  (25.600 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 $4.70)., AND WERE NO DOUBT UNSUCCESSFUL IN FLEECING ANY LONGS  AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED A SMALL  7.925 TONNES,  ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR MAR (25.600 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 :: 4572 CONTRACTS OR 457,200 OZ OR  14.22  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 PRODUCT.
THUS IN GOLD WE HAVE THE FOLLOWING:  474,272 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 47.42 MILLION OZ/32,150 OZ PER TONNE =  1474 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1474/2200 OR 67.04% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 112,036 contracts// volume extremely poor//

CONFIRMED COMEX VOL. FOR YESTERDAY:  315,331 contracts//  volume:  FAIR–/ //most of our traders have left for London

MARCH 11 /2021

INITIAL STANDINGS FOR MAR COMEX GOLD
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
396,092.285 oz
Brinks
JPMorgan  (114 kilobars)
Loomis (894 kilobars)
Malca: (3780 kilobars)
Manfra: 858 kilobars
Deposits to the Dealer Inventory in oz nil
OZ
Deposits to the Customer Inventory, in oz
167,506/710 oz
JPMORGAN
MALCA
INCLUDES
2036 kilobars
MALCA
No of oz served (contracts) today
1735  notice(s)
173,500 OZ
(5.396 TONNES
No of oz to be served (notices)
300 contracts
30000oz)
0.9331 TONNES
Total monthly oz gold served (contracts) so far this month
7932 notices
793,200 OZ
24.672 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 2 deposits into the customer account
i) Into JPMorgan:  102,047.274 oz
ii) Into Malca: 65,459.436 oz (2036 kilobars)

we had  5 withdrawals from  the customer account (4/5 were kilobar transactions)

i) Out of Brinks: 214,569.500 oz
ii) Out of JPMorgan: 3665.205 oz (114 kilobars)
iii) Out of Loomis: 28,742.100 oz (894 kilobars)
iv) Out of Malca 121,530.780 oz (3780 kilobars)
v) Out of Manfra: 27,584.700 oz (858 kilobars)
total withdrawals:  396,092.285    oz  12.32 tonnes

We had 5  kilobar transactions

ADJUSTMENTS  1:  dealer to customer

Brinks:  63,173.378 oz

The front month of MAR registered a total of 2035 CONTRACTS FOR A GAIN  OF 100 CONTRACTS. WE HAD 289 NOTICES FILED ON  WEDNESDAY SO WE GAINED ANOTHER MONSTROUS 389 CONTRACTS OR AN ADDITIONAL  38,900 OZ OR 1.2099 TONNES WILL STAND FOR DELIVERY ON THIS SIDE OF THE POND IN THIS VERY ACTIVE MARCH DELIVERY MONTH.  THIS IS A RECORD FOR A QUEUE JUMP AS OUR BANKERS ARE SHORT OF GOLD AND WILL DO ANYTHING TO JUMP AHEAD OF UNSUSPECTING LONGS TO OBTAIN METAL. MARCH IS GENERALLY A NON ACTIVE MONTH BUT THIS IS SURELY NOT THIS CASE THIS MONTH. SOMEBODY NEEDS AN URGENT SUPPLY OF PHYSICAL GOLD!!!!!!!

APRIL LOST 18,606 contracts to stand at 248,013

MAY GAINED ANOTHER 34 CONTRACTS TO STAND AT 198

JUNE GAINED  16,606 CONTRACTS UP TO 168,138

We had 1735 notice(s) filed today for 173,500 oz

FOR THE MAR 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  101 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1735  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 729 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 1 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 (7932) x 100 oz , to which we add the difference between the open interest for the front month of  (MAR // 2035 CONTRACTS ) minus the number of notices served upon today 1735 x 100 oz per contract) equals 825,200 OZ OR 25.600 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 7932 x 100 oz  + (  2035 OI for the front month minus the number of notices served upon today (1735} x 100 oz which equals 825,200 oz standing OR 25.600 TONNES in this  NON 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 389 CONTRACTS OR AN ADDITIONAL 38,900 OZ WILL STAND ON THIS SIDE OF THE POND.

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

464,420.335, oz NOW PLEDGED  march 5/2021/HSBC  13.626 TONNES

339,772.427 PLEDGED  MANFRA 10.5687 TONNES

312,798.505 oz  JPM  9.72 TONNES

1,083,680.877 oz pledged June 12/2020 Brinks/33.706 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:  2,301,674.057 oz                                     71.59 tonnes

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 510.13 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 24.426 tonne

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,702,205.557 oz or 581.71 tonnes
total weight of pledged:  2,301,674.057 oz or 71.59 tonnes
thus:
registered gold that can be used to settle upon: 16,400,531.0  (510,13 tonnes)
true registered gold  (total registered – pledged tonnes  16,400,531..0 (510.13 tonnes)
total eligible gold: 19,632,088.791 , oz (610.64 tonnes)

total registered, pledged  and eligible (customer) gold 38,334,294.348 oz or 1,192.35 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1066.01 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 11/2021

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
2,687,906/641 oz
CNT
Delaware
Manfra
JPMorgan
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
1946.100 oz
Delaware
No of oz served today (contracts)
8
CONTRACT(S)
(40,000 OZ)
No of oz to be served (notices)
1128 contracts
 5,640,000 oz)
Total monthly oz silver served (contracts)  9660 contracts 48,300,000 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 1 deposits into the customer account (ELIGIBLE ACCOUNT)

i )Into Delaware: 1946.100 oz

JPMorgan now has 193.692 million oz of  total silver inventory or 50.73% of all official comex silver. (193.692 million/381.7620 million

total customer deposits today:  0   oz

we had 4 withdrawals:

i) out of CNT 1,180,932.279 oz
ii) Out of  Delaware: 6004.973 oz
iii) Out of Manfra:  607,038.150 oz
iv) JPMorgan:  891,931.240

total withdrawals 2,687,906.641   oz

3rd day in a row more than 2.4 million oz of silver leaves the comex

We had 2 adjustments: dealer to customer

JPMorgan:  384,755.200 oz

Manfra: 5175.23

Total dealer(registered) silver: 127.300million oz

total registered and eligible silver:  381.724 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

MARCH saw a LOSS of 266 contracts to stand at 1136. We had 283 contracts served on WEDNESDAY, so we  GAINED A STRONG 17 contracts or an additional 85,000 oz will stand for delivery in this  active delivery month of March. These guys refused to morph into London based forwards as there is no silver metal on their side of the pond so they will try their luck over here. 

April LOST 6 contracts to stand at 2370

May GAINED  673 contracts to stand at  125,890 contracts.

The total number of notices filed today for MARCH 2021. contract month is represented by 8 contract(s) FOR 40,000 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  9660 x 5,000 oz = 48,300,000 oz to which we add the difference between the open interest for the front month of MAR (1136) and the number of notices served upon today 8 x (5000 oz) equals the number of ounces standing.

Thus the MAR standings for silver for the MAR/2021 contract month: 9660 (notices served so far) x 5000 oz + OI for front month of MARCH(1136- number of notices served upon today (8) x 5000 oz of silver standing for the Jan contract month .equals 53,940,000 oz. ..VERY STRONG FOR AN ACTIVE MAR MONTH.

We GAINED 17 contracts or an additional 85,000 oz will  stand for delivery as the refused to  morph into London based forwards.

TODAY’S ESTIMATED SILVER VOLUME 29,104 CONTRACTS // volume// volumes falling off a cliff//simply awful

FOR YESTERDAY  57,365  ,CONFIRMED VOLUME//fair

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 +0.52% ((MAR 11/2021)

2. Sprott gold fund (PHYS): premium to NAV RISES TO –1.78% to NAV:   (MAR 11/2021 )

Note: /Sprott physical gold trust is back into POSITIVE/0.52%(MAR 11/2021)

(courtesy Sprott/GATA

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

NAV 18.68 TRADING 18.03//NEGATIVE 3.46

END

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

MARCH 11/WITH GOLD UP $1.25 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: ANOTHER WITHDRAWAL OF 1.75 TONNES FROM THE GLD///INVENTORY RESTS AT 1060.23 TONNES

MARCH 10/WITH GOLD UP $4.70 TODAY: ANOTHER HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.46 TONNES FROM THE GLD/INVENTORY RESTS AT 1061.98 TONNES

MARCH 9/WITH GOLD UP $37.40 TODAY: ANOTHER HUGE CHANGE IN GOLD INVENTORY AT THE GLD: ANOTHER WITHDRAWAL OF 5.82 TONNES FORM THE GLD////INVENTORY RESTS AT 1063.44 TONNES

MARCH 8/WITH GOLD  DOWN $21.00  TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 9.04 TONNES FROM THE GLD/INVENTORY RESTS AT 1069.26 TONNES

MARCH 5/WITH GOLD DOWN $15.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A HUGE WITHDRAWAL OF 4.08 TONNES FROM THE GLD////INVENTORY RESTS AT 1078.30 TONNES

MARCH 4/WITH GOLD DOWN $7.60 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.74 TONNES FROM THE GLD//INVENTORY RESTS AT 1082.38 TONNES

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

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

MARCH 11 / GLD INVENTORY 1060.23 tonnes

LAST;  1016 TRADING DAYS:   +126.42 TONNES HAVE BEEN ADDED THE GLD

LAST 946 TRADING DAYS// +  312.66TONNES  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 11/WITH SILVER DOWN ONE CENT TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 592.438 MILLION OZ//

MARCH 10/WITH SILVER DOWN 3 CENTS TODAY; ANOTHER HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 928,000 OZ FROM THE SLV////INVENTORY RESTS AT 592.438 MILLION OZ//

MARCH 9/WITH SILVER UP 91 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 593.366  MILLION OZ///

MARCH 8/WITH SILVER DOWN ONE CENT TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.25 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 593.366 MILLION OZ//

MARCH 5/WITH SILVER DOWN 31 CENTS TODAY: TWO HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 6.501 MILLION OZ FROM THE SLV AT 3 PM AND ANOTHER 3.90 MILION OZ AT 5.20..: TOTAL LOSSS 10.4 MILLLLION OZ////INVENTORY RESTS AT 596.616 MILLION OZ

MARCH 4/WITH SILVER DOWN 76 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.486 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 609.017 MILLION OZ

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

SLV INVENTORY RESTS TONIGHT AT

MARCH 11/2021

592.438 MILLION OZ

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

Craig Hemke believes that gold has just bounced off both a short term price bottom and a long termprice bottom.  Looks good to him either way

(Craig Hemke/Sprott/GATA)

Craig Hemke at Sprott Money: A bottom or THE bottom in Comex gold?

 Section: Daily Dispatches

2:53p ET Wednesday, March 10, 2021

Dear Friend of GATA and Gold:

The TF Metals Report’s Craig Hemke, writing today at Sprott Money, examines charts and futures market position reports to discern whether gold has just bounced off a short-term or long-term price bottom. The situation for the monetary metal looks pretty good to him either way.

Hemke’s analysis is headlined “A Bottom or THE Bottom in Comex Gold?” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/blog/A-Bottom-or-THE-Bottom-in-COMEX-Gold-Cr…

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

END

iii) Other physical stories:

COPPER CAPER

Painted rocks….quite a scam orchestrated by Turkish thieves

(zerohedge)

Copper Caper: Commodities Trader Conned By “Painted Rocks”

THURSDAY, MAR 11, 2021 – 4:15

Over the years, we have periodically reported the occasional gold bar discovered as counterfeit in Manhattan’s Diamond District. It was only until 2020 when a massive 83 tons of Chinese gold bars used as loan collateral turned out to be nothing but gilded copper. Thieves are becoming more brazen over the years as yet another commodity scam has hit a major Swiss trading firm, according to Bloomberg.

The story unfolded last summer when commodities firm Mercuria Energy Group Ltd bought $36 million of copper from a Turkish supplier. But when the 6,000 tons of copper in more than 300 containers arrived in the Chinese port of Lianyungang in the late summer of 2020, there were only jagged paving stones spray painted to resemble the base metal.

Mercuria has been subjected to fraud before. In 2014 and 2015, the Swiss commodity trading firm took covered losses via insurance claims on the metal stored in a Chinese warehouse when authorities seized it.

The latest fraud has forced Mercuria to seek damages in Turkish courts and a U.K. arbitration case against the copper supplier, Bietsa. So far, 13 people have been arrested in connection with the scam.

“Suspects have been taken under custody who are thought to be involved in the various parts of this organized crime against Mercuria,” Mercuria wrote in a statement. It also acknowledged the Istanbul Financial Crimes Department for its hard work in leading to the arrests. 

However, unlike past frauds, where Mercuria could claim a cargo’s insurance policy – this scam has a twist. Only one of the seven contracts used by the Turkish company to insure the cargo was genuine. The rest were fake – which means there’s no way for Mercuria to collect an insurance policy on the other contracts.

Legal documents pieced together from Bloomberg outlined how the thieves swapped out the real copper while sealed in containers with shiny paving stones.

Last June, Mercuria agreed to buy copper from Bietsan, a Turkish supplier it had done business with before, according to Sinan Borovali, the Turkey trading house’s lawyer. It appears that copper was initially loaded into the first shipment of containers, before being surveyed by an inspection company. Seals used to prevent fraud were then affixed to the containers.

But under the cover of darkness, it is alleged the containers were opened and the copper replaced with paving stones, Borovali of Istanbul law firm KYB said in an interview. The fraudsters switched between fake and real container seals in an effort to avoid detection.

As ships left Marport terminal in the port of Ambarli every few days, the same thing happened: the copper was secretly unloaded at night and replaced with painted rocks. “This was how they did it,” Borovali said.

With the vessels at sea, Mercuria paid $36 million in five installments, with the last payment made on Aug. 20, 2020, according to documents provided by the commodity trader to Turkish investigators. The fraud wasn’t discovered until the ships began arriving in the Chinese port of Lianyungang later that month. By then, all eight vessels were en route to China.

“There has been a criminal investigation petition by the buyer against the seller and two intermediaries,” Turkish police said in a statement. “It’s been determined that the incident is the outcome of fraud perpetrated in an organized manner.”

Normally, in such cases of non-delivery a trading house could make a claim against a cargo’s insurance policy. But Mercuria found that just one out of seven contracts used by the Turkish company to insure the cargo was real. The rest had been forged.

It appears someone at Mercuria may have not done proper due diligence into the Bietsa, or at least followed up on the legitimacy of the insurance contracts on the cargo. 

end

For your interest….

Emails Reveal FBI Excavation For Civil War-Era Gold In Lawsuit Over “Hundreds Of Millions” In Disputed Booty

WEDNESDAY, MAR 10, 2021 – 20:40

Did the FBI make off with ‘seven to nine tons’ of Civil War-era gold in a Pennsylvania forest after a treasure hunting duo led them to its long-hidden location?

A father-son team wants to know, and has successfully sued for access to government emails about the dig.

Here’s what we know, according to the Associated Press.

On march 13, 2018, treasure hunters Dennis and Kem Parada, who co-own the treasure-hunting outfit Finders Keepers, led FBI agents to a location in “Dent’s Run,” located approximately 135 miles northeast of Pittsburgh.

The Paradas had spent years looking for the long-lost booty, an 1863 shipment of Union gold, which was either lost or stolen on its way to the US Mint in Philadelphia.

The FBI brought in geophysical consulting firm, Enviroscan, to survey the hilltop site, where their gravimeter identified ‘a large metallic mass with the density of gold,” according to Warren Getler, a consultant who worked closely with both the FBI and the Paradas.

An FBI agent told them the location of the mass was “one or two feet off Denny’s sweet spot,” recalled Getler, author of “Rebel Gold,” a book exploring the possibility of buried Civil War-era caches of gold and silver. “Then I went to ask how big is it. And he said, ‘7 to 9 tons.’ And I literally said, ‘You’ve got to be kidding!’”

That much gold would be worth hundreds of millions of dollars today — and, assuming it was there, would almost certainly touch off a legal fight over how to divvy up the spoils. -AP

The FBI says they found nothing at the site, while Enviroscan co-founder Timothy Bechtel said the FBI told him to keep his mouth shut about his findings.

FBI dig site at Dent’s Run, 2018

The Paradas, meanwhile, say the FBI struck a deal to let them watch the site excavation – only to confine them to their car for most of the two-day dig, only to escort them to a “large, empty hole” at the end of the second day.

The emails are quite revealing. In one, an assistant US attorney in Philadelphia, K.T. Newton, wrote in an email marked “Confidential,”: “We believe the cache itself is in the neighborhood of 3x5x8 (feet) to 5x5x8.”

Since the Elk County site was on state-owned land, the FBI had to secure a federal court order to gain access. The legal maneuvering generated emails between Newton and Audrey Miner, chief lawyer for the Pennsylvania Department of Conservation and Natural Resources.

On March 13, as FBI agents clambered up a hill to the target, Miner bluntly asked Newton: “Can you please provide the basis upon which the Office of the United States Attorney asserts that the gold, if found, belongs to the federal government?

Newton replied that a federal affidavit in the case was sealed. She instead offered to “discuss this generally with you on the phone,” according to email records released by the state under court order. -AP

Yet, on March 16, 2018 – two days after the dig ended, US Attorney Newton told Audrey Miner, chief lawyer for the Pennsylvania Department of Conservation and Natural Resources: “we are all disappointed and scratching our heads over the several scientific test results.

In a subsequent March 28 email, Miner asked Newton for an update on the federal investigation, writing that “the gold story still has legs, and the DCNR is now getting a lot of ‘gold-diggers’ interested in Dent’s Run,” to which Newton replied: “For your knowledge only … we have no other scientific evidence, other than what the excavation had been based on, that any gold is hidden in that area.”

Miner replied: “I guess you can’t come right out and state there is no gold to be found at Dent’s Run?” to which the prosecutor replied: “Unfortunately, we cannot.

On Wednesday, the Paradas plan to hold a news conference, where they will present claims that include residents reportedly hearing a backhoe and jackhammer overnight “when the excavation was supposed to have been paused,” and seeing a  “convoy of FBI vehicles, including large armored trucks.”

