MARCH 22//GOLD DOWN $3.90 TO $1738.90//SILVER DOWN 50 CENTS TO $25.71//GOLD TONNAGE STANDING AT THE COMEX INCREASES TO ALMOST 30 TONNES//SILVER OZ STANDING: NORTH OF 56 MILLION OZ//CORONAVIRUS UPDATE//VACCINE UPDATES/BANK OF ENGLAND REFUSES TO ANSWER WHETHER THEY LEASED GOLD TO ANY PARTY//PERTH MINT PROBLEMS//CHINA, EU AND USA ENGAGE IN TIT FOR TAX SANCTIONS//TURMOIL IN TURKEY AS ERDOGAN SACKS HIS CENTRAL BANKER: LIRA PLUMMETS// CHICAGO NATIONAL ACTIVITY INDEX PLUMMETS LAST MONTH//EXISTING HOME SALES ALSO PLUMMET!/SOUTHERN BORDER IN THE USA A MESS!!/SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1738.90 DOWN $3.90   The quote is London spot price

Silver:$25.71 DOWN  $0.50   London spot price ( cash market)

PLATINUM AND PALLADIUM PRICES BY KITCO

PLATINIUM  $1177.00 DOWN $9.00

PALLADIUM: 2526.00 DOWN $14.00. PER OZ

Closing access prices:  London spot//GOLD AND SILVER

i)Gold : $1739.20  LONDON SPOT  4:30 pm

ii)SILVER:  $25.75//LONDON SPOT  4:30 pm

James McShirley on the pricing of gold eagles/and silver eagles:

Even the TV pundits are now asking, without bothering to investigate, “what’s wrong with gold?” Yes indeed, what’s wrong with gold, other than a relentless daily cartel assault on PAPER gold. The physical coin premiums are widening out to spot. Gold Eagles are showing $200+ to spot, Silver Eagles $10+ to spot, if you can even find them. Supply and demand- fuggettaboutit. The more dollars printed the more valuable they become, and the more scarce gold and silver are the lower their prices go, so sayeth the Working Group.

Jim McShirley

Editorial of The New York Sun | February 1, 2021

end

Editorial of The New York Sun | February 1, 2021

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COMEX DATA

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

receiving today 0/0

MONTH TO DATE: 8,443

issued:  0

Goldman Sachs:  stopped:  0

NUMBER OF NOTICES FILED TODAY FOR  MAR. CONTRACT:  0 NOTICE(S) FOR NIL OZ  (NIL tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  8443 NOTICES FOR 844300  OZ  (26.261 tonnes)

SILVER//MAR CONTRACT

236 NOTICE(S) FILED TODAY FOR 1,180,000  OZ/

total number of notices filed so far this month: 10,564 for 52,820,000  oz

 
 

BITCOIN MORNING QUOTE  $57,788,  DOWN $1123 

BITCOIN AFTERNOON QUOTE.:$56,000 down $2911    .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

Gold

WITH GOLD DOWN $3.90  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//:A DEPOSIT OF: 3.50 PAPER TONNES FROM THE GLD.

GLD: 1,051.78 TONNES OF GOLD//

Silver

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

AT 3:00 PM EST A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 1.486 MILLION OZ FROM THE SLV AND AT 5:20 PM ANOTHER HUGE WITHDRAWAL OF 2.599 MILLION OZ: TOTAL  A MAMMOTH 4.085 MILLION OZ(PAPER OZ ) LEAVES THE SLV..

INVENTORY RESTS AT:

SLV: 585.846  MILLION OZ./

xxxxx

GLD closing price//NYSE 162.99 DOWN $0.25 OR  0.15%

XXXXXXXXXXXXX

SLV closing price NYSE 23.94  DOWN $0.36 OR 1.50%

We are now entering options expiry week , with the COMEX expiring this Thursday and the OTC/LBMA expiring on first day notice day March 31.  How they let these crooks engage in this criminal activity month after month is beyond me.

So bear with it.  Inflation will run rampant and that will propel gold and silver.

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A FAIR SIZED 557 CONTRACTS FROM 160,830 UP TO 161,387, AND CLOSER TO  A NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED DESPITE OUR $0.08 LOSS IN SILVER PRICING AT THE COMEX  ON FRIDAY. IT SEEMS THAT THE GAIN IN COMEX OI IS  DUE TO A HUMONGOUS 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 VERY STRONG INCREASE STANDING AT THE COMEX FOR MAR. WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 925 CONTRACTS  (SEE CALCULATIONS BELOW). 

WE WERE  NOTIFIED  THAT WE HAD A FAIR  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  225,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  0 MAY:  225 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 225 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

56.345 MILLION OZ INITIAL STANDING FOR MARCH 2021

FRIDAY, AGAIN OUR CROOKS USED COPIOUS PAPER TRYING TO LIQUIDATE SILVER’S PRICE …AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.08) ).. BUT, OUR OFFICIAL SECTOR/BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS WE HAD A NET GAIN OF 782 CONTRACTS ON OUR TWO EXCHANGES.  THE TOTAL GAIN WAS DUE TO i) HUGE BANKER/ALGO SHORT COVERING// STRONG REDDIT RAPTOR BUYING//.    iii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A STRONG INCREASE IN STANDING FOR COMEX SILVER  // MAR, iv) FAIR 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:

14,646 CONTRACTS (FOR 16 TRADING DAY(S) TOTAL 14,646 CONTRACTS) OR 73.230 MILLION OZ: (AVERAGE PER DAY: 915 CONTRACTS OR 4.578 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR: 73.230 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: 73.230. 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: 73.230 MILLION OZ  (DRAMATICALLY SLOWING DOWN AGAIN//FEARS OF EFP CONTRACTS BEING EXERCISED FOR METAL)

RESULT: WE HAD A FAIR SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 700, DESPITE OUR   $0.08 LOSS IN SILVER PRICING AT THE COMEX ///FRIDAY .…THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 225 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A FAIR SIZED GAIN OF 925 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR  $0.08 LOSS IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  225 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A FAIR SIZED INCREASE OF 557 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.08 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.21 //FRIDAY’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: 236 NOTICE(S) FOR  1,180,000, 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 4028 CONTRACTS TO 480,007,AND CLOSER  TO OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE  INCREASE IN COMEX OI OCCURRED WITH OUR STRONG GAIN IN PRICE  OF $8.60///COMEX GOLD TRADING/FRIDAY.WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR/GOOD SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION.. WE ALSO HAD A STRONG  ADVANCE IN GOLD STANDING  AT THE COMEX TO 29.928 TONNES FOR MARCH..

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF $8.60 WITH RESPECT TO FRIDAY’S TRADING

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

WE HAD A VERY STRONG SIZED GAIN  OF 9,255 CONTRACTS (28.78 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A GOOD SIZED 5227 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  2040 AND JUNE:  3187  ALL OTHER MONTHS ZERO//TOTAL: 5227.  The NEW COMEX OI for the gold complex rests at 480,007. 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 VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 9,255 CONTRACTS: 4028 CONTRACTS INCREASED AT THE COMEX AND 5,227 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 9255 CONTRACTS OR 28.78 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5227) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI  (4028 OI): TOTAL GAIN IN THE TWO EXCHANGES:  9,255 CONTRACTS. WE NO DOUBT HAD 1 ) HUGE BANKER SHORT COVERING AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.) GOOD ADVANCE STANDING AT THE GOLD COMEX FOR THE FRONT MAR. MONTH T0 29.928 TONNES3) ZERO LONG LIQUIDATION,  /// ;4) GOOD COMEX OI GAIN AND 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS HAPPENED WITH OUR  GAIN IN GOLD PRICE TRADING FRIDAY//$8.60!!. 

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 : 62,502, CONTRACTS OR 6,250,200 oz OR 194.40 TONNES (18 TRADING DAY(S) AND THUS AVERAGING: 3906 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 16 TRADING DAY(S) IN  TONNES: 194.40 TONNES

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

THUS EFP TRANSFERS REPRESENTS 194.40/3550 x 100% TONNES =5.47% 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)..
 
 
MARCH:.194.40 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 FAIR SIZED 557 CONTRACTS FROM 160,830 UP TO 161,387 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 FAIR 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 GOOD INCREASE IN  STANDING FOR SILVER  AT THE COMEX FOR MARCH., AND 4) ZERO LONG LIQUIDATION,

EFP ISSUANCE 225 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: 225 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 750 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 557 CONTRACTS AND ADD TO THE 225 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A GOOD SIZED GAIN OF 925 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 3.910 MILLION  OZ, OCCURRED WITH OUR $0.08 LOSS IN PRICE///

 

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

 

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 38.78 PTS OR 1.14%   //Hang Sang CLOSED DOWN 105.60 PTS OR .36%    /The Nikkei closed DOWN 616.90 POINTS OR 2.07%//Australia’s all ordinaires CLOSED UP 0.51%

/Chinese yuan (ONSHORE) UP AT 6.5066 closed /Oil DOWN TO 61.43 dollars per barrel for WTI and 64.58 for Brent. Stocks in Europe OPENED ALLMIXED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5066. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.5039 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 4028 CONTRACTS TO 480,007 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 STRONG GAIN OF $8.60 IN GOLD PRICING FRIDAY’S COMEX TRADING… WE ALSO HAD A GOOD EFP ISSUANCE (5,227 CONTRACTS). THE BANKERS SEEM MIGHTILY SCARED OF LONGS STANDING FOR DELIVERY BUT THEIR ATTEMPTS ARE FAILING.  ON FRIDAY’S SESSION WE NO DOUBT HAD AGAIN  1)  HUGE BANKER SHORT COVERING//ALGO SHORT COVERING, CONTRACTS. WE HAVE VE 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 GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 5227 EFP CONTRACTS WERE ISSUED:  ; FEB// ’21  0 AND APRIL:  2040, JUNE:  3187 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 5227  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 VERY STRONG SIZED 9255  TOTAL CONTRACTS IN THAT 5227 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GOOD SIZED  COMEX OI  OF 4028 CONTRACTS.WE HAVE A HUGE AMOUNT OF GOLD STANDING FOR MARCH  (29.928 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 $8.60)., AND WERE  UNSUCCESSFUL IN FLEECING ANY LONGS  AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED A VERY STRONG 28.788 TONNES,  ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR MAR (29.928 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/GOLD SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”. 

NET GAIN ON THE TWO EXCHANGES :: 9255 CONTRACTS OR 925,500 OZ OR  28.78  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:  480,007 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 48.00 MILLION OZ/32,150 OZ PER TONNE =  1493 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1493/2200 OR 67.86% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX TODAY: 219,031 contracts// volume surprisingly poor with a raid  //

CONFIRMED COMEX VOL. FOR YESTERDAY:  258,918 contracts//  volume:  fair–/ //most of our traders have left for London

 

MARCH 22 /2021

 
INITIAL STANDINGS FOR MAR COMEX GOLD
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
233,543.915 oz
 
 
 
JPMorgan
HSBC
&
HSBC enhanced
Malca
 
HSBC: 5270 kilobars
JPMorgan 420 kilobars
Malca 1500 kilobars
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7,190 kilobars
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz

98,189.156
OZ

Brinks

3054 kilobars

Deposit to the Customer Inventory, in oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
0  notice(s)
NIL OZ
(0.0000 TONNES
 
No of oz to be served (notices)
1179 contracts
(117,900oz)
 
3.667 TONNES
 
 
 
Total monthly oz gold served (contracts) so far this month
8443 notices
844300 OZ
26.261 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 

We had 1 deposit into the dealer

i) Into Brinks dealer: 98,189.156 oz (3054 kilobars)
 
 
 
 
 
total deposit:  98,189.156   oz
 
 
 

total dealer withdrawals: nil oz

we had 0 deposits into the customer account
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
total withdrawals:  
NIL
 
 
 
 
 
 
 

We had 5  kilobar transactions (5out of 7 transactions)

ADJUSTMENTS  2:  A)  dealer to customer

Brinks: 113,245.286 oz

B) Customer to dealer: 

Loomis: 38,001.300 oz (1182 kilobars)

 
 

The front month of MAR registered a total of 1179 CONTRACTS FOR A GAIN OF 1 CONTRACT. WE HAD 4 NOTICES FILED ON  THURSDAY SO WE GAINED ANOTHER  5 CONTRACTS OR AN ADDITIONAL 500 OZ OR 0.01552 TONNES WILL STAND FOR DELIVERY ON THIS SIDE OF THE POND IN THIS VERY ACTIVE MARCH DELIVERY MONTH.  THIS IS A RECORD FOR  QUEUE JUMPING IN THE MONTH 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 A NORMAL 11,046 CONTRACTS DOWN TO 189,788 CONTRACTS. WE SHOULD HAVE AN EXTREMELY STRONG APRIL DELIVERY MONTH. WE HAVE 6 MORE READING DAYS BEFORE FIRST DAY NOTICE

MAY GAINED  43 CONTRACTS TO STAND AT 460

JUNE GAINED 13,514 CONTRACTS UP TO 227,593

We had 0 notice(s) filed today for 0 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 0  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 0 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 (8443) x 7503 oz , to which we add the difference between the open interest for the front month of  (MAR /1179 CONTRACTS ) minus the number of notices served upon today 0 x 100 oz per contract) equals 962,200 OZ OR 29.928 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 8443 x 100 oz  + ( 1179 OI for the front month minus the number of notices served upon today (0} x 100 oz which equals 962,200 oz standing OR 29.928 TONNES in this  NON active delivery month of MARCH. This is a HUGE/ATMOSPHERIC amount standing for GOLD IN MARCH, A GENERALLY POOR NON ACTIVE DELIVERY MONTH.

WE GAINED 5 CONTRACTS OR AN ADDITIONAL,500 OZ WILL STAND ON THIS SIDE OF THE POND.

WE ARE WITNESSING A FULL FRONTAL ATTACK  ON THE COMEX ON ALL SIDES AND MEANS FOR ITS GOLD.!!!!

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:  

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 492.64 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 29.928 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,140,313.121 oz or 564.23 tonnes
 
 
total weight of pledged:  2,301,674.057 oz or 71.59 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 15,838,639.0  (492,64 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  15,838,639.0 (492.64 tonnes)
 
total eligible gold: 19,266,508.636 oz   (599.269 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 37,406,821.757 oz or 1,163.50 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1037.16 tonnes

A total of 4.2 tonnes of gold leaves the COMEX today.

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 22/2021

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
 
2,399,639.200 oz
 
CNT
Manfra
JPMorgan
 
Delaware
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
2,520,358.232 oz
 
Loomis
 
and as soon as this entered it left comex vaults.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
236
 
CONTRACT(S)
(1,180,000 OZ)
 
No of oz to be served (notices)
705 contracts
 3,525,000 oz)
Total monthly oz silver served (contracts)  10,564 contracts

 

52,820,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
 
We had 0 deposit into the dealer:
 
 
 

total dealer deposits:  nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had 1 deposits into the customer account (ELIGIBLE ACCOUNT)

i) Into Loomis 2,520,358.232
 
 
 
 
 

JPMorgan now has 190.099 million oz of  total silver inventory or 51.15% of all official comex silver. (190.099 million/371.620 million

total customer deposits today: 2,399,639.200   oz

we had 5 withdrawals:

 
 
i) out of CNT 598 oz
ii )Out of Delaware; 3066.150 oz
iii) Out of Manfra  1,212703.990 oz
iv)out of JPMorgan 585,033.660 oz
 
 
 
 
 
 
 
 

total withdrawals 2,399,639.200   oz

thus whatever came in left in a hurry

We had 1 adjustments: i.  customer to dealer

Manfra: 593,559.870  oz

 

Total dealer(registered) silver: 127.974million oz

total registered and eligible silver:  371.670 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

MARCH saw a LOSS of 107 contracts to stand at 941. We had 148 contracts served on  FRIDAY, so we GAINED 41 contracts or an additional 205,000 oz will  stand for delivery in this  active delivery month of March. These guys refused to  morph into London based forwards as there is no silver metal on their side of the pond so they will try their luck over here. 

April LOST AN ASTONISHINGLY TINY  5 contracts to stand at 2976. (Many should be rolling to the next month).April numbers refuse to contract (roll).  They are standing resolute !!!!Thus it looks like we will have north of 15 million oz of silver standing in a very inactive month.

May GAINED 932 contracts to stand at  129,357 contracts. May is the next active month and it seems the cavalry are showing up for physical silver as well. Thus we have April, a non active month remaining high in oi and May as both months refuses to contract.!

IT LOOKS LIKE WE HAVE OUR WHALE STANDING FOR SILVER METAL.  ERIC SPROTT HAS NOTIFIED THE SEC THAT THEY ARE DOING A SHELF OFFERING OF $2 BILLION FOR SPROTT SILVER PHYSICAL FUNDS  (PSLV). IS ERIC TAKING ON THE CROOKS BY STANDING FOR METAL IN APRIL AND MAY?

 

The total number of notices filed today for MARCH 2021. contract month is represented by 148 contract(s) FOR 740,000 oz

To calculate the number of silver ounces that will stand for delivery in MAR. we take the total number of notices filed for the month so far at  10,564 x 5,000 oz = 52,820,000 oz to which we add the difference between the open interest for the front month of MAR (941) and the number of notices served upon today 236 x (5000 oz) equals the number of ounces standing.

Thus the MAR standings for silver for the MAR/2021 contract month: 10,564 (notices served so far) x 5000 oz + OI for front month of MARCH(941- number of notices served upon today (236) x 5000 oz of silver standing for the Jan contract month .equals 56,345,000 oz. ..VERY STRONG FOR AN ACTIVE MAR MONTH.(numbers corrected from a small error yesterday)

We gained 41 contracts or an additional 205,000 oz will  stand for delivery as they refused to morph into London based forwards.

TODAY’S ESTIMATED SILVER VOLUME 61,691 CONTRACTS // volume extremely poor// volumes falling off a cliff// very surprisingly small in volume with a raid)

FOR YESTERDAY  56,338  ,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 +0.49% ((MAR 22/2021)

2. Sprott gold fund (PHYS): premium to NAV RISES TO –1.61% to NAV:   (MAR 22/2021 )

Note: /Sprott physical gold trust is back into POSITIVE/0.49%(MAR 22/2021)

(courtesy Sprott/GATA

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

NAV 18.68 TRADING 17.88//NEGATIVE 4.30

END

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

MARCH 22/WITH GOLD DOWN $3.90 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.5 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 1051.78 TONNES

MARCH 19/WITH GOLD UP $8.60 , NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1048.28 TONNES

MARCH 18/WITH GOLD UP $5.40 TODAY, A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.04 TONNES FROM THE GLD.//INVENTORY RESTS AT 1048.28 TONNES

MARCH 17/WITH GOLD DOWN $3.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1050.32 TONNES

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 22 / GLD INVENTORY 1051.78 tonnes

LAST;  1022 TRADING DAYS:   +117.97 TONNES HAVE BEEN ADDED THE GLD

LAST 922 TRADING DAYS// +  304.21TONNES  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 22/WITH SILVER DOWN 50 CENTS TODAY,TWO HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.486 MILLION OZ FROM THE SLVAT 3 PM AND ANOTHER 2.599 MILLION OZ WITHRAWWAL AT 5:20 ////INVENTORY RESTS AT 585.846 MILLION OZ/ (TOTAL SILVER LEAVING 4.085 MILLION OZ)

MARCH 19/WITH SILVER DOWN 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 589.931 MILLION OZ//

MARCH 18/WITH SILVER UP 28 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV; AT 3 PM: A WITHDRAWAL OF 2.507 MILLION OZ//INVENTORY RESTS AT 589.931 MILLION OZ//

MARCH 17/WITH SILVER UP 5 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 592.438 MILLION OZ//

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 OZ INTO THE SLV// INVENTORY RESTS AT 576.299 MILLION OZ./

 


XXXXXXXXXXXXXX

SLV INVENTORY RESTS TONIGHT AT

 


 


MARCH 19/2021
585.846 MILLION OZ

PHYSICAL GOLD/SILVER STORIES
i) LAWRIE WILLIAMS..

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

or

Peter Schiff NONE TODAY

or

Lawrie Williams… NONE TODAY

ii) Important gold commentaries courtesy of GATA/Chris Powell


 

The Bank of England refuses to answer gold leasing questions re HSBC leasing gold from the B of E into the GLD fund.  Their refusal means that it is leasing gold and thus aiding and abetting a crime
(Chris Powell/GATA)

 

Bank of England formally refuses gold leasing questions

 Section: Daily Dispatches

10:55a ET Monday, March 22, 2021

Dear Friend of GATA and Gold:

A few financial journalists and market analysts lately have noted the seemingly anomalous and counterintuitive behavior of the price of gold, which has fallen amid the greatest burst of money creation in history and the explosion of commodity prices.

… 

For example, see “What Happened to Gold?” by Michael Batnick of Ritholtz Wealth Management on February 26:

https://gata.org/node/20956

But these journalists and analysts attempt only speculation, not journalism, which might explain things a lot better.

From time to time GATA does attempt journalism, as manifested by the organization’s documentation archives —

https://gata.org/node/20925

https://gata.org/taxonomy/term/21

— and as the organization attempted journalism 20 days ago when your secretary/treasurer wrote to the Bank of England and the United Kingdom’s Treasury Department to pose two simple yes-or-no questions:

— Have the Bank of England and the Treasury’s Exchange Equalisation Account (or any agency answering to the bank or the Treasury) leased gold in the last 12 months?   

— Has any leased gold been returned to the bank, the Treasury, or any agency answering to them in the last 12 months?

Of course as Federal Reserve Chairman Alan Greenspan famously acknowledged in testimony to Congress in 1998, gold leasing by central banks is a mechanism of price suppression. Greenspan said: “Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over the counter, where central banks stand ready to lease gold in increasing quantities should the price rise”:

https://www.federalreserve.gov/boarddocs/testimony/1998/19980724.htm 

The Bank of England cordially replied today that it will not answer GATA’s simple questions about gold leasing — will not say whether the bank has been leasing gold in the last 12 months. A representative of the bank’s communications office wrote: 

“Thank you for your email. I am afraid that there is no further information that can be provided.”

The full text of the GATA’s recent correspondence with the Bank of England is below.

The UK Treasury Department has not replied to GATA yet and perhaps never will, though better luck might by had by, among others, the Financial Times, Wall Street Journal, and The Economist if they waived their rules against putting to central banks any critical questions and particularly any critical questions about gold.

But now that the Bank of England has acknowledged that GATA’s questions about the bank’s surreptitious recent interventions in the gold market are too sensitive to answer, it fairly may be assumed that those interventions are exactly what is happening to gold and that as a result the monetary metal is grossly underpriced, at least if it was to be priced fairly in a free and transparent market. 

How long will gold remain underpriced?

Since central bank interventions against gold are undertaken surreptitiously, their instigators must believe that they would not work if they were widely known and understood — would not work unless central banks were able to deceive the markets and investors. So the answer to the question of gold’s price may remain whether financial news organizations and market analysts will ever muster enough integrity to attempt honest journalism about gold.

Investors in the monetary metals and executives of monetary metals mining companies might do well to nudge those news organizations and market analysts to attempt such journalism. 

GATA’s recent correspondence with the Bank of England is appended.

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

* * *

Tuesday, March 2, 2021

Dear Bank of England and UK Treasury People:

Thanks if you can answer two questions for me.

— Have the Bank of England and the Treasury’s Exchange Equalisation Account (or any agency answering to the bank or the Treasury) leased gold in the last 12 months? 

— Has any leased gold been returned to the bank, the Treasury, or any agency answering to them in the last 12 months?

With good wishes.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Monday, March 22, 2021

Dear Mr Powell

Thank you for your email.

I am afraid that there is no further information that can be provided.

Kind regards

Emily

Engagement and Enquiries | Communications
Bank of England | Threadneedle St | London EC2R 8AH | +44 (0)20 3461 4878
enquiries@bankofengland.co.uk

* * *

end

Matterhorn’s Matt Piepenburg outlines gold/silver price suppression at Kingworldnews

(Matt Piepenburg/Matterhorn/Kingworldnews)

At King World News, Matterhorn’s Matt Piepenburg outlines metals price suppression

 

 

 Section: Daily Dispatches

 

1:28p ET Friday, March 19, 2021

Dear Friend of GATA and Gold:

At King World News, Matt Piepenburg of Matterhorn Asset Management in Switzerland outlines the gold and silver price suppression schemes of the futures markets, as operated by the bullion banks. It’s a good introduction to the fraud and can be read here:

https://kingworldnews.com/gold-silvers-fictional-paper-price/

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

end

Bill Murphy of GATA discusses gold/silver price manipualtion with Crush the Street’s Ken Ameduri

(Bill Murphy/Ameduri/GATA)

Despite manipulation, prospects for gold and silver are the best, GATA chairman says

 

 

 Section: Daily Dispatches

 

8p ET Saturday, March 20, 2021

Dear Friend of GATA and Gold:

Governments and central banks, GATA Chairman Bill Murphy tells Crush the Street’s Ken Ameduri, are doing a great job with market manipulation to demoralize monetary metals investors. But, Murphy adds, the risk/reward ratio for the metals has never been better.

The interview is 23 minutes long and can be seen at YouTube here:

https://www.youtube.com/watch?v=PG3z0Sqmnd8

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

iii) Other physical stories:

How the crooks control the price of our precious metals and kill free market price discovery

(Mathew Piepenburg/GoldSwitzerland.com)

COMEXposed: How The Hateful-8 Kill Free Market Price Discovery

 
MONDAY, MAR 22, 2021 – 05:00 AM

Authored by Matthew Piepenburg via GoldSwitzerland.com,

We certainly live in interesting times. Yet be you bear or bull, left or right, optimist, cynic or pessimist, one would be hard pressed to pretend that anything is, well, normal.

The Controversially Insane

Many are questioning why a virus with a death rate of less than .4% has shut down the global economy for a year and counting.

Despite extremely legitimate moments of silence for those who died with (or of) COVID, others are questioning policy makers who ignored protecting the most at risk profiles while remaining largely silent for the self-inflicted death for the rest of Main Street economies shut-down across the world.

As millions of Americans await a check from Uncle Sam to the tune of $1400, some are wondering why SEC-sanctioned liars and tweet-happy front runners like Elon Musk and other C-suite tech giants are amassing fortunes.

Incidentally, that $1400 check is ¼ the cost of the dress worn by Meghan Markle in her recent attempt to convince Oprah and the rest of the world to sympathize with her unique struggles while more than 50% of U.S. children are living in welfare-assisted homes.

Again, is this normal?

It certainly is “interesting.”

Central banks, printing trillions per year to buy otherwise unwanted sovereign IOU’s are keeping bonds so over-supported and over-valued that the bulk of the nominal and real yields on government debt are negative—something never seen in 5000 years of recorded market history.

Meanwhile, more than 20% of US corporate bonds are literally zombiesi.e. dead men walking on new debt to pay interest on old debt with no chance of ever repaying principal as the vast majority of US corporate credits (well over 65%) are either levered loans or just one eyelash above junk status.

Slowly rising yields, still openly repressed by central bank intervention, are now being telegraphed to the world as a sign of “economic growth” by Wall Street Pinocchio’s paid to sell hope rather than facts.

At the same time, the media now has the masses convinced that a magical vaccine will solve everything, despite reams of Congressionally-ignored evidence that the specific antibodies within these vaccines attack non-specific antibodies so critical to our immune systems for later illnesses.

