MARCH 12//BANK RUN ON THE COMEX// GOLD DOWN $3.25 TO $1721.55//SILVER DOWN 23 CENTS TO $25.86: FRIDAY’S RAID THWARTED!!// IN GOLD, THE 1700 HANDLE HELD!!/GOLD TONNAGE AT THE COMEX RISES SLIGHTLY TO 25.632 TONNES/SILVER OZ STANDING: 54 MILLION OZ//HUGE MOVEMENTS OF GOLD OUT OF THE COMEX (14 TONNES OUT OF REGISTERED GOLD) AND A HUGE 4.1 MILLION OZ WITHDRAWAL OF SILVER//4TH DAY IN A ROW WHERE WE WITNESSED A MASSIVE WITHDRAWAL OF GREATER THAN 2 MILLION OZ//BIS SWAPS RISE AGAIN TO 554 TONNES//CORONAVIRUS UPDATE//VACCINE UPDATE//MIKE WHITNEY..A MUST READ//CHINA VS USA: BIDEN GETS TOUGH ON HUAWEI//IRANIAN TANKER HIT BY EXPLOSIVES IN THE MEDITERRANEAN SEA YESTERDAY//USA DATA TODAY PPI EXTREMELY HIGH FORSHADOWS INFLATION//10 YR TREASURY BOND YIELD BREAKS PREVIOUS ONE YR HIGH OF 1.624//BANKERS AND FUNDS BAILING OUT OF TREASURIES: TROUBLE AHEAD//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1721.55 DOWN  $3.25   The quote is London spot price

Silver:$25.86. DOWN  $0.23   London spot price ( cash market)

PLATINIUM  $1202.30 UP $11.00

PALLADIUM:2341.60 UP 1/2. PER OZ

Closing access prices:  London spot//GOLD AND SILVER

i)Gold : $1727.10  LONDON SPOT  4:30 pm

ii)SILVER:  $25.93//LONDON SPOT  4:30 pm

Editorial of The New York Sun | February 1, 2021

end

Editorial of The New York Sun | February 1, 2021

DONATE

Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation.
 
 
 

COMEX DATA

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

receiving today 113/278

EXCHANGE: COMEX
CONTRACT: MARCH 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,722.300000000 USD
INTENT DATE: 03/11/2021 DELIVERY DATE: 03/15/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
167 C MAREX 1
332 H STANDARD CHARTE 115
435 H SCOTIA CAPITAL 6
624 H BOFA SECURITIES 270
657 H MORGAN STANLEY 40
661 C JP MORGAN 2 113
737 C ADVANTAGE 5 4
____________________________________________________________________________________________

TOTAL: 278 278
MONTH TO DATE: 8,210

issued:  2

Goldman Sachs:  stopped:  0

NUMBER OF NOTICES FILED TODAY FOR  MAR. CONTRACT:  278 NOTICE(S) FOR 27,800 OZ  (0.8646 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  8210 NOTICES FOR 821000  OZ  (25.526 tonnes) 

SILVER//MAR CONTRACT

 

106 NOTICE(S) FILED TODAY FOR 530,000  OZ/

total number of notices filed so far this month: 9766 for 48,830,000  oz

BITCOIN MORNING QUOTE  $56,350,  DOWN 1568 dollars

BITCOIN AFTERNOON QUOTE.:$56.350  down 1893 DOLLARS .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

Gold

WITH GOLD DOWN $3.25  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: 4.96 PAPER TONNES FROM THE GLD.

GLD: 1,055.27 TONNES OF GOLD//

Silver

WITH SILVER DOWN 23 CENTS TODAY: AND WITH NO SILVER AROUND

NO CHANGES IN SILVER INVENTORY AT THE SLV//

SLV: 592.438  MILLION OZ./

xxxxx

GLD closing price//NYSE 161.53 UP $0.01 OR  0.01%

XXXXXXXXXXXXX

SLV closing price NYSE 24.05  DOWN $0.20 OR 0.82%

 
 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A SMALL SIZED 532 CONTRACTS FROM 156,098 UP TO 156,630, AND  CLOSER TO A NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED DESPITE OUR TINY  $0.01 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 963 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:  963,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  0 MAY:  963 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 963 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

54.040 MILLION OZ INITIAL STANDING FOR MARCH 2021

THURSDAY, 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 $0.01) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS.  WE HAD A STRONG NET GAIN  OUR TWO EXCHANGES (932 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:

11,356 CONTRACTS (FOR 10 TRADING DAY(S) TOTAL 11,356 CONTRACTS) OR 56.780 MILLION OZ: (AVERAGE PER DAY: 1136 CONTRACTS OR 5.67 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR: 56.780 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: 56.780. 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: 56.780 MILLION OZ  (DRAMATICALLYSLOWING DOWN AGAIN)

RESULT: WE HAD A SMALL SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 563, DESPITE OUR TINY  $0.01 LOSS IN SILVER PRICING AT THE COMEX ///THURSDAY .…THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 400 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A STRONG SIZED 963 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR $0.01 LOSS IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  400 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A SMALL SIZED INCREASE OF 532 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.01 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.20 //THURSDAY’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: 106 NOTICE(S) FOR  530,000, 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 FELL BY A CONSIDERABLE SIZED 6568 CONTRACTS TO 467,704, AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE  DECREASE IN COMEX OI OCCURRED WITH OUR GAIN IN PRICE  OF $1.75///COMEX GOLD TRADING/THURSDAY.WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD MINOR LONG LIQUIDATION AS IT SEEMS THAT THE MAJOR LOSS IF NOT ALLOF THE LOSS WAS BANKER SHORT COVERING.. WE ALSO HAD A SMALL ADVANCE IN GOLD STANDING  AT THE COMEX TO 25.632 TONNES FOR MARCH..

YET ALL OF..THIS HAPPENED WITH OUR  GAIN IN PRICE OF $1.75!

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

WE HAD A FAIR SIZED LOSS  OF 4058 CONTRACTS 12.62 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 2510 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  2510 AND JUNE:  0  ALL OTHER MONTHS ZERO//TOTAL: 2510.  The NEW COMEX OI for the gold complex rests at 467,704. 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 FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4058 CONTRACTS: 6528 CONTRACTS DECREASED AT THE COMEX AND 2510 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 4058 CONTRACTS OR 12.62 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2510) ACCOMPANYING THE CONSIDERABLE SIZED LOSS IN COMEX OI  (6568 OI): TOTAL LOSS IN THE TWO EXCHANGES:  4058 CONTRACTS. WE NO DOUBT HAD 1 ) HUGE BANKER SHORT COVERING AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.) SMALL ADVANCE STANDING AT THE GOLD COMEX FOR THE FRONT MAR. MONTH T0 25.632 TONNES3) MINOR LONG LIQUIDATION, IF ANY /// ;4) CONSIDERABLE COMEX OI LOSS AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS HAPPENED WITH OUR  GAIN IN GOLD PRICE TRADING/THURSDAY//$1.75!!.

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 : 32,153, CONTRACTS OR 3,215,300 oz OR 100.00 TONNES (10 TRADING DAY(S) AND THUS AVERAGING: 3215 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 10 TRADING DAY(S) IN  TONNES: 100.00 TONNES

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

THUS EFP TRANSFERS REPRESENTS 100.00/3550 x 100% TONNES =2.81% 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:.100.00 TONNES (STRONG AGAIN//SLIGHTLYLESS  THAN 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 532 CONTRACTS FROM 156,098 UP TO 156,630 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 SMALL SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) HUGE BANKER SHORT COVERING//ALGO SHORT COVERING//REDDIT RAPTOR BUYING , 2) A SMALL 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 400 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: 400 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 400 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 532 CONTRACTS AND ADD TO THE 400 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED GAIN OF 932 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 4.660 MILLION  OZ, OCCURRED WITH OUR TINY $0.01 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)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 16.25 PTS OR .47%   //Hang Sang CLOSED DOWN 645.89 PTS OR 2.20%    /The Nikkei closed UP 506.19 POINTS OR 1.73%//Australia’s all ordinaires CLOSED UP 0.80%

/Chinese yuan (ONSHORE) closed DOWN AT 6.5061 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5061. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5025 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 WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

i

 
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL  BY  CONSIDERABLE SIZED 6568 CONTRACTS TO 468,453 MOVING FURTHER FROM 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 CONSIDERABLE COMEX DECREASE OCCURRED DESPITE OUR GAIN OF $1.75 IN GOLD PRICING THURSDAY’S COMEX TRADING/)… WE ALSO HAD A SMALL EFP ISSUANCE (2510 CONTRACTS).   WE  PROBABLY HAD AGAIN  1)  HUGE BANKER SHORT COVERING//ALGO SHORT COVERING,  2) MINOR LONG LIQUIDATION IF ANY AND 3)ANOTHER  HUGE//ATMOSPHERIC  ADVANCE IN STANDING AT THE GOLD  COMEX//MAR. DELIVERY MONTH(25.632. TONNES) (SEE BELOW) …  AS WE ENGINEERED A FAIR SIZED LOSS ON OUR TWO EXCHANGES OF 4058 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 2510 EFP CONTRACTS WERE ISSUED:  ; FEB// ’21  0 AND APRIL:  2510, JUNE:  0 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2510  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 LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED 4058 TOTAL CONTRACTS IN THAT 2510 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A CONSIDERABLE SIZED  COMEX OI  OF 6,568 CONTRACTS.WE HAVE A STRONG AMOUNT OF GOLD STANDING FOR MARCH  (25.632 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 $1.75)., AND WERE NO DOUBT SOMEWHAT SUCCESSFUL IN FLEECING SOME LONGS  AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED A FAIR  12.62 TONNES,(ALTHOUGH I SUSPECT THAT THE MAJORITY OF THE LOSS WAS DUE TO HGE BANKER SHORT COVERING)  ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR MAR (25.632 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 LOSS ON THE TWO EXCHANGES :: 4058 CONTRACTS OR 405,800 OZ OR  12.62  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:  467,704 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 46.77 MILLION OZ/32,150 OZ PER TONNE =  1454 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1454/2200 OR 66.12% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX TODAY: 252,775 contracts// volume  poor//

CONFIRMED COMEX VOL. FOR YESTERDAY:  291,384 contracts//  volume:  FAIR–/ //most of our traders have left for London

 

MARCH 12 /2021

 
INITIAL STANDINGS FOR MAR COMEX GOLD
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
173,502.404 oz
 
 
HSBC
MANFRA
(3,000 KILOBARS)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz nil
OZ
Deposits to the Customer Inventory, in oz
 
270,297.113 oz
JPMORGAN
BRINKS
 
(NO KILOBARS)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
278  notice(s)
27800 OZ
(0.8646 TONNES
 
No of oz to be served (notices)
31 contracts
3100oz)
 
0.0964 TONNES
 
 
 
Total monthly oz gold served (contracts) so far this month
8210 notices
821,000 OZ
25.536 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:  260,260.903 oz
ii) Into bRINKS: 10,036.210 OZ
 

we had  2 withdrawals from  the customer account (1/2 were kilobar transactions)

 
 
 
i) Out of HSBC  77.049.404 oz
ii) Out of Malca: 96,453.000 oz  (3,000 kilobars)
 
 
 
 
 
 
 
 
 
total withdrawals:  173,502.404  (5.39 tonnes)
 
 
 
 
 
 
 

We had 3  kilobar transactions

ADJUSTMENTS  3:  dealer to customer

Loomis  66,454.05 oz  (2067 kilobars)

manfra:    3567.770 oz

HSBC: 399,797.685 oz (12,435 kilobars

 

The front month of MAR registered a total of 309 CONTRACTS FOR A LOSS  OF 1726 CONTRACTS. WE HAD 1735 NOTICES FILED ON  THURSDAY SO WE GAINED ANOTHER 9 CONTRACTS OR AN ADDITIONAL  900 OZ OR 0.02799 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, THE NEXT FRONT MONTH, LOST 20,832 contracts to stand at 227,181

APRIL IS DROPPING LIKE A STONE AND I HAVE NO IDEA WHAT IS GOING ON HERE

MAY GAINED ANOTHER 59 CONTRACTS TO STAND AT 257

JUNE GAINED  14,925 CONTRACTS UP TO 183,063

We had 278 notice(s) filed today for 27,800 oz

FOR THE MAR 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  1 notices were issued from their client or customer account. The total of all issuance by all participants equates to 278  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 113 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 (8210) x 100 oz , to which we add the difference between the open interest for the front month of  (MAR // 309 CONTRACTS ) minus the number of notices served upon today 278 x 100 oz per contract) equals 824,100 OZ OR 25.632 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 8210 x 100 oz  + ( 309 OI for the front month minus the number of notices served upon today (278} x 100 oz which equals 824,100 oz standing OR 25.632 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 SMALL 9 CONTRACTS OR AN ADDITIONAL,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 494.50 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 25.632 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,200,170.75 oz or 566.10 tonnes
 
 
total weight of pledged:  2,301,674.057 oz or 71.59 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 15,898,496.0  (494,50 tonnes) a huge drop of 16 tonnes from yesterday
 
 
 
true registered gold  (total registered – pledged tonnes  15,898,496.0 (494.50- tonnes)
 
 
 
total eligible gold: 20,230,918.307 , oz (629.26 tonnes)
 
 

total registered, pledged  and eligible (customer) gold 38,431,089.057 oz or 1,195.36 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1069.02 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 12/2021

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
 
4,158,041.840 oz
CNT
Delaware
Manfra
JPMorgan
BRINKS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
 
5034.033 oz
Delaware
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
106
 
CONTRACT(S)
(530,000 OZ)
 
No of oz to be served (notices)
1128 contracts
 5,640,000 oz)
Total monthly oz silver served (contracts)  9766 contracts 48,830,000 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: 5034.033 oz
 
 
 

JPMorgan now has 192.442 million oz of  total silver inventory or 50.96% of all official comex silver. (192.442 million/377.571 million

total customer deposits today:  5034.033   oz

we had 5 withdrawals:

 
 
i) out of CNT 10,156.638 oz
 
 
ii) Out of  Delaware: 37,004.332 oz
iii) Out of Manfra:  517,158.800 oz
iv) JPMorgan:  1,249,344.360 OZ
v)  Brinks:  2,856,431.080 oz
 
 
 
 
 
 
 

total withdrawals 4,158,041.84   oz

4th day in a row more than 2.4 million oz of silver leaves the comex//today 4.1 million

We had 2 adjustments: first dealer to customer

i) Brinks:  10,990.160 0z

second  Customer to dealer:

Manfra:  517,158.800 oz

Total dealer(registered) silver: 127.797million oz

total registered and eligible silver:  377.571 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

MARCH saw a GAIN of 12contracts to stand at 1148. We had 8 contracts served on THURSDAY, so we  GAINED A STRONG 20 contracts or an additional 100,000 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 GAINED 5 contracts to stand at 2375

May LOST  443 contracts to stand at  125,447 contracts.

The total number of notices filed today for MARCH 2021. contract month is represented by 106 contract(s) FOR 530,000 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  9766 x 5,000 oz = 48,830,000 oz to which we add the difference between the open interest for the front month of MAR (1148) and the number of notices served upon today 106 x (5000 oz) equals the number of ounces standing.

Thus the MAR standings for silver for the MAR/2021 contract month: 9766 (notices served so far) x 5000 oz + OI for front month of MARCH(1148- number of notices served upon today (106) x 5000 oz of silver standing for the Jan contract month .equals 54,040,000 oz. ..VERY STRONG FOR AN ACTIVE MAR MONTH.

We GAINED 20 contracts or an additional 100,000 oz will stand for delivery as the refused to  morph into London based forwards.

TODAY’S ESTIMATED SILVER VOLUME 56,636 CONTRACTS // volume// volumes falling off a cliff//

FOR YESTERDAY  61,650  ,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 +0.77% ((MAR 12/2021)

2. Sprott gold fund (PHYS): premium to NAV FALLS TO –2.39% to NAV:   (MAR 12/2021 )

Note: /Sprott physical gold trust is back into POSITIVE/0.77%(MAR 12/2021)

(courtesy Sprott/GATA

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

NAV 18.65 TRADING 17.87//NEGATIVE 4.19

END

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

MARCH 12/WITH GOLD DOWN $3.25 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A REMOVAL OF 4.96 TONNES FROM THE GLD////INVENTORY RESTS AT 1055.27 TONNES

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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

MARCH 12 / GLD INVENTORY 1060.23 tonnes

LAST;  1017 TRADING DAYS:   +121.46 TONNES HAVE BEEN ADDED THE GLD

LAST 947 TRADING DAYS// +  307.70TONNES  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 12/WITH SILVER DOWN 23 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 592.438 MILLION OZ//

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 12/2021

 


592.438 MILLION OZ
 

PHYSICAL GOLD/SILVER STORIES
i) JIM RICKARDS

Rickards: What’s The Real Price Of Gold?

 
FRIDAY, MAR 12, 2021 – 11:15

Authored by James Rickards via The Daily Reckoning,

What’s the price of gold?

That seems like a ridiculously easy question to answer. I’m looking at a trading screen right now, and it displays a price of $1,733.80 per ounce.

That price may change a bit by the time you read this, but it would only take a fresh glance at the screen to get the new price. Case closed.

What’s the price of silver? Again, the question seems easy to answer. My trading screen right now says $26.82 per ounce. That price also changes, but it only takes another look at the screen to fetch the new price. Nothing to it.

If only things were that simple. They’re not.

In fact, establishing prices for gold and silver is far more difficult than it sounds.

Further, the different prices on offer and the reasons for those differences can tell us a lot about what’s going on right now in precious metals markets.

Paper, Not Metal

First off, the prices I quoted above are not for gold and silver in the traditional, physical sense.

They are the one-ounce prices for COMEX gold and silver futures contracts. COMEX, a division of the Chicago Mercantile Exchange, is the world’s largest futures and options trading market for metals.

A futures contract gives the holder price exposure, but it does not give you physical gold or silver. It is a paper contract governed by exchange rules. It can be subject to early termination under those rules in the event of disorderly markets or other market disruptions.

So we’re talking about paper gold and paper silver, not the actual metals.

There is a process for taking physical delivery at the expiration of a long contract position, but this is used in only a small number of expiring contracts. Most contracts are cash-settled, rolled-over or paired-off without any physical product being delivered.

If more than a small number of contract holders asked for physical delivery, the authorized vaults would quickly run out of bullion, and the exchange would intervene to cash-settle the contracts or order that holders “trade for liquidation only.”

Physical delivery would be denied. So why do traders prefer paper gold and silver over the real McCoy?

Leverage, Leverage, Leverage

Gold and silver futures contracts offer leverage. A trader is required to put down an initial margin, typically about 5% of the amount of bullion subject to the contract.

The initial margin rules mean that $100,000 of capital can control $2,000,000 worth of gold or silver. An upward price move of 5% in the actual metal would result in a 100% return on equity on the cash invested.

This is why hedge funds typically trade in futures rather than physical bullion because the cash-on-cash returns are much greater. Of course, the opposite is also true. It would only take a 5% price decline to wipe out the initial margin and leave the trader with a 100% loss.

Failure to meet a margin call results in the contract being terminated and the defaulting trader likely being barred from further exchange dealings.

It’s a highly complex trading process, but the main point is there’s no actual gold or silver involved.

What about gold or silver contracts with the big banks who are members of the London Bullion Market Association (LBMA)?

These purchases are also paper contracts for what is called “unallocated” bullion. That’s a fancy way of saying “no bullion.” An LBMA bank might have one metric tonne of gold and sell 100 metric tonnes of unallocated gold contracts based on that single tonne.

Again, if all of the contract holders gave notice that they wanted to convert to fully allocated bullion and take physical delivery, there would not be enough gold or silver to go around. As with futures, these LBMA contracts would be subject to early termination and cash settlement.

Ultimately, you would not get physical bullion when you most want it — during a buying panic.

Yes and No

What about the famous London Gold Fix? Surely that involves physical bullion and presents a fair market price to the public? Yes, and no.

This process does involve the purchase and sale of physical bullion, and it is done through an auction-style procedure.

There are 15 participating banks in the gold fix including, HSBC, Goldman Sachs, Citi, JPMorgan Chase, Bank of China, Koch Supply, Morgan Stanley and Toronto Dominion Bank.

The problems are that the fix is not open to the public, it involves large quantities only (minimum size is a 400-ounce gold bar worth about $720,000), and most of the gold never physically moves.

It just remains in a designated vault, and ownership changes hands through a warehouse receipt or ledger entry. There is also a London Silver Fix, by the way.

Fraud and Manipulation

In short, all of these trading venues — futures, LBMA forwards and the London Fix —  have unique contract features that either have no physical bullion involved or have trading limited to big banks, which do business in large volumes and therefore are not accessible to everyday investors.

Even when the gold and silver are paper and not physical, the temptation to rig markets seems irresistible.