“I gotta find out what happened to all that gold,” Dennis Parada said last week, adding that the FBI’s claim to have found nothing was “a slap in the face.”

Cluck, meanwhile, is still pursuing government material on the case — nearly 2,400 pages, as well as video files, that the FBI has promised to turn over in response to his Freedom of Information Act request.

All documents in the federal court case about the dig remain sealed. For that reason, a state appeals judge recently declined to order the Department of Conservation and Natural Resources to give Cluck the federal writ of entry and seizure warrant that the FBI agents relied on to gain access to the site. -AP

In a curious development which may shed some light on what’s to come, a Commonwealth Court Judge, Kevin Brobson, wrote in a footnote of a Jan. 28 opinion rejecting Cluck’s petition for more information, that the name of the sealed case is: 

“In the Matter of: Seizure of One or More Tons of United States Gold.”

end

Your early THURSDAY 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 6.4850 /

//OFFSHORE YUAN:  6.4843   /shanghai bourse CLOSED UP 79.09 PTS OR 2.36%

HANG SANG CLOSED UP 478.09 PTS OR 1.65%

2. Nikkei closed UP 175.08 POINTS OR 0.60%

3. Europe stocks OPENED ALL GREEN/

USA dollar index DOWN TO 91.64/Euro RISES TO 1.1949

3b Japan 10 year bond yield: FALLS TO. +.11/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.53/ 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:: 65.12 and Brent: 68.81

3f Gold UP/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 DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.35%/Italian 10 yr bond yield DOWN to 0.61% /SPAIN 10 YR BOND YIELD DOWN TO 0.30%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.35: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.85

3k Gold at $1736.00 silver at: 26.33   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 4/100 in roubles/dollar) 73.59

3m oil into the 65 dollar handle for WTI and 68 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 108.53 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 .9251 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1057 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to -0.35%

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 1.488% early this morning. Thirty year rate at 2.235%

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

6.  TURKISH LIRA:  UP  TO 7.46..

Nasdaq Futs Soar, Yields Tumble After ECB Pledges To Accelerate Bond Purchases

THURSDAY, MAR 11, 2021 – 8:22

US equity futures and world stocks jumped to their highest in over a week after the latest CPI report calmed investor nerves about inflation which coupled with a solid 10Y auction and a surprise pledge from the ECB which pledged to ramp up its buying of government debt in coming months in a bid to a contain rising bond yields that threaten to derail the region’s economic recovery. The ECB announcement helped already low yields drop further and pushed the MSCI’s All Country World Index to its highest in just over a week, up 0.7% on the day. Tech stocks got a further boost – led by Chinese semi companies – after China’s main industry association said it will work with its U.S. counterpart to discuss supply-chain safety and trade restrictions

Dow E-minis were up 118 points, or 0.37%, S&P 500 E-minis were up 30.25 points, or 0.77% and Nasdaq 100 E-minis were up 248 points, or 2% At 7:45 a.m. ET.

After several days of volatility, Nasdaq futures pointed to the return of tech outperformance as Treasury yields stabilized with Apple and Tesla climbed in premarket trading. Mega-cap stocks Microsoft and Amazon.com gained between 1.5% and 4.3% premarket as the benchmark Treasury yields dipped below the key 1.5% mark after shooting to a one-year high above 1.6% last week.

JD.com Inc climbed about 8% premarket after the Chinese e-commerce company reported a jump in fourth-quarter revenue as it benefited from a broader shift to online shopping triggered by the COVID-19 pandemic. Bumble Inc jumped about 10% after it reported a bigger-than-expected rise in fourth-quarter revenue and said it expected pent-up demand from people who had been avoiding dating in person due to the pandemic. AMC Entertainment Holdings Inc. jumped 10% after posting a smaller-than-expected loss, while GameStop sank 6% following a wild day of volatility. Roblox soared 10% as Cathie Wood’s Ark Investment Management disclosed a stake in the digital games company.

High-growth tech stocks, which are attempting to regain their footing after a recent pullback, are sensitive to increasing interest rates as they are valued on earnings expected years into the future. The Nasdaq is now about 7% below its Feb. 12 record close after falling as much as 12% last week.

Market sentiment has gotten a boost from Wednesday’s weaker-than-expected report on U.S. consumer prices, which eased concern about broader inflationary pressures. Ten-year Treasury yields have steadied around 1.5% in recent days, helping breathe life back into technology stocks that were pummeled over the past month. Another bullish catalyst for the U.S. market is the $1.9 trillion Covid-19 relief bill, which cleared its final congressional hurdle and will be signed by President Joe Biden on Friday. Most Americans will be receiving direct payments of $1,400, with the money starting to go out within days.

“It is one of the most far-reaching federal relief efforts to ever pass Congress and another reason to be confident of the outlook for U.S. equities,” said Willem Sels, chief investment officer at HSBC Private Banking and Wealth Management. “We think that the bond market has sold off too much.”

European stocks climbed, with the European STOXX 600 index reaching a one-year peak and extending gains after the European Central Bank pledged to ramp up its buying of government debt in coming months in a bid to a contain rising bond yields which threaten to derail the region’s economic recovery. While policy makers are now committing to front load purchases, they still kept the overall size of the 1.85 trillion-euro ($2.2 trillion) pandemic bond-buying program unchanged.

France’s CAC 40 index rose 0.14%, and Italy’s FTSEMIB 0.8%%. Britain’s FTSE 100 index fell 0.36% and Germany’s DAX traded flat. European stocks got a lift after the ECB’s unexpected announcement of “significantly faster” bond purchases in the coming quarter which hammered Bund yields to session lows, pressured the EUR and pushed European stocks higher.

Earlier in Asia, an index of regional stocks excluding Japan rose 1.78%, led by a 2.3% surge in South Korea’s Kospi, and was on track for its first three-day advance in three weeks. China’s Shanghai Composite rallied 1.9%, helped by local lending data while the CSI 300 Index surged 2.5% on Thursday, its biggest daily gain in two months, on the last day of the National People’s Congress. Japan’s Nikkei 225 gained 0.5%.

Asian stocks advanced for a third day and are now set to cap their longest winning streak in a month, with markets in China and Hong Kong leading gains. The Chinext index of Chinese small caps was the best performer among the region’s benchmarks, followed by the Hang Seng China Enterprises Index and then the CSI 300 Index. Chinese semiconductor firms surged after the country’s main industry association said it will work with its U.S. counterpart to discuss supply-chain safety and trade restrictions. China’s leading chip-maker Semiconductor Manufacturing International was among the biggest contributors to the Hong Kong measure’s climb. The CSI 300 index’s rally Thursday followed a 0.7% advance in the previous session, giving the gauge its first back-to-back gain in a month. The rebound follows a 14% plunge in 14 trading days through Tuesday, wiping out more than $1.3 trillion from equities. Elsewhere, South Korea’s Kospi and the bluechip Kospi 200 index each rose almost 2%, led by a rebound in technology stocks and foreign buying. Philippine and Malaysia stocks underperformed, while Indian markets were closed for a trading holiday

Treasuries dropped to session lows, with relative calm in the Treasuries market helping risk sentiment, with the benchmark yield settling as low as 1.4750% after shooting to a one-year high above 1.6% last week as investors worried the U.S. economic recovery would run too hot.

The highlight is today’s duration supply which includes $24b 30-year bond reopening and a 7-part jumbo corporate offering from Verizon expected. Treasuries were supported by ECB intervention and also by buying during the Asia session amid gains for Aussie and New Zealand bonds; long-end Treasuries lag with supply event ahead, while 2s5s10s fly richens more than 4bp as belly leads gains; 5s30s curve is steeper by ~3.5bp. The week’s auction cycle concludes with $24BN 30-year bond sale at 1pm ET. 

“If we look at history, we see that when yields have gone up, after a while equity markets have generally been okay,” said Justin Onuekwusi, portfolio manager at Legal & General Investment Management. “The only time you really see both equities and bonds sell off is in periods when there is a significant inflation scare.” At this point ,with unemployment still so high, it is hard to see inflation becoming a problem, Onuekwusi said. Higher yields could be read as showing “that we are actually getting out of the quagmire we have been in.”

“And there is a natural yield cap — central banks will step in when rates move too quickly. They are differentiating between levels of yield and speed at which yields move.”

In FX, the Bloomberg Dollar Spot Index fell to a one-week low as the greenback was lower against all of its Group-of-10 peers apart from the yen. The Australian dollar extended gains in European hours, leading commodity currencies higher as gains in stocks and U.S. equity futures stoked risk appetite. The euro rose a third day to approach $1.20 before it dipped after the ECB pledged to step up pace of bond buying to counter market sell-off.  The yen underperformed its Group-of-10 peers as rising equities damped demand for haven assets, and was sold for the euro as investors were said to be watching option barriers at 130

In commodities, copper climbed above $9,000 a ton in London, oil advanced and the dollar weakened.

The Labor Department’s data at 8:30 a.m. ET is expected to show the number of Americans filing for jobless benefits fell to 725,000 in the latest week from 745,000, amid an improving public health environment.

Market Snapshot

  • S&P 500 futures up 0.7% to 3,923.50
  • Nasdaq 100 futures up 1.7% to 12968.75
  • Euro up 0.2% to $1.1958
  • Brent Futures up 1.2% to $68.71/bbl
  • WTI crude oil futures up 1.5% to $65.48/bbl
  • Gold spot up 0.4% to $1,734
  • U.S. Dollar Index down 0.23% to 91.61
  • MXAP up 1.3% to 207.46
  • MXAPJ up 1.8% to 695.66
  • Nikkei up 0.6% to 29,211.64
  • Topix up 0.3% to 1,924.92
  • Hang Seng Index up 1.7% to 29,385.61
  • Shanghai Composite up 2.4% to 3,436.83
  • Sensex up 0.5% to 51,279.51
  • Australia S&P/ASX 200 little changed at 6,713.92
  • Kospi up 1.9% to 3,013.70

Top US News from Bloomberg

  • Global money manager BlackRock Inc. says gold is proving to be a less effective hedge against moves in other assets, such as stocks, as well as inflation, according to Russ Koesterich, portfolio manager for BlackRock’s Global Allocation Fund
  • Bank of Japan officials are looking at ways to enable bond yields to move around more as they try to improve the functioning of a bond market dominated by the central bank, according to people familiar with the matter
  • Chinese lawmakers approved an extensive overhaul of how Hong Kong chooses its leaders, a momentous step in Beijing’s efforts to curb opposition in the Asian financial hub’s political system
  • Italy’s Matteo Salvini hinted at an early end to Mario Draghi’s term in office and indicated the prime minister could be a candidate for head of state when that job becomes available early next year

Quick look at global markets courtesy of Newquawk

Asia-Pac bourses traded mostly positive as the region built upon the somewhat mixed performance stateside where the DJIA posted fresh record highs whilst tech suffered from a continued rotation into value. ASX 200 (Unch.) opened higher with strength seen in airlines and tourism-related stocks after Australia’s government unveiled a AUD 1.2bln stimulus package focused on tourism including subsidized airfares for 800k domestic flights, although the gains in the index were later pared amid underperformance in tech and losses in the top-weighted financials sector as yields eased. Nikkei 225 (+0.6%) traded positive with exporters underpinned by a predominantly weaker currency and the KOSPI (+1.9%) was among the outperformers after strong early trade figures for this month which showed exports rose 25.2% Y/Y and imports increased by 31.4% Y/Y during the first 10 days in March. Hang Seng (+1.7%) and Shanghai Comp. (+2.4%) were also lifted after US and Chinese officials agreed to conduct a 2-day summit next week in Alaska where Secretary of State Blinken and White House National Security Advisor Sullivan will meet with Chinese Foreign Minister Wang Yi and Director of the Central Foreign Affairs Commission Yang Jiechu in what will be the first in-person meeting between US and Chinese senior representatives under the Biden administration, while the latest data releases from China also provided encouragement in which both New Yuan Loans and Aggregate Financing topped estimates. Finally, 10yr JGBs were initially subdued amid gains in stocks and with T-notes pulling back in the aftermath of a lacklustre 10yr government bond auction in US, although 10yr JGBs later gained on return from the lunch and following mixed results at the 20yr JGB auction which printed a higher b/c but weaker accepted prices.

Top Asian News

  • The Tactics People Are Using to Get Their Money Out of China
  • Covid Outbreak Hits Hong Kong Banks, Gyms, International Schools
  • China Chip Industry Group Says It’ll Work With U.S. Counterpart
  • Taiwan’s Central Bank Plays Down Concern Over Manipulator Tag

Stocks in Europe see more of a mixed picture (Euro Stoxx 50 +0.2%) following a broadly positive open amid a similar APAC handover and in the run-up to the ECB confab (full preview available in the Research Suite). US equity futures meanwhile see more pronounced gains with the tech-laden NQ (+1.6%) outpacing the ES (+0.7%), RTY (+0.6%) and YM (+0.3%) as yields ease, with the US 10yr sub-1.50% at the time of writing. One potential reason for the firmer State-side performance could be the stimulus expected to be injected into the economy soon as the House unsurprisingly passed the relief bill last night. On that note, a recent Deutsche Bank survey of 430 retail investors found that on average, they plan to put 37% of stimulus checks into equities – with this package’s checks amounting to USD 400bln in direct payments of USD 1,400 per person. Back to Europe, sectors are mixed with Banks lagging as they bear the brunt of the pullback in yields, closely followed by Auto names. On the flip side, Tech, Basic Resources and Travel & Leisure reside at the top of the pile, with the former in-fitting with the outperformance in the NQ future with some tailwinds potentially emanating from reports that the US and China semiconductor associations are to set up a work team and will communicate on export curbs – which lifted chip names in the overnight session. Overall, sectors do not provide much of a risk bias. Onto individual movers, SAP (+0.4%) has conformed to the broad rise in tech after being initially dented by Oracle (-4.5% premkt.) whose shares slumped post-earnings. AstraZeneca (-2.1%) meanwhile has been grinding lower following reports that the Danish Health Authority has temporarily halted the use of the AstraZeneca COVID-19 vaccine due to serious cases of blood clots – following two similar events reported in Austria. Credit Suisse (-2.4%) is pressured after Bronte Capital Management said it has placed a ‘reasonably sized’ short against the Co., due to expectations of potential client compensation relating to Greensil funds and the substantial losses experienced. While EDF (+6.0%) is bolstered as sources stated that French and EU authorities are continuing their discussion over the Co’s restructuring which are to enter a ‘make or break’ period shortly and look to complete by end-March. Finally onto earnings, Rolls Royce (+2.6%) trades firmer despite the detrimental COVID impact on earnings, as the group highlighted abundant liquidity and a more constructive outlook. Other earnings-related movers include Pirelli (-1.0), Traton (+0.2%), and K+S (+2.4%).

Top European News

  • EU Urges U.K. to Come Clean on Vaccine Exports in Heated Dispute
  • Lex Greensill’s Dreams of a $7 Billion Empire Unraveled in Days
  • Italy’s Salvini Hints at Time Limit for Draghi as Premier
  • BNP Seeks to Buy Remaining 50% of Exane to Boost Equities Unit

In FX, the Dollar’s demise may not have been quite as quick or dramatic as its recent resurgence, but from a technical standpoint the loss of support for the index at 91.740 could be telling as the DXY eyes 91.500 to the downside having topped 92.500 just 2 days ago. However, salvation may come from the latest IJC updates and/or externally if the ECB manages to talk down yields with enough dovish intent or policy guidance, assuming no actual measures designed to maintain favourable financing conditions. Barring that, the Greenback may have to rely on option expiries for respite unless US Treasuries revert to bear-steepening before the long bond auction that follows details of next week’s 20 year and 10 year TIPS issuance.

  • AUD/EUR/JPY – All benefiting at the Buck’s expense, albeit to varying degrees, with the Aussie back up above 0.7750, and also drawing impetus from the CNH reclaiming 6.5000+ status in wake of a firmer PBoC midpoint fix overnight. Similarly, the Euro has rebounded through 1.1950 in advance of the ECB and the Yen is attempting to breach 108.50 again amidst yet another BoJ source report suggesting that more tolerance around the 0% central target for 10 year JGBs may be looked at in the upcoming policy review along with bigger reserve exemptions from negative rates. Meanwhile, hefty 1.2 bn option expiry interest at 108.50 may underpin Usd/Jpy, while Eur/Usd could be hampered by 1.1 bn rolling off between 1.1915-10 at the NY cut having faded into last Friday’s pre-NFP high (1.1977) and Aud/Usd will at least be aware of 1.1 bn spanning 0.7725-10 even though the spot price is considerably higher at present.
  • NZD/CHF – The Kiwi is looking much more comfortable on the 0.7200 handle vs its US counterpart in advance of NZ’s manufacturing PMI, and could derive additional impetus via any Aud/Nzd cross flows related to 2.2 bn option expiries at the 1.0730 strike given several attempts to the upside, but no decisive break above 1.0750. Elsewhere, the Franc has clawed back more losses to probe 0.9250 and bounce from around 1.1100 against the Euro after upgrades to Swiss SECO Government forecasts for 2021 and 2022 CPI.
  • CAD/GBP – Firmer crude prices have helped the Loonie breach 1.2600 vs its US rival as attention switches from a rather bland BoC event to the Economic Progress Report delivered by Deputy Governor Schembri, while Sterling has secured a firmer foothold above 1.3900 and is looking to extend through 1.3950 awaiting Friday’s raft of UK data.

