MARCH 16//HUGE RUN ON THE BANK (COMEX) IN GOLD AND SILVER AGAIN TODAY: GOLD UP $2.00 TO $1732.45//SILVER DOWN 25 CENTS ON A FAILED RAID ATTEMPT//GOLD STANDING AT THE COMEX NORTH OF 26 TONNES/SILVER STANDING 55 MILLION OZ//CORONAVIRUS UPDATE/VACCINE UPDATE//RETAIL SALES COLLAPSE/USA INDUSTRIAL PRODUCTION PLUNGES//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1732.45 UP $2.00   The quote is London spot price

Silver:$25.96. DOWN  $0.25   London spot price ( cash market)

PLATINUM AND PALLADIUM PRICES BY KITCO

PLATINIUM  $1210.00 UP $1.00

PALLADIUM:2402.00 UP $98.00. PER OZ

Closing access prices:  London spot//GOLD AND SILVER

i)Gold : $1731.60  LONDON SPOT  4:30 pm

ii)SILVER:  $25.95//LONDON SPOT  4:30 pm

Editorial of The New York Sun | February 1, 2021

end

Editorial of The New York Sun | February 1, 2021

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COMEX DATA

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

receiving today0/9

EXCHANGE: COMEX
CONTRACT: MARCH 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,728.900000000 USD
INTENT DATE: 03/15/2021 DELIVERY DATE: 03/17/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 3
435 H SCOTIA CAPITAL 3
523 H INTERACTIVE BRO 3
737 C ADVANTAGE 9
____________________________________________________________________________________________

TOTAL: 9 9
MONTH TO DATE: 8,221

issued:  0

Goldman Sachs:  stopped:  0

NUMBER OF NOTICES FILED TODAY FOR  MAR. CONTRACT:  9 NOTICE(S) FOR 900 OZ  (0.2799 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  8221 NOTICES FOR 822900  OZ  (25.570 tonnes)

SILVER//MAR CONTRACT

 

168 NOTICE(S) FILED TODAY FOR 840,000  OZ/

total number of notices filed so far this month: 9937 for 49,685,000  oz

 
 

BITCOIN MORNING QUOTE  $55,315,  DOWN 1312 dollars

BITCOIN AFTERNOON QUOTE.:$55,706  DOWN 921  DOLLARS .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

Gold

WITH GOLD UP $2.00  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

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

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

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

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//:A HUGE WITHDRAWAL OF: 1.75 PAPER TONNES FROM THE GLD.

GLD: 1,050.32 TONNES OF GOLD//

Silver

WITH SILVER DOWN 25 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 162.35 UP $0.15 OR  0.09%

XXXXXXXXXXXXX

SLV closing price NYSE 24.10  down $0.23 OR 0.95%

 
 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A STRONG SIZED 1197 CONTRACTS FROM 155,732 UP TO 156,929, AND CLOSER TO  A NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR $0.35 GAIN IN SILVER PRICING AT THE COMEX  ON MONDAY. 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 1620 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:  375,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  0 MAY:  375 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 375 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

54.890 MILLION OZ INITIAL STANDING FOR MARCH 2021

MONDAY, AGAIN OUR CROOKS USED COPIOUS PAPER TRYING TO LIQUIDATE SILVER’S PRICE …AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.35) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS.  WE HAD A STRONG GAIN OUR TWO EXCHANGES (1572 CONTRACTS). NO DOUBT THE TOTAL GAIN IN OI IN OUR TWO EXCHANGES WERE DUE TO i) HUGE BANKER/ALGO SHORT COVERING// STRONG REDDIT RAPTOR BUYING//.  WE ALSO HAD  ii)  A 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:

12,431 CONTRACTS (FOR 12 TRADING DAY(S) TOTAL 12,431 CONTRACTS) OR 62.155 MILLION OZ: (AVERAGE PER DAY: 1036 CONTRACTS OR 5.17 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR: 62.155 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: 62.155. 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: 62.155 MILLION OZ  (DRAMATICALLY SLOWING DOWN AGAIN)

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1245, WITH OUR STRONG  $0.35 GAIN IN SILVER PRICING AT THE COMEX ///MONDAY .…THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 375 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A STRONG SIZED GAIN OF 1620 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $0.35 GAIN IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  375 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A STRONG SIZED INCREASE OF 1197 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.35 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.21 //MONDAY’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: 168 NOTICE(S) FOR  840,000, OZ OF SILVER.

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

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND.  TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN  (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT)

 

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A GOOD SIZED 5955 CONTRACTS TO 471,931, 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  INCREASE IN COMEX OI OCCURRED WITH OUR GAIN IN PRICE  OF $8.85///COMEX GOLD TRADING/MONDAY.WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION.. WE ALSO HAD A STRONG ADVANCE IN GOLD STANDING  AT THE COMEX TO 26.139 TONNES FOR MARCH..

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF $8.85 WITH RESPECT TO MONDAY’S TRADING

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

WE HAD A STRONG SIZED GAIN  OF 8,653 CONTRACTS 26.92 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 2,698 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  2698 AND JUNE:  0  ALL OTHER MONTHS ZERO//TOTAL: 2,698.  The NEW COMEX OI for the gold complex rests at 471,921. 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 STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 8,653 CONTRACTS: 5955 CONTRACTS INCREASED AT THE COMEX AND 2,698 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 8653 CONTRACTS OR 26.92 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2698) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI  (5955 OI): TOTAL GAIN IN THE TWO EXCHANGES:  8,653 CONTRACTS. WE NO DOUBT HAD 1 ) HUGE BANKER SHORT COVERING AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.) STRONG ADVANCE STANDING AT THE GOLD COMEX FOR THE FRONT MAR. MONTH T0 26.139 TONNES3) ZERO LONG LIQUIDATION,  /// ;4) GOOD COMEX OI GAIN AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS HAPPENED WITH OUR  GAIN IN GOLD PRICE TRADING/MONDAY//$8.85!!. 

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 : 47,364, CONTRACTS OR 4,736,400 oz OR 147.32 TONNES (12 TRADING DAY(S) AND THUS AVERAGING: 3947 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 12 TRADING DAY(S) IN  TONNES: 138.93 TONNES

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

THUS EFP TRANSFERS REPRESENTS 147.32/3550 x 100% TONNES =4.14% 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:.147.32 TONNES (STRONG AGAIN//EQUAL TO JANUARY)

 

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

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

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A STRONG SIZED 1197 CONTRACTS FROM 155,732 UP TO 156,929 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE STRONG SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) HUGE BANKER SHORT COVERING//ALGO SHORT COVERING//REDDIT RAPTOR BUYING , 2) A 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 375 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: 375 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 700 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 1197 CONTRACTS AND ADD TO THE 375 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED GAIN OF 1572 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 7.860 MILLION  OZ, OCCURRED WITH OUR $0.35 GAIN IN PRICE///

 

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

 

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 26.79 PTS OR .78%   //Hang Sang CLOSED UP 193.93 PTS OR .67%    /The Nikkei closed UP 154.12 POINTS OR 0.50%//Australia’s all ordinaires CLOSED UP 0.85%

/Chinese yuan (ONSHORE) closed UP AT 6.4988 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4988. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4978 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 
 
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE  BY GOOD SIZED 5955 CONTRACTS TO 471,921 MOVING CLOSER TO  THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS COMEX INCREASE OCCURRED WITH OUR GAIN OF $8.85 IN GOLD PRICING MONDAY’S COMEX TRADING)… WE ALSO HAD A SMALL EFP ISSUANCE (2,698 CONTRACTS). THE BANKERS ARE MIGHTILY SCARED OF LONGS STANDING FOR DELIVERY.  ON MONDAY’S SESSION WE NO DOUBT HAD AGAIN  1)  HUGE BANKER SHORT COVERING//ALGO SHORT COVERING,  2) ZERO LONG LIQUIDATION AND 3)ANOTHER  HUGE//ATMOSPHERIC  ADVANCE IN STANDING AT THE GOLD  COMEX//MAR. DELIVERY MONTH(25.7503. TONNES) (SEE BELOW) …  AS WE ENGINEERED A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 8,653 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 2,698 EFP CONTRACTS WERE ISSUED:  ; FEB// ’21  0 AND APRIL:  2,698, JUNE:  0 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2,698  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.

HOWEVER, WHEN WE HAVE BACKWARDATION, THE OPPOSITE IS TRUE. EFP ISSUANCE IS VERY COSTLY BUT THE REAL PROBLEM IS THE SCARCITY OF METAL AND IT IS FAR BETTER FOR OUR BANKERS TO PAY OFF INDIVIDUALS THAN RISK INVESTORS ESPECIALLY FROM LONDON STANDING FOR DELIVERY. LONDON IS OUT OF METAL.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED 8653 TOTAL CONTRACTS IN THAT 2698 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GOOD SIZED  COMEX OI  OF 5955 CONTRACTS.WE HAVE A STRONG AMOUNT OF GOLD STANDING FOR MARCH  (26.139 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 $8.855)., AND WERE  UNSUCCESSFUL IN FLEECING ANY LONGS  AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED A STRONG 28.49 TONNES,  ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR MAR (26.139 TONNES)..I  STRONGLY BELIEVE THAT 0UR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE SMALL GAIN IN COMEX OI IS DUE TO BANKER SHORT COVERING IN A BIG WAY.  THEY ARE LOOKING OVER THEIR SHOULDERS AND WITNESSING MASSIVE SILVER SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”. 

NET GAIN ON THE TWO EXCHANGES :: 8653 CONTRACTS OR 865,300 OZ OR  26.92  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:  471,921 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 47.19 MILLION OZ/32,150 OZ PER TONNE =  1467 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1467/2200 OR 66.71% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX TODAY: 181,254 contracts// volume  poor//

CONFIRMED COMEX VOL. FOR YESTERDAY:  186,247 contracts//  volume:  poor–/ //most of our traders have left for London

 

MARCH 16 /2021

 
INITIAL STANDINGS FOR MAR COMEX GOLD
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
327,532.483 oz
 
 
BRINKS
JPMORGAN
(2175 kilobars)
MALCA
(2000 kilobars)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz nil
OZ
Deposits to the Customer Inventory, in oz
 
NIL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
9  notice(s)
900 OZ
(0.02799 TONNES
 
No of oz to be served (notices)
183 contracts
(18,300oz)
 
0.5692 TONNES
 
 
 
Total monthly oz gold served (contracts) so far this month
8221 notices
822,100 OZ
25.570 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 

We had 0 deposit into the dealer

 
 
 
 
 
 
total deposit:  nil   oz
 
 
 

total dealer withdrawals: nil oz

we had 0 deposits into the customer account

3 withdrawals from  the customer account (2/3 were kilobar transactions)

 
 
 
i) Out of Brinks  193,302.058 oz
ii) Out of Malca: 64,302.000 oz  (2,000 kilobars)
iii) Out of JPMorgan: 69,928.425 oz (2175 kilobars)
 
 
 
 
 
 
 
 
 
total withdrawals:  327,532.483  (10.187 tonnes)
 
 
 
 
 
 
 

We had 3  kilobar transactions

ADJUSTMENTS  2:  dealer to customer

Brinks:  400.400 oz

HSBC: 129,536.379 oz (4029 kilobars)

 

The front month of MAR registered a total of 192 CONTRACTS FOR A GAIN OF 123 CONTRACTS. WE HAD 2 NOTICES FILED ON  MONDAY SO WE GAINED ANOTHER 125 CONTRACTS OR AN ADDITIONAL 12500 OZ OR 0.3888 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 6165 contracts to stand at 210,101  

APRIL SAW A RATHER LARGE LIQUIDATION EARLY IN THE MONTH BUT IT HAS NO REVERTED TO ITS NORMAL ROLL

MAY GAINED ANOTHER 47 CONTRACTS TO STAND AT 378

JUNE GAINED  11,519 CONTRACTS UP TO 203,389

We had 9 notice(s) filed today for 900 oz

FOR THE MAR 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 9  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 3 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 (8221) x 7503 oz , to which we add the difference between the open interest for the front month of  (MAR // 192 CONTRACTS ) minus the number of notices served upon today 9 x 100 oz per contract) equals 824,700 OZ OR 25.7503 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 8221 x 100 oz  + ( 192 OI for the front month minus the number of notices served upon today (9} x 100 oz which equals 840,400 oz standing OR 26.139 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 STRONG 125 CONTRACTS OR AN ADDITIONAL,12500 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 488.94 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 25.7503 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,021,204.610 oz or 560.53 tonnes
 
 
total weight of pledged:  2,301,674.057 oz or 71.59 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 15,719,530.0  (488,94 tonnes) a  drop of 4.1 tonnes from Monday
 
 
 
true registered gold  (total registered – pledged tonnes  15,719,530.0 (488.94 tonnes)
 
 
 
total eligible gold: 19,971,640.564 , oz (621.20 tonnes)
 
 

total registered, pledged  and eligible (customer) gold 37,992,845.174 oz or 1,181.73 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1055.39 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 16/2021

And now for the wild silver comex results

 
 

And now for the wild silver comex results

INITIAL STANDING FOR SILVER/MAR

MAR. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 
2,116,344.826 oz
 
Brinks’
CNT
Delaware
HSBC
JPMorgan
Manfra
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
 
603,876.860 oz
CNT
Delaware
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
168
 
CONTRACT(S)
(840,000 OZ)
 
No of oz to be served (notices)
1113 contracts
 5,565,000 oz)
Total monthly oz silver served (contracts)  9937 contracts 49,685,000 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 2 deposits into the customer account (ELIGIBLE ACCOUNT)

i) Into CNT:  599,082.860 oz
ii) Into Delaware: 4794.000 oz
 
 
 

JPMorgan now has 192.150 million oz of  total silver inventory or 51.31% of all official comex silver. (192.150 million/374.425 million

total customer deposits today:  nil   oz

we had 6 withdrawals:

 
 
i) out of CNT 609,875.170 oz
 
 
ii) Out of  Delaware  9785.640 oz
iii) Out of Manfra:  1,205,868.240 oz
iv) JPMorgan:  34,239.000 OZ
v)  HSBC:  208,931.300 oz
vi) Brinks:  49,645.476 oz
 
 
 
 
 
 
 

total withdrawals 2,116,344.826   oz

5th day in a row more than 1 million oz net of silver leaves the comex//today 1.50 million

We had 1 adjustment: dealer to customer Manfra

4958.650 oz

 

Total dealer(registered) silver: 127.797million oz

total registered and eligible silver:  374.475 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

MARCH saw a GAIN of 93contracts to stand at 1209. We had 3 contracts served on MONDAY, so we  GAINED A STRONG 96 contracts or an additional 480,000 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  59 contracts to stand at 2527

May GAINED 902 contracts to stand at  125,156 contracts.

Both April and May are going to be dandy delivery months.

The total number of notices filed today for MARCH 2021. contract month is represented by 168 contract(s) FOR 840,000 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  9937 x 5,000 oz = 49,685,000 oz to which we add the difference between the open interest for the front month of MAR (1209) and the number of notices served upon today 168 x (5000 oz) equals the number of ounces standing.

Thus the MAR standings for silver for the MAR/2021 contract month: 9937 (notices served so far) x 5000 oz + OI for front month of MARCH(1209- number of notices served upon today (168) x 5000 oz of silver standing for the Jan contract month .equals 54,890,000 oz. ..VERY STRONG FOR AN ACTIVE MAR MONTH.

We GAINED 96 contracts or an additional 480,000 oz will stand for delivery as the refused to  morph into London based forwards.

TODAY’S ESTIMATED SILVER VOLUME 48,484 CONTRACTS // volume poor// volumes falling off a cliff//

FOR YESTERDAY  52,074  ,CONFIRMED VOLUME//poor

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 +0.51% ((MAR 16/2021)

2. Sprott gold fund (PHYS): premium to NAV RISES TO –1.98% to NAV:   (MAR 16/2021 )

Note: /Sprott physical gold trust is back into POSITIVE/0.51%(MAR 16/2021)

(courtesy Sprott/GATA

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

NAV 18.68 TRADING 17.90//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 16/WITH GOLD UP $2.00 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.75 MILLION OZ FROM THE GLD//INVENTORY RESTS AT 1050.32 TONNES

MARCH 15/WITH GOLD UP $8.85 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.25 TONNES OF GOLD FORM THE GLD///INVENTORY RESTS AT 1052.07 TONNES

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 16 / GLD INVENTORY 1050.07 tonnes

LAST;  1019 TRADING DAYS:   +116.51 TONNES HAVE BEEN ADDED THE GLD

LAST 949 TRADING DAYS// +  302.75TONNES  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 16/WITH SILVER DOWN 25 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 592.438 MILLION OZ//

MARCH 15/WITH SILVER UP 35 CENTS TODAY: NO  CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 592.438 MILLION OZ///

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 16/2021
592.438 MILLION OZ

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

Two major points here:

1.The Governor of the Bank of Poland wants to increase his country reserves by another 100 tonnes having bought in 2018-2019, 126 tonnes. This would increase  the country’s reserves to 20% and offer strength. Poland now has 229 tonnes of gold all located in Poland.

2, the gold is to be kept in Poland and not the Bank of England. Poland has already repatriated 100 tonnes of their reserves from the B.of E.