All of the paper gold and silver markets and the London Fix have been investigated in recent years and were found to have engaged in various kinds of front-running, market manipulation and bid-rigging.

Substantial fines and penalties have been assessed, and some actions have resulted in criminal convictions.

But what if you just want to buy physical gold and silver and take delivery for storage in a safe non-bank vault? How would you go about it?

This is where things get interesting and where the true price of gold and silver is revealed.

The first hurdle is to find a dealer. This is not as easy as it sounds.

Find the Right Dealer

There are hundreds of online dealers available. Some have fine reputations and offer outstanding service. (I like Hard Assets Alliance, which, in the interest of full disclosure, my publisher owns a stake in).

Others are sleazy and try to push you into high-priced “rare coins” (not worth it unless you’re a true collector, in which case you should look to an established rare coin dealer). Otherwise, they are likely more interested in getting your IRA business than in delivering coins and bars.

Dealer commissions also vary and can be quite steep.

Right now, the UK Royal Mint website is offering a one-troy ounce gold bar with a 9.2% mark-up or commission over the COMEX price.

Commissions or mark-ups in silver are even greater. A 15% premium on silver coins is not unusual. This would move the price of a one-ounce silver coin from $26.82 (the current COMEX price) to $30.85 or higher.

Of course, this assumes availability. The U.S. Mint has periodically announced that it will not be taking new orders from dealers due to a shortage of bullion and minting capacity. The Mint remains in operation only to fill existing orders until further notice.

So, again, what’s the price of gold or silver?

The answer depends on whether you want a paper contract or physical bullion. It depends on whether you want leverage (and margin calls) or outright ownership. It depends on whether you buy new production or older, rarer coins, etc.

Sales taxes, storage costs, insurance costs, exchange rates (if you buy from a foreign mint) and shipping costs make the calculations even more complicated.

Two Key Takeaways

Despite these variables, two things are clear.

  1. The cost of owning bullion coins or bars you can hold in your hand is materially higher than the official “prices” you see listed on the exchanges. That tells you that actual bullion is considerably more scarce than paper bullion.
  2. The second point is that the scarcity of physical bullion relative to paper gold and silver contracts will emerge with a vengeance in a buying panic resulting from any number of catalysts, including war, a new pandemic, a stock market crash, bank failures, or social disorder. The paper holders will try to convert to physical and find that it’s too late. The vaults will be empty.

The lesson for investors is also clear. Get your physical gold or silver now while you still can. Don’t sweat the commissions because that’s the real price. Then rest easy.

I predict gold will ultimately go to $15,000 an ounce. Commissions are nothing when you look at the big picture.

The buying panic is just a matter of time.

END

ii) Important gold commentaries courtesy of GATA/Chris Powell

BIS swaps continues to rise as they are acting on behalf of central banks to control the price of gold/silver.

The BIS gold swaps are now 554 tonnes and this is the amount of physical gold they are short!

a must read.

(Robert Lambourne/GATA)

As gold fell 6% in February, BIS gold swaps hit record high

 

 

 Section: Daily Dispatches

 

By Robert Lambourne
Thursday, March 11, 2021

The recently reported February statement of account of the Bank for International Settlements discloses that the bank’s use of gold swaps increased to about 552 tonnes, which appears to be a record high, slightly ahead of the estimate of 545 tonnes reported at the end of December. 

This record high in BIS gold swaps came in a month that saw a 6% decline in the gold price, which fell from $1,844.13

As shown by Table B below, the BIS trades significant amounts of gold swaps on a regular basis.

The latest volume of gold swaps remains larger than the 504.8 tonnes of gold held by the European Central Bank and about 50 tonnes less than the reported gold reserves of the tenth-largest national gold holding, the 612.4 tonnes held by the Netherlands.

No explanation for this continuing high level of swaps has been published by the BIS. Indeed, the bank has issued no comment on its use of gold swaps since 2010

The gold involved is supplied to the BIS by bullion banks via the swaps. The gold is then deposited in BIS gold sight accounts at major central banks, such as the Federal Reserve.

The BIS’ use of gold swaps and derivatives has been extensive so far this year, with the level reported in recent months being the highest in the period since August 2018, as highlighted in Table B below. By contrast, in May 2019 the bank was exposed to only 78 tonnes in swaps.

Some gold market experts, including London metals trader Andrew Maguire, say they expect the BIS to have to unwind these swaps by the end of June this year because of the new “Basel III” regulatory standards, which introduce the Net Stable Funding Ratio. The London Bullion Market Association has stated that the new ratio “will increase the capital requirements for financing and clearing precious metals transactions to 85%.” The LBMA is not in favor of this change because of the likely increase in costs. Experts like Maguire expect that “Basel III” will severely curtail “paper” gold transactions.

As can be seen in Table A below, the BIS has used gold swaps extensively since its financial year 2009-10. No use of swaps is reported in the annual reports for at least 10 years prior to the year ending in March 2010. The latest estimate of the bank’s gold swaps (552 tonnes) is higher than any level of swaps reported by the BIS at its March year-end since March 2010.

—–

Table A

Swaps reported in BIS Annual Reports

March 2010 … 346 tonnes
March 2011 … 409 tonnes
March 2012 … 355 tonnes
March 2013 … 404 tonnes
March 2014 … 236 tonnes
March 2015 ….. 47 tonnes
March 2016 …… 0 tonnes
March 2017 … 438 tonnes
March 2018 … 361 tonnes
March 2019 … 175 tonnes
March 2020 … 326 tonnes

—–

The BIS rarely comments publicly on its banking activities, but its first use of gold swaps was considered important enough to cause the bank to give some background information to the Financial Times for an article published on July 29, 2010, coinciding with publication of the bank’s 2009-10 annual report.

The general manager of the BIS at the time, Jaime Caruana, said the gold swaps were “regular commercial activities” for the bank, and he confirmed that they were all carried out with commercial banks and did not involve other central banks.

Hence it is likely that the current level of gold swaps is the highest use of them by the BIS for at least 20 years. It also seems likely that the swaps are still all made with commercial banks, because the BIS annual report has never disclosed a gold swap between the BIS and a major central bank.

The swap transactions potentially create a mismatch at the BIS, which may end up being long unallocated gold (the gold held in BIS sight accounts at major central banks) and short allocated gold (the gold that must be returned to swap counterparties). Such a mismatch has not been reported by the BIS.

The table below reports the BIS’ estimated swap levels since August 2018. It can be seen that the BIS is actively involved in trading gold swaps and other gold derivatives with some changes from month to month in excess of 100 tonnes.

—–

Table B

Swaps estimated by GATA from monthly statements of account

Month ….. Swaps
& year … in tonnes

Feb-20………/552
Jan-20……. /523
Dec-20……. /545
Nov-20 ….. /520
Oct-20 …… /519
Sep-20……. /520
Aug-20…… /484
Jul-20 ……. /474
Jun-20 …… /391
May-20 …. /412
Apr-20 ….. /328
Mar-20 …. /326*
Feb-20 ….. /326
Jan-20 …… /320
Dec-19 ….. /313
Nov-19 …. /250
Oct-19 ….. /186
Sep-19 ….. /128
Aug-19 …. /162
Jul-19 ……. / 95
Jun-19 …. ./126
May-19 …. / 78
Apr-19 ….. / 88
Mar-19 …. /175
Feb-19 …. /303
Jan-19 ….. /247
Dec-18 …. /275
Nov-18 … /308
Oct-18 …. /372
Sep-18 …. /238
Aug-18 … /370

* The estimate originally reported by GATA was 332 tonnes, but the BIS annual report says 326 tonnes. It is believed that this difference arose because the gold price used to calculate GATA’s estimate was lower than the price used by the BIS. To estimate the level of gold swaps held by the BIS at month-ends, GATA uses prices quoted by USAGold.com.

—–

For years the BIS has refused to explain the reasons for its activities in the gold market, nor for whom the bank is acting:

http://www.gata.org/node/17793

But in its gold swap activities the BIS is almost certainly acting on behalf of central banks, as they are the BIS’ owners and control its Board of Directors. The BIS has advertised to central banks that its services to them include secret interventions in the gold market:

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

Thus the BIS likely is providing its member central banks with camouflage for their gold and currency market interventions.

The gold swaps also may provide a mechanism for bullion banks to return gold that was lent to them by central banks to cover shortfalls of gold in the market. Some gold market observers have suggested that a portion of the gold held by exchange-traded funds and managed by bullion banks is obtained directly from central banks.

—–

Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.

* * *

END

Finally, Rick Rule after many years is finally coming around to admit that the metals market is manipualted.

(RickRule/GATA)

Rick Rule seems to be coming around on metals market manipulation

 

 

 Section: Daily Dispatches

 

10:24p ET Thursday, March 11, 2021

Dear Friend of GATA and Gold:

Interviewed this week by Tom Bodrovics for Palisades Gold Radio, mining entrepreneur Rick Rule, who has often scoffed at complaints about manipulation of the monetary metals markets, seemed fairly persuaded about manipulation of the silver market anyway.

Rule, who is retiring from management responsibilities at Sprott USA, repeated that all markets are manipulated sometimes. But he added that the silver futures market is so leveraged, with trading volume outpacing supply by as much as 200 to 1, that it is more susceptible to manipulation than other markets and that price smashes occurring in the least liquid trading hours indeed suggest manipulation.

The silver market’s enormous leverage could make manipulation there unusually profitable, Rule said.

… 

Possible culprits, Rule said, include entities with access to the largest amounts of money — big banks, investment houses, and, he added — remarkably, for him — a “country,” which may be construed to mean a government. Suggesting as much used to invite deportation to Tinfoil Hat Land.

Of course maybe Rule has read about the hundreds of millions of dollars in fines paid by investment banks in the last year upon their confessions to systematic and long-term manipulation of the gold and silver markets. Some of those banks have intimate formal relationships with central banks.

Rule even expressed cynicism about the New York Commodities Exchange, which, he said, places its own interests above the interests of investors and would resort to force majeure and arbitrary, non-market close-out pricing before it ever allowed longs in the monetary metals futures markets to defeat the shorts, as the Reddit crowd recently attempted to do. While such an observation indeed fairly characterizes longstanding Comex rules, it has not often been made in polite company in the financial industry.

The silver market is getting tighter, Rule said, and the physical market is starting to displace the paper market. He expects traders in the silver market to retreat from excessive risk on their own, before regulators press them to.

Rule contrasted the Sprott physical silver trust, PSLV, with other silver exchange-traded funds, noting that PSLV can hold only physical silver and cash, not mere pledges of silver, which other silver funds hold. So unlike those other silver funds, Rule said, PSLV has no counterparty risk. Again, while true, that point seldom has been raised in polite company. in the financial industry. But as he leaves his management roles, maybe Rule feels free to be more candid.

Rule volunteered that PSLV, a big buyer, long had no trouble obtaining silver in bulk, but getting unencumbered silver, silver with “impeccable title,” has become more difficult lately.

There are no really good jurisdictions for mining investors, Rule said, adding that there is often more risk in supposedly safe jurisdictions like the United States and Canada than in some developing nations.

The interview with Rule is 48 minutes long and can be seen at YouTube here:

https://www.youtube.com/watch?v=aSGjS6gum_s

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

end

iii) Other physical stories:

Crypto slides after CFTC probes Binance, the largest crypto exchange

(zerohedge)

Crypto Slides After CFTC Probes Binance On Derivative Trades

 
FRIDAY, MAR 12, 2021 – 8:11

Crypto markets are sliding this morning following headlines that the CFTC is investigating whether the world’s largest cryptocurrency exchange Binance, which isn’t registered with the agency, allowed Americans to buy crypto ‘derivatives’ – which are regulated by the CFTC – and over ‘know your customer’ regulations.

Bitcoin slid back below $56k, plunging by $1000 in minutes.

Ethereum – the token behind the NFT craze – dipped below $1750…

In response to the probe, Binance told Bloomberg that it never comments on its communications with regulators, while adding that the company is committed to complying with rules. For instance, Binance blocks U.S. residents from its website and uses advanced technology to analyze deposits and withdrawals for signs of illicit transactions, the company said in a statement.

“We take a collaborative approach in working with regulators around the world and we take our compliance obligations very seriously,” Binance said. The CFTC declined to comment.

The investigation adds to the U.S.’s growing crackdown on crypto. The CFTC has already sued BitMEX for failing to register as a broker, with the exchange’s market share declining since it became a target of regulatory scrutiny. Coinbase Global Inc., the U.S.’s biggest crypto exchange, also disclosed last month that it’s responding to a wide-ranging CFTC probe.

Of course, such regulatory interventions always end up amounting to nothing as those who have followed crypto trading in the past five years know too well (only the Fed tightening monetary policy can burst the bitcoin bubble). Furthermore with a growing number of institutions now adopting crypto, it will be virtually impossible for regulators to squash the sector now that even vain Hollywood artists have adopted it in hopes of peddling their idiotic NFTs.

As such, we expect any dip in crypto to be promptly purchased by the growing number of institutions seeking a cheaper entry price.

END

https://www.jsmineset.com/2021/03/12/the-comex-draining-continues-apeup/

 

The Comex Draining Continues – ApeUp!

 

Posted March 12th, 2021 at 8:33 AM (CST) by J. Johnson & filed under General Editorial.

 

Great and Wonderful Friday Morning Folks,

 

      Gold is trading at $1,701.30 down $21.30 and right close to the usual low of London at $1,696.60 with the high to beat at $1,726.10. Silver is leading the beatings, even though the inventory arguments persist, with the trade at $25.595, down 59.8 cents after the dip down to $25.48 with the high at $26.235. The US Dollar continues to see support, for now, with the trade at 91.875, up 45.7 points with the high right there at 91.96 and a low at 91.405. Of course, all this happened before 5 am pst, the Comex open, the London close, after more money is being passed out by Team Biden, and after the governing body in commodities did its homework on the WallStreetBetz – SilverBackApes.

 

      Gold, under the Venezuelan Bolivar, is now priced at 16,991.73, a savings of 284.65 with Silver trading at 255.68, a 7.19 Bolivar discount over yesterday morning. In Argentina, Gold lost 2,494.97 Peso’s overnight with the current buy price at 154,447.29 with Silver buyers seeing a 63.76 discount over yesterday’s gains with its last trade at 2,324.16 A-Peso’s. Lastly, Gold under the Turkish Lira, didn’t even lose half of yesterday’s gains, with the last trade of the day at 12,906.14 Lira down 16.71 with Silver losing 2.36 (more than yesterday’s gains) with its last buy at 194.20 T-Lira.

 

      March Silver’s Delivery Demands now has a count of 1,148 fully paid for 5,000-ounce contracts waiting for delivery with a Volume of 16 already up on the board with a trading range between $26.20 and $25.705 with the last buy at $26.725, down 43.7 cents, so far today. Thursday’s full day of ICE Deliveries happened in between $26.41 and $26.04 with the last buy at $26.17, with Comex Calculating its Close at $26.162, a gain of 6 cents which had a total of 37 new swaps that helped increase the demand count by 12 contracts. Silver’s Overall Open Interest proves a gain of 543 Overnighters bringing our early morning total to 156,662 “shorts over physicals” as the draining continues, unabated.

 

      March Gold’s Delivery Demands now has a count of 309 fully paid for 100-ounce contracts waiting for receipts with a Volume of 58 already up on the board and a trading range between $1,715.90 and $1,699 with the last swap of London at $1,699.20 down $23.10 so far today. Yesterday’s full day of ICE Delivery demands had a total of 18 swaps that happened in between $1,737.50 and $1,720.20 with the last buy at $1,721, and a CCC at $1,722.30, gaining 80 cents on the day, which helped reduce the delivery demands by a whopping 1,726 contracts, that got something, like a receipt, or was sent to London via EFP, so they can take delivery over there, or to short a delivery contract into the Comex open, maybe. Not only did the Demand Count fall quite a bit, so did the Overall Open Interest, as 7,840 “papers over physicals” left the field of play leaving 468,453 Overnighters to keep things in control.

 

      I listened to yesterday’s CFTC hearing (last month’s congressional one too) and am grateful they addressed the WallStreetBetz-Silver-Back-Apes and their want for physical Silver. This had to be done after the Congressional Hearing over GameStop, a failing mall-queen, which just so happened to have certain hedge funds shorting a combined total of 140% “short over actual shares” (an accusation from WSB), which these “low IQ crayon eating retards” traded against, and buried! When these reddit site members mentioned they wanted to go after the Silver Shorts in Comex, the governing bodies perked up. The CFTC employee, claimed during the audio hearing, that their investigation into the WSBz-Apes proved to be mute, or not even noticeable. Another person in the hearing mentioned they are reading the sites and are making adjustments accordingly (algo?).

 

      I thought they would gloss over the issue, and they did, imo, they had no choice. How can a regulator determine from the names used in Reddit, and match those with real accounts that are buying physicals in stores or at the Comex? For example, is there a real person named “FlamingKitty”, “Physical_Farmer_4222”, “FartInACrowdedElevator”, or “JakeFromStateFarm” that have checking accounts and all proper verifications needed in order to trade in commodities? The Reddit site is all about privacy, so these people make up names, then gain followers based on their points of view and humor. My thoughts, in all things investing; was/is real names, matching SS numbers, addresses, et al, have to be used period, at least I thought so, I best leave room to be wrong here since the CFTC has done its homework.

 

      In the meantime, the deliveries continue, Comex claims to have deliverable metals, our electronic manufacturers still have needs, and the premiums are still high! Now there is another group, that wants physicals at any price. This group has more pictures from the “Low-IQ-Apes” that are truly

inspirational!

 

 

     We haven’t even seen their Billboard Signs yet, so Stay Tooned, keep buying up physicals, and welcome any and every one including fake names, into the purchases of physicals while the printing of dollars continues, weakening everyone’s purchasing power and retirement accounts. Enjoy your weekend, find a smile no matter what, and as always …

 

Ape Up!

Jeremiah Johnson

JeremiahJohnson@cableone.net

More J.Johnson content is available with purchase of a JSMineset subscription.

END

Andrew Maguire….
 
 
 
 
 
 
Attachments area
 
Preview YouTube video Ep.33 Live from the Vault: How high will gold and silver go post-Basel III? Feat. David Tice

 

 
 
 
 
 

Your early FRIDAY 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 DOWN AT 6.5061 /

//OFFSHORE YUAN:  6.5026   /shanghai bourse CLOSED UP 16.25 PTS OR .47%

HANG SANG CLOSED DOWN 645.89 PTS OR 2.20%

2. Nikkei closed UP 506.19 POINTS OR 1.73%

3. Europe stocks OPENED ALL MIXED/

USA dollar index DOWN TO 91.81/Euro FALLS TO 1.1934

3b Japan 10 year bond yield: FALLS TO. +.11/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.97/ 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:: 65.78 and Brent: 69.36

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.31%/Italian 10 yr bond yield UP to 0.63% /SPAIN 10 YR BOND YIELD DOWN TO 0.32%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 0.94: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.80

3k Gold at $1703.40 silver at: 25.55   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 3/100 in roubles/dollar) 73.44

3m oil into the 65 dollar handle for WTI and 69 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 108.97 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 .9295 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1092 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.31%

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 1.594% early this morning. Thirty year rate at 2.355%

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

6.  TURKISH LIRA:  UP  TO 7.56..

Nasdaq Futures Tumble As 10Y Yield Blows Out Over 1.60%

 
FRIDAY, MAR 12, 2021 – 8:02

Nasdaq futures fell as much as 2% on Friday after rebounding more than 6% in the past three sessions, after a new spike in U.S. bond yields restarted inflation fears and sent investors scurrying to the perceived safety of the dollar, while hammering global stocks. A Bloomberg report that Beijing is expanding a crackdown on Tencent Holdings also weighed on the technology sector. S&P 500 futures were also dragged down after ending at record closing highs, and we last trading just above 3,910, down 16 points, or 0.4%, while Dow E-minis were up 12 points.

Friday’s selloff was sparked after the yield on the benchmark 10-year notes rose back above 1.60% on Friday to approach the one-year highs touched last week (more below).

Friday’s caution followed the signing of a $1.9 trillion U.S. stimulus bill into law on Thursday and a further dovish tilt from the European Central Bank that had prompted a retreat in bond yields and eased global concerns about rising inflation. Biden had signed the stimulus legislation before giving a televised address in which he pledged aggressive action to speed vaccinations and move the country closer to normality by July 4.

“U.S. Treasury yields are still setting the tone,” said Piotr Matys, a strategist at Rabobank in Moscow. “That said, the 10-year yield faces a strong technical barrier. It’s reasonable to assume that this area should hold and prevent a further squeeze towards 2%, which in turn would bode well for emerging-market currencies.”

“The risks of inflation picking up have increased significantly due to a jump in money supply through stimulus and the anticipated demand that we might see as the economy slowly unlocks,” said Jonathan Bell, chief investment officer at Stanhope Capital in London.