In commodities, WTI and Brent front month futures have seen somewhat of a choppy session thus far, whereby the complex traded firmer but off best after tracking sentiment and the softer Buck as news-flow for the complex remains light -with some positive overnight omens potentially emanating from the confirmation of the US-China meeting next week, which will set the tone for bilateral relations. However, prices have since given up some of those gains despite a lack of fresh catalysts. Newswires yesterday caused some confusion across the crude complex as Russian Deputy PM Novak’s comments were misinterpreted whereby the original headline suggested a sudden substantial output hike in May, although newswires later clarified the comments which were in-line with the OPEC+ accord. WTI Apr and Brent May reside just under USD 65.00/bbl and 68.50/bbl respectively, awaiting the OPEC monthly oil market report (tbc) and the ECB policy meeting. Elsewhere, spot gold and silver inversely track the Buck amidst a slow news morning, with the yellow metal inching closer towards USD 1,750/oz (vs low USD 1,722/oz). In terms of base metals, copper is back on the grind higher amid the weaker Dollar, constructive risk tone and the US House passage of the US stimulus bill. Dalian iron ore meanwhile jumped over 5.5% follow two consecutive sessions of substantial losses as Australian shipments of the base metal fell to a two-year trough.

US Event Calendar

  • 8:30am: March Initial Jobless Claims, est. 725,000, prior 745,000; Continuing Claims, est. 4.2m, prior 4.3m
  • 9:45am: March Langer Consumer Comfort, prior 48.9
  • 10am: Jan. JOLTs Job Openings, est. 6,700, prior 6,646
  • 12pm: 4Q US Household Change in Net Wor, prior $3.82t

DB’s Jim Reid concludes the overnight warp

For those following my tale of woe yesterday, the good news is that Jamie got a negative test result yesterday lunchtime and all three of them will return to school today assuming that nothing else happens between me pressing send and 9am this morning.

In these markets you don’t know quite what’s going to happen between pressing send and the report being in inboxes. There remains quite a few wildly fluctuating battles at the moment. However over the last 24 hours things have calmed down a bit even if we did see rotation back into cyclicals again after a tipsy-turvy week. Overall equity markets rose for a second straight day with the S&P 500 up +0.60%, while the tech-heavier NASDAQ edged -0.04% lower. The S&P 500 is just inches (or centimetres depending on your preference), away (-0.92%) from its all-time high recorded in mid-February. Meanwhile the NASDAQ is still about -7.3% away from its record high hit around the same time. More interestingly, the NYSE FANG was down -1.36% yesterday and remains -12.1% off record highs. The rotation trade was back as energy (+2.63%) and bank (+2.60%) stocks took back leadership of the S&P after tech had a stunning day on Tuesday. Semiconductors (-1.41%) and Tech Hardware (-0.59%) were the only level 2 industries in the S&P to fall yesterday out of 24. Smaller US companies out-performed with the Russell 2000 adding +1.81%, and is now less than -0.5% down from its mid-February highs. The VIX volatility index fell -1.5pts to 22.6, its lowest level since late-February. In Europe the STOXX 600 (+0.46%) hit a new 14-month high. Sector performance was mixed as STOXX Oil & Gas rose +1.14%, while STOXX Banks fell -0.18%.

The ‘GameStop’ saga continued yesterday as its shares surged +41.2% intraday and was remarkably back at above its record closing level from late January before dropping -50% from those levels over a 30 minute period, and then finishing +6.54% higher on the day. For reference it traded at 43 on January 21st, 347.5 on January 26th, slumping to 53.3 on February 4th and moving below 50 for most of the middle of February, climbing to around 100 at the end of the month and now back at 265 after touching 348.5 at its highs yesterday. This latest climb (6 days) is the longest winning streak in six months. Fellow Reddit stock AMC followed a similar path, up nearly +19% ahead of its earnings announcement after the close before the stock lost over -20% from those intraday highs. Bitcoin also briefly traded above its record close yesterday before settling for a +4.81% rise – its 4th daily rise in a row to close just under 1% away from its own record high.

Overnight, Asian markets are mostly trading up with Chinese markets leading the way as the CSI (+2.25%), Shanghai Comp (+1.95%) and Shenzhen Comp (+2.13%) are all making handsome gains. The rise in Chinese shares comes as the NPC came to an end and the Chinese financial daily Securities Times carried a front page commentary asking new investors to keep calm and rational amid sharp volatility in the stock market and adding that they should seek returns for the long term. Other markets in the region like the Nikkei (+0.51%), Hang Seng (+1.47%) and Kospi (+2.17%) are all also up. Futures on the S&P 500 are also higher (+0.49%) while those on the Nasdaq are up +0.72%. Looking at sovereign yields, those on the US 10 year are flattish while Australian (-5.7bps) and New Zealand (-8.2bps) 10 year yields are down.

In other overnight news, Italy’s Matteo Salvini, chief of the League party, hinted at an early end to Mario Draghi’s term in office as PM and indicated Draghi could be a candidate for head of state when that job becomes available early next year. In the interview he also said that his previously euroskeptic party now firmly favours both the single currency and European Union membership.

Back to yesterday and government bonds had a quieter day with 10yr Treasury yields largely flat (-0.8bps) at 1.518% as the fall in real rates (-6.0bps) was offset by a pickup of inflation expectations with 10yr breakevens rising +5.0bps. Even as inflation expectations rose, US yields overall fell -6.1bps from their highs after the slightly softer CPI print (see more below). The much anticipated auction of $38bn worth of US 10yr bonds went fairly smoothly, the second auction of US debt in as many days, with bonds continuing to rise after the auction. Later today the market will see the third Treasury auction of the week, with $24bn of 30yr paper coming to market. 30yr yields rose +0.5bps ahead of this. For a second day in a row European rates matched their US counterparts with 10yr German bunds (-1.2bps) and 10yr Gilt (-1.3bps) rising slightly.

In related news, our US rates strategist Stuart Sparks has revised up the team’s forecast for 10yr yields to 2.25% by the end of the 2021. This is predicated on a 65% chance of returning to the pre-2014 regime for inflation, money market slope, and the term premium. The forecast is a weighted probability but it all likelihood they admit the outcome is likely more binary with yields ending the year nearer 1% if no regime change and nearer 3% if we do see it. This hints at the big battle continuing until a winner is declared. For more details see the full note here.

Yesterday’s aforementioned US inflation release was quite uneventful but inflation numbers at this stage are simply sparring ahead of the main bout of re-openings and the stimulus package filtering into the economy. Excluding the volatile food and energy components, the CPI nudged up 0.1% month-on-month in February (0.2% expected), after being unchanged for two straight months, and up 1.3% year-on-year, retreating from January’s 1.4% gain. The headline rate was in-line with expectations at 0.4% month-on-month (vs. 0.3% in January) and 1.7% year-on-year (vs. 1.4% in January) as the cost of gasoline rose further. The core CPI was lifted by rises in the costs of recreation, medical care and motor vehicle insurance, which offset declines in prices for airline fares, used cars and trucks and apparel.

Despite the calm in fixed income markets, investors are still likely to be on the alert today as the ECB meets. Our Chief Economist Mark Wall thinks the dominant theme at the ECB press conference on is likely to be the recent increase in yields. He thinks the ECB will try to walk a middle path between optimism and caution. He expects the ECB to emphasize their commitment to preserving favourable financing conditions, which encompasses sovereign yields, and its willingness to use the PEPP’s capacity and flexibility. On top of that, the ECB will release its March 2021 staff forecasts and there is scope for the ECB staff to be a little more optimistic. Net-net, we expect the 2021 and 2022 GDP forecasts to be revised up by 0.1-0.2pp, with the level of GDP at the end of 2021 no lower than where the staff expected it to be in the December forecast. See their preview note here.

The US House of Representatives passed President Biden’s $1.9 trillion Covid-19 relief package by a 220 to 211 vote. President Biden will sign the legislation tomorrow to cap a nearly two-month process that started shortly after his inauguration. The direct payments of $1400 to a majority of Americans will be sent out within days of the President’s signature, while the $300/week supplemental unemployment benefits will now be extended to September with no lapse. Treasury Secretary Yellen was out selling the package, anticipating that the legislation could allow the labour market to recover to full employment by the end of 2022.

Staying with US politics, the Biden administration announced a summit with Chinese officials in Alaska on March 18th. Secretary of State Blinken and National Security Advisor Sullivan will meet with China’s foreign minister, Wang Yi, and its top diplomat, Yang Jiechi. The meeting comes on the heels of Mr Blinken naming China a top threat to the US in a speech recently, saying China is the one country able “to seriously challenge the stable and open international system.” US officials have not released details on the agenda for the talks, although Mr. Blinken tweeted that he looked forward to discussing “a range of issues, including those where we have deep disagreements” and said elsewhere that the US is looking to explore what avenues exist to cooperate with China. One only need to remember the summer of 2018 to know how China-US relations can shift risk market narratives.

Turning to the pandemic, the variant that started in the UK last year in September and since spread to more than 100 other countries is between 30% and 100% more deadly than previous dominant variants, according to a research report published on Wednesday. In Europe, the European Commission said on Wednesday it has reached a deal with drugmakers Pfizer and BioNTech for the supply of an additional four million COVID-19 vaccine doses to be delivered this month.This comes as President Biden announced that the US will double their Johnson & Johnson order with production help from Merck. This amounts to an additional 100m doses, which will allow the country to inoculate 500 million people among its various contracts. Meanwhile on therapeutics, Vir Biotechnology and GlaxoSmithKline said that their monotherapy drug for early treatment of Covid-19 in adults at high risk of hospitalisation was found to be 85% effective in reducing hospitalisation or death compared with the placebo group in phase 3 trials. The companies are now planning to submit an emergency use authorisation application to the U.S. FDA and also in other countries. The companies also said that the results of an about to be published study would show that the treatment maintains efficacy against current variants of concern, including the U.K., South African and Brazilian ones.

Looking at yesterday’s data, apart from the CPI releases in the US which we have covered above, there were inflation data releases across Europe, including Denmark, Norway, the Czech Republic and Portugal, with the latter reporting a final year-on-year CPI increase of +0.48% in February, compared with a +0.49% rise the month before. Meanwhile, industrial production in France rose +3.3% month-on-month (+0.5% expected) in January, compared with a -0.8% fall the month before.

To the day ahead now, apart from the ECB rate decision, there is there is the jobless claims release in the US, as well as inflation data from Romania, Ireland and Brazil, and a rate decision in Peru.

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 79.09 PTS OR 2.36%   //Hang Sang CLOSED UP 478.09 PTS OR 1.65%    /The Nikkei closed UP 175.08 POINTS OR 0.60%//Australia’s all ordinaires CLOSED UP 0.08%

/Chinese yuan (ONSHORE) closed UP AT 6.4850 /Oil DOWN TO 65/12 dollars per barrel for WTI and 68.81 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4850. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4843 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 BELOW 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/

Global chipmakers soar as China is now working with the uSA to deal with shortages. USA is nowmoving closer to China in total contrast to the Trump administration

(zerohedge)

Global Chipmakers Soar As China Establishes Working Group With US To Deal With Shortages

THURSDAY, MAR 11, 2021 – 7:12

China semiconductor firms soared on Thursday following news that the main industry association will work with its U.S. counterpart to discuss supply chain safety and trade restrictions. According to SCMP, the China Semiconductor Industry Association (CSIA) has set up a working group with US technology companies to help deal with issues such as “export controls and supply chain security.”

CSIA announced the new partnership on Thursday, and there’s already speculation that President Biden could ease some trade restrictions against Chinese semiconductor firms to reduce the global chip shortage. This would benefit Huawei Technologies and Semiconductor Manufacturing International Corporation (SMIC), both reeling from chip shortages.

After a multi-week stock plunge, Chinese tech companies surged following news CSIA will work with US tech firms to alleviate supply chain woes and restrictions. The team consists of ten semiconductor firms from each country and will meet twice a year to address industry concerns.

Following the report, a flurry of activity in Hong Kong lifted local semi companies: Hua Hong Semiconductor jumped 13%, Shanghai Fudan Microelectronics +14%, SMIC +12% On the mainland, SMIC +7.5%, National Silicon Industry Group +9.6%, Will Semiconductor +7.4%, Maxscend Microelectronics +5.2%.

Optimism also spread to Europe, where tech stocks climbed as much as 1.4% on CSIA’s announcement. Shares in chip stocks rallied, with Infineon +2.7%, STMicro +1.7%, AMS +1.6%

The working group is expected to promote “deeper mutual understanding and trust” between the Chinese and US semiconductor companies. CSIA’s counterpart is the Washington-based Semiconductor Industry Association (SIA); they have yet to announce the new partnership.

William Deng, an analyst at UBS in Hong Kong, said the working group could create better communication among industry players to avoid market imbalances.

“Even if the US restrictions remain, better communication [between Chinese and US semiconductor industry players] can help mitigate supply chain disruptions,” Deng said. “A company in the value chain may have a better idea how to manage its inventory and production with [help from] the working group,” he added.

That said, Deng was quick to note the Biden administration will not lift key export bans of certain technologies placed on China by the former Trump administration. Over the past year, shortages of semiconductors have caused production cutbacks among major automobile factories worldwide. The shortages are widespread and are from electronics to medical devices to technology and networking equipment.

Supply chain disruptions originated from the virus pandemic. Even before that, the Trump administration limited chips to Huawei Technologies, ZTE, and other Chinese firms; the combination of the pandemic and restrictions has culminated in a worldwide shortage.

end

CHINA/VS USA

yet still provoking China..

(zerohedge)

Biden Sends Warship Into Taiwan Strait After US Admiral Said China To Invade “Within 6 Years”

THURSDAY, MAR 11, 2021 – 12:44

Biden has just sent another missile-armed warship through the Taiwan strait at a moment of intensely heightened rhetoric between the Pentagon and the People’s Liberation Army (PLA).

The Arleigh Burke-class guided missile destroyer USS John Finn sailed through the Taiwan Strait on Wednesday, the Navy’s 7th Fleet has revealed in a press release. The warship—

…conducted a routine Taiwan Strait transit March 10 (local time) in accordance with international law. The ship’s transit through the Taiwan Strait demonstrates the U.S. commitment to a free and open Indo-Pacific. The United States military will continue to fly, sail, and operate anywhere international law allows.

There’s been a noticeable uptick in Chinese air force intrusions in Taiwan’s defense sectors as well as naval maneuvers, all of which have become a weekly occurrence.

Crucially the heightened US naval maneuvers in response follow on the heels of Tuesday Congressional testimony from Admiral Phil Davidson, the top US commander over the Indo-Pacific region, who gave his assessment that China will seek to takeover democratic Taiwan “within six years.”

Here’s what Adm. Davidson said during the controversial comments which elicited outrage from China’s Foreign Ministry:

“I worry that they’re accelerating their ambitions to supplant the United States and our leadership role in the rules-based international order, which they’ve long said that they want to do that by 2050. I’m worried about them moving that target closer,” Davidson testified.

“Taiwan is clearly one of their ambitions before then. And I think the threat is manifest during this decade, in fact in the next six years.”

Meanwhile on Thursday the Navy announced additionally that another Arleigh Burke-class destroyer, the USS Curtis Wilbur, has now crossed the East China Sea amid a forward deployment in the western Pacific.

Thus it’s clear the Pentagon is prioritizing US defenses and ‘messaging’ in the region, stoking tensions further with Beijing.

Furthermore, this latest USS John Finn sail-through of the Taiwan Strait is the third such deployment since Biden’s entering the White House.

4/EUROPEAN AFFAIRS

ECB/EU

Obviously Europe financially is not doing too good so Lagarde surprised everyone by purchasing ‘significantly faster” European bonds. The Bund plunged in yield as did all of Europe’s major countries bonds.

(zerohedge)

Lagarde Surprise: Bund Yields Plunge After ECB Announces “Significantly Faster” Bond Purchases

THURSDAY, MAR 11, 2021 – 7:53

As widely expected ahead of its decision this morning, the ECB kept its policy unchanged, but in a surprising new development (or perhaps not for a central bank best known to make broad, sweeping promises and never deliver), the ECB said that it expects “purchases under the PEPP over the next quarter to be conducted at a significantly higher pace than during the first months of this year.”

In explaining its decision, the ECB Governing Council said it will “purchase flexibly according to market conditions and with a view to preventing a tightening of financing conditions that is inconsistent with countering the downward impact of the pandemic on the projected path of inflation.” In addition, “the flexibility of purchases over time, across asset classes and among jurisdictions will continue to support the smooth transmission of monetary policy.

The ECB then rehashed its generic notice that “if favourable financing conditions can be maintained with asset purchase flows that do not exhaust the envelope over the net purchase horizon of the PEPP, the envelope need not be used in full. Equally, the envelope can be recalibrated if required to maintain favourable financing conditions to help counter the negative pandemic shock to the path of inflation.”

Finally, in addition to disclosing no changes to the pace in QE and rates, the Governing Council vowed to continue to provide ample liquidity through its refinancing operations “noting that series of targeted longer-term refinancing operations (TLTRO III) remains an attractive source of funding for banks, supporting bank lending to firms and households.”

In response to the surprising ECB promise, yields across European bond markets tumbled…

… the EURUSD dipped…

… and the STOXX extended gains.

Here is the full press release:

The Governing Council took the following decisions:

First, the Governing Council will continue to conduct net asset purchases under the pandemic emergency purchase programme (PEPP) with a total envelope of €1,850 billion until at least the end of March 2022 and, in any case, until it judges that the coronavirus crisis phase is over. Based on a joint assessment of financing conditions and the inflation outlook, the Governing Council expects purchases under the PEPP over the next quarter to be conducted at a significantly higher pace than during the first months of this year.

The Governing Council will purchase flexibly according to market conditions and with a view to preventing a tightening of financing conditions that is inconsistent with countering the downward impact of the pandemic on the projected path of inflation. In addition, the flexibility of purchases over time, across asset classes and among jurisdictions will continue to support the smooth transmission of monetary policy. If favourable financing conditions can be maintained with asset purchase flows that do not exhaust the envelope over the net purchase horizon of the PEPP, the envelope need not be used in full. Equally, the envelope can be recalibrated if required to maintain favourable financing conditions to help counter the negative pandemic shock to the path of inflation.

The Governing Council will continue to reinvest the principal payments from maturing securities purchased under the PEPP until at least the end of 2023. In any case, the future roll-off of the PEPP portfolio will be managed to avoid interference with the appropriate monetary policy stance.