(Bloomberg)

In pitch for new term, Poland’s central bank chief seeks more gold in reserves

 

 

 

 Section: Daily Dispatches

 

By Piotr Skolimowski
Bloomberg News
Monday, March 15, 2021

Poland’s central bank wants to buy at least 100 tons of gold in the coming years to demonstrate the country’s economic strength, Governor Adam Glapinski said.

Making a bid for a second term at the helm of the central bank, Glapinski today told government-friendly Sieci weekly that the amount of gold in reserves more than doubled to 229 tons under his watch. The new holdings will be stored in Poland, he said.

.

“This matters, among other things, for how the country is perceived,” Glapinski, whose six-year term ends in June 2022, told Sieci.

Glapinski has consistently argued in favor of boosting gold holdings, saying in January that their share in the central bank’s reserves should rise to 20% during his next term from 9% now.

The institution bought about 126 tons of bullion in 2018 and 2019. It also repatriated about 100 tons from Bank of England vaults. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2021-03-15/gold-reserves-to-rise…

end

iii) Other physical stories:

J JOHNSON’S COMMODITY REPORT

https://www.jsmineset.com/2021/03/16/all-purchases-matter/

All Purchases Matter!

Posted March 16th, 2021 at 8:30 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Tuesday Morning Folks,

      Gold is still in the green with the April contract at $1,732.20, up $3 and close to the high of $1,736 with the low at $1,724.40. Silver is giving the sell signal, with the trade at $26.155, down 13.3 cents and trading right by the low at $26.065 with the high at $26.405. The US Dollar’s new trading month is now June with the trade pegged at 91.71, down 12.2 points with the low at 91.69 and the high at 92.00. Of course, all of this happened before 5 am pst, the Comex open, the London close, and as we still wait for an official date for Biden to address the joint session of congress, which most likely would be the lowest viewed address since the start of radio or television.

    Gold, under the Venezuelan Bolivar is now worth 17,300.35 Bolivar proving a gain of 29.96 overnight with Silver losing 0.30 with its last trade at 261.27 Bolivar. Further south in Argentina, Gold gained 743.39 Peso’s with the last price at 157,741.89 with Silver gaining 4.72 with its last price at 2,382.21 A-Peso’s. Turkey’s last trade in Gold occurred at 12,944.85 Lira showing a loss of 70.40 with Silver at 195.50, down 1.68 T-Lira’s.

      March Silver’s Delivery Demands now stand at 1,209 fully paid for contracts waiting for receipts and with 170 new swaps already up on the board between $26.145 and $26.13 with the last trade at $26.145 so far today. Monday’s delivery activity happened in between $26.335 and $25.925 with the last purchase at $26.30, after the Comex closed its day out at $26.253 which had a total of 143 buys raising today’s count by 93 contracts. Was this a Resolute Purchase or a Bunch of Apes from WallStreetSilver? We hope it’s both! Silver’s Overall Open Interest gained as well as another 1,236 contracts had to be added for liquidity bringing the early morning total to 156,978 Overnighters to go against real price discovery, for now.

       March Gold’s Delivery Demands now has a total of 192 fully paid for contracts waiting for receipts and a Volume of 78 already up on the board with a trading range between $1,732.20 and $1,729.50 with the last buy at 1,730.30, a gain of $1.40 so far today. Yesterday’s Ides of March trade happened in between $1,731.90 and $1,722.80 with the last buy at $1,727.70, a gain of $8.20 after Comex Calculated its close at $1,731.70 which had a total of 147 new swaps that helped raise the demands by 9 contracts. Also, of note was the reduction in the standing delivery count from 70 to 69 during Comex trading yesterday. Minor yes, yet it helps prove the lack of accuracy at the Comex, which is still a common core problem even after all those algo’s took over. Gold’s Overall Open Interest shows a gain of 6,028 more short contracts having to be added bringing the early mornings total to 472,427 contracts to trade against the physicals.

      The rumors continue in Silver as one of the Apes at Wall-Street-Silver put out a claim; Breaking news Perth mint out of physical silver bullion for the next minimum 6 months. Hi Everyone in addition to my recent post. My friend just called Perth mint asking to claim his $300k of unlocated silver that he bought last year. They told him that they will put him on the waiting list and couldn’t give him any specific date for delivery. They told him for big orders could be over a year. Let’s see if there is a confirmation from another source.

      These new buyers have an attitude I truly love, regardless of how little is purchased. Each and every one receives notes of encouragement after they post their purchases with a few adding comic relief.

      Every purchase matters! Consider what Andy Schectman said during one of the Silver gathering videos over a weekend a few weeks past. He had to buy spot futures contracts to cover his demands after selling out everything. Each major supplier does the same thing in order to protect their businesses. Even the smallest purchase adds up to a level that needs coverage eventually. With the WSS (Wall Street Silver) group doing what they are doing, it makes sense that the demands would pick up like they did yesterday. One day, it’s all going to matter, which is why we continue to support the buying of physicals anywhere and in turn, it drains the Comex’s paper strength.

      We’re in the Triple Witch Week, with the usual pressure being applied for now. Regardless of the precious metals price actions, the US Treasuries have a problem, which is the core issue. So, keep buying up physicals and get out of the system while you can and …

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

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

end

Max Keiser…

Gold is manipulated since it doesn’t have true price discovery – Max Keiser

16 Mar, 2021 10:27

RT’s Keiser Report hosts, Max and Stacy, look at the tumbling purchase power of the US dollar, with $1.9 trillion having been printed in stimulus in the past week.

“Comparing bitcoin to gold over the last 12 months, gold is now at zero percent – it’s fallen back to where it was at the beginning of the pandemic – while bitcoin’s up 574%,” Stacy says.

“It proves again that the price of gold doesn’t enjoy free price discovery, whereas bitcoin does,” says Max. “So, bitcoin is proving what many have said for years, going all the way back to the Gold Anti-Trust Action Committee, when we first started talking about them 18 years ago. The price of gold is manipulated – it doesn’t have true price discovery. But bitcoin does. Bitcoin is showing you what the money print is doing,” he adds.

-END-

 

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

i) Chinese yuan vs USA dollar/CLOSED UP AT 6.4988 /

//OFFSHORE YUAN:  6.4978   /shanghai bourse CLOSED UP 26.79 PTS OR .78%

HANG SANG CLOSED CLOSED UP 193.93 PTS OR .67%

2. Nikkei closed UP 154.12 POINTS OR 0.50%

3. Europe stocks OPENED ALL GREEN/

USA dollar index DOWN TO 91.71/Euro RISES TO 1.1938

3b Japan 10 year bond yield: FALLS TO. +.10/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.96/ 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:: 64.69 and Brent: 67.82

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.34%/Italian 10 yr bond yield DOWN to 0.63% /SPAIN 10 YR BOND YIELD UP TO 0.30%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 0.97: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.86

3k Gold at $1732.35 silver at: 26.03   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 142/100 in roubles/dollar) 78.47

3m oil into the 64 dollar handle for WTI and 67 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 108.96 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 .9254 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1052 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 0.34%

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 1.606% early this morning. Thirty year rate at 2.352%

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

6.  TURKISH LIRA:  UP  TO 7.47..

Futures Hit Record, Nasdaq Rises On One Year Anniversary Of VIX 82

 

 
TUESDAY, MAR 16, 2021 – 07:59 AM

Exactly one year ago today, the financial world as we know it was on the verge of collapse, with the Dow Jones plunging to 20,000 after the VIX exploded to a record 82.69.

Photo courtesy of @jaywoods3

Fast forward to today, when the market is about 66% higher, and on Tuesday morning futures on both the S&P 500 and the Dow Jones edged higher hitting fresh all time highs – the Dow notched its sixth consecutive all-time high on Monday on optimism over a $1.9 trillion fiscal stimulus package –  for the second day in a row while contracts on the Nasdaq 100 rose about 0.5% by 730 a.m. ET, pointing to an extension of a rebound in technology stocks that were at the heart of February’s selloff. The Nasdaq 100 is still about 5% below its Feb. 12 record closing high. Traders were looking ahead to today’s industrial production and retail sales data (which as a reminder, will be a huge miss), while the Federal Reserve was set to kick off its two-day policy meeting.

Europe’s Stoxx 600 Europe rose 0.5% with autos, financial services and banking sectors the strongest performers after data showed investor confidence in Germany’s economic recovery improved after the government laid out a path toward ending coronavirus lockdowns.

European energy shares dropped for a second day with oil prices lower. The Stoxx Europe 600 Energy Index fell 0.3% dropping the most among sectors and tracking losses for oil futures. Shares dragging the index down the most by points: Total -0.5%, Siemens Energy -1.5%, Royal Dutch Shell in Amsterdam -0.2%, Equinor -0.5%, Vestas Wind -0.25, BP -0.1%. Here are some of the biggest European movers today:

  • Volkswagen shares gain as much as 6.5% as the German carmaker said it is aiming to become the global electric-vehicle market leader by 2025 at the latest.
  • Varta shares rise as much as 12% after reports that it plans to produce batteries for high- performance electric vehicles, a segment where Warburg says the German firm stands to gain a “solid market share.”
  • Iliad shares surge as much as 6.7% after results, with Goldman Sachs saying that the telecom firm’s 4Q Ebitda beat is “reassuring” on the ongoing trajectory of improved free cash flow.
  • MorphoSys shares drop as much as 15% after posting FY results and issuing 2021 guidance that RBC said was “disappointing.” The broker said that while biopharma’s results were in-line, FY 2021 revenue guidance is for EU150-200m vs consensus of EU275m.

Traders looked past the turmoil in vaccine rollouts and appeared to shrug off decisions by Germany, France and Italy to suspend the AstraZeneca Plc vaccine, ahead of a meeting of European health ministers to discuss the future of the Covid-19 shot.

Earlier in the session, markets saw modest gains in Japan and China, where investors were watching for a possible broader crackdown on the internet sector. The MSCI Asia Pac index was up 0.6% while Japan’s Topix index closed with a 0.6% gain as a tech sector rally boosted Asian stocks higher, following a rebound in the Nasdaq 100 amid a retreat in U.S. Treasury yields. Internet giants Meituan and Xiaomi were among the biggest contributors to the MSCI Asia Pacific Index, while healthcare stocks gained the most as a group. The rotation into economically sensitive firms took a pause, with Hong Kong insurer AIA Group and Japanese automaker Toyota Motor being the big drags on the benchmark. Mainland Chinese stocks whipsawed between gains and losses to end as Asia’s best-performing market. Stock gauges in Australia, South Korea, Hong Kong and Japan rose more than 0.5%.

Japan’s Topix advanced to its highest since May 1991, in its sixth-straight day of gains, as investors bought technology stocks while U.S. Treasury yields dipped. Electronics and telecommunications were the biggest boosts to the Topix, while banks and automakers fell. Nintendo extended gains to a second day after a Bloomberg report that the company is gearing up for record software and Switch console sales in the coming year. SoftBank Group and chip supply-chain stocks drove the Nikkei 225 higher. Investors are awaiting key policy decisions from the Bank of Japan and Federal Reserve later this week. The recent climbs in bond yields has become a key issue for concern for central bankers around the world. “As long as the pace of the rise in long-term U.S. yields is moderate, the understanding is that days of higher local equity prices will continue, driven by buying centered around stocks with good earnings,” said Shogo Maekawa, a strategist at JP Morgan Asset Management in Tokyo. While tech led the day Tuesday, Japanese stocks have benefited this year from a global rotation toward economically sensitive sectors. The Topix is up 9.8% so far in 2021, compared with a 5.7% gain in the S&P 500, which rose to a fresh record Monday. Following a round of buying into Japan’s cheap shares “the environment is favorable for money flow into stocks with a clear growth story,” said Hideyuki Ishiguro, a senior strategist at Daiwa Securities Co

Treasury yields were steady ahead of the Federal Reserve’s policy statement on Wednesday.  Fears about an overheating economy and a jump-forward in interest rate expectations have increased scrutiny on the Fed meeting, where policymakers are likely to raise economic forecasts and repeat their pledge to remain accommodative for the foreseeable future. Yield curves bull flatten slightly led by the German long end, Italian bonds underperform ahead of a BTP exchange.

Investors have slightly increased their cash allocation, deeming that inflation and ‘taper tantrums’ could topple the record rally in financial markets, BofA’s March fund manager survey showed on Tuesday.

In FX, the Bloomberg Dollar Spot Index steadied with the greenback trading mixed verus its Group-of-10 peers; the Swiss franc and Swedish krona led the advance. The pound dropped against all its major peers after the EU began legal action against the U.K. over a key part of the Brexit deal relating to Northern Ireland. Sweden’s krona advanced after inflation expectations rose and amid corporate hedging flows. The Swedish economy has withstood the second wave of Covid infection relatively well, supported by extensive economic policy measures, says Riksbank Governor Stefan Ingves in a monetary-policy hearing in parliament’s Riksdag Committee on Finance; Deputy Governor Per Jansson says he “believes that the risk of higher inflation is about as great as the risk of lower inflation.” Commodity currencies fell as oil prices retreated for a third day to trade below $65 a barrel, hurt by weakness in the market’s near-term pricing structure and a firmer dollar.

In commodities, Brent Crude fell 0.9% to $68.28 after Libya hinted it was back in the oil game after years of false starts and setbacks. Energy facilities shut or damaged during its civil war were reopened last year and the OPEC member has managed to keep its production above 1 million barrels a day since November. Meanwhile, the torrent of Iranian oil that’s been gushing into China in recent weeks is crowding out imports from other nations and threatening to complicate efforts by the OPEC+ alliance to tighten supply in the global market.

With the global economy on a path out of the pandemic, focus turns to the Fed’s communications on Wednesday, which will include fresh economic and interest-rate projections. Reflation trades stand to benefit if the central bank maintains a hands-off approach to the recent rise in yields. Bets on a faster economic recovery have already helped push one market gauge of inflation to its highest level since 2008, and a renewed climb in yields could spur the rotation from growth to value stocks.

“Fundamentally, the focus will still be on the growth recovery in the coming months and macropolicy — both fiscal and monetary — will continue to be supportive,” Cecilia Chan, chief investment officer for Asia Pacific at HSBC Asset Management, told Bloomberg TV.

Looking at the day ahead, there’ll be a number of data releases from the US, including February’s retail sales, industrial production and capacity utilisation, as well as March’s NAHB housing market index. In Europe, we got the March’s ZEW survey for Germany, and the final February CPI reading for France.

Market Snapshot

  • S&P 500 futures little changed at 3,968.75
  • Brent futures down 0.9% to $68.28/bbl
  • Gold spot little changed at $1,731.92
  • U.S. Dollar Index little changed at 91.91
  • MXAP up 0.6% to 208.77
  • MXAPJ up 0.7% to 694.85
  • Nikkei up 0.5% to 29,921.09
  • Topix up 0.6% to 1,981.50
  • Hang Seng Index up 0.7% to 29,027.69
  • Shanghai Composite up 0.8% to 3,446.73
  • Sensex up 0.2% to 50,506.37
  • Australia S&P/ASX 200 up 0.8% to 6,827.14
  • Kospi up 0.7% to 3,067.17
  • SXXP Index up 0.4% to 424.84
  • German 10Y yield little changed at -0.34%
  • Euro little changed at $1.1927

Top Overnight News from Bloomberg

  • Hedge funds offloaded the most Treasuries in nine months in January, foreshadowing a selloff in U.S. bonds that occurred just weeks later. The Cayman Islands, seen as a proxy for hedge funds and other leveraged accounts, dumped $49 billion of U.S. sovereign bonds, making it the largest net seller of the debt that month, according to the latest data from the Treasury Department
  • A week after the ECB pledged to speed up the pace of its asset purchases, BOE policy makers are expected to maintain theirs on Thursday. They are shrugging off an increase in market borrowing costs that pushed the yield on U.K. 10-year bonds to the highest since before the pandemic started last year The ECB won’t allow interest rates to rise too soon while the economy still grapples with the coronavirus pandemic, according to its chief economist
  • U.S. interest payments on the national debt fell last year, to $345 billion or 1.6% of gross domestic product. They’re on track to shrink further in 2021 — even after all the pandemic spending, plus a debt-market selloff that’s taken 10-year Treasury yields to the highest in more than 12 months
  • The EU will start plotting its strategy to gradually lift coronavirus lockdowns, even as an AstraZeneca Plc vaccine health scare risks causing additional delays to the bloc’s botched immunization campaign
  • European health ministers will discuss the future of AstraZeneca Plc’s Covid-19 vaccine after a growing number of countries suspended its use to examine side effects, potentially throwing the region’s already slow inoculation campaign further off track
  • The French economy is weathering the Covid pandemic and government restrictions better than previously forecast, putting it on a path to stronger growth this year, the Bank of France said
  • France is planning to tap the market for green bonds for the second time, confirming its position as the world’s biggest issue of debt designed to fund climate and environmental projects

A quick look at global markets courtesy of Newsquawk

Asian equity markets traded higher following the positive performance on Wall Street where the S&P 500 and DJIA extended on record levels and the Nasdaq led the advances as tech and growth were favoured as yields eased, with stronger than expected NY Fed Empire Manufacturing data also conducive to the upbeat mood. ASX 200 (+0.8%) was firmer with tech and healthcare spearheading the broad gains across most industries aside from the commodity-related sectors including energy following a recent pullback in oil prices. Nikkei 225 (+0.6%) edged mild gains and briefly reclaimed the 30k level where it then met resistance, with upside also capped heading into the decision whether to lift the State of Emergency for the capital region and the outcome of the BoJ’s policy review. Hang Seng (+0.7%) and Shanghai Comp. (+0.7%) conformed to the rising tide across regional stocks and with firm gains in Xiaomi after FTSE Russell proposed the Co. will be eligible for re-inclusion to its indices from June 21st, while the mainland initially lagged amid concerns of tighter regulations with China to step up supervision of the internet platform economy and data ownership, as well as strengthen antitrust regulatory powers. Finally, 10yr JGBs held on to its gains overnight following the bull flattening stateside and despite the positive mood across regional stocks, while softer demand at the enhanced liquidity auction for 10yr, 20yr and 30yr JGBs did little to dent price action.