High duration, yield-sensitive stocks like Facebook, Apple, Amazon, Netflix, Google, Tesla and Microsoft were all down between 1% and 3% in premarket trading. Big U.S. banks including JPMorgan, Bank of America and Citigroup were among the few gainers in early deals. U.S.-listed shares of China-based JD.com Inc dropped nearly 3% after three sources said it is in talks to buy part or all of a stake in brokerage Sinolink Securities worth at least $1.5 billion. Cosmetics retailer Ulta Beauty Inc slumped about 8% after its annual revenue forecast missed estimates, as demand for make-up products were under pressure due to extended work-from-home policies.

“We have recently seen some erratic market moves across asset classes, as well as within equity market sectors and styles. A period of digestion thus seems logical and healthy,” Barclays analyst Emmanuel Cau said in a note.

Despite today’s drop, Wall Street – which is recovering after coming under pressure in recent weeks as a consistent rise in U.S. bond yields – is set for its best week in six after one of the largest U.S. fiscal stimulus was signed into law and data showed fewer-than-expected jobless claims numbers.

Europe’s Stoxx 600 Index was down 0.5%, with tech the biggest decliner. The Stoxx 600 Technology Index dropped as much as 2.1% to be the region’s worst-performing sub-index. Prosus is the biggest faller on the gauge as Tencent is said to face a China clampdown. Aside from tech, autos and miners are weak. A resurgence of the virus in Italy coupled with division over AstraZeneca Plc’s Covid-19 vaccine also hit sentiment. Burberry Group rose following an announcement that the rebound in its fourth quarter has been stronger than analysts expected. Here are some of the biggest European movers today:

  • Burberry shares jump as much as 10% after the British trench- coat maker said a rebound in its fourth quarter was stronger than analysts expected. “This is a strong recovery of performance,” said Jefferies.
  • SPIE shares rise as much as 9.6%, hitting the highest since March 2018, with Jefferies highlighting a strong performance on cash and de-leveraging in a note.
  • Barclays shares gain as much as 3.7% to be among best performers on Stoxx 600 Banks Index as Goldman Sachs upgrades the lender to buy from neutral with a Street-high price target.
  • Groupe Bruxelles Lambert jump as much as 2.8% to the highest since February 2020, as Degroof Petercam says the company produced a “solid performance.”

Earlier in the session, Asian stocks erased gains amid declines in financial companies led by AIA Group while technology shares rose across the region. Shares of chipmakers and related suppliers advanced, extending gains in global sector names following news that China’s main industry association will work with its U.S. counterpart to discuss supply-chain safety and trade restrictions. AIA Group lost more than 5%, contributing most to a near 1% drop in the MSCI Asia Pacific Financials Index. The insurer’s measure of future profitability of new policies sold declined 33% in 2020 to $2.8 billion, missing analysts’ estimates for a 30.5% slide. By country, benchmarks in Japan and South Korea led gains. SoftBank Group gave the Nikkei 225 a leg up after Coupang, in which SoftBank is a key investor, rose 41% in its U.S. trading debut. Hong Kong’s Hang Seng Index underperformed, weighed by financials

In rates, 10-year Treasury yields surged as much as eight basis points to breach the key technical level of 1.6% Friday, once again reminding investors that bond volatility has become the companion of go-big fiscal stimulus. As usual, bets that extra government spending could overheat the economy were out in full force after U.S. President Joe Biden signed off on $1.9 trillion of stimulus.

“The odds are that European fixed income outperforms as sovereign curves, particularly in the periphery, will flatten and that the spread between the U.S. and European interest rate curve will widen,” said Nordea analyst Sebastien Galy who added that “the U.S. 10-year yield has further room to go and could reach 1.80%. Growth stocks maintain a high sensitivity to rates, which continues to suggest that they are quite overvalued.”

Meanwhile, Bloomberg notes that European yields are lagging the move higher in Treasuries, prompting strategists to bet on greater divergence, unless the Fed does anything to change it. Most European Central Bank policy makers have no intention of expanding their 1.85 trillion-euro ($2.2 trillion) emergency stimulus program despite their pledge on Thursday to step up the pace of bond buying to keep yields in check, according to officials familiar with the matter.

Still, against that backdrop of super-loose monetary policy, analysts largely expect inflation to pick up as vaccine rollouts lead to a reopening, leading to worries that Biden’s stimulus package could overheat the economy.

“If inflation remains contained at low levels, then there will be little pressure on the Federal Reserve to raise rates and in such a scenario, robust growth and abundant liquidity may continue to drive markets higher,” said Mark Dowding, CIO at BlueBay Asset Management. “However, if inflation trends upwards, then bond yields and policy rates will rise and this may create a much more challenging market dynamic.”

In FX, the dollar gained 0.5% against the yen and 0.1% against the euro and pound, although the latter was helped by news the economy had contracted less than expected in January. The Bloomberg Dollar Spot Index rose for the first time in four days, with the greenback extending its advance in European trading; risk-sensitive currencies and the Swiss franc led declines while the euro neared $1.19. Emerging-market currencies snapped a two-day advance, heading for the longest streak of weekly losses since August 2019, as a spike in U.S. 10-year Treasury yield to 1.6% raised concern riskier assets will lose their appeal. Turkey’s lira and Mexico’s peso led declines among peers as investors dumped high-beta currencies that tend to move closely with global risk appetite.

Markets are likely to remain volatile in the second quarter, particularly for the dollar, which was much stronger than expected at the start of the year, said Cliff Zhao, chief strategist at China Construction Bank International. “So I think the strong U.S. dollar may weigh on some liquidity conditions in the emerging markets,” he said.

Oil prices retreated as the dollar gained, with U.S. crude dipping 0.5% to $65.68 a barrel. Brent crude lost 0.5% to $69.27 per barrel. Spot gold prices fell 1.1% to $1,702.9 an ounce.

Looking at the day ahead, we get the February PPI print and the March Michigan Sentiment indicator.

Market Snapshot

  • S&P 500 futures down 0.6% to 3,902.00
  • MXAP little changed at 208.04
  • MXAPJ down 0.4% to 695.44
  • Nikkei up 1.7% to 29,717.83
  • Topix up 1.4% to 1,951.06
  • Hang Seng Index down 2.2% to 28,739.72
  • Shanghai Composite up 0.5% to 3,453.08
  • Sensex down 0.8% to 50,856.39
  • Australia S&P/ASX 200 up 0.8% to 6,766.81
  • Kospi up 1.4% to 3,054.39
  • SXXP Index down 0.5% to 422.19
  • German 10Y yield up 2 bps to -0.32%
  • Euro down 0.5% to $1.1922
  • Brent futures little changed at $69.62/bbl
  • Gold spot down 1.1% to $1,703.77
  • U.S. Dollar Index up 0.51% to 91.89

Top Overnight News from Bloomberg

  • The ECB’s promise to “significantly” boost the pace of its bond purchases is threatening to turbo-charge a yield divergence with the U.S. that could drive money out of Europe, unless the Federal Reserve ramps up its commitment to ease policy at its own meeting next week
  • Bank of France Governor Francois Villeroy de Galhau says there was no discussion of changing the size of the PEPP asset purchase program at the European Central Bank‘s meeting Thursday
  • Most ECB policy makers have no intention of expanding their 1.85 trillion-euro ($2.2 trillion) emergency stimulus program despite their pledge on Thursday to step up the pace of bond buying to keep yields in check, according to officials familiar with the matter
  • An upstart contender to U.S. Treasuries has emerged in the wake of last month’s vicious debt rout. Chinese government bonds have defied the turbulence rocking peers from Australia to Europe, offering a port in the global reflation storm
  • The Treasury market selloff last week came amid signs investors are deleveraging. In a curious twist though, instead of dealer inventories rising as a consequence, they unexpectedly collapsed. One explanation for the disconnect is that dealers are taking steps to trim holdings before the expiry of a key regulatory exemption on March 31
  • At next week’s policy review, the Bank of Japan is considering releasing an analysis of the potential impact of lowering its negative interest rate to show its determination to use this option if needed, according to people familiar with the matter
  • U.K. Prime Minister Boris Johnson insists any friction suggested by more high-frequency data has been mere “teething problems,” but the evidence from the statistical agencies of Germany, France and Italy had suggested there was a hefty drop in shipments from the EU to Britain in the first month after the transition period ended
  • AstraZeneca Plc will supply less than half the planned number of Covid-19 vaccines to the European Union in the second quarter after the company’s efforts to remedy a slew of problems ran into further trouble
  • The government of Prime Minister Mario Draghi is weighing stringent new restrictions on as many as two- thirds of Italians, with the regions encompassing the country’s largest cities possibly heading into lockdown amid a resurgence in the pandemic

A quick look at global markets courtesy of Newsquawk

Asian equity markets mostly took impetus from the gains on Wall Street where the S&P 500 and the DJIA notched fresh record highs as sentiment was supported by incoming stimulus after US President Biden signed the USD 1.9tln COVID-19 relief bill and with outperformance in the Nasdaq amid a resurgence of the tech sector. ASX 200 (+0.8%) was positive with the gains in Australia led by tech stocks which found inspiration from their stateside counterparts and with strength across commodity-related sectors. Nikkei 225 (+1.7%) continued to coat-tail on currency moves and with speculation rife ahead of next week’s BoJ meeting with rumours that the BoJ plans to scrap its ETF target which is currently at JPY 6tln annually with a ceiling of JPY 12tln. Hang Seng (-2.2%) and Shanghai Comp. (+0.5%) lagged as US-China tensions persisted ahead of next week’s high-level meeting, with the US planning to address Uighur genocide and Secretary of State Blinken also stated the US condemns China’s assault on democracy in Hong Kong. Furthermore, the US placed fresh restrictions on licenses for some Huawei suppliers in which it informed suppliers that Huawei licenses are not valid for 5G use and participants also digested weak earnings results including AIA Group, China Unicom and MTR Corp. Finally, 10yr JGBs traded rangebound with demand sapped by gains in Japanese stocks although downside was also cushioned by the BoJ’s presence in the market today for a total 950bln of JGBs with varying maturities.

Top Asian News

  • Rakuten to Raise $2.2 Billion as Japan Post, Tencent Invest
  • China Hits Out at New Huawei Curbs, Says U.S. Can’t Be Trusted
  • Ant Group Pledges to Keep Lid on Lending to Young People
  • China Pollution Crackdown Exposes Rule Breakers in Top Steel Hub

Equities in Europe have been drifting lower since the cash open (Euro Stoxx 50 -0.6%) in a reversal of the notable upside seen this week, and as the region failed to grapple onto the mostly positive APAC handover. The pressure across stocks is seemingly emanating from the increase in yields after US President Biden unsurprisingly signed the COVID relief bill into law and 30yr issuance, with the US 10yr oscillating around 1.60% and in turn weighing on US equity futures, namely the tech-laden and growth-heavy NQ (-1.7%) following this week’s impressive rebound from technical correction territory. Back to Europe, news flow has remained light as attention remains on yield action, with European bourses modestly softer, but with losses less dire vs State-side futures. FTSE MIB (-0.3%) upside is capped by reports of fresh lockdown measures across Italy, whilst the IBEX (-0.1%) is cushioned by its banking exposures. Sectors in Europe are mostly lower but Banks reap rewards from the higher yields and thus outperform. In-fitting with the NQ performance, Tech resides at the foot of the pile. Autos are also pressured as DAX-heavyweight Daimler (-2.3%) is subdued after Renault (-0.4%) announced the successful sale of its entire Daimler Stake (1.54%) at EUR 69.50/shr, whilst Daimler is also to recall 2.6mln Mercedes-Benz vehicles in China, according to the Chinese Market Regulator. In terms of individual movers, Barclays (+2.2%) is bolstered by an upgrade at Goldman Sachs coupled with the high-yield environment, whilst Deutsche Bank (+0.6%) also sees some positive omens from a reaffirmation of its earnings. Burberry (+7%) stands as the European outperformer as the boost in Asia sales had been strong enough to lift its annual profit forecasts. On the flip side, Berkeley Group (-6.5%) plumbs the depths as the group anticipates the value of reservations to be some 20% lower Y/Y.

Top European News

  • Two-Thirds of Italians Set to Face Lockdown as Pandemic Worsens
  • Italy’s Asset Manager AMCO Set to Handle Soured Pandemic Debt
  • U.K. Economy Shrank Less Than Expected In January Lockdown
  • Homebuilder Berkeley Says Lockdown to Cut Sales Reservations

In FX, if there was any doubt about the power of yields in terms of an overarching force, the abrupt turnaround in direction for the Greenback and broad risk sentiment should remove all uncertainty. However, the catalyst for the latest reversion to bear-steepening in US Treasuries and other global bonds is less clear-cut, as the 30 year auction was not a flop and the fact that President Biden signed off on stimulus a day earlier than initially anticipated is neither here nor there, albeit cheques and direct back account credits will arrive more promptly. Hence, the rationale may actually lie elsewhere given a sharp fall from grace in Eurozone debt after a brief PEPP boost and even more pronounced reversal in UK Gilts in wake of mostly better than forecast data and details of Q2 DMO issuance. Moreover, the Buck may be benefiting from some supportive technical factors as the DXY stages an impressive comeback from 91.396 to 91.956 and back above 91.740 that remains a key pivot on many charts. Ahead, PPI data and the first look at Michigan sentiment for March.

  • CHF – Far from alone in context of literally yielding to the resurgent Dollar, but bearing the brunt after reinforcement from the SNB that negative rates and intervention are essential to curb Franc strength. Usd/Chf is over 0.9300 again and Eur/Chf probing 1.1100 to the upside.
  • NZD/AUD – Little chance for the Kiwi to appreciate a further easing of COVID-19 restrictions in Auckland as Nzd/Usd retreats from circa 0.7233 towards 0.7170 and Aud/Nzd edges closer to 1.0800 even though the Aussie is also flagging against its US peer having touched 0.7800 before waning to sub-0.7750. At this stage, more decent option expiry interest in the cross at the 1.0730 strike (1.3 bn) looks safe, but Aud/Usd is currently at the lower end of 0.7745-60 expiries (1.2 bn) and not too far from similar size sitting between 0.7725-20 (1.1 bn).
  • EUR/JPY/GBP – The Euro remains very volatile in wake of Thursday’s ECB policy meeting and unexpected QE shift designed to keep financing conditions favourable in the face of higher yields, if not put a lid on long term rates explicitly. Eur/Usd is now trying to retain hold of the 1.1900 handle after getting to within a whisker of yesterday’s 1.1990 high that aligned with a Fib retracement from recent peak to y-t-d low (38.2% of the move from 1.2243-1.1836 to be precise). Note also, heavy option expiry interest protects the upside as 2.6 bn sits from 1.1995 to 1.2000, while 1 bn at 1.1930 may offer the Euro some support. Elsewhere, the Yen is eyeing Tuesday’s 2021 trough after falling through 109.00 again and failing to extend beyond 108.50 every day so far this week or gleaning any lasting traction from the numerous BoJ reports via sources touting clarity around YCT at the upcoming policy review meeting. Conversely, the BoE is still more inclined to let the market determine the path for yields, but Cable has been unable to breach 1.4000 convincingly for psychological reasons and a major Fib level in keeping with the Euro, as 1.4010 represents a 50% retracement of the fall to 1.3779 from 1.4240.
  • CAD – Another rebound in crude prices has helped the Loonie resist Greenback advances to a degree, as Usd/Cad straddles 1.2550, but Canadian jobs data looms hot on the heels of the BoC’s Economic Progress Report that essentially echoed Wednesday’s policy meeting assessment of the economy and outlook.

In commodities, WTI and Brent front month futures have nursed overnight losses despite a distinct lack of pertinent news, but potentially on the aforementioned reflation/fiscal narrative. WTI May has returned to its pre-APAC level above USD 66/bbl (vs low USD 65.40/bbl), whilst its Brent counterpart gains further ground north of USD 69.75/bbl (vs low USD 69.03/bbl). The only notable news thus far emanated from Saudi Aramco who lowered oil supplies to some Northern Asian purchasers in April, according to sources, and maintained average monthly oil supply to Indian refineries in April, rejecting calls for additional volumes. Elsewhere, precious metals bear the brunt of rising yields and a firmer Buck, with spot gold briefly giving up the USD 1,700/oz in early European trade (vs high USD 1,728/oz), whilst spot silver trades subdued on either side of USD 25.50/oz. Turning to base metals, LME copper future are pressured by the overall downbeat tone and firmer Buck, with the red metal briefly dipping below USD 9,000/t. Finally, Dalian iron ore futures saw another session of losses amid the ongoing pollution-curbs imposed by China’s top steel-making city Tangshan.

US Event Calendar

  • 8:30am: Feb. PPI Final Demand MoM, est. 0.5%, prior 1.3%; YoY, est. 2.7%, prior 1.7%;
  • 8:30am: Feb. PPI Ex Food, Energy, Trade MoM, est. 0.3%, prior 1.2%; YoY, est. 2.5%, prior 2.0%
  • 8:30am: Feb. PPI Ex Food and Energy MoM, est. 0.2%, prior 1.2%; YoY, est. 2.6%, prior 2.0%
  • 10am: March U. of Mich. Current Conditions, est. 88.3, prior 86.2; Expectations, est. 72.0, prior 70.7

DB’s Jim Reid concludes the overnight wrap

The beast has been starved for a month but yesterday we saw the S&P 500 (+1.04%) climb to its first new record close since February 12th. Tech continued this week’s comeback as the NASDAQ rose +2.52% and the NYSE FANG added +3.92% following the whipsaw in technology stocks in recent sessions. Tesla (+4.72%), Amazon (+1.83%) and Apple (+1.65 %) all advanced further. Small-caps didn’t miss out on the fun as the Russell 2000 (+2.31%) also hit a record high. In terms of sectors, Semiconductors (+3.63%), Media (+2.42%) and Software (+1.83%) were once more the leading industry groups in the S&P, while Banks (-0.48%) and Telecoms (-2.01%) were among the laggards. The rotation trade overall has slowed somewhat this week though on a YTD basis US banks are up +22.8% to the NYFANG’s +6.0% gain. Bitcoin (+1.22%) rose to a new record close of its own yesterday, closing at 57,624.

Across the Atlantic, the STOXX 600 (+0.48%) also rose with Travel and Leisure stocks (+2.53%) leading the way, followed closely by Technology (+2.35%) and Basic Resources (+2.15%). The rally in the STOXX 600 Travel and Leisure stocks took the index within 1% of its pre-pandemic levels, in a sign that markets are increasingly pricing in normality. The outlier was European banks, which fell -1.36% after an ECB meeting that encouraged lower yields.

Before we go through the ECB in more detail let’s look at the impact on fixed income. 10y bund yields fell -5.3bps to three week lows just after the initial announcement before reversing some of the gains to finish -2.1bps lower at -0.33%. Italian 10y BTP yields briefly dropped to their lowest level since 22 February before stabilising at 0.60%, down -7.4 basis points on the day. The spread between the Italian and German 10y yields tightened to 93.5 basis points, the lowest since 22 February as well.

While in the US, 10y Treasury yields were +0.7bps higher to finish at 1.544% after spending most of the session lower in yield. The results of a $24bn auction of 30-year US government bonds went smoothly, which tailed by around half a basis point with notably strong direct bidding. Staying with fixed income supply, Verizon sold $25bn of bonds – the largest bond sale of 2021 – in order to finance its 5G and spectrum expansion. It was met with at least $109bn of orders which helped sentiment to some degree. That level of demand could bring other issuers to market in the coming weeks. Elsewhere, the US dollar weakened -0.49% for its third straight daily decline and its biggest one day pullback in just over a month. However, the US dollar is trading up +0.15% this morning.

The highlight of the day was the ECB meeting and their response to the recent rise in government bond yields. The central bank said in its monetary policy decision that “Based on a joint assessment of financing conditions and the inflation outlook, the governing council expects purchases under the PEPP (pandemic emergency purchase programme) over the next quarter to be conducted at a significantly higher pace than during the first months of this year.” Our Chief Economist Mark Wall and team put out a note last night (link here) where they highlight that the way the ECB is implementing the flexibility of the PEPP could have unintended consequences. President Lagarde implied that the Governing Council would only consider adjusting the pace of purchases once per quarter based on financing conditions and inflation metrics.

In speaking to a few people about this yesterday, many were confused as to why the ECB had set themselves a quarterly review framework for PEPP rather than continuing to have a more opaque and flexible approach. The view is that they’ve now given the market something specific to focus on and tapering becomes a more binary issue rather than more gradual. Our rates Strategy Francis Yared thinks this ECB decision is likely to mark the high watermark for ECB purchases for several reasons. This include the fact that the key relevant market indicators (GDP weighted real yields, GDP-weighted nominal yields, euro, peripheral spreads and breakevens) are at levels at which the ECB is implicitly or explicitly comfortable with. Also the ECB revised up the risks to the outlook without taking into account the impact of the US fiscal stimulus so that should make a difference over the next three months. See the blog here.