In sum, when it comes to central bank accommodation, lock-down measures, yield manipulations or rapid-fire vaccines, it’s at least plausible to wonder if certain policy cures are indeed worse than the global diseases.

That said, I’m certainly no virologist nor an expert on Oprah’s ratings or Elon’s Twitter account, so these are just rants and questions rather than dispositive conclusions, but I am, like so many of you, starting to question the “interesting” world around me.

The Openly Insane

What is less open for debate, however, is the otherwise obvious yet media-ignored disaster otherwise known as the global financial system and the distortions (i.e. lies) that govern them, as evidenced, for example, in the comical CPI measure of inflation.

The very fact that markets reached all-time highs while global economies, GDP’s, employment rates and social conditions reached new lows in the backdrop of a world-wide shutdown, for example, ought to have everyone, including those who know nothing about free market capitalism, scratching their heads.

The Death of Free Markets

This is because there is no such thing as free market capitalism in a world where central banks, eight key commercial banks, and one or two global “institutions” (hint: IMF and World Bank) have effectively and completely taken over, as well as distorted, almost every aspect of the natural supply & demand forces to which we and Adam Smith once swooned.

In case you think such statements are meant to create drama rather then perspective, let’s consider objective facts rather than controversial adjectives and nouns.

It would (and has) taken hundreds of pages to delineate the myriad ways in which fiscal and monetary policy from global law-makers and bankers have hijacked, distorted and then destroyed free market price discovery and natural, true capitalism.

Rather than break such a word count here, let us briefly examine just one corner of this twisted world order and illustrate how rigged the current playing field otherwise known as free-market capitalism and free market “price discovery” truly is.

In short, let’s draw back the curtains to that corrupted stage otherwise known as the COMEX futures market for precious metals and see for ourselves.

Buckle up.

The COMEX Futures Market –Making the Complex (and Rotten) Simple

For many, the COMEX future’s market is a very scary, mysterious and almost foreign universe.

And yes, it’s also complex in all its trading paper, players, strategies and layers—too complex, indeed, to fully unpack here.

At its most basic level, however, the COMEX futures market is a place where paper contracts representing actual hard assets (from soybeans to gold) are traded.

In a normal world, for example, a contract to buy a bundle of grain at a fixed price can be traded on the COMEX market to ensure fixed (i.e. contractual) pricing against market price swings.

Once such a contract (be it for grains, metal, or pork-bellies) nears its expiration date, the holder of the contract can either take delivery of the contracted-for commodity, or rollover (i.e. extend) that contract for a longer period, thereby delaying actual delivery.

Pretty simple, right?

From Simple to Manipulated

Such simplicity, however, gets more complex when that same exchange (thanks to creative young bucks like Leo Melamed and Alan Greenspan) allows those simple contracts to be traded with leverage, anywhere from 100:1 to even 300:1.

In short: Far more contracts than the actual assets within them.

The simplicity gets even more complicated when participants are allowed to go long AND short those contracts via the use of admittedly complex derivative instruments.

Finally, the simplicity gets fully distorted, and complex, when a small minority of extremely deep-pocked participants control the vast majority of the buying and selling of those contracts, and hence their pricing.

In short, the COMEX futures market is not a simple place for the buying and selling of paper contracts, but rather a highly corrupted place for the manipulation, leverage and manipulation of those paper contracts and hence the pricing of the assets they represent.

Worthless Paper…

But paper, as we know, is ordinarily just a flimsy thing. Paper is also where we get to hold and touch fiat currencies, which like most paper products, are not terribly valuable. As Voltaire famously said: “All paper money eventually returns to its intrinsic value—zero.”

Yet this ever-weakening paper money, ever since Nixon robbed it of its gold-backing in 1971, is what makes the ever-mad financial world go ever-round in this new, ever-“interesting” era.

Central banks, and broke nations, therefore need to make otherwise weak paper appear valuable, and will do all kinds of complex market gymnastics to keep the illusion that paper is actual wealth.

Toward this end, it is therefore very, very, very important for those powerful players to make true stores of wealth—i.e. gold and silver—look far less valuable than what the natural market would otherwise dictate.

In short, key market manipulators (described below) like to use paper products to make gold and silver products look less sexy, for if gold and silver where to be priced according to genuine supply and demand forces, then the entire (and embarrassingly broken) paper scheme of global fiat currencies and markets would fall like a house of cheap (paper) cards.

Hard to believe?

Let me show you.

Gold & Silver’s Fictional “Paper” Price

Take my two favorite, misunderstood, yet historically-confirmed stores of genuine rather than paper (or even crypto) value: Gold & silver.

Popular demand for these assets is in fact massive, which means their price power should be openly and equally so.

After all, true, free-market capitalism rewards those assets which enjoy high demand but relatively low supply, right? That, after all, is Econ 101.

Let’s look, then, at the example of rising demand for silver in 2021 as measured by ETF flows:

And let’s do the same for flows into gold ETF’s, just to make the natural demand visually clear:

With such rising demand for ETF gold and silver (allegedly backed by actual physical gold and silver held by the custodians of these funds), shouldn’t gold and silver prices therefore be skyrocketing in the paper markets that represent them?

Well, as alluded above, paper is a funny thing, and for the policy makers (i.e. central banks, major commercial –or “bullion”—banks and all dollar dependent politicians) who are deeply threatened by rising gold and silver prices, paper can be easily manipulated, which means so can the price of gold and silver.

How the Hateful-8 Kill Free Market Price Discovery

And to make this obvious, objective and undeniable as opposed to just theoretical or dramatic, let’s see how the big players, rather than the natural supply and demand forces, artificially, legally and yet dishonestly fix the gold and silver prices, and thus mock any vestige of respect for that bygone ghost otherwise known as free market price action.

Specifically, let’s see how just eight major commercial banks are able to overpower the natural price power of thousands of other contract buyers on the COMEX futures market to artificially suppress the natural pricing of these two precious metals.

Believe it or not, nearly every contract (and I’m talking thousands of them) for gold and silver in the COMEX futures market trade net long—meaning they are buyers. That should make their prices quite high.

Yet all it takes to defeat the demand power (and rising price) of those contracts and metals is for just  four to eight of the largest traders (mainly bullion banks) in the futures market to perpetually short (i.e. bet against) those other contracts to keep their prices suppressed.

Hard to believe? Then see for yourself:

In sum, what we see in the COMEX futures markets are eight players essentially betting against the rest of the world in order to control the price of precious metals.

Alas, this tiny handful of eight (the “Hateful-8”?) are and were short more than 50% of the entire futures market, and by going this deep and this short they literally (and artificially) control the paper price of precious metals, for without such intervention, the price of gold and silver would literally be skyrocketing.

Do you now see how terrified the big boys are of rising gold and silver? Recently, they were 112% short silver to the tune of over 412 million ounces.

Of course, we already know what they are afraid of: Rising gold and silver would be the ultimate and absolute confirmation of the otherwise open failure of unlimited money printing and fiat currencies in a post-Nixon world.

How Long Can Natural Price Forces be Repressed?

But the next question is equally obvious: How long can this scam/manipulation continue?

That is, if four to eight big boys are colluding to the tunes of billions and billions and billions of dollars in short contracts on the COMEX, how long can this game continue without a wrench in their plans?

Key to the survival of this open scam and price suppression (in play since 1973) is to keep the short contracts on these precious metals perpetually rolling over rather than expiring, for if the contracts were to ever expire, an actual physical delivery of the underlying metals would be legally required.

But that would immediately spell party over for the Hateful-8 as well as the COMEX itself.

That’s because these same big boys would default on actual delivery for the simple reason that they don’t actually own enough gold and silver to honor their levered contracts. Not even close.

That is also why the current cost spread on the COMEX for rolling over (rather than delivering) these contracts in gold and silver are so cheap—in fact, almost free.

In simple terms, these market manipulators (or the COMEX itself) wouldn’t survive without such manipulation and perpetual contract roll-overs.

Alternatively, if they couldn’t make actual delivery of the metals (and they can’t), the Hateful-8 would be forced to cover their own COMEX shorts and go net long once gold and silver prices climbed (i.e. “squeezed” them) beyond their control.

This short-covering would cause the price of precious metals to skyrocket.

But even the big boy’s pockets aren’t deep enough to ever afford going net long to cover their own sins and shorts—this would require trillions, not billions.

Not even a bailout from Exchange Stabilization Fund could help these TBTF (Too Big to Fail) bullion banks at that point.

In short, this small handful of big boys shorting the gold and silver contracts on the COMMEX are playing with gasoline and matches.

All of the big boys, that is, but one…

Enter JP Morgan—No Honor Among Thieves

When JP Morgan inherited the post-08 books of that other headline failure, Bear Sterns, this included 30,000 to 40,000 short contract positions in gold and silver.

For all the reasons (and risks) stated above, JP Morgan knew it was dangerous to be net short gold and silver (because as metal custodians for other funds, Morgan knows better than anyone that there simply isn’t enough physical gold and silver to meet the delivery demands of the grossly levered contracts traded on that over-levered COMEX).

Stated otherwise, Morgan needed to dump (and cover) those shorts (by going long) at just the right moment, i.e. when prices were low.

Thus, after spoofing the market in early 2020, Morgan artificially manipulated the prices down before going net long to cover their shorts last March.

As of now, JP Morgan has closed its short positions and is market neutral rather than net short gold and silver.

In fact, they are stacking their physical gold and silver bars in London warehouses as I type this, controlling over 1B ounces of Silver and over 25M ounces of gold.

Why?

Very simple, they plan to front run the inevitable gold and silver bull market of which we’ve been writing for years.

And as for the COMEX futures market in paper gold? Well, its days are numbered and the fallout from its failure will be more than “interesting,” but nothing less than a disaster.

end

Mario from the Moneco64 YouTube channel covered the Perth Mint story in the past hour and gave myself a strong mention!
 
(2174) Perth Mint Defaulting On Silver Liabilities to the Little Guys? – YouTube

 

 


yours faithfully,

 

John Adams

Principal Economic Analyst
Adams Economics
 
 
 
Attachments area
 
Preview YouTube video Perth Mint Defaulting On Silver Liabilities to the Little Guys?

 

 
John Adams…

WARNING: Silver Trouble at the Perth Mint

 

Dear all,

 

I write to you with an urgent warning after receiving several e-mails and phone calls from Australians across the country who particularly have “synthetic” silver holdings with the Perth Mint.

 

Over the past few weeks, rumours have been circulating around the Perth Mint that they have been running short of physical silver and the evidence continues to mount by the day.

 

For example, new orders have extraordinary wait times (e.g. 20kg requiring 4 months delivery) and long standing clients who own the Perth Mint’s synthetic products (unallocated or pool allocated) being denied the ability to either convert this holding to allocated or for this holding to be collected (i.e. standing for physical delivery).

 

Multiple reasons have been put forward for the observed behaviour of the Perth Mint which have yet to be confirmed.

 

Perth Mint on the other hand have provided multiple reasons why they are having issues supplying silver to the market, but global industry experts such as David Morgan (aka the silver guru) find the Perth Mint’s justifications not holding much credibility.

 

There appears to be more to this story than they are letting on.

 

What I can for certain confirm that even today, a friend of mine who didn’t believe the stories about the Perth Mint being in short supply, contacted the Perth Mint directly about his 200kg unallocated holding only to find that there is no silver available to convert his unallocated holding to allocated.

 

See the following tweet:

https://twitter.com/adamseconomics/status/1373824331717824518?s=20

 

Synthetic Gold and Silver Warning from 2020

With respect to the provision of synthetic gold and silver products, I have been publicly warning about the risks of these products for more than 9 months in a similar fashion to how I have been warning the about the bail-in (or forced confiscation) of retail deposit bank accounts.

 

These products which are offered by major bullion dealerships in Australia and around the world are little understood by retail customers and investors, especially for new entrants into the market over the past 1 to 2 years.

 

For those who have not read my June 2020 column about the dangers of synthetic gold and silver products, I would encourage you to read my column via the following link:

 

https://www.adamseconomics.com/post/beware-of-synthetic-gold-and-silver-products

 

In the Interests of the People – Exposing the Synthetic Silver Scam

Beyond my 2020 article I would strongly recommend those who have an interest in the gold and silver market to watch the latest episode of “In the Interests of the People” which was released last Friday.

 

In this show Martin North and I exposed the scam of synthetic gold and silver products which have sucked in Australians to the tune of millions of dollars. We highlight the risks of these products and the circumstances of when these risks may be realised.

 

The timing of this show couldn’t have been more relevant given what is happening in the Perth Mint.

 

To watch my latest video with Martin North, please click on the following

link:

 

https://www.youtube.com/watch?v=LcVhCWmIkZk&t=2043s

 

For those who received my newsletter from two weeks ago would have seen that I stressed the point that it is critical for those interested in acquiring physical gold and silver bullion to do appropriate research before significant funds are committed.

 

I would place understanding the risks and implications of synthetic gold and silver products at the top of the list.

 

The Tweet heard around the world!

In typical fashion, it would appear that controversy follows me where ever I go.

 

This weekend I issued a tweet about the Perth Mint situation which went viral with over 310,000 impressions on twitter. It was one of the key talking points of the silver world across the globe.

 

The tweet I issued was retweeted by Walk Street Silver as well as industry experts such as Craig Hemke, David Morgan, David Brady, Alasdair Macleod and Willem Middlekoop. The tweet can be viewed here:

 

https://twitter.com/adamseconomics/status/1373169812394844160?s=20

 

Are you concerned with your synthetic gold and silver holdings?

In the past week I have had a range of Australians (as well as some international investors) reached out to me concerned about their synthetic holdings held at the Perth Mint as well as with other bullion dealerships.

 

If you have any questions or concerns about your synthetic holdings (or synthetic products in general) and you wish to discuss your situation, please feel free to e-mail me at john@adamseconomics.com and I would be happy to contact you and discuss your questions and concerns.  

 

As Good As Gold Australia

As you would know that I am the Chief Economist for As Good As Gold Australia, South Australia’s largest bullion dealership. As a matter of principle, we have never offered synthetic products to our Australian or international clients.

 

The company’s philosophy which comes down from the company’s ownership to myself is “if you don’t hold it, you don’t own it.”

 

We believe that physical ownership of gold and silver with clearly established direct legal title is of the most critical importance to protecting your wealth.

 

After speaking with Darryl and Brian Panes this weekend, I have been assured that we have adequate supplies of physical silver (as well as gold) ready to supply the market.

 

If anyone is seeking to obtain physical gold or silver as a means of protecting their wealth against the madness of governments and central banks, please let me know. I would be happy to help.

 

Getting mentioned on Sprott Money

For those who are keeping a close eye on the precious metals market, you may be interested to know that I was mentioned by David Morgan this week on the Sprott Money Weekly Wrap-up in his discussion with Craig Hemke on the topic of silver being drained from the COMEX.

 

For those who are interested to listen to the Hemke-Morgan discussion, you can listen via the following link:

 

https://www.youtube.com/watch?v=U34Rp3n8HqQ

 

It was definitely an honour to be mentioned in dispatches between two giants of the silver world.

 

Appearing on YouTube interviews

Given the buzz in the silver world generated by the rumours circulating about the Perth Mint, I have been invited to appear on a number of YouTube shows in the coming days. So for those interested, keep a look out for me on:

 

  • Maneco64 – with Mario Innecco
  • Liberty and Finance – Dunagun Kaiser
  • Arcadia Economics – Chris Marcus

 

Meet-up in Adelaide – Wednesday, 31 March 2021?

On Wednesday, 31 March 2021 I will be in Adelaide available to meet supporters in a series of 30-minute blocks from 8am through 5pm. This is an opportunity for people to connect with me to talk everything from the Australian economy, politics, financial risk and precious metals.

 

If anyone would like to connect with me during this day, please let me know and I will see what availability I have. My schedule is filling up fast.

 

Moreover, at this stage, I am planning to return in the 3rd week of April 2021 to connect with people in Adelaide in some additional small sessions. More detail to come soon.

 

How to Follow Me?

If you haven’t yet, please feel free to follow my work either through subscribing to the ‘In the Interests of the People’ channel on YouTube or by following me on Twitter, LinkedIn or Facebook (I have a dedicated Adams Economics Facebook page).

 

I often post on social media multiple times a day where I post key updates or my thoughts on breaking events.

 

With regards to YouTube, if you wish to receive notifications of when Martin and I post a new show, make sure you following two step process:

  1. click on the bell which can be found near the notification button
  2. ensure that your YouTube settings have been enabled so that you can receive notifications.

so that your smart phone will alert you to when a new post has been published.

 

Also, given the intense level of censorship which is now taking place on social media, I have a dedicated “Adamseconomics” group on telegram which has attracted more than 1000 followers so far. If you are currently on Telegram and would like to join, feel free to join up on the group through the following link: https://t.me/AdamsEconomics

 

Goodbye for Now

This is all from me for now. If you would like to reach out and ask any questions free feel to e-mail me at john@adamseconomics.com.

 

Keep well and stay safe. I look forward to connecting with you soon.

 

Cheers,

 

John Adams

 
end

ttps://www.jsmineset.com/2021/03/22/the-planet-of-the-silverbackapes/

 

The Planet Of The SilverBackApes

 

Posted March 22nd, 2021 at 8:25 AM (CST) by J. Johnson & filed under General Editorial.

 

Great and Wonderful Monday Morning Folks

 

      We start the first trading day of Spring with June Gold down $4.30 with the trade at $1,739.70 after the dip down to $1,728.60 with the high at $1,749.20. Silver is still their big problem with the trade at $25.82, down 50.1 cents after the algos dipped it to $25.45 with the high at $26.35. The US Dollar’s value is following the metals with the peg at 91.775, down 15 points, near the low at 91.755 with the high at 92.175. Of course, all of this happened before 5 am pst, the Comex open, London close, and after another eventful exchange regarding WallStreetBetz, the exchange that protect the illegal short selling of shares above and beyond the real numbers, and those doing the questioning in congress. I especially loved it when one of the critters of congress said a website, where uneducated people go to talk about stock markets, could actually damage the markets integrity. Really?

 

      In Venezuela, there may be an issue with my currency calculations, with Gold either trading at 3,134,297,246.46 Bolivars, or 17,375.25 Bolivars. See the issue here, if you type in the word “Bolivar”, you’ll see 3 different currencies with 1 considered obsolete. Silver, under the same currency is either trading at 257.88 Bolivars or 46,518,109.39 Bolivars, don’t know about you, but I prefer the higher prices. In Argentina, Gold is now valued at 158,842.45 Peso’s, a loss of 15.63 since Friday morning with Silver at 2,357.45, a loss of 36.17 A-Peso’s. Turkey latest price for Gold traded at 13,800.33 Lira proving an increase of 1,146.32, after Erdogan fires central bank head over the weekend, with Silver last price at 204.68 T-Lira, proving a gain of 14.08.  

 

      March Silver’s Delivery Demands now stand at 941 contracts waiting for receipts with a Volume of 82 already up on the board with a trading range between $25.955 and $25.54 with the last purchase at $25.69, down 60.2 cents so far today. Friday’s full day of trade happened with only one price posted, at $26.055 which had a total of 194 swaps, yet Comex calculated its close at $26.292, a loss of 2.9 cents that helped reduce the demands by 107 contracts. What do you think, did the centrals know that banker in Turkey was fired before we got word? Silver’s Overall Open Interest gained 655 more short contracts bringing today’s early morning total to 161,531 Overnighters to trade against the shortages in the warehouses that will never be confirmed by any third party, or their gig would be up.

 

      March Gold’s Delivery Demands are way the heck up there at 1,179 fully paid for contracts waiting for receipts with no Volume, so far today. Friday’s full day of ICE deliveries happened in between $1,742.20 and $1,733.60 with the CCC at $1,741 which had a total of 13 contracts being swapped. The first 11 swaps were done early Friday morning at the high, the last two were at the bottom, with these trades helping to raise the demand count by 1. Gold’s Overall Open Interest proves a gain of 5,266 paper contracts to trade against the physicals bring the early morning count to 472,882 Overnighters.

 

      WallStreetSilverBacks are claiming their ape-ry has buried the Perth Mint. We’ll see in the future, in the meantime, their meme’s are truly inspirational as we enter the Planet of the Silver Back Apes.

 

      John Adams did have a twitter page, not anymore (maybe) …

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    Enjoy the day, get more precious metals at these super cheap prices, Boy Scout Up, and as always …

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Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

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

end

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

i) Chinese yuan vs USA dollar/CLOSED UP AT 6.5088 /

//OFFSHORE YUAN:  6.5039   /shanghai bourse CLOSED UP 38.78 PTS OR 1.14%

HANG SANG CLOSED DOWN 105.60 PTS OR .36%

2. Nikkei closed DOWN 617.90 POINTS OR 2.077%

3. Europe stocks OPENED ALL MIXED/

USA dollar index DOWN TO 93.81/Euro FALLS TO 1.1718

3b Japan 10 year bond yield: FALLS TO. +.08/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.67/ 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:: 61.43 and Brent: 64.58

3f Gold DOWN/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 -.31%/Italian 10 yr bond yield DOWN to 0.67% /SPAIN 10 YR BOND YIELD DOWN TO 0.34%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 0.98: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.90

3k Gold at $1735.30 silver at: 25.65   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 30/100 in roubles/dollar) 74.39

3m oil into the 37 dollar handle for WTI and 39 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 108.67 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 .9253 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1035 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

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

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

4. USA 10 year treasury bond at 1.680% early this morning. Thirty year rate at 2.388%

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

6.  TURKISH LIRA:  UP  TO 7.97..

Futures Rebound Despite Turkey Slaughter

 
MONDAY, MAR 22, 2021 – 08:02 AM

Global markets, bond yields slid and the Turkish lira plunged towards a record low against on Monday after President Tayyip Erdogan shocked investors by replacing the country’s hawkish central bank governor with a critic of high interest rates, Turkey’s 4th new central bank head in 2 years.

However the global weakness took place against a backdrop of a pending short squeeze in the US, and despite the Turkey slaughter, the weakness was faded as the Emini S&P and Nasdaq 100 futures climbed alongside European technology shares on Monday as a drop in Treasury yields boosted pricier parts of the stock market. At 07:00 am ET, Dow E-minis were down 15 points, or 0.05%, S&P 500 E-minis were up 7.5 points, or 0.2% and Nasdaq 100 E-minis were up 104.5 points, or 0.8%.

Kansas City Southern jumped about 17% after Canadian Pacific Railway Ltd agreed to acquire the railroad operator in a $25 billion cash-and-stock deal to create the first railway spanning the United States, Mexico and Canada. Intel, Microsoft Corp and Apple led gains among Dow components in trading before the bell. Big U.S. bank slipped about 1% as yields dropped .

European equities faded an opening gap lower, with the Eurostoxx, DAX and FTSE 100 returning to little changed on the session having seen opening losses of between 0.6%-0.8%. Italy’s FTSE MIB rises 0.2% with local banks up 0.4%.  The Stoxx 600 Index fell 0.1% to 423.11 with 344 members down, 249 up and 7 unchanged, reversing earlier losses. Autos and tech are the best performing sectors; the Stoxx Europe 600 Travel & Leisure Index remained 1% lower but the sector halved its initial slump, with airline and travel stocks falling after restrictions to curb the pandemic were extended in some European countries, while a U.K. government adviser said foreign holidays this summer are “unlikely.”

Stocks that have benefited from lockdowns, including online retailers and food-delivery firms, climb on the possibility of extended restrictions in Germany and amid worries over vaccine supplies. Chancellor Merkel proposed keeping Germany’s lockdown in place for another four weeks, while vaccine tensions ramp up between the European Union and U.K. Shares in online grocer Ocado +1.6%, meal-kit maker HelloFresh +2.1%. Online retailers also rise: Zalando +1.5%, Asos +0.7%, Boohoo +0.5%, THG +0.9%

Here are some of Europe’s other biggest movers today:

  • Volkswagen common shares rise as much as 12% after Deutsche Bank raised its price target for the share class, citing electric- vehicle plans that sparked last week’s 22% rally. Porsche SE, the holding company in control of 53.3% of common stock, rises as much as 7% after Deutsche Bank increased its PT.
  • Kingfisher shares rise as much as 6.6%. Morgan Stanley said the U.K. retailer’s FY22 consensus profit estimates will probably be increased ~10% after it reported FY results that beat expectations and provided guidance for the year ahead.
  • Richemont shares climb as much as 4.2% amid speculation that Kering may seek to buy the Swiss luxury powerhouse after a report that it rejected an informal takeover offer earlier this year.
  • Infineon shares gain as much as 3.8% after Credit Suisse upgrades the chipmaker to outperform from underperform thanks to the firm’s exposure to electric vehicles.
  • BBVA shares decline as much as 7.7% as lenders with exposure to Turkey fall after the lira plunged following the ouster of the country’s central bank head over the weekend.
  • TeamViewer shares fall as much as 5%, extending Friday’s slump, as analysts trim price targets following a margin guidance update due to its sponsorship deal with Manchester United.

Turkish markets crashed after the dismissal of the nation’s central bank chief. The iShares MSCI Turkey ETF sank about 19% as Erdogan’s decision sparked fears of a reversal of recent rate hikes and capital controls. Circuit breakers were triggered in the BIST 100 Index early although the lira halved opening losses.

“The authorities will be left with two choices, either it pledges to use interest rates to stabilise markets, or it imposes capital controls,” said Per Hammarlund, senior EM strategist at SEB Research. “Given the increasingly authoritarian approach that President Erdogan has taken, capital controls are looking like the most likely choice.”

Euro zone banks exposed to the country such as Spain’s BBVA, Italy’s UniCredit, France’s BNP Paribas, and Dutch bank ING fell between 1.6% and 5.2%.

Earlier in the session, Asian stocks fell as losses in Japan offset gains in China, as investors eyed rising U.S. Treasury yields and semiconductor supply problems. Consumer discretionary and industrial shares weighed most heavily on the MSCI Asia Pacific Index, which slipped 0.2%. Japan’s Nikkei fell 1.5% as retail investors faced potential losses on large long positions in the high-yielding lira. New Zealand and Japan led declines among key national stock gauges. Chinese stocks outperformed, with the SHCOMP rising 1.1%, after People’s Bank of China Governor Yi Gang said the central bank still has room to pump liquidity into the economy.  Shares of Asian shipping line operators jumped after dry-bulk rates rose to the highest level since Sept. 2019 on global recovery in iron-ore demand and economic activities. Baltic Dry Index surged 16.4% last week for its third straight weekly gain. In South Korea, Pan Ocean rose as much as 13%, HMM 9.4%, Korea Line 7.5%

The bond market remains in focus again, with the 10-year U.S. Treasury yield falling back to 1.68% from the highest levels in about 14 months following soothing comments from Federal Reserve officials.  Treasuries advanced, outperforming bunds and gilts in a bull-flattening move lacking a clear driver. TSY yields are lower by up to 4bp-5bp across intermediates and long- end of the curve, flattening 2s10s by more than 3bp, 5s30s by ~1bp; 10-year yields around 1.675%, richer by 4.6bp on the day and outperforming bunds, gilts by ~3bp each. Most of the move occurred during Asia hours, leaving futures steady near highs of the day into early U.S. session. Back-end outperformance is consistent with quarter-end buying and pension fund demand.  Peripheral spreads widened to Germany with Portugal and Spain underperforming.