Top Asian News

  • Alibaba-Backed Robo Adviser Seeks to Tame China Day Traders
  • Hong Kong Tells U.S. Consulate to Test Staff After Two Cases
  • Saudi Arabia Implements Expat Labor Reforms — With Caveats
  • Hong Kong Overhaul Can Rein in Tycoons, Pro-Beijing Party Says
  • Philippine Fried Chicken King Targets Expansion After Covid

European equities opened the session with modest gains across the board (Euro Stoxx 50 +0.4%), in-fitting with Asia’s positive lead and the gains seen on Wall Street after the European close yesterday. Stateside, US equity futures are trading mixed but with a slight counter-cyclical bias as the RTY (-0.4%) resides as the underperformer vs the NQ (+0.4%). Regarding US stocks, a BofA survey suggests only 15% of people think that US equities are in a bubble. This is of note as with the added stimulus from the USD 1.9trln bill and consumer savings US equities may continue on an upwards trend. However, fresh fundamental catalysts remain limited ahead of a week with a plethora of Central Bank updates. Back to Europe, sectors opened mostly in the green with the underperformance in Oil & Gas and Basic resources persisting throughout the European morning. The Autos sector (+1.8%) is the morning leader followed by Real Estate (+1.4%), Financial Services (+1.2%) and Retail (+1.0%), with the latter likely on the reopening trade. In terms of individual movers, Zalando (+4.4%) have seen upside after they announced an upward revision to their FY20 revenue to 23% and an expectation to continue to grow profitably. Moreover Volkswagen (+6.0%), who could be partly responsible for the upside in automobiles and consumer discretionary, are firmer after the Co. announced they anticipate the business to significantly recover vs 2020 whilst announcing ambitious EV and battery plans, with FY21 guidance pointing to 1mln EV sales. VW stated they are to introduce a unified cell globally in 2023 whilst investing EUR 46bln into electric mobility over the next 5 years highlighting the prospects of growth. Meanwhile, AstraZeneca (+3.3%) are in the green despite a range of countries, such as Germany and France, provisionally halting the rollout of the vaccine citing health concerns. However, despite this many outlets namely, the Italian Medicines Regulator and the EMA have stated the benefit/risk ratio is positive. Lastly, Siemens Gamesa (-1.0%) is one of the laggards after CEO Nauen stated that turbine makers are being pressured by elevated input prices and developers looking for price reductions and hence putting pressure on renewable Cos.

Top European News

  • NatWest Faces U.K Money-Laundering Charge Over Cash Deposits
  • Vodafone Unit Vantage Tightens Price Range for Frankfurt Listing
  • World’s Biggest Green Debt Issuer Selling Its Second-Ever Bond
  • Bank of England Breaks From ECB’s Effort to Curb Market Rates

In FX, the Greenback remains elevated and firmer against most G10 counterparts, but capped by further consolidation in US Treasuries and other global bonds awaiting a host of March Central Bank policy meetings that kick off with the Fed tomorrow. Moreover, the Dollar is finding several psychological levels tough to breach, including 92.000 in the index ahead of top tier data, like retail sales and ip on FOMC day 1, while also keeping a close eye on supply via Usd 24 bn 20 year notes for any yield and curve repercussions. DXY is now nearer the base of a 91.974-755 range.

  • GBP/AUD/NZD – Sterling is swooning again and struggling to retain 1.3800+ status vs the Buck, but suffering heavier losses in Eur/Gbp cross terms well below 0.8600 after narrowly failing to reach 0.8550 and trip stops that were said to be waiting for a breach of the half round number yesterday. Still no obvious change or deterioration in UK fundamentals from an independent perspective or relative to the Eurozone, bar Brexit-related issues over the NI border, so Pound underperformance looks more technical. Conversely, dovish RBA minutes and even more contingency for a first rate hike via wages hitting 3% has dragged the Aussie further back towards 0.7700 against the Greenback and keeping Aud/Usd rooted around 1.0750 even though the Kiwi has been undermined by weak NZ credit card spending and Nzd/Usd is losing sight of 0.7200 in advance of Q4 current account data.
  • EUR/JPY/CHF/CAD – All rangebound vs their US rival, with the Euro contained between 1.1943-14 parameters and not really gleaning any momentum from moderately better than expected ZEW economic sentiment or current conditions. Meanwhile, the Yen is even more confined from 109.29-10 awaiting Japanese trade data and the BoJ, the Franc is hovering just below 0.9250 and Loonie is meandering within a 1.2501-1.2467 band in the run up to Canadian CPI on Wednesday following a loss of impetus from upbeat jobs data alongside the ongoing retracement in crude.
  • SCANDI/EM – Not quite all change for the Sek, but in start contrast to Monday’s actual CPI readings, Swedish money market inflation expectations rose and Riksbank’s Jansson sees more upside risk than downside going forward. In terms of growth, Governor Ingves has talked up the resilience of the economy in the face of the 2nd COVID-19 wave to keep Eur/Sek anchored either side of 10.1500, as Eur/Nok rotates circa 10.0900 in wake of the Norwegian Government downgrading its non-oil GDP forecast for the year. Elsewhere, the Try has rebounded another 10 big figures or so from yesterday’s low to test 7.5150 amidst reports from Turkey’s Finance Minister confirming plans to set up a so called price stability committee to work in conjunction with the CBRT to that aim and originally mentioned by President Erdogan.

In commodities, WTI and Brent front month futures have continued the retreat seen during the APAC session despite a relatively tentative market tone and light news-flow for the complex. That being said, prices are seemingly impacted from the potential demand hinderance arising from the suspension of the AstraZeneca COVID vaccine across a number of OECD countries, potentially translating to more prolonged restriction measures than expected, with cases continuing to rise across the Eurozone – a risk that has previously been voiced by energy agencies alongside OPEC. WTI May resides around USD 64.50/bbl (vs high USD 65.43/bbl) while its Brent counterpart trades just below USD 68/bbl (vs high USD 68.94/bbl). Looking ahead, the complex will continue eyeing vaccine developments alongside the overarching sentiment across markets. Looking ahead, traders will be eyeing the weekly Private Inventories, albeit participants should be cognizant of the lingering distortions from the Texas Deep Freeze. Analysts at ING also suggest that the “WTI forward curve is showing signs of weakness, with the prompt spread having spent the last three days trading in contango”. Elsewhere, spot gold and silver vary, with the latter moving as a function of the earlier firmer Buck and the former awaiting the FOMC showdown tomorrow alongside any fresh macro news flow in the meantime. Spot gold remains around 1,733/oz (vs high 1,737/oz), as has been the case throughout the larger part of the European morning. Over to base metals, LME copper trades softer on account of a directionless risk tone, but off worst levels as the Dollar retreats. Dalian iron ore futures overnight gained over 5% as China’s top steel-making city lifted its smog alert. Meanwhile, Shanghai aluminium futures hit a 9-and-a-half year highs over some supply concerns.

US Event Calendar

  • 8:30am: Feb. Import Price Index YoY, est. 2.6%, prior 0.9%; Import Price Index MoM, est. 1.0%, prior 1.4%
    • Export Price Index YoY, est. 4.4%, prior 2.3%; Export Price Index MoM, est. 0.9%, prior 2.5%
  • 8:30am: Feb. Retail Sales Advance MoM, est. -0.5%, prior 5.3%
    • Retail Sales Ex Auto MoM, est. 0.1%, prior 5.9%
    • Retail Sales Ex Auto and Gas, est. -0.5%, prior 6.1%
    • Retail Sales Control Group, est. -0.6%, prior 6.0%
  • 9:15am: Feb. Industrial Production MoM, est. 0.3%, prior 0.9%; Manufacturing (SIC) Production, est. 0.2%, prior 1.0%
  • 10am: Jan. Business Inventories, est. 0.3%, prior 0.6%
  • 10am: March NAHB Housing Market Index, est. 84, prior 84

DB”s Jim Reid concludes the overnight wrap

I had my first covid test yesterday and now have to self-isolate yet again (not that I was planning on going anywhere). I’ve got a long delayed back injection under sedation on Thursday and need to prove I’m virus free. Trying to turn myself into Bryson DeChambeau has not been a straight line journey. 8 months after starting doing weights and trying to swing the golf club harder in practise has been good for my physique but not for my back! I’ve no idea if it’s good or bad for my golf though as the courses have been closed most of the time over the last 5 months!

Injections were the main talking point in markets yesterday as equities initially gave up their opening gains as investors were forced to grapple with new issues on the vaccine rollout with the AstraZeneca jab. However after Europe went home, US markets, which aren’t relying on the AZ vaccine, powered back (S&P 500 +0.65%) to its third successive record high after being as low as -0.5% after the vaccine news. To further drive home the disparity, as Europe announced the pause in AZ vaccinations more US states including Florida, Connecticut and New York have announced plans to reduce the eligibility age for vaccines in the coming weeks.

Technology shares in particular gained as they continue to rebound following the NASDAQ’s -10.5% correction earlier this month. The tech-focused index rose +1.05% yesterday, while the heavily concentrated NYFANG index rose +1.26%. The reopening trade was also impressive, with leisure names like Las Vegas Sands (+6.0%), MGM resorts (+5.1%) and Royal Caribbean (+4.8%) gaining ground, along with airlines such as United (+8.3%) and American Airlines (+7.7%) among the best performers on the day. On the other hand, cyclical sectors including energy (-1.25%) and banks (-0.82%) led the declines as oil prices and yields fell back slightly. It was much the same story in Europe, with the cyclical underperformance causing the STOXX 600 to end flat despite of having reached a post-pandemic high following the open. Bourses across the continent fell back marginally following the vaccine news with the DAX (-0.28%), CAC (-0.17%) and IBEX (-0.11%) pricing in caution rather than worry. Interestingly the STOXX 600 travel and leisure index finished the day up +2.21% and at its highest closing level ever.

Overnight in Asia, markets have taken Wall Street’s lead with the Nikkei (+0.58%), Hang Seng (+0.68%), Shanghai Comp (+0.38%) and Kospi (+0.67%) all up. Futures on the S&P 500 are up +0.03% while those on Nasdaq are up +0.38%. Yields on 10y USTs are down -1.2bps to 1.594% while Australian (-9.7bps) and New Zealand (-7.7bps) 10yrs are down more. The decline in Australia’s 10y yields came as minutes from the RBA’s latest policy meeting showed that the central bank thinks that there may be a temporary pause in the pace of improvement in the labour market, as many firms had already adjusted the size of their workforces.

Looking at the vaccine issues in more detail now, Germany, France, Spain and Italy (amongst others) all moved to suspend use of the AstraZeneca vaccine following a number of reports of blood clots and even a few deaths after people had received their doses. In a statement, Germany’s Paul-Ehrlich Institute said that their experts “see a striking accumulation of a special form of very rare cerebral vein thrombosis (sinus vein thrombosis) in connection with a deficiency of blood platelets (thrombocytopenia) and bleeding in temporal proximity to vaccinations” with the AZ vaccine. Reports suggest it is 7 serious cases out of 1.6 million doses over 6 weeks that is causing this. Further reading suggests one would expect 3-4 cases per million per year of such an issue in the general population. We should bear in mind though that studies reported by the Heart Research Institute suggest that in France and Holland 30-70% of people who have been admitted to ICU with covid developed blood clots in the deep veins of the legs or in the lungs. So given the low number of reported cases of thrombotic issues post taking the AZ versus those seen in the general population and given the risks of getting them with covid, it does feel like this mass suspension is very cautious. We will see if there is any additional data that is over and above that seen so far.

The suspension will last until the European Medicines Agency have evaluated the data on this, but that shouldn’t be too long, with the EMA’s safety committee reviewing the information today, and holding an extraordinary meeting on Thursday “to conclude on the information gathered and any further actions that may need to be taken”.

In the UK, the deputy chair of the JCVI said that in spite of administering 11 million AZ vaccine doses, “there has been no demonstrable difference in the number of blood clots since the vaccine was introduced”. Furthermore, Reuters reported the director of the US NIH saying that although he hadn’t personally seen the data on the AZ issues in Europe, he had been “pretty reassured” by statements from the regulators in Europe that it was occurring by chance rather than due to the vaccine. In addition, it’s worth noting that the European Medicines Agency themselves said in a statement that they currently remained of the view that “the benefits of the AstraZeneca vaccine in preventing COVID-19, with its associated risk of hospitalisation and death, outweigh the risks of side effects.”

With nearly 381 million vaccine doses deployed worldwide over the last 3 and a bit months it’s actually remarkable that more scares haven’t emerged and it’s a testament to the vaccine manufacturers that there hasn’t been. The problem with this incident is that it’s going to be hard to persuade Europeans that there is no smoke without fire with regards to the AZ vaccine given the previous travails and misinformation even if vaccinations resume soon.

Back to markets and with a slight risk-off sentiment prevailing yesterday, sovereign bond markets advanced throughout the day, and yields on 10yr Treasuries moved -1.9bps lower to close at 1.606%. The decline was primarily driven by real rates (-1.8bps) rather that inflation (-0.2bps). There were similar moves in Europe, and yields on 10yr bunds (-2.8bps), OATs (-3.2bps) and gilts (-2.4bps) all fell back with at least half of the moves seen immediately after the vaccine headlines.

Though the big focus in Europe was on the vaccine issues, Brexit returned to headlines yesterday after the EU began legal action against the UK over what it considers a breach of what the two sides agreed in the Brexit deal. To summarise what’s happened, the deal prevents a hard border between Northern Ireland and the Republic of Ireland, but has led to new trade barriers between Northern Ireland and the rest of the UK, including checks on certain goods flowing between the two. However, the UK government have unilaterally said that they’re extending the grace periods whereby some bureaucratic requirements can be avoided, which the EU is regarding as a breach of the treaty. As a result, the EU have sent a letter of formal notice to the UK, which the UK has a month to respond to. In theory, this could eventually lead to fines or retaliatory tariffs being imposed, but that’s a long way off and the hope will be that the two sides can come to an agreement before that, as they did last year over the UK’s controversial proposals in the Internal Market Bill.

There wasn’t a great deal of data out yesterday, though the New York Fed’s Empire state manufacturing survey rose to 17.4 in March (vs. 15.0 expected), which is the strongest reading since November 2018. Notably on the inflation picture, the prices paid reading rose to their highest level since May 2011, at 64.4, which will add to concerns about the potential for faster US inflation in the coming months.

To the day ahead now, and there’ll be a number of data releases from the US, including February’s retail sales, industrial production and capacity utilisation, as well as March’s NAHB housing market index. From Europe, there’ll also be March’s ZEW survey for Germany, and the final February CPI reading for France.

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 26.79 PTS OR .78%   //Hang Sang CLOSED UP 193.93 PTS OR .67%    /The Nikkei closed UP 154.12 POINTS OR 0.50%//Australia’s all ordinaires CLOSED UP 0.85%

/Chinese yuan (ONSHORE) closed UP AT 6.4988 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4988. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4978 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

North Korea

North Korea is alive! They issued their first threat toward the Biden administration through Kim’s sister who seems to the ruling the roost over there.

(zerohedge))

North Korea Issues First Threat Toward Biden Administration Through Kim’s Powerful Sister

 
TUESDAY, MAR 16, 2021 – 05:05 PM

North Korea has issued its first statement directed toward the Biden administration which is being widely reported as in reality a “threat”. It comes as a high level US delegation is in the region to focus on China strategy, which includes talks with US allies regarding denuclearizing the Korean peninsula. 

The powerful sister of Kim Jong Un, Kim Yo Jong, warned the United States it must “refrain from causing a stink” if it desires to “sleep in peace” over the next four years.

“We take this opportunity to warn the new U.S. administration trying hard to give off gun powder smell in our land,” she said.

Kim Yo Jong, via FT

“If it wants to sleep in peace for coming four years, it had better refrain from causing a stink at its first step,” she added.

Kim Yo Jong’s ominous words of warning appeared prompted by US Secretary of State Antony Blinken and Defense Secretary Lloyd Austin touching down in Asia early this week to hold key security talks with South Korea and Japan. The top officials traveled to Tokyo first and are due in Seoul by Wednesday.

The pair issued a statement aimed at Pyongyang from Tokyo on Tuesday, underscoring the US is working with regional partners toward the “complete denuclearization of North Korea”.

Following Trump’s ‘bromance’ with Kim Jong Un which led to historic, breakthrough face-to-face meetings, the dialogue was indefinitely stalled by the tail-end of the Trump administration. At this point the Biden White House claims to have reached out via “a number of channels”.

White House press secretary Jen Psaki said Monday that “Diplomacy is always our goal. Our goal is to reduce the risk of escalation. But, to date, we have not received any response.”