On the topic of that stimulus bill, President Biden signed the American Rescue Plan into law yesterday, a day earlier than originally planned. White House Press Secretary Psaki told reporters that Americans will begin to receive direct payments “as early as this weekend.” This came ahead of the President’s prime-time address overnight where he outlined the benefits of the bill but then made headlines by directing all states to make all US adults eligible for vaccinations by May 1, with a soft goal of having Americans be able to celebrate July 4th in small groups. This comes as he announced that the US would reach his administration’s goal of 100m shots in his first 100 days by his 60th day instead.

Overnight in Asia, markets are mostly trading higher with the Nikkei (+1.77%), Kospi (+1.46%), Shanghai Comp (+0.17%) and Asx (+0.79%) all advancing. The Hang Seng (-0.34%) is an exception to this pattern. Meanwhile, futures on the S&P 500 are up +0.15% but those on the Nasdaq (-0.03%) are showing signs of pausing for breath. European futures are pointing to a mixed open. Yields on 10y USTs are up +1.1bps and those on Australia’s 10yr are up +5.1bps.

We also saw some headlines on the BoJ’s ongoing policy review with the Mainichi newspaper reporting that the central bank is likely to eliminate its annual target to buy JPY 6tn of exchange-traded funds while keeping a ceiling of JPY 12tn on possible annual purchases. This is likely to give more flexibility to the BoJ in its buying but is unlikely to be a game changer for markets.

In other overnight news, Bloomberg has reported that the White House has informed some suppliers to Huawei of tighter conditions on previously approved export licenses, prohibiting items for use in or with 5G devices. The report added that the 5G ban is effective as of this week. Meanwhile, Reuters reported that India is on its way to blocking Huawei equipment.

In terms of the pandemic, Denmark, Norway and Iceland have suspended use of the AstraZeneca vaccine in a “precautionary” move after a Danish woman died with blood clots following inoculation. Though Danish and EU authorities said it could not yet be concluded whether there was a link between the blood clots and the vaccine. At least five other European countries also have halted the use of a specific batch of the vaccine this week, after reports of blood clots sparked a safety probe from the European drugs watchdog. Overnight, Thailand has also temporarily suspended use of the AZ vaccine until there’s more clarity from investigations of possible blood clots. Meanwhile, the European Union’s drugs regulator on Thursday approved Johnson & Johnson’s single dose COVID-19 vaccine. The shot is the fourth to be endorsed for use in the EU after vaccines from Pfizer-BioNTech, AstraZeneca-Oxford University and Moderna, and is recommended for those over 18 years of age, the European Medicines agency (EMA) said. The United States, Canada and Bahrain have also approved the shot.

In terms of restrictions, governments in both France and Germany are resisting tightening restrictions or enacting lockdowns even as the former is seeing 350 cases per 100k inhabitants weekly and the latter the most cases since late-January. Meanwhile curbs on movement and social behaviour continue to be relaxed in the US, where New York will no longer require quarantining by domestic travellers as of April 1 and North Carolina looks to open all schools this month.

Looking at yesterday’s data releases, the most important filing was the US jobless claims data. They dropped to a 4-month low last week as an improving public health environment allows more segments of the economy to reopen. Initial claims for state unemployment benefits decreased 42,000 to a seasonally adjusted 712,000 for the week ended March 6, the lowest level since early November. Still, a full recovery will probably take some time as the weekly unemployment claims report from the Labor Department on Thursday also showed a whopping 20.1 million Americans collecting unemployment checks in late February.

To the day ahead now, the calendar is full with economic data releases. Germany and Spain are due to report final inflation data for February. While the UK is expected to release GDP data, construction output and industrial and manufacturing production for January, along with trade balance data. The eurozone will post industrial production for January, Canada will release employment data for February. And the US will offer up February PPI and the March Michigan Sentiment indicator.

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 16.25 PTS OR .47%   //Hang Sang CLOSED DOWN 645.89 PTS OR 2.20%    /The Nikkei closed UP 506.19 POINTS OR 1.73%//Australia’s all ordinaires CLOSED UP 0.80%

/Chinese yuan (ONSHORE) closed DOWN AT 6.5061 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5061. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5025 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 WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER 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

This will not last:  The Chinese have a rope around Biden’s neck.

Biden revives Trump’s pressure campaign against Huawei

(zerohedge)

Biden Revives Trump’s Pressure Campaign Against Huawei

 
THURSDAY, MAR 11, 2021 – 18:20

President Biden’s newly confirmed Commerce Secretary, Rhode Island Gov. Gina Raimondo, recently promised the American public that she would keep Chinese telecom giant Huawei on the department’s Entity’s List, the trade blacklist utilized by the Trump Administration to punish Huawei for its alleged ties to the CCP. She made the comment after Sen. Ted Cruz claimed Raimondo told him in private that she couldn’t commit to keeping Huawei on the list.

By now, Biden and (more importantly) his family’s ties to Chinese interest have become common knowledge, despite the mainstream media’s best efforts to keep these stories out of public view.

If nothing else, President Trump’s tough-on-China policies have succeeded in punishing some of the worst offenders (when it comes to the threat posed to national security). Huawei has been repeatedly caught red-handed trying to spy on the West and influence policyAnd by cutting access to American technology, Trump succeeded in hammering the company’s bottom line. The company’s smartphone sales have plummeted.

And with US intelligence fingering China in the latest high-profile hack of Microsoft, going soft on Beijing simply isn’t politically viable right now. So President Biden and his national security team are doing the once-unthinkable; picking up exactly where President Trump left off. According to Bloomberg, the administration is tightening the supply of exports to the company, particularly pertaining to items used in or with 5G devices.

The Biden administration has informed some suppliers to China’s Huawei Technologies Co. of tighter conditions on previously approved export licenses, prohibiting items for use in or with 5G devices, according to people familiar with the move.

The 5G ban is effective as of this week, according to the people, who asked not to be identified to discuss nonpublic communications.

The rules create a more explicit prohibition on the export of components like semiconductors, antennas and batteries for Huawei 5G devices, making the ban more uniform among licensees. Some companies had previously received licenses that allowed them to keep shipping components to Huawei that the Chinese company may have then used in 5G equipment, while other companies were already subject to tighter restrictions.

Companies had complained about confusing rules after President Donald Trump’s administration added Huawei to the Entity List, requiring that U.S. firms obtain government licenses if they want to sell American tech and intellectual property to the Chinese telecommunications-equipment giant. U.S. officials had deemed the company a national-security threat.

The Commerce Department told Bloomberg that it couldn’t comment on specific export licenses, but Huawei relies on US semiconductors.

The U.S. Commerce Department’s Bureau of Industry and Security, which oversees the Entity List, said in an emailed statement that it can’t comment on “specific export licensing questions.” The bureau said it “works with its interagency partners to apply consistently the licensing policies set forth in the Export Administration Regulations to protect U.S. national security and foreign policy interests.”

In other Huawei-related news, India is reportedly on the cusp of blocking its mobile carriers from using telecom equipment made by China’s Huawei, two government officials said, under procurement rules due to come into force in June. New Delhi cited security fears as one of the main reasons for barring Huawei from its telecom networks, something the US has advised all governments to do. India happens to be investigating Huawei and fellow Chinese telecom giant ZTE in installing “backdoor” vulnerabilities to spy for the Chinese government.

&Unfortunately, not all of America’s allies have taken this advice.

END

CHINA/TENCENT AND ANT GROUP

Xi is ready to crackdown on TenCent and the Ant Group, two powerful Chinese operations

(zerohedge)

Tencent Censured, Ant Group Head Forced Out As Beijing’s Big-Tech Crackdown Continues

 
FRIDAY, MAR 12, 2021 – 8:17

The government-sponsored crackdown on China’s tech behemoths roared back into gear on Friday as Simon Hu, the head of Alibaba’s Ant Group (the payments group that saw its spinoff IPO unceremoniously canceled by President Xi and the CCP last year), abruptly resigned, while Tencent – another member of the Chinese tech giant pantheon – has reportedly been put on notice.

Hu – who was brought on by Alibaba in late 2019 to run Ant Group during an executive reshuffle – was supposed to lead the financial group to post-spinoff success, with ambitions of breaking into the western market, and eventually competing against American tech and financial giants in their own backyard. Fortunately for Ant Group’s American competitors, the CCP has decided that it would rather keep restive tech giants firmly under its thumb rather than risk allowing them to accumulate even more economic power.

Earlier, Pony Ma’s Tencent was officially censured by China’s antitrust watchdog (which has played a high profile role in the big tech crackdown), which imposed a token fine. According to Bloomberg, Tencent will likely now be required to establish a financial holding company to hive off its banking, insurance and payments services businesses.

Such a move would mark a significant escalation in China’s campaign to curb the influence of its technology moguls, days after Premier Li Keqiang pledged at the National People’s Congress to expand oversight of financial technology, stamp out monopolies, and prevent the “unregulated” expansion of capital.

A progression of rules unveiled in the past six months has taken aim at the dominions built by China’s most successful online entrepreneurs. The first blows hit Jack Ma and Alibaba when its subsidiary Ant Group’s $35 billion initial public offering was torpedoed at the last minute, followed by an antitrust probe into Alibaba

Tencent shares have outperformed Alibaba over the past six months, which is roughly how much time has passed since the CCP kicked off the crackdown by canceling the Ant Group IPO – what would have been the biggest domestic offering in China’s history – after Alibaba founder and chairman Jack Ma criticized China’s domestic regulation, accusing it of “stifling innovation.” Tencent shares fell more than 4% in Hong Kong on Friday, as it became clear that new rules drafted by China’s antitrust regulator would be used to harm Tencent as well. The proposed rules to break up market concentration in digital payments and rein in consumer lending online will damage prospects for Tencent’s WeChat Pay and its broader fintech business, which is mainly focused on providing retail banking and consumer lending services to China’s 1.4 billion citizens.

Folding these businesses into a new financial holding company would allow the CCP to regulate Tencent in the same heavy handed way in which it regulates domestic banks (which are mostly owned and controlled by the state). After Ant’s IPO was indefinitely suspended, Beijing forced the Hangzhou-based firm to turn itself into a financial holding company, subjecting it to new capital restrictions, the need for fresh licenses and ownership scrutiny. Bloomberg analysts said that while the new restrictions might not have an immediate impact on Tencent’s bottom line, the impact on its growth prospects is unmistakable.

Fintech is neither Tencent’s fastest-growing nor its most profitable business, minimizing the immediate financial impact, yet the turn of events may signal an era of more rigorous regulatory oversight, with strong echoes of Alibaba’s shifting fortunes.

In a statement, Tencent said it would continue to adapt to regulatory changes.

“We will continue to adapt to changes in the regulatory environment, which we view as beneficial to the industry, and will seek to ensure full compliance,” Tencent said in an emailed statement following the fine by the antitrust watchdog. The company declined to comment on financial regulatory matters.

With Beijing’s domestic stock-market clampdown apparently still in effect, traders looked to corporate credit to see how fears of Beijing’s regulatory smackdown were being interpreted by the market. The stress caused spreads on Tencent’s 2.39% dollar bond due 2030 to widen by about 9 basis points.

China’s CCP has struggled to incorporate support for the country’s tech entrepreneurs, who have become fabulously wealthy thanks to an influx of foreign investment, into the state’s officially communist ideology. Premier Li Keqiang, who is second in power only to President Xi, balanced the CCP’s increasingly heavy-handed stance with assurances that Beijing will continue to support the “innovation and development of platform companies” – so long as they fall in line with the country’s laws.

end

4/EUROPEAN AFFAIRS

UK/LONDON

Citizens are moving out of the cities and into rural areas and this has caused London home prices to tumble

(zerohedge)

London Home Prices Tumble As Return To Peak Values Five Years Away

 
FRIDAY, MAR 12, 2021 – 4:15

Homes in London are getting a whole lot cheaper, according to a new report via real estate surveyor e.surv. The exodus from central London continues to accelerate as people move to rural communities amid the virus pandemic. A recovery in home prices for London could take up to five years.

e.surv said home prices across the metro area slumped 10.8% in the year through January. Prices of homes in the financial district, Canary Wharf, sank 9.5%. Outside the metro area, UK home prices in rural communities see a boom as people flee the metro.

Bloomberg, using e.surv data, shows how property prices in central London are sliding as suburban ones are rising.

“The regions have benefited as city dwellers have opted to embrace working from home with far less commuting,” said Richard Sexton, director at e.surv. “Lifestyle changes and the stamp duty change have worked together to underpin the price rises of the last year.”

Source: Bloomberg 

In a separate report, broker Knight Frank LLP warned that luxury homes in London might not return to their peak values (last seen in 2014) for another five more years.

Knight Frank said home prices in London’s luxury communities would only see a 25% price rise through 2025. That would reverse a 21% drop since their high as Brexit uncertainties, trade wars, pandemic, and tax hikes weighed on transactions.

Knight Frank agreed with e.surv as people are increasingly looking for more space in the countryside rather than living in central London.

“A tax increase on foreign buyers in April could also slam the brakes on deals in the city center,” Knight Frank said.

“Demand from international buyers may initially be more skewed toward properties with outdoor space than it was before the pandemic,” the broker said. “This could make any recovery in prime central London prices more inconsistent across different property types.”

The deteriorating London property market appears to follow similar trends in New York City, San Francisco, Los Angeles, and Chicago as people across the Western world ditch cities for rural communities

END
ITALY//CORONAVIRUS UPDATE
Another Italian lockdown as mutant strains spread.  It does not seem that they are more deadly..just more transmissible.
(zerohedge)

Italy Imposes National Lockdown As Mutant COVID Strains Spread

 
 
FRIDAY, MAR 12, 2021 – 7:27

Hours after President Joe Biden delivered his first prime-time address in the US,the Italian government seemingly marked the one-year anniversary of the start of Italy’s own bloody spring by calling for an emergency lockdown amid growing fears about the threat posed  by mutated COVID strains.

The Mario Draghi-led Italian government leaked a draft of its latest closure order to Reuters: According to the plan, Italy will be placed under lockdown during the Easter holiday weekend as the Italian government works to stem a mutant-inspired rise in new COVID cases.

According to the order, Italy will see non-essential shops closed from April 3 to April 5, with people only allowed to leave their homes for work, health or emergency reasons. It’s expected the degree could send many regions, including population centers Rome and Milan, into full lockdown. As many as 14 of Italy’s 20 regions could face the most restrictive controls. Ultimately, 2/3rds of Italians could be affected.

Draghi’s cabinet was due to start meeting at 1130 local time (530ET) on Friday to decide whether to automatically designate regions as high-risk “red zones” if they have more than 250 weekly cases per 100,000 inhabitants, according to a draft of a new decree seen by Bloomberg. The draft is subject to change.

The draft decree also said that as of Monday curbs will be tightened in the country’s low-risk ‘yellow’ regions, where movement between towns will be severely limited and restaurants and bars will be closed. Along with nationwide measures, Italy calibrates restrictions in its 20 regions according to a four-tier colour-coded system (white, yellow, orange and red) based on infection levels and revised every week.

Italy’s new order is expected to be approved later on Friday.

END
BARAK FUND MANGEMENT//EU
Barak in trouble as their fund is totally illiquid
(zerohedge)

Another Trade Finance Domino Falls

 
FRIDAY, MAR 12, 2021 – 6:45

As the dominoes continue to fall in the Greensill Capital debacle, increased scrutiny on the overall trade finance business is starting to spark investor anxiety.

While not directly linked to Greensill’s collapse, Mauritius-based Barak Fund Management has announced that is preparing to restructure its $1 billion money-pool of highly illiquid assets.

Bloomberg reports that the fund is seeking investor approval to move ahead with a plan that involvesspinning off illiquid holdings into separate vehicles for clients who want to hold on to their assets. The move follows the fund’s decision a year ago to freeze its money pool as some investments became trapped in a series of hard-to-sell assets across the continent of Africa.

Specifically, the firm “has not seen any significant improvement in the liquidity position of the funds and as such has had to proactively manage the risk components linked to the mismatch between the liquidity of the underlying assets and the liquidity offered to investors,” Barak told clients in the proposal document.

The fund’s current exposure is spread over 97 borrowers in transactions including working-capital financing, according to the restructuring document. As much as 54% of its assets are deemed illiquid, with the heaviest concentration in sectors such as coal mining, consumer goods and fertilizer production in countries from South Africa to Kenya and Congo, the document shows.

Clients opting for liquidation will get their cash back when the firm is able to sell holdings. Those remaining invested will get allocations in a relatively liquid part of the fund, which will continue to put money into the private debt market, and a “side-pocket” created to park illiquid holdings.

“We understand the path to recovery will be challenging,” Barak said in the client document.

The big question hanging over all of this is – just how systemic is this illiquid trade finance market? Given The ECB’s probing of exposures, perhaps Ben Hunt’s recent concerns are less hyperbole than some suggested.

Perhaps the world’s central banks will recognize that forcing investors to plow money into higher-yielding (yet hard-to-sell) assets (via ever-increasing financial repression) can crush markets when the same investors want their money back quickly (at exactly the ‘wrong’ systemically-threatening moment).

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/IRAN

USA intelligence reveals that Israel has bombed dozens if Iranian oil tankers

(zerohedge)

US Intelligence Reveals Israel Has Bombed “Dozens” Of Iranian Oil Tankers

 
THURSDAY, MAR 11, 2021 – 20:30

All signs are currently pointing to serious escalation in the Middle East between Israel, Iran, and involving the United States – particularly after Israel’s recent claim of an Iranian sponsored attack on an Israeli-owned cargo ship in the Gulf of Oman two weeks ago.

Signaling the likelihood that another red hot ‘tanker war’ is set for regional waters within the upcoming months, a new bombshell report in The Wall Street Journal on Thursday reveals Israeli intelligence has been waging its own tanker sabotage campaign against the Iranians over the past two years, in order to thwart what Tel Aviv believes are illegal oil shipments that result in funds for terror groups.

“Israel has targeted at least a dozen vessels bound for Syria and mostly carrying Iranian oil out of concern that petroleum profits are funding extremism in the Middle East, US and regional officials say, in a new front in the conflict between Israel and Iran,” the WSJ writes

 

Previously published photos of Iranian-owned Sabiti oil tanker sailing in the Red Sea, October 13, 2019.

It also appears part of the Israeli and US campaign to essentially starve the Assad government and bring it to its knees, further amidst near weekly Israeli airstrikes inside the war-torn country. The new report clearly suggests US intelligence officials knew about the covert tanker sabotage campaign in real time, and may have even assisted in some level of the planning or operations. Remember too that during the final months of the Trump administration Pompeo was essentially told he could go “gloves off” when it comes to greenlighting Israeli sabotage against Iran.

Officials say the covert espionage campaign has been underway going back to late 2019, which featured water mines being secretly attached to ships in order to stop ‘sanctions-busting activity’ in places like the Red Sea – which is a transit route the Islamic Republic uses to resupply its ally Syria of badly needed oil and fuel.

Interestingly, Iran has actually loudly claimed to be victim of precisely such Israeli mine and bomb attacks on the high seas in the recent past, which starting in 2019 were even reported in Israeli media.

See for example the below…

“In an episode last month, suspected Israeli operatives attached a limpet mine to attack an Iranian vessel as it anchored near Lebanon to deliver Iran oil to Syria, according to the first shipping professional,” WSJ continues.

“The attacks on the tankers carrying Iranian oil haven’t been previously disclosed. Iranian officials have reported some of the attacks earlier and have said they suspect Israeli involvement.” But typically when it’s the Iranians, Russians or Syrians making the allegations it gets ignored or batted down in Western press.

The rationale provided for such attacks in the report also includes that Iran’s elite Islamic Revolutionary Guard Corps (IRGC) typically operate or provide security for the tankers bound for Syria. All of this helps explain what appears to be Iranian retaliation over the past year – again, particularly the latest bombing incident against the Israeli-owned cargo ship Helios Ray in the Gulf of Oman.

The Israeli initiative also appears aimed atensuring the disruption of Biden’s stated plans to rejoin the Iran nuclear deal.

Chief executive for the Foundation for Defense of Democracies, Mark Dubowitz, summarized Tel Aviv’s approach as follows: “Israel stepped up the game beyond sanctions to sabotage,”he was quoted in WSJ as saying. “The Red Sea sabotage is keeping with a broader economic warfare campaign.”

END
FRIDAY MORNING
IRANIAN container ship hit by explosives
story is developing..

Iranian Container Ship Hit By “Explosives” In Mediterranean

 
FRIDAY, MAR 12, 2021 – 9:39

Islamic Republic of Iran Broadcasting (IRIB) reports explosives hit an Iranian container ship in the Mediterranean.