Second, net purchases under the asset purchase programme (APP) will continue at a monthly pace of €20 billion. The Governing Council continues to expect monthly net asset purchases under the APP to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it starts raising the key ECB interest rates.

The Governing Council also intends to continue reinvesting, in full, the principal payments from maturing securities purchased under the APP for an extended period of time past the date when it starts raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.

Third, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively. The Governing Council expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics.

Finally, the Governing Council will continue to provide ample liquidity through its refinancing operations. In particular, the third series of targeted longer-term refinancing operations (TLTRO III) remains an attractive source of funding for banks, supporting bank lending to firms and households.

The Governing Council stands ready to adjust all of its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner, in line with its commitment to symmetry.

The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 14:30 CET today.

end

Lagarde sharply hikes 2021 inflation forecasts

(zerohedge)

Watch Live: ECB’s Lagarde Sharply Hikes 2021 Inflation Forecast

THURSDAY, MAR 11, 2021 – 8:25

Update: in what may have been the most anticipated notice of today’s Lagarde presser, the ECB president announced that staff inflation forecasts were revised sharply higher with 2021 Inflation now expected to rise 1.5% vs just 1.0% in December. This would be the highest annual inflation in the Eurozone in years. And while 2022 is expected to move modestly higher, the 2023 inflation forecast remains unchanged at just 1.4.%

* * *

ECB President Christine Lagarde surprised markets with a more dovish than expected promise to accelerate the pace of its bond buying over the next three months in response to the eurozone’s rising borrowing costs and faltering economic recovery.

As Bloomberg’s Carolynn Look notes, it’s unclear so far what the “significantly higher pace” of PEPP purchases will look like. “Net buying has come in at around 12 billion euros for the last two weeks, compared with an average of 18 billion euros per week since the program was launched last March. What the statement does show is that the Governing Council is uncomfortable with the yield levels it sees today. But it’s hard to say what levels the ECB would be comfortable with.”

Hopefully we will learn more in the next few minutes, although it bears noting that we are back to square one, where the ECB just adds more of the same thing that hasn’t been working… and now that it is finally working, adding even more more of the same thing to offset the consequences of the inflation.  Ok, explain away Christine…

Watch Live here:

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/USA

Putin warns Biden against USA retaliation for the SolarWinds hack.  Solar winds used the password:SolawWinds123 and they thought that nobody else could try and hack this:

(zerohedge)

“Pure International Cybercrime”: Putin Warns Against US ‘Retaliation’ For SolarWinds Hack

WEDNESDAY, MAR 10, 2021 – 22:40

Russian President Vladimir Putin has reacted fiercely to the contents of a report in the The New York Times this week that cited unnamed senior admin officials to say the White House is preparing a series of devastating cyberattacks on Russia as ‘retaliation’ for the SolarWinds hack.

A spokesman for the Russian presidency, Dmitry Peskov, told reporters on Tuesday that the “alarming information” would constitute a “pure international cybercrime” and is thus condemned under international law.

“The Russian state has never had anything to do with cybercrimes and cyberterrorism it is being accused of,” Peskov emphasized.

Via Sputnik/Kremlin

Specifically addressing the NY Times report further, Peskov added, “the fact that the newspaper doesn’t rule out that the American state could be involved in cybercrime, is definitely of great concern to us.”

Amazingly, the anonymous Biden admin officials revealed to the Times that a “series of clandestine actions across Russian networks” are expected to start within the next three weeks.

The cyber-operations will by design seek to get Putin and Russian intelligence’s attention while being concealed from the broader public when it occurs, the NYT report said.

Detailing the Kremlin’s condemnation and warning against any such cyber espionage, US News & World Report writes:

He spoke in response to a series of claims from U.S. officials, including Secretary of State Antony Blinken and FBI Director Christopher Wray, that they are considering harsh punishments on Russia for the attack, including overt sanctions and some form of covert salvos in the cyber realm. Wray hinted at the action in testimony before Congress this month, saying the U.S. was preparing cyber “joint sequenced operations.”

Multiple US intelligence agencies had issued a rare joint statement in the wake of the SolarWinds intrusion, saying it was “likely” Russia behind it, though without offering evidence or specific intelligence verification of the allegation.

However, it’s since been confirmed that SolarWinds has largely faulted its own severe security lapses, including the fact that an update server’s password was literally “solarwinds123” – which had been leaked by an employee online beginning years ago, according to prior Congressional testimony.

END

IRAN/USA

Iran backed militia publishes their video of the attack on a USA convoy that Austin is still reviewing who did it.

This will surely escalate for our war mongers

(zerohedge)

Iran-Backed Militia Publishes Video Of New Attack On US Convoy In Iraq

THURSDAY, MAR 11, 2021 – 14:05

On Thursday pro-Iranian media in Iraq uploaded rare video showing an IED attack on an American convoy in Anbar province at a moment of continuing tit-for-tat between the US coalition and Iran-backed Shia Iraq militia groups in the region.

The video shows a direct hit on the convoy, with a statement saying, “An Iraqi group calling itself ‘The International Resistance’ claimed responsibility for targeting an American logistics convoy in city of Fallujah today,” as reported by Newsweek national security correspondent Tom O-Connor.

A pro-Iranian statement described further it was an “operation targeting American logistics convoy with indirect fire and dual attack on the international road linking Basra and Nasiriyah governorates.”

The fact that footage of the attack was made public via online video suggests Iraqi Popular Mobilization Forces are trying to keep up military and public pressure to push American troops out, also amid continuing anger over Trump’s assassination of IRGC Quds Force Gen. Qassem Soleimani in January 2020.

Regional media, including Iranian state sources, are describing a spate of bombings against US forces in Iraq on Thursday:

Three roadside bombs have exploded separately near convoys of trucks carrying logistical equipment belonging to the US-led coalition forces in Iraq’s western province of Anbar, southern province of Muthanna bordering Saudi Arabia and Kuwait, as well as the central province of Babil.

The Arabic-language al-Sumaria television network, citing an unnamed police source, reported that the first attack took place when a roadside bomb went off as a convoy of vehicles was traveling along the international highway leading to Anbar province on Thursday.

The blast wounded a woman who happened to be crossing the road at the moment of the incident.

While in the recent past such IED attacks on US and NATO convoys have reportedly occurred on a monthly basis, often with pro-Iranian militants taking credit, it’s much less common for ‘proof’ of such attacks to be made available so quickly after.

Last month Biden ordered Pentagon airstrikes on ‘Iranian militia’ positions inside eastern Syria. Part of the rationale offered for hitting inside Syria and not Iraq (despite it being ‘retaliation’ for a militia rocket attack on a US base in Erbil) was to not stir up tensions too intensely in Iraq and with the Iraqi population.

Judging by this latest ‘direct hit’ on a US convoy near Fallujah, however, the Biden administration doesn’t appear to have accomplished such a desired ‘deconfliction’. This also after Katyusha rockets rained down Ain al-Assad military base which houses US forces in western Iraq earlier this month.

* * *

And judging also by Defense Secretary Lloyd Austin’s latest threats, escalation is most definitely in the air, returning Iraq to the war-footing that marked January 2020 following the killing of Soleimani and PMU leader Abu Mahdi al-Muhandis on Baghdad Airport road:

end

6.Global Issues

CORONAVIRUS UPDATE/BRAZIL/USA

Brazil Surpasses US In Daily COVID Cases & Deaths

WEDNESDAY, MAR 10, 2021 – 17:40

In what is without a doubt one of the biggest pandemic milestones since the start of the year, the US has finally ceded its spot as the world’s worst-hit nation to Brazil, which reported more daily cases and deaths than the US for the first time ever on Tuesday.

Brazil’s worsening outbreak is stoking fears that mutant COVID strains could precipitate a “4th wave” of the virus as a mutant strain first isolated in the Brazilian Amazon has now spread across the country. We first reported on this new strain, which caught the attention of researchers when it started killing more young people in Manaus back in January.

Brazil’s daily Covid-19 death toll surged to 1,972 on Tuesday, its highest daily tally yet since the start of the pandemic. By comparison, the US death toll on Tuesday was 1,947. It marked the first time deaths in Brazil topped deaths in the US, which has a population more than 1/3rd larger than Brazil’s.

Meanwhile, new cumulative cases in Brazil topped new cases in the US for the first time earlier this week, but the trend has persisted and now the 7-day average is also solidly higher in the Brazil than in the US.

Over the past week, Brazil has been recording 1K new cases roughly every 30 minutes. As many countries see COVID cases taper off, Brazil is one of the few large nations where the outbreak is actually getting worse.

Per WSJ, public health specialists are blaming the rapid spread on the mutant P.1 strain of the virus mentioned above. The mutation was first isolated in the Amazonian city of Manaus. Studies have shown it to be more contagious and better able to reinfect people than previous versions of the disease. Deaths have also surged as Brazil’s health system has struggled to cope. There have been more reports of patients who could have been saved being left to die in chaotic hospital corridors.

Brazil is now home to 100s of new mutant strains, and other more dangerous versions of the virus could emerge.

“It seems like a nightmare,” said Mohamed Parrini, chief executive of the Moinhos de Vento Hospital in the southern city of Porto Alegre, who has been working to convert hospital wards into makeshift ICUs. “The saddest thing is when you start to see the people around you also getting intubated—people’s husbands, the spouses and uncles of employees.”

As the outlook in Latin America’s largest economy worsens, the only real silver lining here is that trial data published earlier this week show that a vaccine developed by Sinovac, one of a handful of Chinese companies that has developed a jab, has been shown to be effective against the P1 variant, though Brazilian President Jair Bolsonaro has cautioned Brazilians to be wary of Chinese vaccines.

end
CORONAVIRUS UPDATE/VACCINE/ASTRAZENECA
As I promised you, the AstraZeneca shot should not be taken (as well as Pfizer and Moderna)
(zerohedge)

AstraZeneca Slides As Denmark Suspends Vaccinations On Blood-Clot Fears

THURSDAY, MAR 11, 2021 – 6:31

Europe’s much-criticized vaccination rollout has just hit another snag, as Danish health authorities are increasingly concerned about harmful side-effects believed to be associated with the AstraZeneca-Oxford jab, the cheap COVID remedy that was supposed to help Europe catch up with the US, UK and Israel.

Danish authorities on Thursday temporarily suspended AstraZeneca’s COVID-19 shot following reports of cases of dangerous blood clots forming inside patients, including one such incident that took place in Denmark. Authorities didn’t specify exactly how many reports of blood clots there had been, but Reuters reports that Austria has also stopped using a batch of AstraZeneca shots while investigating a death attributed to coagulation disorders, along with an illness attributed ot a pulmonary embolism, a condition where one or more of the lung’s arteries becomes blocked by a blood clot. Six other European countries have also reportedly halted distribution of the COVID jab.

“Both we and the Danish Medicines Agency have to respond to reports of possible serious side-effects, both from Denmark and other European countries,” the director of the Danish Health Authority, Soren Brostrom, said in a statement.

The Danish Medicines Agency said the suspension would last for 14 days as authorities launch an investigation into the blood clots, with assistance from other EU member states.

They did not say how many reports of blood clots there had been, but Austria has stopped using a batch of AstraZeneca shots while investigating a death from coagulation disorders and an illness from a pulmonary embolism.

AstraZeneca claims its vaccine is subject to strict and rigorous quality controls and that there have been “no confirmed serious adverse events associated with the vaccine.” It said it was in contact with Austrian authorities and would fully support their investigation.

“Both we and the Danish Medicines Agency have to respond to reports of possible serious side-effects, both from Denmark and other European countries,” the director of the Danish Health Authority, Soren Brostrom, said. “It is important to emphasize that we have not opted out of using the AstraZeneca vaccine, but that we are putting it on hold.”

The European Medicines Agency said Wednesday there is no evidence linking AstraZeneca to the two cases of blood clots in Austria. The company said the number of (thromboembolic events” (blood clots forming) in people who have received the AstraZeneca vaccine is no higher than that seen in the general population, with 22 cases of such events being reported among the 3MM people who have received it as of March 9.

And at least one investor claimed Denmark’s suspension of AstraZeneca’s COVID vaccine on blood clot concerns shows “the detection systems that look for potential safety issues are working,” and that most of these “safety events” would ultimately be linked to natural processes, not the jab.

“It’s good to see the safety signal detection systems working and it’s important that any safety signal is followed-up using the correct protocols,” Shore analyst Adam Barker told Bloomberg. Data from the vaccine’s phase three trials suggests that “you would expect that most safety signals won’t ultimately be linked to the vaccine,” he said.

However, “it’s hard to make judgments on the impact on shareholder value,” he added, given there are “a lot of moving parts.” But ultimately, a risk-reward trade-off with any therapy; “you can only confidently make judgments on that decision when all the data is finalized and clear”

Nevertheless, shares of AZ tumbled on Thursday on signs that the European vaccine rollout is facing fresh skepticism and obstacles. Shares were down more than 2% in London’s mid-morning trade.

Whether Austria and other EU states will follow suit remains to be seen, though at least one other national health authority is reportedly considering a halt: the Norwegian Institute of Public Health and the Medicines Agency are meeting to discuss Denmark’s decision to halt vaccinations using doses of the vaccine, according to reports from state broadcaster NRK.

end

Low doe aspirin seems to help prevent COVID infection.  Makes sense! aspirin has a positive effect on the immune system..

(Jerusalem Post)

and a special thanks to Chris Powell of GATA for sending this to us…

Coronavirus: Aspirin may help prevent infection, Israeli study shows

“This observation of the possible beneficial effect of low doses of aspirin on COVID-19 infection is preliminary but seems very promising,” Prof. Eli Magen from the Barzilai Medical Center said.

Pills (photo credit: INGIMAGE / ASAP)
Pills
(photo credit: INGIMAGE / ASAP)
The use of aspirin might help prevent individuals from getting infected with the coronavirus and shorten the duration of the disease, a study conducted by a joint team from Leumit Health Services, Bar-Ilan University and Barzilai Medical Center has shown.
The study, whose findings were published in the FEBS Journal of the Federationof European Biochemical Societies, analyzed data from some 10,000 Israelis who were tested for COVID-19 between February 1 and June 30, 2020.
The researchers compared information regarding individuals who regularly take a low dose of aspirin as a medication to prevent and treat cardiovascular diseases and those who don’t.
They found that the former group was 29% less likely to get infected with the virus than the latter.
“This observation of the possible beneficial effect of low doses of aspirin on COVID-19 infection is preliminary but seems very promising,” Prof. Eli Magen from the Barzilai Medical Center, who led the study, said in a press release.
Medications based on acetylsalicylic acid – aspirin’s essential component – are used to reduce pain, fever and inflammation and have been known since ancient times. The name was invented by the pharmaceutical company Bayer at the end of the 19th century. Aspirin is one of the most popular drugs in the world.
Aware of its established positive influence on the immune system in the fight against some viral infections, the team decided to explore the possible effect of its properties against COVID-19.
The researchers also observed that those who took aspirin and did contract the disease recovered on average two or three days faster than individuals who did not, depending on pre-existing conditions. In addition, the time it took these patients to test negative for the virus after testing positive was significantly lower.
The physicians emphasized that they intend to continue exploring this issue.
“The present study sought to better understand the potential favorable effects of aspirin in aiding the human immune system to battle COVID-19. We intend to investigate a larger cohort of patients and in randomized clinical trials,” according to Dr. Milana Frenkel-Morgenstern of the Azrieli Faculty of Medicine of Bar-Ilan University.
end
So far, the data seems to suggest that the J and J model along with Canada’s Medicago and Russia’s Sputnik are the safest.  Europe approves J and J COVID jab
(zerohedge)

Europe’s Top Medical Regulator Approves Johnson & Johnson’s COVID Jab

THURSDAY, MAR 11, 2021 – 9:45

As more than half a dozen European nations halt distribution of AstraZeneca-COVID jabs over concerns about potentially serious blood clots, Europe’s top medical regulator in Brussels has just given Johnson & Johnson’s COVID jab the green light.

The JNJ jab, which is set to become the first single-shot jab to be approved on the Continent, received the green light from the Amsterdam-based European Medicines Agency – Brussels’ top medicinal regulator and Europe’s counterpart to the FDA – on Thursday. It’s expected that the European Commission – which has final say on approval – will concur and deliver its blessing later on Thursday.

Members of the panel that reviewed the jab said they would recommed the vaccine be approved to treat all adults over the age of 18 following what the organization described as a “thorough evaluation.” Unsurprisingly, J&J’s data found the vaccine satisfied the criteria for efficacy, safety and quality.

“With this latest positive opinion, authorities across the European Union will have another option to combat the pandemic and protect the lives and health of their citizens,” said Emer Cooke, EMA’s executive director.

In a statement, the EMA said JNJ’s jab is 67% effective at preventing symptoms, which is in line with figures touted by the company and the US (like its rivals, JNJ tested its jab with expedited multi-phase double-blind trials).

To be sure, it’s not clear how quickly the EU will be able to roll out the JNJ vaccine. The EU has already ordered 200MM doses of the shot (pending approval) with an option for 200MM more. But even as rival Merck ramps up production of the JNJ jab, Europeans might be in for a wait after President Joe Biden and his administration ordered another 100MM doses for the US yesterday.

Furthermore, Reuters reported that JNJ has informed European officials that it’s facing supply issues that could slow down deliveries.

One unnamed EU official told Reuters that Johnson & Johnson has told the EU it is facing supply issues that may complicate plans to deliver 55 million doses of its vaccine to the bloc in the second quarter of the year. CNBC has contacted J&J for further comment on the report and is yet to receive a response.

[…]

A further delay in vaccine supplies would exacerbate the EU’s already lethargic vaccination rollout, which has struggled due to a slower ordering process than the U.K. and U.S., slower deliveries, bureaucracy and vaccine hesitancy.

The FDA officially approved the JNJ vaccine for use last week, and according to data from the CDC, nearly 500K doses have been administered in the US so far.

But as Europeans remain wary of potentially harmful side effects, it could take weeks for the new jabs to circulate and help boost the Continent’s vaccination rate.