IG credit issuance slate includes Naver $500m 5Y; desks are calling for as much as $40b+, and moments ago Oracle announced a 6 part deal adding even more rate locks. Treasury auctions resume Tuesday with $60b 2-year note sale, followed by $61b 5-year on Wednesday and the infamous $62BN 7-year auction whose rout started the recent market turmoil on Thursday.

A slate of auctions this week and moves by the Fed to let a key bank capital exemption lapse could stoke further volatility, while Powell comments 3 times this week. Last week’s Treasury selloff served as a stark reminder that investors remain concerned that a stronger economic recovery could lead to inflation. Despite reassuring comments from policymakers, some suspect price pressures could force the Federal Reserve to tighten monetary policy sooner than current guidance suggests.

“Clearly, the market is skeptical that the Fed will be able to keep interest rates at current levels for the next three years,” Diana Mousina, senior economist in the multi-asset group at AMP Capital Investors Ltd., said in a note. “We think that nominal bond yields can still shoot higher in the short-term towards 2% and above on inflation concerns. Markets are likely to worry that this move is permanent, rather than temporary.”

In FX, the tumble in the lira saw the yen firm modestly, with notable gains on the euro and Australian dollar. That in turn dragged the euro down slightly on the dollar to $1.1890. After an initial slip, the dollar soon steadied at 108.80 yen, while the dollar index was down slightly at 91.942. The Bloomberg dollar index gave back Asia’s modest gains. The big highlight of course was Turkey’s lira which weakened as much as 17% after Erdogan fired the central bank chief, while haven currencies like the Japanese yen and Swiss franc led gains in the group-of-10 currency basket. AUD, NOK and GBP lagged in G-10 although ranges are narrow. JPY and CHF outperform with EUR/CHF revisiting last Thursday’s lows.

Also supporting the yen were concerns Japanese retail investors that have built long lira positions, a popular trade for the yield-hungry sector, might be squeezed out and trigger another round of lira selling.  Still, analysts at Citi doubted that the episode would lead to widespread pressure on emerging markets, noting the last time the lira slid in 2020, there was little spillover. “In terms of impact on other parts of the high-yielding EM, we believe that will be quite limited,” Citi said in a note. There was scant sign of safe-haven demand for gold, which eased 0.7% to $1,731 an ounce.

Crude futures push into the green but trade a narrow range. WTI regains a $61-handle, Brent near $64.70. Spot gold drops ~$15, before finding support near $1,730/oz. Most base metals trade well; LME zinc, lead and nickel gain over 1%.

Looking at the day and week ahead, durable goods orders and personal income and spending top a raft of economic data, while more than 20 FOMC speaking engagements including three appearances by Chair Jerome Powell, providing plenty of opportunity for more volatility in markets.

Market Snapshot

  • S&P 500 futures down 0.1% to 3,894.25
  • SXXP Index down 0.2% to 422.70
  • MXAP down 0.2% to 208.03
  • MXAPJ up 0.2% to 689.62
  • Nikkei down 2.1% to 29,174.15
  • Topix down 1.1% to 1,990.18
  • Hang Seng Index down 0.4% to 28,885.34
  • Shanghai Composite up 1.1% to 3,443.44
  • Sensex down 0.6% to 49,576.54
  • Australia S&P/ASX 200 up 0.7% to 6,752.46
  • Kospi down 0.1% to 3,035.46
  • German 10Y yield down 2 bps to -0.32%
  • Euro little changed at $1.1904
  • Brent futures down 0.6% to $64.14/bbl
  • Gold spot down 0.8% to $1,730.46
  • U.S. Dollar Index little changed at 91.96

Top Overnight News from Bloomberg

  • Turkey’s stocks, bonds and the lira tumbled as the shock dismissal of the country’s central bank chief triggered concern the country is headed for a fresh bout of currency turbulence.
  • AstraZeneca Plc’s coronavirus vaccine fared better than expected in a U.S. clinical trial, providing reassurance about its safety and efficacy
  • The European Union’s path to joint fiscal stimulus is looking less assured than its monetary guardians would like, casting further clouds over an outlook already stunted by the bloc’s botched vaccination drive.

A look at global markets courtesy of Newsquawk

Asian equity markets began the week mixed as the region took its cue from the indecisive performance last Friday stateside following bitter US-China talks in Alaska and despite an overnight easing of yields. ASX 200 (+0.7%) was kept afloat with M&A news in focus after Blackstone made an offer to acquire Crown Resorts at a 20% premium which lifted shares in the latter by a similar extent although gains in Australia were capped amid heavy rain and floods in New South Wales which resulted in evacuation orders and pressured insurers. Nikkei 225 (-2.1%) suffered intraday losses of as much as 2% in the aftermath of the BoJ policy tweaks, ban on foreign spectators at the Tokyo Olympics and with auto stocks spooked due to a recent fire at the Renesas chip plant in Naka which the Co. stated could have a very large impact on its supply to automakers, while a firmer JPY also provided headwinds for Japanese markets. Hang Seng (-0.4%) and Shanghai Comp. (+1.1%) were mixed after the Alaska summit failed to reset relations between the world’s two largest economies and with Hong Kong tentative as it braces for IPO activity with Baidu to debut tomorrow, although the mainland was positive amid updates from the PBoC which kept the 1yr and 5yr Loan Prime Rates unchanged for an 11th consecutive month as expected, while there were also recent comments from PBoC Governor Yi that China has ample monetary policy tools and relatively large room for monetary policy adjustments. Finally, 10yr JGBs were higher as they tracked the rebound in USTs and decline in yields, with prices also supported by underperformance in Japanese stocks and the BoJ’s presence in the market for over JPY 1.2tln of JGBs heavily concentrated in 1yr-10yr maturities.

Top Asian News

  • CapitaLand to Split Main Businesses in Revamp After Rare Loss
  • Korea Travel App Eyes Dual IPO Listing at $4 Billion-Plus Value
  • China Confronted by Show of Western Unity at Canadian’s Trial
  • Myanmar Junta Expects Asian Nations to Keep Investing After Coup

European equities initially opened the first session of the week mixed across the board (Euro Stoxx 50 -0.1%), but briefly experienced some negative bias in early trade. The mixed lead followed Asia’s similar handover whilst US equity futures similarly vary with the tech-laden NQ (+0.8%) outperforming as yields wane off last week’s highs. Back to Europe, sectors opened firmly in the red with Travel & Leisure (-1.2%) the laggard due to the rising COVID infection rates across Europe. Paris has entered a new 4-week lockdown and Germany is reportedly set to extend its lockdown for a 5th month meaning the economic outlook and holiday prosperity has dwindled resulting in the travel & leisure sector being severely impacted this morning. Add to that, the UK’s Defence Secretary refrained from ruling out an extension to the ban on foreign holidays in order to control the spread of coronavirus. Meanwhile, Banks (-0.3%) have also seen downside amid a lower yield environment and follow-through from banks with historical exposure to Turkey, such as BBVA (-6.1%) and ING (-1.7%), who have been considerably affected by the surprise sacking of the CBRT governor by the Turkish President. On the upside, Autos (+1.6%) is the notable outperformer which may be in turn due to Porsche (+5.5%) and Volkswagen’s (+5.4%) firmer openings. Elsewhere on the individual movers front, Infineon (+3.3%) trades higher after the Co. announced it expects to reach pre-shut down levels in June 2021 and sees no negative impact on FY revenues amid strong global demand after the Texan deep freeze. AstraZeneca (+1.4%) has shrugged off negative headlines after the positive US COVID vaccine trial findings where it met its endpoint and illustrated a 79% efficacy at preventing symptomatic cases and 100% efficacy vs severe or critical disease and hospitalisation. Residing to the downside is the aforementioned travel names, Ryanair (-3.8%) and Lufthansa (-3.3%) are the distinct underperformers and are feeling the full force of the potentially dampened recovery outlook this summer. Lastly, heading into month-end and following last week moves in equities and bonds, the Goldman Sachs pension model estimates USD 58bln of equities to sell for month & quarter end (vs prev. view USD 65bln). Additionally, despite the revised forecast it would still rank as the 4th largest estimate in absolute USD value over the past three years.

Top European News

  • EU’s Plodding Stirs ECB Concerns as U.S. Delivers Stimulus
  • Suez Shares Rise After Call for Higher Bid Rejected by Veolia
  • Deliveroo Kicks Off $2.5 Billion IPO, U.K.’s Largest in 2021
  • Merkel Seeks Four-Week Lockdown Extension in German Setback

In FX, having extended its post-200 bp rate hike recovery rally to around 7.1867 vs the Dollar, the Lira has been struggling to keep its head above 8.0000 and depreciated to lows circa 8.1745 at one stage following the latest removal of a CBRT Governor under the Presidency of Erdogan who is renowned for his unorthodox beliefs that tightening monetary policy merely heightens price pressures rather than helping to combat above target inflation. As such, Agbal becomes the 2nd Central Bank head to be sacked and after just 5 months in the role in wake of last Thursday’s front-loaded 1 week repo rate increase to 19% from 17% vs 18% almost universally forecast.

  • DXY – Usd/Try aside, currency markets are relatively sedate and orderly as evidenced by the index hugging a tight line either side of 92.000 amidst relative calm in bond land after recent antics and last Thursday’s particularly aggressive bear-steepening that propelled benchmark yields to and through psychological levels. Indeed, the DXY is meandering between 92.155-91.872 and most of the Greenback’s G10 rivals are rangebound awaiting a catalyst to break one way or the other that could come from data, events and/or speakers today, but may be more likely later in the week given up to date and forward looking surveys like the preliminary Markit PMIs and Ifo.
  • JPY/CHF – The Yen and Franc could conceivably be firmer on safe-haven grounds given the aforementioned angst in Turkey that has rekindled investor angst due to credibility concerns, as the former has another look at offers and supply ahead of 108.50, while the latter is back above 0.9300 and 1.1050 against the Buck and Euro respectively in the ongoing absence of any visible intervention via weekly Swiss bank sight deposits. However, the SNB looms and the Bank has reiterated that there is more room on the balance sheet for monetary policy purposes even though currency interventions in 2020 totalled Chf 100 bn vs only Chf 13.2 bn the year before.
  • CAD/GBP/NZD/EUR – All pivoting their US counterpart in narrow confines, with the Loonie eyeing oil prices to see if WTI and Brent form a base and Sterling monitoring the vaccine situation following reports that the EU might block exports of AZN and ingredients to the UK. Elsewhere, the Kiwi appears to be benefiting from relative underperformance in the Aussie via the Aud/Nzd cross rather than anything NZ specific in advance of trade data and PMIs on Tuesday respectively, while the Euro awaits ECB QE updates and speakers for some independent impetus. Usd/Cad is currently straddling 1.2500, Cable 1.3850, Nzd/Usd 0.7150 as Aud/Nzd retreats through 1.0800 and Eur/Usd is rotating around 1.1900.
  • AUD – As noted above, the Aussie is lagging and not really helped by a weaker PBoC midpoint fix for the CNY overnight, but Aud/Usd has bounced from sub-7700 lows alongside Usd/CNH easing back towards 6.5000.

In commodities, WTI and Brent front month futures trade choppy within relatively tight ranges following last week’s notable decline in prices, as traders weigh the demand impact from the renewed lockdown measures in the Eurozone with the fiscal stimulus effects in the run up to next week’s key OPEC+ meeting. In terms of the latest on the demand side, Germany is reportedly set to extend its lockdown for a 5th month as infection rates remain above levels that would overstretch hospitals, according to a draft proposal, whilst reports also state that the EU is said to expected to block the AstraZeneca vaccine and ingredient exports to the UK which could impact 20% of supply. Energy agencies and analysts have previously voiced concern over the fragility of the OECD demand outlook given the risks of intermittent lockdowns. Furthermore, the UK Defence Secretary over the weekend refused to rule out an extension to the ban on foreign travel, which again could hinder the recovery prospects for jet fuel demand. On the flip side, it remains to be seen how OPEC+ could react to these developments, having carefully manoeuvred away from a market disappointment at the prior meeting. On that noting, relatively stale data but nonetheless, OPEC+ February compliance reached a record 113% (OPEC 124% and Non-OPEC 94%) due to Saudi’s unilateral cut, according to sources cited by Argus. Saudi Aramco also reported earnings over the weekend which highlighted the impact of last year’s oil rout, albeit again this is backward looking and cannot provide much in the way of an outlook in this every-changing environment. Futures have gained some traction in recent trade – WTI trades on either side of USD 61.50/bbl (USD 60.35-61.85/bbl intraday range) while its Brent counterpart sees itself just above USD 64.50/bbl (USD 63.45-64.85/bbl intraday range), with risk events ahead including a slew of central bank speakers and a potentially interesting ECB PEPP release. Elsewhere, spot gold and silver are softer as yields pull back. Spot gold in the grander scheme remains within tight ranges and still influenced by the recent USD 1720-1730/oz support zone. In terms of base metals, LME copper trades on either side of USD 9,000/t and modestly softer amid the risk tone across Europe. Overnight, attention was on iron ore futures as the Dalian contract slumped over 6% and coking coal also slipping some 7% amid reports of a pollution notice doing the rounds in China’s steel industry regarding its steel-making city Tangshan, which could threaten 30-50% of output. Goldman Sachs expects iron ore prices to contract 15-20% in H1 2022, with the 3-month, 6-month and 12-month forecasts at USD 135/t, USD 115/t and USD 100/t.

US Event Calendar

  • 8:30am: Feb. Chicago Fed Nat Activity Index, est. 0.71, prior 0.66
  • 10am: Feb. Existing Home Sales MoM, est. -2.9%, prior 0.6%
  • 10am: Feb. Home Resales with Condos, est. 6.5m, prior 6.69m

DB’s Jim Reid concludes the overnight wrap

While we fire up our abacus after its weekend slumber we’ll keep the monthly survey open for another couple of hours this morning. Amongst other questions, click here to rate the Fed and the ECB over the 12 month pandemic, whether the Fed will hike more or less than the market predicts, give your opinion as to whether you perceive the AZ vaccine to be as safe as Pfizer’s and also whether you are more or less healthy after a year of the pandemic. All help greatly appreciated. Results out tomorrow.

It’s been an interesting weekend with the highlight being Turkish central bank governor Naci Agbal surprisingly being replaced by Presidential decree. The Lira opened up last night as much as -17% down. As we type it is -10.32%. Agbal only lasted 4 months but this tenor was associated with an +18% rally in the Lira as rising interest rates, and with it inflation fighting policies, had attracted in investors. This all follows a 200bps hike on Thursday, double the consensus expectations. Maybe this is the most high profile victim of higher US yields seen so far.

The new central bank governor, Sahap Kavcioglu, said last night that the CBT will use monetary-policy tools effectively to deliver permanent price stability while adding that the bank’s rate-setting meetings will take place according to schedule. This likely eliminates the risk that markets might see a change in interest rates this week. The next rate setting meeting of the CBT is on April 15 given the present schedule. For a quick reaction to what has happened see our strategists’ piece last night here.

Asian markets have started the week on a weaker footing with the Nikkei (-1.82%), Hang Seng (-0.23%) and Kospi (0.17%) all trading lower. Chinese markets are an exception though with the CSI (+0.76%) and Shanghai Comp (+0.94%) both posting strong gains. Futures on the S&P 500 are currently at +0.02% after fluctuating between gains and losses but those on the Nasdaq are up +0.50% while European futures are pointing to a weaker open. Expect lots of chatter about where Turkey exposures are in the continent. Yields on 10y USTs are down -4.5bps bps to 1.678% with 10y real yields being down -3.4bps and 10y breakevens down -1.5bps. Japan (-2.5bps), Australia (-4.7bps) and New Zealand’s (-7.1bps) 10y bond yields are also trading lower.

In terms of markets it’s all about yields at the moment as last week saw the 7th successive weekly rise in US Treasuries yields – the longest streak since Jan/Feb 2018. Markets continue to be torn as to how much we should be worried about it. With the S&P closing the week only a fraction off Wednesday’s fresh all time highs then it’s clear that we’re coping for now. However there’s no doubt this is becoming complicated. When former US Treasury Secretary Summers says, as he did over the weekend, that the US faces the worst macroeconomic policy in 40 years one has to listen whether you agree or not.

A slight surprise on Friday was the announce of the reinstatement of the supplementary leverage ratio (SLR) for bank holdings of bank reserves and Treasuries after an emergency rule runs out at the end of this month. Yields spiked a few basis points higher on the news but there has been talk that the fear of this has been part of the reason yields have been on a relentless march upwards recently. There has been a fear of bank balance sheet deleveraging on this which has led to selling of the long end and has helped drive bills into negative territory. Deep down it’s another “too much cash in the system“ problem. People more expert on this than me suggest that after a period of consultation a fix will be found. Nevertheless, with all this in mind this week’s auctions will be a good litmus test of how comfortable markets are with bond market risk at the moment. Purely for bonds we have $60 billion 2-year tomorrow, $61 billion 5-year (Wednesday) and $62 billion 7-year notes (Thursday) to at least monitor. The bad 7-year auction at a similar time last month was a bit of a warning sign for demand at the then prevailing levels so this might be one to watch.

Elsewhere with the major central bank meetings now out of the way, market attention over the week ahead will likely turn back to the pace of the economic recovery, with a focus on the release of the flash PMIs for March (Wednesday), as well as the potential for increased pandemic restrictions as the global case count has begun to rise again. Other events in focus will include Fed Chair Powell and US Treasury Secretary Yellen testifying before congressional committees (Tuesday and Wednesday), Powell speaking at a BIS event today, as well as an EU leaders’ summit at the end of the week, where the pandemic and the vaccination programme will top the agenda.

In more specific detail on the PMIs, in recent months there’s been a divergence in the indicators, with Europe lagging behind the US, and the services sector lagging manufacturing. Indeed, the Euro Area composite PMI has been beneath the 50- mark for 4 successive months, whereas the US composite PMI rose to 59.5 in February, its highest level since August 2014. With restrictions beginning to tighten in Europe again whilst the stimulus checks arrive in the US, it’ll be interesting to see if this divergence widens further over the coming weeks and months. Also watch out for the Ifo business climate indicator from Germany (Friday).

From central banks, the main highlight will be Fed Chair Powell’s appearance tomorrow and Wednesday before the House Financial Services Committee and the Senate Banking Committee on the CARES Act. He’ll be doing this alongside Treasury Secretary Janet Yellen. Markets will be paying close attention to see if Powell has any further commentary on the Fed’s reaction function, particularly since their dot plot last week showed a majority of the FOMC keeping rates on holding through the end of 2023, even as they projected above-target inflation. Also of interest will be if Powell has any comments on the recent rise in yields, with those on 10yr US Treasuries rising to their highest levels since January 2020 in the week just gone.

Towards the end of the week, EU leaders will be gathering in Brussels for their latest summit, in which Covid-19 is expected to feature heavily on the agenda. The EU have been criticised for the slow pace of their vaccination programme, which has lagged behind the UK and the US, and a number of countries temporarily suspended the AstraZeneca vaccine following reports of blood clots last week. Commission President von der Leyen even refused to rule out using Article 122, which would in theory allow the EU to take control of the production and distribution of vaccines, potentially placing export controls on vaccines that had been destined elsewhere such as the UK. Separately on the pandemic, German Chancellor Merkel will be speaking with state leaders today as they decide their next steps to deal with rising caseloads. The country’s lockdown restrictions currently expire on March 28. Stricter restrictions are predicted with Bloomberg last night suggesting another 4-week extension to April 18th being likely. Across the other side of Atlantic, Massachusetts said that it will be easing restrictions further today with indoor and outdoor stadiums, including Fenway Park, allowed to reopen at 12% capacity, and the numbers allowed at public and private gatherings will also increase.

Recapping last week now and risk markets hit a bit of a snag as bond yields, particularly in the US, continued to surge higher. The S&P 500 lost -0.77% over the course of the week (-0.06% Friday), though it did reach a record high on Wednesday just after last week’s FOMC meeting. Small caps fell further as the Russell 2000 lost -2.77%, but is still up over +15.8% YTD compared to the S&P’s +4.2% gain. Tech stocks more or less moved in-line with the S&P as the NASDAQ composite fell -0.79% over the course of the week, though large cap tech stocks actually recovered versus their cyclical peers, with NYFANG index down just -0.51%, while bank stocks on both sides of the Atlantic saw their winning runs ease slightly. US Banks fell back -0.92% and their European counterparts lost -0.53%, though both are up +23.9% and +20.0% respectively YTD. The STOXX 600 outperformed US stocks overall, but the index was largely unchanged on the week (+0.06%). Oil prices saw a strong pullback, which weighed on energy stocks. There was no direct catalyst, but Brent (-6.78%) and WTI (-6.39%) crude both fell.

US 10yr yields rose 4 out of 5 days last week to finish +9.6bps higher (+1.3bps Friday) at 1.721% – its highest closing level since mid-January of last year. It was the seventh weekly rise in yields, which remains the longest streak since Jan/Feb 2018. The move at the long end saw the 2y10y yield curve steepen another +9.4bps to 156.8bps its steepest level since July 2015. Much of the move came following Wednesday’s FOMC meeting as the market repriced real rate and inflation expectations. Meanwhile core rates in Europe rose in a more moderated fashion. UK gilts rose +1.6bps to 0.84% as 10y bund yields increased +1.2bps to -0.29%.

3A/ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 38.78 PTS OR 1.14%   //Hang Sang CLOSED DOWN 105.60 PTS OR .36%    /The Nikkei closed DOWN 616.90 POINTS OR 2.07%//Australia’s all ordinaires CLOSED UP 0.51%

/Chinese yuan (ONSHORE) UP AT 6.5066 closed /Oil DOWN TO 61.43 dollars per barrel for WTI and 64.58 for Brent. Stocks in Europe OPENED ALLMIXED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5066. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.5039 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//USA

Austin warns North Korea that the USA is ready to right

(zerohedge)

SecDef Austin Warns North Korea: US “Ready To Fight Tonight”

 
FRIDAY, MAR 19, 2021 – 08:40 PM

In an unusually blunt threat and warning even for the Pentagon, Secretary of Defense Lloyd Austin said that US forces are ready to “fight tonight” in comments aimed at North Korea after an angry Pyongyang denounced the resumption of joint military exercises between the US and South Korea.

Our force remains ready to fight tonight, and we continue to make progress toward the eventual transition of wartime Operational Control to a [Republic of Korea]-commanded, future Combined Forces Command,” Austin said on Thursday.

Via ABC News

He issued the words from Seoul at the tail end of his Asia trip this week alongside Secretary of State Antony Blinken and South Korean leaders. Secretary Blinken had continued his denuclearization of the peninsula message, saying, “We are committed to the denuclearization of North Korea, reducing the broader threat the DPRK poses to the United States and our allies, and improving the lives of all Koreans, including the people of North Korea who continue to suffer widespread and systematic abuses at the hands of their repressive government.”

Pyongyang on Thursday slammed what DPRK first vice foreign minister Choe Son Hui called a “lunatic” and “hostile” policy. The senior North Korean diplomat said of the question of denuclearization talks that there will be no contact with Washington “unless the US rolls back its hostile policy towards the DPRK.”

She said further:

“Therefore, we will disregard such an attempt of the US in the future, too.” The “new regime” in the US, she added, had only put forward a “lunatic theory of ‘threat from north Korea’ and groundless rhetoric about ‘complete denuclearisation'”.

The Biden administration has reportedly been attempting to reach out to the North via various diplomatic channels since mid-February, but to no avail.

 

Via AP

Meanwhile the resumption of joint military exercises with the South, which had been on pause for a year with the ostensible reason given being the coronavirus pandemic, certainly won’t help thaw the ongoing tensions anytime soon.

end

b) REPORT ON JAPAN

3 C CHINA

CHINA/EU

China retaliates after EU sanctions with sanctions of their own

(zerohedge)

China Retaliates After EU Sanctions CCP Over Uighur Crackdown In First Since Tiananmen Square

 
MONDAY, MAR 22, 2021 – 09:07 AM

Update (0910ET): Well that didn’t take long. Chinese authorities have already retaliated to the EU sanctions… and threatens more (emphasis ours)

On March 22, the European Union imposed unilateral sanctions on relevant individuals and entities in China based on lies and false information under the pretext of the so-called human rights issue in Xinjiang.

The European side ignored facts, turned black and white, grossly interfered in China’s internal affairs, flagrantly violated international law and the basic norms of international relations, and seriously damaged China-EU relations. China firmly opposes and strongly condemns this. The Chinese government is unwavering in its determination to defend national sovereignty, security, and development interests.

China has decided to impose sanctions on 10 persons and 4 entities that have seriously harmed China’s sovereignty and interests and maliciously spread lies and false information on the European side, including: Member of the European Parliament Petty Koffel, Geller, Glucksman, Ku Chuk, Lexman, member of the Dutch parliament Shelzma, member of the Belgian parliament Kograti, member of the Lithuanian parliament, Sakariene, German scholar Zheng Guoen, Swedish scholar Ye Biyang, European Council Political and Security Committee, European Parliament Human Rights Subcommittee, German Mercator Center for Chinese Studies, Danish Democratic Alliance Foundation. Relevant personnel and their family members are prohibited from entering the mainland of China and the Hong Kong and Macao Special Administrative Regions. They and their affiliated companies and institutions have also been restricted from communicating with China.

China urges the European side to realize the seriousness of the mistakes, self-examine, correct mistakes, stop pretending to be a “human rights teacher”, stop playing with hypocritical double standards, stop interfering in the internal affairs of other countries, and stop on the wrong path Go further. Otherwise, China will make a further firm response.

Seems like global geopolitical tensions have notably heated up since Biden’s admin took over?

*  *  *

On Monday European Union foreign ministers took a nearly unprecedented move in pulling trigger on sanctions against top Beijing officials for human rights abuses stemming from China’s crackdown on its Uighur Muslim minority – the first such sanctions in over three decades. 

“The ministers approved the travel bans and asset freezes on four Chinese individuals and one entity, whose names will be made public later on Monday, accusing them of rights abuses against China’s Uighur Muslim minority in Xinjiang,” Reuters reports.

 

Prior testimony of a Uighur rights activists in European Parliament, via AP

It follows a couple years of widespread reports of ‘systematic’ human rights abuses in the northwest Xinjiang region, where millions of Muslim Uighurs are said to be confined to Communist ‘reeducation’ and labor camps.

As Reuters emphasizes further, these are “the first sanctions against Beijing since an EU arms embargo in 1989 following the Tiananmen Square crackdown.”

After it first emerged last week that the EU was preparing the punitive measures, the Chinese mission to the EU posted a statement expressing outrage over the move, calling it “confrontational”. It pleaded not to pursue such a dramatic step: “We ask the EU side to think twice,” a statement posted to Twitter said.

With this significant action it appears that US pressure and spiraling relations with Beijing, focused heavily on human rights-related complaints and the crackdown on the Uighurs which the Trump administration had previously dubbed “genocide”, are now for the first time manifesting in a very definitive way in Europe.

end
CHINA/USA/

US Hits China With Human Rights Sanctions In Major Joint Action With Western Allies

 
MONDAY, MAR 22, 2021 – 01:23 PM

In coordination with the newly announced European Union sanctions on select Beijing officials for the alleged ongoing major crackdown on Muslim Uighurs, the Biden administration has hit Beijing with its own punitive sanctions, setting tensions further on edge just two days after the conclusion of the fiery Alaska summit. 