Sputnik News reports an Iranian state shipping firm says the containership was damaged in a “terrorist attack.”

Details are limited at the moment. But readers may recall Thursday evening, we released a report pointing to a serious escalation in the Middle East between Israel, Iran, and involving the United States – particularly after Israel’s recent claim of an Iranian-sponsored attack on an Israeli-owned cargo ship in the Gulf of Oman two weeks ago.

Editor in chief at Manoto tweeted:

Sources told me: Israel attacked an Iranian-owned cargo ship near Latakia port in Syria, hours ago on Thursday 11th March. The ship called “Shahr-E-Kord” is still in Mediterranean sea according to @MarineTraffic I.R attacked an Israeli cargo ship last week in Oman sea.

Alleged footage of the damaged containership.

Here is Shahr-E-Kord’s current positioning and track over the last 48-hours.

Ali Qyasian, Iran’s shipping lines spokesperson, confirmed Shahr-E-Kord cargo-ship “was attacked” yesterday. As we noted above, US intelligence revealed Israel has bombed “dozens” of Iranian oil tankers.

It appears the containership sustained damage.

*This story is developing… 

END

MIDDLE EAST/USA
Biden’s dangerous Middle East game;
(Widdershoven/OilPrice.com)

Biden Is Playing A Dangerous Game In The Middle East

 
THURSDAY, MAR 11, 2021 – 22:10

Authored by Cyril Widdershoven via OilPrice.com,

Washington’s new Middle East policies looks like sandcastle. Targeting MBS means putting region at peril. The new media frenzy about a possible full-out confrontation between the US Biden Administration and Saudi Crown Prince Mohammed bin Salman is a sign that Western political leaders are out of touch with reality.

Last week’s revelations published in a declassified report by U.S. security services on the role of MBS in the Khashoggi murder show not only the lack of proof available, but could also lead to a full divorce between Saudi Arabia and the U.S. A growing amount of Western media publications argue that the Saudi Crown Prince should not only be sanctioned, but that Washington also should reconsider its former in-depth cooperation with the Kingdom.

Several U.S. experts have been quoted in international media calling for a clear change in US strategy towards the Kingdom, including a possible removal of MBS as Crown Prince via support of former Saudi Crown Prince Bin Nayef or other Saudi royals. In a clear break with US power politics we’ve seen during the last decades, where the removal of third party power brokers was blocked, a new era seems to be looming on the horizon.

At the same time, Biden finds himself on a slippery slope regarding the ongoing confrontation with Iran, by putting additional sanctions on Iran but at the same time removing one of the region’s main Iranian backed armed groups, Yemen’s Houthi rebels, from the U.S. terrorism listThe results this policy change have already become very clear. A new aggressive drone and ballistic missile campaign has been started by the Houthis to hit Saudi strategic airports and oil infrastructure targets on the Red Sea and East Coast. The high-profile attack on Aramco oil infrastructure this week shows that the Kingdom is still under threat. Some even state that the attacks on the Eastern Province, Saudi’s main oil and gas production region, could not have been done without the full military and logistical support of Iran.

Still, the military capabilities of Houthi rebels and Iran are at present the least of the kingdom’s concerns. The direct diplomatic fall-out of the publication of an intelligence report by the Biden Administration in which the Saudi Crown Prince, who is expected to become Saudi King in the next few years, is being implicated as potential instigator and backer of the Khashoggi murder, is unprecedented. To have U.S. citizens and politicians call for new inquiries about the role of MBS and his security apparatus in the murder at the Saudi consulate in Istanbul is one thing, but having official documents, declassified by the Biden Administration, directly accusing MBS is calling for potential rifts that could have a fall-out for the whole region. 

The attack on Ras Tanura, which is Saudi Arabia’s main crude oil and petchem products export facility had an impact on the market. Crude oil prices spiked, but the effect was only marginal. Even that the current attack has not received the same attention as the Abqaiq attack in 2019, which had a much larger impact on Saudi oil production, the significance seems to be underestimated. A potential destruction of critical facilities in Ras Tanura would have been a shock to the market, even in the light of still high storage volumes worldwide. No oil flows however seem to have been constrained, so futures relaxed again. Still, the market should keep a wary eye on the area, as possible new attacks or even combined attacks on Abqaiq-Ras Tanura by the Houthis and/or Iran could be an option currently being discussed by Tehran hard-liners.

Until now, the impact has been only superficial, but taking into account the growing capabilities of Houthi drone and missile arsenals, or the vast, almost Russian style, capabilities on the other side of the Gulf, other options are clearly on the table. 

What should markets get worried is the fact that in the eyes of Iran, Biden and Europeans have almost given green light to hardliners in Tehran to show their muscles. The ongoing Houthi operations are a clear sign that Biden’s current soft-power or even appeasement approach is already backfiring.

Washington’s diffuse approach to Iranian sanctions and the JCPOA is another bone of contention. In the first months of his Presidency, Biden has not shown any clear strategy, leaving too much room for interpretation. Whatever people think about former US president Trump’s policies, his Iran policies were clear. It seems that Iran has almost fallen off the Resolute Desk in the White House, no open and clear way-forward is being introduced. The only clear path currently painted is that Riyadh and Washington are on a collision course. The Biden Administration seems to hold the view that the US is still the sole power broker in the region, so soft power or pressure put on Arab regimes will reap the rewards sought for.  This is a clear misconception, partly based on still existing Obama Era assessments, which are no longer valid.

Maybe to the surprise of Washington-based analysts, MBS is not sitting still. The Saudi Crown Prince, is making a lot of headlines with his aggressive economic diversification plans and dreams, and has shown that his international position has not yet diminished. The last days, a flurry of diplomatic and high-level meetings have been held in Riyadh, where Russian Minister Lavrov, Jordan’s King Abdallah, Malaysian Prime Minister Muhyiddin Yassin and others have been holding meetings to discuss economic and geopolitical issues. Saudi Arabia’s top diplomat Prince Faisal also has been hosted by Qatar’s ruler Emir Sheikh Tamim Bin Hamad Al-Thani on Monday in Doha, showing renewed interest in expanding cooperation.

At the same time, Saudi ministers have been flying to Saudi major clients, such as China. Russia is currently using the cooling Saudi-US relations as a possible wedge. Moscow and Riyadh already are cooperating fully in energy and logistics, as statements today reaffirmed. Both stated that the OPEC+ cooperation is still very strong and will continue. Moscow is very pleased with the Biden Administration’s lack of strategy for the Arab region.

Putin and his emissary Lavrov hope to be able to capitalize on Biden’s ongoing mistakes, not only in Riyadh, but also Abu Dhabi, Bahrain and Egypt. A critical outcome of US pressure on MBS would also be growing fears in Cairo, Abu Dhabi and other places. A possible realignment of these leading Arab countries, leaving the Atlantic sphere of influence while joining the growing Moscow-Beijing axis is not the outcome that Washington or Brussels would like to see.

Pragmatism is needed and neo-realism also. As Machiavelli and Von Clausewitz clearly stated “to rule or influence a region, one should regard possible strong relationships with the Prince”. If removing the Prince results in a new Prince, instability is the outcome. Stability is needed, Biden’s Gulf strategies are counterproductive, to say the least. By indicating or affronting a “King-to-Be”, enemies are being made. Washington’s culture of backstabbing and rumor carousels are maybe effective in the West, in the Arab world “a man’s word is forever, friendship also”….but this is the same for making enemies.

END
SAUDI ARABIA/YEMEN// HOUTHIS//SYRIA
A rare strike by Saudi Arabia on the Houthis radar systems.
(zerohedge_

Saudi-led Coalition Achieves A Rare Success Against The Houthis

 
FRIDAY, MAR 12, 2021 – 5:00

Submitted by South Front,

The battlefield in Yemen is getting more volatile with each passing day. On March 10th, the Saudi-led coalition released a video claiming to have destroyed an Ansar Allah air defense system.

The video shows a 2P25 transporter erector launcher of the system, a nearby missile depot and an unidentified radar system. All of them had been destroyed in airstrikes.

The Ansar Allah system reportedly comprising a Soviet-made SA-6 “Gainful” was positioned in the province of Marib. More specifically, the defense hardware is a locally upgraded version of the SA-6 air-defense system dubbed “Fater-1”.

In the days leading up to its alleged destruction, a Saudi Vestel Karayel drone was downed, and the air defense system might have been responsible for it. The UAV was downed on March 7th, and the Houthis released a video showing its debris.

The Saudi-led coalition is attempting to push back the Houthis with heavy airstrike activity. The ground offensive by Ansar Allah seems to only be challenged by air raids, and little else.

On March 9th alone, the Saudi-led coalition carried out at least 32 airstrikes, including some on the capital Sana’a.

The frontline is in a state of chaos, and a constant back and forth can be observed with the slight upper hand appearing to be for the Houthis, so far.

Elsewhere in the Middle East, in Syria, the Syrian Arab Army (SAA) exchanged heavy fire with the al-Qaeda affiliated “moderate opposition” in Greater Idlib.

It all reportedly began after a joint shelling by Ansar al-Tawhid and Hay’at Tahrir al-Sham (HTS) on SAA positions in southern Idlib. The aim was to dismantle positions of the SAA’s 25th Special Forces Division, also known as the Tiger Forces.

Ansar al-Tawhid claimed that 8 Syrian soldiers were killed and more were injured. This was entirely denied. The attacks reportedly failed, as the Russian Aerospace Forces detected them early on and issued a warning.

In response, the SAA rained hell, allegedly killing dozens of militants. Videos of the exchange were released and they show the heavy shelling that took place.

In recent days, the SAA has been steadily carrying out various attacks and small-scale offensives all around Greater Idlib and the Aleppo countryside. A larger-scale operation is in the works, and it is likely a matter of days or weeks before the stage is set for a push to regain further areas, before HTS can be totally rebranded into non-terrorists.

END

6.Global Issues

An excellent commentary.  Why do we have to take a shot if we are already immune.

What are our rights?

(Harrington/American Institute for Economic Research)

The Rights Of The Naturally Immune

 
THURSDAY, MAR 11, 2021 – 21:30

Authored by Thomas Harrington via The American Institute for Economic Research,

There is an important issue that, in the midst of all the talk of vaccines, has not gotten nearly the attention it deserves: the civil rights of those who have already developed natural immunity to the SARS-CoV-2, the virus that is said to cause Covid. 

Yesterday, I got the results of the test I took to detect whether I had developed a T-Cell response to the virus.

Like the antibody test I took almost 2 months ago, it was positive.

These two things would appear to demonstrate that for all intents and purposes my body knew exactly what to do with this virus and that it probably has the equipment to dispose of it again were it, or one of its cousins, to revisit me in the near-to-medium term.

And even if one or another related strain were to visit me in that future, studies suggest strongly that the attack would be considerably less virulent than the one I overcame without excessive trouble in December.

In a halfway rational world, what to do going forward in regard to getting a vaccine for the SARS-CoV-2 virus would be something I’d discuss with my doctor in the discreet quarters of the examination room. Were it to be offered, I would politely refuse it. And he, seeing the test evidence in my file, would raise no objection. 

And since the danger to me in the future from the virus is minuscule, and the science has clearly borne out what Fauci and Maria Van Kerkhove of the WHO flatly said was true before someone upstairs got to them—that asymptomatic transmission of respiratory diseases of this type is virtually nonexistent—I’d be free to live my life as I pleased without a mask, and with complete freedom of movement.

But instead of this, I am facing enormous pressure to get a vaccine in order to recover my basic rights as a citizen.

And even then, those in charge are saying, I will still have to run around with a completely useless, breath-robbing and personality-canceling mask on my face.

And all this for a disease that, even before the introduction of vaccines, gave those infected by it a roughly 997.5 out of 1,000 chance of survival.

The civil authorities have decided, in effect, that fully indemnified pharmaceutical companies, whose pasts are obscenely littered with fraud, and the calculated creation of crises in order to up revenues on their products (OxyContin anyone?), have the de facto “right” to force me to take an experimental vaccine that, in the very, very best of circumstances, will only match what my apparently well-functioning body has already given me without any side effects.

And this, while straight out telling me that even if I submit to their government-coerced medical experiment I will probably still not get my full constitutional rights back. 

This is an important issue that needs to be addressed much more vigorously than has been the case up until now.

end
 
 
Principia Scientific International
 
(O’Sullivan)
Many deathly sick on the Aussie navy ship.
Also the Health Minister, Gregg Hunt is in critical condition

Breaking: Aussie Navy In COVID Jab Cover Up After Mass Adverse Reactions?

Written by John O’Sullivan

This is a developing story.  Mainstream media pulls original story of Australian sailors on HMAS Sydney suffering widespread adverse reactions to COVID19 vaccinations. Sanitized version refers only to “mild side effects” despite the fact the ship’s crew needed hospitalization.

This latest setback for the pro-vaccine lobby follows soon after the Australian government performs a U-turn on mass vaccination policy the day after the Australian Health Minister falls ‘critically ill’ immediately after getting his COVID jab.

So, whenever the mainstream media conspires to quietly ‘disappear’ web pages of a story it has already reported on you can bet something far bigger and worrisome is being covered up.

In this latest case, the UK’s Daily Mail yesterday pulled a story from their pages about adverse COVID jab reactions among the crew of an Australian war ship.

Direct from Australia, a valued contact told us by email:

“Our health minister is still in the hospital from the day after he had his injection! Not a word about the navy hospitalisations.  What a way to take out a country’s military… In just one jab!”
Our contact refers to the story earlier this week of Australian Health Minister, Gregg Hunt, who was taken seriously ill  in a “critical condition” after he received his dose of the untested, experimental vaccine. In a statement on Tuesday evening his office stated that Minister Hunt had:
“been admitted to hospital with a suspected infection, he is being kept overnight for observation and is being administered antibiotics and fluid.”
Hunt’s story, like this navy frigate shocker, has been toned down for the masses. When we attempted to locate the reference to HMAS Sydney in the Daily Mail it had disappeared. Even our diligent search on the reliable Way Back Machine took us to an unrelated article. Our contact explains:

“I spent quite a bit of time searching through their headlines, but couldn’t find the story.  Wouldn’t be surprised if it has been deleted, though the link is still appearing … makes me think it was probably quickly taken down after initial publication.

 
A number of navy sailors have been hospitalised after being given Covid-19 vaccinations on the HMAS Sydney. Defence sources confirmed some HMASSydneycrew members were admitted to St Vincent’s …”
About HMAS Sydney:
The ship ceased military deployment in 2015 and was decommissioned on 7 November. The frigate was replaced in service by a Hobart-class destroyer. The ship was intended to be used for scrap in 2017 but the latest report from ABC News (below) suggests it has remained in service.
 
After Big Media censors (vaccine propagandists?) did their work there are few facts left of what really occurred aboard ship apart from a tweet from ABC news offering a brief, toned down version. Andrew Greene reports:
 
 
There are other reports coming in from around the world of adverse reactions, even deaths, from the rushed through coronavirus vaccine (see here).  Last month, California Halted COVID Vax: with Adverse Reactions At ‘Unusually High Number.’
 
Perhaps it is not surprising that the Aussie government has now announced it is “walking away” from plans for the mass vaccination of the population. That welcome news comes with this report:
More at  www.msn.com
 
So, when does coincidence no longer remain as mere coincidence? Health Minister Hunt in ‘critical condition’ after his COVID jab; the Aussie government backing away from mass vaccination and now the crew of HMAS Sydney hospitalized over ‘mild reactions’ from their coronavirus jabs.
 
So, the old saying ‘no smoke without fire‘ comes to mind when reading the legacy media’s sanitized version of the warship’s predicament, as it tells readers:

“Also on Thursday, the Department of Defence confirmed members of HMAS Sydney experienced “mild side-effects” after receiving the Covid-19 vaccine.

The ABC reported that crew members were admitted to St Vincent’s hospital in Sydney as a precaution after experiencing side-effects from the vaccine.

In a statement, the department said no members of the ship were currently in hospital, but would not comment on whether any crew had previously been admitted.

A Defence spokesperson said the ship’s crew had voluntarily received the vaccine ahead of a deployment to North America. The ship sailed with its full crew on Thursday.

“In accordance with Department of Health guidelines, members of the ship’s company were encouraged to report to medical personnel if they were feeling unwell after their vaccination. Some members experienced mild side-effects, which were resolved shortly after reporting,” a Defence spokesperson said. “It is not unusual to experience mild side-effects after any vaccination. Serious allergic reactions are rare.”

Earlier, Australia’s chief medical officer, Prof Paul Kelly, told the Senate inquiry he had been notified of adverse events, but aside from “a few cases of anaphylaxis” there was “nothing untoward” in side-effects from the vaccine.”

Curious fact in the HMAS Sydney story: the sailors were taken to hospital for “mild side-effects.”

The reference to anaphylaxia is notable because it is linked to a worrisome number of deaths occurring soon after vaccination, as we reported in 

Our ‘friends’ in the mainstream media have been too quick to tell us deaths are assumed to be only “coincidentally” associated with vaccination before all the evidence is in. This raises an obvious question: Is the assumption that the experimental COVID-19 vaccines are never the cause of death scientifically justified or is it a symptom of bias?

***If Any Readers Have Further Information To Add To This Developing News Please Let Us Know.***

About John O’Sullivan John is CEO and co-founder (with Dr Tim Ball) of Principia Scientific International (PSI).  John is a seasoned science writer and legal analyst who assisted Dr Ball in defeating world leading climate expert, Michael ‘hockey stick’ Mann in the ‘science trial of the century‘. O’Sullivan is credited as the visionary who formed the original ‘Slayers’ group of scientists in 2010 who then collaborated in creating the world’s first full-volume debunk of the greenhouse gas theory plus their new follow-up book.

Please Donate Below To Support Our Ongoing Work To Expose The Lies About COVID19

PRINCIPIA SCIENTIFIC INTERNATIONAL, legally registered in the UK as a company incorporated for charitable purposes. Head Office: 27 Old Gloucester Street, London WC1N 3AX.

end

A Norwegian death after taking AstraZeneca vaccine

(zerohedge)

Norway Investigates Whether AstraZeneca Vaccine Caused Deadly Blood Clots

 
FRIDAY, MAR 12, 2021 – 10:34

Yesterday, Europe’s already struggling COVID vaccine rollout took another hit when more than half a dozen nations stopped doling out COVID vaccines created by AstraZeneca following reports that some patients who received the vaccine developed life-threatening lung clots, with at least one person having subsequently died as a result.

While health authorities in Denmark, one of the first countries to halt the AstraZeneca-Oxford jab, said it was impossible to tell if there was any connection, the spate of suspicious cases is apparently enough to prompt health authorities to take a closer look. On Friday morning, Thailand became the first non-European country to halt the AstraZeneca vaccine, while several other nations, including Canada, Australia, the Philippines and South Korea, have all said they would move forward.

Bulgaria became the latest European nation to suspend the vaccine on Friday. According to Reuters, the Bulgarian government wants the EMA to send over a written statement outlining its argument about why it should allow vaccinations to go forward.

The news has put pressure on shares of AstraZeneca, which on Friday added to their declines from earlier in the week.

Norway’s top medical regulators confirmed Friday that they had received reports of a death in a patient who had received the vaccine in the county of Innland, according to a statement by NIPH.

To be sure, Norway’s team said that whether or not there is a link between the vaccine and the death hasn’t been concluded, though officials said the death involved a younger person.

But as a precaution, Norwegian Medicines Agency will now review all reported suspected adverse reactions following vaccination with the AstraZeneca vaccine and other coronavirus vaccines.

On Wednesday, Brussels top regulator, the European Medicines Agency said Wednesday in a statement referencing concerns with some Austria cases that it was investigating the concerns but that it has found no indication that the vaccine caused the blood clots; the European Commission has said it will follow EMA’s

As Europe’s vaccine rollout hits new snags, trials of Russia’s “Sputnik V” jab, which, like the AstraZeneca jab, uses adenovirus-vector technology, is nearing the end of a critical Phase 3 trial taking place in the United Arab Emirates. The trial has completed the inoculation phase, and testing will move into the scientific data collection phase after 1,000 volunteers in the UAE received a second dose and the next step involves monitoring volunteers’ immune response over 180 days.

UAE results will be combined with existing findings elsewhere. Interim results are expected in April.

Finally, as Europe revives doubts about the safety of some COVID vaccines, GlaxoSmithKline and Vir Biotechnology announced Friday that their COVID antibody therapy showed a significant reduction in hospitalizations and deaths for at-risk patients in an advanced-stage trial that progressed faster than expected.

end
end

 

CORONAVIRUS VACCINE UPDATE

Maybe a good thing..

(zerohedge)

 

Europe’s COVID Vaccine Rollout Faces Even More Delays

 
FRIDAY, MAR 12, 2021 – 5:35

The European Union’s notoriously fraught vaccine-rollout effort is about to go from bad to worse.