She added that it “follows over a year without active dialogue with North Korea, despite multiple attempts by the US to engage.”

b) REPORT ON JAPAN

Japan is now considering eliminating its ETF purchases and going straight for stocks

(zerohedge)

BOJ Considers Eliminating ETF Purchase Target, Is Worried This Would Crash Stocks

 

 
MONDAY, MAR 15, 2021 – 07:10 PM

There was a somewhat surprising development late last week when instead of stepping back from yield curve control, concluding the policy is a “success”, the Bank of Japan reportedly planned to shift its annual $55BN ETF scheme so it only buys stocks when their price is going down, not up. “Hilariously”, Rabobank’s Michael Every wrote, “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.

Fast forward to this weekend when, with the news having been properly leaked in advance, the BOJ’s semi-official mouthpiece, the Nikkei (parent of the Financial Times) confirmed that the Bank of Japan would consider changes to its approach to purchasing exchange-traded funds at its policy board meeting this week, “a potentially significant move by the institution that has become the top holder of Japanese stocks.”

Confirming earlier trial balloons, the Nikkei reported that “some at the central bank” have proposed eliminating its 6 trillion yen ($55 billion) annual target in favor of an approach that allows for greater flexibility to adjust to market conditions “as the risks of buying in an overheated market become more apparent.”

Based on recent market data, the BOJ has already sharply scaled back ETF purchases this year, and the YTD total stood at only 350.7 billion yen as of Friday, a seven-year low and a 76% drop from the same period in 2020. If buying continues at the current pace, the annual total would come to about 1.8 trillion yen. The size of individual purchases has also fallen to 50.1 billion yen per day. Over the same period last year, purchases were in the 70 billion yen to 100 billion yen range, even reaching 200 billion yen during the peak of the covid pandemic.

According to the Nikkei, the change “reflects rising stock prices that have reduced the need for the BOJ to supply capital to the market”.

The bank bought ETFs on just one day in February, a month when the Nikkei Stock Average hit a 30-plus-year high in the 30,000 range.

Alternatively, as Michael Every noted earlier, the BOJ has admitted that its ETF purchases are merely a means to stabilize stock prices and avoid crashes in the market. But naturally, this is something the BOJ can never admit officially as it would immediately put into question the fair value of Japanese stocks excluding BOJ intervention (according to several bank analysis, the Nikkei would be less than 50% its current value if one excluded the BOJ purchases).

In preparing markets for the upcoming change, while the BOJ had in recent years stepped in with purchases in the afternoon after morning sessions in which the Topix fell more than 0.5%, this changed last month with the bank staying in wait-and-see mode even when this condition was met (though it did respond to larger drops).

When the central bank launched the ETF-buying program in December 2010 under then-Gov. Masaaki Shirakawa as part of its monetary easing program, it set an annual target of about 450 billion yen. The scheme has expanded massively under his cartoonish successor, Haruhiko Kuroda, to its current pace of a record 6 trillion yen per year, with a “ceiling” of 12 trillion yen.

So aggressive has the BOJ buying been that the bank recently surpassed the Government Pension Investment Fund – also known as the “whale” for its massive market presence – as the top holder of Japanese stocks, with the book value of its ETF holdings clocking in at 35.7 trillion yen at the end of February.

Amusingly, after a decade of constant central bank intervention, there is “growing concern” among market watchers – all of whom would be broke if it hadn’t been for the BOJ – that continued buying could interfere with market functions. And if share prices plunge, the BOJ may suffer losses or even drop into negative net worth… at which point it would simply print more money.

And so, in light of these “side effects and risks” – created by none other than the central bank itself, the BOJ will review its approach to ETF purchases at the upcoming policy board meeting. The thinking goes that by holding back on buying when market conditions are normal, the BOJ will have more leeway for big moves when share prices plunge.

“Conducting purchases flexibly in a prioritized manner will lead to enhancing the sustainability of monetary easing,” Deputy Gov. Masayoshi Amamiya said in a recent speech.

How this will affect the bank’s buying target and ceiling is a key question. Lowering the 12 trillion yen cap, or eliminating it entirely, could be interpreted as a retreat from easing, and could result in a market crash that promptly draws the BOJ right back in. As such, Kuroda is likely to maintain the ETF purchases “as is” to avoid turmoil that could drag down stock prices and lead to a spike in the yen.

On the other hand, the 6 trillion yen target is seen as fair game to scrap, according to a senior BOJ official. The central bank will consider removing this potential obstacle to flexibility, while keeping an eye on market trends.

Like the Fed and ECB, the BOJ is conducting a broad re-examination of its monetary policy as the economic damage caused by the coronavirus pandemic makes its target of stable inflation of about 2% an even more distant prospect. The results of this review will be presented at next week’s meeting. The central bank is also expected to raise the possibility of lowering its long- and short-term interest rate targets further if needed, while also coming out with measures to avoid further squeezing the earnings of financial institutions.

end

3 C CHINA

CHINA/USA

Big meeting on Thursday:  How will the USA handle Taiwan and Hong kong situation

(zerohedge)

How To Avoid “The Unthinkable”: US-China Summit In Alaska Will Take Up Explosive Taiwan Issue

 

 
MONDAY, MAR 15, 2021 – 11:30 PM

Days ahead of Thursday’s high-stakes summit in Alaska between Biden’s national security team and top Chinese officials which will include Secretary of State Antony Blinken and director of the Central Foreign Affairs Commission Yang Jiechi, each side already has conflicting visions in terms of expectations. Washington has recently rejected China’s calling it a “strategic dialogue” while most China watchers say any kind of hoped-for diplomatic breakthrough is very unlikely.

And looming large over the meeting is the Taiwan issue, particularly after the top US commander over the Indo-Pacific region of operation Admiral Phil Davidson gave testimony on the growing China threat before a Senate panel last week wherein he said based on China’s current military expansion he sees a Chinese move on Taiwan “in the next six years.”

His assessment echoed recent statements of other top Pentagon brass over the past year or so of an invasion in “a few years time”. In its preview of Thursday’s summit, Politico underscores that “It’s a timeline they say has been accelerated by the Trump administration’s repeated provocation of Beijing, China’s rapid military build-up, and recent indications that Taiwan could unilaterally declare its independence from the mainland.” As we saw over the past year in Hong Kong with the large-scale protests and independence movement, we know what that will mean in terms of a Chinese response.

 

Chinese military helicopters and fighter jets in training exercise, via AP

Further Politico emphasizes, “Such an invasion would be an explosive event that could throw the whole region into chaos and potentially culminate in a shooting war between China and the United States, which is treaty-bound to help Taiwan defend itself against Beijing.”

The most idealistic reading of the Alaska summit could see the start of talks that might mark a cooling period between the two powers over Taiwan, particularly after on a weekly or even near-daily basis Chinese fighter jets and bombers have made provocative incursions into the island-republic’s airspace. At the same time the US has sailed warships through the contested Taiwan Strait sometimes multiple times a month over much of the past half-year.

“War over Taiwan would be unthinkable,” Eric Sayers of the American Enterprise Institute was quoted in the report as saying. “A major challenge Washington faces is that Taiwan has been viewed by many as a 2035 planning problem. … The [Chinese army’s] capabilities have now matured to such a degree that this is no longer a dilemma we can afford to push off.”

So on the radar Thursday is how to avoid precisely this “unthinkable” scenario, though with each side unwilling to abandon their hardened rhetoric, including the ‘defending democracy’ rhetoric that guides Washington, which China has lately condemned as a violation of the ‘One China’ policy (or more particularly the steady US weapons sales to Taipei that goes along with it).

The other pressing and awkward elephant sure to be in the room is the fact that Biden has largely kept Trump’s aggressive policies in place regarding relations with Beijing, including sanctions of top officials related to the Hong Kong crackdown. This is sure to be a non-starter in terms of any breakthrough with China. Politico continues:

The new Biden team knows the U.S. is in a competition with China, and Beijing’s coercion of Taiwan will be a major point of discussion. For now, they are keeping pressure on Beijing applied by Trump through tariffs and sanctions.Defense Secretary Lloyd Austin and Secretary of State Antony Blinken are in Japan for the first stop on a joint visit to Asia, where countering China’s rise will be at the top of the agenda. The two will travel next to South Korea, before Austin heads to India and Blinken to Alaska, where he will be joined by national security adviser Jake Sullivan.

And the sanctions have gone the other way too…

But this is precisely what helps put the two sides on a collision course in Taiwan and the South China Sea. One senior Pentagon official was quoted anonymously by Politico further as pointing out, “If we interject ourselves, we are the reagent catalyst that will make this problem hotter.”

“Militarily we know that if we do too much, push too hard, China will use that optic and they will do more against Taiwan,” the official added.

Finally, Politico asks: “So what’s the answer?” And offers“Top US and Japanese officials are expected to send a strong message to their Chinese counterparts over Beijing’s coercive measures in the region during the Alaska summit. The US can’t afford to do nothing, as China pressures Taiwan on both the military and economic fronts.”

end

CHINA

A NO BRAINER…

Former State Dept Lead Investigator Says COVID-19 Escaped From Wuhan Lab, May Have Been Bioweapons Accident

 
TUESDAY, MAR 16, 2021 – 03:20 PM

The US State Department’s former lead investigator who oversaw the COVID-19 task force into the origins of the virus believes SARS-CoV-2 escaped from the Wuhan Institute of Virology, and may have been the product of bioweapons research, according to Fox News.

“The Wuhan Institute of Virology is not the National Institute of Health,” David Asher – now a senior fellow at the Hudson institute – told Fox News in an interview, adding: “It was operating a secret, classified program. In my view, and I’m just one person, my view is it was a biological weapons program.”

Asher has long been a “follow the money” guy who has worked on some of the most classified intelligence investigations for the State Department and Treasury under both Democratic and Republican administrations. He led the team that uncovered the international nuclear procurement network run by the father of Pakistan’s nuclear program, AQ Khan, and uncovered key parts of North Korea’s secret uranium enrichment. He believes the Chinese Communist Party has been involved in a massive cover-up during the past 14 months. -Fox News

And if you believe, as I do, that this might have been a weapons vector gone awry, not deliberately released, but in development and then somehow leaked, this has turned out to be the greatest weapon in history,” Asher told a Hudson Institute panel discussing the origins of the pandemic. “You’ve taken out 15 to 20 percent of global GDP. You’ve killed millions of people. The Chinese population has been barely affected. Their economies roared back to being number one in the entire G20.”

According to Asher – who interfaced with the Chinese government as the State Department’s lead representative during the 2003 SARS outbreak – the CCP’s behavior surrounding COVID-19 reminds him of criminal investigations he’s overseen.

“Motive, cover-up, conspiracy, all the hallmarks of guilt are associated with this. And the fact that the initial cluster of victims surrounded the very institute that was doing the highly dangerous, if not dubious research is significant,” he said.

At first, China said the COVID19 virus originated in the Wuhan Seafood Market – but the problem with China’s theory: the first case had no connection to the market. Last fall the US obtained intelligence that indicates there was an outbreak among several Wuhan lab scientists with flu-like symptoms that left them hospitalized in November of 2019 – before China reported its first case. Asher and the other Hudson Institute panel experts said that in 2007, China announced it would begin work on genetic bioweapons using controversial “gain of function” research to make the viruses more lethal. -Fox News

In 2016, China stopped talking about their research at the Wuhan Lab – which Asher believes is when the CCP went form biodefense research to offense – in the same year as a Chinese state television commentator claimed: “We have entered into an area of Chinese biowarfare, and including using things like viruses. I mean, they made a public statement to their people that this is a new priority under the Xi national security policy,” according to Asher.

When China began funding research at the WIV in 2017, they stopped talking about their research into COVID “disease vectors which could be used for weapons.”

“I doubt that’s a coincidence,” said Asher.

According to State Department official Miles Yu, who co-wrote a recent WSJ op-ed with former Secretary of State Mike Pompeo about the virus’ origins, “China has been involved in this type of virus research since 2003, the SARS outbreak,” adding “China’s biosafety standard is really low and is very dangerous. So this is an accident waiting to happen.”

4/EUROPEAN AFFAIRS
 
UK/USA/CHINA/HONG KONG

 

UK and the uSA slams China’s breach of Hong Kong election reform where Beijing overseas who is to run in HK elections

(zerohedge)

UK & US Slam China’s Breach Of Hong Kong Handover Treaty “For Third Time”

 

 
MONDAY, MAR 15, 2021 – 10:50 PM

The UK government has slammed China over it’s aggressive and likely irreversible moves to clamp down on Hong Kong’s electoral system which many see as but the logical outcome of last summer’s sweeping national security law which effectively silenced the anti-mainland opposition. China sees it as “patriotic” reform and a badly needed “overhaul” however.

London now says China is in “a state of ongoing non-compliance” with the Sino-British Joint Declaration which eventually led to the “one country, two systems” status quo in effect for over two decades running.

“Beijing’s decision to impose radical changes to restrict participation in Hong Kong’s electoral system constitutes a further clear breach of the legally binding Sino-British Joint Declaration,” Foreign Secretary Dominic Raab said in a statement on Saturday.

 

AFP via Getty Images

The statement underscored it was no less than the third breach in under a year: “This is part of a pattern designed to harass and stifle all voices critical of China’s policies and is the third breach of the Joint Declaration in less than nine months,” Raab’s statement went on.

The continuing non-compliance is “a demonstration of the growing gulf between Beijing’s promises and its actions,” it continued.

The UK statement expressing outrage over the anti-democratic changes came days after last week’s National People’s Congress (NPC) move to approve a resolution that imposes sweeping changes on Hong Kong’s electoral system which is ultimately aimed to ensure that mainland loyalists are in firm control of running the city.

It will in essence give a powerful already largely pro-Beijing election committee oversight to vet candidates for office based on how “pro-China” they are, effectively choking off any opposition hopes for breathing space in the city’s government. Their new powers over the Legislative Council (LegCo) which is to also include electing many its members will automatically dilute the number directly elected by the public.

As expected, China has hit back, with the Chinese embassy in the UK promptly rebutting what it called “groundless slanders”:

“The U.K. has no sovereignty, jurisdiction or right of ‘supervision’ over Hong Kong after the handover, and it has no so-called ‘obligations’ to Hong Kong citizens,” a spokesperson said on Saturday. “No foreign country or organization has the right to take the Joint Declaration as an excuse to interfere in Hong Kong affairs, which are China’s internal affairs.”

Alongside Washington, London has over the past two years witnessed rapidly deteriorating relations with Beijing, particularly after it offered Hong Kong residents “a path to British citizenship” in direct response to last June’s national security law passage.

END

DENMARK

Denmark outlaws the foreign funding of mosques

(Kern/Gatestone)

Denmark Bans Foreign Funding Of Mosques

 

 
TUESDAY, MAR 16, 2021 – 02:00 AM

Authored by Soeren Kern via The Gatestone Institute.,

The Danish Parliament has approved a new law that bans foreign governments from financing mosques in Denmark.The measure is aimed at preventing Muslim countries, particularly Qatar, Saudi Arabia and Turkey, from promoting Islamic extremism in Danish mosques and prayer facilities.

Denmark joins a growing list of European countries — including Austria, Belgium, France, Germany, Italy, the Netherlands and Switzerland — which have taken varying degrees of action to prevent foreign governments from financing the construction and upkeep of mosques on their territories.

In recent years, Algeria, Kuwait, Libya, Morocco, Saudi Arabia, Turkey, Qatar and the United Arab Emirates, among others, have distributed hundreds of millions of euros to finance the spread of Islam in Europe.

On March 9, the Danish Parliament voted 79 to 7 to approve Act 81, “Proposal for a Law Prohibiting the Receipt of Donations from Certain Natural and Legal Persons.” The law, which does not mention Islam or Islamism by name, states:

“The purpose of the Act is to prevent natural and legal persons, including foreign state authorities and state-run organizations and companies, from working against or undermining democracy and fundamental freedoms and human rights by making donations.

“The Minister of Immigration and Integration Affairs may … make a decision on whether natural and legal persons, including foreign state authorities and state-run organizations and companies that oppose or undermine democracy and fundamental freedoms and human rights, be placed on a public ban list….

“Anyone who receives one or more donations that individually or together exceed DKK 10,000 (€1,350; $1,600) within 12 consecutive calendar months, from a natural or legal person who is included on the public ban list … is punishable by a fine.

“Anyone who … has received one or more donations that individually or together exceed DKK 10,000 within 12 consecutive calendar months … must return the donation to the donor within 14 days from the time when the person in question became or should have become aware of this….”

The legislation was sponsored by the Ministry of Foreign Affairs and Integration and enters into force on March 15, 2021. Foreign Minister Mattias Tesfaye said:

“Today there are extreme forces abroad that are trying to turn our Muslim citizens against Denmark and thus divide our society. Several times in recent years, the media have reported on Danish mosques receiving millions from the Middle East, among others. The government will oppose this.

“This bill is an important step towards fighting attempts by Islamic extremists to gain ground in Denmark. With this, we can take a targeted approach to the donations that undermine the values ​​on which Danish society is based.

“The bill will not solve all the problems that extreme Islamists and anti-democratic forces can give rise to. But it is a good step on the road, and it will be a benefit to society every time we can stop an anti-democratic donation in Denmark.”

Tesfaye took action after the Danish newspaper Berlingske reported in January 2020 that Saudi Arabia had donated 4.9 million Danish kroner (€660,000; $780,000) to fund the Taiba Mosque, located in the “multicultural” Nørrebro district, also known as “little Arabia.” The donation was made by means of the Embassy of Saudi Arabia in Denmark.