The US sanctions target  top Chinese officials for “serious human rights abuses” against Uighur minorities concentrated in northwest Xinjiang province. Along with the EU, the sanctions were coordinated with Canada and the United Kingdom, which rolled out with similarly targeted sanctions that included additional individuals, according to a Treasury Department statement.

“Chinese authorities will continue to face consequences as long as atrocities occur in Xinjiang,” Treasury’s Director of the Office of Foreign Assets Control Andrea M. Gacki said. Meanwhile, it could be the US administration is still smarting over this…

“Treasury is committed to promoting accountability for the Chinese government’s human rights abuses, including arbitrary detention and torture, against Uyghurs and other ethnic minorities,” she added. The statement identified the following individuals that fall under the new US action:

The US designated Wang Junzheng, the Secretary of the Party Committee of the Xinjiang Production and Construction Corps, and Chen Mingguo, Director of the Xinjiang Public Security Bureau.

“These individuals are designated pursuant to Executive Order (E.O.) 13818, which builds upon and implements the Global Magnitsky Human Rights Accountability Act and targets perpetrators of serious human rights abuse and corruption,” the Treasury Department added.

The UK government neanwhile said of the coordinated actions in a statement: “Acting together sends the clearest possible signal that the international community is united in its condemnation of China’s human rights violations in Xinjiang and the need for Beijing to end its discriminatory and oppressive practices in the region.”

In response to the earlier Monday morning EU sanctions announcement, which was a first in over three decades, China’s Ministry of Foreign Affairs blasted the EU as “disregarding and distorting the facts” as well as “grossly interfering in China’s internal affairs” by bringing sanctions against government officials.

China has maintained the Uighur crackdown and charges of genocide are “based on nothing but lies and disinformation.”

 

Chinese Foreign Minister Wang Yi, via Reuters

EU-targeted individuals will have their assets frozen and are effectively banned from traveling to EU countries. China swiftly retaliated, according to an official statement on government websites: “China has decided to impose sanctions on 10 persons and 4 entities that have seriously harmed China’s sovereignty and interests and maliciously spread lies and false information on the European side.

Similar ‘retaliatory’ action is now expected imminently to be leveled against Washington.

END

4/EUROPEAN AFFAIRS

GERMANY//CORONAVIRUS: VACCINE/ASTRAZENECA

Scientists now link the AstraZeneca jab to rare blood clots

(zerohedge)

German Researchers Link AstraZeneca Jab To Rare Blood Clots

 
SATURDAY, MAR 20, 2021 – 07:35 AM

One day after the EMA left the door open to the possibility that the AstraZeneca-Oxford COVID jab might have harmful side effects for a small subset of patients, researchers in Germany are claiming to have determined the link between the vaccine and the rare blood clots that have resulted in a handful of deaths.

German public broadcaster Norddeutscher Rundfunk reported that researchers at the Greifswald teaching hospital in northern Germany claimed on Friday to have discovered the cause of the rare blood clotting found in some recipients of the AstraZeneca coronavirus vaccine, most notably a trio of Norwegian health care workers, one of whom died due to complications arising from the condition.

Hours before the EMA released its final safety assessment on Thursday, a top Norwegian government doctor claimed to have found a potential link between the vaccine and the rare reaction.

But some cases also involved a rare thrombosis (ie clots) in the brain. For these cases, the German researchers claimed common medicine could be used to treat the condition when and if it arises.

Germany, along with several other EU member states, suspended the use of the AstraZeneca vaccine on Monday following reports of unusual blood clots, though a dozen states have already re-started vaccinations.

On Friday, the WHO largely confirmed the EMA’s findings. And in the US, officials moved ahead with a program to donate some of the American stock to Canada and Mexico as the FDA looks set to approve the AstraZeneca jab in the near future. The agency added the jab has “tremendous potential” since the jab accounts for 90% of the vaccines distributed through COVAX, the WHO-Gates Foundation scheme to vaccinate the entire world by providing vaccines to poorer countries for free.

By Thursday, Germany had administered over 10MM doses of COVID-19 vaccines, including the AstraZeneca vaccine. While Europe continues to lag the US and Europe in terms of the percentage of its population who have received the vaccine, the total number of dose distributed in the West now exceeds the total number of confirmed COVID-19 cases several times over.

As for how to identify any potential risk factors, the team said patients exhibiting certain symptoms, like dizziness, for more than three days, should receive another check-up by a doctor. This might further strain health-care systems, but it could help save lives in the rare cases where a reaction may occur.

While a dozen EU countries, including Italy, France and Germany, re-started use of the shot on Friday, Finland was a notable holdout. After halting vaccinations last week, the country pledged to carry out an independent review of two possible cases of blood clots.

end

Worldwide protests on the lockdowns:  they shout “burn your masks”

(zerohedge)

“Burn Your Masks!” Massive Anti-Lockdown Protests Rage Worldwide

 
SATURDAY, MAR 20, 2021 – 01:30 PM

Thousands, and possibly tens-of-thousands of protesters across Europe marched on Saturday against continued government lockdowns and other pandemic restrictions based on questionable science – which have resulted in mass unemployment, destroyed small businesses, stoked widespread depression and mental illness, and cost taxpayers trillions to keep the whole ship from sinking.

Protesters in London, Germany, France, Sweden, The Netherlands, Australia, Belgium, Japan, Vienna and elsewhere came out for the Worldwide Rally for Freedom.

 

Photo via PA

In central London, thousands of anti-lockdown activists were seen walking through Hyde Park, chanting “stand up, take our freedom back!

In Germany, police used pepper spray on protesters in the city of Kassel, where 15,000 – 20,000 demonstrators showed up, according to the Daily Mail. Some 1,800 officers were placed on standby in Berlin.

Several thousand people gathered at the main protest site on a square in Kessel’s city centre, packed closely together without wearing face masks, an AFP reporter saw.

Scuffles erupted when a group of demonstrators tried to break through a police cordon to join up with other protesters, resulting in shoving and prompting officers to use pepper spray. -Daily Mail

 

Pictured: Protestors take part in a march demanding the compliance of basic rights and an end of the restrictive coronavirus measures in Kassel, central Germany, on March 20

 

Protesters clashed with police in Germany and Croatia on Saturday as new lockdowns were introduced in France, Poland and Ukraine to battle a third wave of coronavirus. Pictured: Demonstrators clash with police in Kassel, central Germany (via the Daily Mail)

In Melbourne, Australia, protesters chanting “Free to speak. Free to breathe” came out by the thousands.

More:

The Netherlands:

 

Photo via @lkNet

This is what happens when you destroy economies based on questionable science.

END

CORONAVIRUS UPDATE/GERMANY/GLOBE

Germany Moves To Extend COVID Lockdown, UK Scientist Warns Summer Travel Unlikely As 3rd Wave Worsens

 
 
MONDAY, MAR 22, 2021 – 09:21 AM

AstraZeneca released data from its US trial on Monday morning showing the jab is 79% effective at preventing COVID, while researchers insisted they saw no signs of patients exhibiting rare blood clots like those seen in a few dozen cases in Europe (cases that inspired local health authorities in two dozen countries to halt approval of the jab).

Still, a recent survey shows the halts caused confidence in the jab to crater across Europe. And as COVID cases continue to accelerate due, in part, to the growing presence of several increasingly contagious COVID variants. This prompted France, Italy and others to halt their reopening efforts last week. And now, Germany – Europe’s biggest economy – has decided to pause its reopening efforts and potentially extend its lockdown efforts for another month.

Germany is set to extend its latest COVID-inspired lockdown into its fifth month according to a draft proposal seen by several European media outlets. The draft says lockdown should continue until April 18 and that an “emergency brake” agreed at the last meeting will be applied to halt any further reopening measures in areas where cases are above the 100 per 100K threshold.

The draft was prepared by Chancellor Angela Merkel’s office ahead of Monday’s planned videoconference of regional and national leaders to discuss and decide on the next round of COVID measures.

At their last meeting early this month, the leaders agreed a cautious opening, overriding the Chancellor’s objections. Merkel argued at the time that the growing risks posed by variants would make the situation difficult to control.

The Robert Koch Institute for Infectious Diseases said the number of cases per 100,000 population over a week stood at 103.9 nationwide on Sunday, which is north of the threshold at which ICU capacity could be threatened. New cases adjusted for population have been steadily climbing across the Continent, while numbers in the UK and US have continued to decline.

Germany isn’t alone in exploring whether to extend its lockdown. As UK PM Boris Johnson becomes the latest European leader to warn about the “third wave” of COVID infections sweeping the Continent, ministers in the Netherlands and Belgium are also warning about tightening restrictions.

Germany isn’t the only country meeting to discuss more measures on Monday: In Austria, the government will meet on Monday with health officials and opposition parties as rising infection rates force it to reconsider plans to ease curbs on parts of the economy.

An earlier proposal, circulated by the Social Democrats (the junior partners in Merkel’s coalition), that all travelers returning to Germany face mandatory quarantine, even if they had not been in a coronavirus risk zone, was included in brackets in the latest draft measures, meaning the proposal is under discussion.

Polls show Germans are becoming increasingly disgruntled with the emergency measures, and an extension of the lockdown could trigger a backlash, especially since just a few weeks ago the government was teasing an imminent rollback of restrictions. Still, new cases have accelerated since some measures were rolled back in February. Fortunately, Merkel’s proposal reportedly would allow for Germans to visit families over the upcoming Easter holiday, which could help assuage public anger.

Elsewhere in Europe, the battle between Brussels and London over whether the bloc will continue to export AstraZeneca jabs to the UK is intensifying. Meanwhile, British government scientist Mike Tildesley, who sits on an important government advisory body, said the risk of importing vaccine-resistant variants back into the UK means the summer vacation season would likely be cancelled once again.

“I think international travel this summer is, for the average holidaymaker, sadly I think, extremely unlikely,” Tildesley, a professor of infectious disease modelling at the University of Warwick, told BBC Radio on Saturday. Those comments circulated more widely on Monday morning as European travel and hospitality stocks took a hit on the expectations that tourism-dependent EU economies might be facing another summer of slow-to-no business – something that could create serious problems for countries like Spain and Greece, whose economies are dependent on spending by tourists.

Asked about international travel, health minister Matt Hancock said on Saturday that the government would say more on April 12, when it is due to present the details of how and when travel can take place.

“We’ll look at the rates both here and abroad and the impact of new variants to understand whether its safe to make that move,” Hancock told Sky News.

Finally, Britain has demanded that the EU allow shipments of AstraZeneca jabs produced in a Dutch factory after Brussels said it would halt vaccine exports to Britain, a move that has been widely interpreted as backlash for the British leaving the EU. Some blamed AstraZeneca for over-promising deliveries of its jabs to buyers in the UK and Europe. At any rate, UK PM is reportedly due to speak to top EU leaders in a phone call ahead of a Thursday summit where Brussels is expected to decide whether it will move ahead with the export freeze.

The EU has fallen behind both the British and the US in terms of the percentage of its population that has been fully vaccinated.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY//Friday night
Turkey in turmoil Friday night as he first his second Central banker in 4 months. This sparks foreign capital panic as funds which previously rushed into Turkey now wants to exit
(zerohedge)

Turkey In Turmoil Again: Erdogan Fires Second Central Bank Chief In 4 Months, Sparking Foreign Capital Panic

 
FRIDAY, MAR 19, 2021 – 09:32 PM

On Thursday, moments after the Central Bank of Turkey unexpectedly hiked rates by a whopping 200bps – double the consensus expectation – to 19% from 17%, the highest rate since the country’s panicked scramble to contain the collapse of the Turkish lira during the economic turmoil of 2018, we said that “unfortunately for Turkey – whose economy will now grind to yet another halt –  it had no choice: inflation had accelerated for a fifth month in February as oil rallied and the impact of last year’s lira weakness lingered, while capital outflows soared. The upward trend fueled expectations the central bank would try to rein in prices by raising interest rates… but nobody had expected a 200 bps rate hike.”

Also in our kneejerk response to the rate hike decision, we said that the relatively new CBRT head, Agbal, “was damned if he did and damned if he didn’t: on one hand the lira was plunging angering Erdogan, so he had to stabilize it… on the other the only way to do so was by hiking rates, which would anger Erdogan even more.

We also quoted from the CBRT’s decision, noting that the bank has decided “to implement a front-loaded and strong additional monetary tightening,” explicitly stating that this “statement is guaranteed to enrage Turkey’s dictator.”

Bottom line: Erdogan would be furious either way.

Finally, we quoted SocGen EM strategist Phoenix Kalen who tried to justify the rate hike with some lofty sleight of logic by saying that “in a challenging context of domestic business and political pressure against further interest rate hikes, the CBRT has stepped up to the plate and delivered a resounding home run to underline its commitment to an inflation-targeting framework.” Kalen then said that the move “will go a long way toward bolstering both retail and foreign investor confidence that the CBRT under Governor Agbal will stay engaged in addressing deterioration in inflation expectations.”

While we were impressed with Kalen’s attempt to make 5-D chess out of what was basically total chaos, our take was far more cynical

Maybe… or maybe it will just force Erdogan to replace yet another CBRT governor.

Two days later, our cynical view proved correct again, because shortly after midnight on Saturday, and just two days after the larger than expected rate hike, Turkey’s President Recep Tayyip Erdogan fired the country’s third central bank governor in less than two years and replaced him with a fan of lowering interest rates.

Naci Agbal, Turkey’s former finance minister who was appointed central bank chief last November, was fired by Erdogan and was replaced with Sahap Kavcioglu, according to a decree published after midnight on Saturday in the Official Gazette. Agbal’s abrupt termination is a clear retaliation by Erodgan for last week’s unexpectedly big rate hike, one which does not fit within the absurd confines of “Erdoganomics” whereby lower rates are somehow needed to fight inflation.

And while Erdoganomics appeared to have ended some time in late 2020 when shortly after Agbal’s appointment, Erdogan’s son-in-law Berat Albayrak – then finance minister – also unexpectedly quit in a move that encouraged battered foreign investors to redeploy capital into the capital-starved Turkey as monetary orthodoxy appeared to be making a comeback, it is now clear that this was just one giant fakeout, and that Erdogan was merely biding his time before he pulled the rug from under a new cohort of offshore investors who are about to suffer devastating losses on their Turkish exposure.

Agbal took the job as Turkey’s top banker last November after weeks of declines in the lira and raised the benchmark one-week repo rate by a cumulative 875 basis points since, boosting the central bank’s damaged credibility among investors.

Meanwhile, Erdogan, the man behind the eponymous bizarro monetary policy which posits that high interest rates cause inflation, was oddly silent during the latest rate hike episode even though he had for years frequently chastised the central bank when he thought it was keeping borrowing costs too high.

Well, we now know that the Turkish despot was – like a dormant volcano – merely building up his anger and frustrations, and finally exploded early on Saturday morning in a move that will decimate any leftover trust in Turkey.

Erdogan’s latest pick for central bank head is Sahap  Kavcioglu, a professor of banking at Marmara University in Istanbul and a columnist at the pro-government Yeni Safak newspaper. The paper attacked Agbal’s latest interest-rate increase on its front page on Friday…

… saying the decision “turned a deaf ear” to Turkey’s 83 million people, would hurt economic growth and primarily benefits “London-based owners of hot money.”

As Turkey’s correspondent for the Middle East Eye, Ragip Soylu, further notes, last month Kavcioglu said that:

  • CBRT shouldn’t insist on its high interest rate policy
  • Many countries with domestic/foreign problems have negative real interest rates so could Turkey
  • Rate hikes indirectly creates inflation

As Bloomberg further notes, in a column on Feb. 9, Kavcioglu said it was “saddening” to see Turkish columnists, bankers and business organizations seeking stability in high interest rates at a time when other countries had negative interest rates.

“The central bank shouldn’t insist on high interest rates,” he wrote. “When interest rates in the world are close to zero, raising interest rates here won’t solve our economic problems. To the contrary, it’ll deepen them in the period ahead.”

He also seconded Erdogan’s unorthodox theory on the relationship between interest rates and inflation, saying that raising interest rates would “indirectly open the way to increasing inflation.” And while most central bankers are idiots, one thing that is relatively accurate is that raising interest rates does generally control excessive inflation.

But wait, it gets worse: Kavcioglu, who’s also a former lawmaker for the ruling Ak Party, defended reserve policies executed from 2018 to 2020, when Turkey began spending its foreign-currency reserves to try and prop up the lira in times of volatility. The use of the central bank’s foreign-exchange coffers then helped to rein in inflation, interest rates and the exchange rate, he said.

In other words, the new head of the CBRT is not only an ideological carbon copy of Erdogan (which explains his ascent to the monetary throne), but is a firm believer in Erdoganomics. Which means that last week’s rate hike will be prompted reversed, perhaps as soon as Sunday, leading to yet another episode of “Turkey in Turmoil”, and all out current account panic as foreigners pull all their money from Turkey now that the country has lost any last trace of credibility and collapses into an Erdogan singularity, a process which will most likely culminate with economic collapse, domestic conflict and/or civil war.

end

Turkey// Sunday night//

Let this be (another) lesson to all real money accounts: if you invest in banana republics, be prepared to lose all your money and get nothing more than a banana in return (if you’re lucky).

USD-TRY X-RATE

8.2016  ///TRY  (down from 7.24)
 
Turkish lira collapses and this is dangerous as Turkey has no foreign reserves other than gold. Foreign funds want to exit immediately.
(zerohedge)
 

 

Lira Crashes, Turkey CDS Soar As Erdogan Launches Another Epic Crisis

 
SUNDAY, MAR 21, 2021 – 05:15 PM

Turkey has become the sovereign equivalent of a Swiss Watch: every 6 months or so Turkey has a brand new crisis, and the latest one arrived late on Friday when just days after the Turkish Central Bank hiked rates by 200bps, double the consensus expectation (a move which we correctly predicted would provoke Erdogan “to replace yet another CBRT governor”), Erdogan indeed announced that CBRT governor Naci Agbal – who was on the job just over 3 months after his November 2020 appointment – would be fired and replaced with some political zealot named Sahap Kavcioglu, whose only claim to fame is believing in the ludicrous and farcical concept of Erdoganomics where lower rates somehow magically lead to lower inflation. He is also the country’s fourth central bank governor in the last two years.

Sadly for Erdogan (and Turkey’s population) that’s not how the real world works and now that Turkey’s attempt to tighten and contain inflation by cutting rates inflation is about to explode in one of the most important Developing Markets; but what’s worse for international investors – who once again took a gamble on Turkey and lost – is that Erdogan just single-handedly crushed what little credibility the country’s central bank had built up in recent months and in early Asian trading, the Turkish Lira cratered as much as 17%, wiping out 5 months of progress, with the USDTRY soaring as high as 8.42, up some 120 pips its Friday close of 7.2185.

The currency was quoted at 8.2621 per dollar as of 4pm ET, the weakest since November just before Agbal was appointed in the midst of an aggressive rate hike cycle, one which will now rapidly reverse as the new top central banker cuts rates in response to the country’s soaring inflation.

Erdogan’s decision to fire Governor Naci Agbal, who had sought to restore the central bank’s credibility, is a blow to investor confidence and raises concern the country will once again embark on a path of rock-bottom rates.

According to Bloomberg, “the initial backlash exceeded some analysts’ estimates” – but not ours – “and marks a swift reversal of investor enthusiasm toward Turkish markets.” Ironically, headed into today, the lira had been the best carry-trade currency of the year, outperforming every other EM as money managers cheered Agbal’s move to raise interest rates and efforts to bring inflation under control.”

However, as we also correctly said last Thursday, Agbal, “was damned if he did and damned if he didn’t: on one hand the lira was plunging angering Erdogan, so he had to stabilize it… on the other the only way to do so was by hiking rates, which would anger Erdogan even more.”

In the end, Agbal’s tightening proved too much for Erdogan to handle, and now comes the real pain.

Capital will flow out on Monday and the CBRT has limited resources left to protect the lira,” according to Per Hammarlund, chief EM strategist at SEB AB in Stockholm, referring to the central bank. “A hawkish central-bank governor cannot be replaced by a dovish governor without markets expecting a shift in policy. The circumstances of Agbal’s dismissal coming two days after a rate hike will produce an even sharper shift in investor expectations.

Let this be (another) lesson to all real money accounts: if you invest in banana republics, be prepared to lose all your money and get nothing more than a banana in return (if you’re lucky).

Agbal’s replacement, Kavcioglu, pledged on Sunday to use monetary-policy tools effectively to deliver permanent price stability… translation: he will do whatever Erdogan tells him, which considering the Turkish president’s eccentric views on monetary policy means that Turkey may have NIRP soon alongside 100% inflation. And speaking of, any weakness in the lira could add to inflationary pressures building in the economy and erode Turkey’s real rate, currently the highest in emerging markets after Egypt’s.

Commenting on the chaos in Turkey, Bloomberg chief EM economst Ziad Daoud, said that “the hit to the central bank’s credibility and independence can’t be overstated. Erdogan has battered the institution with interventions that have repeatedly backfired. Financial markets were willing to give Agbal a chance, his successor will find it hard to build that trust again.”

“We must conclude, for now, that Kavcioglu will be mandated with reducing and keeping rates as low as possible,” Cristian Maggio, head of emerging markets at TD Securities in London, correctly predicted. “If this hypothesis proves true, not only will we see a looser policy setting in Turkey in the coming months, but we will also likely experience a return to managing policy through unorthodox measures.”

That’s just part of it: now that one of the largest DMs has lost all central bank credibility, what is a currency crisis can quickly mutated into a full-blown sovereign debt crisis, and the latest blowing out CDS prints confirm this:

  • TURKEY 5Y CDS 410/455 +125

A reason for the panicked response, one which brings back flashbacks to the Asian debt crisis of 1997…

is that Turkey is now effectively without FX reserves and has virtually no way to short-circuit the current puke. Last year, Turkish banks spent more than $100 billion of the nation’s foreign reserves to support the sinking currency, according to a Goldman report (full report below). That prompted calls by Turkish opposition for a judicial probe into the nation’s official reserves.

In comparison, always oblivious foreign investors who are confident that central bankers will always save them, purchased a net $4.7 billion worth of Turkish stocks and bonds in the months following Agbal’s appointment. Overseas inflows to Turkey through swaps were about $14 billion during that period, Istanbul-based economist Haluk Burumcekci said. All that money is about to be pulled now amid the sheer chaos.

Among those who may find themselves on the wrong side of the trade are Japanese retail investors, according to Bloomberg, i.e., Mrs Watanabe. Long positions by individuals in lira-yen stood at 263,585 contracts as of Friday. They’ve climbed about 9% since the start of the year.

“We will never know how successful Agbal’s approach could have been, but initial signs were positive,” said Emre Akcakmak, a portfolio adviser at East Capital in Dubai, who anticipated challenges to intensify in the near future and a reversal on some of the recent and large hot money inflows in the face of the unexpected decision. “Even when the market stabilizes after a while, investors will have little tolerance, if any, in case the new governor prematurely cuts the rates again,” Akcakmak said.

Meanwhile, those hoping for guidance from all those who were bullish on the lira, like Goldman with its 6.20 price target, are advised to keep a low profile: as Goldman says in a note published earlier today, “our EM/FX strategy team are putting their forecasts for USD/TRY under review, with significant risks of a near-term discontinuous move weaker in the Lira.”

That’s a big of an understatement by a bank whose advise just cost its clients massive losses.

Then again, in a world as insane and upside down as this one, it just may be that Erdogan will have the final laugh, and Turkish inflation will indeed tumble as the CBRT cuts rates as low as possible, perhaps even dipping negative eventually.

* * *

Below we have excerpted Goldman’s full note, “Turkey: President Erdogan Appoints Sahap Kavcioglu as New TCMB Governor”

  • Kavcioglu has been appointed as the new Governor with a presidential decisionpublished in the Official Gazette on Friday, March 19.
  • This is the third time a TCMB Governor has been replaced in the last two years, following the removal of Murat Cetinkaya from his post in July 2019 and the removal of Murat Uysal from his post in November 2020.
  • The decision came after a hawkish 200bp policy rate hike by the TCMB on Thursday (March 18). That said, it may be part of a more fundamental repositioning of policy as it follows changes in the senior leadership in the Turkish Statistical Institute and the Sovereign Wealth Fund in the last few weeks. In addition, Turkey’s chief prosecutor launched a lawsuit on Wednesday (March 17), seeking closure of the HDP, one of the three main opposition parties, supported by large parts of the Kurdish population. Turkey pulled out of the IstanbulConvention (The Council of Europe Convention on Preventing and CombatingViolence Against Women and Domestic Violence) with another presidentialdecision also published in the Official Gazette on Friday, March 19.
  • Governor Kavcioglu published a statement today, noting that the TCMB “will continue to use the monetary policy tools effectively in line with its main objective of achieving a permanent fall in inflation” to foster macro economicstability and sustainable growth. The statement also noted that the MPC meetings will be held as previously scheduled. Hence, the next meeting should take place on 15 April.
  • Although significant uncertainty remains around how monetary policy will change following this appointment, we do have some sense of Governor Kavcioglu’s economic views as he has written numerous columns on topics such as interest rates, the Turkish Lira and the use of reserves (see here and here, only available in Turkish). Governor Kavcioglu wrote in his column on February 9that monetary policy should not insist on a high policy rate and that higher rateswill indirectly lead to inflation. Governor Kavcioglu also believes that the TRY has been kept too strong in recent years by offering high rates, undermining economic competitiveness. Given these and similar comments, it is likely that markets will question the TCMB’s forward guidance of keeping the monetary stance tight for a prolonged period, and the TRY may come under pressure. Local banks are already quoting to buy TRY at 7.70-7.80 vs the USD in the retail market over the weekend, up from 7.23 in the spot market on Friday.
  • Given the stated dovish views of Governor Kavcioglu, the risks are now for a much more front-loaded cutting cycle than our forecast of a first rate cut only in Q4. Nevertheless, we think that the potential impact of this decision on central bank credibility and on the currency is likely to limit any dovish move in the near term. More broadly, we think inflation will remain a constraint on how early and fast rate cuts can take place. We expect inflation to fall to just 12.5%yoy by the end of the year, significantly above the TCMB’s estimate of 9.4%yoy. Any premature rate cut would also add to inflationary pressures, in our view.
  • There have been significant capital inflows from mid-November, following the appointment of Naci Agbal. Nonresident inflows into local government debt and equity amounted to US$4.0bn and US$0.7bn, respectively. It is likely that the flows into Lira due to swaps were larger. We do not have a time series on this specifically but a growing off-balance-sheet position of banks against declining TCMB swaps since mid-November suggests that there was an increase in the swaps conducted with nonresidents, around US$6.0bn on our estimates. With this build-up of foreign positioning, attracted by the belief that the TCMB will likely keep rates sufficiently high to stabilize the TRY, a reversal in capital flows going forward appears likely.
  • The build-up in foreign positioning is not the only reason why the market reaction is likely to differ from those when previous governors were replaced. When Murat Uysal was appointed as TCMB Governor in July 2019, gross reserves were higher and a cutting cycle was expected. The market reaction to Naci Agbal’s appointment was positive as he was seen as a technocrat and the President had followed up this appointment decision with a market-friendly speech.
  • Our assessment of the TCMB’s reaction function has been that the TCMB would tighten policy when faced with sufficient pressure, rather than look for non-market solutions. For this reason, our base case last year (when reserves were being depleted at a rapid pace and some market participants were discussing the possibility of non-market measures) was that the TCMB would eventually hike rates and engineer a soft landing.