Earlier today, a smattering of European nations halted vaccinations for at least some AstraZeneca COVID vaccine jabs amid an investigation into whether the jabs contributed to dangerous blood clots that led to at least one death. And as if this wasn’t a big enough problem for one day, Bloomberg reports that manufacturing issues are plaguing AstraZeneca’s manufacturing facilities, creating more obstacles to distribution.

And now European governments are bracing for further delays. Good thing Italy refused to send that one shipment of jabs to Australia. Here’s more from Bloomberg:

European Union governments are bracing for further possible delays in the distribution of AstraZeneca Plc’s Covid vaccine after a warning from the European Commission that the manufacturer remains a problem, according to a diplomatic note seen by Bloomberg.

Astra Chief Executive Pascal Soriot said last month the company would look at tapping international supply chains to make up for some of the shortfall, including production in the U.S. It’s revised its delivery schedule multiple times, most recently committing to 40 million doses this quarter and 180 million in the second from an earlier goal of about 280 million across both periods.

But at a meeting of EU ambassadors on Wednesday, diplomats were told by senior EU officials that Astra continues to be “problematic.” They also heard that Johnson & Johnson, which could get market authorization from the European Medicines Agency on Thursday, has yet to provide a delivery schedule for its vaccine.

As a result, Brussels said Thursday it plans to extend its vaccine export control mechanism to the end of June from mid-March, citing “persistent delays” in some deliveries.

On the US side, President Joe Biden just ordered another 100MM jabs from JNJ, and it’s possible more might be on the way, limiting the supply available for absorption by Germany, France and the other 25 EU members.

On J&J, the EU had said in January that under the contract, the company would fill and finish a portion of its EU supply in the U.S., prompting concerns among some governments. The EU said at the time that it didn’t expect this to impact deliveries.

This week the commission told diplomats that it was looking into the possibility of finding some of that fill-finish capacity in other third countries as it wasn’t readily available in the EU, according to the note of the meeting.

In what could be a silver lining, a UK study published Thursday showed the Novovax jab was found to offer 100% protection from “severe” COVID. At this point, the US will soon be facing a glut of supply, so Europe’s problem will likely clear up once the next round of vaccines are approved in the US.

The White House has apparently told Brussels that there won’t be an “easy fix” for the vaccine supply issue.

Europe is currently lagging behind both the US and the UK in the race to inoculate its population.

For all the complaining about the West’s “vaccine nationalism”, pretty soon, Brussels will be begging Indian Prime Minister Narendra Modi and the Serum Institute for a supply deal.

end

Michael Every on the day’s big stories..

(Michael Every)

Rabo: The Overton Window Has Not Just Shifted, But Has Been Removed… Taking The Wall With It

BY TYLER DURDEN
FRIDAY, MAR 12, 2021 – 8:46

By Michael Every of Rabobank

As expected, yesterday was all about the passage of the $1.9 trillion Biden fiscal stimulus package. Now let’s see what it actually achieves. Economic modellers are frothing at the mouth; but Nouriel Roubini –who has a villa in Gloomy Corner near my own little patch of grass– is also pointing out that pouring money into a K-shaped US economy is unlikely to generate the traditional results. In short, people who are already doing well and saving will do better and save more; and people who are struggling will get enough help to get by for a month or two (from checks) or a few months (via extended unemployment). Ironically, this bill was signed on the same day data showed US household net worth soared USD6.93 trillion in Q4 2020. How much of that mind-blowing sum did those with no home or 401K see?

Regardless, the traditional view that the US doesn’t do big stimulus packages “because America” is wrong. The ‘Overton window’ –the range of ‘acceptable’ political policies– has not just shifted, but has been removed, taking the wall with it. Indeed, yesterday saw chatter of the next USD2.5 trillion four-year infrastructure stimulus package to follow. That could be a structural game-changer, depending on how it was implemented: imagine it alongside ‘Buy American’ policies and high-wage contracts; and spent on projects that are needed, not white elephants.

Yet one doesn’t need any imagination to see that as reconciliation cannot be used again this year, the next fiscal package will need 60 votes in the Senate. Is that possible to achieve? It seems very unlikely on traditional ‘don’t give them the win’ electoral calculus. However, might that calculation perhaps change if: (1) the bill is all about “dual circulation” (i.e., protectionism) and has pork for Red as well as Blue states; and (2) Senators see that if such a bill is blocked in 2021, it can still be pushed through via reconciliation again in 2022, just ahead of the mid-term elections.

That’s just hypothesis of course, but it will be extremely important to keep a close eye on both how the first stimulus plays out, and how Republicans grapple with their own populism. Are Trumpists going to be populist fiscal conservatives, or expansionists? Up until recently, the populist Right globally has eaten the Left’s working-class lunch (even if many don’t like baloney and PBJs and eat caviar at home). What will the Right’s reaction be to the Left putting meaty stimulus back on the menu again if this policy looks popular? Will it be better to sign on to the Blue win in 2021 and call it bipartisan, or take a hard-line stance on hard money and hard budget constraints and watch the populist thunder be stolen back?

While we are watching fiscal policy, it is abundantly clear what monetary policy is doing. Yesterday I noted all central banks only have four choices: do nothing (or normalise rates! J); target bonds; target equities; or target data. (And thanks to the interesting reader responses posing serious questions over how US inflation data is measured.) So what did we see?

First, the ECB, projecting a relatively more upbeat economic future, also stepping up its pace of bond buying – in other words, de facto targeting bond yields (see here for more details). Then the BOJ, instead of stepping back from yield curve control, concluding the policy is a success; moreover, planning to shift its annual USD55bn ETF scheme so it only buys stocks when their price is going down, not up. Hilariously, Bloomberg interprets the latter as “BOJ stimulus being rolled back”. The correct interpretation is that the BOJ has an open policy of targeting equity prices – just as it and the ECB have of targeting bond prices.

We have to wait until next week to see what the Fed says. If they don’t read from the same script then BOJ and ECB “success” could be rapidly reversed. Will they also help dismantle the monetary policy Overton window to open up space for the fiscal policy shift already discussed? If so, how long until we coin “Bidenomics” to match “Abenomics”? Yet do recall that Abenomics didn’t work because structural reforms were never embraced, just extreme fiscal and monetary policy: and boy did we see swings in JPY! There’s a window to a possible future: yes, US fiscal stimulus is now seen as more likely to push USD up…but what if US yields aren’t allowed to follow? What then for EUR and JPY and their own “successes” on reflation and growth?

Meanwhile, China’s key policy-setting meeting has just wrapped up and, as even Bloomberg has to note, what we have learned is that “China won’t drive global growth in 2021”. What?! How can this be? What happened to all the flag waving and jazz hands that passes for market analysis and commentary just a few months ago? Instead, it’s “dual circulation”, which means buying more locally to boost incomes according to some, and not according to others (in which case the policy means nothing at all). Moreover, China is going to delever again, with tighter fiscal and monetary policy, even if the latter is via quantity and not price targets. So is Beijing really building bricks in front of the floor-to-ceiling, wall-to-wall Overton window it operates in compared to other economies? Perhaps: but does anyone recall how badly this has worked out each time they have tried it before? All the daylight gets blocked out, and that lovely view of a rosy future of retirement by the pool drinking cocktails. So each time, down come the bricks again – but only after other things, like markets, have come down first.

In short, while one can chase headlines here and there –and yesterday was a perfect example–  one has to see we are moving two-steps-forward, one-step-back towards radical shifts on almost all policy fronts by almost all major economies. Each monetary or fiscal step alone would already be a huge market driver; adding them together in one country multiplies that effect; doing it in more countries multiplies it further; and seeing countries move in –or out– of synch on this process provides an even more complex picture. If the US and China run in opposite directions, what does it mean? If China reverses course and also stimulates, what does it mean?

One needs to start mapping out a mental list of who will be doing what: fiscally; and monetarily; and fiscal-monetarily; and yield-and-equity target-ingly; and tech and tariff-and-capital-control-ing-ly, to start to get the real window of where markets will ultimately sit. Or at least the parts of markets that are not targeted as part of this policy shift: perhaps I should qualify ‘the range in which markets are allowed to sit’.

You can see equities already pretend that they understand the new framework (“We go up, right?”) – they have the window-seat, so to speak; bond yields were both up and down yesterday as they tried to do the old math in a new world in their head; and key FX crosses are still really confused about the whole thing – and understandably so.

Happy Friday!

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

 

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

Euro/USA 1.1934 DOWN .0047 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 /MIXED

USA/JAPAN YEN 108.97 UP 0.404 (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 1.3897   DOWN   0.0090  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2546 UP .0009 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  FRIDAY morning in Europe, the Euro FELL BY 47 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1934 Last night Shanghai COMPOSITE CLOSED UP 16.25 PTS OR .47%  

//Hang Sang CLOSED DOWN 645.89 PTS OR 2.20% 

/AUSTRALIA CLOSED UP 0.80%// EUROPEAN BOURSES ALL RED

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 645.89 PTS OR 2.20% 

/SHANGHAI CLOSED UP 16.25 PTS OR .47% 

Australia BOURSE CLOSED UP 0.80% 

Nikkei (Japan) CLOSED UP 506.19  POINTS OR 1.733%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1705.00

silver:$25.60-

Early FRIDAY morning USA 10 year bond yield: 1.594% !!! UP 6 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.355 UP 5  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 91.81 UP 39 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.20% UP 2 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.11.%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.33%//UP 4 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.64  UP 4 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: RISES TO –.30% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.87% 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 FRIDAY

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

Euro/USA 1.1946  DOWN     .0036 or 36 basis points

USA/Japan: 108.97 UP .393 OR YEN DOWN 39  basis points/

Great Britain/USA 1.3910 DOWN .0077 POUND DOWN 77  BASIS POINTS)

Canadian dollar UP 54 basis points to 1.2482

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed DOWN AT 6.5085    ON SHORE  (DOWN)..

THE USA/YUAN OFFSHORE:  6.4976  (YUAN DOWN)..

TURKISH LIRA:  7.57  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.11%

Your closing 10 yr US bond yield UP 8 IN basis points from THURSDAY at 1.621 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.378 UP 8 in basis points on the day

Your closing USA dollar index, 91.72 UP 30  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 FRIDAY: 12:00 PM

London: CLOSED UP 24.51  0.36%

German Dax :  CLOSED DOWN 67.00 POINTS OR .46%

Paris Cac CLOSED UP 12.79 POINTS 0.21%

Spain IBEX CLOSED UP 51.50 POINTS or 0.60%

Italian MIB: CLOSED DOWN 8.15 POINTS OR 0.03%

WTI Oil price; 37.40 12:00  PM  EST

Brent Oil: 39.75 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.35  THE CROSS LOWER BY 0.06 RUBLES/DOLLAR (RUBLE HIGHER BY 06 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.30 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 :  65.64//

BRENT :  69.21

USA 10 YR BOND YIELD: … 1.627..up 9 basis points…

USA 30 YR BOND YIELD: 2.391 up 9 basis points..

EURO/USA 1.1956 ( DOWN 24   BASIS POINTS)

USA/JAPANESE YEN:109.00 UP .434 (YEN DOWN 43 BASIS POINTS/..

USA DOLLAR INDEX: 91.62 UP 20 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3929 down 58  POINTS

the Turkish lira close: 7.567

the Russian rouble 73.31   UP 0.10 Roubles against the uSA dollar. (UP 10 BASIS POINTS)

Canadian dollar:  1.2468 DOWN 24 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.30%

The Dow closed UP 292.66 POINTS OR 0.90%

NASDAQ closed DOWN 115.61 POINTS OR 0.89%


VOLATILITY INDEX:  20.78 CLOSED DOWN 1.13

LIBOR 3 MONTH DURATION: 0.234%//libor dropping like a stone

USA trading today in Graph Form

Bitcoin, Banks, & Small Caps Surge On Stimmies; Bonds & The Buck Battered

 
FRIDAY, MAR 12, 2021 – 16:01

Yeah that happened…Small Caps are up a stunning 12.5% from last Friday’s PPT rescue lows and while big-tech underperformed, all the major indices soared…

Sending Small Caps back to pre-COVID levels relative to Nasdaq…

Source: Bloomberg

…everything was up this week in stock land on the back of a massive short squeeze (“most shorted” stocks are up 19% from Friday’s lows…

Source: Bloomberg

Because…

“You’re welcome”.

Chinese stocks ended the week lower – despite Monday’s National Team rescue…

Source: Bloomberg

And despite renewed lockdowns and a failed vaccine strategy, European stocks also surged??? Itally FFS! was up 5% as the country is set for nationwide lockdowns once again!

Source: Bloomberg

Nasdaq was unable to break back above its 50DMA…

After 3 down weeks, ARKK surged but the dead cat bounce stalled at the Fib 38.2% retracement…

Source: Bloomberg

TSLA was unable to hold above $700 on its rebound…

Meanwhile, meme stocks surged this week…

Source: Bloomberg

US Bank stocks soared to a new record high, taking out the 2007 financial crisis highs…

Source: Bloomberg

Will Cyclicals break out this time or is the 4th time not the charm again…

Source: Bloomberg

HY Credit was actually wider (in spreads) on the week, after a wild ride. But credit in general remains notably compressed as equity risk slides…

Source: Bloomberg

“Credit spreads are extraordinarily calm given what going on in rates/elsewhere,” said one Investment Grade fund manager. “It’s all a bit ominous.”

Bonds and stocks (Nasdaq) have hardly ever been this correlated for so long.

Source: Bloomberg

Remember norm is negatively correlated price movements.

And while equity risk is ‘normalizing’ back to pre-COVID levels, rate risk is exploding…

Source: Bloomberg

Yields surged in the last two days of this week, amid a heavy calendar…

Source: Bloomberg

Sending UST yields to pre-COVID levels…

Source: Bloomberg

And if the forward curve is right, there’s a lot more pain to come…

Source: Bloomberg

The dollar rollercoastered this week, dumping after the stimmy bill was confirmed…

Source: Bloomberg

Crypto was mixed this week amid the NFT craziness.

Source: Bloomberg

Bitcoin rallied back to its record highs above $58,000…

Source: Bloomberg

BTC’s gains have erased ETH’s recent outperformance…

Source: Bloomberg

Gold found support at $1700 once again this week…

Oil was up on the week but WTI faded today, falling back below $66…

 

Finally, after the big stimmy vote week, Jim Kunstler expounded earlier, the federal government is one system visibly working to destroy itself with epic giveaways of money it pretends to command and the Covid-19 Stimulus bill will only accelerate its loss of credibility. A $1,400 check won’t “solve” the problem of someone a year behind on mortgage payments or rent. It sure won’t solve the problems of their creditors and landlords.

And if you think shortchanging that class of people is a good idea, you’re beating a path straight to the death of credit per se, and then of our money, the dollar, which is based on credit.

Taxpayers are not so stupid that they’ll fail to notice who is being asked to bail out bankrupt states, irresponsible cities, and pension funds and there’s going to be trouble over that. The trouble will express itself both in political strife and in the further decay of the relationship between work and wealth. It means a collapsing standard of living for most people. Turning the one-shot $1,400 into a monthly Guaranteed Basic Income can only be a short-term shuck-and-jive when a loaf of bread goes from $5 to $15 to $50 – which can happen easily, and quickly, too, as lots of “free” money chases crashing productivity. Wait for it.

All of which perhaps explains why the fist price of bitcoin – for now not as systemically manipulated as bullion – has been soaring…

Source: Bloomberg

In the meantime, Gawd knows what will be happening in financial markets and banks as all that new money floods an economy that can’t produce enough to absorb it. Racial war (Chauvin trial) and runaway inflation (Fed/Washington double-team)… not a good recipe for political continuity.

END

a)Market trading this morning/USA//as the 10 yr treasury note approached a yield of 1.624 previous high

Even The Banks Are Bailing Now: Dealers Dump Record Amount Of Treasurys

 
FRIDAY, MAR 12, 2021 – 10:37

The 10Y just tagged the March 5 high yield of 1.625% – a key stop loss level – and steamrolled higher amid a cascade of short covering, because as noted earlier, once the momentum kicks in nobody knows where and how it stops.

And unfortunately for TSY bulls, the pain could be just starting because as BMO’s Ian Lyngen noted, those hoping for a contrarian buying signal from the banks/dealers will have to wait a long, long time. That’s because the latest weekly data (ending March 3), showed that the primary dealer holdings data revealed a record $64.7Bn decline in Treasury holdings to $185.8 bn!

And while BMO notes that -$23.5Bn of this was in the bill sector and -$3.7Bn in floating rate notes; notes and bonds were clearly puked as shown in the chart above. What this means is that, according to the BMO rates strategist, “given the preceding spike in yields and the fact these figures are reported in market value rather than par terms, “the drop reflects more than simply dealers aggressively shedding Treasuries as the extension of SLR became less certain.” (as a reminder, “Goldman Does The SLR Math, Stumbles On An Huge, $2 Trillion Problem“).

But a bigger problem emerging is that we are now nearing that inflection point in the market when traders recall that more than 100% of all US net Treasury issuance in the past year was monetized by the Fedand with everyone now selling – including hedge funds, CTAs, and primary dealers – it will be up to central banks to step up their intervention and prop up the bond market once again, or all those fans of MMT who have zero comprehension about how anything works in the real world, will realize just why we have been it Magic Money Tree all these years, and that without the Fed purchasing debt, there is simply no more “magic”…

 

b)MARKET TRADING/USA//THIS AFTERNOON

Tech Wrecks As Yields Breakout

 
FRIDAY, MAR 12, 2021 – 11:05

10Y Yields topped the March 5th highs…

And 30Y has broken out…

And that triggered selling long-duration growth-tastic stocks, sending Nasdaq notably lower…

And more rotation into value as the Dow and Small Caps jump…

And the correlation between bonds and stocks remains extremely high and extremely unusual…

That won’t help the asset-allocators?

END
 

ii)Market data/USA

the forerunner of huge inflation coming:  USA PPI soars

(zerohedge)

US Producer Prices Soar Most Since 2018 As Gas Prices Spike

 
FRIDAY, MAR 12, 2021 – 8:37

After January’s record surge in producer prices, analysts expected February inflation to slow and it did, rising 0.5% MoM as expected. That sent the year-over-year change in producer prices to +2.8% – its highest since Oct 2018.

Source: Bloomberg

However, core PPI disappointed, rising 2.5% YoY vs +2.6% YoY expected.

Consumers should brace…

Under the hood, energy and transportation costs led the move higher in producer prices…

Forty percent of the February increase in the index for final demand goods is attributable to gasoline prices, which jumped 13.1 percent. The indexes for diesel fuel, beef and veal, basic organic chemicals, residential electric power, and chicken eggs also moved higher. Conversely, prices for fresh and dry vegetables fell 16.7 percent.

A 3.6-percent increase in the index for transportation of passengers (partial) was a major factor in the February advance in prices for final demand services. The indexes for securities brokerage, dealing, and investment advice; machinery and equipment parts and supplies wholesaling; health, beauty, and optical goods retailing; and hardware, building materials, and supplies retailing also moved higher

Powell’s gonna need to print more oil!

 

iii) Important USA Economic Stories

The craziness at the border…..and the USA says that it has no crises?

(zerohedge_

Dear Jen ‘No Crisis At The Border’ Psaki – Watch This Clip!

 
THURSDAY, MAR 11, 2021 – 17:00

You know it’s bad when CNN is slamming Democrats…

In a somewhat combative press briefing today, CNN’s Kaitlin Collins pressed White House press secretary Jen Psaki on why the Biden admin was refusing to address the “crisis” at the border (which everyone and their pet rabbit could have seen coming):

The administration has refused to call it a crisis, instead referring to it as a challenge and saying what you call it doesn’t make a difference of how you’re responding to it, but now today there are over 3,700 children – unaccompanied migrant children – in border patrol custody,” Collins noted.

They’re spending on average over 100 hours – four days – in these facilities that are jail-like facilities not meant for children, so how can you say that’s not a crisis?” she continued.

Psaki exclaimed that “it doesn’t matter what you call it” and referred to the situation as “an enormous challenge.”

“Our focus here is getting to the root of the issues and taking actions, and we don’t feel the need to play games with what it’s called,” Psaki ultimately said.

So, having tried the Jedi Mind Trick of convincing Americans that “this is not the border crisis you are looking for,” we suggest Ms. Psaki take a look at the following clip that is rapidly going viral…

Biden’s “humane” border policy in all its gory glory…

How long before this is banned from the interwebs?

As a reminder, analyst Steven Kopits said that the reported 96,974 migrants apprehended by U.S. Customs and Border Protection broke many records.