Michael Every on today’s major topics

(Michael Every)

Rabobank: Inflation Is Being “Hidden” Because Belief In Our Whole Fantasy System Is Collapsing

THURSDAY, MAR 11, 2021 – 9:25

By Michael Every of Rabobank

Because Orcs

“And as if in answer there came from far away another note. Horns, horns, horns, in dark Mindolluin’s sides they dimly echoed. Great horns of the north wildly blowing. Rohan had come at last.”

Today is going to be dominated by the market pricing in US fiscal stimulus for the nth time, unless we buy the rumor and sell the fact: and it’s rumors and facts I want to address. US CPI yesterday saw headline inflation in line with consensus at 0.4% m/m and rising from 1.3% to 1.7% y/y, but core inflation a tick lower at 0.1% m/m and so dipping to 1.3% y/y. On the back of that, and a moderate US 10-year auction, US equities rose (the S&P up 0.6%); US bond yields dipped, (10s down 6bp from their intraday peak to close at 1.52%); and USD wobbled.

The CPI release included a footnote stating:

“…data collection in February was affected by the temporary closing or limited operations of certain types of establishments. These factors resulted in an increase in the number of prices considered temporarily unavailable and imputed. While the CPI program attempted to collect as much data as possible, many indexes are based on smaller amounts of collected prices than usual, and a small number of indexes that are normally published were not published this month.”

Or, to put it differently, ‘We did our best, but made some of it up’.

This rightly worried some people: is inflation being ‘hidden’? If so, let’s not forget US CPI has long had ‘hedonic adjustments’ that presume goods such as clothing and books get “cheaper” as their price goes up because they are “better”; and since 1999 it has used a geometric not arithmetic mean to assume when beef goes up, consumers buy chicken, so inflation stays lower overall. Would they want to actively hide inflation though?

Being cynical, there are only four logical options for the authorities if things go badly wrong in our fragile, asset-based, financialized economies (for example, if inflation rips higher):

  • Do nothing, or try to normalise rates, and watch a crash happen;
  • Target bond yields – effectively making bond prices up;
  • Target equities – effectively making stock prices up; or
  • Target data – so market outcomes mean nothing blows up.

I am not saying this happened with US February CPI! Yet I am saying that despite the BOJ apparently backing away from YCC a little, the *systemic* global glide path we are on is logically (and historically) going to be towards one, or more, of the above. But on a deeper level, even if inflation were ‘made up’ (by a whole tick!), aren’t we making most things all up anyway?

Think of GDP. There is always the issue of unreported transactions. More fundamentally, classical economics categorised it into labour, capital, and rent – the tax aristocrats imposed on workers and businesses due to the monopoly they held on land ownership. Neoclassical economics folded ‘rent’ into capital so this de facto tax, be it from land and other monopolies, is now ‘profits’ under capital. At a time when inequities in society are rightly being challenged, some of those doing so conveniently fail to recognise where their income sits within that particular paradigm.

Still on GDP, I have regularly repeated the 50-year old neoclassical critique of Sonnenschein-Mantel-Debreu that proves there are no aggregate demand curves (“The importance of the above results is clear: strong restrictions are needed in order to justify the hypothesis that a market demand function has the characteristics of a consumer demand function. Only in special cases can an economy be expected to act as an ‘idealized consumer.’ The utility hypothesis tells us nothing about market demand unless it is augmented by additional requirements.”) Hence economic analysis based on them is just making things up.

Think of productivity: as argued here, isn’t this just measuring total incomes in the economy? So isn’t the growing gap between aggregate gains in productivity and average earnings underlining that some people’s incomes have soared relative to others? (Which sits with the point above.)

Think of accounting standards: there have been debates around the accuracy of these for years; and think of ratings agencies – like vestigial organs, these are still with us, but does anyone in markets think they have any meaning post-GFC? (Recall the days when it was all Moody’s this and S&P that?)

Think of the sudden market excitement that just because senior US officials are going to meet senior Chinese officials that somehow US-China relations are going to go back to where they were 10 years ago (remember “Chimerica”?) and the Cold War and Great Power stuff is all over.

Of course, philosophically, everything is made up.The point is, if you want people to go along with a particular version of reality it needs to be internally consistent, otherwise the whole thing rapidly collapses under its own contradictions.

Even in movies this is true. A perfect example is the contrast between ‘The Lord of The Rings’ and ‘The Hobbit’ trilogies. The former, while having its share of tooth-grinding bathos for a Tolkien fan (“Nobody tosses a dwarf!”) works because its fantasy world feels real: a single arrow can kill a hero. The Hobbit films look like the world’s most expensive school play due to the 48FPS format, and are so filled with computer-game action sequences that we immediately disengage: the most egregious examples are Legolas running up a collapsing stone bridge faster than gravity (“because Elves”); and the pointless baddie floating on his back underwater below inches-thick ice, then leaping vertically out of the water through the ice like a geyser (“because Orcs”).

The point here is that our authorities have the power to make things up: they can target bond yields if they want; they can target equities; they can tweak inflation data – and what are you going to do about it? However, they also have to maintain the appearance of consistent internal rules to suspend our collective disbelief – and they can’t do both for long. Nobody wants to watch “The Hid-it” (Inflation, that is).

We can already see that belief in our whole fantasy system is collapsing for the young, who don’t want to be told things must be the way they are “because markets”. Anyway, back to pricing in US fiscal stimulus for the nth time, I suppose; and to listen to the ECB spin their own fantasies.

7. OIL ISSUES

Gas prices at the pump are rising in the states.

(zerohedge0

end

8 EMERGING MARKET ISSUES

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

Euro/USA 1.1949 UP .0025 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

USA/JAPAN YEN 108.53 UP 0.085 (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 1.3951   UP   0.0022  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2579 UP .0042 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  THURSDAY morning in Europe, the Euro ROSE BY 25 basis points, trading now ABOVE the important 1.08 level RISING to 1.1949 Last night Shanghai COMPOSITE UP 79.09 PTS OR 2.36% 

//Hang Sang CLOSED UP 478.09 PTS OR 1.65% 

/AUSTRALIA CLOSED UP 0,08%// EUROPEAN BOURSES ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 478.09 PTS OR 1.65% 

/SHANGHAI CLOSED UP 79.09 PTS OR 2.56% 

Australia BOURSE CLOSED UP 0.08% 

Nikkei (Japan) CLOSED UP 175.08  POINTS OR 0.60%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1736..00

silver:$26.28-

Early THURSDAY morning USA 10 year bond yield: 1.488% !!! DOWN 3 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.235 DOWN 1  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 91.64 DOWN 19 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.18% DOWN 3 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.11.%  DOWN 2   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.29%//DOWN 7 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.60 DOWN 9 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 31 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.33% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 0.93% 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 THURSDAY

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

Euro/USA 1.1965  UP     .0042 or 42 basis points

USA/Japan: 108.46 UP .010 OR YEN DOWN 1  basis points/

Great Britain/USA 1.3966 UP .0036 POUND UP 36  BASIS POINTS)

Canadian dollar UP 57 basis points to 1.2565

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed UP AT 6.4939    ON SHORE  (UP)..

THE USA/YUAN OFFSHORE:  6.4879  (YUAN up)..

TURKISH LIRA:  7.559  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.11%

Your closing 10 yr US bond yield UP 2 IN basis points from WEDNESDAY at 1.536 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.275 UP 3 in basis points on the day

Your closing USA dollar index, 91.54 down 28  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 THURSDAY: 12:00 PM

London: CLOSED UP 7.95  0.12%

German Dax :  CLOSED UP 40.24 POINTS OR .28%

Paris Cac CLOSED UP 39.61 POINTS 0.66%

Spain IBEX CLOSED UP 52.40 POINTS or 0.61%

Italian MIB: CLOSED UP 210.0 POINTS OR 0.88%

WTI Oil price; 65.71 12:00  PM  EST

Brent Oil: 69.38 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.25  THE CROSS LOWER BY 0.37 RUBLES/DOLLAR (RUBLE HIGHER BY 37 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.33 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 :  66.11//

BRENT :  69.65

USA 10 YR BOND YIELD: … 1.535..up 2 basis points…

USA 30 YR BOND YIELD: 2.297 up 5 basis points..

EURO/USA 1.1985 ( UP 61   BASIS POINTS)

USA/JAPANESE YEN:108.49 UP .043 (YEN DOWN 4 BASIS POINTS/..

USA DOLLAR INDEX: 91.41 DOWN 41 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3989 UP 60  POINTS

the Turkish lira close: 7.48

the Russian rouble 73.33   UP 0.29 Roubles against the uSA dollar. (UP 29 BASIS POINTS)

Canadian dollar:  1.2534 UP 87 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.33%

The Dow closed UP 188.57 POINTS OR 0.58%

NASDAQ closed UP 300.83 POINTS OR 2.36%


VOLATILITY INDEX:  21.91 CLOSED DOWN .65

LIBOR 3 MONTH DURATION: 0.184%//libor dropping like a stone

USA trading today in Graph Form

Bitcoin & Big-Caps Reach Record Highs, Bonds & Dollar Dumped

THURSDAY, MAR 11, 2021 – 16:00

On the heels of Biden’s big blowout, the dollar is tumbling…(biggest 3-day slump since the election/vaccines in early Nov)…

Source: Bloomberg

And bitcoin surged back up near $58,000, erasing the losses from its record highs in mid-Feb…

Source: Bloomberg

Did Washington just ‘cut the rope’ from reality?

Stonks were all bid today with Nasdaq leading the charge as the week’s whipsaws continue…NOTE – Nasdaq was panic-bid at the China open, the EU open, and the US open and faded each time…

S&P and The Dow both hit new intraday record highs today.

It’s been quite a week for Dow/Nasdaq rotations…

Source: Bloomberg

Small Caps are now up over 11% from Friday’s spike lows…

With “Most Shorted” Stocks up over 18% off the Friday lows as the engineered squeeze was unleashed…

Source: Bloomberg

As Bloomberg noted, going all the way back to 1996, there have only been 5 prior days to Tuesday that saw the S&P 500 rally as much as it did and manage to post a net negative number of stocks advancing. Save one day in November last year all of them took place as the dotcom bubble was in the process of popping.

Source: Bloomberg

Amid all the chaos, realized vol for the Nasdaq has soared…

Source: Bloomberg

GME was relatively quiet today ahead of tomorrow’s opex…

Even as $800 strike calls dominated activity…

Source: Bloomberg

TSLA surged back above $700…

With the help of Cathie Wood, we’re sure…

Unprofitable tech stocks were bid once again…

Source: Bloomberg

Bonds were battered today – despite ECB headlines – amid massive issuance (30Y and Verizon) but the selloff stalled after the 30Y Auction...

Source: Bloomberg

But on the week, yields are still lower, for now (ahead of tomorrow’s PPI)…

Source: Bloomberg

Real yields and gold continue to track each other (inversely)…

Source: Bloomberg

Ethereum rallied as Beeple’s NFT auction neared its conclusion, back above $1800…

Source: Bloomberg

Gold managed to cling to gains…

Silver is holding its bounce gains off the pre-Reddit-Raiders spike…

And oil rebounded with WTI back above $66…

If Copper and Gold are right, 10Y yields are due for 3%… what are the chances The Fed allows that? And what will happen to tech stocks (and their contagion)? Be careful what you wish for

Source: Bloomberg

Finally, it’s been a year since WHO (finally) admitted this shitshow was a pandemic – The Dow is up 38% since then! Bonds & the Dollar are down (in price) and gold is holding gains for now

Source: Bloomberg

And all it took was $17 trillion in global liquidity…

Source: Bloomberg

end

a)Market trading/this morning/USA

The ECB’s increase in bond buying seems very ambiguous. Pay no attention to what they say just what they do

Yields everywhere skyrocket on inflation expectations

(zerohedge)

Yields Are Surging Ahead Of Auction After ECB Ambiguity

THURSDAY, MAR 11, 2021 – 10:13

After yesterday’s mixed bag in the 10Y Auction (which tailed modestly but yields had plunged into the bid), all eyes are on the big 30Y auction today – especially in the wake of the passing of the $1.9 trillion stimmie bill that is going to need funding.

Initially yields tumbled earlier after ECB headlines crowed of doing ‘moar’ bond-buying. But the details were less convincing (they won’t be looking at weekly purchasing data, but rather making changes on quarterly basis… they aren’t “micromanaging operations”. Don’t expect a notable increase in bond buying data on Monday – those “significantly higher” purchases ahead kick in now).

Bunds retraced some of their gains

Source: Bloomberg

And US Treasury yields surged back higher on the day…

Source: Bloomberg

Today’s $24b 30-year bond reopening at 1pm ET is poised to draw the highest yield for an auction in the sector since January 2020. With yields near pre-pandemic highs and belly most at risk of further cheapening, the auction should be orderly, JPMorgan strategists said in a note; they wouldn’t be surprised by a tail, however, unless end-user support is higher than average.

The way things are moving this morning is not a good sign for the auction and we wonder if the sinking dollar is reflective of a loss in faith in the reserve currency after yesterday’s completely partisan vote.

b)MARKET TRADING/USA//Non farm payrolls

ii)Market data/USA

USA still has more than 20 million Americans getting government jobless benefits. And this is to followed with their stimmies..

(zerohedge)

There Are Still More Than 20 Million Americans Getting Government Jobless Benefits

THURSDAY, MAR 11, 2021 – 8:36

Last week saw the least initial jobless claims since the start of the pandemic, but still at 712k – almost 4 times the pre-COVID norms.

Source: Bloomberg

California saw the biggest jump in new jobless claims while Texas and New York (reopening) saw the biggest improvements…

Continuing Claims continued to slide but pandemic emergency claims surged to new record highs…

Source: Bloomberg

However, the total number of Americans ‘on the dole’ surged back above 20 million…

Source: Bloomberg

Nothing that $1.9 trillion of stimmies can’t fix, right?

end
The key point here is that the repo market is still in trouble with a swap yield of -2.00%  (last night)
Any negative value spells trouble
(zerohedge)

“Supply Has Become Difficult To Absorb”: JPMorgan Issues Stark Warning About US Treasury Auctions

THURSDAY, MAR 11, 2021 – 12:10

Following yesterday’s impressive 10Y auction, which only tailed as a result of traders realizing just how massive the short overhang in 10Ys remains (first pointed out here) which sparked a furious rally in the 10Y two hours ahead of the auction’s 1pm deadline, the situation in the repo market has stabilized somewhat, but still remains clearly troubled, with Bloomberg writing that the cost to borrow 10-year Treasuries in the repo market has retreated from extremes hit on Thursday after the 10Y auction, though the security still remains special ahead of the March 15 settlement.

According to ICAP, the daily repo rate for 10-year Treasuries was around -1.60%/-1.85%, while Break Capital quoted it at -1.75%/-2% earlier, confirming something we have noted for the past week: funding markets continue to respond to the heavy supply of cash in the front end.

The big question for traders is what this means for today’s 30Y bond auction at 1pm, and whether the $24BN reopening will be met with the same enthusiasm as yesterday’s benchmark sale, especially when considering the massive bond sale from Verizon which is tapping a whopping seven-part offering to help pay for its 5G spectrum commitment. The sale encompasses maturities from three years to 40 years, and the combined size – perhaps up to $25 billion, if not slightly more – is substantial. According to Bloomberg, “it’s potentially one of the five largest corporate deals ever.”

And while we anticipate that today’s 30Y auction will sneak through without much effort, overnight JPMorgan rates strategist Jay Barry issued a rather ominous warning, and in a note titled “How are outsized changes in issuance impacting auction dynamics?” (available to pro subs in the usual place) he points out thatTreasury supply has gotten increasingly more difficult to absorb(and that’s even with the Fed monetizing $80BN in Treasurys every month).

Barry writes that with nominal coupon auction sizes 50-95% larger than they were a year ago, he sees evidence that supply has become somewhat harder to absorb, especially over the last month, and yields have become dislocated from fundamental drivers”

The JPM strategist then notes that end-user demand has “moderated somewhat” in 2021, particularly in the intermediate sector…

… but remains above average levels observed over the last number of years. He points out that the bulk of end-user demand comes from investment managers. Chart 4 shows they have been responsible for 50-60% of total demand at auction in recent years. Along the curve, the demand tends to be somewhat larger at the long end than the front end.  Meanwhile, foreign demand has fallen from its highest share in the middle of the last decade, but has rebounded more recently at the front end of the curve (Exhibit 5). The exhibit shows that at the long end of the curve, foreign investors tend to represent a smaller share of demand than at the short end or in intermediate

At the same time, despite fairly robust end-user participation, the amount of duration dealers are absorbing at auction each month has doubled over the past year, while risk-taking capacity remains constrained.

Just as troubling, and perhaps the clearest indication of declining buyside demand in the primary market, auction tails have become somewhat more prevalent YTD, particularly in 5- and 7-year notes and 20-year bonds.

As a result, he notes the belly is the “most vulnerable sector,” and any further increase in yields should be led by 5- to 10-year notes rather than the long end. Extending on this, Barry notes that over the past six months, the largest bear-steepening move occurs two weeks before the mid-month bond auction, with a “more moderate” belly-led rise in yields toward the end of the month; these trades have been consistently profitable and may continue to be.

Meanwhile, the JPM analyst also notes that while dealer share of demand at auctions hasn’t appreciably declined in the past year, the amount of duration they’re absorbing each month has doubled. “Thus with dealers absorbing more than double the duration per month than it did a year ago via the auction, but not warehousing more risk, this is perhaps driving the more variable auction results we’ve seen in recent months.”

Despite some wobbly dealer demand, the market continues to benefit from robust end-users, whose share of auction demand in 2020 was 10 to 20% higher than average levels in 2014; their participation has moderated somewhat in 2021 in the 7- to 20-year sector, “which experienced the most aggressive increase in auction sizes over the past year.”

Turning to intraday patterns in yields around Treasury auctions, Exhibit 12 shows the cumulative change in yields in intermediate and long-end yields from 10:30am, following most of the morning data releases, though 3:00pm, a full 2 hours after the auction.

Notably, 30-year bond yields have tended to decline modestly in the late morning, only to see a modest concession build in the 15 minutes prior to the auction, after which they continue to decline again. This is not entirely surprising given the large concession observed in the days leading up to the bond auction.

And speaking of the looming 30Y auction, Barry’s conclusion is especially apropos: “there is strong evidence of cyclicality in the Treasury market microstructure around the auction window: depth is generally robust over the late morning and early afternoon trending higher post-open, it drops by a substantial magnitude around the auction, and then recovers to around 80-90% of pre-auction levels for the remainder of the afternoon session.”

Let’s hope that depth will be enough to absorb today’s $24BN in supply or else the market fiasco unleashed with the catastrophic 7Y auction two weeks ago is set to repeat.

END

Yields initiallly fell but came back after a strong 30 yr auction.  the reason for the strength : bonds are needed as collateral as the short position on bonds is mammoth

(zerohedge_

Yields Slide After Solid 30Y Auction

THURSDAY, MAR 11, 2021 – 13:14

In previewing today’s 30Y auction, which just like yesterday’s 10Y reopening, could make or break the bond market (especially with JPM warning that growing imbalances in supply/demand dynamics could have adverse consequences for the US Treasury market), we said that “we anticipate that today’s 30Y auction will sneak through without much effort,” and that’s precisely what happened at 1pm today when the Treasury sold $24BN in ultra-long dated paper in the form of a 29-year 11-month reopening.

In a carbon copy of yesterday’s strong 10Y auction, the high yield of 2.295% tailed the When Issued 2.290% by 0.5bps, a modest amount considering just how jittery the market has been recently, while the concessions into the auction – largely a function of the massive rate locks as part of Verizon’s $25BN, 7 part offering – helped push yields to session highs just ahead of the auction.

The Bid to cover of 2.284 was a solid improvement from last month’s 2.176 if below the recent six-auction average of 2.336.

The internals were also solid, with Indirects of 60.6% virtually unchanged from February’s 60.5%, and with Directs taking down 20.2%, the most since December 2019, Dealers were left with 19.2%, down modestly from January’s 22.2% if also below the recent average of 19.9%.

Bottom line: another day, another solid auction, but more importantly, one less near-failed 7Y auction which started the rout exactly two weeks ago. As such, yields dipped accross the curve, with the 10Y sliding 3bps from 1.54% to 1.51%, and the 30Y dropping my a similar amount as the bond market breathes a sigh of relief.

JOLTS

January Job Openings Soar To Pre-Covid Highs Despite Plunge In Hiring

THURSDAY, MAR 11, 2021 – 10:31

While we already knew that the US labor market started off 2021 with a whimper after the BLS reported that January jobs were a disappointing 166K, badly missing expectations (granted before the February surge), what we didn’t know is that in a notable offset, January saw a surge in job openings which spiked by 165K to 6.917MM, the highest level since the pre-covid highs of February when there were just over 7 million job openings.

The increase in job openings was driven by state and local government education (+56,000); educational services (+21,000); and mining and logging (+10,000) while geographically, the number of job openings was little changed in all four regions.

Separately, in yet another indication of the solid recovery in the labor market since the collapse in April, when there were 18.1 million more unemployed workers than there are job openings – the biggest gap on record – the gap has since shrunk dramatically to just 3.2 million in January.

As a result, there was continued improvement in the job availability series, and in January there were just under 1.5 unemployed workers for every job opening, down from 4.6 at the peak crisis moment in April.

Meanwhile, confirming the slowdown in the hiring picture over the winter as a result of a new round of widespread lockdowns, in January hiring slowed down for a 2nd consecutive month to 5.301MM, down 110K from 5.411MM in December which in turn followed a huge drop of 524K from November.

Hires increased in arts, entertainment, and recreation (+59,000) and in educational services (+25,000). Hires decreased in federal government (-15,000). The number of hires decreased in the South region. The number of hires in January decreased over the year (-696,000). Hires decreased in a number of industries with the largest decreases in accommodation and food services; professional and business services; and health care and social assistance.

And while hires dropped so did the number of total separations which declined to 5.3 million (-275,000), and the total separations rate was little changed at 3.7 percent. The total separations level decreased in accommodation and food services (-242,000); educational services (-38,000); and state and local government education (-27,000). Total separations increased in transportation, warehousing, and utilities (+87,000) and in federal government (+9,000). Total separations were little changed in all four regions.

Finally, and in a silver lining to the generally downcast data, in January the quits level dipped by 96K to 3.3 million. The number of quits increased in finance and insurance (+36,000) and in federal government (+5,000). The number of quits decreased in wholesale trade (-28,000); educational services (-18,000); and state and local government education (-14,000). The number of quits was little changed in all four regions.

iii) Important USA Economic Stories

Government Stimulus Is Blowing Up A Massive Economic Bubble

THURSDAY, MAR 11, 2021 – 8:45

Authored by Michael Maharrey via SchiffGold.com,

We’re told we’re on the road to economic recovery. The $1.9 trillion stimulus is all we need to get us over the hump. But the truth is, Americans started spending like they were over the hump months ago. In fact, American consumers high on stimulus have been on a spending spree since last summer. The Federal Reserve printed money. Uncle Sam handed it out. American consumers spent it on imported goods.

This isn’t the formula for a genuine economy. It’s the formula for a giant bubble.

During the Great Recession, consumers cut spending. This is what you generally expect during an economic downturn. The economy contracts, people lose jobs, money gets tight and consumers spend less. You can see this in the numbers. Spending on durable goods plunged by 19% from the peak in October 2007 to the trough in April 2009. Meanwhile, spending on nondurable goods (food and gasoline) dropped by 10% during the Financial Crisis, from the peak in July 2008 to the trough in March 2009.

This spending cutback during an economic downturn creates what economists call “pent-up demand.” This helps drive spending upward during an economic recovery. You can see how the pent-up demand drove spending on durable goods post-recession in this graph produced by WolfStreet.

You can also see that consumer spending during the pandemic downturn took an entirely different trajectory. After a sharp but brief drop in the first months of the pandemic, spending surged.

In January alone, spending on durable goods spiked by 18.6% from a year ago, according to the Bureau of Economic Analysis. You might think this was the result of the mythical economic recovery as states loosen lockdown restrictions, but this spending spree has been going on since last June.

How can this be? How can millions of Americans be out of work while simultaneously on a spending binge?

The government has been handing out money, that’s how.

And Americans have dutifully spent it. WolfStreet sums it up this way:

Give Americans some free money, and tell them it’s their duty to buy some stuff with it, preferable stuff imported from other countries, and they’ll buy some stuff with it, big and expensive stuff too, and they did buy a lot of stuff with it, more than they’d ever bought before, and their homes are full of stuff they bought in this eight-month-long record rollicking free-money spending spree.”

Even with millions out of work, incomes in the US have risen during the pandemic – and a lot of that income came from Uncle Sam’s handouts. Income from wages and salaries in January came in at $9.7 trillion, a modest 1.1% year-on-year increase. But income from unemployment benefits, stimulus checks, and other government support payments exploded to $2.9 trillion. According to WolfStreet, “along with income from interest, dividends, rental properties, farm income, income from Social Security and other transfer payments, total income in January, all together, jumped by 13% from a year ago to a record $21.5 trillion (seasonally adjusted annual rate).”

On top of that, a lot of Americans had money freed up because they didn’t have to pay rent or mortgages, or make student loan payments. According to the Mortgage Bankers Association, 4.3 million mortgages were in forbearance at the height of the pandemic. Currently, 2.6 million mortgages remain in forbearance.

Give people lots of free money and they’ll spend it. As WolfStreet put it, demand wasn’t pent up during the pandemic, it was let out.

This time around, households didn’t go through two years of cutting back on goods purchases, as they’d done during the Financial Crisis.

This time around, there is a shortage of supply, including the now infamous semiconductor shortage, due to the surge in spending on goods, and inventories are tight, amid production snags and supply-chain problems. And given this demand, and the supply issues, prices of goods are rising.

Consumers have been awash with this money they didn’t need to work for. And they paid down credit card debts with it. And they spent part of it on goods.

Now another stimulus package with more free money is being prepared in Congress. If it passes, more free money will rain on consumers over the  next two or three months.

This raises another question: if millions of Americans were not working but kept spending, who made all of the stuff that they bought?

That’s pretty clear from the numbers too. And it doesn’t exactly scream “booming US economy.”

The merchandise trade deficit is at a record level. In a nutshell, Americans are spending their printed money on imported goods. Peter Schiff summed up the US economy in a recent podcast.

We’re making so little that we’re importing a record amount of stuff. The world is basically, single-handedly supporting our economy by providing us with all of this stuff. How is it that we’re getting all this stuff? Are we making a lot of stuff and trading it for that stuff? No! We’re not making any stuff. The merchandise trade deficit is skyrocketing. We’re printing all this money and the Federal Reserve gives it out to Americans who aren’t productive, many of them who don’t even have jobs, but many Americans who do have jobs are in the service sector, so they’re not producing anything that they can trade, but they’re still using that money to buy the stuff other people that are living in actual viable economies, stronger economies that are saving and producing, and we’re buying all of that stuff with all the money that we’re printing. Meanwhile, we’re deluding ourselves into thinking that what we have here is a genuine economy. What we actually have is a genuine bubble.”

The problem with bubbles is they always pop.

end

Wind power a complete disaster in Texas

(Murphy/Mises)

Wind Power Is A Disaster In Texas, No Matter What Paul Krugman Says

WEDNESDAY, MAR 10, 2021 – 18:20

Authored by Robert Murphy via The Mises Institute,

In the wake of February’s tragic power outages in Texas, during which 4.5 million households suffered service interruptions, partisans on both sides have been quick to interpret the events as confirmation of their preferred energy policies. With news images of helicopters deicing frozen turbines, conservatives lambasted Texas’s increasing reliance on wind power as the villain in the story.

Trying to temper this knee-jerk reaction, Reason.com columnist Ron Bailey argued that “[m]ost of the shortfall in electric power generation during the current cold snap is the result of natural gas and coal powered plants going offline.” And Paul Krugman for his part declared that it was a “malicious falsehood” to blame wind and solar power for what happened in Texas, as it was primarily a failure of natural gas.

In this article I’ll lay out the basic facts of which power sources stepped up to the plate during the crisis. Contrary to what you would have known from reading Ron Bailey (let alone Paul Krugman), when the Texas freeze hit, electricity from natural gas skyrocketed while wind output fell off a cliff. The people arguing that wind wasn’t to blame mean it in the same way Jimmy Olson wasn’t to blame when General Zod took over: wind is so useless nobody serious ever thought it might help in a crisis.

Krugman on Texas Electricity

In his February 18 column titled “Texas, Land of Wind and Lies,” Krugman declared that

Republican politicians and right-wing media … have coalesced around a malicious falsehood instead: the claim that wind and solar power caused the collapse of the Texas power grid, and that radical environmentalists are somehow responsible for the fact that millions of people are freezing in the dark …

In contrast to this dirty rotten lie from the right-wingers, Krugman instead explains:

A power grid poorly prepared to deal with extreme cold suffered multiple points of failure. The biggest problems appear to have come in the delivery of natural gas, which normally supplies most of the state’s winter electricity, as wellheads and pipelines froze.

A bit later in the article Krugman admits that wind was involved as well, but minimizes its role in this way:

It’s true that the state generates a lot of electricity from wind, although it’s a small fraction of the total. But that’s not because Texas—Texas!—is run by environmental crazies. It’s because these days wind turbines are a cost-effective energy source wherever there’s a lot of wind, and one thing Texas has is a lot of wind.

It’s also true that extreme cold forced some of the state’s insufficiently winterized wind turbines to shut down, but this was happening to Texas energy sources across the board, with the worst problems involving natural gas.

Incidentally, there are literally no numbers in Krugman’s article (except for numerals referring to dates), which is a signal that he’s pulling a fast one on his readers. From his qualitative (not quantitative) description, most people would have assumed that when the unusually cold weather hit Texas last month, electricity generation from various sources was down across the board, but that it mostly fell from natural gas, while the drop in wind was insignificant. As I’ll show in the next section, this is utterly false.

What Really Happened During Texas’s Power Crisis

Had I not seen the analysis from my former colleagues at the Institute for Energy Research (see their articles here and here), I might have believed the spin that the Texas crisis was really a failure of fossil fuels rather than renewables. Yet as we’ll see, the actual numbers tell a much different story from what most Americans probably “learned” from the media discussion.

The simplest way for me to communicate the relevant information is through three infographics, generated from the Energy Information Administration’s handy tool that shows the source mix for daily energy generation by state.

Before showing the numbers, I need to make an important clarification: the demand for electricity soared to unprecedented levels during the freeze. In particular, on February 14, peak demand on the electric grid surpassed sixty-nine gigawatts, breaking the previous winter record of (almost) sixty-six gigawatts set in 2018. It was in the early hours of the following morning (February 15) that the Electric Reliability Council of Texas (ERCOT) implemented rolling blackouts to prevent the entire grid from collapsing. So to be clear, the issue wasn’t that supply in an absolute sense fell, but rather that demand soared. (Texas typically uses more electricity in the summer to keep things cool, rather than in the winter to keep things warm.)

With that context in place, here are the stats for electricity output from various sources on February 15, 2021:

Already we see something interesting. Of the total amount of electricity delivered on this first day of blackouts, 65 percent came from natural gas, while only 6 percent came from wind and 2 percent from solar.

But in fairness, maybe what guys like Krugman meant is that this is much lower than what we normally could expect from natural gas. (Remember Krugman had said that natural gas “normally supplies most of the state’s winter electricity.”)

To test this possibility, we can look at the situation one year prior, on February 15, 2020:

Now, this is interesting. A year earlier, during a normal mid-February day, natural gas “only” supplied 43 percent of the total electricity, whereas wind accounted for 28 percent and solar was the same at 2 percent. Remember how Krugman said wind was only a “small fraction” of Texas generation? Overall for the year 2020, wind produced 22 percent of Texas’s electricity, a higher share than coal.

Yet besides the proportions, also look at the absolute quantity of electricity generated: on Feb. 15, 2020, natural gas produced 398,130 megawatt hours (compared to 759,708 MWh during the recent freeze), while wind produced 264,024 MWh (compared to 73,395 MWh during the freeze).

To sum up, compared with the same date a year earlier, during the first day of the blackouts in Texas, electricity from natural gas was 91 percent higher, while electricity from wind was 72 percent lower.

To reiterate the clarification I gave earlier, part of the confusion here is that electricity demand in February isn’t normally as high as it was because of the freeze. So to test whether natural gas is the culprit, we can compare the generation from various sources during the freeze to the situation back during the summer. For example, let’s look at how things stood on August 15, 2020:

As our date occurred in the dog days of summer, total electric demand was higher in mid-August 2020 than on February 15, 2021. Furthermore, output from every source was lower during the freeze when compared with their performance the prior August 15. However, it seems odd to single out natural gas as the culprit, when it experienced the lowest percentage drop, and (on all dates) was the single biggest source.

The following table summarizes electrical output from various sources on the three dates we have analyzed, and shows the change going from the earlier dates to the first day of the recent blackouts:

As the table indicates, on all three dates natural gas was always the leader in electrical generation. During the freeze, it produced 91 percent more than it had the prior year during a more typical winter day. And although natural gas produced less electricity during the freeze than it had during the peak summer demand, it was only a 7 percent drop.

In contrast, wind power during the freeze was down a whopping 72 percent compared to the previous year, and compared to the summer it was down 47 percent.

Among all sources, the percentage difference between either the previous year or the previous summer was highest for natural gas. That is, the surge in natural gas output year over year was the biggest by far (with coal coming in second with a 54 percent surge), and compared with the summer load its drop was the smallest at 7 percent.

Wind, in contrast, was the worst performer in both cases, if we measure in terms of the difference. That is, wind’s 72 percent drop in the year-over-year column was the biggest one, and its 47 percent drop in the column for summer to winter was also the biggest.

In light of these statistics, it’s a bit odd for commentators to blame the Texas blackouts on natural gas while excusing wind.

What They Mean: Wind Is the Ted Cruz of Electricity

Now, in fairness, what the commentators blaming natural gas have in mind is that ERCOT’s emergency planning assumed that natural gas (and the other “thermal” electricity sources, namely coal and nuclear) could be called upon to fill the gap should there be record demand during a winter storm. If we measure in terms of the total capacity that was temporarily knocked out because of the freeze, then the culprits were thermal sources, rather than wind and solar.

As Jesse Jenkins, an assistant professor at Princeton tweeted out, “Main story continues to be the failure of … natural gas, coal, and nuclear plants … which ERCOT counts on to be there when needed.” He further specified, “Of about 70,000 MW of thermal plants in ERCOT, ~25–30,000 MW have been out since Sunday night. Huge problem.”

And so we see what people mean when they say the Texas blackouts are the fault of natural gas, rather than wind: since no serious official ever expected wind to be any help during a crisis, it can hardly be blamed for not showing up when disaster struck. In effect, Krugman is arguing that wind power is the Ted Cruz of electricity.

Conclusion

When assessing blame for a disaster, it’s hard to know what the relevant counterfactual should be. Yes, had the (relatively) unregulated Texas power providers done a better job in winterizing their natural gas lines, things would have been better last February.

But by the same token, had the federal government never implemented the wind production tax credit (PTC)—which subsidizes wind so heavily that it sometimes sells for a negative price in the Texas wholesale market—then there would have been more fossil fuel-generated capacity in Texas, which the numbers clearly show did better at providing electricity during the deep freeze. Normally the boosters of renewable energy point with pride to Texas, which has the most wind capacity of any state by far in absolute terms, and even has almost 25 percent of its official generating capacity consisting of wind. Yet when wind collapsed during the deep freeze, suddenly even its biggest fans admit that nobody ever thought it could do the same job as natural gas.

end
This is what is next:  trillions of dollars more to be spent
(zerohedge)

Here Come Trillions More: Biden Will Unveil “Next Phase” Of COVID Response On Thursday

WEDNESDAY, MAR 10, 2021 – 19:00

Just hours after the House passed the Democrats’ $1.9 trillion stimulus package (which will unleash another wave of “stimmies” that will inevitably find their way into millions of Robinhood and other discount brokerage accounts),President Joe Biden said Wednesday that he would unveil “the next phase” of the US COVID-19 response on Thursday,which is also the one-year anniversary of the first COVID-inspired lockdowns in the US.

Biden, who made the remarks during a press briefing with the CEO of Johnson & Johnson on Wednesday, will share the details of the plan during a prime-time address Thursday evening.

“Tomorrow night, I’m going on primetime to address the American people and talk about what we went through as a nation this past year. But more importantly, I’m going to talk about what comes next,” Biden said Wednesday.

“I’m going to launch the next phase of the Covid response and explain what we will do as a government and what we will ask of the American people,” he said. “There is light at the end of this dark tunnel over the past year. We cannot let our guard down now or assume that victory is inevitable. Together, we’re going to get through this pandemic and usher in a healthier, more hopeful future.”

Biden also proclaimed Wednesday that, after the COVID pandemic is finally quashed, his administration is planning to pivot to focusing on its next health-care policy goal: eradicating cancer. Note: Biden’s son Beau Biden succumbed to brain cancer a few years ago – cancer that doctors suspected was linked to the younger Biden’s service in Iraq. The administration is also hoping to push through a sweeping infrastructure plan.

If these plans seem a little too grandiose, especially after the massive blowout in the national debt over the last few years, fear not: Biden and his fellow Dems apparently realized that the federal government can fund all of its policy priorities, no matter how costly, by simply allowing the Fed to monetize all of the debt.

Earlier Wednesday, the White House announced plans to buy 100MM additional doses of J&J’s COVID-19 jab in a deal that would double the nation’s supply of the J&J vaccine as the company already has a deal with the government to provide 100MM doses by the end of June. Merck is helping to make J&J’s Covid vaccine, which is helping to accelerate production.

“I’m doing this because in this wartime effort, we need maximum flexibility,” Biden said Wednesday on plans to purchase more J&J vaccine doses.

“There’s always a chance that we’ll encounter unexpected challenges or there will be a new need for a vaccine effort…a lot can happen, a lot can change and we need to be prepared.”

Thanks to this, Biden said, any American who wants a vaccine can now expect to receive one by May 31. The president also noted that 50MM shots have been distributed since he took office, while also claiming that the US has administered the most shots of any country in the world.

“In five weeks, America has administered the most shots of any country in the world – any country in the world – with among the highest percentage of population fully vaccinated. That’s progress we promised,” Biden said.

Of course, that’s not entirely true. According to Bloomberg’s numbers, the US is in the lead, with nearly 96MM jabs administered, compared with 52MM for China. But China has also vaccinated millions with its domestically produced vaccines under “emergency use” authorizations that allowed the CCP to start doling out the experimental jabs much earlier than many medical ethicists would have been comfortable with. Back in November, the head of Sinopharm, one of the biggest Chinese vaccine producers, said his company’s jabs had already been administered to 1MM people before the first US vaccines were even approved for emergency use.

end

Even Mexican President Obrador states that Biden’s border policies are nuts.
(zerohedge)

Mexican President Says Biden Border Policies ‘Encouraging Illegal Immigration’ And Enriching Cartels

WEDNESDAY, MAR 10, 2021 – 23:20

Mexican President Andres Manuel Lopez Obrador says US President Joe Biden’s immigration policy is encouraging illegal immigration, and brings revenue to drug cartels through human trafficking operations at the US border.

According to the Reuters, Mexico has asked the Biden administration to assist by providing developmental help to Central America, where tens of thousands of migrants embark on a journey through Mexico in the hopes of reaching the United States and gaining asylum.

They see him as the migrant president, and so many feel they’re going to reach the United States,” said AMLO (via Reuters) following a March 1 virtual meeting with Biden. “We need to work together to regulate the flow, because this business can’t be tackled from one day to the next.”

Some of Biden’s policies that worry the Mexican government include a fast track to citizenship for migrants living in the US and support for gang violence victims.

Internal assessments reviewed by Reuters — based on testimony and intelligence gathering — state that Mexican gangs have been growing their clientele and keeping tabs on US measures that would encourage migration. Additionally they have developed a new tracking system to move migrants across the US-Mexico border.

One anonymous Mexican official told Reuters that cartels have been using sophisticated smuggling techniques “from the day Biden took office,” such as using technology to thwart authorities, making smuggling operations appear as travel agencies, and keeping migrants up to date on the latest immigration rules.

“Migrants have become a commodity,” the official told Reuters. “But if a packet of drugs is lost in the sea, it’s gone. If migrants are lost, it’s human beings we’re talking about.”

end

IT BEGINS!!

Schumer and Pelosi target gun owners with new reform.  This will get citizens attention

(zerohedge)

‘No More Thoughts And Prayers’: Schumer, Pelosi Target Gun Owners With New Reforms

THURSDAY, MAR 11, 2021 – 11:10

House Majority Leader Chuck Schumer (D-NY) vowed on Thursday to reintroduce gun reform legislation, while the House passed a second bill aimed at background checks within the last hour.

No more hopes and prayers, thoughts and prayers—a vote is what we need,” said Schumer, vowing to bring a bill, H.R. 8, out of former Majority Leader Mitch McConnell’s ‘legislative graveyard’ after it stalled in the Senate in early 2019 after passing through the Democrat-controlled House of Representatives.

H.R.8 is the latest version of Democrats’ so-called “Universal Background Checks.”

Currently, any gun purchased at a retail store, or online, must go through a background check and involved a licensed firearms dealer (FFL). H.R.8 requires background checks for private sales.

“The idea that this is going to make us safer is laughable,” said Rep. Mary Miller (R-IL). “Criminals looking to get their hands on firearms to use in crimes are not going to submit to background checks. Only law-abiding citizens will follow the law. This is a back door means of setting up a national registry of firearms – something I completely oppose.”

“The problem with gun violence is not that we don’t have enough gun laws,” Miller continued. “We have enough gun laws. What we need is to make sure the laws we have are enforced. Look at what happened in 2019 in Aurora when five people were shot and killed. The shooter had moved to Illinois from another state and because his background information was not updated – he was allowed to get a FOID card in Illinois and purchase firearms. Then when he applied for a conceal carry permit, his criminal background was discovered and his FOID card was revoked but his guns were never surrendered as required by law. If the gun laws had been enforced – a terrible tragedy could have been avoided. We need better enforcement – not more laws. Instead of passing terrible legislation like H.R. 8, we need to do a better job of providing law enforcement agencies with the resources they need to enforce existing gun laws.”

The reintroduction of H.R.8 was spearheaded by Democratic Rep. Mike Thompson, who chairs the House Gun Violence Prevention Task Force. He was joined by House Democrats Jerry Nadler (NY), Sheila Jackson Lee (TX), Robin Kelly (IL) and Lucy McBath (GA), and were joined by Republican Reps. Fred Upton (MI), Christopher Smith (NJ) ad Brian Fitzpatrick (PA).

According to a summary of the bill, its goal is to “utilize the current background checks process in the United States to ensure individuals prohibited from gun possession are not able to obtain firearms.”

Meanwhile, the House just passed H.R. 1446, which would allow for indefinite delays for FBI background checks, as opposed to the three-day default transfer window. Introduced by Democratic Rep. Jim Clyburn (SC), the Enhanced Background Checks Act of 2021 would close down the so-called “Charleston Loophole” which allowed some gun sales to go through before the required background check is complete.

Of note, there’s been a 22.8% increase in FBI background checks y/y.

Back alley gun buyers win again…

iv) Swamp commentaries

FREE SPEECH ANYONE?

Piers Morgan Probed After Saying That He Didn’t Believe A Word Of Meghan Markle’s Interview

THURSDAY, MAR 11, 2021 – 5:00

Authored by Jonathan Turley,

I have previously admitted to being one of the few people apparently on planet Earth with little interest in the Royal family or the continuing travails of Prince Harry and Meghan Markle.  (No, I did not even tune into the wedding).  However, the coverage is now pulling some of us into this vortex with legal and media developments. One such issue arose this week after Piers Morgan, the co-host of ITV’s “Good Morning Britain who has now resigned from the show,” committed the apparently unpardonable sin of declaring on air that he didn’t “believe a word” of what Markle told Oprah in her recent interview. Markle herself filed a complaint with ITV.

For that transgression, Morgan is now reportedly under investigation by United Kingdom’s “Ofcom,” or Office of Communications, for violation of its “harm and offense rules.” 

It is another example of how both rights of the free press and free speech are under assault in the United Kingdom.

Morgan has long been a critic of Markle and received international attention this week by abruptly walking off the show’s set in a sharp exchange with a co-host Alex Beresford  who criticized his remark: “I understand that you don’t like Meghan Markle, you’ve made it so clear a number of times on this program, a number of times. And I understand that you’ve got a personal relationship with Meghan Markle, or you had one. And she cut you off. She’s entitled to cut you off, if she wants to.”

That set off Morgan who interrupted and walked off after saying “OK, I’m done with this.”

Since Markle described psychiatric (and potentially suicidal) problems during her time at the palace, Morgan’s remarks were taken by some as dismissive of such crises. Morgan seemed to recognize that when he returned to the set and state:

Let me just state for the record on my position on mental illness and on suicide. These are clearly extremely serious things and should be taken extremely seriously and if someone is feeling that way they should get the treatment and the help they need every time. And if they belong to an institution like the royal family and they go and seek that help they should absolutely be given it. It’s not for me to question if she felt suicidal, I am not in her mind and that is for her to say. My real concern was a disbelief frankly … that she went to a senior member of the royal household and told them she was suicidal and was told she could not have any help because it would be a bad look for the family. If that is true a) that person should be fired and b) the royal family have serious questions that need to be answered.”

After the show, Morgan was effectively fired. ITV issued a statement that “Following discussions with ITV, Piers Morgan has decided now is the time to leave Good Morning Britain. ITV has accepted this decision and has nothing further to add.” This followed a complaint from Markle. Consider that complaint for a second. She filed a complaint because a media personality said that he did not believe her. ITV then later showed Morgan the door.

One can clearly disagree with that take but one would think that the matter would be left to broader debate.  However, people immediately reached out to Ofcom to demand punitive action against Morgan for expressing his views. By that I mean, over 41,000 people.  Ofcom then announced a formal investigation “into Monday’s episode of ‘Good Morning Britain’ under our harm and offence rules.”

The Ofcom Section 2 rule is undefined and subjective:

Principle

To ensure that generally accepted standards are applied to the content of television and radio services so as to provide adequate protection for members of the public from the inclusion in such services of harmful and/or offensive material.

Rules

Generally Accepted Standards

2.1: Generally accepted standards must be applied to the contents of television and radio services and BBC ODPS so as to provide adequate protection for members of the public from the inclusion in such services of harmful and/or offensive material.

2.2: Factual programmes or items or portrayals of factual matters must not materially mislead the audience.

(Note to Rule 2.2: News is regulated under Section Five of the Code.)

2.3: In applying generally accepted standards broadcasters must ensure that material which may cause offence is justified by the context (see meaning of “context” below). Such material may include, but is not limited to, offensive language, violence, sex, sexual violence, humiliation, distress, violation of human dignity, discriminatory treatment or language (for example on the grounds of age, disability, gender reassignment, pregnancy and maternity, race, religion or belief, sex and sexual orientation, and marriage and civil partnership), and treatment of people who appear to be put at risk of significant harm as a result of their taking part in a programme. Appropriate information should also be broadcast where it would assist in avoiding or minimising offence.

Morgan was not the only person expressing disbelief after the interview. For example, Markle claimed to have been married a few days before the official wedding — a claim that has been contested by the Church vicar.

Morgan clearly does not believe Markle despite his followup distinguishing his comments from the issue of her emotional or mental crises. He follow up later with a tweet reaffirmed his disbelief: “On Monday, I said I didn’t believe Meghan Markle in her Oprah interview,” he posted. “I’ve had time to reflect on this opinion, and I still don’t. If you did, OK. Freedom of speech is a hill I’m happy to die on. Thanks for all the love, and hate. I’m off to spend more times with my opinions.”

Morgan also attached to a picture of former Prime Minister Winston Churchill with his famous quote, “Some people’s idea of [free speech] is that they are free to say what they like, but if anyone says anything back, that is an outrage.”

I have written for years on the crackdown on free speech in FranceGermany, and England though hate speech laws and speech regulations. As many on this blog know, I am unabashedly against limits on free speech and have opposed most public and private forms of censorship for decades.

My problem is with the investigation which is based on the same type of sweeping, generalized language used to curtail free speech in the United Kingdom ( here and here and here and here and here and hereand here and here and here and here). Much of this trend is tied to the expansion of hate speech and non-discrimination laws.In the United Kingdom, free speech continues to be eroded, including speech directed at political and social issues like the death of George Floyd or “misgendering” during interviews We have also seen this type for ill-defined language used to regulate advertising.

Rather than speak out against Morgan’s comments, tens of thousands of people demanded that the government punish him — and silence him. It is working. He was effectively fired and he is now going to be subject to an investigation.  People have developed a taste for censorship and we have seen how that taste becomes an insatiable appetite. That is why this is not Markle or Morgan. It is about free speech and the free press

end

Cuomo Denies “Aggressively Groping” Female Staffer At Governor’s Mansion

THURSDAY, MAR 11, 2021 – 8:21

Earlier this week, the Albany Times-Union, the newspaper of record for New York State’s capitol region, reported that Gov. Andrew Cuomo had been sexually inappropriate with a sixth woman – another young woman who was apparently in her 20s when Cuomo made the aggressive pass at her – at the governor’s mansion.

Though her name has not been revealed (at least, not yet), the Times Union returned last night with an even more shocking report expounding the details of the encounter. Unlike previous incidents, where Cuomo made an aggressive and inappropriate pass at a staffer or a fellow wedding guest or awkwardly planted a kiss on their cheek, the Times-Union described an encounter where a young woman was lured to the executive mansion (possibly under false pretenses) where she was “aggressively groped” by the governor.

Although the under-the-blouse grope only occurred on one occasion, the young woman accused the governor of frequently engaging in “flirtatious behavior”.

The allegations by the female aide, who is the sixth woman to accuse Cuomo of inappropriate behavior, were first reported Tuesday by the Times Union. The additional details describe the most egregious behavior attributed to the governor to date – conduct that could potentially be pursued as a misdemeanor sexual assault charge.

The person briefed on the case, who is not authorized to comment publicly, said the woman – who is much younger than Cuomo – told the governor to stop. Her broader allegations include that he frequently engaged in flirtatious behavior with her, and that it was not the only time that he had touched her.

As the Times-Union recounts, the woman says she was summoned to the governor’s mansion with a request to help out with a minor technical issue. The woman’s story contradicts Gov. Cuomo’s description of his transgressions. During a news conference last week, the governor apologized for his inappropriate behavior, but denied having ever touched a woman inappropriately. Afterwards, at least one of the woman’s supervisors reported the incident to a lawyer in the governor’s office.

Late on Wednesday, Cuomo finally issued a statement to the newspaper insisting that he had “never done anything like this.”

“As I said yesterday, I have never done anything like this. The details of this report are gut-wrenching. I am not going to speak to the specifics of this or any other allegation given the ongoing review, but I am confident in the result of the attorney general’s report.”

Despite being asked by the Times-Union about the sixth accuser’s account earlier this week, Cuomo told reporters on Tuesday that he wasn’t aware of any other accusers.

On Tuesday afternoon, several hours after Cuomo’s office had been asked about the matter by the Times Union, the governor said in a news conference, “I’m not aware of any other claim,” when he was asked by a reporter about the new story, which by then had been published online. That story included a statement from his acting counsel, Beth Garvey, who said that “all allegations” of sexual harassment made against the governor were being referred to the attorney general’s office.

New York AG Letitia James is overseeing a civil investigation into the accusations, and earlier this week appointed two lawyers – including a former top federal prosecutor – to lead the probe. Cuomo insisted that the investigation would vindicate him. His sixth accuser has declined to file a formal complaint about the incident.

end

Judge reinstates 3rd degree murder charge against Chavin. However this guy had enough Fenantyl and Methamphetamine in his system to kill him. I do not think that Chavin murdered him.

(zerohedge)

Judge Reinstates 3rd-Degree Murder Charge Against Derek Chauvin

THURSDAY, MAR 11, 2021 – 9:57

Having delayed the start of the trial of Derek Chauvin, a judge on Thursday granted prosecutors’ request to reinstate a third-degree murder charge against the former Minneapolis police officer accused for the death of George Floyd.

Chauvin also faces charges for second-degree murder and manslaughter.

A third-degree murder charge carries a maximum sentence of 25 years in prison.

As a reminder, Floyd’s autopsy report showed the man, whose death set off a wave of violent street protests, many of which devolved into rioting and looting, had fentanyl and methamphetamine in his system at the time of his death (he was also found to be COVID-19 positive). Prosecutors contend Floyd, 46, was killed by Chauvin’s knee, compressed against Floyd’s neck for more than 9 minutes while he was handcuffed and pinned to the pavement following a struggle with Chauvin and three other officers, who will face trial later this year on charges of abetting Floyd’s killing. But in Chauvin’s case, the question at the heart of the decision is whether what people saw on the cellphone video of Floyd’s death was a murder, or a terrible tragedy.

The autopsy findings potentially complicate the prosecution’s push for a murder conviction, which is why it’s hardly a surprise that prosecutors are trying to mitigate the risks of an embarrassing acquittal.

Chauvin’s trial, which began with jury selection on Tuesday, will one of the most highly publicized criminal trials in recent years.

The question all the store-owners and peacefully protesting Americans are asking – will a guilty verdict for 3rd-degree murder satisfy the mob that ‘justice’ was done?

The courthouse has been reinforced with fencing to stop protesters from disrupting the proceedings.

Additionally, police from surrounding cities and state and federal agencies, including the Department of Homeland Security, will also be sent to help maintain order during the meat of the trial. The city of Minneapolis has paired police with firefighters to rapidly respond if riots erupt.

END

Watch: Fauci Admits There Is No “Science” Behind Continued Lockdown

THURSDAY, MAR 11, 2021 – 11:30

Authored by Steve Watson via Summit News,

In a rare moment of truth of CNN Wednesday, Anthony Fauci admitted that there is no scientific reason why people who have had the COVID vaccine are still having their freedoms restricted.

CNN host John Berman asked Fauci “What’s the science behind not saying it’s safe for people who have been vaccinated – received two doses, to travel?”

“When you don’t have the data and you don’t have the actual evidence, you’ve got to make a judgment call,” Fauci replied, declaring that Americans will just have to trust the CDC:

As we reported this week, CNN announced that the CDC is graciously allowing vaccinated Americans some ‘limited freedoms’, prompting a huge backlash on social media where people pointed out that the health body doesn’t grant anyone their God given freedoms.

So, there is no science and the CDC is making a judgement call about how ‘free’ Americans can be. Hmmm.

All this comes as a little-remarked new study from the Centers for Disease Control and Prevention, the very epicenter of the pro-lockdown public health establishment, found the positive effects from mask-wearing were decidedly modest in scale.

“Part of the problem for Dr. Fauci,” Stanford University Professor of Medicine Jay Bhattacharya said, “is that he is blind to the harms of the lockdown … He seems not to understand that the lockdown creates all kinds of physical problems, psychological problems, harms that I’ve never seen him talk about.”

END

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

The King Report June 25, 2018 Issue 5784 Independent View of the News
  China Producer Prices Jump, Adding to Global Inflation Risks
China’s producer prices rose at the fastest pace in more than two years in February, fueled by surging commodity costs, while consumer deflation eased.  The producer price index rose 1.7% from a year earlier, stronger than economists’ forecasts for a 1.5% increase…  https://t.co/JWCezeyiEy

House Passes Labor Rights Expansion, but Senate Chances Are Slim – The House approved the most significant enhancement of labor rights since the New Deal, but the measure appeared headed for a Senate filibuster amid widespread Republican opposition… [More socialism] https://t.co/HbHC6Fx6Ut

The monkey-see, monkey-do financial media proclaimed that stocks rallied on Wednesday because February CPI of +0.4% m/m was benign and expected.  The better reasons for the rally were these:

House passes [220-211] $1.9 trillion COVID relief measure, sending to Biden’s desk for signing
https://justthenews.com/government/congress/house-passes-19-trillion-covid-relief-measure-sending-bidens-desk-signing

Fox’s @ChadPergram: Schumer on an infrastructure number: It’s got to be big and bold and we’re sitting down and talking to the Biden Admin about it… we’re going to work with any & every Republican we can to get a big bold agenda done.

U.S. Infrastructure Could Pass Committee in May, Chair Says
https://www.bloomberg.com/news/articles/2021-03-10/u-s-infrastructure-bill-could-pass-committee-in-may-chief-says

Wholesale gasoline closed January at 165.05.  It closed February at 195.05, +18.2%.  The BLS shows retail gasoline +6.4% in February.  Gasoline closed at 139.55 on February 28, 2020.  Gasoline is up 40% y/y.  BLS has gasoline up 1.5% y/y.  Did gas stations eat the difference?  The Daily National Average Gasoline Price per the AAA was 2.447 on 2/28/20 and 2.72 on 2/28/21, +11.2 y/y.  We can do the same exercise with lumber, oil, food commodities, home prices and other CPI components.

The BLS: The energy index rose 2.4 percent over the past 12 months. The gasoline index rose 1.5 percent over the last 12 months, while the index for electricity rose 2.3 percent, and the index for natural gas increased 6.7 percent over the same period. In contrast, the fuel oil index fell 0.5 percent over the last 12 months…https://www.bls.gov/news.release/pdf/cpi.pdf

The S&P/GS Energy Index closed 2/28/20 at 154.712.  It closed at 206.1997 on 2/28/21, +33.3% y/y.

US 5-year Breakeven Rate – Highest rate in ~13 years, yet the Fed & fin media see no/benign inflation!

@KansasCityFed: In our recent Services Survey, 64% of contacts said their business has been negatively affected by rising material prices and lack of availability/delivery time. Read the report at https://t.co/YUoksjZPH7

Apple Reportedly Slashes Planned iPhone 12 Mini Production Amid Slumping Demand  https://t.co/2vaEp306cB

Who’s in charge? VP Kamala Harris takes another solo call with a world leader [Norway PM] https://t.co/bDYuoLVCt8

Biden bumbles a ‘grievous example of elderly abuse’ and ‘dangerous,’ says lawmaker
California Rep. Mike Garcia: “This president is not fit for office. I don’t really believe he understands what he’s doing, and he’s got a political machine behind him that’s propping him up, and it scares the hell out of people like me who value our national security…” https://www.washingtonexaminer.com/washington-secrets/biden-bumbles-a-grievous-example-of-elder-abuse-dangerous-says-lawmaker

@jamft: USA, Covid. Looks like it’s done. [Chart at link shows huge decline in cases & deaths] The pandemic that never really was. Lying with Statistics, reclassifying natural deaths as a crisis, just to grab power, and money.  It’s actually a perfect rerun of what happened in the 1930… The crisis that wasn’t.
https://twitter.com/jamft/status/1369472860893315074

The Dems’ strategy was obvious and crystal clear in 2020: Use Covid as an excuse to scuttle the U.S. economy and utilize a massive mail-in vote scheme & fraud to remove DJT and capture the Senate.  Then bailout the big blue, socialist states and implement as much socialism as well as leftist policies as possible before a critical mass of Americans realize the scheme and that Biden has diminished capacity.

Schumer: federal pandemic relief eliminates NYS deficit https://t.co/L9YlJXQ4Ly

@ChadPergram: GOP LA Sen Kennedy on protecting the Capitol: I don’t think fences are all together there for protection. I think Pelosi is trying to make a political statement and that is we have to protect the Capitol from all the people who didn’t vote for Biden. [More accurately, to protect the Capitol when a critical mass of Americans realizes that Biden has diminished capacity and the Dems knew it.]

@WSJopinion: A provision Senate Democrats added into the Covid bill last week bars states that accept the federal money from cutting taxes through 2024. https://on.wsj.com/38qc1bU

GOP @RepDanBishop: Unreal – Democrats are using the #PelosiPayoff to outlaw state tax cuts.  As painful as it may be to for @SpeakerPelosi & @SenSchumer to see Americans flee high-tax Blue states, they have no right to dictate policy for North Carolina & other responsible states.

Stanford Medical Professor Insists COVID Lockdowns “Worst Public Health Mistake in Last 100 Years”  https://www.zerohedge.com/covid-19/stanford-medical-professor-insists-covid-lockdowns-worst-public-health-mistake-last-100

CDC misinterpreted our research on opening schools. It should loosen the rules now.
Keeping schools closed or even partially closed, based on what we know now, is harming children.
    First, children are not at significant risk of poor outcomes from COVID-19….
   Second, viral spread is minimal in schools with appropriate safety precautions…
   Third, no science supports mandating 6 feet of distance with children wearing masks. A 6-foot distance between students creates space constraints for schools to open in entirety. There is data supporting at least 3-foot distancing
   Fourth, despite fearmongering regarding variants in America, we have not seen evidence that variants are spreading through in-person schools…
https://www.usatoday.com/story/opinion/2021/03/09/cdc-school-opening-covid-rules-guidance-column/4628552001/

@JordanSchachtel: Eric Feigl-Ding, the chief COVID-19 panic salesman on social media, quietly moved his family to Austria in the Fall so that his kid could attend school in person.  Yet Feigl-Ding has been a relentless proponent for school closures here in the United States Ding’s wife is Austrian…

Here Come Trillions More: Biden Will Unveil “Next Phase” of COVID Response on Thursday
https://www.zerohedge.com/political/here-come-trillions-more-biden-will-unveil-next-phase-covid-response-thursday

ECB to signal faster money printing to combat yield rise  https://www.reuters.com/article/us-ecb-policy-idUKKBN2B22TY

Today – ESHs opened +15.25 last night because traders expect the ECB to announce more QE at 7:45 ET.  Be alert for a pump & dump on the ECB communique, especially with the DJIA being up 4 straight sessions.  The stimulus plan has been approved; Biden will sign the bill on Friday.  The Big Guy will announce his next Biden Trillions scheme today.  We don’t know when he will make the announcement.  But, if stocks rally into the announcement, stocks will be vulnerable to a reversal after Biden speaks.  Be safe!  Market action is insane and very volatile!

Expected economic data: Initial Jobless Claims 725k, Continuing Claims 4.2m; Jan JOLTS Job Openings 6.65m; The Fed is in a blackout period for the FOMC next week.

S&P 500 Index 50-day MA: 3832; 100-day MA: 3698; 150-day MA: 3596; 200-day MA: 3485
DJIA 50-day MA: 31,044; 100-day MA: 30,079; 150-day MA: 29,347; 200-day MA: 28,542

S&P 500 Index – Trender trading model and MACD for key time frames
Monthly: Trender is negative; MACD is positive – a close above 3920.04 triggers a buy signal
Weekly: Trender is positiveMACD is negative – a close below 3692.66 triggers a sell signal
Daily: Trender and MACD are negative – a close above 3990.70 triggers a buy signal
Hourly: Trender and MACD are positive – a close below 3849.39 triggers a sell signal

@NBCNewsWorld: Top U.S. admiral warns that Taiwan is in China’s military sights, warning of possible military action in the next 6 years, as well as fears China could overtake America’s global leadership role in the coming decadeshttps://t.co/juiuBqEF1A

Westerners are increasingly scared of traveling to China as threat of detention rises
As President Xi breeds a culture of nationalism and forges increasingly hostile relations with Western governments, some fear that if a diplomatic spat between their government and Beijing occurred while they were in China they could become a target….
https://www.cnn.com/2021/03/09/china/china-travel-foreigners-arbitrary-detention-hnk-dst-intl/index.html

@Jkylebass: Arbitrary detention in China happens daily. Western travelers are foolish to think the CCP will adhere to any global societal laws… Where are Canadians Michael Kovrig & Michael Spavor?!

@jamft: It’s actually quite fascinating. The Chinese are following the exact playbook of the Soviets in the 1920s and 1930s. Different technology, different method of delivery, but the strategy is virtually identical to that of Stalin.

‘Migrant president’ Biden stirs Mexican angst over boom time for gangs
Mexico’s government is worried the new U.S. administration’s asylum policies are stoking illegal immigration and creating business for organized crime…
https://www.reuters.com/article/us-usa-immigration-mexico-exclusive-idUSKBN2B21D8

Biden adviser admits immigration policy ‘may have driven’ migrant surge, encouraged ‘smugglers’
‘Surges tend to respond to hope,’ said Southern Border Coordinator Roberta Jacobson
https://www.foxnews.com/politics/bidens-immigration-policy-may-have-driven-migrant-surge-encouraged-smugglers

Trump blasts Biden’s handling of border crisis: ‘Our country is being destroyed’
The Biden administration has struggled to control a surge of migrants at the US-Mexico border
https://www.foxnews.com/politics/trump-biden-border-crisis-immigration-surge

TX Gov. Abbott calls out Biden: He is doing nothing about the ‘border crisis’ https://t.co/s0C6ru88Z8

Cruz, Hawley blast Biden after overwhelmed CBP shuts down Arizona highway checkpoints
‘How much more will it take for the Biden administration to admit there is a crisis on the border?’…
https://www.foxnews.com/politics/cruz-hawley-blast-biden-overwhelmed-cbp-shuts-down-arizona-highway-checkpoints

@charliekirk11: Joe Biden’s DHS Secretary is requesting “volunteers” to help handle the crisis at the border.  I have an idea—instead, why don’t we take all of the National Guard troops out of DC and send them to the Southern Border where they may actually defend us from a real threat?

Biden would bar Granny from traveling but invites COVID-infected illegals to cross freely
President Biden’s health honcho, Rochelle Walensky, announced Monday that vaccinated Americans can visit with others who are vaccinated in small groups at home. But when Walensky was asked about visiting grandchildren, she said no, unless the kids are local…  https://t.co/EPuoHaTCZE

Top digital journalism professor at Columbia calls for censorship of conservative media
Professor Emily Bell, director of the Tow Center for Digital Media, said it is not an infringement of the First Amendment to audit and vet some news outlets to promote a “truthful news environment.”…
https://www.thecollegefix.com/top-digital-journalism-professor-at-columbia-calls-for-censorship-of-conservative-media/

@CharlotteCGill: We are seeing the Twitterfication of society. “Things must be cancelled because people on social media say they must be cancelled”, even though every election shows Twitter is completely out of touch with what most ppl think. At some point leaders have got to get a grip on this.

@HansMahn>https://thefederalist.com/2021/03/10/the-real-covid-nursing-home-scandal-is-why-cuomo-and-other-democrats-did-it/#.YEjg2CXKm5Y.twitter

Gov. Cuomo allegedly reached under aide’s blouse and groped her: report
The incident allegedly unfolded after the much-younger woman was summoned to help the 63-year-old governor fix a problem with his cellphone, the Albany Times Union said…
https://nypost.com/2021/03/10/gov-cuomo-allegedly-reached-under-aides-blouse-and-groped-her-report/

Due Process for Cuomo But Not Your Son at College
The New York Times: “The Biden administration will examine Trump-era regulations that bolstered the due process rights of students accused of sexual assault…The Obama administration issued guidance to schools, colleges, and universities that critics in and out of academia said leaned too heavily toward accusers and offered scant protections or due process for students and faculty accused of sexual harassment, assault or other misconduct…”   That’s what makes Cuomo’s demand for due process so rich…  https://townhall.com/columnists/larryoconnor/2021/03/10/due-process-for-cuomo-but-not-your-son-at-college-n2586017

@WSJopinion: Sen. Sheldon Whitehouse threatens Congressional action if the U.S. Supreme Court doesn’t follow his orders on amicus-brief disclosure rules. [Where’s the MSM on this?]
    The Senator who threatened the Supreme Court with retribution over a gun-rights case in 2019 is now threatening Congressional action if the Justices don’t follow his orders on how they conduct judicial business.  On Wednesday the Rhode Island Democrat will hold a Judiciary Committee hearing on “What’s Wrong with the Supreme Court: The Big-Money Assault on Our Judiciary.”… This is a running theme of Mr. Whitehouse, whose preoccupations in the Senate have been undermining judicial independence and restricting the First Amendment rights of private citizens to influence their government… https://www.wsj.com/articles/sheldon-whitehouse-vs-the-supreme-court-11615332964?mod=e2two

@DailyCaller: Tucker Carlson on Meghan Markle and other powerful figures portraying themselves as victims: “The most powerful people are pretending to be powerless… When you’re a victim, you are inherently significant. Martyrdom means you are forever the hero of the story.”
https://twitter.com/DailyCaller/status/1369459985315401728

Biden DOJ nominee Gupta owns millions in stock of company accused of fueling Mexican cartels’ heroin production – Avantor is reportedly under investigation by Mexican authorities
https://www.foxbusiness.com/politics/gupta-stock-chemical-company-mexican-cartels-heroin

Mich. judge reinstates voting fraud case following forensic probe of Dominion voting machines
Antrim County received national attention after it was discovered more than 5,000 votes for President Donald Trump were allegedly flipped to Joe Biden… In the meantime, activists have raised alarms for another incident of voter fraud in the state where one county had more voters registered than eligible citizens in that county…
https://www.oann.com/mich-judge-reinstates-voting-fraud-case-following-forensic-probe-of-dominion-voting-machines/

More than 92,000 Clark County NV mail ballots returned undeliverable in general election
“Mass-mail balloting is a step backward for American elections,” PILF President and General Counsel Christian Adams said in a statement… Joe Biden won the state of Nevada by 33,596 votes…
https://justthenews.com/politics-policy/elections/report-more-92000-clark-county-nv-mail-ballots-returned-undeliverable

Newly Revealed Emails Show Green Bay Officials Gave Keys to 2020 Election to N.Y. Dem Operative – In Green Bay, a Democrat activist was actually given keys to the room where absentee ballots were stored before the 2020 presidential election.  The city received a total of $1.6 million in grant funding from the Zuckerberg-funded Center for Tech and Civic Life… A Democrat operative from New York named Michael Spitzer-Rubenstein became a “grant mentor.”… The Democrat mayor’s office gave the liberal activist access to Green Bay’s absentee ballots just days before the election
https://amgreatness.com/2021/03/10/newly-revealed-emails-show-green-bay-officials-gave-keys-to-2020-election-to-dem-operative-from-ny/

Five Illinois residents charged in connection with voter fraud in 2020 elections
[There is always beaucoup vote fraud; 2020 had greatly more than usual.]
https://justthenews.com/government/courts-law/five-people-charged-voter-fraud-illinois-over-2020-election

New York Times reporter Taylor Lorenz mocked for claim ‘online harassment’ has ‘destroyed her life’ – The high-profile Times reporter has a reputation among critics as a ‘tattletale’ journalist
https://www.foxnews.com/media/new-york-times-taylor-lorenz-harassment-claim

@DailyCaller: Tucker Carlson responds to the New York Times statement accusing him of harassment for his segment criticizing Taylor Lorenz: “Journalists [No one is thinner skinned!] make their living trying to destroy your life but if you say a single word about it, you’re a criminal, a moral monster.”

@TheBabylonBee: New York Times: ‘Journalists Should Be Able to Destroy People’s Lives Without Fear of Harassment’    https://babylonbee.com/news/nyt-journalists-should-be-allowed-to-work-without-fear-of-harassment-or-anyone-disagreeing-with-them-in-any-way

Well that is all for today

I will see you FRIDAY night.

2 comments

  1. […] by Harvey Organ, Harvey Organ Blog: […]

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  2. […] by Harvey Organ, Harvey Organ Blog: […]

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