  • The developments from November until recently seemed to confirm this. Following the removal of Naci Agbal from his post, we  think that the risks to our view that monetary policy (rather than alternative administrative measures) will ultimately respond to market pressures and macroeconomic imbalances have increased.
  • It is likely that pressure on the TRY will pick up. A restart of FX interventions similar to 2020 may be the initial response, but the buffers are comparatively low. While gross reserves stand at US$91.6bn, US$17.0bn are due to swaps with Qatar and China, and US$38.9bn are gold. On our estimates, gross foreign currency reserves are US$35.7bn. Although this is higher than the US$23.4bn at the trough in mid-November, it is still not sizeable enough to sustain continued interventions, in our view. For comparison, the TCMB’s gross reserves fell on average by US$6bn a month from March to September before rates were raised.
  • Our forecasts for the current account in 2021 and the country’s external financing needs do not differ significantly from what we were forecasting for 2020 in Q1-20.We forecast a current account deficit of US$28bn for this year(TCMB survey: US$25bn). The current account deficit did ultimately widen significantly more than we had initially thought in 2020 to US$37bn, mostly due to rising gold imports, and a repeat of that scenario cannot be excluded.
  • Other measures the authorities may consider if the TRY comes under pressure are (1)finding sources of non-market funding, (2) administrative measures or (3) once again raising policy rates. Given the stated dovish views of the new Governor and the context in which he has been appointed, the market is likely to be sceptical of the likelihood of rate hikes. Nevertheless, it may once again come up as a possibility if the TRY comes under significant pressure.
  • With markets less likely to fund the Turkish current account deficit, and in the absence of other official flows, we think that a rapid adjustment in the current account may be necessary and the risks of a hard landing have increased. Under this scenario, we see downside risks to our growth forecast +5.5%yoy in 2021 and upside risks to our already above-consensus end-year inflation forecast of 12.5%yoy.
  • Our EM/FX strategy team are putting their forecasts for USD/TRY under review, with significant risks of a near-term discontinuous move weaker in the Lira.
end
 
Despite its financial problems Turkey refuses to give up on its Syrian interests
(SouthFront)
 

Turkey Refuses To Give Up On Its Syrian Interests

 
MONDAY, MAR 22, 2021 – 03:30 AM

Submitted by South Front,

Turkey and its proxies are rushing to defend Ankara’s interests in northeastern Syria.

After weeks of being on the back food, with its oil traffickers being targeted, and Turkish proxy positions around Aleppo being struck repeatedly, the time to fight back has come.

Before the incidents began, in order to coordinate its operations, Turkey established a “mega-base” next to the al-Bab al-Hawa crossing with the northwestern Syrian region of Greater Idlib.

As of March 17th, the base hosts 20 senior officers and 400 soldiers of the Turkish Armed Forces, 700 armored vehicles and personnel carriers, 100 battle tanks.

It is an impressive location, and it will be used as a hub for all convoys that will enter Syrian territory.

Three checkpoints are expected, and it will be continuously expanded.

With the support of the base, Turkish proxies have once again resumed active actions against both the Syrian Arab Army and the US-backed Syrian Democratic Forces (SDF).

On March 18th, clashes broke out between the Syrian Arab Army (SAA) and the Turkish-backed Syrian National Army in the northern Aleppo countryside. Heavy machine guns were used in the clashes. The SAA and Turkish forces also exchanged artillery fire.

No casualties were reported. This could be a harbinger of what is to come, numerous pro-government and pro-opposition outlets have repeatedly said that the SAA is preparing a large-scale operation to oust Turkey from the parts of Aleppo it has been occupying since 2017.

Not too far away, in the Raqqah countryside, SDF reported that its fighters had repelled two attacks by Turkish proxies. The first was on the village of Saida west of Ain Issa. The second attack targeted the town of Mu’alk to the east.

No specific casualty numbers were released.

The area around Ain Issa has been volatile for a while now, with Turkey and its proxies frequently attacking the town’s outskirts. An Ankara plan to push and capture the town has been expected for months.

Likely in response to this, two rockets were launched from Syria towards the southern Turkish city of Kilis. According to Syrian sources, the two rockets were launched from the vicinity of the town of Tell Rifaat in the northern Aleppo countryside. The positions belong to the People’s Protection Units (YPG), which Ankara considers terrorist. The YPG is also the core of the SDF.

The Turkish army shelled a dozen of towns and villages in response to the attack. Heavy clashes were also reported between Kurdish fighters and militants of the Turkish-backed Syrian National Army west of the Turkish-occupied town of al-Bab.

Turkish movements were expected, as there is no way it would forfeit cheap and easy-to-attain oil from Syria, and beyond. The Damascus government, and its Russian support, are of a different opinion.

end

TURKEY

Capital controls are imminent as Turkey slides beyond the point of new return

a must read..

(zerohedge)

Capital Controls Imminent As Turkey Slides “Beyond Point Of No Return”

 
MONDAY, MAR 22, 2021 – 09:50 AM

Over the weekend, we said that the pain for Turkey’s currency, economy and society under its ruthless depositic president who arbitrarily decided to sack his central bank head because he didn’t believe in Erdoganomics, will lead to much more pain.

Predictably, this morning there has been a flood of negative Turkish macro commentary, starting with SocGen’s Phoenic Kalen who praised last week’s 200bps rate hike only to slam Erdogan’s shocking decision, writing that with Naci Ağbal’s removal from the CBRT, “Turkey loses one of its last remaining anchors of institutional credibility” adding that:

During his short tenure, Ağbal had succeeded where various predecessors had not – in cultivating trust in the central bank’s inflation-targeting framework, in restoring monetary policy independence, in encouraging international investors tore-engage with the crisis-prone Turkish narrative, in driving an 18.0% rally in TRY against USD, and most crucially – in arresting and even reversing the damaging trend of dollarization in the economy. In January, the Finance Ministry was able to place USD 3.5bn in Eurobond sales that were heavily over-subscribed, attracting over USD 15bn in the order book. Meanwhile, the latest weekly data point as of 12 March showed that Turkish residents’ FX deposits held at local banks had declined to USD 230.3bn, down from the peak of USD 236.1bn registered in January. These examples offered compelling evidence that Ağbal’s policies were succeeding in bolstering both foreign and local investors’ confidence regarding prospects for Turkish assets, in the belief that economic and monetary policies would return to more orthodox realms.

Alas that’s all in the past, and today – with the Turkish lira tumbling as much as 17% against the dollar during early hours of Asia trading, not too far from its record low of 8.5793 in November –  Kalen writes that the Turkey’s lira will come under more pressure in the coming months due to weak foreign-exchange reserves and potential foreign outflows. Specifically, the bank expects the lira to decline to a new record low of 9.70 per dollar by the second quarter.

How do we get there? According to Kalen, now that Erdogan has fully usurped the central bank, crashing what little credibility it had left, Turkey faces nothing less than at least four circles of hell including:

  • Dollarization and currency interventions to resumeFollowing an expected sharp plunge in the value of TRY on Monday, 22 March 2021, TRY’s prospects are one of deterioration as local retail customers rush to re-accumulate USD, even as state banks step in to defend the currency on behalf of the CBRT. The rate of dollarization will rise.
  • Considering the shortage of FX reserves, we may see more financial regulatory interventionsAlthough SocGen does not expect imposition of outright hard capital controls, it anticipates a return to the regime of soft capital controls that prevailed during Berat Albayrak’s tenure, as policy makers try to stabilize rates and currency markets.TRY volatility is likely to surge sharply higher. Liquidity across all markets is likely to plunge.
  • Foreign investors will exit Turkish assets. Foreign holdings of TURK GBs had risen to 5.9% of total holdings as of 12 March 2021. It is reasonable to expect this proportion to fall even below the trough of 3.3% touched last September.
  • Turkey may soon be headed toward another currency crisisWithout much remaining reserves to defend the currency (net FX reserves of USD 11bn while net FX reserves excluding CBRT swap positions is around USD -40bn), and considering an expected exodus in foreign and local investor capital, “it may be difficult for Turkey to avoid another currency crisis over the coming months, despite the currently high levels of FX liquidity in the banking sector.”

Summarizing the “Battle Royale ahead” Kalen writes that “the new CBRT Governor Kavcıoğlu has expressed in a statement on the central bank’s website that future MPC meetings will be held as scheduled, meaning no imminent emergency rate cut meeting between now and the 15 April 2021 MPC meeting. It is very likely that the new governor will attempt to undo the latest 200bp hike at the 15 April meeting, deploy substantial reserves between now and then to try to stabilize TRY, subsequently lose the currency battle with markets, and ultimately have to engage in emergency hikes down the road to halt TRY’s decline.”

In short, one way or another Turkey will still end up where it was before Erdogan’s shock announcement but in the meantime its inflation will soar and its currency will crater to new record lows. In this context, it is hardly a surprise then that Kalen, who praised the CBRT on Thursday has the following advice to SocGen clients:

We recommend exiting from any long positions in Turkish assets, considering the profound shift in policymaking and the likely financial turmoil ahead. Our short EUR-TRY trade has hit its stop loss and we have closed out.

Of course, now that control over the currency and inflation is explicitly political, Erdogan will do everything he can to stabilize the economy and outflows, and while SocGen does not envision “hard” capital controls, SEB chief EM strategist Per Hammarlund disagrees, and writes that Turkey “probably intends” to impose capital controls to stabilize markets

The authorities will be left with two choices, either they pledge to use interest rates to stabilize markets, or they  impose capital controls,” Hammarlund writes adding that “given the increasingly authoritarian approach that President Erdogan has taken, capital controls are looking like the mostly likely choice.”

Looking at the currency, the SEB strategist notes that TRY will be on a roller-coaster ride driven by capital flight, central bank intervention and bargain hunters, and expects “swings of 15% in either direction.” That said, the volatility cannot last long because it would severely compromise Turkish banks and corporations’ ability to service foreign debt. And while Turkish authorities may want to impose capital restrictions for a limited period of time, but that time “may last for years”

In terms of what form capital controls could take, Hammarlund writes that they could come as limitations and taxes on earnings remittances and curbs on the ability of locals to buy foreign currency.

* * *

One final question we have that has not been addressed by Wall Street, is how much longer will the Turkish population tolerate Erdogan’s increasingly erratic behavior which is now dramatically and adversely impacting the livelihood of this extremely geopolitically valuable nation. And, related to that, how long before this currency, debt and sovereign crisis morphs into a political crisis, leading to another “coup”, although much less fake than the 2016 one…

END

SYRIA/USA

Probably accurate:  Syrian OIL Minister reveals that the USA has pirated $92 billion in crude from Syria.

(AlMasdarNews)

Syrian Oil Minister Reveals US Has ‘Pirated’ $92 Billion In Crude

 
FRIDAY, MAR 19, 2021 – 10:20 PM

Via AlMasdarNews.com,

The Syrian Minister of Oil and Mineral Resources, Bassam Tohme, said on Thursday, that the total losses in the direct and indirect oil sector in Syria have exceeded $92 billion (USD).

The Sy minister said in statements to the state-owned Al-Ikhbariya TV channel (and subsequently translated in Iranian state media), that the areas under the control of the US and their allied forces contain more than 90% of the oil reserves of Syria.

He stated that “the Americans and their followers act as pirates in targeting the Syrian oil wealth and the ships of supplies to it.”

Tohme said that the US was deliberately preventing the Syrian government from benefitting from the oil reserves inside the country.

The oil minister added that the Syrian waters are “qualified in terms of oil reserves, but what distinguishes exploration contracts is that they are expensive and are long term,” pointing out that “there is a promising oil future in those waters, and the matter needs calm and stable logistical conditions.”

The US military and their allies from the Syrian Democratic Forces (SDF) currently control the Al-Umar Oil Fields, the largest oil fields in Syria, which they captured from the Islamic State (ISIS/ISIL/IS/Daesh) during the eastern Euphrates campaign.

Making matters worse, Syria is currently witnessing a gas crisis, following a new spike in prices for Octane 90 and Octane 95.

END
TALIBAN/AFGHANISTAN/USA
The Taliban warns Biden that the USA must get of out  Afghanistan by May.
(DeCamp/AntiWar.com)

Taliban Warns Of “Reaction” If US Stays In Afghanistan Beyond May 1st

 
SATURDAY, MAR 20, 2021 – 07:00 PM

Authored by Dave DeCamp via AntiWar.com,

The Taliban warned the US on Friday that there would be a “reaction” if President Biden failed to withdraw from Afghanistan by the May 1st deadline set by the US-Taliban peace deal signed in Doha last year. The comments were made from Moscow, where the warring sides met to discuss the peace process.

“They should go,” said Suhail Shaheen, a member of the Taliban’s negotiation team. He warned if the US stayed beyond May 1st, it would be a violation of the Doha agreement. “After that, it will be a kind of violation of the agreement. That violation would not be from our side… Their violation will have a reaction,” Shaheen said.

 

Via Anadolu Agency

Shaheen also called for “expedited” peace negotiations. “It is important that the negotiations should be expedited because it will help us to achieve a permanent ceasefire and countrywide peace and this is our goal,” He said. “As we talked with Afghan politicians, they also insisted that the process should be expedited.”

Shaheen’s comments come after a report from NBC News said President Biden is considering staying in Afghanistan in November. Sources told NBC that Biden was pushing back against the Pentagon’s efforts to stay in Afghanistan but was convinced to consider extending the withdrawal deadline to November, although no decisions have yet been made.

Any deadline extension would have to be agreed with the Taliban, or the group would again target US troops, something Shaheen’s warning makes clear. February 8th marked the first full year that no US troops died in combat in Afghanistan since the war began.

While the Taliban held up its commitment not to attack the US troops, US airstrikes still occasionally target the group. A US military spokesman announced on Wednesday that the US bombed Taliban targets this week.

Zalmay Khalilzad, the US special envoy for the Afghan peace process, attended Afghanistan talks in Moscow on Thursday. Russia has been hosting Afghanistan summits for years now, but the US is usually not involved. The US, Russia, China, and Pakistan released a joint statement calling for a political settlement.

END

RUSSIA/USA

What is behind the slander of Putin: the NordStream2 project!!

Strategic Culture Foundation

Nord Stream 2 Behind Biden’s Gratuitous Slander Of Putin

 
MONDAY, MAR 22, 2021 – 02:00 AM

Via The Strategic Culture Foundation,

Relations between the United States and Russia have reached a dangerous watershed following an unprecedented personal insult by American President Joe Biden to Russian counterpart Vladimir Putin.

But note the sequence here. Biden’s insults were then followed by U.S. threats of draconian sanctions to kill the Nord Stream 2 gas project between Russia and Europe. Just who is the killer here?

The world may be thankful that Russia is being so magnanimous in its response to Biden’s puerile and slanderous sniping. The crisis in bilateral relations provoked by the U.S. president has the potential to escalate, but it is only down to Moscow’s restraint that further deterioration in relations is being checked – for now.

In an interview with ABC News, aired on Wednesday, Biden was asked if he agreed that Russia’s leader was a “killer”. To which the American president replied in the affirmative, “I do.” He also warned that Russia “would pay a price” over allegations of interfering in the U.S. elections and other supposed malpractices.

One can safely assume that the Biden administration is hellbent on making relations with Russia even worse as its intelligence agencies “review” over the next few weeks already-made presumptions about Russia’s purported culpability.

For his part, the Russian president responded calmly and generously, saying that he wished Biden good health. Putin even offered to hold a live conversation with his American counterpart on a range of issues. One might infer that these are oblique references to suspicions about Biden’s mental health and his apparent loss of cognitive powers when speaking in public.

One other comment by Putin was telling. He said of Biden’s “killer” remark, “it takes one to know one”.

Joseph Biden’s career as a politician spans nearly half a century, first as a long-time senator, then as vice president in two administrations and now the 46th president of the United States. During that period, Biden has been a key player in facilitating countless U.S. overseas wars and military operations which have resulted in millions of deaths and destruction of whole nations. As a senior senator on the foreign affairs committee, it was Biden who was instrumental in drumming up congressional support for the American war on Iraq beginning in 2003. That war alone – based on lies and fabrications concerning weapons of mass destruction – led to at least one million dead and unleashed terrorism across the Middle East and beyond.

More recently, just four weeks after his inauguration, Biden ordered airstrikes on Syria on February 26 causing multiple deaths. It was a murderous act of illegal aggression.

So indeed the American president knows what it is to be a killer. He sees it every time he looks in the mirror.

The casual arrogance and ignorance of the American political class is astounding. They make accusations against Putin based on flimsy rumors, such as the alleged poisoning of conman Alexei Navalny. And then they have no decency or decorum by bandying about vulgar labels. Meanwhile, the piles of dead bodies lying under American politicians’ feet are mountainous. They have no shame.

Following the latest outburst from the American president and his intelligence agency groundlessly accusing Russia of interfering in the 2020 election, Moscow has temporarily recalled its ambassador to reassess bilateral relations. It is the first time this has happened in over 20 years. There is no factual or diplomatic precedent for the evident American attempt to provoke a crisis. Not even during the frozen Cold War decades did U.S. leaders stoop to such gross and offensive rhetoric. There seems to be a more general degeneration in Washington’s diplomatic conduct over recent administrations. America no longer has statesmen. Its political ranks are full of hacks and hicks and mumbo-jumbo conspiracists.

When Biden won the election, he promised to revamp American diplomacy with intelligent statecraft and skillful negotiators. An early positive sign was his prompt contact with Russia to extend the New START treaty governing nuclear weapons. But apart from that move, the Biden administration has sought to undermine bilateral relations with Russia. The prospects of a new detente or reset have been jettisoned. (The same is also apparent regarding U.S. relations with China and Iran.)

It seems likely that Biden and his team are deliberately provoking a crisis with Russia in order to justify a geopolitical policy of hardening hostility towards Moscow.

Foremost in this context is the Nord Stream 2 gas pipeline and the American objective to terminate that project. The day after Biden sent relations with Russia into a downward spiral, his Secretary of State Antony Blinken announced that the U.S. would be imposing tough new sanctions on “any entity involved the Nord Stream 2 pipeline”. Blinken stated there was “a whole of government commitment in the United States to stopping” the gas supply project between Russia and Europe.

It cannot be overstated that the $11 billion pipeline is a huge geopolitical issue. It is front and center to Washington’s global ambitions. The Americans want to kill it in order to sell their own more expensive gas to Europe for decades to come. Washington also views the energy partnership between Russia and Europe as an obstacle to its hegemonic position.

Germany and other European states have remained steadfast in their support for completing the construction of Nord Stream 2 which is about 95 per cent finished, nearly 1,200 kilometers of pipeline under the Baltic Sea from Russia to Germany’s coast. When it becomes operational the flow of gas to Germany from Russia will double in volume. Thus it is vital for Germany and Europe’s long-term growth.

In a desperate bid to thwart the strategic partnership between Russia and Europe, Washington is resorting to ever-more frantic threats of sanctions and other disruptive measures. Biden is playing the personal insult card in a gambit for blowing up bilateral relations with Russia as a way to sabotage Nord Stream 2.

It’s a pathetic move, one that actually speaks more of America’s historic enfeeblement rather than pretensions of power. Russia would do well to stay calm and let the Americans make fools of themselves.

END

 

SAUDI ARABIA/YEMEN/HOUTHIS

With the Houthis gaining ground in their conflict inside Yemen, Saudi Arabia floats a peace deal to end the war in Yemen. I doubt that the Houthis will bite

(zerohedge)

Saudi Arabia Floats Peace Deal To End War In Yemen, Spark Economic Revival

 
MONDAY, MAR 22, 2021 – 12:06 PM

Amid a growing number of Houthi-launched attacks on Saudi Arabian oil refineries which recently inspired the kingdom to launch a round of naval drills intended to intimidate, Saudi Arabia has proposed a sweeping cease-fire agreement that would end the world’s worst humanitarian conflict and help revive Yemen’s badly damaged economy.

While Syria garners more headlines in the west due to the lingering American involvement, Yemen has for years been decried as the most devastating humanitarian conflict as mass starvation afflicts the population under constant assault from bombings and drone strikes.

But on Monday, Saudi Foreign Minister Faisal bin Farhan Al Saud announced a new Riyadh-backed peace initiative to end the conflict in Yemen between Saudi-backed Sunni forces and the Shia Houthi rebels, widely suspected of receiving support from Iran (something the Iranians vehemently deny, along with any involvement in the milita-led cross-border strikes on Saudi energy infrastructure).

Along with the nationwide ceasefire, the proposal includes a commitment by the coalition to pull back on its blockade on Hodeidah Port. Under the deal, tax revenues from the port would go into a joint bank account at the central bank, the reopening of Sanaa Airport, and other measures.

“The initiative will take effect as soon as the Houthis agree with it,” Prince Faisal told journalists during a televised news conference in Riyadh. “It’s up to the Houthis now.”

Prince Faisal went on to take a shot at Tehran, which Riyadh has accused of supporting the Houthi militants with weapons and other support. “The Houthis must decide whether to put their interests first or Iran’s interests first,” the foreign minister said.

According to Sputnik News, the Houthi movement’s chief negotiator responded to the proposal by saying they would continue to talk with the Saudis, whom they view as their primary adversaries in the proxy conflict.

The Houthi movement’s chief negotiator responded to Riyadh’s initiative by saying the group would continue to talk to the Saudis, Oman and the US to reach peace, and demanded that Saudi Arabia immediately end its air and sea blockade against Yemen.

On Saturday, Mohammed Ali al-Houthi, a high-ranking member of the Houthi-led Supreme Political Council, indicated that the war would end only once the Saudi-led “aggression” had ceased, and the blockade ended.

“The coalition of aggressor member states and their allies besiege the Yemeni nation, invade and occupy parts of our motherland, and at the same time call on us to stop fighting,” he wrote.

“Stop your aggression and siege for the famine and tragedy to end.”

The proposal for peace comes at a critical juncture in the long-running conflict, which began when the Houthis toppled the ruling Sunni-led government in the Yemeni capital of Sanaa. The Houthis have recently pushed north into the Sunni-held stronghold of Marib. Militias have also stepped up missile attacks on Saudi proper, which inspired the recent Naval drills in the Gulf, launched to protect Saudi oil facilities from terror.

With all that’s happening, it’s hard to take the proposal at face value: that the Saudis would ever accept a deal that leaves the Iranian-allied Houthis with the upper hand in the country seems extremely unlikely, even as the proxy conflict has become a financial albatross for Crown Prince Mohammad bin Salman. On the flip side, the military gains the Houthis have achieved have come with a devastating human cost (the UN estimates total deaths due to the conflict – both directly and indirectly – at nearly 250K). But with a long-hoped-for military victory potentially close at hand, why stop now?

6.Global Issues

ICELAND
 
Volcano finally erupts but so far so damage
(zerohedge)

Iceland Volcano Erupts After Thousands Of Earthquakes

 
SATURDAY, MAR 20, 2021 – 08:08 AM

While a powerful 7.0 magnitude earthquake struck off the coast of Ishinomaki, Japan, a city located just 65 miles from Fukushima, on Saturday, there was a more notable volcanic eruption in southwestern Iceland near the capital Reykjavik on Friday night. 

In recent weeks, we published two notes (see: here & here) informing readers about the more than 34,000 quakes that have been recorded on the Reykjanes Peninsula in recent weeks. On Mar. 4, we wrote: such “quake activity has previously preceded volcanic eruptions.” By Mar. 14, the quakes worsened as the country was put on “high alert” for the next volcanic eruption.

About five days from our latest note and tens of thousands of quakes later, the first volcanic eruption in the Reykjavik Peninsula in 800 years was recorded on Friday night. Here’s a video of the eruption:

The Icelandic Meteorological Office said the eruption began in Fagradalsfjall around 20:45 GM, about 25 miles from the capital Reykjavik.

“Volcanic eruption has begun in Fagradalsfjall,” the meteorological office (IMO) tweeted Friday night, referring to a mountain located south-west of the capital.

More video shows streams of red lava pouring out of a fissure vent.

“The fissure is estimated to be about 200 meters (219 yards) long,” the IMO said.

Residents in Reykjavik had clear visibility of the eruption.

More photos from Reykjavik with the eruption in the background.

So far, Fagradalsfjall is not expected to cause havoc in air travel, as did ash from the Eyjafjallajökull eruption in 2010.

END
CANADA/CHINA
Nothing can help our two Canadians held for trial in China. Why are we still giving them business?
(zerohedge)

‘Nothing Can Help Them’ – Trials Begin For Canadians Accused Of Spying In China

 
FRIDAY, MAR 19, 2021 – 06:40 PM

A long-awaited show trial for one of two Canadians accused of espionage in China started Friday, as family members of the men say they are prepared for the worst, according to media reports. According to Bloomberg, a hearing was held at a local court in Dandong city (situated in the northeastern province of Liaoning) in the trial of Michael Spavor on allegations of spying. Spavor ran a business organizing tours of North Korea for mostly western clients before he was picked up by Chinese law enforcement back in late 2018.

Trials for both men are set to begin Friday (for Spavor) and Monday (for Michael Kovrig, a former Canadian diplomat who has also been accused of spying). The two Canadians have been detained since December 2018 and were charged in June last year with spying. In a Thursday statement, Marc Garneau, Canada’s Minister for Foreign Affairs, said the country’s embassy in Beijing “has been notified that court hearings for Michael Spavor and Michael Kovrig are scheduled to take place on March 19 and March 22, respectively.”

Kovrig, a former Canadian diplomat who worked for th

ENDe International Crisis Group at the time of his arrest, has been accused of “stealing sensitive information and intelligence through contacts in China since 2017.” Spavor has been accused of providing intelligence to Kovrig. It’s not clear whether the two men knew each other prior to their arrests.

Chinese officials haven’t shared any of the “evidence” they have gathered against the two men, or information detailing their alleged crimes, though they insist that “the facts are clear and evidence is solid.”

Both men were arrested shortly after Canadian authorities arrested Huawei CFO Meng Wanzhou after she stepped off a plane in Vancouver. Wanzhou, the daughter of Huawei’s founder, a high-profile figure in China, was arrested at the behest of US authorities, who sought her extradition to the US to face charges that she violated US sanctions against Iran.

The arrests were widely seen as political retribution against Ottawa for cooperating with the US. However, while Meng has been allowed out on bail (she’s currently under house arrest in her opulent home) while she awaits the results of her extradition proceedings – which are still ongoing – both men have been detained in Chinese prisons, will little contact with their families or the outside world.

Family members and contacts of the two Canadian men have described them being held in poor conditions, and denied outside contact. Almost all in-person consular visits to foreign prisoners in China have been paused since last year due to the coronavirus pandemic. Since then, diplomats have only been allowed to speak to the men via phone.

Teng Biao, a lawyer who practiced human rights law in China for 10 years, and now lives in exile in New Jersey, told Canada’s the Toronto Star that the two men have almost no chance of being found innocent. They will face a “show trial” driven by political considerations, before being handed potentially lengthy prison sentences, to be served in China.

“In this kind of politically sensitive case the judges, the court, are not able to make the final decision,” Teng said. “We can say in these kinds of cases the court is only a political tool of the Chinese Communist Party.”

Criminal trials in China are generally very short, often lasting only a day or two, said Teng, and won’t be open to the public.

After Kovrig and Spavor were charged with espionage last year, Canadian Prime Minister Justin Trudeau denounced the “political” nature of their case, saying their detention was a “decision made by the Chinese government and we deplore it.” However, Beijing has held strong, continuing to insist that the charges against the men are legitimate, while denying Trudeau’s claims that the CCP is persecuting Canadian nationals for political purposes.

end

Michael Every on the weekend’s big stories

Michael Every…

Rabo: The Fed Believes That Making Rich People Richer Helps Poor People Be Less Poor

 
MONDAY, MAR 22, 2021 – 09:39 AM

By Michael Every of Rabobank

Blowin’ and Breakin’

How many roads must a man walk down before you call him a man?” sang Dylan. Some social media is asking how many steps President Biden can walk up. The White House justified his triple slip in boarding Air Force One on it being “windy”, which is usually only an issue for plastic bags. Such snafus don’t move markets: but sadly they do matter in terms of global image projection when Great Power politics are back and the US is saying it is back too. Of course, the higher you go, the windier it gets:

#1: The US-China Alaska meeting turned into a Cold War slanging match, which finally underlined —even to the financial press— that there is no easy reconciliation to be had, even if talks continue in limited spheres. We haven’t seen a US follow-up yet, but even peacenik Japan has allowed the story to leak that its armed forces would stand by those of the US if they stand by Taiwan – a story that will infuriate Beijing. Over the weekend China sent naval vessels through Japanese waters; the Philippines is complaining 220 Chinese ships are in its maritime territory; and the Aussie ABC (their version of the BBC) is not pulling any punches – “The US and China are preparing for war — and Australia is caught in the crosshairs”;

#2: US Defence Secretary Austin sent a public message to North Korea that the US is ready to “Fight Tonight”, bellicose rhetoric that also sounds like the Trump White House;

#3: Now President Biden has publicly dubbed Russia’s President Putin a “killer”, the US is firmly opposing Germany’s Nord Stream 2 gas pipeline. The German Green party, riding high in the polls, are also opposed due to both the gas and its Russian origin – and favour a massive spending spree on a Green New Deal. This year’s election could be pivotal in determining the path for both the EU economy and for EU-US relations for years to come;

#4: Saudi Arabia says recent attacks on it from Houthi forces used Iranian weapons, and its jets have struck the Yemeni capital. Israel, where there is another election tomorrow, has also sent a signal that if it does not feel secure about a new US-Iran deal –and Iran isn’t blinking on its terms— then it could act militarily. Iran also has an election in June, which means this will bubble away until then, supporting oil prices as drivers of the headline inflation we aren’t seeing; and

#5: The EU is to proceed with a vaccine export ban to the UK, further straining relations between the divorcees, and delaying the UK’s vaccine drive by two months. The British government has already stated this will see a further shift in supply chains, as vaccine production will have to come home. There’s a lot of that rhetoric about.

Yet we can move from geopolitics back to markets and still see there is a lot blowin’ in the wind. Note the FX reaction to Turkey’s President Erdogan firing Central-bank Governor Agbal, whose brief tenure had restored credibility by raising rates by 875bp, including 200bp on 18 March. New Governor Kavcioglu reportedly shares Erdogan’s unorthodox view that high rates are the cause of inflation. We already see TRY trading at 8.16 in Asian markets vs. a close of 7.22 on Friday – and it had been as low as 8.47. Piotr Matys points out that with no FX reserves, if we see a Turkish policy easing cycle, it would be prudent to assume any matching set of measures to stabilise the currency are unlikely to be market friendly.

Markets are also still grappling with a Fed who has the theory that there is no inflation and that making rich people richer helps poor people be less poor.

Fed Chair Powell wrote a Friday op-ed in the Wall Street Journal arguing “I truly believe that we will emerge from this crisis stronger and better, as we have done so often before”, when a simple look at the 40-year trend in Fed Funds and 10-year yields says otherwise. If Powell is right, do we break that pattern?

FOMC voter Barkin just argued “We are going to see an extremely strong year, and I think that strong year is going to lead to price pressures,” but also “I want to emphasize inflation is not a one-year phenomenon, it’s a multi-year phenomenon.” Then he added “you want yields to respond to what is happening in the economy”; that in the US they reflect goods news on vaccines and the fiscal front; that “the Fed’s interest-rate dot plot is not FOMC policy”(!); and “The Fed has the tools to handle unwanted inflation.” Meaning what if not rates?

Crucially, what is the basis for the Fed presuming inflation falls back, besides base effects? *I* have one: labor vs. capital; they don’t have one – and also say they will keep pumping in capital regardless. That suggests the risk of stagflation as well as more asset-price inflation in the name of economic equality. The former threat – and any Middle East and NS2 drama– is likely to see longer US yields moving yet higher – making it a really bad time to be playing around with rates in EM.

Perhaps the perfect embodiment –with emphasis on ‘body’– of this central-bank hot air is that a New Yorker just recorded a compilation of himself and his friends breaking wind, and successfully sold it as an NFT (or digital Bitcoin-style “art”) for $85. Will we soon get a celebrity series, as we do in everything else? I can think of more than a few who would be more than willing to use flatulence to earn even more millions. Think of all the fun we could then have trying to identify whose was whose! I can also think of tens, if not hundreds, of millions of working people who would happily think of doing the same for a lot less than USD85 a pop. Indeed, would we not then need a whole new spectrum of credit analysts to sniff out the underlying value in such ‘artistry’ as potential inflation-hedge investments? And why stop there, of course? What about burps? So many new exciting disruptive market opportunities are being opened up. In short, just look at all the wealth and good jobs that are already being created as central banks try to fight geopolitical wind with wind: it sure smells like success to me!

Today we get the Fed’s Powell taking part in a BIS panel on central bank innovation. The participants will project that everything smells of roses, of course.

“Yes, and how many noses must one man have; Before he can hear people cry?” as Dylan didn’t sing.

end

Critical US Study Shows AstraZeneca Jab 79% Effective As Europeans Remain Skeptical

 
MONDAY, MAR 22, 2021 – 07:08 AM

During a hastily organized official safety review last week, Emer Cooke, the head of the EMA, insisted that the benefits of the AstraZeneca vaccine far outweigh its risks. However, when it came time to address the 30 or so cases of sometimes-deadly rare blood clots that prompted dozens of countries to halt the jab, the scientist acknowledged that the cases were genuine, but that the agency “doesn’t have enough evidence to establish a definitive link.”

As it turns out, the review (which was followed the next day by a mirror WHO review that arrived at virtually all the same conclusions) has done little to bolster confidence in the jab across the Continent. According to Reuters, confidence in the jab has taken “a big hit” across Germany, France and Italy. After finding in late February that Europeans were more skeptical about the AstraZeneca vaccine than competitors from Pfizer and Moderna, YouGov polled 8K people in seven European countries between March 12 and March 18 (a period the coincided with the safety controversy) and found that in France, Germany, Spain and Italy, people were now more likely to see the AstraZeneca vaccine as unsafe than as safe. In France, 61% of respondents now say it’s unsafe. In Germany, that number is 55%.

But these polling numbers were overshadowed by an even more important AstraZeneca-related headline: results from a closely watched US trial have just been published. And they appear to confirm that the shot is both “safe” and highly effective. The study’s headline number showed the jab was 79% effective at preventing COVID, according to the trial data.

The trial, which was run by scientists from Columbia University and the University of Rochester in collaboration with AstraZeneca, showed the jab is particularly effective at protecting the elderly. Unlike earlier trials, around 20% of the volunteers in this trial were 65+ and the vaccine, administered as two doses, four weeks apart, provided as much protection for the elderly as it did for younger patients.

As one expert quoted in the BBC pointed out, the data should clear the way for the AZ jab to be approved in the US within a month or two, despite this mishugas with the blood clots.

32,449 participants were spread across trial sites in the US, Peru and Chile. Two-thirds of the participants got the jab, while one-third got a placebo. Amazingly, none of the participants who received the vaccine developed severe cases of the virus, and none were hospitalized. In total, the trial saw 141 cases among all trial participants, but it’s not clear how many patients from the placebo group were severely infected or hospitalized.

Notably, scientists specifically looked through the participant data to see if any cases of cerebral venous sinus thrombosis (blood clots in the brain that can result in dangerous bleeding) had emerged. They said they found none.

The jab has already been approved for use in some 70 countries, and thousands of jabs are being given in the UK every day. But the NYT said that being approved by the FDA would help revive the jab’s credibility.

In an interview Monday morning, AstraZeneca President Ruud Dobber took to CNBC’s “Squawk Box” to tout the trial’s safety data, while announcing that AZ intends to file for FDA approval during the first half of April, potentially leading to approval even more quickly than the company had let on.

Dobber also revealed that 5 of the placebo group patients developed “severe” cases of COVID, offering some critical context to the trial figure showing the jab was 100% effective against “severe” cases.

Furthermore, AZ touted the vaccine’s “overall safety profile” in its press release announcing the trial data.

The company’s shares climbed 1.8% during European trade on the news.

Read the full press release below:

The AstraZeneca US Phase III trial of AZD1222 demonstrated statistically significant vaccine efficacy of 79% at preventing symptomatic COVID-19 and 100% efficacy at preventing severe disease and hospitalisation.

This interim safety and efficacy analysis was based on 32,449 participants accruing 141 symptomatic cases of COVID-19. The trial had a 2:1 randomisation of vaccine to placebo.

Vaccine efficacy was consistent across ethnicity and age. Notably, in participants aged 65 years and over, vaccine efficacy was 80%.

The vaccine was well tolerated, and the independent data safety monitoring board (DSMB) identified no safety concerns related to the vaccine. The DSMB conducted a specific review of thrombotic events, as well as cerebral venous sinus thrombosis (CVST) with the assistance of an independent neurologist. The DSMB found no increased risk of thrombosis or events characterised by thrombosis among the 21,583 participants receiving at least one dose of the vaccine.

The specific search for CVST found no events in this trial.

Ann Falsey, Professor of Medicine, University of Rochester School of Medicine, US, and co-lead Principal Investigator for the trial, said: “These findings reconfirm previous results observed in AZD1222 trials across all adult populations but it’s exciting to see similar efficacy results in people over 65 for the first time. This analysis validates the AstraZeneca COVID-19 vaccine as a much-needed additional vaccination option, offering confidence that adults of all ages can benefit from protection against the virus.”

Mene Pangalos, Executive Vice President, BioPharmaceuticals R&D, said: “These results add to the growing body of evidence that shows this vaccine is well tolerated and highly effective against all severities of COVID-19 and across all age groups. We are confident this vaccine can play an important role in protecting millions of people worldwide against this lethal virus. We are preparing to submit these findings to the US Food and Drug Administration and for the rollout of millions of doses across America should the vaccine be granted US Emergency Use Authorization.”

AstraZeneca will continue to analyse the data and prepare for the primary analysis to be submitted to the US Food and Drug Administration for Emergency Use Authorization in the coming weeks. In parallel, the primary analysis will be submitted for publication in a peer-reviewed journal.

Amongst participants in the interim analysis, approximately 79% were white/Caucasian, 8% black/African American, 4% native American and 4% Asian, and 22% of participants were Hispanic.

Approximately 20% of participants were 65 years and over, and approximately 60% had co-morbidities associated with an increased risk for progression of severe COVID-19, such as diabetes, severe obesity or cardiac disease.

This AstraZeneca-led US Phase III trial included two doses administered at a four week interval. Previous trials have shown that an extended interval of up to 12 weeks demonstrated greater efficacy, which was also supported by immunogenicity data. This evidence suggests administration of the second dose with an interval longer than four weeks could further increase efficacy and accelerates the number of people who can receive their first dose.
The vaccine can be stored, transported and handled at normal refrigerated conditions (2-8 degrees Celsius or 36-46 degrees Fahrenheit) for at least six months and administered without the need for preparation within existing healthcare settings.

AstraZeneca continues to engage with governments, multilateral organisations and collaborators around the world to ensure broad and equitable access to the vaccine at no profit for the duration of the pandemic.

D8110C000011

The US Phase III trial, called D8110C00001, was led by AstraZeneca and funded by the Biomedical Advanced Research and Development Authority (BARDA), part of the office of the Assistant Secretary for Preparedness and Response (ASPR) at the US Department of Health and Human Services (HHS) in collaboration with the Department of Defense Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense (JPEO-CBRND) and the Army Contracting Command, and the National Institute of Allergy and Infectious Diseases (NIAID), part of the US National Institutes of Health. The NIAID-supported COVID-19 Prevention Network (CoVPN) participated in the trial.

D8110C00001 is a Phase III randomised, double-blind, placebo-controlled multicentre study assessing the safety, efficacy, and immunogenicity of AZD1222 compared to placebo for the prevention of COVID-19, in 32,449 participants across 88 trial centres in the US, Peru and Chile. Trial participants aged 18 years or over who are healthy or have medically stable chronic diseases and are at increased risk for being exposed to the SARS-CoV-2 virus and COVID-19 were randomised in a 2:1 ratio to receive two intramuscular doses of either 5 x1010 viral particles of AZD1222 or saline placebo four weeks apart.

AZD1222 AZD1222

was co-invented by the University of Oxford and its spin-out company, Vaccitech. It uses a replication-deficient chimpanzee viral vector based on a weakened version of a common cold virus (adenovirus) that causes infections in chimpanzees and contains the genetic material of the SARS-CoV-2 virus spike protein. After vaccination, the surface spike protein is produced, priming the immune system to attack the SARS-CoV-2 virus if it later infects the body.

In May 2020, AstraZeneca received support of more than $1bn from BARDA for the development, production and delivery of the vaccine under an agreement with the US Department of Defense’s Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense. The Phase III D8110C00001 trial is part of this funding agreement.

The vaccine has been granted a conditional marketing authorisation or emergency use in more than 70 countries across six continents, and with the Emergency Use Listing granted by the World Health Organization this accelerates the pathway to access in up to 142 countries through the COVAX Facility.

BARDA, ASPR, HHS

HHS works to enhance and protect the health and well-being of all Americans, providing for effective health and human services and fostering advances in medicine, public health, and social services. The mission of ASPR is to save lives and protect Americans from 21st century health security threats. Within ASPR, BARDA invests in the innovation, advanced research and development, acquisition, and manufacturing of medical countermeasures – vaccines, drugs, therapeutics, diagnostic tools, and non-pharmaceutical products needed to combat health security threats.

The AstraZeneca vaccine candidate is one of six BARDA is supporting in development and manufacturing, and the third BARDA-supported SARS-COVD-2 vaccine supported to successfully complete a large Phase III trial. To learn more about BARDA’s support for the COVID-19 pandemic response, visit medicalcountermeasures.gov.

JPEO-CBRND

As part of the Department of Defense, JPEO-CBRND protects the Joint Force by providing medical countermeasures and defense equipment against chemical, biological, radiological and nuclear (CBRN) threats. JPEO-CBRND’s goal is to enable the Joint Force to fight and win unencumbered by a CBRN environment. JPEO-CBRND facilitates the rapid response, advanced development, manufacturing and acquisition of medical solutions, such as vaccines, therapeutics, and diagnostics, to combat CBRN and emerging threats such as COVID-19. To learn more about JPEO-CBRND’s COVID-19 response, visit https://www.jpeocbrnd.osd.mil/coronavirus.

NIAID and the CoVPN

The CoVPN was formed by the NIAID at the US National Institutes of Health, part of the US Department of Health and Human Services, to respond to the global pandemic. Through the CoVPN, NIAID is leveraging the infectious disease and community engagement expertise of its existing research networks and global partners to address the pressing need for vaccines and antibodies against the SARS-CoV-2 virus. CoVPN will work to develop and conduct studies to ensure rapid and thorough evaluation of vaccines and antibodies for the prevention of COVID-19.

end

In trial, AstraZeneca 100% effective against severe cases, no raised clot risk

Times of Israel…

Drugmaker says long-awaited vaccine data shows 79% efficacy overall and that it works for all ages, including older people, as it seeks US FDA approval for emergency use

 
Medical staff administer the AstraZeneca vaccine at La Nuvola convention center in Rome, March 19, 2021. (AP Photo/Gregorio Borgia)

 

Medical staff administer the AstraZeneca vaccine at La Nuvola convention center in Rome, March 19, 2021. (AP Photo/Gregorio Borgia)

AstraZeneca said Monday that advanced trial data from a US study on its COVID vaccine shows it is 79% effective and does not present a specific risk of blood clots. Overall, the trial showed that the shot was 100% effective at preventing severe disease and hospitalization.

Although AstraZeneca’s vaccine has been authorized in more than 50 countries, it has not yet been given the green light in the US. The US study comprised 30,000 volunteers, 20,000 of whom were given the vaccine while the rest got dummy shots. The results were announced Monday.

 

In a statement, AstraZeneca said its COVID-19 vaccine had a 79% efficacy rate at preventing symptomatic COVID and was 100% effective in stopping severe disease and hospitalization. Investigators said the vaccine was effective across all ages, including older people — which previous studies in other countries had failed to establish.

The trial’s independent data safety monitoring board found no increased risk of thrombosis among the 21,583 participants who received at least one dose, the statement added.

 

A vial and syringes of the AstraZeneca COVID-19 vaccine, at the Guru Nanak Gurdwara Sikh temple, on the day the first Vaisakhi Vaccine Clinic is launched, in Luton, England, Sunday, March 21, 2021. (AP Photo/Alberto Pezzali)

The early findings from the US study are just one set of information AstraZeneca must submit to the Food and Drug Administration. An FDA advisory committee will publicly debate the evidence behind the shots before the agency decides whether to allow emergency use of the vaccine.

Scientists have been awaiting results of the US study in hopes it will clear up some of the confusion about just how well the shots really work.

“These findings reconfirm previous results observed in AZD1222 trials across all adult populations but it’s exciting to see similar efficacy results in people over 65 for the first time,” said Ann Falsey, professor of medicine at University of Rochester School of Medicine and co-lead principal investigator for the trial.

“This analysis validates the AstraZeneca COVID-19 vaccine as a much-needed additional vaccination option, offering confidence that adults of all ages can benefit from protection against the virus,” she added.

 

Midwives wait under medical supervision after receiving their first shot of the AstraZeneca COVID-19 vaccine in San Jacinto, eastern Guatemala, March 18, 2021. (AP Photo/Moises Castillo)

Britain first authorized the vaccine based on partial results from testing in the United Kingdom, Brazil and South Africa that suggested the shots were about 70% effective. But those results were clouded by a manufacturing mistake that led some participants to get just a half dose in their first shot — an error the researchers didn’t immediately acknowledge.

Then came more questions, about how well the vaccine protected older adults and how long to wait before the second dose. Some European countries including Germany, France and Belgium initially withheld the shot from older adults and only reversed their decisions after new data suggested it is offering seniors protection.

 

People rest after being vaccinated with the AstraZeneca COVID-19 vaccine in a mass vaccination site at the Brabanthal event center in Heverlee, Belgium, March 17, 2021. (AP Photo/Francisco Seco)

Last week, more than a dozen countries, mostly in Europe, temporarily suspended their use of the AstraZeneca shot after reports it was linked to blood clots. On Thursday, the European Medicines Agency concluded after an investigation that the vaccine did not raise the overall risk of blood clots, but could not rule out that it was connected to two very rare types of clots.

 

Britain’s Prime Minister Boris Johnson gestures after receiving the first dose of the AstraZeneca vaccine at St. Thomas’ Hospital in London, March 19, 2021. (AP Photo/Frank Augstein, Pool)

France, Germany, Italy and other countries subsequently resumed their use of the shot on Friday, with senior politicians rolling up their sleeves to show the vaccine was safe.

AstraZeneca said it was now preparing to submit its findings to the FDA to authorize the shot for emergency use.

“These results add to the growing body of evidence that shows this vaccine is well tolerated and highly effective against all severities of Covid-19 and across all age groups,” said Mene Pangalos, executive vice president of biopharmaceuticals R&D. “We are confident this vaccine can play an important role in protecting millions of people worldwide against this lethal virus.”

end

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

VENEZUELA

Venezuela rocked by a massive Natgas pipeline explosion.  Authorities claim a “terrorist attack” although no evidence provided.

(zerohedge)

Venezuela Says Massive Blast Hit Natgas Pipeline In ‘Terrorist Attack’

 
SUNDAY, MAR 21, 2021 – 07:20 PM

A massive explosion rocked a gas pipeline in eastern Venezuela Saturday afternoon, according to a report from state oil company Petroleos de Venezuela (PDVSA), seen by Reuters.

The blast occurred at a 36-inch pipeline providing natural gas to the Pigap II gas reinjection plant in northern Monagas. PDVSA had to shutter operations at the facility to extinguish flames and evaluate damages.

Oil Minister Tareck El Aissami announced on state television Saturday evening that the incident was considered a “terrorist attack.” He provided no evidence about such claims.

“This terrorist action has affected the operations center in El Tejero that serves as a gas injection plant, and, thank God, no casualties are reported from this attack,” El Aissami said.

Video footage shared on Twitter shows the pipeline’s initial explosion unleashed a massive column of fire into the sky.

El Aissami also said the blast was part of a series of “criminal attacks” with the intent to disrupt PDVSA operations. Again, the oil minister made accusations but did not name any group or country.

Venezuela has the world’s largest crude oil reserves, but production has been crushed by economic collapse. Its production stands around 550,000 b/d in February, according to the latest S&P Global Platts survey.

President Nicolas Maduro has repeatedly blamed the US for organizing attacks on energy facilities in the oil-rich country.

Two months into the Biden administration, the White House continues to recognize Venezuelan opposition leader Juan Guaido as president of Venezuela, despite Nicolás Maduro clearly being the socialist country’s actual leader.

It remains to be seen if the pipeline explosion was a “terrorist” attack as Venezuelan officials have yet to present evidence – but there is concern that the Biden administration will continue to carry on former President Trump’s harsh policies against Maduro.

end

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

Euro/USA 1.1925 UP .0025 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MIXED

USA/JAPAN YEN 108.67 DOWN 0.015 (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 1.3870   UP   0.0025  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2481 DOWN .0002 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  MONDAY morning in Europe, the Euro ROSE BY 25 basis points, trading now ABOVE the important 1.08 level RISING to 1.1925 Last night Shanghai COMPOSITE UP 38.78 PTS OR 1.14% 

//Hang Sang CLOSED DOWN 105.60 PTS OR .36% 

/AUSTRALIA CLOSED UP 0,51%// EUROPEAN BOURSES ALL MIXED

Trading from Europe and Asia

EUROPEAN BOURSES ALL MIXED

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 105.60 PTS OR .36% 

/SHANGHAI CLOSED UP 38.78 PTS OR 1.14 % 

Australia BOURSE CLOSED UP 0.51% 

Nikkei (Japan) CLOSED DOWN 617.90  POINTS OR 2.07%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1738.075

silver:$25.78-

Early MONDAY morning USA 10 year bond yield: 1.680% !!! DOWN 4 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.388 DOWN 5  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 91.79 DOWN 12 CENT(S) from  FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

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And now your closing  MONDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.22% DOWN 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.08.%  DOWN 2   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.34%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.65 DOWN 2 points in basis points yield from yesterday./

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

GERMAN 10 YR BOND YIELD: FALLS TO –.31% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 0.96% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.1932  UP     .0032 or 32 basis points

USA/Japan: 108.67 DOWN .020 OR YEN UP 2  basis points/

Great Britain/USA 1.3851 UP .0006 POUND UP 6  BASIS POINTS)

Canadian dollar DOWN 47 basis points to 1.2528

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The USA/Yuan,  CNY: closed UP AT 6.5078    ON SHORE  (UP)..

 

THE USA/YUAN OFFSHORE:  6.750  (YUAN up)..6.5035

 

TURKISH LIRA:  7.87  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.08%

Your closing 10 yr US bond yield DOWN 4 IN basis points from FRIDAY at 1.687 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.378 UP 3 in basis points on the day

Your closing USA dollar index, 91.87 down 14  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 14.58  0.28%

German Dax :  CLOSED UP 35.87 POINTS OR .25%

Paris Cac CLOSED DOWN 24.86 POINTS 0.41%

Spain IBEX CLOSED DOWN 157.80 POINTS or 1.86%

Italian MIB: CLOSED UP 23.16 POINTS OR 0.10%

WTI Oil price; 61.42 12:00  PM  EST

Brent Oil: 64.61 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    75.00  THE CROSS HIGHER BY 0.90 RUBLES/DOLLAR (RUBLE LOWER BY 90 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.31 FOR THE 10 YR BOND 1.00 PM EST EST

END

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

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

WTI CRUDE OILPRICE 4:30 PM :  61.47//

BRENT :  64.31

USA 10 YR BOND YIELD: … 1.689..down 4 basis points…

USA 30 YR BOND YIELD: 1.477 down 5 basis points..

EURO/USA 1.1936 ( UP 36   BASIS POINTS)

USA/JAPANESE YEN:108.79 UP .106 (YEN DOWN 11 BASIS POINTS/..

USA DOLLAR INDEX: 91.77 DOWN 15 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3859 UP 15  POINTS

the Turkish lira close: 7.77

the Russian rouble 74.92   DOWN 0.82 Roubles against the uSA dollar. (DOWN 82 BASIS POINTS)

Canadian dollar:  1.2525 DOWN 44 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.54%

The Dow closed UP 103.23 POINTS OR 0.32%

NASDAQ closed UP 162.31 POINTS OR 1.23%


VOLATILITY INDEX:  19.15 CLOSED DOWN 1.80

LIBOR 3 MONTH DURATION: 0.196%//libor dropping like a stone

USA trading today in Graph Form

Bonds & Big-Tech Bid, Banks & Bitcoin Break As Dollar Dumps

 
MONDAY, MAR 22, 2021 – 04:00 PM

Big-tech was aggressively bid from the second the cash market opened (and that dragged the S&P, and The Dow, along due to the weightings). Small Caps were slammed (the last hour saw weakness once again)…

Nasdaq had its best day vs Small Caps since the vaccine headlines in early November (but stalled at recent resistance)…

Source: Bloomberg

Who could have seen that coming (again)?

Tech was best as banks were a bust…

Source: Bloomberg

Biggest daily gain for tech over financials since early Nov election move…

Source: Bloomberg

Remember, the message is clear…

TSLA was turbo thanks to Cathie Wood’s ‘to the moon’ comments (but stalled at technical trend resistance)…

The Nasdaq stalled at its 50DMA…

VIX opened higher this morning and was incessantly smashed lower all day long back below 20…

Details of Biden’s potential $3 trillion infrastructure bill leaked but didn’t do much for stocks or yields.

Bonds were bid today (during the Asia and US session, but sold during the EU session) with the long-end down over 6bps…

Source: Bloomberg

With the 10Y back below 1.70% again (NOTE, we wonder if last week’s spike in yields was on rate-locks ahead of ORCL’s huge issuance just announced)…

Source: Bloomberg

Perhaps Europeans and Japanese are finally piling back into the cheapest Treasury market in 7 years?

Source: Bloomberg

The dollar retraced its losses from The FOMC last week, then dumped…

Source: Bloomberg

The Turkish Lira was clubbed like a baby seal today as Erdogan fired yet another central bank head…

Source: Bloomberg

Fed Chair Powell poured cold water on crypto during a tech innovation summit at BIS (surprising noone).