“This was almost three times the level of one year earlier and the highest since 2006, that is, during the Bush administration. It was far worse than any February under either the Obama or Trump administrations,” said Kopits.

end
 
Short seller and super at rooting out fraud as come out stating that Lordstown Motors: fake orders//undisclosed production hurdles plus others…
(zerohedge)

Lordstown MOTORS Shares Crater After Hindenburg Alleges Fake Order “Mirage”

 
FRIDAY, MAR 12, 2021 – 8:32

Shares of Lordstown Motors plunged in pre-market trading Friday after short seller Hindenburg Research released a report called “The Lordstown Motors Mirage: Fake Orders, Undisclosed Production Hurdles, And A Prototype Inferno”.

Hindenburg is best known for being the firm that called Nikola an “intricate fraud”, which led to the departure of the company’s founder and eventual probes by several regulatory bodies.

The Lordstown report alleges that the company is an “EV SPAC with no revenue and no sellable product” which has “misled investors on both its demand and production capabilities”. Hindenburg takes specific exception with the company’s pre-orders, stating that their “conversations with former employees, business partners and an extensive document review show that the company’s orders are largely fictitious and used as a prop to raise capital and confer legitimacy.”

The report points out several examples:

  • For example, Lordstown recently announced a 14,000-truck deal from E Squared Energy, supposedly representing $735 million in sales. E Squared is based out of a small residential apartment in Texas that doesn’t operate a vehicle fleet.
  • Another 1,000-truck, $52.5 million order comes from a 2-person startup that operates out of a Regus virtual office with a mailing address at a UPS Store. We spoke with the owner who acknowledged it won’t actually order any vehicles, instead describing the “pre-order” as a mere marketing relationship.
  • Yet another firm that is supposedly set to buy 500 trucks from Lordstown told us: “…The letters of interest are non-binding. It’s not like you’d obligate yourself to a pre-order or that you would contractually bind yourself to buying this truck. That’s not what they are.”
  • Lordstown CEO Steve Burns has called these arrangements “very serious orders”. The actual customer agreements, which we present for the first time today, require no deposit and are non-binding. Many of the supposed customers do not operate fleets nor do many have the means to actually make the stated purchases.
  • One company rep that committed to buy 40 trucks through Climb2Glory told us: “…I’m not committed to anything, not to buying a single vehicle. I committed to consider buying vehicles. I’d have a lot of questions before I commit to anything.”
  • Others had similar remarks. “The commitment of that size (15) is totally impossible,” a representative for the City of Ravenna told us about its pre-order. We document numerous other “customers” that disclaim any intent to actually purchase vehicles.

The report also alleges that “a small consulting group called Climb2Glory was paid to generate pre-orders” for Lordstown. It also says that “…in January 2021, Lordstown’s first street road test resulted in the vehicle bursting into flames 10 minutes into the test drive.”

Hindenburg also released a video in a series of Tweets:

We will update this piece when Lordstown responds to the allegations.

end

Biden’s speech yesterday..it did not go over well!!

‘Obey!’ – Biden Outlines Post-Pandemic Dystopia In “Dark & Hopeless” First Address

 
FRIDAY, MAR 12, 2021 – 9:23

President Joe Biden delivered his first prime-time address last night since the beginning of his ‘unity‘ reign.

However, out of the gate, he took a shot at his predecessor, seemingly blaming Trump for the spread of COVID-19.

“A year ago, we were hit with a virus that was met with silence and spread unchecked,” Biden said, apparently forgetting that he called then-President Trump xenophobic for quickly imposing a ban on travel into the United States.

Such assertions were to be expected, but as LibertyNation’s Graham Noble warns, one sentence from Biden’s speech should terrify Americans:

We will issue further guidance on what you can and cannot do once fully vaccinated.”

Not the CDC, not the science, but the government will tell you what you can and cannot do if you’re not willing to be Big Pharma’s guinea pigs. And that message was clear as the rest of the speech was basically variation of the theme:

“please, please, please, get vaccinated because it is your duty as Americans,”

Simply put, “obey” America and some of those freedoms your founders bequeathed unto you will be returned…

Conrad Black, National Interest Editor, was even less charitable, calling Biden’s speech a “complete and total failure”:

President Joe Biden’s first address to the nation was at least coherent, as he spoke directly to the teleprompter and his diction was comprehensible. But it was repetitive and ungracious and lugubrious. He was incapable of giving the slightest credit to his predecessor, although President Donald Trump is almost solely responsible for advancing the vaccine timetable more than anyone could have hoped for. Trump was roundly condemned by the Democratic media last May for predicting a vaccine before year-end, but it was in fact distributed starting on December 11, and on Inauguration Day, one million vaccinations were effected in the United States for the first time.

President Biden speaks frequently and presumably with sincerity about his goal of national unity. His comparative invisibility, somnolent manner, and reluctance to interact even with the docile national political media (which conducted his campaign for him last year), assure a cooler temperature and calmer political atmosphere than was possible in the pyrotechnics and abrasions of the Trump era. This phenomenon is reflected in the heavy declines in viewership of the news channels-over 40 percent on CNN, similar drops on MSNBC, and rather less than that on Fox News. Trump was the great newsmaker, both for those who loved and those who hated him, and the few people in between, and his departure, as it was intended to do by those who voted against him, has made the U.S. a more serene country politically.

But since nearly 48 percent of American voters supported President Trump, national unity will not now be advanced by implicitly denigrating him and failing to give him any credit where any informed person recognizes he deserves some. National unity will not be achieved by defining it as the near-half of the electorate that voted for the ex-president renouncing their expressed political preferences and embracing what they voted against four months ago.

President Biden also demonstrated his and his party’s dependence upon the coronavirus pandemic for the achievement of office and their conduct in office. For someone unfamiliar with the statistical facts, his remarks on Thursday night could have been taken as the struggle of America to liberate itself from an almost universal plague that had throttled the nation, vastly increased mortality rates among the whole population, and threatened the lives of every American. Everyone was to listen to Dr. Tony Fauci, who has more often been proved incorrect than accurate in his wishes and predictions and has faced in all four directions on almost every issue associated with the pandemic, except for his unceasing advocacy of shutdowns, which have proved a disaster that probably did more harm than good to the mental and physical health of the population of the United States, as in other countries. If everyone masks up, continues to behave like a species of frightened moles, then said Mr. Biden, perhaps small gatherings at home on July 4 may be possible.

Doubtless, the gas-lit, Democratic echo-chamber of the national political media will hail this as the greatest address of its kind since Franklin D. Roosevelt’s fireside chat on the banking system in March 1933. But I suspect that the polls will reveal that the public was unimpressed by the president’s dreary recitation of the dark and hopeless night that he pretends to be lifting. Most Americans know by now that 99.997 percent of healthy Americans below the age of 65 survive Covid-19 if contracted. There is also the fact that 94.6 percent of healthy Americans above the age of 65 survive it and that 80 percent of those who do not survive it sadly have other ailments. We should also note it is rarely clear which is the effective cause of death, that it has only slightly moved the rate of fatalities in the country, that the average age of coronavirus death is the same as the national life expectancy (78), and that there is no excuse or need for wearing masks out-of-doors or for keeping schools closed.

Nor is the president’s appearance reassuring. He has a sickly pallor, is underweight, and quavers at times. Everyone will wish him good health and long life, but his appearance and manner on Thursday night will not incite confidence that he is likely to enjoy them. President Biden is oddly dyspeptic and downcast for someone who used to proclaim his ability and temptation to beat his chief opponent (Trump, who looks like Tarzan in comparison), to a pulp. Given that the country is approaching 100 million vaccinations and the incidence of death and of hospitalization for the virus is sharply declining and herd immunity approaches apace with a complete vaccination program, he should have been much more optimistic and upbeat, captured the spirit of springtime, disarmed the scores of millions of Trump supporters with a kind word on the subject which the whole nation can agree with: thanksgiving at the decline of the coronavirus and the approach of the end of the crisis.

I do not agree with those who are overly critical of his naming his one major legislative accomplishment the Covid relief bill, even though 90 percent of it was just good old-fashioned pump-priming and log-rolling, backscratching of failed Obama programs and misgoverned blue states. From 1942 on, FDR called almost every bill on every subject a measure to assist veterans of the armed forces. But setting off around the country with the vice president “and the first lady and first gentleman” to tout the munificence of this bill, while blissfully ignoring the monstrous crisis on the southern border for which this president is exclusively responsible and whose existence he denies, is unlikely to impress the American public any more than, I suspect, the country appreciated his wan bloviations of Thursday night.

Finally, here are AmericanThinker.com’s Andrea Widburg’s highlights (or lowlights):

1. Biden was more alert than he’s been in many months. Given how frail and confused Biden’s been lately, well, let’s just say his verve was suspicious. Even his eyes, which are usually tightly squinted as he struggles to stay alert and read his teleprompter, were wide open, almost scarily so. Still, he got visibly tired near the end, slurring his words and seeming lost.

2. The speech was both bizarre and boring. Despite the teleprompter, it wandered hither and yon, without ever touching clearly on a single point. It was a grim, depressing speech about a miserable year that probably won’t get better even with a vaccine because we must all remain scared and isolated.

3. Biden kept saying that he was going to tell the truth. He quoted a woman he allegedly met who told him her heart’s desire: “‘I just want the truth. The truth. Just tell me the truth.’”

“Tell the truth,” Biden said again.

“My fellow Americans,” he said, you’re owed nothing less than the truth.”

Later, he added, “I will tell you the truth.”

And then he said, “In the coming weeks and months, I’ll be traveling along with the first lady” and a whole host of others, “to tell you the truth.”

Do you know who says things like that? Someone who’s lying.

4. Biden dragged in, almost randomly, the fact that there is a rash of attacks on Asians of late: “Vicious hate crimes against Asian Americans who have been attacked, harassed, blamed, and scapegoated.”

What he was implying is that people have been so maddened by Trump (whose name Biden never once mentioned) saying that the Wuhan virus originated in China, that it drove maddened white supremacists to attack Asians. As best as I can tell, the attacks against Asians come almost entirely from the Black community – and, more than that, from a segment of the Black community that is not in sympathy with Trump and is therefore unlikely to be influenced by him. What nobody on the left admits is that Blacks have long been hostile to Asians.

5. Biden opened with a nasty swipe at Trump: “A year ago, we were hit with a virus that was met with silence and spread unchecked, denials for days, weeks, then months.”

This was not the truth. In fact, on January 31, Trump stopped travel from China, something every Democrat, from Biden on down, attacked as “xenophobic.” By early March, Trump had swung into action, partnering with the private sector to produce masks, ventilators, pop-up hospitals – and vaccines.

6. Speaking of vaccines, one of the nastiest things about Biden’s speech was his repeated emphasis on how spectacularly his administration had acted with regard to producing and distributing vaccines. This ignored entirely that it was Trump who supercharged their production and distribution. The entire speech was a perfect of example of damnatio memorieae – that is, the cancellation of Trump’s memory as if he never existed.

Trump must have been given a heads-up that Biden would do this for he sent out the following email message on Thursday:

I hope everyone remembers when they’re getting the COVID-19 (often referred to as the China Virus) Vaccine, that if I wasn’t President, you wouldn’t be getting that beautiful “shot” for 5 years, at best, and probably wouldn’t be getting it at all. I hope everyone remembers!

7. The main thrust of the speech was that everyone must get the vaccine (the wonderful Biden vaccine). However, Biden conceded that even with the vaccine, masks and social distancing must continue. Even with everyone vaccinated, by July 4, maybe we can gather with small groups outdoors. In other words, even as we’re all pumped full of a vaccine, nothing will change. But we should trust Biden and remember that we’re all in this together.

8. Here’s the scariest thing Biden said, although he slipped it in so quickly many may not have noticed (emphasis mine): “Fourth, in the coming weeks, we will issue further guidance on what you can and cannot do once fully vaccinatedto lessen the confusion, to keep people safe, and encourage more people to get vaccinated.”

The vaccine, rather than freeing us, will bring us even more tightly under government control as the federal government mandates what can and cannot do.

9. When he’d finished reading the teleprompter, Biden ignored a reporter’s shouted question, turned around, and tottered back down that long, empty hall.

Watch the full speech – if you dare – below:

end
Portland,Oregon
More civil unrest in Portland last night as rioters smash windows set fires
(zerohedge)

Kyle Bass Calls For Law & Order After Portland Rioters Smash Windows, Set Fires Near Courthouse

 
FRIDAY, MAR 12, 2021 – 12:05

Days after a fence surrounding a Portland, Oregon courthouse was taken down for the first time since last summer’s violent riots, protesters gathered outside the building where they smashed windows, set fires and spray-painted graffiti.

 

Law enforcement officers deployed in Portland, Oregon, on Thursday night. (FOX 12 Oregon)

When the courthouse doors were being boarded up, tensions between people and federal officers there erupted. This started a chain reaction of civil unrest and destruction Thursday night, leading authorities to deploy tear gas.

Shortly after 9 p.m., independent journalists tweeted images of smashed windows, burning flags and walls of the courthouse spray-painted with graffiti. A KGW photographer witnessed federal officers using tear gas and projectiles to control the crowd. –KGW8

The crowd was met by federal officers, who used tear gas and other crowd control measures in an attempt to defuse the situation. At least one person was arrested who punched an officer in the face.

 

Law enforcement officers deployed in Portland, Oregon, on Thursday night. (FOX 12 Oregon)

We would note that when Trump sent the feds in to handle Portland violence last July, they were widely referred to as ‘stormtroopers.’

Meanwhile, a group of around 30 people invaded an office building on the 1300 block of Southwest Fifth Avenue.

“Officers arrived and found about 30 people refusing to leave, some smoking inside, some with pets,” police reported in a release. “The situation escalated when people began damaging property, including a television and the front doors to the building.”

Why are people protesting again? According to one journalist at the protest, Black Lives Matter (BLM) supporters cited Portland police and Mayor Ted Wheeler’s stonewalling on a case where a black man was shot several times by police. Also cited are ‘under funded welfare programs while a racist classist police force is buying new armored vehicles’ and ‘homeless are still left to die in the streets.’

The protest comes two weeks after a ‘crazed’ Antifa mob ran wild through the Pearl District of Portland, vandalizing buildings and spray painting anti-police messages.

And so, with Antifa and BLM activists clearly emboldened and back to their Trump-era tactics of violence and destruction, one can’t help but note that the city voted to cut the police budget by $15 millionlast June amid calls to completely defund the force. In November, a push to cut another $18 million from the police budget failed, after Mayor Ted Wheeler admitted it was a ‘mistake’ to do so.

What should be done about Portland’s ‘new normal?’According to Kyle Bass, Chief Investment Officer at Hayman Capital Management, “It’s time to restore law and order in Portland.”

“Federal officers should immediately arrest and detain all violent protesters and remove them from the streets for their felonious behavior,” Bass tweeted on Friday.

How will the media react if Biden sends in his ‘stormtroopers?’

END

TEXAS

Looks like Goldman Sachs is preparing to bailout Texas grid operator ERCOT and thus the squid is getting its tentacles wrapped in Texas’s electrical grid.

(zerohedge)

Is Goldman Sachs Preparing To Bailout Texas Grid Operator, ERCOT?

 
FRIDAY, MAR 12, 2021 – 14:17

The Electric Reliability Council of Texas (ERCOT) that manages Texas’s electrical grid, the Texas Interconnection, which supplies power to more than 25 million Texas customers and represents 90% of the state’s electric load, held talks with Goldman Sach and other financial institutions about financing options bailouts to address the $3.1 billion shortfalls in electricity payments as some energy retailers haven’t paid, defaulted, or have filed for bankruptcy, according to WSJ sources.

Sources said ERCOT is in talks with investment bankers from Goldman Sachs about opening a potential credit facility that would cover the $3.1 billion in shortfalls energy retailers still owe when they bought power last month at exorbitantly high prices due to an Arctic blast and severe winter storms that nearly collapsed the state’s power grid.

On Feb. 24, Kenan Ogelman, ERCOT’s vice-president of commercial operations, warned about a credit crisis developing among market participants who buy power from state’s power grid. ERCOT’s acts as a payment clearinghouse for electricity buyers and sellers, and some of the bills it issued last month have yet to be paid.

With a credit crisis spreading, and already, Brazos Electric Power Cooperative, the largest generation and transmission co-op in the Lone Star State, filed for bankruptcy on Mar. 1 after it could not pay a $1.8 billion bill from ERCOT.

Besides Brazos, Just Energy Group Inc. has also filed for bankruptcy.

shortlist of who owes what was published last week – still billions of dollars in unpaid bills are outstanding.

In the last week, the shortfall has increased from $2.217 billion to $3.1 billion as of Thursday. Some participants, like San Antonio’s public power utility CPS Energy, are objecting to paying ERCOT, filed a lawsuit Friday attempting to block payments to the grid operator.

CPS incurred $1.1 billion in charges after it bought electricity and natural gas last month. CPS said ERCOT’s “extreme confiscatory prices have caused many providers on the Texas power grid to become insolvent. At the moment, there are 22 market participants at risk of going under.

“We are fighting to protect our customers from the financial impacts of the systemic failure of the Ercot market and the outrageous and unlawful costs associated with that failure,” CPS Energy President and CEO Paula Gold-Williams said.

The sources said Goldman and other large institutions have spoken about arranging a credit facility to address the shortfalls and prevent further destabilization among participants, but nothing has been set in stone.

It’s only a matter of time before Goldman, the great vampire squid that it is, wraps its tentacles deep within Texas’ power grid. 

 

end

Michael Snyder on the dramatic escalation of inflation in the uSA

(Courtesy Michael Snyder)

Brace Yourselves For The Most Dramatic Shift In The Standard Of Living Ever

 
FRIDAY, MAR 12, 2021 – 16:21

Authored by Michael Snyder via The Economic Collapse blog,

They are assuring us that we don’t have to be concerned about “inflation” because they have everything under control.  Do you believe them?  The value of the U.S. dollar has been steadily declining for a long time, and most Americans have grown accustomed to having the cost of living rise at a faster pace than their paychecks do.  But over the past 12 months an enormous paradigm shift has begun.  Instead of devaluing our currency a little bit at a time, now our leaders are going “full Weimar”.  Our money supply is growing at an exponential rate, and this is becoming a major national crisis.  As I pointed out yesterday, it took from the founding of our county all the way to 2020 for M1 to reach 4 trillion dollars.  But then from the start of the pandemic to today, M1 has gone from 4 trillion dollars to 18 trillion dollars.  To call that “economic malpractice” would be way too kind.  The truth is that it is complete and utter lunacy, and we are all going to literally pay the price for such madness.

Sadly, inflation is already starting to show up in a major way all throughout our economy.

For example, most Americans have noticed that the price of gasoline has really started to shoot up over the last several weeks

Gas prices have been increasing at the pump for the past few weeks, reaching a national average of $2.77 a gallon as of Monday, which is 39 cents higher than the same time in 2020, according to AAA.

A lot of people are alarmed by this, but the Federal Reserve insists that this is completely normal.

Meanwhile, the price of agricultural commodities has risen by 50 percent over the past year…

The price of agricultural commodities traded on the global stage has shot up by 50 percent since the middle of 2020, according to economists at Rabobank.

In a new report, the bank pins the lift in the price of wheat, corn, soy, sugar, and a range of other commodities on the northern La Niña, a weakening US currency, market speculators, and rising demand from importing nations.

As those prices are passed along to the consumer, you will be paying more for groceries at your local supermarket, but authorities assure us that prices will stabilize once the economy returns to “normal”.

The good news is that at least the price of food is not rising as fast as the price of lumber is

Lumber prices have increased more than 180 percent since last spring, and this price spike has caused the price of an average new single-family home to increase by $24,386 since April 17, 2020, according to the NAHB standard estimates of lumber used to build the average home.

Now that is some serious inflation!

There are so many people that have had to put their plans to build a home on hold in recent months because the price of lumber has gotten so ridiculously high.

But the experts at the Fed insist that those that are warning of hyperinflation just have wild imaginations.

Over the course of the past year, our leaders have pumped trillions and trillions and trillions of dollars into the system, and all of that money has to go somewhere.

In such a highly inflationary environment, this sort of a thing can happen

A digital collage by American artist Beeple which exists only as a JPG file sold Thursday for a record $69.3 million at Christie’s, fetching more money than physical works by many better-known artists.

‘Everydays: The First 5,000 Days’ became the most expensive ever ‘non-fungible token’ (NFT) – a collectible digital asset that uses blockchain technology to turn virtual work into a unique item – after being listed at the start of the two-week auction for only $100.

The U.S. dollar is being transformed into “toilet paper money”, and we are rapidly approaching the point of no return.

At least if our paychecks were rising as fast as the cost of living was, American families would be able to keep up with the escalating prices.

But of course that is not happening, and more Americans are falling out of the middle class with each passing day.