The Taiba Mosque, one of the most conservative in Denmark, has been the base for a number of Islamists convicted of terrorism offenses.

The donation, included in the Taiba Mosque’s annual report, was the first documented proof that Saudi Arabia was donating money to Danish mosques. Berlingske subsequently reported that Saudi Arabia was financing other mosques in Denmark.

Denmark’s first purpose-built mosque — the Grand Mosque of Copenhagen, officially known as the Hamad Bin Khalifa Civilization Center — opened in June 2014 after receiving a donation of 227 million Danish kroner (€30 million; $36 million) from Hamad bin Khalifa al Thani, the former emir of Qatar.

Critics of the mega-mosque, which has a capacity to host 3,000 worshippers indoors and another 1,500 in an inner courtyard, said that the organization behind the facility, the Danish Islamic Council (Dansk Islamisk Råd, DIR), was promoting a highly conservative interpretation of Islam.

In September 2013, when the mosque was still under construction, the Copenhagen Post reported that the facility was planning to rebroadcast Al-Aqsa TV, a television broadcaster controlled by the Palestinian terrorist group Hamas. At the time, city councilman Lars Aslan Rasmussen, himself of Turkish background, said:

“A few weeks ago, Dansk Islamisk Råd said that there would be no connection to Qatar and we can now see that is a lie. The mosque is a gift from Qatar but it’s not free. I have always said that they will expect something in return, and this shows that they are making some claims for their money. This will not be a moderate mosque and it will present integration problems.”

Meanwhile, Turkey has bankrolled the construction of 27 mosques in Denmark, including in the cities of Aarhus, Ringsted and Roskilde and in the towns of Fredericia, Hedehusene and Holbæk.

In September 2020, Berlingske reported that Abu Bashar, a notorious imam in Odense, forced a woman to sign a document that she would lose custody of her children if she filed for a divorce from her husband. He said that such a divorce would violate the family’s honor.

The document, which contravened Danish law, caused alarm among Danish officials. Prime Minister Mette Frederiksen wrote:

“Sharia does not belong in Denmark. Yesterday and today, we have read about divorce contracts based on Sharia. On Funen [the third-largest island in Denmark]. In Denmark. It is wrong. It is oppressive of women. It is not Danish. And it must never, ever become Danish.

“In government, we will do everything in our power to stop this. An imam should not interfere in divorce at all. It is only a choice to be made by the two persons who entered into the marriage. Nobody else. This confirms our fearful suspicions about the undemocratic tendencies that exist in parts of Denmark.

“We will do everything we can to stop it.”

Officials from nearly all of Denmark’s main political parties have expressed their support for the bill to ban foreign funding of mosques. Foreign Affairs Minister Mattias Tesfaye said:

“I take a deep distance from the extreme forces in Danish mosques. It is a real problem if donations are made from organizations that want to undermine fundamental democratic values. That is why I am glad that there is broad political agreement on the main ideas in the forthcoming bill. The bill may not necessarily solve all problems, but it is an important step in the right direction.”

Liberal Party rapporteur Mads Fuglede added:

“We must and must never find ourselves in the hands of anti-democratic forces trying to assert their influence in Denmark. And that is why we in the Liberal Party are very satisfied that there is now broad support for implementing the work that we started during our time in government. We have a political responsibility to take care of Denmark. And we do it best by preventing donations from dark forces that want to undermine our democracy.”

Pia Kjærsgaard, co-founder of the Danish People’s Party, said:

“Obviously, Middle Eastern regimes must not be able to send money to mosques or Koranic schools in Denmark to undermine Danish values. We therefore welcome this intervention and look forward to curbing the attacks on democracy that emanate from, among other things, radicalized mosques. Of course, we must never accept attacks on our peaceful society and democracy, and I am therefore pleased that the government has chosen to implement this agreement from before the election and look forward to it having an effect.”

Conservative Party spokesman Marcus Knuth, said:

“We support restrictions on foreign donations to religious communities that oppose our Danish values. We hope that the work can lead to a more comprehensive effort against the extremist mosques and Islamist denominations in Denmark.”

Henrik Dahl of the Liberal Alliance stated:

“We want to ensure that in Denmark no financial support is provided from anti-democratic organizations and individuals. We do not want outsiders to undermine democracy, freedom and fundamental human rights, or to have any kind of influence in Denmark. That is what this bill helps to prevent.”

Prime Minister Frederiksen recently announced that her government intends significantly to limit the number of people seeking asylum in Denmark. The aim, she said, is to preserve “social cohesion” in the country.

Denmark, which has a population of 5.8 million, received approximately 40,000 asylum applications during the past five years, according to data compiled by Statista. Most of the applications received by Denmark, a predominately Lutheran country, were from migrants from Muslim countries in Africa, Asia and the Middle East.

In recent years, Denmark has also permitted significant non-asylum immigration, especially from non-Western countries. Denmark is now home to sizeable immigrant communities from Syria (35,536); Turkey (33,111); Iraq (21,840); Iran (17,195); Pakistan (14,471); Afghanistan (13,864); Lebanon (12,990) and Somalia (11,282), according to Statista.

Muslims currently comprise approximately 5.5% of the Danish population, according to the Pew Research Center. Under a “zero migration scenario,” the Muslim population is projected to reach 7.6% by 2050; with a “medium migration scenario,” it is forecast to hit 11.9% by 2050; and under a “high migration scenario,” Muslims are expected to comprise 16% of the Danish population by 2050, according to Pew.

As in other European countries, mass migration has resulted in increased crime and social tension. Danish cities have been plagued by shootings, car burnings and gang violence.

On January 22, during a parliamentary hearing on Danish immigration policy, Frederiksen, a Social Democrat, said that she was determined to reduce the number of asylum approvals:

“Our goal is zero asylum seekers. We cannot promise zero asylum seekers, but we can establish the vision for a new asylum system, and then do what we can to implement it. We must be careful that not too many people come to our country, otherwise our social cohesion cannot exist. It is already being challenged.”

Frederiksen, who has been prime minister since June 2019, also said that “politicians of the past” were “thoroughly wrong” for failing to insist that migrants must integrate into Danish society.

end

EU/RUSSIA/CORONAVIRUS UPDATE

Probably a good move for the EU as the AstraZeneca vaccine is a killer.  The Russian sputnik model seems very safe and as a good response to antibodies.

(zerohedge)

EU Greenlights Talks For Possible Sputnik Procurement After Dubbing Russia’s Rollout “Propaganda”

 

 

 
TUESDAY, MAR 16, 2021 – 04:15 AM

Reuters in a new report has admitted the “unthinkable” now looks very possible: despite Europe’s fierce public criticism of Russia’s coronavirus vaccine, it found that “Behind the scenes, the bloc is turning to Moscow’s Sputnik V shot as it tries to get its stuttering efforts to vaccinate its 450 million people back on track, EU diplomatic and official sources told Reuters.”

At least four EU states are now said to be seeking procurement via the bloc and Brussels has greenlighted formal talks with Sputnik V’s developers at a moment anger and public pressure is mounting over a slow vaccine roll-out.

 

Via Associated Press

“Hungary and Slovakia have already bought the Russian shot, the Czech Republic is interested, and the EU official said Italy was considering using the country’s biggest vaccine-producing bioreactor at a ReiThera plant near Rome to make Sputnik V,” Reuters notes.

Somewhat absurdly, and as a reminder that actual science and public health more often takes a far backseat to political calculation and questions of ‘perception’, resistance to dealing with Russia in addition to the six Western vaccine makers the EU currently has agreements with has more to do with not allowing Moscow a “win”.

This is precisely what’s at issue, as Reuters also admits:

If Sputnik V were to join the EU’s vaccine arsenal, it would be a diplomatic triumph for Russia, whose trade with the bloc has been hamstrung for years by sanctions over its annexation of Crimea and its intervention in eastern Ukraine.

It would also risk dividing the bloc between those states dead set against giving Moscow any kind of win and those in favor of showing that Brussels can cooperate with the Kremlin.

As a prime example of this kind of fear-driven motivation fueling the controversy and debate, just last week Charles Michel, who chairs summits of EU leaders, reiterated a commonly echoed theme among diplomats and Western officials: “We should not let ourselves be misled by China and Russia, both regimes with less desirable values than ours, as they organize highly limited but widely publicised operations to supply vaccines to others,” he said.

Michel added, “Europe will not use vaccines for propaganda purposes.”

Thus the bloc’s mere willingness to even enter talks with Sputnik V developers shows Brussels is fast changing its tune amid vaccine roll-out delays, with the pragmatists on the issue appearing to now take the driver’s seat.

END
 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Iran

Iran showcases its new underground ballistic missile city

(zerohedge)

Iran’s Revolutionary Guard Inaugurates New Underground Ballistic ‘Missile City’

 
MONDAY, MAR 15, 2021 – 06:10 PM

At a moment the question of the Biden administration’s reentry into the 2015 nuclear deal remains in doubt – despite the admin seeking to assure that “indirect diplomacy” is taking place through the Europeans – tensions are soaring in the region and the prospect of a major regional war between Israel, Iran and Syria is now greater than ever.

For starters, it appears Israel and Iran are engaged in a shadow war to sabotage each other’s tankers in places like the Red Sea and Gulf of Oman. Signaling continued military preparations in this tit-for-tat saga which has witnessed what was for years a proxy battle fast becoming a more ‘direct’ confrontation, on Monday Iran’s IRGC Navy unveiled a new underground missile base, video footage of which was featured in state media.

Iranian state media dubbed it an advanced “missile city” containing cruise and ballistic missiles able to hit targets at “multiple ranges” and with 360-degree firing power. The particular imagery featured, however, may have been teased earlier in January. The base appears to have now been formally activated.

The Fars agency emphasized these weapons were all domestically produced by the Iranian Defense Ministry in conjunction with the elite Revolutionary Guard. IRGC commander Major General Hossein Salami was reportedly present at the base, location undisclosed, along with the commander of the IRGC’s Navy, Ali Reza Tangsiri.

Salami touted the Islamic Republic’s ability to erect such an impressive and sophisticated underground base even with Washington-led sanctions seeking to stymie such missile development.

“Despite being under sanctions, we have made major technological achievements in the defense industry,” the commander said in what was also clearly a message geared as a warning and threat to Tel Aviv.

Salami also boasted of the ability of a committed Islamic nation to possess such sophisticated defense technology.

“We do not speak out of a vacuum. We are equipped and armed as the enemy is, but there is no effectiveness of such weapons without the presence of believers,” he said.

It was only within the last year that Western media began featuring with increasing alarm more and more coverage of Iran’s vastly growing underground arsenal.

The idea is that if under attack the bases can be adequately shielded and defended from enemy assault. Large silos can then open up from the desert floor to strike back.

In years past Iranian state media reports have appeared to validate that the “missile cities” are indeed legitimate and sprawling:

For example Reuters reported last year that “Iran has established underground onshore and offshore missile cities all along the coasts of the Persian Gulf and the Gulf of Oman that would be a nightmare for Iran’s enemies,” according the statement of a top Iranian commander.

It should also be noted that the IRGC recently boasted it was expanding naval bases near the Indian Ocean and in the Gulf of Oman. We can imagine that they also include underground facilities such as what are featured in the new images published Monday.

end

IRAQ/USA

Again a rocket attack in Baghdad, Not sure who is responsible but it seems that it is a strong message for the USA to get out of Iraq.

Fresh Rocket Attack Hits Iraqi Base Housing American Troops

 
MONDAY, MAR 15, 2021 – 06:50 PM

Here we go again: on Monday a barrage of rocket fire targeted an Iraqi military base which houses American troops just north of the capital of Baghdad.

In total seven were fired, with initial reports saying there were no casualties. “At least five rockets hit the Iraqi military air base of Balad north of Baghdad on Monday, without causing casualties, Iraqi security officials said,” Reuters reports.

 

Balad air base, 45north of Baghdad, via AP

Additionally two other rockets failed to land inside the base, detonating in a rural area without causing casualties.

Officials have named the usual suspects: “No group immediately claimed the attack, but armed groups that some Iraqi officials say are backed by Iran have claimed similar incidents in the past,” Reuters reports further.

It comes after a spate of similar attacks and tit-for-tat US responses, which notably included Biden two weeks ago ordering airstrikes on ‘Iranian militia’ positions in far eastern Syria. And crucially Monday’s attack comes just days into a truce agreement in which Iran-backed Iraqi paramilitary forces agreed to halt all attacks on American bases.

However, the temporary ceasefire came with this key caveat:

After frantic meetings in Baghdad, Beirut and Tehran, Iranian-backed Iraqi paramilitaries have agreed to stop attacks against US forces in Iraq on the condition that Iraqi Prime Minister Mustafa al-Kadhimi formally demands an American withdrawal, officials and faction commanders told Middle East Eye.

Kadhimi must tell Washington that the pullout has to be completed within 12 months, they added. Sources said it is likely that Kadhimi will comply and make the formal request.

Over much of the past year such Shia militia attacks on bases housing US troops have become somewhat “routine” – also with the US embassy in Baghdad’s Green Zone often experiencing rocket fire. It appeared intended to ramp up pressure on Washington to finally and fully exit.

Notably on Sunday Iran’s ambassador to the UN Majid Takht-Ravanchi issued a vehement denial that the Islamic Republic is behind the recent rocket attacks. “The Islamic Republic of Iran has not been directly or indirectly involved in any armed attack against any US individual or body in Iraq,” he wrote on Sunday, according to Press TV.

While during the last months of the Trump administration he boasted of initiating a drawdown of multiple thousands from both Afghanistan and Iraq, Biden’s plan in the region has remain largely undefined and uncertain – with much of it also appearing to hinge on whether the US rejoins the 2015 nuclear deal, or JCPOA.

END
IRAN VS USA VS SAUDI ARABIA VS ISRAEL
A must read:  Rafizadeh of Gatestone correctly states that if the USA joins the Iran nuclear deal, it will no doubt trigger a regional war
(Rafizadeh/Gatestone)

Biden Can Trigger A Regional War By Reviving The Nuclear Deal

 
MONDAY, MAR 15, 2021 – 10:30 PM

Authored by Majid Rafizadeh via The Gatestone Institute,

The Biden administration, deep down, unfortunately seems to wish to forge ahead with its agenda to revive the 2015 Joint Comprehensive Plan of Action (JCPOA) — also known as the Iran nuclear deal, which, incidentally, Iran never signed — and subsequently to lift sanctions against Tehran.

The Biden administration also seems to be conflicted about reversing the course of the previous administration’s “maximum pressure” policy of economic sanctions on the Islamic Republic. The US had reportedly authorized South Korea to release $7 billion in frozen assets to Iran, until, on March 10, US Secretary of State Antony Blinken urged South Korea not to release the funds until Iran had agreed to return to full compliance with the JCPOA. Unofficial meetings between the Islamic Republic and the P5+1 (China, Russia, the United States, the United Kingdom and France, plus Germany) seem to be on the way to resurrect the nuclear deal, in spite of major opposition from many regional powers, including Israel and Saudi Arabia, as well as US Senators Jim Risch, Marco Rubio and Jim Inhofe.

Governments in the Middle East have a valid reason to be concerned about the nuclear deal. They have already witnessed its negative consequences. US President Barack Obama had pledged that he was “confident” the deal would “meet the national security needs of the United States and our allies”. Throughout that time, the Obama administration not only initiated and expanded appeasement policies, they made unprecedented concessions in an attempt to dissuade the ruling mullahs from their internal and external aggression. The US met them with generosity and flexibility every step of the way.

Soon after, however, many countries in the region – as well as US citizens — felt betrayed. It became clear that the nuclear deal had entirely overlooked Iran’s funding of its violent proxies, such as Hezbollah, which took over Lebanon, Hamas in the Gaza Strip and the Houthis in Yemen, as well as Iran’s expansion of influence over large swaths of South America. This would have not been the outcome if Israel and other regional powers had been part of the negotiations.

The composition of the current negotiating team, similar to the previous one, completely excludes those on Iran’s doorstep. In an approach reminiscent of the bygone colonial era, it remains a policy set by governments thousands of miles away.

Worse, after the JCPOA agreement was sealed, the regional powers came to witness first-hand the impact of this nuclear deal.As sanctions against Iran were lifted during the Obama administration, it quickly became clear that instead of curbing Iran’s malign behavior at home and abroad, those actions had, in the eyes of the international community, given Iran a newfound global legitimacy. Both that, and the lifting of sanctions, generated billions of dollars in revenue for Iran’s military institution, the Islamic Revolutionary Guard Corps, as well as for Iran’s militia and terror groups. Tehran used that influx of revenues to expand its influence throughout the region, including in Syria, Iraq, Yemen and Lebanon. Iran’s expansion campaign proved immensely successful.

The Gulf states and Israel saw immediately that the threat Iran poses was never, and will not be, thwarted by this nuclear deal. Instead of preventing Iran from having nuclear weapons, as deceitfully promised, the deal actually permitted Iran in a short time to enrich as much uranium and manufacture as many nuclear bombs as it liked – as well as the ballistic missiles with which to deliver them.

Arab nations have already seen the consequences of the previous attempt at striking a nuclear deal. The Iranian-armed Houthis simply ratcheted up efforts to cause death and destruction in Yemen, and Hezbollah escalated its involvement and control of large swathes of Syrian territory. The region also saw a greater propensity for Houthi rocket launches at civilian targets in Saudi Arabia, the deployment of thousands of Hezbollah foot soldiers in Syria, and the constant bombardment of southern Israel by Iranian-funded Hamas rockets.

As Israeli Prime Minister Benjamin Netanyahu pointed out, “We have already seen the nature of agreements with extremist regimes like yours [the Iranian regime]”. Saudi Foreign Minister Prince Faisal bin Farhan chimed in to the Agence France-Presse news agency:

“I think we’ve seen as a result of the after-effects of the JCPOA that not involving the regional countries results in a build up of mistrust and neglect of the issues of real concern and of real effect on regional security.”

By returning to a deal which brought nothing but heightened destruction and instability to the region, the Biden administration would be abandoning old allies such as Israel and Saudi Arabia — which at least has begun instituting reforms — and instead empowering a regime that remains an existential threat to the entire Middle East.

One possible repercussion of rejoining the nuclear deal is that countries in the region may find no other option than taking military action against Iran, a move that would spiral into regional war. “With an agreement or without an agreement, we will do whatever is necessary so you do not arm yourselves with nuclear weapons,” Netanyahu said recently during a memorial ceremony at the Tel Hai monument in northern Israel. Israeli military chief Lt. Gen. Aviv Kohavi also recently warned:

“I instructed the army to prepare a number of operational plans in addition to the existing ones. We are taking care of these plans and will develop them during the coming year. Those who decide on carrying them out, of course, are the political leaders. But these plans have to be on the table.”

In short, the Biden administration’s attempt to revive the 2015 nuclear deal can easily turn both the region and the Biden legacy into a conflagration — as well ignite a resolute nuclear arms race throughout the Middle East.

END

SYRIA

A good history lesson on how the failed regime change in Syria started

(Antonopoulos Antiwar.com)

Ten Years Since Beginning Of Failed Regime Change Operation Against Syria

 
MONDAY, MAR 15, 2021 – 11:50 PM

Authored by Paul Antonopoulos via AntiWar.com,

On this exact day ten years ago, NATO, the Gulf Cooperation Council, Turkey and Israel began a coordinated campaign of regime change against President Bashar al-Assad and the destruction of Syria. This has led to the death of over 500,000 people, millions of refugees, destroyed infrastructure and an economy in crisis. Despite numerous political maneuvers, this alliance against Syria catastrophically failed and could not achieve regime change. Not only did Assad survive the onslaught, but the geopolitical situation dramatically changed as a result.

Each aggressor had its own ambitions in Syria but was united in the goal to achieve regime change. Thanks to the contributions made by Russia, Iran and Hezbollah, the Syrian government survived the coordinated aggression. Whilst NATO and Turkey continue to insist on regime change, Arab states, most prominently Saudi Arabia and the United Arab Emirates, were forced to normalize their relations with Syria to counter the growing threat of Turkish expansionism and influence into the Arab World that they had not anticipated when they decided to destroy Syria ten years ago.

Although a US-dominated unipolar system was consolidated with the collapse of the Soviet Union in 1991, Russia’s 2008 intervention to defend the de facto republics of South Ossetia and Abkhazia against NATO-encouraged Georgian forces was the first sign of an emerging multipolar system. A multipolar system, where there is a more equal distribution of power compacted into spheres of influence, was strengthened whilst the US could only helplessly watch as Russia successfully defended South Ossetia and Abkhazia in a region that falls under Moscow’s sphere of influence.

It was Russia’s direct military intervention in Syria, which began on September 30, 2015 that truly consolidated 21st Century Multipolarity. As the US had Pentagon-funded jihadists battling CIA-funded jihadists, Moscow had clear goals and policies towards Syria – the survival of the state and government. Not only did Russia successfully defend the government, despite the fact that large areas of Syria remain occupied by US and Turkish-backed forces, it put its military footprint by assuming control of the Khmeimim Airbase and extended its lease over Tartous Port. In this way, Russia ensures that regime change is not possible in Syria, rendering the American and Turkish occupation of large areas of northern and eastern Syria as extremely cynical policies that prolong the suffering and economic catastrophe in the country.

Prior to the war, Damascus and Ankara had amicable relations, with Turkish President Recep Tayyip Erdoğan even once describing Assad as “my brother.” However, the so-called Arab Spring provided Erdoğan with the opportunity to pursue his neo-Ottoman policy. Not only has this resulted in large areas of northern Syria being illegally occupied by Turkey, but an intense Turkification process is underway with the Turkish school curriculum, currency and language being imposed on the local population.

What Turkey had not anticipated in Syria though was the re-emergence of the Kurdistan Workers Party (PKK) under the guise of the People’s Protection Units (YPG). In fact, before the war, Syria, which once supported the PKK, expelled the group and ended its support for it to improve its relations with Turkey. By Ankara supporting the collapse of the Syrian state, it allowed the conditions for the PKK to return to Syria and once again find a new base of operations to continue its insurgency against Turkey. In addition, Turkey wrongly believed that regime change would be a quick endeavor, and the prolonged war saw millions of refugees flood into the country, not only putting a major strain on the economy, but also a rapid increase in terrorist attacks across the country.

Israel is the only aggressor country that has not suffered due to regime change attempts against Syria. Israel’s main interest is not necessarily the removal of Assad from power, but the complete destruction of the country. The continuation of the war serves Israel’s interests as Syria was the only Arab state that posed an existential threat to the Jewish State. The destruction of the economy and weakening of the military has ensured that Syria will not pose a threat to Israel for several decades as it will have a long path towards recovery.

Ten years on since the beginning of the Syrian War, U.S.-led NATO, Turkey and participating Arab States failed to achieve their goal of regime change to implant their own puppets in Damascus. The US failed to sever the Axis of Resistance (Iran-Syria-Hezbollah), the Arabs failed to install a Sunni president that would be against Iran and completely aligned with Saudi Arabia and the United Arab Emirates, and Turkey not only failed to install a neo-Ottomanist into power, but also reinvigorated the PKK that had not existed for years in Syria.

More importantly, the initial coalition against Syria has collapsed, with Turkey frustrated over the US’ sustained support for the YPG and the Arabs pivoting back to Syria as they now find greater concern over Turkey’s support for the Muslim Brotherhood and interference in Arab affairs.

In fact, the US finds itself in a weaker position in the region as the Axis of Resistance is preserved and Russia now has greater military presence and influence in Syria that it did not have prior to the war. Russia’s success in preserving the Syrian state is the strongest indicator that the unipolar world system has collapsed and a new multipolar system has taken its place in the 21st century.

END

SYRIA

Syria fights back against the USA backed “democratic” oil smuggling business

(South Front)

Assad Fights Back Against Northern Syria’s “Democratic” Oil Smuggling Business

 
TUESDAY, MAR 16, 2021 – 05:00 AM

Submitted by South Front,

A relaxing, profitable and, quite frankly, secure job has turned into a nightmare. It is now dangerous, difficult, and simply stressful. And it is all due to the actions of the “cowardly Assad regime” and its Russian backers.

Indeed, this relates to being an oil trafficker in Northern Syria. In the past be it the ISIS oil fields, or those in the Syrian Democratic Forces-controlled areas, “exporting” oil to Turkey was an easy and simple business. This has all changed.

On March 14th, a large-scale strike with missiles and heavy rockets hit oil traffickers in the Turkish-occupied areas. There were two targets. The first was the al-Himran crossing, which is located near the town of Jarabulus on the border with Turkey. The second was the village of Tarhin north of the town of al-Bab, featuring a network of makeshift refineries and oil storage facilities. Videos and photographs showed an apocalyptic sight, with massive fires and nothing but destruction.

On March 6th, catastrophic losses were suffered by oil traffickers from missile strikes on Tarhin and al-Himran in Aleppo. More than 200 oil tankers were destroyed. The White Helmets “rescue organization” said that four people were killed in the strike. At least 42 others were injured, some of them are reportedly in critical condition.

There are a plethora of videos and photographs of attacks on oil traffickers starting from early January 2021 onward. Initially, the strikes were attributed to unknown attackers. In the first days of the new year, there were numerous reports of “mysterious missile strikes” targeting oil smugglers. It turned out to be a sort of tradition – tankers exploding, so that they can’t provide the almost free oil to Turkey taken away from the Syrian people.

Still, another point of view should be considered – that of the oil traffickers. If the Western establishment were asked, they would say that they are a part of the moderate opposition and that they are doing the Syrian people a favor. Taking oil away from the “bloody Assad regime” is, after all, a good thing. The Syrian government, with Russian help, ruined yet another business opportunity.

It is clear that Damascus and Moscow have joined forces to impede the business development of Northern Syria. They began by dismantling ISIS’ (illegal) oil business, and then moved on to the Turkish-backed one.

Turkey itself claims that the “Syrian regime” is simply targeting civilian settlements. According to the Turkish Defense Ministry, this was uncalled for, and warranted a response from Turkey and its proxies. There was some shelling, but ultimately it led to nothing. The tyranny of destroying the democratic oil businessmen from the “moderate opposition” has no end.

END

ITALY//VACCINE UPDATE

Italy Launches Manslaughter Investigation As Teacher Dies Hours After Getting AstraZeneca Jab

 
TUESDAY, MAR 16, 2021 – 10:00 AM

After law-enforcement authorities in Sicily and Piedmont seized batches of the AstraZeneca COVID jab, prosecutors in the EU’s third-largest economy have launched a manslaughter investigation after a music teacher died just hours after receiving the jab.

According to Italian-language media outlets, 57-year-old Sandro Tognatti died after receiving the jab in his hometown of Biella on Saturday afternoon. He soon developed a high fever, but went to bed anyway, he his wife, Simona Riussi, told the Italian press.

The next morning, Riussi awoke to find Tognatti dead. She called an ambulance, but Tognatti was already dead. Prosecutors in Piedmont officially launched the investigation later in the day. As we mentioned above, prosecutors also seized a batch with nearly 400K jabs in it.

Sandro Tognatti

So far, health authorities have insisted that there’s no link between the jab and Tognatti’s death. Officials said a criminal investigation was launched to be “completely sure” that the man’s death “cannot be attributed to the above-mentioned inoculation”.

Italy, France, Germany and a handful of other nations temporarily suspended the AstraZeneca vaccine after reports of patients developing deadly blood clots surfaced. Deaths were reported in Austria and elsewhere, which prompted Denmark, Iceland and other nations (as far away as Thailand) to halt the jabs to allow for a brief investigation. AstraZeneca and the EMA (Europe’s top regulatory authority) have insisted that there’s nothing to suggest a link between the jabs and heightened risk for blood clots, but in a press conference Tuesday morning, the agency promised to investigate.

Among the more than 11M Italians who have already been vaccinated, Italian authorities have documented at least 15 cases of blood clots and 22 cases of pulmonary embolis among those who have received the jabs.

6.Global Issues

The supercharged economy leaves the global supply chain very thin and this could cause major disruptions

(zerohedge)

Supercharged Economy Leaves Global Supply Chain “Stretched Thin”

 
TUESDAY, MAR 16, 2021 – 07:17 AM

Shipping container shortages across Asia, vessel traffic jams at ports, higher shipping costs, and soaring input prices – are all part of the very stretched global supply chain in a post-pandemic world that remains in turmoil. Trillions of dollars unleashed by central banks and governments resulted in the overstimulation of the worldwide economy. Continuation of artificial demand stoked by stimulus could exacerbate supply-chain disruptions.

“I’ve never seen anything like this,” Lars Mikael Jensen, head of Global Ocean Network at A.P. Moller-Maersk, the world’s largest shipping company, told NYTimes last week.

… and, of course, Jensen had never seen anything like this before, due in part to the amount of stimulus unleashed, tens of trillions of dollars around the world, was entirely unprecedented.

More disorder nears as President Joe Biden’s $1.9-trillion relief bill is expected to turbocharger consumer demand for products made overseas, which will only result in additional stress on the global supply chain.

Chief Executive Steve Greenspon at Honey-Can-Do International LLC told WSJ that the rate at which Americans are purchasing clothes racks, shelves, and other housewares is remarkable. The “exceptionally high” demand produces bottlenecks at its manufacturers in China, resulting in a 50% increase in shipping cost and longer shipping time. Industry-wide, shipping costs are hitting record highs.

“Ships can sit offshore for weeks at a time in the US,” waiting to dock at busy ports, said Greenspon. “There doesn’t seem to be any relief.” Container ships anchored in San Pedro Bay and at berth in Ports of Los Angeles and Long Beach have risen to multi-year highs.

Data firm IHS Markit confirms a massive supply squeeze has been underway. Surveys of manufacturers around the world are reporting delivery times lengthening while input prices are soaring.

 

Source: WSJ

IHS Markit said shortages of components pushed input prices higher at the sharpest rate in nearly a decade.

“It is difficult to get electronics, in some cases, delivery times are a little longer, but we can handle it,” said Gordon Riske, chief executive of Kion Group AG , a Frankfurt-based manufacturer of forklifts. “Since the stimulus package is a done deal, the US will have about 7% growth. And we’re likely to have some capacity issues that we will address.”

The speedy rebound in global industrial production, fueled by central banks and governments spraying their respective economies with billions, if not trillions of dollars, has resulted in a “V-shaped” recovery. However, additional rounds of stimulus would be needed to maintain the so-called “recovery.”

 

Source: WSJ

Artificial demand has pushed up the “price of every material, every part, plastic parts, glue, everything from China has increased,” said Lim Bao Lih, export manager at Classic International.

As Lih’s input prices increase along with shipping costs, Classic International might have to pass on costs to consumers.

Last week, readers found out their ‘cup of joe‘ in the future could cost more money because coffee processors have been slapped with higher freight costs.

Shortages have also been another tissue.

From semiconductors to steel, shortages have materialized. Several manufacturers in the US and Europe have faced shutdowns of production facilities due to chip shortages. The problem is so concerning that major chip associations in the US and China are forming a working group to alleviate shortages.

Besides shortages of components, the lack of shipping containers in Asia because of one-sided trade triggered Costco Wholesale Corp and Honda Motor Co Ltd in the United Kingdom to delay shipments.

Many of the supply chain woes have been ongoing for the past year. Another round of stimulus from the US, supercharging consumers, even more, may result in unintended inflation that will push up consumer prices.

end
Michael Every on today’s most important topics
(Michael Every..)

Rabo: Joining And Not Joining The Dots

 
TUESDAY, MAR 16, 2021 – 09:39 AM

By Michael Every of Rabobank

Joining and not joining the dots

Today is the start of the critical two-day Fed meeting. As out Fed-watcher Philip Marey reiterates in his latest preview note (see here), we can expect jawboning tomorrow; and if that fails to work we can expect a shift in asset purchases (“Operation Twist and Shout” as I will keep dubbing it despite it not catching on); and if that fails to work then we are counting down the clock to yield curve control. And if I need to join the dots to what that means, it also means you haven’t been reading the Daily up until now. I now take it for granted that markets can’t join those particular dots and only look at the last one. Then again, there is a lot of not-dot-joining going on.

Headlines are dominated by China allegedly to force Alibaba to sell off its shares in Weibo and the South China Morning Post because of the growing concern about the technology giant’s influence over public opinion”, as Bloomberg puts it. Will the other Chinese digital giant, Tencent, which entered Beijing’s firing line over fin-tech issues on Friday, where Alibaba’s troubles started too, follow the same path because it owns WeChat? Crucially, the authorities seem to be sending the message that data and media must be state and not private-owned. China of course has massive tech ambitions, and these necessarily involve data and media: can one join the dots?

In the US, the Washington Post (“Truth dies in darkness”) has had to issue a public retraction for printing a false story about former President Trump’s telephone call regarding his challenges to election results in Georgia: they attributed quotes to Trump not made by him. The New York Times’ 2020 story about Russian bounties being paid to the Taliban to kill US soldiers in Afghanistan was also debunked by neutral sources. Fake News on all sides then? In Congress, US tech titans are facing the Journalism Competition and Preservation Act, which would force them to pay for news (as recently seen in Australia) to try to improve news standards by saving media’s financial model: yet Glenn Greenwald’s Congressional testimony made clear this also opens the door for shutting the door on the independent bloggers and journalists who find the US media environment too stifling. On which, see Matt Taibbi’s latest article, bewailing the Sovietization of the US press.

Does this matter? Well, how do you trade news when you don’t know what the news is? Then again, if we have to control the yield curve, so can’t price bonds, do we still *need* real news?

Relatedly, the White House is planning the first major tax hike since 1993. Details are sparse, but suggestions are that the corporate tax rate will rise from 21% to 28%, the estate tax will step up, and anyone earning more than USD400,000 will face a higher tax bill too. This will be used to fund the major infrastructure package to be rolled out. Let’s join some more dots.

First, that means the US stimulating China-style – and China not: plot that.Second, the fact we are talking about tax increases underlines this is still not an MMT paradigm: if we really were going all in on that front, the US would be spending and not taxing given it is not worried about inflation. Tax hikes are deeply unpopular, but ones that only hit the rich far less (though you won’t see that view expressed much in the newspapers owned by the rich). Indeed, raising corporate tax rates, if it means a shift from sitting on cash piles and stock buybacks into productive investment could, in theory, provide a major boost to US growth, and would be exactly the kind of structural shift that could force a repricing in the bond market – if done right. Yet that would likely mean alongside Buy American or Green tariffs; and that would mean the Fed really would have to make a major decision on the yield curve – and the USD is part of this picture too. Of course, equities will *hate* these proposals; and if they tank then the Fed might be on the horns of another dilemma given we all know how important they seem to think higher stock prices are to the well-being of poor people.

Some are trying to join the dots. Indeed, Bloomberg reports today that hedge-fund billionaire Ray Dalio, who likes the odd missive on big picture ideas like The Rise and Fall of Stuff, is saying: ”The economics of investing in bonds (and most financial assets) has become stupid.” He also believes that now is not the time to be holding any USD denominated asset at all.

As someone who over 20 years ago was wading through medieval UK inflation data, Homer’s ‘The History of Interest Rates’, and Kondratiev waves and their overlap with centuries of military conflict in Europe, I heartily concur with taking a big picture view; and with the idea that investing has become stupid; and that the price of most financial assets certainly is; and I would add that neoclassical economics is pretty stupid too when you dissect it.

However, I fail to see how looking at a shift that is about to either massively boost US fiscal stimulus and raise bond yields; and/or potentially reduce the cost of capital; and which would logically then have to see the US become more mercantilist too; at a time when the world relies on USD; and while the US remains the financial and military hegemon, argues for walking away from all USD-denominated assets and towards what Dalio suggests as a long-run hedge: Chinese assets. Why do all these kind of policies work for China (argues Ray implicitly) but not for the US? And did he even read the recent headlines mentioned in this Daily? (And so we are back to the importance of news: our dots are not a line but a circle – cod philosophy 101, which I have also been dabbling in for more than 20 years.)

Meanwhile, we see that much of Europe has now stopped using the AstraZeneca vaccine: how many more weeks of Euro lockdown does that mean in reality? What does it mean for the CDU in Germany, who just got smashed in the elections over the weekend? Perhaps they can start even more legal cases against the UK to change the topic of conversation?

The UK itself is apparently today going to do what I suggested yesterday: publicly announce that it wants to have a greater role in the Indo-Pacific region (the geopolitical centre of the world,” the government will apparently call it, not Brussels) while maintaining close ties with the US. That will put it at loggerheads with China; and perhaps with the EU too, as the UK still looks towards a trade deal with the US, if that is possible. To be continued…dot, dot, dot.

Australia will welcome the UK coming back to a region it seemed to have left in the 1940s, and can meanwhile be happy that house prices officially rose 3.0% q/q in Q4: they say that is equal to 3.6% y/y, but I think they may have dropped a zero. The RBA’s minutes today added: “The Board concluded that there were greater benefits for financial stability from a stronger economy, while acknowledging the importance of closely monitoring risks in asset markets,” which seems to imply that higher house prices somehow stabilise the economy(?), and that “the cash rate would be maintained at 10bp for as long as necessary…The Board does not expect these conditions to be met until 2024 at the earliest.”

If you wanted to be spooked by an FX market, the US would not be the first choice. That’s surely dotty?

end
It is not safe!!
 

Top EU Regulator Insists AstraZeneca Jab Is Safe While 24 Countries Have Banned It

 
TUESDAY, MAR 16, 2021 – 12:26 PM

During a press conference on Tuesday, Europe’s top medical regulator, the European Medicines Agency, reiterated that there is no evidence the AstraZeneca-Oxford COVID jab contributed to blood clots and other deadly developments in certain patients who received the vaccine.  But while the agency insisted that there is “no indication that vaccination has caused these conditions,” it added that it would “urgently review” all safety data.

There was a time when reviews like this were carried out before approval, but the urgent problem presented by the COVID pandemic apparently forced developers to cut some corners as the first wave of vaccines was developed and approved in under a year.

A string of countries, including France, Germany and Italy and a handful of others (including Thailand, though it has since reversed the decision) temporarily suspended the AstraZeneca jab over the past week. They all claimed they were halting the shots out of an abundance of caution, as they reviewed data to see if there might be a discernible link between the vaccinations and some patients with low blood-platelet counts.

“A situation like this is not unexpected when you vaccinate millions of people,” said Emer Cooke, the EMA’s executive director, who led the press briefing Tuesday. She added that there is “no indication that vaccination has caused these conditions.”

Cooke stressed the need to take the time to evaluate every reported case and come up with a “science-based” assessment, a point that seemed at odds with her criticisms of the governments that moved to swiftly halt distribution of the AstraZeneca jabs.

“This is a serious concern,” she said, that requires “thorough analysis of all the cases that are reported and evaluate whether this is a coincidence or indeed a causal effect.”

She added that while a review is being conducted, “we are still firmly convinced that the benefits [of the vaccine]…outweigh the risk of these side-effects.”

AstraZeneca has strongly defended the vaccine, and the WHO has criticized the decision to halt vaccinations because it could undermine global perceptions of vaccine safety. Meanwhile, the WHO said its advisory panel was collecting data on incidents of blood clots and would carry out a review.

Sweden became the latest European country to halt the jab on Tuesday after insisting the vaccine was safe for days. Some 24 countries have temporarily halted, or promised to halt, distribution of the AstraZeneca jab. No cases of severe blood clots have been reported in Sweden, but neighboring Norway and Denmark have each reported one death. At least 16 of the countries that have banned the jab are in Europe.

Before the press briefing, France’s industry minister Agnès Pannier-Runacher said the countries acted in an effort to help protect public confidence. “It is important that there is not distrust in the population,” Pannier-Runacher said. “If you see decisions being made in other countries, the risk is that a mistrust of the vaccine could develop. Our intention is to be perfectly transparent…and [show] that every time that there is an alert, we treat it as professionally as possible.”

Infographic: Which Countries Have Stopped Using The AstraZeneca Vaccine? | Statista You will find more infographics at Statista

Readers can watch the briefing below:

AstraZeneca’s vaccine was heralded as a critical success in the fight against COVID because it’s cheap to develop, ship and store, and using the adenovirus vector technology that has long been used for vaccines. However, questions about rare side-effects created some hiccups during the trial phase. At one point last year, the US halted the US-based trial for the AstraZeneca jab for a whole month.

Last week, Denmark reported “highly unusual” symptoms in a 60-year-old citizen who died from a blood clot after receiving the vaccine, the same phrase used on Saturday by Norway about three people under the age of 50 that were reportedly being treated at a local hospital. One of the three health-care workers hospitalized in Norway eventually died, health authorities said Monday.

Later on Tuesday, the bloc’s health ministers held a video call where they shared information about their side-effect concerns. The EMA’s safety committee has called an extraordinary meeting for Thursday to decide on any further recommendations. Cooke declined to list all the possible conclusions, mentioning an additional warning on the product or possibly more radical action, “if there is a problem that can’t be solved

Finally, Nicola Magrini, the director of Italy’s top medical regulator, the AIFA, told an Italian newspaper that the decision by Germany, France and Italy to suspend the shots after reports of dangerous side effects was a “political one”.

“We got to the point of a suspension because several European countries, including Germany and France, preferred to interrupt vaccinations…to put them on hold in order to carry out checks. The choice is a political one,” she said.

Magrini insisted the AstraZeneca vaccine was safe and that the benefit-to-risk ratio of the jab is “widely positive” (note: there have been eight deaths and four cases of serious post-vax side-effects in Italy). Aifa will take two to three days to collect all required data and once “doubts are cleared we can carry on at a faster speed than before,” she added.

Looking ahead, the EMA’s safety committee will hold an extraordinary meeting on Thursday to decide on any further recommendations. Cooke demurred when asked to list all the possible conclusions, mentioning an additional warning on the product or possibly more radical action, “if there is a problem that can’t be solved.”

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 TUESDAY morning 7:00 AM….

Euro/USA 1.1938 UP .0012 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /GREEN

USA/JAPAN YEN 108.96 DOWN 0.188 (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 1.3869   DOWN   0.0030  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2465 UP .0024 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  TUESDAY morning in Europe, the Euro ROSE BY 30 basis points, trading now ABOVE the important 1.08 level RISING to 1.1938 Last night Shanghai COMPOSITE CLOSED UP 26.79 PTS OR .78% 

//Hang Sang CLOSED UP 193.93 PTS OR 0.67% 

/AUSTRALIA CLOSED UP 0,85%// EUROPEAN BOURSES ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 193.93 PPTS OR .67% 

/SHANGHAI CLOSED UP 26.79 PTS OR .78% 

Australia BOURSE CLOSED UP 0.85% 

Nikkei (Japan) CLOSED UP 154.12  POINTS OR 0.50%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1734.60.00

silver:$26.11-

Early TUESDAY morning USA 10 year bond yield: 1.606% !!! DOWN 0 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.352 DOWN 1  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 91.71 DOWN 13 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.19% UP 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.10.%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.31%//UP 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.63 UP 2 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 32 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.34% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 0.98% 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 TUESDAY

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

Euro/USA 1.1886  DOWN     .0041 or 41 basis points

USA/Japan: 109.04 DOWN .083 OR YEN UP 9  basis points/

Great Britain/USA 1.3870 UP .0028 POUND DOWN 28  BASIS POINTS)

Canadian dollar UP 15 basis points to 1.2462

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  10Y: closed DOWN AT 6.6059    ON SHORE  (DOWN)..

THE USA/YUAN OFFSHORE:  6.5049  (YUAN DOWN)..

TURKISH LIRA:  7.51  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.10%

Your closing 10 yr US bond yield DOWN 1 IN basis points from MONDAY at 1.605 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.373 UP 1 in basis points on the day

Your closing USA dollar index, 92.00 UP 16  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 TUESDAY: 12:00 PM

London: CLOSED UP 42.71  0.63%

German Dax :  CLOSED UP 129.49 POINTS OR .90%

Paris Cac CLOSED UP 18.51 POINTS 0.31%

Spain IBEX CLOSED UP 27.80 POINTS or 0.12%

Italian MIB: CLOSED UP 148.82 POINTS OR 0.32%

WTI Oil price; 64.34 12:00  PM  ES2

Brent Oil: 67.97 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    72.82  THE CROSS LOWER BY 0.01 RUBLES/DOLLAR (RUBLE HIGHER BY 1 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.34 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 :  64.66//

BRENT :  68.26

USA 10 YR BOND YIELD: … 1.621..up 1 basis points…

USA 30 YR BOND YIELD: 2.383 up 3 basis points..

EURO/USA 1.1906 ( DOWN 21   BASIS POINTS)

USA/JAPANESE YEN:108.99 down .136 (YEN up 14 BASIS POINTS/..

USA DOLLAR INDEX: 91.85 UP 1 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3895 DOWN 3  POINTS

the Turkish lira close: 7.49

the Russian rouble 72.83   DOWN 0.01 Roubles against the uSA dollar. (DOWN 1 BASIS POINTS)

Canadian dollar:  1.2439 UP 38 BASIS pts

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

The Dow closed DOWN 121.51 POINTS OR 0.39%

NASDAQ closed UP 69.74 POINTS OR 0.53%


VOLATILITY INDEX:  20.06 CLOSED UP .03

LIBOR 3 MONTH DURATION: 0.182%//libor dropping like a stone

USA trading today in Graph Form

Big-Tech Trumps Small Caps As Inflation Outlook Hits 13-Year High

 
TUESDAY, MAR 16, 2021 – 04:00 PM

Ahead of tomorrow’s Jay Powell show, 5Y inflation breakevens soared to their highest since 2008…

Source: Bloomberg

The gap between real yields and the growth/value relative-value bet has reached an extreme and retraced somewhat today…

Source: Bloomberg

Will Jay Powell ‘cut the rope’ tomorrow…

At the cash open, Nasdaq was panic-bid and Small Caps puked. NOTE that at the European close, everything reversed and the market all went lower…

So much for that utter panic buying into yesterday’s close. The Dow broke its 7-day win streak today.

This was the biggest Nasdaq outperformance over Small Caps since November 4th.

This move erased last week’s relative Small Cap outperformance but was unable to accelerate further…

Source: Bloomberg

Is this the new trend to befriend?

Source: Bloomberg

VIX tumbled back below 20 again today…

Bonds were chaotic today. Dumped across the EU open, and dumped across the EU close, massively bid into the 20Y auction, then puked right back… then bid into the close…

Source: Bloomberg

Real yields dipped a little today, catching down to Gold…

Source: Bloomberg

Ahead of The Fed statement tomorrow, the short-end of the curve is pricing in 122bps (5 rate hikes) between the end of 2022 and the end of 2024…

Source: Bloomberg

Bitcoin extended its losses from yesterday, but bounced back to around $56k intraday…

Source: Bloomberg

Gold clung to unchanged today as copper was the biggest loser. Silver and crude were lower…

Source: Bloomberg

Finally, today’s disappointing retail sales, industrial production, and homebuilder confidence data sparked a tumble in the macro surprise index to its weakest since June

Source: Bloomberg

a)Market trading/LAST NIGHT/USA

 
 

b)MARKET TRADING/USA//this afternoon

European Close Sparks Reversal In Rally, ARKK Tanks

 
TUESDAY, MAR 16, 2021 – 12:21 PM

Once again, the close of European markets has sparked an immediate reversal in stock trends.

Nasdaq’s surge relative to Small Caps peaked at key resistance and at the EU close…

Source: Bloomberg

ARKK plunged the minute EU closed too…

This is not the first time that everything changed at the European close.

end
 

ii)Market data/USA

US Retail Sales Collapse In February, Online Sales Plunge

 
TUESDAY, MAR 16, 2021 – 08:38 AM

After the huge surge in January, analysts expected retail sales to shrink MoM in February (and BofA’s credit card data signaled a disaster) and it did – by far more than consensus expected. Retail sales tumbled 3.0% MoM in Feb, far more than the 0.5% drop expected and the biggest drop since April’s collapse…

Source: Bloomberg

The Control Group – which is used for GDP – plunged 3.5%

Source: Bloomberg

There appear to be three reasons for huge retail sales miss:

1. payback from the stimulus-induced gain in January;

2. delayed tax refunds;

3. Winter blizzard.

Interestingly, non-store retailer sales plunged 5.4%…

Source: Bloomberg

All categories were down except food and beverage (unch) and Gas Stations (+3.6%)

Year-over-year gains in retail sales slowed but remains high thanks to all the government handouts…

Source: Bloomberg

Finally, on the bright side, BofA’s chief economist Michelle Meyer says that she is seeing – and expects to continue to observe – “a decisive improvement in spending in March after the weakness at the end of February” which leads it to conclude that the drop is transitory given the strong data in the first week of March, the likely distribution of stimulus checks before month end and delayed tax refunds.

CNBC’s Steve Liesman summed things up rather pathetically – it will be months before we have to worry about whether the average American can stand on their own two feet, without the support of government handouts.

So, do retail sales numbers actually mean anything in this context?

end
This is a big report:  USA industrial production unexpectedly plunges in Feb as the big culprit is Auto Manufacturing.
(zerohedge)

US Industrial Production Unexpectedly Plunged In February, Auto Manufacturing Crashed

 
TUESDAY, MAR 16, 2021 – 09:25 AM

US Industrial Production was expected to rise (+0.3% MoM) for the 9th month of the last 10 in February (the last ‘clean’ pre-COVID print before last March’s collapse, which will spark YoY comp chaos). But, instead, industrial production tumbled 2.2% MoM – the biggest plunge since April 2020. That pushed the YoY drop in production down to 4.25%…

Source: Bloomberg

We assume there are weather-related factors driving this weakness – but did analysts not know that Texas suffered from a massive crisis?

  • Utilities rose 7.4% in Feb. after falling 0.6% in Jan.
  • Mining fell 5.4% in Feb. after rising 2.1% in Jan.

The biggest drops however were in motor vehicle production, which crashed in Feb…

Source: Bloomberg

Manufacturing was even worse, plunging 3.1% MoM (versus expectations of a 0.2% rise).

Source: Bloomberg

Capacity Utilization plunged

Source: Bloomberg

And finally, stonks don’t care…

Source: Bloomberg

Luckily a few trillion dollars of excess should bring that back up soon enough as America’s potemkin economy goes from ‘strength’ to ‘strength’.

iii) Important USA Economic Stories

Ron Paul: Is  Biden holding American hostage until Independence Day?  sure looks like it.

(Ron Paul)

Ron Paul: Is Biden Holding America Hostage Until ‘Independence’ Day?

 
MONDAY, MAR 15, 2021 – 05:30 PM

Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

Last week President Biden addressed the nation on the first anniversary of the coronavirus being declared a “pandemic.” It was a disturbing speech, warning us that the “hopeful spring” will only emerge “from a dark winter” if all Americans “stick with the rules.”

Whose rules? His rules.

The message from the president was clear: he will only allow us to have some of our freedoms back if we do exactly as he tells us. It was the language of extortion, of a bank robber who demands you do what he says or face the consequences. It was not the language of someone we are told is the leader of the free world.

In the speech Biden laid out a list of what was taken from us over the past year, “weddings, birthdays, graduations…family reunions, the Sunday night rituals.” It was as if somehow the virus, instead of authoritarian government officials, prevented us from enjoying these normal human activities.

Though we continue to see Covid disappear across the country with the end of the winter season, Biden was not about to let go of his perceived power to control our lives. He said, “if we do all this, if we do our part, if we do this together, by July the 4, there’s a good chance you, your families and friends, will be able to get together in your backyard or in your neighborhood and have a cookout or a barbecue and celebrate Independence Day. That doesn’t mean large events with lots of people together, but it does mean small groups will be able to get together.”

Imagine our Founders hearing this speech. The US president might – just might – allow small family gatherings at home in four months if we follow all of his rules. King George looked benevolent by comparison!

As Rep. Thomas Massie Tweeted shortly after the speech, “If you’re waiting for permission from the chief executive to celebrate Independence Day with your family, you clearly don’t grasp the concept of Independence.”

It seems like yesterday – it almost was – that Biden “asked” us to just wear the mask for 100 days. “Just 100 days to mask, not forever. 100 days,” he said. So from “just 100 days” to maybe you can have a small gathering by July 4th? Perhaps he just forgot his earlier speech?

As usual, the goalposts keep being moved because politicians cannot bear the possibility that they might have to give up some of that power over us they have grabbed for themselves. Fauci made the usual mainstream media rounds over the weekend and was asked by the fawning host when Americans might have permission to hold weddings again!

So now Americans need Fauci’s permission to get married? What is happening to this country? The propaganda is so relentless that it seems most Americans don’t see how not normal this is! In saner times, Fauci would be laughed off the stage. Now, he’s treated as some sort of divine source of truth.

Biden promised he was “using every power…as the president of the United States to put us on a war footing.” Of that I have no doubt. But Biden’s war is not against the virus. It’s against the US Constitution and liberty itself.

end
 
 
185 pensions just got bailed out with the rescue pkg
 
(Birchgold.com)

185 Union Pensions Got Their $86 Billion Piece Of The COVID-19 Rescue “Pie”

 
MONDAY, MAR 15, 2021 – 09:10 PM

Via BirchGold.com,

Both private and public pensions have been having major funding issues and struggling to get a good ROI for a number of years.

So it’s no surprise that any sort of economic relief package presented to Congress would include funds for pensions. Especially since a “bailout” culture seems to have taken root in America.

Where pension debt is a looming danger to taxpayers, via Texas Public Policy Foundation

The recent $1.9 trillion COVID-19 stimulus billapproved by the House is no exception to this “bailout culture.”

The New York Times reported that it contains $86 billion for struggling pensions:

The $86 billion is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income.

The article continued: “The trend predated the pandemic and is a result of fading unions, serial bankruptcies and the misplaced hope that investment income would foot most of the bill so that employers and workers wouldn’t have to.”

Leaving aside the fact that “hope” is shaky ground to base any economic decision on, this appears as another signal that pensions are going the way of the dodo bird.

Just to show you how bad this bill is, there’s more money in this to bail out union pension funds than all the money combined for vaccine distribution and testing,”Senator Bill Hagerty tweeted last week.

The idea to bail out pension funds isn’t exactly new, although it’s still quite recent. We reported on the state of Illinois and their request for a $44 billion handout from taxpayers in April 2020.

An article on KOMO News defended the taxpayer funded handouts:

“The pension provision in the American Rescue Plan would fund full benefits for about 185 union pension plans for 30 years, affecting roughly 1.3 million retirees who could otherwise be left without income if their plans collapse.”

Jeff Miron, director of economic studies at the Cato Institute, disagreed:

“This is just naked redistribution for the constituents of Democratic politicians.”

But no matter how you look at it, two things are clear. More and more pensions lack the funds needed to pay their obligations, and taxpayers are footing the bill.

Is This The End of American Pensions?

James Naughton, associate professor at the University of Virginia’s Darden School of Business said (referring to failing pensions): “This is a problem that’s been around for at least 15 years.”

piece on CNBC put a spotlight on one example:

124 multi-employer pensions are in “critical and declining” status, according to the Pension Benefit Guaranty Corporation. They’re projected to have insufficient funds to pay full retirement benefits within the next 20 years.

PBGC, a government-sponsored entity that usually steps in to fill in the gaps, doesn’t seem like it’s up to the task any longer.

“Its likelihood of insolvency is ‘very high’ in 2026 and ‘near certainty’ by the end of 2027 due to additional pension failures,” according to its most recent projections.

So it appears that taxpayers will likely have to foot the bill for failing union pensions, thanks to a measure tucked carefully inside a pandemic relief package. Which begs the question…

What happens when the next group of pensions start to fail during these already challenging economic times?

Best to shore up your retirement affairs as best you can, so you can ride out the storm.

Like the 1.3 million retirees above, most retirement savers don’t have a “Plan B” to cover their bases if Social Security or pension payments get cut. If you don’t, you’re putting your retirement in the hands of politicians. We already know that plan may not work out so well. So do your best right now to make sure your retirement won’t need a bailout. Examine your plan, ensure you’ve adequately diversified your savings, and consider adding physical precious metals like gold and silver to guard your nest egg against inflation.

end

STATE OF GEORGIA

this may turn out to be quite interesting if they unseal the Fulton county absentee ballots looking for fraud

(Phillips/EpochTimes)

Georgia Judge May Unseal Fulton County Absentee Ballots For Fraud Investigation

 
TUESDAY, MAR 16, 2021 – 10:20 AM

Authored by Jack Phillips via The Epoch Times (emphasis ours),

A judge in Georgia might unseal absentee ballots in the state’s Fulton County so a government watchdog can investigate voter fraud allegations.

 

Fulton County employees walk among voting machine transporters being stored at the Fulton County Election Preparation Center, in Atlanta, Ga., on Nov. 4, 2020. (Jessica McGowan/Getty Images)

Henry County Superior Court Judge Brian Amero said he is inclined to order the ballots unsealed and reviewed by experts hired by Garland Favorito, an advocate of voting integrity, according to a report from the Atlanta Journal-Constitution.

Amero, during a Monday court hearing, said that if the ballots are unsealed, there needs to be a plan in order to make sure they’re kept in secret and kept secure.

“We want to do this in such a way that dispels rumors and disinformation and sheds light,” Amero said. “The devil’s in the details.

He made the comment after a lawsuit filed in a Fulton County Superior Court contended that fraudulent ballots were cast during the Nov. 3, 2020, election amid other alleged irregularities as workers counted votes at Atlanta’s State Farm Arena on Election Night.

 

Election workers count Fulton County ballots at State Farm Arena in Atlanta, Ga., on Nov. 4, 2020. (Jessica McGowan/Getty Images)

The Georgia Secretary of State’s office dismissed such allegations months ago. The Epoch Times reached out to the secretary of state’s office for comment.

The judge discussed an order that would prohibit Favorito’s group from disclosing their work without permission from the court, adding that he might appoint an official to oversee the analysis. The review of the ballots, according to Amero, could start in April, as reported by the AJC.

“I can’t sign an order until such time as I’m satisfied that the manner and method (of review) proposed by the petitioners is reasonable,” the judge said.

Favorito, co-founder of the Voters Organized for Trusted Election Results in Georgia, a conservative group founded in 2006, has blamed both Democrats and Republicans leveraging “election integrity for their own benefit.”

“In H.R. 1, the Democrats are trying to take control of the country with a bunch of unconstitutional provisions,” Favorito said, according to Politico. “In Georgia, the Republicans are trying to solidify their power with certain election provisions in the omnibus bills, which don’t benefit President Trump, and they don’t benefit the people of Georgia, for the most part.”

In recent weeks, Republicans at the state and federal level have called for a variety of election reforms while calling on lawmakers to reject Democrats’ proposals.

Former Vice President Mike Pence targeted Democrats’ H.R. 1 in a Daily Signal op-ed this month saying that it “would increase opportunities for election fraud, trample the First Amendment, further erode confidence in our elections, and forever dilute the votes of legally qualified eligible voters.”

iv) Swamp commentaries

 
 

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

Biden Eyes First Major Tax Hike Since 1993 in Next Economic Plan [2:00 ET]
Provisions currently under consideration include raising the corporate tax rate to 28 percent from 21 percent; paring back tax preferences for so-called pass-through businesses, such as limited-liability companies or partnerships; increasing the income tax rate on individuals earning more than $400,000; expanding the estate tax; and a higher capital-gains tax rate for individuals earning at least $1 million annually…  [If enacted, economy & stocks tank; GOP takes all in 2022; Biden will serve 1 term or less] https://news.yahoo.com/biden-planning-first-major-tax-165212122.html

Merkel’s Party Slumps to Historic Low in German State Votes
Support for CDU erodes amid anger over pandemic strategy [Shutdowns]
The Greens, led by popular state premier Winfried Kretschmann, cemented their decade-long hold on power with a third straight victory, winning 30.7%, 0.4 points more than five years ago. The far-right AfD, the Social Democrats and the liberal Free Democrats were running neck-and-neck for third place…
https://www.bloomberg.com/news/articles/2021-03-14/merkel-s-party-slumps-to-historic-low-in-german-state-elections

@Geopolitics_Emp: “Anti-#lockdown protest in #Netherlands. People are protesting because they want to be allowed to live normally and earn a living.” [Troubling video of police beating protestors and police dogs biting protestors at link]  https://twitter.com/Geopolitics_Emp/status/1371205434330206210

After rallying during Asian trading on the usual Sunday night buying in the US, ESMs started to slide during the Nikkei’s 2nd Session.  The decline ended when Europe opened.  The standard traders’ rally to begin the session ended by 6:00 ET.  ESMs then tumbled until 11:37 ET.

Angst over new Covid outbreaks in Europe and new shutdowns, as well as escalating protests and the result political turmoil over the shutdowns weighed on stocks.

After two hours of liquidation to start the NYSE session, US traders, who harbor little fear of anything, poured into ESMs and stocks for the expected Monday, FOMC and expiry rallies.  From a session low of 3913 at 11:37 ET, ESMs rallied to 3960.25 at the NYSE close.

Bank of England Official Says QE ‘Not Ideal’ in the Longer Term
“It sends a signal to the market that whenever people are struggling for cash, don’t worry we’ll come in and buy gilts,” Brazier said in an interview with the Sunday Telegraph. “This is a major area, I think, of unfinished business in financial stability. Over the past 10 years, the system’s developed a lot (and) shifted away from banks towards non-banks. On balance, that’s good, but we’ve caught a glimpse in March of how, without proper development of regulation and infrastructure, things can go wrong.”…
https://www.bloomberg.com/news/articles/2021-03-14/bank-of-england-official-says-qe-not-ideal-in-the-longer-term
South Africa’s Drop in Covid-19 Cases Adds to Questions About Waves of Infections
Surprising decline after surge shows scientists still have much to learn about how the coronavirus moves through society
https://www.wsj.com/articles/south-africas-drop-in-covid-19-cases-adds-to-questions-about-waves-of-infections-11615734003

Dr. Benjamin Braddock @GraduatedBen: CDC Director Redfield, before he was a top bureaucrat, was found guilty of falsifying data to make it look like his HIV vaccine candidate worked (lol). His accomplice was Deborah Birx. The Public Health Industrial Complex is like a pond, scum rises to the top.
https://twitter.com/GraduatedBen/status/1371277277674270722
Here’s the letter that prompted the Senate investigation, lays out much of the evidence against Redfield and Birx: https://t.co/X9jon2NY36

Emails show scientists scrubbed early warning of potential lab origin of COVID-19
https://justthenews.com/politics-policy/coronavirus/emails-show-scientists-scrubbed-early-warning-potential-laboratory

Inventor of PCR Test Said Fauci ‘Doesn’t Know Anything’ and Is Willing to Lie on Television
Kary Mullis, who won a 1993 Nobel Prize for inventing the polymerase chain reaction (PCR) testing process later used to diagnose Coronavirus cases, said that Dr. Anthony Fauci lacks knowledge of medicine and is willing to lie on television. Mullis also admitted in another set of videotaped remarks that a PCR test “doesn’t tell you that you’re sick.”…
https://nationalfile.com/inventor-of-pcr-test-said-fauci-doesnt-know-anything-and-is-willing-to-lie-on-television/

@robbystarbuck: There’s a mask mandate in Los Angeles where violations can carry a $1,000 fine or 6 months in jail but apparently COVID isn’t a concern if you’re a celebrity at the #Grammys. Celeb parties are no big deal but have a family party in LA and the mayor can turn off your power
https://twitter.com/robbystarbuck/status/1371289080017915904

Elon Musk just took swipe at ‘woke’ culture: ‘Battle for the Moral High Ground’
A ‘Woketopia’ would be a ‘woke utopia’ brought on by cancel culture
https://www.foxbusiness.com/technology/elon-musk-woketopia

Illegal immigrant students in Virginia to be eligible for student financial aid   https://t.co/Jc0F5ZJQyn

@KatiePavlich: White House now admitting many members of “sponsor families” where they are sending unaccompanied minors are also in the United States illegally.

Ninety percent of Americans want illegal immigrants tested for COVID before being released
https://justthenews.com/politics-policy/polling/poll-90-percent-people-think-illegal-immigrants-should-be-tested-covid

SHOCK RASMUSSEN POLL: Americans Against Amnesty, 73% Concerned About Border
But Biden will likely exacerbate the border crisis anyway because that’s what his leftist base wants.
https://spectator.org/immigration-border-crisis-rasmussen-poll/

@Breaking911: The Washington Post has retracted their story about Pres. Trump’s call with a Georgia election investigator.  “The Post misquoted Trump’s comments on the call.”  “Trump did not tell the investigator to ‘find the fraud’ or say she would be ‘a national hero’ if she did.”
https://twitter.com/Breaking911/status/1371519221193179136/photo/1

Trump says Washington Post misquoting of his call with Ga. official was ‘media travesty’
“You will notice that establishment media errors, omissions, mistakes, and outright lies always slant one way—against me and against Republicans,” Trump said.  “Meanwhile, stories that hurt Democrats or undermine their narratives are buried, ignored, or delayed until they can do the least harm—for example, after an election is over. Look no further than the negative coverage of the vaccine that preceded the election and the overdue celebration of the vaccine once the election had concluded. A strong democracy requires a fair and honest press. This latest media travesty underscores that legacy media outlets should be regarded as political entities—not journalistic enterprises.”…
https://nypost.com/2021/03/15/trump-says-washington-post-misquoting-was-media-travesty/amp/

Democrats Used Fake ‘Find the Fraud’ Quote in Trump Impeachment Trial
https://dailycaller.com/2021/03/15/democrats-madeleine-dean-used-fake-find-fraud-quote-donald-trump-impeachment-trial/

Senior GOP Rep. Liz Cheney says Trump Georgia call is ‘deeply troubling,’ urges listening to full hourlong audiotape  Jan. 4, 2021 [Cheney voted to impeach Trump.  Will she apologize now?]
https://www.usatoday.com/story/news/politics/elections/2021/01/04/liz-cheney-calls-trumps-call-georgia-official-deeply-troubling/4129223001/

@toddstarnes: Georgia’s Republican Secretary of State knew the WaPost got the story wrong – but he remained silent. He threw the Senate elections.

@AlexMarlow: The Washington Post just admitting to publishing fabricated quotes that suggested Trump was attempting a coup.  This would be enough to tank the entire paper if there was any semblance of journalistic integrity left.

@DavidShafer: The Secretary of State’s office secretly recorded the conversation, mischaracterized its contents to The Washington Post and then attempted to delete the recording. It was recently discovered in a laptop “trash” folder as part of an open records search.

@JohnLilic: This is how #BlueAnon works in conjunction with MSM to erode American democracy. The sheer volume of fake news stories quietly retracted *after* a key event, like an election, has passed, is just stunning.

@julie_kelly2: The country continues to suffer the consequences of failure by anyone—Bill Barr, Senate Republicans, John Durham—to hold accountable the perps of Russian collusion farce. This includes reporters, news orgs that published false and, in some cases, illegally leaked classified info.

@FinancialTimes: Warren Buffett’s Berkshire Hathaway has asked shareholders to vote down two proposals that would force the conglomerate to disclose its efforts to tackle climate change and diversity and inclusion in the workforce.  https://t.co/UuAFFXZMYT

Guam Soldiers March on Republican Congresswoman’s Office, Violate Military Code to Send Her a Message – violated the Uniform Code of Military Justice regulations against wearing the uniform and engaging in political activities… [Is this a military ‘insurrection’?]
https://beckernews.com/guam-soldiers-march-on-republican-congresswomans-office-violate-military-code-to-send-her-a-message-37772/

@ColumbiaBugle: The GOP won’t call out woke BS in the military for fear of being called anti-vet in attack ads. The GOP won’t call out Nancy’s wall around the Capitol or hysterical National Guard deployment for fear of being linked in Jan 6 protesters. Is there anything they’re not afraid of?

@KurtSchlichter: I imagine our woke military leadership thought they would benefit from the prior default support American normals had for “the military” when jumping into politics against @TuckerCarlson.  Except they failed to note how normals had been burned by other institutions previously…Over the last two decades, normal Americans have found themselves attacked by every institution they had expected to protect them – academia, the media, the NFL.  Even law enforcement betrayed them, in the form of kneeling cops & the FBI/DOJ cabal that tried to take down the man they elected President…The woke military leadership, in line with its 20-year history of failing to win wars, failed here to understand the cultural battlespace for its lame info op against a conservative icon.  It thought it could exploit our support for its political masters’ ends.  It was wrong…
    If our military can’t understand its own culture well enough to succeed, how can anyone expect it to understand China well enough to beat it? It doesn’t…Time for GOP pols to demand a return to standards, like tactical/strategic competence and strict non-politization….We can also make sure liberalism is properly assigned blame for the inevitable consequences of woke mil leadership…

Well that is all for today

I will see you WEDNESDAY night.

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