Source: Bloomberg

Despite a weaker dollar, silver was slammed today, gold and crude flat and copper gained modestly…

Source: Bloomberg

Finally, slightly off-topic, is this a “sell” for America?

Maybe Warren Buffett will reconsider ‘never betting against’ Uncle Sam?

a)Market trading/LAST NIGHT/USA

 
 

b)MARKET TRADING/USA//Non farm payrolls

 
 

ii)Market data/USA

not good….heading below trend growth in its national economy

(zerohedge)

Fed’s National Activity Index Crashed In February

 
MONDAY, MAR 22, 2021 – 08:50 AM

Based on 85 monthly individual factors, The Chicago Fed’s National Activity Index unexpectedly plunged in February. Against expectations of a +0.75 print, the data showed a -1.09 (a reading below 0 indicates below-trend growth in national economy).

Source: Bloomberg

This is the first decline since April 2020.

34 of the 85 monthly individual indicators made positive contributions, while 51 indicators affected the index negatively (led by declines in indicators related to production and personal consumption and housing).

Production-related indicators contributed –0.85 to the CFNAI in February, down from +0.37 in January. Adverse weather played a part in industrial production declining 2.2 percent in February, after rising 1.1 percent in January. The contribution of the sales, orders, and inventories category to the CFNAI edged down to +0.03 in February from +0.06 in January.

The personal consumption and housing category contributed –0.29 to the CFNAI in February, down from +0.27 in January. The indicators in this category broadly deteriorated from January. The contribution of the employment, unemployment, and hours category to the CFNAI edged down +0.02 in February from +0.04 in January. Notably, payrolls in construction and average weekly hours worked in manufacturing declined in February.

But, of course, none of that matters now that around $2 trillion of malarkey is about to wash away any anxiety (for now).

end

Existing Home Sales Plunge As Higher-Rate Impacts Accelerate

 
MONDAY, MAR 22, 2021 – 10:04 AM

While pending home sales tumbled in January, Existing Home sales rebounded but were expected to slide in February as interest rates rose, and they did, dramatically. Against expectations of a 3.0% decline, existing home sales plunged 6.6% MoM in February (January’s +0.6% rise was also revised down to a 0.2% rise).

Source: Bloomberg

And while year-over-year sales are still up, the pace has collapsed as SAAR drops to a six-month low…

Source: Bloomberg

The number of homes for sale declined by a record 29.5% in February from a year ago, helping explain a 15.8% jump in the median selling price to $313,000. That was the highest-ever median price for that month.

Purchases of all existing homes fell in three regions, including in the South and Midwest, where the month’s weather impacts were the most severe. In the South, contract closings declined 6.1% to an annualized 2.77 million, the slowest pace in five months. They dropped 14.4% in the Midwest to a 1.31 million rate, the weakest since June. Home sales fell 11.5% in the Northeast and rose 4.6% in West.

The NAR blames supply…

“The fact that even with the decline in sales, days on the market is swift, prices are rising strongly — it’s implying that demand isn’t disappearing from the marketplace,” Lawrence Yun, NAR’s chief economist, said on a call with reporters.

“It really is a lack of supply.”

But, as Wolf Richter details in his latest report at WolfStreet.com, we suspect that these are the first signs that higher mortgage rates are impacting the housing market.

Mortgage refis have dropped since January, driven by a sharp drop in no-cash-out refis; cash-out refis have also dropped, but less so, for a reason we’ll get to in a moment. This chart shows the Mortgage Bankers Association’s mortgage refi index:

No-cash out refis “are already seeing large volume declines,” according to a report by the AEI Housing Center, which pointed out that due to the higher rates, fewer loans are “in the money.”

Cash-out refis are also down but only modestly, “as these borrowers are driven more by cash needs than rates,” the AEI report said.

The chart by the AEI Housing Center shows the weekly no-cash-out refis in 2021 (light-blue line, left scale) heading south, and in 2020 (brown line); it also shows the median mortgage rate in 2021 (dark blue line). The time line indicates the weeks of the year:

The AEI’s weekly Home Price Appreciation index, while still up a massive 14% year-over-year, has started to back off tad: at one point in early February, it was up over 17% year-over-year.

The “decreased buying power” due to the rising interest rates is “already having a limited effect in slowing HPA,” The AEI said. “The somewhat lower HPA in week 10 of 2021 looks to be the first sign of this trend.”

But the AEI added that “a loan rate of 4% might, due to severe supply constraints, still result in an unsustainable HPA rate of 8%-11%.”

Mortgage applications for the purchase of a home have also declined from the peak in mid-January:

So it seems from this weekly data that the housing market remains red-hot, but the higher mortgage rates, which remain ultra-low by historical measures, have already started dialing down the heat.

*  *  *

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iii) Important USA Economic Stories

Details of Biden’s $3 trillion “build back better” infrastructure plan has just been leaked

(zero hedge)

First Details Of Biden’s $3 Trillion “Build Back Better” Infrastructure Plan Have Just Leaked

 
MONDAY, MAR 22, 2021 – 02:40 PM

Weeks after the administration previewed (via Bloomberg) its plans to push ahead with the first major federal tax hike since 1993 to fund its infrastructure ambitions, the first details of the Biden’s multitrillion-dollar infrastructure-climate plan have just been leaked via the New York Times.

Per the NYT, Biden’s economic advisers are preparing to recommend spending as much as $3 trillion on an “infrastructure” package that also features some facets of the Green New Deal, and other progressive measures to help “narrow economic inequality.” After months of debate and preparation, the Biden advisors are expected to present their proposal to the president this week. The plan reportedly recommends carving the administration’s economic agenda into separate legislative parcels, rather than trying to push through another leviathan like the stimulus bill (the battle over the “American Rescue Plan Act of 2021” passage seeped precious momentum from the administration as it struggled to deliver on its broad promises for the first 100 days).

The leak shouldn’t come as a surprise. Just last week, Goldman analysts warned that Biden’s upcoming boondoggle – his infrastructure plan – would outspend even the Dem’s unprecedented $1.9 trillion stimulus package. Goldman estimated that the final cost could be in the area of $4 trillion.

As it turns out, they weren’t far off. While the NYT put the size of the package at $3 trillion, that doesn’t include the cost of inequality-fighting tax cuts that could cost hundreds of billions of dollars, according to the draft documents leaked to the NYT’s Jim Tankersley.

The NYT cautioned that while these details remain in flux, the three-trillion price-tag showcases “the aggressive approach the Biden administration wants to take as it tries to harness the power of the federal government to narrow economic inequality, reduce the carbon emissions that drive climate change and improve American manufacturing and high-technology industries in an escalating battle with China and other foreign competitors.”

The package – which constitutes the first available details of the “Build Back Better” infrastructure plan promised at the outset of Biden’s administration – will represent a cornerstone of the Biden/Harris team’s eventual legacy.

Should the administration opt to move forward with the plan, broken up into more manageable chunks, the first legislative piece under discussion (which some Biden officials apparently consider more appealing to Republicans, business leaders and many “moderates” like Joe Manchin) would combine investments in manufacturing and advanced industries with what would be the most aggressive spending yet by the US to reduce carbon emissions and combat climate change.

It would spend heavily on infrastructure improvements, clean energy deployment and the development of other “high-growth industries of the future” like 5G telecommunications and the development of rural broadband networks to improve access to the Internet in (primarily red) states. Though according to the NYT, whether the bill can attract GOP support will largely depend on how it is paid for.

The second component of the package would focus on the country’s “human infrastructure,” according to the NYT.

The second plan under discussion is focused on what many progressives call the nation’s human infrastructure — students, workers and people left on the sidelines of the job market — according to documents and people familiar with the discussions. It would spend heavily on education and on programs meant to increase the participation of women in the labor force, by helping them balance work and caregiving. It includes free community college, universal pre-K education, a national paid leave program and efforts to reduce child care costs.

That plan would also make permanent two temporary provisions of Mr. Biden’s recent relief bill: expanded subsidies for low- and middle-income Americans to buy health insurance and tax credits aimed at cutting poverty, particularly for children.

Officials have weighed financing that plan through initiatives that would reduce federal spending by as much as $700 billion over a decade, like allowing Medicare to negotiate prescription drug costs with pharmaceutical companies. The officials have discussed further offsetting the spending increases by raising taxes on high-earning individuals and households, like raising the top marginal income tax rate to 39.6 percent from 37 percent.

Administration officials were still debating details of the tax increases late last week. One question is how, exactly, to apply Mr. Biden’s campaign promise that no one earning less than $400,000 a year would pay more in federal taxes under his plan. Currently, the top marginal income tax rate starts at just above $500,000 for individuals and above $600,000 for couples. Mr. Biden proposed raising that rate in the campaign.

Officials say they are committed to not raising the tax bills of any individual earning less than $400,000. But they have debated whether to lower the income threshold for the top marginal rate, to tax all individual income above $400,000 at 39.6 percent, in order to raise more revenue for his spending plans.

Mr. Biden’s broader economic agenda will face a more difficult road in Congress than his relief bill, which was financed entirely by federal borrowing and passed using a special parliamentary tactic with only Democratic votes. Mr. Biden could again attempt to use that same budget reconciliation process to pass a bill on party lines. But moderate Democrats in the Senate have insisted that the president engage Republicans on the next wave of economic legislation, and that the new spending be offset by tax increases.

As a team of analysts at JPM warned in a note to clients published earlier this month (and which we summarized here), Republican support will primarily depend on how Democrats choose to pay for it. GOP leaders like Mitch McConnell have already expressed opposition to any tax increases, while the Biden team has promised not to raise taxes on anybody earning less than $400K a year (whether that would work in practice, however, remains to be seen). Additionally, whether Democrats in the Senate choose to blow up the filibuster for bills could determine whether more progressive elements of Biden’s plan live, or die.

end

Arizona State Senate orders a hand recount of the 2.1 million ballots from the 2020 Presidential election. That should be enough to determine fraud

(Allegri/Epoch Times

Arizona State Senate Orders Hand Recount of 2.1 Million Ballots From 2020 Presidential Election

March 20, 2021 Updated: March 20, 2021
 

Arizona legislators have ordered a recount of 2.1 million ballots for the 2020 presidential election, this time to be done by hand.

The Arizona Senate, which is controlled by Republicans, released a statement confirming their intent to do another audit of the ballots from Maricopa County, the state’s most populous county.

The Arizona State Senate statement released on Thursday says that they will conduct a “broad and detailed” audit, adding that they will test voting machines, scan ballots, look for IT breaches, and perform a hand count.

“As thousands of our voters continue to call for a thorough audit of the 2020 election in Maricopa County, I am pleased to report we have narrowed it down to a preferred forensic audit team,” reads a March 18 statement from state Sen. Karen Fann (R-Ariz.).

“We are negotiating final details on the execution of the audit and hope to have an announcement soon.”

“Our goal is to make this a bipartisan effort with full transparency and in joint cooperation with Maricopa County officials. We’ve been reaching out to experts on election processes in Arizona and around the nation and hope to have the best and brightest involved in the audit,” Fann wrote.

“When all the work is done, there will be a full report for the Senate and County to review. Our voters expect this audit, and it can be a big step in returning trust and confidence in our election process,” it concludes.

Last month, Maricopa County Superior Court Judge Timothy Thomason ruled that subpoenas issued by Arizona’s state Senate are valid and should be enforced, and he disputed arguments from Maricopa County officials saying the subpoenas are unlawful.

The county previously stated that multiple audits have been sufficient and said ballots should be sealed.

“The Court finds that the subpoenas are legal and enforceable,” Thomason wrote (pdf) in his ruling. “There is no question that the Senators have the power to issue legislative subpoenas. The subpoenas comply with the statutory requirements for legislative subpoenas. The Senate also has broad constitutional power to oversee elections.”

He argued that the “Arizona legislature clearly has the power to investigate and examine election reform matters,” adding that senators can “subpoena material as part of an inquiry into election reform measures.”

The move was hailed by Republican legislators in Arizona.

Fann told news outlets after the judge’s ruling that their move was “never about overturning the election, it was about the integrity of the Arizona election system.”

Jack Phillips contributed to this report. 

end

Steve Brown…..

The Impostor President

Steve Brown

An impostor leader, as supported by the State, is a common thread in history. The Pseudo-Nero (of which there were three!) is just one example when a bloated Rome began its very nascent stage of decay. Medieval Japan and China warlords used the impostor tactic when a strong leader either died or was slain. Usually, the ruse was to present the deceased leader as being alive via an impostor, to persuade the populace that its leader is still alive and ruling. In exceptional cases, the actual corpse of the deceased leader was displayed publicly, as if he or she was indeed a living ruler. Impostors may be used by the State too, when the leader is a serious target for assassination, or for tactical purposes. Such an example being actor M. E. Clifton James who played General Bernard Montgomery during the second world war.

There are certain qualifying circumstances for employing an impostor as leader. The party in power — or seeking power — must have no figure charismatic/credible enough (and by popular consent) to outright assume the place of leadership, in lieu of the fallen or missing leader. In this case it’s necessary to force the leader into power.

Presidential hopeful Hillary Clinton, Bush, Obama, and Trump have all been characterized by their opponents as being impostors. But first, consider the word “impostor” to mean someone pretending to be someone else for personal gain or recognition. One might say that all US presidents since the murder of JFK have been impostors, since no US president since has ever represented the interest and will of the people, only special interests.

‘Impostorship’ theory of presidents and hopefuls:

  • Hillary Clinton only rose to prominence by marriage
  • Bush didn’t really have the votes
  • Obama wasn’t American
  • Trump was installed by Vladimir Putin

…or so their opponents claim. By the last example, the Deep State itself characterized the president as being an impostor.  An earlier example is Lyndon Johnson, who was forced into power by the state after the murder of John F Kennedy. However, the purpose of this article is not to examine such claims, but to introduce a new alleged impostor:  Joe Biden.

Now, consider the status of the United States as being a second-rate or third-world power when reserve currency status of the US dollar is ignored. For a third-world power, the wealth of the nation is almost entirely owned by 1% or fewer. Likewise, the people are not allowed any choice with regard to who may rule over them. Characterized as a “liberal democracy” (instead of a Constitutional Republic) the former United States is better characterized as a Captured State where the people have no real political choice worthy of difference.

The relevant and weird selection of Biden-Harris to govern has been covered elsewhere, even by media entities friendly to the DNC coupso let’s examine the qualities of an impostor in depth to determine if Biden fits the bill. Tim Holmes’ article “How to Become a Great Impostor” (Link: https://theconversation.com/how-to-become-a-great-impostor-98798 ) provides the insight we need to identify the modus operandi of a successful impostor:

  • reciprocity
  • consistency
  • social proof
  • getting people to like you
  • authority
  • scarcity

Reciprocity. Ever wonder why we see the same faces term-by-term? Whether John Bolton, Kagan-Nuland, Tony Blinken, ginger Jen, Gary Gensler, etc, etc… the list is endless.  The foregoing names are not selected by their ability, they are selected by their ability to serve the reciprocal interest of the impostor — and the capturing class — which has selected the impostor leader.

Consistency. The impostor must consistently perform to a standard consistently needed to satisfy the capturing class, which promoted the impostor to power.

Social Proof. ‘Social proof is the concept that people follow the actions of the masses. The idea is that since so many other people behave in a certain way it must be the correct behavior.’ – Sprout Social see link.  This is why, for example, elevating social or racial conflict is so important to the impostor president as ‘leader’, and promoting divisive social messages to divide and conquer the populace.

People must like you. The impostor must have charisma or be personally endearing when charisma is not present.  As such Joe Biden appears to be the kindly grandfather type; he may be stern when he has to, but will charm us with his patronage, folksy language and smile, via infrequent speeches and sparse media appearances.

Authority. Authority is the most invaluable credence an impostor may possess. While Joe Biden’s policy initiatives failed – whether as ranking minority judiciary chair or by his advocacy for the unlawful invasion and occupation of Iraq – there is no doubt that the people of Delaware were fooled enough by Biden to vote for him term after term after term.

Scarcity. Scarcity means that few others are capable of doing what the impostor can do.  The DNC-selected field of ‘candidates’ perfectly represents this dilemma. Hillary Clinton was not an option, and other candidates were all unsuitable because they did not possess the traits needed, as listed here, to successfully impostor. Only Joe Biden fit the bill.

As for Biden’s failure to appear publicly, that’s another important matter of authority. The impostor must not publicly be seen to stumble and fall, or show weakness whether physical or mental. As for longevity, Biden’s advanced age means that a two-term presidency is exceedingly unlikely. Biden must be carefully protected from contracting illness so he is seldom seen in public, or meeting with individuals inside the White House, except at great distance. Here it seems the DNC miscalculated, unless they wish to leverage another hopeful impostor to power, being Kamala Harris.

Thus we are left with yet another Impostor president. This bodes ill for the survival of the Republic, especially when the Impostor president has become an Institution scammed upon us by the capturing class, and not a fluke of history..

“Although it matters to all men to know the truth, there are nevertheless very few who enjoy that distinction; Some are incapable of seeking it out by themselves, and others do not want the trouble. One should therefore not be astonished that the world is filled with vain and ridiculous opinions.” — de La Monnoye, Three Impostors  (from the 1777 translation)

Luongo: Capital Is Sensing “This Central Bank Impotency”

 
SUNDAY, MAR 21, 2021 – 10:00 AM

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

I don’t know what’s more ludicrous at this point, the amount of central bank intervention or the whining from the markets that there isn’t enough.

We’re headed for the mother of all financial crises and from my chair I can’t for the life of me understand how so many smart market analysts can’t see the way it’s being engineered right in front of their eyes.

Despite the headlines and the ocean of money beginning to flood the landscape from the Fed and the Treasury dept. the Fed wasn’t “uber-dovish” on Wednesday. If anything, FOMC Chair Jerome Powell didn’t give the markets what it wanted at all.

All the Fed did was say we’re going to keep doing what isn’t working until 2023 despite what the bond market thinks we should do. Oh, and we’ll make potential credit lines to the banks deeper.

The response was typical. Everything was golden. Taco Tuesday’s are back on the menu and the Fed has our backs.

Because for a brief few hours the algorithms scanned the headlines and reacted accordingly. The weak dollar is here.

It’s like McDonald’s brought back the McRib for and extra two months or something.

But then Thursday happened and reality took over. The euro dumped, gold gave back its gains. The 10-year treasury note spiked to 1.75%. German 10-year bunds pushed back to -0.265% very much against the will of the ECB and President Christine Lagarde who tried to quell the panic brewing in Europe with talk of more bond buying.

Do you think it worked?

In my opinion Lagarde panicked last week. There was nothing really spooking the bond markets at that point but she went there anyway because of the downward pressure on the euro, which is also tied to the falling Japanese yen.

Lagarde was hoping that the ninetieth time would be the charm, I guess. That’s the typical ECB move, announce an expansion of its alphabet soup mattress stuffing programs for worthless eurobond debt and let the momo-monkeys front run the trade to pick up nickels in front of a freight train.

But that didn’t happen (see chart of German bunds above). That trade lasted about an hour or two. And this week we get a close above last week’s high. Higher yields are incoming quick in Europe and Lagarde just shot her wad.

The yen fell further prompting Bank of Japan President Kuroda to bang his shoe on the table and whine about more YCC — Yield Curve Control.

We won’t tolerate yield fluctuations that would have an impact on our monetary easing,”

Bad markets, no sushi.

This is the problem with central planners. Hubris. Kuroda can no more control the yield curve indefinitely than I can leap tall buildings in a single bound. And the impotent rage carried by Kuroda’s statement is something you better get used to in the coming months, because there’s going to be a lot of that in the halls of the central banks.

Does that statement inspire confidence in you?

Because that’s the heart of the entire central bank two-step, confidence. Confidence that they have the tools and the power to hold back the forces of a chaotic-dynamic market. The problem is they are like Aquaman in the Snyder Cut, holding back a flood that is rapidily enveloping them.

Lagarde and company are desperately trying to hold the euro up. Only a big intervention Friday morning kept the close above $1.19, but just barely.

All of this is pointing towards a much stronger dollar not a weaker one. The central banks keep trying to reflate an economy that is deflating. Inflation is roaring back in base commodities. You know, those things people actually need to survive – food, energy, etc.

As Zerohedge and BofA point out inflation is here and supply chains are breaking down all over the economy and the central banks are terrified of runaway inflation, apparently. But the problem is it’s the wrong kind of inflation!

The central bankers always want to pat themselves on their post-Keynesian backs about how they’ve stimulated aggregate demand. That they’re creating demand-pull inflation. That’s great. But it’s not true. Aggregate demand is a chimera. It doesn’t exist. Aggregate demand of what? Money? Oil? Labor? Porn?

The economy is trillions of transactions sending signals of time preference by humans acting in the moment.

And in all the verbiage about the central bank response to this no one wants to admit that we don’t have rising aggregate demand pulling prices higher, we have more money chasing fewer goods which can’t be produced and delivered economically.

Those costs, which are rising from the bottom up, are pushing prices higher.

And if anyone admits this confidence in the central banks collapses overnight. And the key to the Great Reset is maintaining the credibility of the central banks while sacrificing the commercial banks on the altar of debt forgiveness.

The industrial metals markets have been on fire for nearly a year now. Wholesale gasoline has more than doubled since Biden was declared the winner of the election. Does anyone wonder why copper is steadfastly over $4/lb? Or is that just a glitch in the Matrix? What about Nickel? Lumber? Iron Ore? Lead?

In case you’re too lazy to look these prices up here’s your sign:

Ye gods I hate to sound like a broken record here but the situation is obvious. There is no reflation trade. There’s just a bunch of credit sloshing around trying to figure out where to go.

And the question I have for all of you today is, “Has this been deliberate?”

Powell knew what he was doing with his last two missed opportunities to intervene as the bond markets were screaming at him to do. I don’t think he’ll move until the 10 year crosses 2% with vigor. But, he’s laid the groundwork in anticipation of the banks refusing to lend to each other.

He also couldn’t do anything here or he would have looked as spooked as Lagarde did last week. For now he has to let Europe, Japan and emerging markets flounder.

I don’t know that Lagarde understands she’s panicking the Eurobond markets with increased QE while the European Union dithers over COVID-19 relief spending that may make it out of the bureaucratic maze by the end of the year. But I can tell you she doesn’t give a rat’s ass.

Kuroda knows that everything about Japan’s macroeconomy is dead.

The world is biblically short U.S. dollars still and Joe Biden’s diplomatic corps, to be undeservedly generous, looks like it is deliberately inviting a confrontation with Russia and China. I mean, in all my years of watching foreign policy I never thought I’d pine for the days of Mike “The Buffet King” Pompeo and John “Legal Pad Bombardier” Bolton.

But here we are.

By the way, do you think this type of sabre rattling is dollar negative or positive? Askin’ for a friend.

So, if the whole thing is going to crash, why not just let it while trying to salvage as much credibility as possible?

And it seems to me that capital is sensing this central bank impotency (feigned or otherwise) and is testing them while shoring up their dollar reserves now.

At the same time money is flooding into the crypto-space as a real safe-haven asset. Those trying to protect themselves are running into Bitcoin and Ethereum parking capital for yield in a yield-free world thanks to the explosion in DeFi.

Bitcoin rallied on Powell’s punt which if it is an anti-dollar asset like gold it should have sold off further. That it didn’t and rallied back towards $60,000 is your clue that there is real fear and the headlines can’t control it.

Honestly, the speed at which the Non-Fungible Token market has captured people’s attention is about the only real evidence I can find of bubble-like behavior in crypto that reminds me of the ICO Rush of 2017.

You can’t Build everything Back Better if you don’t first destroy everything. And you can’t destroy everything financially if you don’t first create the mother of all dollar short squeezes. To underscore just how bad things are the IRS extended tax day out to May 17th because the stimmy checks haven’t shown up yet for people to pay their taxes with.

I’d say that was the most ludicrous thing I’ve heard this week, but then I checked Twitter to see #RootinForPutin trending. If this is the acme of U.S. political strategic decision making right now then I don’t see how we avoid the crash that’s coming.

*  *  *

Join my Patreon if you want to avoid the crashing tide destroying your boat

end

New Jersey Halts Reopening, NYC Asks Cuomo To Do The Same, As Mutant COVID Spreads

 
MONDAY, MAR 22, 2021 – 11:45 AM

Update (1200ET): Gov. Cuomo has just announced that the minimum age for vaccinations in New York will be lowered to 50.

Now, will Cuomo agree to pause the reopening? Considering he’s depending on the reopening narrative to bury his two contemporaneous scandals and the state and federal investigations spawned by them, we suspect that would be unlikely.

And cue more criticisms about Cuomo’s “political” decision-making.

* * *

In an abrupt reopening U-turn, New Jersey Governor Phil Murphy has just decided to halt the Garden State’s reopening plans as its total case count surges to become the highest in the US. The decision follows an announcement on Friday that capacity at gyms, restaurants, hair/nail salons and other “recreational” businesses would be raised to 50%. The number of people allowed at outdoor gatherings has also doubled to 50 from 25.

However, during an appearance in CNN Monday morning, Murphy proclaimed that the state “won’t be opening further capacities for some time now.” His remarks applied to “further reopenings,” meaning that he won’t roll back these new measures introduced Friday. Murphy cited the growing presence of certain COVID “variants” – ie mutated strains believed to be more infectious or more virulent – as his reason for pausing the reopening.

Murphy added that “we want to do this safely and responsibly, we don’t want to have to go back.”

In other news, NYC Mayor Bill de Blasio told reporters during his Monday morning briefing that he would urge Gov. Cuomo – whom he has urged to leave office immediately – do the same and halt reopening in the state as COVID numbers have seemingly plateaued, while a new “variant” discovered in the state stokes fears of another rebound.

Most of the COVID briefing focused on the reopening of the city’s high schools.

Fortunately for Cuomo, Murphy refused to join the growing chorus of Democrats calling on his colleague, NY Gov. Andrew Cuomo, to resign.

Cases have been climbing in the Garden State as the drop in US cases has more or less hit a plateau over the past few weeks. Here are the NJ numbers.

As of yesterday, CDC data showed the states with the highest average daily new COVID cases relative to population for the past 10 days are as follows:

  • New York-445.0
  • New Jersey-314.5
  • Rhode Island-239.5
  • Michigan-210.1
  • Delaware-183.4
  • Conecticut-171.5
  • Alabama-158.7
  • Pennsylvania-157.9
  • Massachusetts-156.6

Mayor de Blasio’s warning comes as New York City is reopening its public high schools on Monday. In California, LA’s school district announced that it plans to reopen next month.

As far as vaccinations go, 1.2M Garden Staters have been fully vaccinated, while more than 3 million doses of the three approved COVID jabs have been doled out.

It’s also not clear how many variants are actually in New Jersey right now. Murphy may address the matter during his 1300ET news conference. Of course, whether readers decide to tune in or not to hear more from the governor, it’s not hard to see that the world has an unwelcome new trend on its hands.

END

A real mess at the border as Biden now states that the border is closed! or is it?

Three commentaries…

(zerohedge)

Racist? Biden Admin Says “It’s Simple, The Border Is Closed”, Still “Zero Access” For Journalists

 
SUNDAY, MAR 21, 2021 – 03:00 PM

After sparking a border crisis by effectively announcing the United States is now a sanctuary country, the Biden administration is scrambling to put the genie back in the bottle.

On Tuesday, President Biden told ABC News‘ George Stephanopolous that his message to migrants is “Don’t come over” – after sending the opposite message in January and February – issuing a flurry of Executive Orders, including a pathway to citizenship for roughly 11 million illegal immigrants, boosting green cards for skilled workers and their families, expanding refugee and asylum admissions, and generally touting a reversal of Trump’s strong border policies.

The resulting flood of migrants has left over 13,000 children sitting in the so-called ‘cages’ that the MSM derided Trump over (which the Obama-Biden administration built), while the Biden administration is prohibiting the press from observing or reporting on immigrant detention centers.

Getty Images correspondent John Moore alleged there is a lack of transparency along the border. Last week, the Department of Homeland Security (DHS) stated that Secretary Alejandro Mayorkas’ trip to the border, including El Paso, Texas, “will be closed to press due to privacy and COVID-19 precautions.” –Epoch Times

Now, the Biden administration is acting as though they didn’t just stoke a massive influx of migrants by effectively inviting them into the country.

“The border is closed” – Biden Homeland Security Secretary Alejandro Mayorkas told NBC’s “Meet the Press” with a straight face, adding that families and single adults are being expelled, but not children who cross the border alone.

If you’ll recall, Trump was called a racist for ‘closing’ the border and building new sections of wall.

“We will not expel into the Mexican desert, for example, three orphan children whom I saw over the last two weeks. We just won’t do that,” said Mayorkas, who added that it would take time to build “orderly systems” because “the entire system was dismantled” by the Trump administration, he later said on “Fox News Sunday.”

“Meet the Press” host Chuck Todd actually pushed back – asking “how can you say the border is closed?”

Todd began the discussion by reading a quote from Democratic Texas Rep. Vicente Gonzalez criticizing President Joe Biden’s administration for incentivizing people to cross the border illegally. He then asked Mayorkas if he was concerned a “market efficiency” has been created where people decide their children have a shot to get into the U.S. if they attempt to go alone. –Daily Caller

Our message has been straightforward and simple, and it’s true. The border is closed. We are expelling families, we are expelling single adults, and we’ve made a decision that we will not expel young, vulnerable children,” Mayorkas replied. “I think we are executing on our plans and, quite frankly, when we are finished doing so, the American public will look back on this and say we’ve secured our border and we upheld our values and our principles as a nation.”

“How can you say the border is closed if there is this, what some would look at as a loophole,” Todd pushed back. “I understand on humanitarian grounds, but if the goal is to get these asylum seekers to seek the asylum in home country, Honduras, Guatemala, El Salvador, for instance, how do you get them to do that if our policy is to let them in at the border?”

Mayorkas deflected, saying that the Biden administration had “short, medium, and long-term” plans for immigration – without explaining what they are.

So – if we’re to play by the left’s new rules which decree that border closures are racist, what does that make Biden?

end

Trump Rages Over “Huge Cover-Up” At The Border As Biden Starts Releasing Illegals Without Court Date

 
SUNDAY, MAR 21, 2021 – 06:54 PM

After the Biden administration began blaming the border crisis on former President Trump leaving them with a ‘dismantled’ immigration system, Trump hit back in a Sunday statement claiming that he “proudly handed the Biden Administration the most secure border in history,” adding “All they had to do was keep this smooth-running system on autopilot.”

“Instead, in the span of just a few weeks, the Biden Administration has turned a national triumph into a national disaster. They are in way over their heads and taking on water fast.

Trump then turned his attention to DHS Secretary Alejandro Mayorkas – who went on several news networks Sunday morning claiming that “the border is closed.” Mayorkas’ performance was “pathetic,” “clueless,” and a “national disgrace.”

“His self-satisfied presentation – in the middle of a massive crisis he helped engineer – is yet more proof he is incapable of leading DHS. Even someone of Mayorkas’ limited abilities should understand that if you provide Catch-and-Release to the world’s illegal aliens then the whole world will com.”

Trump then slammed Mayorkas for a “Gag Order on our Nation’s heroic border agents and ICE officers,” which the former president said should be the subject of an immediate congressional investigation.

“But it’s clear they are engaged in a huge cover-up to hide just how bad things truly are,” Trump continued.

Trump then suggested that the Biden administration should “immediately complete the wall, which can be done in a matter of weeks,” adding “they never should have stopped it” and are “causing death and human tragedy.”

Trump’s statement came minutes after Fox Newsreported that Biden’s border agents in the Texas Rio Grande Valley are releasing illegal migrants into the United States without a court date.

Multiple Border Patrol agents confirmed the new process to Fox News, revealing that they have been directed to use prosecutorial discretion (PD) to forgo the hours-long process of paperwork required to issue an NTA amid the surge of migrants at the border.

Instead, migrants are registered into the system with biometrical data taken and largely released into the public – in one instance – at a bus station in McAllen, TX. The processing is being done mostly at a temporary outdoor processing site. Border Patrol agents emphasized that this does not apply to unaccompanied children. –Fox News

A senior source with Customs and Border Protection told Fox News on Saturday that immigration officials are resorting to this type of catch-and-release because the border crisis “has become so dire that BP [Border Patrol] has no choice but to release people nearly immediately after apprehension because there is no space to hold people even to do necessary NTA paperwork.”

The immediate catch-and-release does not apply to child migrants – 15,500 of which have been sitting in ‘cages’ built by the Obama-Biden administration – many beyond the legally allowed 72-hour limit.

end

Border Facility Photos Leak Revealing Hundreds Of Children Huddled In “Terrible Conditions”

 
MONDAY, MAR 22, 2021 – 08:15 AM

Photos from inside a US Customs and Border Protection overflow facility have leaked, revealing hundreds of children huddling on the floor of eight ‘pods’ – each of which are supposed to hold 260 people – yet one of which had over 400 unaccompanied male minors crammed together, according to Rep. Henry Cuellar (D-TX), who provided the photos to Axios to raise awareness about the situation.

The photos, taken over the weekend by someone else, come amid a media embargo by the Biden administration, which has refused to allow press into the facilities to observe and document what’s going on.

Cueller, who toured the Donna, Texas facility but did not take the photos himself, described the setting as “terrible conditions for the children,” who he said need to quickly be moved into the care of the Department of Health and Human Services – which is currently at capacity due to a surge of migrants into the United States following President Biden’s pro-illegal policies.

More via Axios:

  • Border Patrol agents are “doing the best they can under the circumstances” but are “not equipped to care for kids” and “need help from the administration,” he said.
  • “We have to stop kids and families from making the dangerous trek across Mexico to come to the United States. We have to work with Mexico and Central American countries to have them apply for asylum in their countries.”
  • As of Saturday, there were 10,000 migrants in CBP custody overall. Nearly half were unaccompanied minors — thousands of whom had been waiting for more than 3 days in border patrol facilities, according to government data provided to Axios by another source.

“I have said repeatedly from the very outset a Border Patrol station is no place for a child,” said DHS Secretary Alejandro Mayorkas in a Sunday interview on CNN – discussing the situation he helped to create. “That is why we are working around the clock to move these children out of the Border Patrol facilities into the care and custody of the Department of Health and Human Services that shelters them.”

iv) Swamp commentaries

 
 

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

The Fed will not extend a pandemic-crisis rule that had allowed banks to relax capital levels
Relaxing the so-called supplementary leverage ratio [SLR] allowed banks to exclude Treasurys and deposits from their reserve requirements… Wall Street had been lobbying heavily for an extension [expires on March 31] of the exemption as banks have been flooded with deposits that require them to hold offsetting capital against customer money… https://t.co/X6bBC7gowm

The BOJ leaves its policy rate unchanged, clarifies the size of its movement range for bond yields and scrapped a buying target for stock funds   

  • Scraps 6 trillion yen ETF buying target, will focus on TOPIX
  • ‘Clarifies’ 25 bp yield band; to offer incentives if cuts rate    https://t.co/NIB3STv97Q

BOJ widens yield band, pledges to buy risky assets only when necessary https://t.co/nwwX88uXa2

The Fed’s decision to curtail the SLR induced ESMs and US stocks to tumble early on Friday.  However, the opening decline ended at 10:0 ET because traders fear little and are conditioned to buy early NYSE declines.  A ‘V’ rally materialized, aided and abetted by expiry manipulation.  Tech stocks and Fangs led the rally, which is usually what occurs for expiration. 

Negative news and events inhibited the normal expiry manipulation.  So, the usual suspects desperately needed to Police use water cannon as German lockdown protest turns violent  http://reut.rs/3r79tWX

CDC updates school classroom social-distance guidelines – from 6 feet to 3 feet
https://justthenews.com/politics-policy/coronavirus/cdc-updates-school-classroom-social-distance-guidelines-6-feet-3-feet

@charliebilello: Covid-19 Declines in the US… 1) Cases: -78% from Jan high.  2) Hospitalizations: -73% from Jan high. 3) Deaths: -68% from Jan high. 4) % Positive: 3.6%, new pandemic low.
https://twitter.com/charliebilello/status/1373274146558382083

@AFP: Overworked and stressed-out – New hires at Goldman Sachs investment bank are asking their work week be limited — to 80 hours.  In a presentation, first-year employees say they have worked an average of 98 hours a week since the beginning of the year.  [That’s a lot of ‘God’s work’ being done!]

Ex-Fed employee admits to stealing bank stress-test data https://t.co/WvYsTJynPS

CP Rail will buy Kansas City Southern for $25 billion, creating a 20,000-mile network linking the U.S., Mexico and Canada https://t.co/QuuCAToOsK

Summers Sees Worst U.S. Macroeconomic Policy in 40 Years
He said there is a one-in-three chance that inflation will accelerate in the coming years and the U.S. could face stagflation. He also saw the same chance of no inflation because the Fed would hit the brakes hard and push the economy toward recession. The final possibility is that the Fed and Treasury will get rapid growth without inflation… [2 out of 3 bad outcomes]
https://www.bloomberg.com/news/articles/2021-03-20/summers-says-u-s-facing-worst-macroeconomic-policy-in-40-years

Google searches reveal people are growing very worried about inflation https://yhoo.it/3eTkyZ4

Trump advisor Jason Mille on Sunday said DJT will return to social media in 2-3 months with “his own platform… It’s gonna completely redefine the game.”  This is bad news for Twitter and Facebook.

Turkish lira plunges after Erdogan sacks hawkish cenbank chief [What will Joe do?] http://reut.rs/3r9iChs

Lira Crashes, Turkey CDS Soar as Erdogan Launches Another Epic Crisis
https://www.zerohedge.com/markets/lira-crashes-turkey-cds-soar-erdogan-launches-another-epic-crisis

Fed Chair Powell to give speech on Monday, testify Tuesday and Wednesday http://reut.rs/3eV36namanipulate stuff higher because beaucoup options were expiring.

@zerohedgeon Fri, Mar 19, 2021: $655BN of options set to expire today, a record for non-January expiries and the third largest overall

Record Defaults Hit Weak Chinese Firms as Liquidity Tightens [China fears bubbles, not the Fed]
https://www.bloomberg.com/news/articles/2021-03-18/record-defaults-hit-china-s-weakest-firms-as-liquidity-tightens

Biden Falls While Walking Up Steps to Get on Air Force One
Videos posted online showed Biden, 78, repeatedly stumbling while trying to walk up the stairs as he grasped the rail the entire time. Eventually Biden was able to get up the stairs and he turned around and gave a salute…  https://www.dailywire.com/news/breaking-biden-falls-while-walking-up-steps-to-get-on-air-force-one

@disclosetv: Perspective #2 as Biden boards AF1
https://twitter.com/disclosetv/status/1372938964307480585

@toddstarnes: The WH blamed Biden’s tumble on the wind. But according to the NWS wind speeds were 14 mph. In other words, President Biden can’t keep his balance in a breeze.

CNN: Why the Donald Trump-West Point ramp story actually matters
President Donald Trump’s slow and halting descent down a ramp following his commencement speech at West Point lit up the internet over the weekend, with many speculating about whether he was in ill health…when there is a moment where he looks frail, it is absolutely fair game to ask questions about his own well-being — particularly given his age and how little we know about his medical past
https://www.cnn.com/2020/06/15/politics/donald-trump-ramp-west-point-speech/index.html

NYT: Trump’s Halting Walk Down Ramp Raises New Health Questions
https://www.nytimes.com/2020/06/14/us/politics/trump-ramp-water-glass-health.html

@CurtisHouck: FLASHBACK Biden mocks Trump’s ramp walk at West Point and claims he’s stronger: “Look at how he steps and look at how I step. Watch how I run up ramps and he stumbles down ramps. Come on.”  https://twitter.com/CurtisHouck/status/1372941569834299398

Gerald Ford stumbled like Joe Biden in 1975 — and got roasted for it  https://trib.al/wOTLaZ0

Will CNN, the NYT and their ilk hyper-criticize Biden’s triple stumble like DJT’s slow walk?

@ElijahSchaffer: Instagram is deleting the video of Biden falling for “incitement of violence” https://t.co/KU3SU8t7La

@TheBabylonBee: Putin Challenges Biden To Stair-Climbing Contest  https://t.co/A9oH6OKyEY

China Mocks and Attacks the United States on U.S. Soil; Biden Admin Struggles to Respond

  • Yang openly mocked Blinken’s comments about “‘rules-based’ international order.”…
  • Yang openly mocked the “United States-style democracy,” saying that the “Chinese-style democracy,” which does not truly exist, had contributed to “peace and development of the world” while he accused the U.S. of “invading” other nations “through use of force” and toppling “regimes through various means” and massacring “people of other countries.”
  • Yang exploited political divisions in the U.S., saying “many people within the United States actually have little confidence in the democracy of the United States, and they have various views regarding the Government of the United States.”
  • Yang also cited the Black Lives Matter movement to attack the U.S. on the issue of human rights, saying that there were “many problems within the United States regarding human rights.”
  • “On cyber attacks, let me say that whether it’s the ability to launch cyber attacks or the technologies that could be deployed, the United States is the champion in this regard,” Yang said. “You can’t blame this problem on somebody else.”
  • Yang openly mocked the U.S. and the Biden administration, saying that it did not “represent international public opinion”… “we hope the U.S. side will think about whether it feels reassured in saying those things, because the U.S. does not represent the world. It only represents the Government of the United States.”… http://dlvr.it/RvyDT1

Joe Biden’s dire opening chapter on the world stage
A pattern of contempt for America and its leaders seems to be taking hold
    Blinken and his sidekick, Jake Sullivan, a Hillary Clinton factotum who is now national security adviser, sat down to read China the riot act. It was not a success. Blinken emitted carefully polished clichés about our ‘deep concern’ over Chinas actions with regard to Hong Kong, Taiwan and other hot spots, its bullying of various European countries, and its campaign of cyber attacks against the US.
    Yang, speaking through a translator, shot back: ‘You can’t blame this problem on somebody else.’ Blinken went on to say that now, under Joe Biden, the United States was ‘back’ (where did it go, Tony?) and was ‘reengaging’ with its allies on the world stage. Here’s where that short imperative I mentioned came in. The United States, said Yang, in one of the most dismissive diplomatic rejoinders I have ever heard, does not have the ‘qualifications’ to address China ‘from a position of strength’. F, my dear Blinken, you…The whole performance was positively shaming…
    The Swamp has continued its bizarre deflection of the greatest threat to the United States — an increasingly bellicose China — in order to cultivate their favorite meme: the dastardliness of Putin’s Russia. Really, you cannot encounter a news story from the Fake News Conglomerate without the canned strains of ‘Russian interference in the election’…
https://spectator.us/topic/joe-biden-world-stage-antony-blinken-china-anchorage-alaska/amp/

Biden Faces Backlash after ‘Humiliating’ China Meeting: ‘Incredible Incompetence,’ ‘Biden Is Weak’ – “They came to dictate,” Chang said. “China’s arrogant and insecure leaders are at their most dangerous. Deterrence is failing. Biden’s most urgent task is to reestablish it.”…
https://www.dailywire.com/news/biden-faces-backlash-after-humiliating-china-meeting-incredible-incompetence-biden-is-weak?

Why didn’t Team Biden bring up Covid-19 at the Alaska summit?

NPR’s Moscow correspondent @Lucian_Kim: PutinWe always project on others what we are ourselves. US is rooted in genocide against Native Americans and in slavery. That legacy continues, that’s why there’s BLM today. Oh, and US is only country that used nuclear bombs. (And I’m the killer??)  https://twitter.com/Lucian_Kim/status/1372528713712214016

@joelpollak: Biden’s team is learning a hard lesson here: when you spend years talking about how awful America is, how we suffer from “systemic racism,” blah blah, it undermines our standing on the world stage. Moral self-confidence is a strategic asset.

@JoshJPhilipp: The CCP is using the far-left’s own anti-American narratives against them. There will be no “rules-based order” when rule of law in America is being desecrated for partisan interests, and no moral high ground when everything this country stood for is being torn down for politics.

@JackPosobiec: CCP delegation came to US soil and told the US government to their face they are weak. 
CCP repeated every anti-American thing Biden has said right back to them.

@DineshDSouza: The Chinese are now saying that if racism is embedded in all America’s social structures—if America systematically oppresses blacks and other minorities—then America has no moral authority to lecture anyone in the world on human rights. See where the Left’s lies have gotten us?

@CortesSteve: Kamala Harris assails America as fundamentally racist and sexist. Hmmm. Wonder how our bigoted patriarchy allowed her (pronoun alert!) to become our nation’s Vice-President, then?
https://twitter.com/CortesSteve/status/1373253014799126532

@GordonGChang: The Chinese did not come to Alaska to talk to the Biden Administration. They came to dictate. China’s arrogant and insecure leaders are at their most dangerous. Deterrence is failing. #Biden’s most urgent task is to reestablish it.

@charliekirk11: China is a far greater evil and threat to the United States than Russia is or ever will be.

North Korea Confirms it is Actively Ignoring the Biden Administration https://t.co/7LPrHpoV0d

AP sources: Iran threatens US Army post and top general
Iran has made threats against Fort McNair, an Army post in the U.S. capital, and against the Army’s vice chief of staff, two senior U.S. intelligence officials said…
https://apnews.com/article/national-security-iran-only-on-ap-army-1285df40348182e1b74dc403607c5928

Over the past few days, Putin, China, North Korean and the Taliban have boldly and publicly mocked, lambasted, and scorned Biden and the U.S.

While Americans ponder the degree and nature of Biden’s diminished capacity, foreign adversaries, via their intelligence agencies, know more precisely Biden’s situation.

@RealCandaceO: Joe Biden is a complete and utter embarrassment to the United States of America. If you’re going to install a puppet President— the least you can do is make sure he isn’t in a steep mental decline. Why are we even playing pretend anymore? The entire world knows he’s senile.

GOP Rep @laurenboebert: Vladimir Putin is basically calling Biden a senile old man, China rebuffed Anthony Blinken to his face & Kim Jong Un refuses to talk to anyone from the Biden regime… but it’s good to know that America is ReSpEcTeD AgAiN.

Ex-DNI & AMB to Germany @RichardGrenell: Biden is weak. And many other countries are happy about it.  And the woke US media is too partisan to report fairly.

@JackPosobiec on Fri, Mar 19, 2021: This morning Biden yelled at Blinken for bringing a staffer with purple hair to the CCP summit, per WH official https://t.co/iQQbeK8MIT

Putin-Biden talks? Russia says absence of clear answer from US will be considered a ‘refusal’
https://t.co/eBFnJXDH2V

AP: The Taliban warned Washington against defying a May 1 deadline for the withdrawal of American and NATO troops from Afghanistan, promising a “reaction,” which could mean increased attacks by the insurgent grouphttps://t.co/V2y6Kj1tGl

The MSM ignored or downplayed Biden’s stumbles and the China summit.  But it turned on Joe this weekend due to the border crisis.  Polls show voters are upset and the crisis could crush Dems in 2022.

WaPo: Inside the Biden administration’s failure to contain the border surge  https://t.co/1Yxpv2sL1k

When ABC’s Martha Raddatz reported from Juárez Mexico, one mother told her: “Biden promised that we could cross with minors.”   https://t.co/N764vEfXQQ

@SteveGuest: ABC’s Raddatz confronts DHS Secretary Mayorkas on the Biden border media access blackout: “Mr. Secretary, I want to stop you right there and I want to know, if you’ve got this great plan, why will you not let the media in? … Will you let them in today or this week?” https://t.co/YpYrIOAfFT
      ABC’s Martha Raddatz to illegal alien who crossed the border: “Would you have tried to do this when Donald Trump was president?”  Illegal alien: “Definitely not.”   Raddatz: “Did you come here because Joe Biden was elected president?”  Illegal: “Basically”
https://twitter.com/SteveGuest/status/1373644858775236613

@Breaking911: ABC News panel on border crisis: For Biden to “do that 180 without really any preparation, he owns this now. He owns it.”  “Tone deaf”  “Doesn’t have a plan”
https://twitter.com/Breaking911/status/1373727497230163970

@AceSix4: Just so I have this straight — The Biden administration housed National Guard troops in a parking garage but is putting up $86 million to put illegal immigrants in hotel rooms.  Is that right?

@charliekirk11: Only in America can you go to prison for opening your restaurant but get free housing and medical services for being an illegal breaking into our country. [Voters know this and are irate.]

COVID-19 outbreaks in two Texas detention centers. https://t.co/eT2ozcJAcj

Border Patrol in Rio Grande Valley releasing illegal crossers into US without court date
The unprecedented move places the responsibility of seeking an asylum hearing on the migrants
https://www.foxnews.com/politics/border-patrol-in-rio-grande-valley-releasing-illegal-crossers-into-us-without-court-date

White House axes staffers over past pot use even though Kamala Harris has admitted she smoked it. [Putin and Xi have another chuckle!]  https://twitter.com/FoxNews/status/1373058797309136897

Biden’s inaugural priest is put on leave as president of Santa Clara University over claims of misconduct ‘in an adult setting’ https://t.co/c41CuVJ0Qb

@RealPatriot56: House Democrats want to overturn a duly elected republican House member from Iowa and expel Marjorie Green who won her seat with 76% of the vote in South Carolina because she calls Democrats out.  Tell me Democrats aren’t communists! [Is this why troops occupy DC?]

Some Troops See Capitol Riot, BLM Protests as Similar Threats, Top Enlisted Leader Says
Some troops have drawn equivalencies between the Jan. 6 riot at the U.S. Capitol and last year’s protests for racial justice during recent stand-downs to address extremism, worrying the military’s top enlisted leader.  In a Thursday briefing with reporters at the Pentagon, Chief Master Sergeant Ramón “CZ” Colón-López, the senior enlisted adviser to the chairman of the Joint Chiefs of Staff, said that some troops have asked, when the Jan. 6 riot is brought up, “How come you’re not looking at the situation that was going on in Seattle prior to that?… This is coming from every echelon that we’re talking to,”…
https://www.military.com/daily-news/2021/03/19/some-troops-see-capitol-riot-blm-protests-similar-threats-top-enlisted-leader-says.html

In Incredible Dissent, Federal Judge Launches Broadside Attack on SCOTUS Precedent Protecting Left-Wing Press – Silberman is arguing that SCOTUS must reverse a previous court’s decision on New York Times v. Sullivan“. That was the case that laid out what you needed to prove defamation.
    That ruling made it impossible or nearly impossible to win a defamation case even when it’s obvious that the outlet is nothing more than propaganda for the leftists…
https://davidharrisjr.com/steven/in-incredible-dissent-federal-judge-launches-broadside-attack-on-scotus-precedent-protecting-left-wing-press/

Federal Prosecutors Bring Voter Fraud Charges Against Dozens in North Carolina
https://beckernews.com/federal-prosecutors-bring-voter-fraud-charges-against-dozens-in-north-carolina-37911/

Monopoly gets a woke makeover! Board game replaces ‘outdated’ Community Chest cards with ‘Shop Local’, ‘Rescue a Puppy’ and ‘Recycle the Trash’ – New cards will have players pay money for acts such as failing to recycle the trash or winning money for running a non-profit’s social media account.
https://www.dailymail.co.uk/news/article-9381565/Monopoly-gets-rid-outdated-Community-Chest-cards-replaces-them.html

@MattWalshBlog: “Does anybody in this room know how to twerk,” the drag queen asks the five year olds. “I’ll just give you a quick demonstration…” [This is how depraved America is now.  But ban Dr. Seuss and ‘woke’ Monopoly!?!?]  https://twitter.com/mattwalshblog/status/1372916948003082245

The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.” — Dr. Martin Luther King Jr.

 

let us close out MOnday with this offering courtesy of Greg Hunter and Nick Barisheff

Covid Caused Massive Money Printing Like Never Before – Nick Barisheff

On March 20, 2021 In Market Analysis 84 Comments

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

Nick Barisheff, CEO of Bullion Management Group (BMG), is seeing an explosion of money printing in America and around the world.  Barisheff wrote a book in 2013 that predicted “$10,000 Gold” (per ounce).  Back then, the official U.S. federal debt was around $17 trillion.  Now, it’s $30 trillion.  Barisheff says his soon-to-be released follow-up book is going to be called “$50,000 Gold” as the U.S. now has tens of trillions of dollars in commitments, debt and off-book unaccounted for money.  Barisheff says, “Based on the amount of debt that is there, the current gold price should be at $3,000 (per ounce) and not $1,700, and it’s going to keep rising.”

One good reason precious metals are going to keep rising in price is Covid.  Barisheff explains, “Right now, you have massive debt and money printing like never before . . . other than going to Zimbabwe and Germany.  This is what’s happening.  When that happens, the value of the currency declines particularly against gold and silver.  The price goes up, and you end up with runaway inflation.  It can’t be anything else.  When you print too much money, you are going to have the price of goods go up.  Compounded with that, we have the biggest equity bubble ever in the United States.  The bubble is bigger than 1929. . . . All the valuation measures are at or above the 1929 levels already.  Real estate is in a bubble, especially rural and country properties.  On the other hand, commercial real estate such as hotels, retail and office, etc., are facing tremendous pressure because people are finding they can work from home.  The tenants are going bankrupt because of the lock-down measures.  Eventually, the landlords are going to start going bankrupt.  Then, mortgages will go into default, and it will make the 2008 crisis look like a party.”

Barisheff predicts, “We are going to get to hyperinflation.  Worse than that, Trump’s thinking is he can run again in four years, but I don’t think there will be a country left in four years because socially and economically, Biden is destroying it.  He’s shutting down the pipeline and stopping the leases for natural gas, making all the existing illegal immigrants legal, giving them free healthcare, opening the borders, letting criminals out of jail, not prosecuting Antifa and BLM rioters, and this is all escalating.  This is not a theory.  It’s happening.”

Barisheff says don’t look for the Fed to stop economy killing rising interest rates either.  Barisheff says, “I think rates are going to keep rising, and the Fed is not going to be able to stop it.  You are getting a bit of a divergence already between the Fed Funds Rate and what the markets are saying.”

So, when does it all blow sky high?  Barisheff says, “There will be indicators, and the indicators are already here for everyone to see.  You then have to apply some critical thinking and connect the dots.  When it becomes obvious to everyone that this is imploding, it will be very difficult to buy gold if not impossible, and that is how the price goes ballistic. . . . This is like the old saying about becoming insolvent.  You start to become insolvent slowly at first and then suddenly.”

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Nick Barisheff, founder and CEO of Bullion Management Group

Well that is all for today

I will see you TUESDAY night.

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