In fact, vast numbers of formerly middle class Americans no longer have jobs at all.  Last week another 712,000 Americans filed new claims for unemployment benefits, and the number of claims continues to hover around “four times the typical pre-crisis level”

Weekly jobless claims have remained stubbornly high for months, hovering around four times the typical pre-crisis level, although it’s well below the peak of almost 7 million that was reached when stay-at-home orders were first issued a year ago in March.

There are roughly 10 million fewer jobs than there were last year in February before the crisis began.

This is not what an “economic recovery” looks like.

The truth is that the U.S. economy is broken, and the only solution our leaders have is to print, borrow and spend even more money.

Now Biden and his minions are about to pump another 1.9 trillion dollars into the system.

Do you think that will make the inflation crisis better or do you think that it will make it worse?

You don’t need to answer, because the answer is self-evident.

As prices soar into the stratosphere, life is going to become increasingly difficult for most Americans.

If your income does not rise as fast as prices are going up, your standard of living will go down.

Of course you will be far from alone.  The vast majority of Americans are about to experience a dramatic shift in the standard of living, and most of the population doesn’t even realize what is happening.

All they know is that more government checks are on the way, and most of them are absolutely thrilled about that.

But all of this printing, borrowing and spending has put us on a path to national financial suicide.

As we continue to recklessly destroy the value of our currency, other nations will begin to realize that a move to a different reserve currency is needed.

And once the U.S. dollar is no longer the reserve currency of the world, there will never be any going back to the “good old days”.

We are so close to the economic endgame, and the word “collapse” is not nearly strong enough to describe what is eventually going to happen to us.

*  *  *

Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.

iv) Swamp commentaries

Minneapolis Agrees To Record Settlement In George Floyd Wrongful Death Lawsuit

 
FRIDAY, MAR 12, 2021 – 15:00

Roughly 10 months after George Floyd’s fatal encounter with four Minneapolis Police Officers, the city has reached a settlement with the man’s family, agreeing to a $27MM payoff to avert what would likely have been a bruising civil court battle.

Floyd’s family, with the aide of attorney Benjamin Crump, filed a lawsuit against the city back in July, roughly two months after Floyd was killed during an altercation with officer Derek Chauvin and three others. A video showing Chauvin kneeling on Floyd’s neck went viral shortly after, causing an international controversy. Chauvin is about to face trial on murder and manslaughter charges, while the three other officers who were present will face charges of abetting murder later this year.

The settlement was unanimously approved by the Minneapolis City Council on Friday; it’s the largest pre-trial settlement in a civil rights wrongful death case in American history.

“George Floyd’s horrific death, witnessed by millions of people around the world, unleashed a deep longing and undeniable demand for justice and change,” said Crump, the civil rights attorney representing the Floyd family. “That the largest pre-trial settlement in a wrongful death case ever would be for the life of a Black man sends a powerful message that Black lives do matter and police brutality against people of color must end.”

“It was the knee of the entire Minneapolis Police Department on the neck of George Floyd that killed him,” Ben Crump, the prominent civil rights lawyer who is among those representing Mr. Floyd’s family, said at the time.

The NYT pointed out that the Minneapolis settlement follows several other large settlements in high-profile police killings, including a $12MM payout in September from Louisville over the killing of Breonna Taylor, a Black woman, last March. Minneapolis had previously paid one of the largest settlements in a police misconduct lawsuit in May 2019 when the city agreed to pay $20MM to the family of Justine Ruszczyk, a white yoga instructor who was fatally shot by Mohamed Noor, a Black Minneapolis police officer, in 2017.

Some of the money (about $500K) will be given in a donation to “the community” at 38th Street and Chicago Avenue, where the fatal encounter between Floyd and the police took place.

The fact that Minneapolis agreed to such a large settlement doesn’t bode well for Chauvin. A judge ruled that the former officer will face both third- and second-degree murder counts, along with a manslaughter count, as the prosecution seeks to ensure that at least one charge will stick. Conviction on either murder count could see Chauvin spend decades – if not the rest of his life – in prison. As Jonathan Turley wrote earlier, the prospects for more violence during Chauvin’s trial are increasing. Already, at least one juror has been excused after expressing concerns about threats and protesters gathering outside their home. There are already protesters outside of the courthouse and a new “autonomous zone” in the city that is being criticized by police groups. Minneapolis likely hasn’t seen the end of the unrest stemming from an incident that inspired a wave of rioting and protests last year.

END
Holy crap!! What a bummer!!!
(Adam Andrzejewski/Real Clear Policy)

San Francisco’s Poop-Patrol Boss Made $380K, Didn’t Do Crap, And Has Been Charged With Corruption

BY TYLER DURDEN
FRIDAY, MAR 12, 2021 – 16:40

Authored by Adam Andrzejewski via RealClearPolicy (emphasis ours)

In 2019, we highlighted a tripling in reported human waste in the public way. Citizens filed 10,644 complaints in 2014 and the number of complaints escalated to 30,996 cases by 2019.

Our auditors mapped 118,352 case reports of human waste on city streets – from 2011 to 2019.

Certainly, the poop was deep in San Francisco, but then things really hit the fan.

And the FBI stepped in.

Mohammed Nuru, the public works director and self-titled @MrCleanSF, was in charge of keeping city streets clean and oversaw a $500 million budget. He was indicted by the Department of Justice (DOJ) in 2020

Nuru was charged with one count of alleged public corruption and is innocent until proven guilty. “The complaint describes a web of corruption involving bribery, kickbacks, and side deals by one of San Francisco’s highest-ranking city employees,” said U.S. Attorney David L. Anderson. “The public is entitled to honest work from public officials, free from manipulation for the official’s own personal benefit and profit.”

Nuru was well paid in his futile attempt to keep San Francisco streets clean. His total taxpayer-funded cash compensation in 2019 was $380,120, and his base salary had jumped by $65,000 over eight years. Our auditors at OpenTheBooks.com compiled Nuru’s pay based on Freedom of Information Act requests filed with the City of San Francisco.

Currently, the federal investigation that snared Nuru has charged nine people with one already sentenced.

It seems the streets might not be the only thing dirty in the Bay Area.

The #WasteOfTheDay is presented by the forensic auditors at OpenTheBooks.com.

end
 

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

Fed analysis warns of ‘economic ruin’ when governments print money to pay off debt  Nov 25, 2019
“A solution some countries with high levels of unsustainable debt have tried is printing money. In this scenario, the government borrows money by issuing bonds and then orders the central bank to buy those bonds by creating (printing) money,” wrote Scott A. Wolla and Kaitlyn Frerking. “History has taught us, however, that this type of policy leads to extremely high rates of inflation (hyperinflation) and often ends in economic ruin.”… https://www.cnbc.com/2019/11/25/fed-economists-warn-of-inflation-and-economic-ruin-if-mmt-is-adopted.html

The ECB, as expected, increased its QE scheme.  Stocks soared.  However, the ECB did not specify how much QE they would do and the ECB “opted to leave its Pandemic Emergency Purchase Program, or PEPP, unchanged, at a total of 1.85 trillion euros ($2.21 trillion) due to last until March 2022.’
https://www.cnbc.com/2021/03/11/ecb-decision-meeting-march-2021-rates-.html

European Stocks Gains as the ECB Steps Up Pace of Bond Buying
German 10-year bond yields fell as much as five basis points to minus 0.37%. Italy’s yield gap over Germany narrowed five basis points to 94 basis points… “We expect to see an actual increase in PEPP weekly purchases, probably between 20-25 billion euros a week.”…
https://www.bloombergquint.com/onweb/europe-s-bonds-gain-after-ecb-says-it-will-step-up-purchases

The ECB opted on Thursday to leave its Pandemic Emergency Purchase Program, or PEPP, unchanged, at a total of 1.85 trillion euros ($2.21 trillion) due to last until March 2022…

Lagarde Says ECB will See Through Temporary Inflation Spikes
Lagarde: ECB PEPP Purchase Pace Decision was by Consensus
Lagarde Says PEPP Purchases Won’t Jump Right Away
Lagarde: Risks have become more balanced

Christine Lagarde, President of the ECB
First, we 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 the Governing Council judges that the coronavirus crisis phase is over… We will continue to reinvest the principal payments from maturing securities purchased under the PEPP until at least the end of 2023… Third, the Governing Council decided to keep the key ECB interest rates unchanged. We expect them to remain at their present or lower levels until we have seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2 per cent within our projection horizon…
    These projections foresee annual real GDP growth at 4.0 per cent in 2021, 4.1 per cent in 2022 and 2.1 per cent in 2023… Euro area annual inflation increased sharply to 0.9 per cent in January and February 2021, up from -0.3 per cent in December… This assessment is broadly reflected in the baseline scenario of the March 2021 ECB staff macroeconomic projections for the euro area, which foresees annual inflation at 1.5 per cent in 2021, 1.2 per cent in 2022 and 1.4 per cent in 2023…
https://www.ecb.europa.eu/press/pressconf/2021/html/ecb.is210311~d368d7151a.en.html

@ecb: ECB staff macroeconomic projections for the euro area (March 2021) https://ecb.europa.eu/pub/projections/html/ecb.projections202103_ecbstaff~3f6efd7e8f.en.html
Projection charts and tables https://ecb.europa.eu/pub/pdf/other/

ESHs soared from 20:00 ET on Wednesday night until Europe opened at 3:00 ET.  ESHs then trade sideways until the end of the first hour of NYSE trading.  There was no reaction to the ECB or Lagarde’s dovishness because the market expected the ECB to increase its QE.  Pajama traders dumped their pumped up ESH holding into the legions of retail and other buyers during the first hour of NYSE trading.

After 10:30 ET, ESHs and US stocks soared.  It was time to get long for Biden’s Trillions announcement.  The rally intensity peaked with the European close.  ESHs and stocks then effectively traded sideways, with two minor new highs, until they broke lower at 14:45 ET.  ESHs and stocks declined into the close.

Biden signed the $1.9 trillion blue-state bailout bill just after 14:00 ET, a day earlier than scheduled.

@charliespiering: Biden brings reporters in to see him sign the bill – thumps the pen down on the desk, gets up and leaves without taking questions.  [This is the new USA.]

McConnell trashes Biden’s COVID relief package as ‘multitrillion-dollar Trojan horse’
Also accused Democrats of wanting “to sprint in front of the parade and claim credit” for this year’s likely economic comeback… “This wasn’t a bill to finish off the pandemic, it was a multitrillion-dollar Trojan horse full of bad old liberal ideas,” the minority leader argued. “President Biden’s own staff keep calling this legislation quote ‘the most progressive bill in American history.’ Hardly the commonsense bipartisanship that the president promised.”… a $350 billion bailout for state and local budgets unrelated to pandemic needs, with strings attached to stop states from cutting taxes on their own citizens down the road
    “Agricultural assistance conditioned not on specific financial need but solely on the demographics of the farmer, which some liberal activists are celebrating as reparations,” McConnell spotlighted…
https://www.foxnews.com/politics/mcconnell-biden-covid-relief-package

Farmers react to billions in COVID-19 relief bill for Black farmers: ‘Where did common sense go?
The $1.9 trillion coronavirus relief package that President Biden is set to sign includes billions of dollars in debt relief and other assistance for farmers of color.  But the incorporation of race-based criteria for that relief is leaving other farmers scratching their heads… [Unconstitutional; but this the new USA.]
https://www.foxnews.com/politics/farmers-covid-debt-relief-bill-black-billion

Biden’s pick for Treasury undersecretary quietly starts work to rein in Wall Street
Republicans believed she had played a key role as a Fed staffer in a post-crisis wave of rulemaking that went too far… Following the 2008 crisis Liang played a key role in designing and implementing the first “stress tests,”… Liang’s view on the hot topic of leverage limits for megabanks like JPMorgan Chase & Co. and Citigroup Inc. may set up a clash with the industry. She’s argued that letting banks game what they include among their assets will “undermine the primary value” of the existing rules
    She’s also been critical of the Fed’s moves to blunt the edges of the annual bank stress tests. More generally, she contended in a July 2019 essay that bank capital levels need to be held at least as high as they’ve been…  https://t.co/FsoP5aCAdW

Wall Street wanted Biden and funded Biden.  We hope the Street gets what it deserves now.

What Pollsters Should Be Asking about the COVID-Stimulus Bill
For starters: ‘Do you support a bill that sends only 7 percent of its funds to help alleviate the effect of COVID?’    https://www.nationalreview.com/2021/03/what-pollsters-should-be-asking-about-the-covid-stimulus-bill/amp/

@thehill: Dem Rep. Ilhan Omar: “I introduced the Rent and Mortgage Cancelation Act, which would permanently cancel all rent and mortgage payments until April 2022.” [This is the new USA.]
https://twitter.com/thehill/status/1370124002635694080

@Breaking911: Kroger to close 3 Los Angeles stores after city officials mandated a $5 pay increase for grocery and pharmacy workers – CBS LA   Those 3 stores currently pay employees an average of $18 an hour, $24 when considering benefits.

The Fed balance sheet grew $22.377B on the monetization of $20.137B of US notes and bonds.
https://www.federalreserve.gov/releases/h41/current/

US Household Wealth Hits Record $130 Trillion as “Top 1%” Have Never Been Richer While Poor Drown in Debt – Roughly 75% of the $7.6 trillion increase in assets went to benefit just 10% of the population, who also account for roughly 76% of America’s financial net worth. It also means that just 10% of the US population is worth roughly $90 trillion, while half of the US population was virtually no wealth, and if anything it is deeply in debt…
https://www.zerohedge.com/markets/us-household-wealth-hits-record-130-trillion-top-1-have-never-been-richer-while-poor-drown

The US 5-year Breakeven Rate surged yesterday to a high of 2.5788%.

@charliebilello: Jerome Powell says inflation is still “soft,” that we need much more of it to “help” the little people. His net worth is reportedly over $50 million so he certainly understands their plight and how rising prices with no assets and a low income are really good for the common man.

King Report on Thursday: 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…

Will February PPI accurately reflect the price increases in wholesale gasoline and oil?  Not a chance!

The Mainichi newspaper: BoJ Plans to Scrap 6 Trln Yen ETF Purchase Goal

Biden gave a Thursday primetime Covid address.  In the introductory, The Big Buy slammed Trump and then spread doom & gloom: “Things may get worse again as new variants of the virus spread… We may have to reinstate restrictions…If we do our part… by July 4, there’s a good chance you, your families, and friends will be able to get together in your backyard…Small groups will be able to get together…
https://www.foxnews.com/politics/biden-states-vaccine-eligibility-may

@joelpollak: Biden just called the last year the darkest period in American history. I dunno… Civil War, influenza pandemic, slavery…

@IngrahamAngle: This was supposed to be an uplifting speech—but it felt and sounded more like a funeral for America.

Biden Authorizes 4,000 Active-Duty Troops to Mobilize Across United States to Push Vaccination Effort – The executive statement declared that all Americans will be eligible for vaccinations by May 1st, purportedly putting the nation on a track ‘closer to normal’ by July 4th…
https://beckernews.com/president-biden-authorizes-4000-active-duty-troops-to-mobilize-across-united-states-to-push-vaccination-effort-37663/

@JackPosobiec: Biden only made it 23 minutes and took no questions

@SharylAttkisson: 1-Please note: there was an important mistake in President Biden’s speech. He said “Everyone should get vaccinated.” That is contrary to the actual advice from public health experts…
https://twitter.com/SharylAttkisson

@Liz_Wheeler: The irony of a politician telling us who we are allowed to hang out with on Independence Day is, I’m sure, lost on all liberals.

After misleading on vaccines, Biden claims credit for work started by the Trump administration
https://youtu.be/dXTb-0K06YM

Trib’s top columnist John Kass: How long can President Biden hide from real news conferences?
Many of the Beltway media are Democrats and support Biden’s policies. They covered for him during the campaign as he hid in the basement…they’ll have to look in the mirror and ask themselves: With Trump gone, are they ready to become journalists again? Or are they content to be political operatives?…
https://www.chicagotribune.com/columns/john-kass/ct-prem-joe-biden-basement-john-kass-20210310-34jc5kc77jfdvhiiq466vxltjq-story.html

Exclusive report from @GillianHTurner – Top General of the National Guard opposed keeping troops in DC but was overturned by Biden administration https://twitter.com/johnnydollar01/status/1370080345119461381

Schumer Warns Joe Biden on Border Policy: ‘You’ve Got to Do Better’ [Poll-driven admonition]
https://www.breitbart.com/immigration/2021/03/11/chuck-schumer-warns-joe-biden-border-policy-youve-got-do-better/

Evidence of Packages to Georgia Election Center in Nov, From China Emerge, As CCP Takes Over Hong Kong Elections – “After checking the tracking number on the package above, we see the shipment (apparently 7 packages) was received in April of 2020 in Texas, shipped from China. The question is – what was in the packages, and how did they end up in Fulton County, GA?” DC Media reported Tuesday.
https://djhjmedia.com/kari/ccp-rising-evidence-of-packages-to-georgia-election-center-in-nov-from-china-emerge-as-ccp-takes-over-hong-kong-elections/

@AriFleischer: Look at that. NY requires ID for COVID vaccinations – a driver’s license, passport or other proof of residency. Why is it ok to require ID to save someone’s life, but not ok for voting?  Asking for IDs is sensible, here and for voting.

GOP Rep @SteveScalise: House Democrats just REJECTED an amendment that would have required ICE to be notified if an illegal immigrant tries to buy a gun.  But they’re fine taking away the gun rights of law-abiding American citizens.

@JackPosobiec: The US military is trying to shut down a member of the press [Tucker Carlson] for criticizing them. Seems like kind of a big deal.

@greg_price11: I’m glad that the military is currently more focused on Tucker saying that pregnant women shouldn’t fight wars than China developing the largest Navy in the world. Very reassuring.

@ColumbiaBugle: Tucker Carlson Segment From A Few Nights Back That the Left Is Whining About Today: Joe Biden Is Making A Mockery of The United States Military.  Tucker Discusses How China Is Focusing on Cultivating Masculinity In Their Military While The U.S. Military Embraces Woke Politics.
https://twitter.com/ColumbiaBugle/status/1370114537882460160

De Blasio: Cuomo ‘can no longer serve as governor’ amid sexual assault allegations https://trib.al/eOI07Wb

New York State Assembly Speaker authorizes impeachment inquiry into Gov. Andrew Cuomo
https://justthenews.com/government/new-york-state-assembly-speaker-authorizes-impeachment-inquiry-gov-andrew-cuomo

Criticizing Public Figures, Including Influential Journalists, is Not Harassment or Abuse
As social media empowers uncredentialed people to be heard, society’s most powerful actors seek to cast themselves as victims and delegitimize all critiques.
https://greenwald.substack.com/p/criticizing-public-figures-including

@brithume: This is just pathetic. The Times should have told Ms. Lorenz that this is America where journalists who are free to use their platforms to criticize others should expect to be criticized, sometimes, harshly and unfairly, in return. That is not harassment. Get a grip  

@CWBChicago: Man stole $5,000 worth of high-end liquor from River North restaurant while on parole for his 15th felony, prosecutors say.  “I’m doing pretty good on the second chance program,” he tells judge during his bond hearing. 
https://cwbchicago.com/2021/03/15-time-felon-stole-4950-worth-of-high-end-booze-from-tao-prosecutors-say.html

Liars are more likely to believe other lies, study says     https://trib.al/PgrlfUP

END

Let us wrap up the week with this offering courtesy of Greg Hunter

Biden Vax Push, Trump RINO War, Economic Update

By Greg Hunter’s USAWatchdog.com (WNW 471 3.12.21)

Vice President Biden (I refuse to call him President as he was cheated in) went on television tonight to give an update on his Covid plans for the nation.  What it boiled down to was a pep talk to convince all people to get vaccinated.  Of course, VP Biden left out the fact that the vaccination is totally experimental, and they have no idea what the long term downside effects will be. The FDA approved these vaccines on an emergency basis only.  I ask why not take HCQ, zinc and Ivermectin.  These have been proven effective in fighting CV19 and have zero downside risk.

Republicans are in a total civil war.  It’s between President Trump and his 80 million voters against the RINO swamp creatures in D.C.  These RINO weasels at the RNC want to use the Trump name to raise money, and Trump told them to “cease and desist.”  President Trump wants zero money going to RINOs, and Trump has his own political action committee to divert money away from the RINO rich RNC.  It’s called “Save America PAC.”  This is war, and look for President Trump to raise enough money to stage a hostile takeover of the Republican National Committee.

Biden signed into law the $1.9 trillion Covid relief bill, but it really is nothing more than a pork filled blue state bailout.  Biden is promising more money printing for more pork.  Is this how the dollar dies?  With massive money printing in the trillions in pork and waste from both parties.  The money printing has gone parabolic according to FED data, and there is no end in sight.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up.

(To Donate to USAWatchdog.com Click Here)

end

Well that is all for today

I will see you MONDAY night.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

<span>%d</span> bloggers like this: