MARCH 24B//GOLD UP $7.75 TO $1734.00//SILVER UP ONE CENT TO $25.17//GOLD TONNAGE STANDING REMAINS CONSTANT AT 30.084 TONNES//SILVER OZ STANDING AT 57.4 MILLION OZ//COMEX OI FOR APRIL GOLD: HIGH, SO EXPECT A STRONG DELIVERY MONTH //SILVER APRIL OI INDICATES A HUGE 15 MILLION OZ DELIVERY AND ALSO MAY WILL BE HUGE//CORONAVIRUS UPDATE//VACCINE UPDATES//CHINA STOCK MARKETS (SHANGHAI AND HANG SANG) PLUMMET WITH SHANGHAI LOWS FOR THE 2021 YEAR//BLINKEN URGES ACTION ON CHINESE AGGRESSION//INTEL NOW MAKING CHIPS FOR OTHERS AS THEY GO AFTER TAIWAN//LOCKDOWNS IN GERMANY CANCELLED AS POPULACE WERE FURIOUS!/USA BORDER MESS..WITH HARRIS TAKING CHARGE//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1734.00 UP $7.75   The quote is London spot price

Silver:$25.17 UP  $0.01   London spot price ( cash market)

PLATINUM AND PALLADIUM PRICES BY KITCO

PLATINIUM  $1164.00 UP $4.00

PALLADIUM: 2548.00 UP $33.00. PER OZ

Closing access prices:  London spot//GOLD AND SILVER

i)Gold : $1734.35  LONDON SPOT  4:30 pm

ii)SILVER:  $25.08//LONDON SPOT  4:30 pm

James McShirley on the pricing of gold eagles/and silver eagle33

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

Editorial of The New York Sun | February 1, 2021

end

Editorial of The New York Sun | February 1, 2021

DONATE

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

COMEX DATA

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

receiving today  144/1011

EXCHANGE: COMEX
CONTRACT: MARCH 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,724.700000000 USD
INTENT DATE: 03/23/2021 DELIVERY DATE: 03/25/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 42
332 H STANDARD CHARTE 101
435 H SCOTIA CAPITAL 32
523 H INTERACTIVE BRO 37
624 H BOFA SECURITIES 205
657 C MORGAN STANLEY 11
657 H MORGAN STANLEY 3
661 C JP MORGAN 144
709 C BARCLAYS 1000
737 C ADVANTAGE 14
800 C MAREX SPEC 433
____________________________________________________________________________________________

TOTAL: 1,011 1,011
MONTH TO DATE: 9,454

Goldman Sachs:  stopped:  42

NUMBER OF NOTICES FILED TODAY FOR  MAR. CONTRACT:  1011 NOTICE(S) FOR 101,100 OZ  (3.1446 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  9454 NOTICES FOR 945,400  OZ  (29.405 tonnes)

SILVER//MAR CONTRACT 156 NOTICE(S) FILED TODAY FOR 780,000  OZ/

total number of notices filed so far this month: 11,141 for 55,705,000  oz

BITCOIN MORNING QUOTE  $56,454,  UP $1555 

BITCOIN AFTERNOON QUOTE.:$54,400 down $2054    .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

Gold

WITH GOLD UP $7.75  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A HUGE  CHANGES IN GOLD INVENTORY AT THE GLD//: A WITHDRAWAL OF 6.42 TONNES

THIS GOLD IS “GOLD” RETURNED TO THE BANK OF ENGLAND ON A PHONY LEASE SCAM. THE GOLD NEVER LEAVES THE BANK OF ENGLAND!!

GLD: 1,045.36 TONNES OF GOLD//

Silver TODAY: WITH SILVER UP ONE CENT

AND WITH NO SILVER AROUND  

NO CHANGES IN SILVER INVENTORY AT THE SLV//

INVENTORY RESTS AT:

: 585.846  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 162.37 UP $0.56 OR  0.35%

XXXXXXXXXXXXX

SLV closing price NYSE 23.25  UP $0.03 OR 0.13%

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 TINY SIZED 9 CONTRACTS FROM 160,428 UP TO 160,437, AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020. THE GAIN IN OI OCCURRED DESPITE OUR HUGE $0.55 LOSS IN SILVER PRICING AT THE COMEX  ON TUESDAY. IT SEEMS THAT THE GAIN IN COMEX OI IS  DUE TO A HUGE BANKER AND ALGO  SHORT COVERING !//HUGE REDDIT RAPTOR BUYING//.. COUPLED AGAINST A FAIR EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION  AND A STRONG INCREASE STANDING AT THE COMEX FOR MAR. WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 999 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:  870,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  0 MAY:  870 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 870 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 33 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…RECORD HIGHEST EVER

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

56.730 MILLION OZ INITIAL STANDING FOR MARCH 2021//2ND HIGHEST EVER RECORDED

TUESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER TRYING TO LIQUIDATE SILVER’S PRICE …AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN , ) ).. AND(IT FELL BY $0.55OUR OFFICIAL SECTOR/BANKERS WERE SOMEWHAT SUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME SILVER LONGS AS WE HAD A NET GAIN OF 999 CONTRACTS ON OUR TWO EXCHANGES.  THE TOTAL GAIN WAS DUE TO i)HUGE BANKER/ALGO SHORT COVERING// STRONGREDDIT RAPTOR BUYING//.    iii)  A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A GOOD INCREASE IN STANDING FOR COMEX SILVER  // MAR, iv) TINY 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..

 

NOBODY LEFT THE SILVER ARENA WITH TODAY’S RAID//AND FOR THAT MATTER NOBODY LEFT THE GOLD ARENA

 
 
 

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:

15,921 CONTRACTS (FOR 18 TRADING DAY(S) TOTAL 15,921 CONTRACTS) OR 79.605 MILLION OZ: (AVERAGE PER DAY: 885 CONTRACTS OR 4.426 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR: 79.605 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: 79.605.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: 79.605 MILLION OZ  (DRAMATICALLY SLOWING DOWN AGAIN//FEARS OF EFP CONTRACTS BEING EXERCISED FOR METAL)

RESULT: WE HAD A TINY SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 129, DESPITE OUR  $0.55 LOSS IN SILVER PRICING AT THE COMEX ///TUESDAY .…THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 870 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A STRONG SIZED GAIN OF 999 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR  $0.55 LOSS IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  870OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A TINY SIZED INCREASE OF 9 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.55 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $25.16 //TUESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

FOR THE NEW MAR.  DELIVERY MONTH/ THEY FILED AT THE COMEX: 156 NOTICE(S) FOR  780,000, 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)

 

RESULT: WE HAD A TINY SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 9, DESPITE OUR   $0.55 LOSS IN SILVER PRICING AT THE COMEX ///MONDAY .…THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 870 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A STRONG SIZED GAIN OF 999 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR  $0.55 LOSS IN PRICE)//

 

 

 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A GOOD SIZED 5,455 CONTRACTS TO 485,457,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 DESPITE OUR LOSS IN PRICE  OF $12.65///COMEX GOLD TRADING/TUESDAY.WE MUST HAVE HAD STRONG BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION.. WE ALSO HAD A ZERO  ADVANCE IN GOLD STANDING  AT THE COMEX REMAINING AT 30.084 TONNES FOR MARCH..

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $12.65 WITH RESPECT TO TUESDAY’S TRADING

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

WE HAD A STRONG SIZED GAIN  OF 9139 CONTRACTS (28.43 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 3684 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  2142 AND JUNE:  1542  ALL OTHER MONTHS ZERO//TOTAL: 4821.  The NEW COMEX OI for the gold complex rests at 485,457. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

 

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 9139 CONTRACTS: 5455 CONTRACTS DECREASED AT THE COMEX AND 3684 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 9139 CONTRACTS OR 28.43 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3684) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI  (5455 OI): TOTAL GAIN IN THE TWO EXCHANGES:  9139 CONTRACTS. WE NO DOUBT HAD 1 ) HUGE BANKER SHORT COVERING AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.) ZERO ADVANCE STANDING AT THE GOLD COMEX FOR THE FRONT MAR. MONTH REMAINING AT 30.084 TONNES)  3) ZERO LONG LIQUIDATION,  /// ;4) GOOD COMEX OI GAIN AND 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS HAPPENED WITH OUR LOSS IN GOLD PRICE TRADING TUESDAY//$12.65!!. WE HAD VERY MINOR SPREADER LIQUIDATION.

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 2021 INCLUDING TODAY

MAR

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAR : 71,007, CONTRACTS OR 7,100,700 oz OR 220.86 TONNES (18 TRADING DAY(S) AND THUS AVERAGING: 3944 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 18 TRADING DAY(S) IN  TONNES: 209.40 TONNES

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

THUS EFP TRANSFERS REPRESENTS 220.86/3550 x 100% TONNES =6.22% 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 TINY SIZED 9 CONTRACTS FROM 160,428 UP TO 160,437 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 TINY SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) HUGE BANKER SHORT COVERING//ALGO SHORT COVERING//REDDIT RAPTOR BUYING , 2) A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A STRONG INCREASE IN  STANDING FOR SILVER  AT THE COMEX FOR MARCH., AND 4) ZERO LONG LIQUIDATION,

EFP ISSUANCE 870 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: 870 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 870 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 9 CONTRACTS AND ADD TO THE 870 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED GAIN OF 879 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 4.395 MILLION  OZ, OCCURRED DESPITE OUR $0.55 LOSS IN PRICE///

NOBODY LEFT THE SILVER ARENA TODAY!!

 

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

 

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 44.45 PTS OR 1.30%   //Hang Sang CLOSED DOWN 579.24 PTS OR 2.03%    /The Nikkei closed DOWN 570.40 POINTS OR 2.04%//Australia’s all ordinaires CLOSED UP 0.39%

/Chinese yuan (ONSHORE) closed DOWN AT 6.5218 /Oil DOWN TO 59.12 dollars per barrel for WTI and 62.16 for Brent. Stocks in Europe OPENED ALL RED EXCEPT SPAIN//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5218. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5239 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER 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 5455 CONTRACTS TO 485,457 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 GOOD COMEX INCREASE OCCURRED DESPITE OUR LOSS OF $12.65 IN GOLD PRICING TUESDAY’S COMEX TRADING… WE ALSO HAD A FAIR EFP ISSUANCE (3,684 CONTRACTS). .  ON TUESDAY’S SESSION WE NO DOUBT HAD AGAIN  1)  CONSIDERABLE BANKER SHORT COVERING//ALGO SHORT COVERING, CONTRACTS. WE HAVE  LATELY WITNESSED  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 FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 3684 EFP CONTRACTS WERE ISSUED:  ; FEB// ’21  0 AND APRIL:  2142, JUNE:  1542 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3684  CONTRACTS.

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

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED 9139  TOTAL CONTRACTS IN THAT 3684 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GOOD SIZED  COMEX OI  OF 5455 CONTRACTS.WE HAVE A HUGE AMOUNT OF GOLD STANDING FOR MARCH  (30.084 TONNES) WHICH FOLLOWED FEB (113.424 TONNES)  WHICH FOLLOWED OUR STRONG LEVEL OF JAN 2021 GOLD . ((6.500 TONNES).  

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $12.65)., BUT WERE  UNSUCCESSFUL IN FLEECING ANY LONGS  AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED A GOOD 28.43 TONNES,  ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR MAR (30.084 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 :: 9139 CONTRACTS OR 913,900 OZ OR  28.43  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:  485,457 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 48.54 MILLION OZ/32,150 OZ PER TONNE =  1509 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1509/2200 OR 68.59% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX GOLD TODAY: 244,676 contracts// volume  poor   //

CONFIRMED COMEX VOL. FOR YESTERDAY:  300,838 contracts//  volume:  poor// //most of our traders have left for London

 

MARCH 24 /2021

 
INITIAL STANDINGS FOR MAR COMEX GOLD
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz    NIL
Deposit to the Customer Inventory, in oz
 
 
 
 
 
 
 
nil
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
1011  notice(s)
101,100 OZ
(3.1446 TONNES
 
No of oz to be served (notices)
1229 contracts
(122,900oz)
 
3.822 TONNES
 
 
 
Total monthly oz gold served (contracts) so far this month
9454 notices
945,400 OZ
29.405 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 

We had 0 deposit into the dealer

 
 
 
 
total deposit:  NIL   oz
 
 
 

total dealer withdrawals: nil oz

we had 0 deposits into the customer account
 
 
TOTAL DEPOSITS: NIL
 
 
 
 
 
We had no withdrawals
 
 
 
 
 
 
 
total withdrawals:  NIL
 
 
 
 
 
 
 

We had 0  kilobar transactions (0out of 1 transactions)

ADJUSTMENTS  2:  A)  dealer to customer

Manfra: 13,166.818 oz

 
 

The front month of MAR registered a total of 1229 CONTRACTS FOR A GAIN OF 0 CONTRACTS. WE HAD 0 NOTICES FILED ON  MONDAY SO WE GAINED ANOTHER  0 CONTRACTS OR AN ADDITIONAL NIL OZ  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 24,888 CONTRACTS DOWN TO 152,892 CONTRACTS. WE SHOULD HAVE AN EXTREMELY STRONG APRIL DELIVERY MONTH. WE HAVE 4 MORE READING DAYS BEFORE FIRST DAY NOTICE. TO GIVE YOU AN IDEA OF THE STRENGTH OF WHAT WILL STAND,  WE COMPARE THIS YEAR’S OI 153,305 TO LAST YEARS TOTAL 151,000. LAST YEAR’S TOTAL HAD 5 DAYS BEFORE FIRST DAY NOTICE WHILE THIS YEAR ONLY 4 DAYS BEFORE FIRST DAY NOTICE .

MAY GAINED 83 CONTRACTS TO STAND AT 550

JUNE GAINED 25,958 CONTRACTS UP TO 264,342

We had 1011 notice(s) filed today for 101100 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 1011  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 144 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 42 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 (9454) x 100 oz , to which we add the difference between the open interest for the front month of  (MAR /1229 CONTRACTS ) minus the number of notices served upon today 1011 x 100 oz per contract) equals 967,200 OZ OR 30.084 TONNES) the 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 9454 x 100 oz  + ( 1229 OI for the front month minus the number of notices served upon today (1011} x 100 oz which equals 967,200 oz standing OR 30.084 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 0 CONTRACTS OR AN ADDITIONAL NIL 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.!!!!

NOBODY LEFT THE GOLD ARENA TONIGHT.

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 492.08 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 30.08 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,122,284.661 oz or 563.67 tonnes
 
 
total weight of pledged:  2,301,674.057 oz or 71.59 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 15,820,610.0  (492,08 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  15,822610.0 (492.08 tonnes)
 
total eligible gold: 19,189,385.228 oz   (596.87 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 37,324,836.707 oz or 1,160.95 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1034.61 tonnes

A total of 2.55 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 24/2021

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
728,740.118 oz
 
CNT
Manfra
 
 
 
Delaware
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
596,387.227 oz
Brinks
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
1,451,023.8 oz
Loomis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
156
 
CONTRACT(S)
(780,000 OZ)
 
No of oz to be served (notices)
298 contracts
 1,490,000 oz)
Total monthly oz silver served (contracts)  11,141 contracts

 

55,705,000 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 1 deposit into the dealer:
i) into Brinks dealer:  596,387.227 oz
 
 
 

total dealer deposits: 596,387.227l        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: 1,451,023.800 oz 
 
 
 
 
 
 
 

JPMorgan now has 189.39 million oz of  total silver inventory or 50.90% of all official comex silver. (189.39 million/372.075 million

total customer deposits today: 2,399,639.200   oz

we had 3 withdrawals:

 
 
i) out of CNT 617,421.690 oz
ii )Out of Delaware; 5190.628 oz
iii) Out of Manfra  100,127.800 oz
 
 
 
 
 
 
 
 
 

total withdrawals 728,740.118   oz

We had 0 adjustments:

 

 

Total dealer(registered) silver: 128.58-million oz

total registered and eligible silver:  3702.075 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

MARCH saw a LOSS of 358 contracts to stand at 361. We had 421 contracts served on  TUESDAY, so we GAINED 63 contracts or an additional 315,000 oz will  stand for delivery in this active delivery month of March. These guys refused to  morph into London based forwards as there is no silver metal on their side of the pond so they will try their luck over here. 

April GAINED AN ASTONISHING  32 contracts to stand at 3013. (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 SURPRISINGLY GAINED 68 contracts to stand at  128,598 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.!

To give you an idea of the strength of the May contract, let us compare the open interest remaining today vs last year. At this same time, we had 94,000 oi contracts still outstanding of May 20.  This year:  128,598

IT LOOKS LIKE WE HAVE OUR WHALE STANDING FOR SILVER METAL.  ERIC SPROTT’S FUND 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 156 contract(s) FOR  780,000 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  11,141 x 5,000 oz = 55,705,000 oz to which we add the difference between the open interest for the front month of MAR (361) and the number of notices served upon today 156 x (5000 oz) equals the number of ounces standing.

Thus the MAR standings for silver for the MAR/2021 contract month: 11,141 (notices served so far) x 5000 oz + OI for front month of MARCH(361- number of notices served upon today (156) x 5000 oz of silver standing for the Jan contract month .equals 56,730,000 oz. ..VERY STRONG FOR AN ACTIVE MAR MONTH.(numbers corrected from a small error yesterday)

We gained 63 contracts or an additional  315,000 oz will  stand for delivery as they refused to morph into London based forwards.

TODAY’S ESTIMATED SILVER VOLUME 43,420 CONTRACTS // volume extremely poor// volumes falling off a cliff// very surprisingly small in volume)

FOR YESTERDAY  69,022  ,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  FALLS TO +0.25% ((MAR 24/2021)

2. Sprott gold fund (PHYS): premium to NAV FALLS TO –1.65% to NAV:   (MAR 24/2021 )

Note: /Sprott physical gold trust is back into POSITIVE/0.25%(MAR 24/2021)

(courtesy Sprott/GATA

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

NAV 18.47 TRADING 17.66//NEGATIVE 4.66

END

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

MARCH 24//WITH GOLD UP $7.75 TODAY://A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 6.42 TONNES OF GOLD: THIS GOLD IS BEING RETURNED TO THE BANK OF ENGLAND ON A PHONY LEASE SCAM//INVENTORY RESTS AT 1045.36 TONNES.

MARCH 23/WITH GOLD DOWN $12.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1051.78 TONNES

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 24 / GLD INVENTORY 1045.36 tonnes

LAST;  1024 TRADING DAYS:   +111.55 TONNES HAVE BEEN ADDED THE GLD

LAST 924 TRADING DAYS// +  297.79TONNES  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 24//WITH SILVER UP 1 CENT TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY ESTS AT 585.846 MILLION OZ./

MARCH 23/WITH SILVER DOWN 55 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 585.846 MILLION OZ/

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 24/2021
585.846 MILLION OZ

 
 
 

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

or

Peter Schiff

or

Lawrie Williams…

ii) Important gold commentaries courtesy of GATA/Chris Powell

 

iii) Other physical stories:

 

 

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

i) Chinese yuan vs USA dollar/CLOSED DOWN AT 6.5218 /

//OFFSHORE YUAN:  6.5239   /shanghai bourse CLOSED DOWN 44.45 PTS OR 1.30%

HANG SANG CLOSED DOWN 579.28 PTS OR 2.03%

2. Nikkei closed DOWN 570.40 POINTS OR 2.04%

3. Europe stocks OPENED ALL RED EXCEPT SPAIN/

USA dollar index DOWN TO 92.47/Euro FALLS TO 1.1831

3b Japan 10 year bond yield: FALLS TO. +.07/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.68/ 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 ABOVE 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 59.12 and Brent: 62.16

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.36%/Italian 10 yr bond yield DOWN to 0.59% /SPAIN 10 YR BOND YIELD DOWN TO 0.28%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 0.97: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.86

3k Gold at $1730.08 silver at: 25.24   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble  UP 22/100 in roubles/dollar) 76.18

3m oil into the 59 dollar handle for WTI and 62 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 108.68 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 .9351 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1064 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.34%

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

4. USA 10 year treasury bond at 1.625% early this morning. Thirty year rate at 2.329%

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

6.  TURKISH LIRA:  UP  TO 7.96..

Futures Rebound Led By Tech With Yields Flat Ahead Of Powell Part 2

 
WEDNESDAY, MAR 24, 2021 – 07:53 AM

US stock futures rebounded after Tuesday’s rout as Intel’s shares surged on plans to expand advanced chip making capacity, while investors looked to business surveys for March and another day of testimonies from Yellen and Powell. Futures on the S&P 500 and Dow Jones also pointed to a rebound in the underlying indexes which dropped Tuesday amid a setback for reopening favorites. Stable bond yields and assurances by Powell on inflation risks has helped allay fears that a growth breakout will force tighter central-bank policy.

At 715 a.m. ET, Dow E-minis were up 135 points, or 0.4%, S&P 500 E-minis were up 18 points, or 0.5% and Nasdaq 100 E-minis were up 108.5 points, or 0.83%.

Overnight highlights: the tech rally helped the FAAMGs rise between 0.6% and 0.7%. Intel shares jumped about 5.7% after it announced plans to spend as much as $20 billion to expand into the foundry business, build two factories in Arizona and open its factories to outside customers. U.S.-listed shares of rival Taiwan Semiconductor dropped 2.6%, while semiconductor equipment makers Lam Research Corp, Applied Materials Inc and ASML Holding gained between 4.4% and 5.7%.

Bitcoin gained about 4% as Tesla Inc chief Elon Musk said the company’s electric vehicles can now be bought using bitcoin and the option will be available outside the United States later this year. Tesla’s shares advanced about 1.6%.

GameStop Corp dropped 13% after the video game retailer said it may sell new shares as the company that led the Reddit rally of “meme stocks” looks to take advantage of a more than 800% surge in its stock price since January.

Energy stocks Exxon Mobil, Chevron, Schlumberger, Occidental Petroleum and Marathon Oil were up between 1% and 4.2%, as crude prices rebounded from a 6% fall in the last session after the Ever Given containership blocked the Suez Canal, snarling global supply chains.

European stocks rose from session lows in early trading, with cyclical stocks including banks and auto firms among the fallers. The Stoxx Europe 600 Index fell 0.1% to 423.14 with 336 members down, 250 up and 14 unchanged.  The Stoxx Europe 600 Travel & Leisure Index rises as much as 1% after the U.K. said it aims to announce plans on the resumption of international flights by April 5. Sector extended gain as Germany drops plan for a five-day Easter lockdown. Here are some of the biggest European movers today:

  • Unite Group shares jump as much as 5.2% with Berenberg upgrading the student accommodation operator to buy from hold, saying it has re-rating potential on expected normalization of operations and long-duration demand tailwinds.
  • The Stoxx Europe 600 Technology Index jumps as much as 2.5% as European chip stocks rallied after Intel said it planned to spend billions on revising manufacturing and creating a new foundry business.
  • Carrefour shares gain as much as 2.4% with Bryan Garnier saying the company’s decision to buy Grupo BIG, Walmart’s former Brazil unit, showed the French grocer was “clearly back in its consolidator role.”
  • Leonardo shares slump as much as 11% as it canceled the IPO in New York of a minority stake in its DRS unit after failing to attract the price it sought. Kepler Cheuvreux said the decision on DRS IPO was “clearly” negative news.

A gauge of Asia-Pacific shares fell the most in about two weeks. Hong Kong equities fell to a 10% correction in five weeks amid the city’s decision to temporarily suspend BioNTech SE vaccines. Asian stocks were set for their fourth daily losses, the longest losing streak since January, as resurgent coronavirus-related concerns sparked broad declines. Financials were the biggest drag on the MSCI Asia Pacific Index, as Treasury yields slumped for a third day. Consumer discretionary stocks also fell as investors eyed rising infections and new lockdowns in Europe and other parts of the world. TSMC and Samsung drove losses in tech shares on Intel’s ambitious plan to create a rival foundry business. Hong Kong’s Hang Seng Index fell 2%, entering a technical correction. Japan’s Topix also shed more than 2%, although the nation’s chip-equipment sector got a boost from the Intel news. China’s benchmark stock gauge extended losses for a second day, closing at a new low for the year after breaching the key 5,000 point threshold. Australia bucked the decline, with its key equity gauge rising about 0.5%.

Japanese stocks fell, with the Topix suffering its steepest drop in a month, as growing virus cases overseas damped investor sentiment and encouraged investors to keep selling shares sensitive to economic prospects. Telecommunications companies and banks were the heaviest drags on the Topix, which declined for a third day. The Nikkei 225 Stock Average slid for a fourth day, its longest slump since Jan. 6. Selling accelerated as investors adjusted positions before Japan’s fiscal year ends this month. “The vaccine was leading the pandemic toward an end, but once again there are outbreaks,” said Mitsushige Akino, a senior executive officer at Ichiyoshi Asset Management. “There’s concern whether this will hold back the economic recovery outlook,” he added. “This could impact bank sectors and other cyclical sectors that had been bought on the back of rising yields.” This year’s best-performing sectors dropped. A gauge of shipping stocks tumbled 4.9%, paring its surge this year to 35%. Sub-indexes of energy companies and banks — also among 2020’s best performers — fell at least 4% Wednesday. Oil dropped about 6% Tuesday. “It looks like investors are rebalancing ahead of quarter-end, buying bonds and selling off stocks,” said Hajime Sakai, the chief fund manager at Mito Securities Co. “It’s possible investors will bring fresh funds next month when Japan starts a new fiscal year.”

In rates, treasury yields were around 1.625%, little changed on the day, and within 1bp of Tuesday’s closing levels after paring Asia-session gains amid advances for S&P 500 and crude oil futures. Treasuries steadied after advancing following Fed Chair Jerome Powell saying U.S. inflation isn’t expected to get out of control and a sale of two-year notes drew solid demand.  The auction cycle continues with $61b 5-year note sale at 1pm ET, and Fed Chair Powell appears before the Senate Banking Panel at 10am. Gains during Asia session were led by N.Z. bonds, which ripped higher after an RBNZ QE operation received too few offers to meet its target. Bunds trimmed their advance after German manufacturing and services PMI figures for March beat median estimates

“Yields have been tamed in recent sessions,” according to Steen Jakobsen, chief investment officer at Saxo Bank. The auctions “will help determine whether the ‘rising U.S. yields’ narrative can be entirely taken off the frontburner for now,” he wrote in a note.

In FX, the Bloomberg dollar index erased most of its advance as the euro recovered ground, after positive economic data from Europe. Earlier the greenback climbed to a two-week high as turmoil in Turkey’s financial markets and a new wave of virus-related lockdowns fueled haven bids.  New Zealand bonds jumped as investors pared rate- hike bets after the government moved to cool the property market. Leveraged and macro funds sold into early gains in AUD/USD above the 0.7630 level, according to a trader.

In commodities, West Texas Intermediate crude rose more than 3% after a container ship ran aground in the Suez Canal, blocking off traffic in both directions on one of the world’s busiest maritime trade routes. Bitcoin rose after Tesla Inc. Chief Executive Officer Elon Musk tweeted that the firm’s cars can be purchased with the largest cryptocurrency.

Looking at the day ahead, once again we’ll hear from Fed Chair Powell and US Treasury Secretary Yellen as they testify before the Senate Banking Committee. Other Fed speakers today include the Fed’s Barkin, Williams, Daly and Evans, and there’s a pre-recorded speech from ECB President Lagarde on climate change. On the data side, Markit’s flash reading at 9:45 a.m ET is likely to show business activity in the manufacturing and services sectors improved in March from the prior month. We also get the preliminary reading of US durable goods orders for February, and the European Commission’s advance Euro Area consumer confidence reading for March.

Market Snapshot

  • S&P 500 futures up 0.3% to 3,910.50
  • SXXP Index down 0.4% to 421.84
  • MXAP down 1.5% to 203.27
  • MXAPJ down 1.1% to 675.64
  • Nikkei down 2.0% to 28,405.52
  • Topix down 2.2% to 1,928.58
  • Hang Seng Index down 2.0% to 27,918.14
  • Shanghai Composite down 1.3% to 3,367.06
  • Sensex down 1.1% to 49,499.35
  • Australia S&P/ASX 200 up 0.5% to 6,778.77
  • Kospi down 0.3% to 2,996.35
  • Brent futures up 2.7% to $62.40/bbl
  • Gold spot up 0.1% to $1,729.52
  • U.S. Dollar Index up 0.2% to 92.53
  • German 10Y yield down 2 bps to -0.36%
  • Euro down 0.2% to $1.1825

Top Overnight News from Bloomberg

  • A giant container ship could be stuck in the Suez Canal for days, blocking one of the world’s busiest maritime trade routes that’s vital for the movement of everything from oil to consumer goods
  • The International Monetary Fund’s board conveyed broad support for drafting a proposal to create $650 billion in additional reserve assets to help developing economies cope with the pandemic, with an eye on considering a formal plan by June
  • The European Union’s closest neighbors, including countries in the Balkans and those that have special trading relationships with the bloc like Norway and Switzerland, will need authorization to import Covid vaccines from the EU under a proposal to be unveiled on Wednesday
  • Chancellor Angela Merkel dropped plans for a five-day Easter shutdown amid massive criticism in the latest setback for Germany’s pandemic fight

A quick look at global markets courtesy of Newsquawk

Asia-Pac bourses traded mostly lower following the losses seen stateside where cyclicals and value underperformed amid a stronger USD and rise in treasuries, while soft US new home sales data, talk of future tax hikes and a continued slump in oil prices also contributed to the glum mood. The weak handover pressured most regional markets although antipodes bucked the trend helped by softer currencies, with the ASX 200 (+0.5%) also underpinned as strength across most its sectors atoned for the energy-related woes and following the substantive easing of COVID-19 restrictions in New South Wales. Nikkei 225 (-1.9%) was weighed on by currency inflows and as automakers suffered from the ongoing chip shortages, while KOSPI (-0.4%) reflected on geopolitical events after it was confirmed that North Korea resumed its missile tests last weekend and with chipmakers initially dampened by Intel’s plan to invest USD 20bln on new chip plants to challenge Asian dominance of the sector, although Taiwan’s Economy Minister has since suggested that Intel’s investment plan is not a threat to Taiwan’s chipmakers. Hang Seng (-2.4%) and Shanghai Comp. (-1.4%) were subdued in which the former entered correction territory amid ongoing US-China tensions and the BioNTech vaccination suspension in Hong Kong and Macau due to defective vial caps. Furthermore, participants digested a slew of earnings releases and reports noted expectations of tighter scrutiny on Tencent after its founder met with antitrust officials earlier this month, while the Co. along with Xiaomi are scheduled to announce their results today. Finally, 10yr JGBs gained as they tracked the upside in T-notes and with demand spurred by the broad risk aversion, while the Australian 10yr yield saw the steepest decline overnight and fell by 7bps in the aftermath of the 2032 bond auction.

Top Asian News

  • Prestige Wins $1.4 Billion Mumbai Home Project from Bankruptcy
  • Thailand Holds Rate, Cuts GDP Outlook With Tourism Stalled
  • India Likely to Resume Bankruptcy Filings as Halt Expires
  • Deeply Polarized Israel Fails to Anoint a Leader Once Again

European equities opened softer across the board (Euro Stoxx -0.2%) following on from Asia’s mostly negative lead, but Europe has since drifted off worst levels. After the cash open, UK, France, Germany, and the Eurozone all reported notable beats across the board in Flash PMIs for March, although some of this data could be stale given that France and Germany recently renewed COVID-related restrictions. Across the pond, US equity futures are not abiding by the same sentiment and all reside in firmer territory but do not immediately portray much growth/value bias as the RTY (+0.7%) and NQ (+0.8%) are neck and neck at the time of writing, with the latter feeling tailwinds from an overnight pullback in yields coupled with Intel’s (+4.8% pre mkt) update as it upped guidance and undertake a significant expansion of manufacturing capacity with USD 20bln to be spent on chip plants – lifting the likes of ASML (+5.6%) and Infineon (+2.0%) in tandem. Back to Europe, sectors opened firmly in the red featuring an anti-cyclical bias, with Technology (+1.8%) the only sector residing in the green upon market open. This has since stabilised into a mixed and more pro-cyclical picture, with defensives residing towards the bottom. Nonetheless, Auto (-0.5%) remains as a laggard amid the ongoing chip shortage, with Honda extending its suspension of output in certain North American factories due to chip supply issues. In terms of individual movers, dwelling to the downside is Leonardo (-6.0%) which comes after the Co. announced the postponement of its DRS IPO amid adverse market conditions. On the flip side, Carrefour (+2.3%) is supported amid reports the Co. is to acquire Grupo BIG for EUR 1.1bln, which if approved, the Co. would control the number one and three largest food retail names in Brazil.

Top European News

  • German Factories See Record Growth as French Economy Steadies
  • Apax to Acquire $1.8 Billion German Eyewear Firm Rodenstock
  • Commerzbank Sees 2021 Loss on Restructuring, Credit Provisions
  • NatWest Planning Overhaul of its Retail Banking Operations

In FX, The Dollar remains upwardly mobile amidst deteriorating risk sentiment on latest waves of the coronavirus that are forcing many countries to roll-back reopening plans and some to re-enter lockdown or tighten restrictions. However, the DXY has encountered some resistance in chart terms beyond 92.500 and its prior 2021 peak around the 200 DMA (92.604) alongside resilience in the Euro and Pound belatedly following significantly better than expected preliminary PMIs from France, Germany, the bloc as a whole and UK even though the EZ readings could all be downgraded in the final reckoning given fresh pandemic outbreaks since the cut-off point for compiling the flash surveys. Hence, the index has drifted down from best levels within a 92.608-338 band awaiting US durable goods data and Markit’s initial March PMIs before another bunch of Fed speakers and a double helping of supply.

  • CAD/NOK/SEK – A relatively firm rebound in crude prices on the back of Suez canal passage problems caused by a container tanker has helped the Loonie, Norwegian Krona and other commodity currencies pare declines vs the Greenback. Meanwhile, Usd/Cad has also retreated from just over 1.2600 in wake of confirmation from the BoC that several emergency QE lines will be terminated as planned and comments from Deputy Governor Gravelle alluding to scaling down the pace of sovereign bond purchases from an operational standpoint rather than providing fresh guidance for tapering that is widely anticipated to come with the April policy meeting. Back to Scandinavia, Eur/Nok is back under 10.2000 and roughly on a par with Eur/Sek following a squeeze on Nok/Sek back through zero when oil was plummeting.
  • GBP/EUR – Sterling is still sitting at the bottom of the G10 table after significantly softer than forecast UK inflation data, but Cable has regained 1.3700+ status and Eur/Gbp is flattish between 0.8645-10 parameters following the aforementioned PMI beats that have also helped the Euro retain hold of the 1.1800 handle against the Buck.
  • AUD/NZD/JPY/CHF – All now narrowly mixed vs their US counterpart, but not before conceding more ground as the Aussie and Kiwi tumbled below 0.7600 and 0.7000 respectively overnight with no visible support via trade data or PMIs amidst further dovish rhetoric from RBA Assistant Governor Debelle on balance – see posts on the Headline Feed at 10.20GMT and 9.41GMT for details. Conversely, risk aversion is offering the Yen some respite either side of 108.50, while the Franc is still retreating across the board as the clock ticks down to the SNB tomorrow.
  • EM – The Mxn and underperforming Rub are drawing comfort from the recoveries in WTI and Brent, but no joy for the Try from a rise in Turkish consumer sentiment or efforts by President Erdogan to talk the Lira up and persuade his subjects to convert FX and Gold holdings into domestic currency denominated assets. In contrast, softer than anticipated SA CPI has not hampered the Zar irrespective of potential implications for the SARB policy meeting/guidance on Thursday, and the Rand may be content that Gold is holding above Usd 1700/oz quite comfortably.

In commodities, WTI and Brent front month futures are grinding higher in what is seemingly a reversal of the substantial losses seen this week, with WTI and Brent May contracts below USD 59.50/bbl and USD 62.50/bbl respectively. However, putting these numbers into context, the contracts were closer to USD 65/bbl and USD 69/bbl at this time last week. One of the developments that have garnered attention has been the blockade at the Suez Canal in Egypt – which provides the shortest sea link between Asia and Europe. GAC noted that traffic is expected to resume soon as the Suez Canal authority is close to re-floating the ship. Tanker Trackers has estimated that 10mln bbls of Saudi, Russian, US and Omani crude remains parked, Vortexa estimated 13mln bbls, whilst Bloomberg’s Chief Energy Correspondent suggests that the blockade is a problem for refined products but not a major one for crude as it can bypass the canal via two large nearby regional pipes. Nonetheless, market participants are seemingly receiving this as a short-term bullish factor for prices, which also coincides with gains across stocks and blockbuster but outdated EZ Flash PMI metrics. Meanwhile, underlying fundamentals are little changed, with France, Germany and the Netherlands observing stricter COVID-related measures in light of rising cases and slower-than-expected inoculation. That being said, it will be interesting to see what OPEC+ opts to do at its upcoming meeting, with Saudi’s unilateral 1mln BPD production still offline and prices somewhat in a sweet spot and amid fears of rising US market share. Analysts at ING continue to hold a constructive medium-term outlook in the complex, “with inventories set to continue declining as we move through the year. In addition, if for any reason the market continues to weaken as we move towards the end of the month, OPEC+ would likely take action to support the market when they meet on 1 April.” The bank notes that if this weakness persists, then a rollover of current cuts look increasingly likely. Elsewhere spot gold and silver have been trading sideways during APAC and early European hours, but have since drifted towards the top of todays tight intraday ranges of USD 1724-35/oz for the yellow metal and USD 25.00-25.36/oz for silver. In terms of base metals, LME copper is now firmer as the red metal tracks the Buck waning off highs and stocks climbing off lows. Finally, Dalian iron ore futures saw a rebound as it retraced some losses from the Tangshan developments, albeit the front month April contract in Singapore fell almost a percent.

US Event Calendar

  • 8:30am: Feb. Cap Goods Orders Nondef Ex Air, est. 0.5%, prior 0.4%
  • 8:30am: Feb. -Less Transportation, est. 0.5%, prior 1.3%
  • 8:30am: Feb. Durable Goods Orders, est. 0.5%, prior 3.4%
  • 9:45am: March Markit US Services PMI, est. 60.0, prior 59.8; Markit US Manufacturing PMI, est. 59.5, prior 58.6
  • 10am: Revisions: Wholesale inventories

Fed speakers

  • 8:50am: Fed’s Barkin Takes Part in Virtual Discussion
  • 10am: Powell and Yellen Appear Before Senate Banking Panel
  • 1:35pm: Fed’s Williams Takes Part in Moderated Discussion
  • 3pm: Fed’s Daly Discusses Equitable Growth
  • 7pm: Fed’s Evans Discusses the Economic Outlook

DB’s Jim Reid concludes the overnight wrap

Markets saw a moderate pullback yesterday as investors absorbed news of the continued rise in Covid cases, which in turn is raising concerns as to whether more restrictions might end up getting imposed over the coming weeks and thus delaying the grand global re-openings. The release of today’s flash PMIs is the next major event even if it will only really tell us how well economies are dealing with current levels of restrictions. The interesting thing about the last few months is that Western economies have held up better than expected over this winter lockdown period but that restrictions are probably likely to go on longer than expected.

Back to yesterday and the appearance of Fed Chair Powell and Treasury Secretary Yellen before the House Financial Services Committee didn’t generate any major headlines (more below) but shortly after they concluded, oil prices saw another leg lower on fears that short-term global demand will suffer if shutdowns spread. The reopening trade in particular took a big hit.

Oil futures fell by roughly 6% for the second time in the last four sessions, with WTI down -6.16% to $57.76/bbl and Brent down -5.93% to $60.79/bbl – their lowest prices in roughly six weeks. This caused energy stocks to fall back on both sides of the Atlantic, but it was travel and leisure stocks that saw some of the worst losses as holiday plans – especially in Europe – are increasingly under threat. Airlines such as Lufthansa (-4.0%), United (-6.8%) and American Airlines (-6.6%) were near the worst performers in their indices, along with cruise lines such as Carnival (-7.8%) and Norwegian Cruise Line (-7.2%). However unlike for most of the last 12 months this did not prompt a rotation into the stay-at-home/tech trade as the NASDAQ fell -1.12% on the day. However, the megacaps outperformed somewhat with the NYFANG index down just -0.30%. European equities missed the worst of the bearishness with the STOXX 600 closing down -0.20%, whereas the S&P 500 fell -0.76%. Investors moved instead into safe havens like sovereign bonds and the US dollar, which rose +0.67% in its best day in nearly three weeks.

Yesterday was also a significant milestone as it marked the one-year anniversary of the Covid-19 lows in global equity markets, back when the S&P 500 closed just over a third beneath its pre-Covid high a month earlier. We’ve come a long way since then however, with the annual change in the S&P at an astonishing +74.78%, making that the biggest rolling 12-month increase in the index since 1936. You can see this in our Chart of the Day yesterday (link here), which we did before last night’s close that actually pushed up the year-on-year number a little higher. That said, yesterday probably marks the peak on this measure since on March 24 last year the S&P rose +9.38%, marking the start of its epic advance to repeated fresh all-time highs.

Looking back at yesterday in more depth, Treasury yields took another turn lower, with 10yr yields down -7.4bps to 1.621%, putting them below their level immediately prior to the Fed meeting last week. As with the previous day, there was a notable flattening of the curve, with 2yr yields closing largely flat (-0.2bps), and it was real rates that again led the bulk of the declines, falling -5.1bps. Over in Europe it was much the same story, with yields on 10yr bunds (-3.0bps), OATS (-3.3bps) and BTPs (-4.5bps) experiencing their own declines and a flattening of their curves.

As discussed at the top Treasury Secretary Yellen and Fed Chair Powell appeared before the House of Representatives Financial Services Committee as part of the Congressional oversight of the pandemic response. Both officials are expected to appear before the Senate Banking Committee later on today in what is likely to be an encore performance. Chair Powell spoke to inflation worries saying that he and his colleagues do believe there will be upward pressure on prices , but “that the effect on inflation will be neither particularly large nor persistent.” He went on to cite that “we have been living in a world of strong disinflationary pressures – around the world really – for a quarter of a century…We don’t think a one-time surge in spending leading to temporary price increases would disrupt that.”

Many of the questions aimed at Treasury Secretary Yellen focused on the recent $1.9 trillion stimulus package, and in particular what state and local governments could do with the hundreds of billions in grants. Yellen pledged to release more details on what levels of tax cuts, rental allowance and other services local governments could administer shortly. On the topic of market valuations, both the current and former Fed Chairs agreed that asset prices could be viewed as high by historical metrics but that banks continue to be highly capitalised, thereby mitigating some of the financial stability risks. Markets were little surprised during the testimony, with both equities and bond markets trading fairly flat while the officials spoke.

Overnight in Asia markets are continuing to trade lower with the Nikkei (-1.92%), Hang Seng (-2.31%), Shanghai Comp (-1.32%) and Kospi (-0.41%) all down. The underperformance of the Hang Seng is due to a temporary pause in BioNTech/ Fosun Pharma vaccinations in Hong Kong as a result of a packaging defect. Both the companies have played down concerns over safety due to this packaging issue. The Hang Seng is now down -10.67% from intraday highs observed on February 18 and has entered correction territory. Futures on the S&P 500 are down -0.05% while those on Nasdaq are up +0.33%. European futures are pointing to a weaker open with those on the Stoxx 50 and Dax down -0.58% and -0.62% respectively. Meanwhile the softening of sovereign bond yields is stretching into a third day with those on 10y USTs down -3.1bps to 1.592% driven by an equivalent drop in 10y real yields. New Zealand’s 10y yields are down -15.7bps after yesterday’s government actions to temper the housing bubble. Australia’s 10y yield is down -7.9bps with 10y JGBs down -1.2bps.

Turning to the first of the flash March PMIs mentioned above, Japan’s manufacturing number rose 0.6pt from last month to 52 while services improved by 0.2pt to 46.5. Japanese PMIs would have likely benefitted by the end of the state of emergency in several prefectures earlier this month. The Tokyo region left such conditions last weekend. Australia’s manufacturing PMI also printed 0.1pt above last month at 57 while the services reading improved to 56.2 from 53.4 last month.

In other news, the Suez Canal, one of the world’s busiest maritime trade routes, was blocked overnight as one of the biggest container ships in operation accidentally ran aground. This could have an impact on movement of oil and consumer goods. Bloomberg reported that this has caused a jam of at least 100 vessels seeking to transit between the Red Sea and Mediterranean.

Turning to the pandemic, Bloomberg reported that the European Commission could outline new rules today that impose tougher export restrictions on vaccines. This comes as the EU not only lag behind in their vaccination rollout relative to the US and the UK, but are also facing a new wave that has led multiple countries to impose fresh restrictions. We’ll see what’s announced, but the report cited a senior EU official saying that exemptions that guarantee supplies to 90 countries could be removed, as could another exemption that offers protection to companies like Pfizer that have met their commitments to Europe. This comes ahead of a summit of EU leaders tomorrow where Covid is expected to top the agenda, but as we mentioned in yesterday’s edition, there isn’t unanimity among the leaders on the merits of export restrictions, and Irish PM Martin has already described the idea as a “retrograde step” and “counterproductive”.

Meanwhile in terms of the row between the UK and the EU over vaccine production, Bloomberg also had a report saying that the EU was only prepared to offer the UK a small fraction of the AstraZeneca output from the Netherlands, citing officials who said that the allocation should be based on relative populations, and that the EU wouldn’t simply accept an equal split. The British pound is trading down -0.32% this morning after yesterday’s -0.81% move lower partly due to vaccine friction. On a separate note, following the release of the US clinical trial results from AstraZeneca, the company said that they were going to publish further data within 48 hours, after the DSMB group of outside experts raised concerns that it could be based on outdated information.

Following the news that Germany would impose a harder lockdown through the Easter holiday, the Netherlands has followed suit with Prime Minister Rutte telling reporters that the nation’s lockdown is extended until April 20. This comes as Norway increased curbs around the Easter holiday and Greece reported their highest daily rise in infections since the start of the pandemic. The US on the other hand continues to reopen the remaining restricted regions of the country with San Francisco opening some offices and outdoor bars. Texas and Georgia – the second and ninth largest states by population – have now made vaccination registration open to all adults, and are among the most populous states to do so.

Overnight, we also got some news on fake vaccines with Reforma reporting that the Russian Direct Investment Fund and Russia’s Health Ministry are preparing an investigation with Mexican authorities after the seizure of fake Sputnik V vaccines on March 17 at an airport in the state of Campeche. This comes after Reforma had reported earlier that more than 1,000 people in Mexico were injected with the false vaccine.

There wasn’t a great deal of data out yesterday, but we did get the UK’s employment figures for January, which indicated that the labour market was past the worst in terms of the pandemic’s effects. The figures showed that payrolled employment had risen by +68k in February compared with the previous month, marking the 3rd consecutive increase. The unemployment rate in the three months to January was at 5.0%, down from 5.1% in the three months to December. Over in the US, new home sales data for February fell by more than expected to an annualised rate of 775k (vs. 870k expected). That was a 9-month low, though severe weather last month was in part to blame.

To the day ahead now, and once again we’ll hear from Fed Chair Powell and US Treasury Secretary Yellen as they testify before the Senate Banking Committee. Other Fed speakers today include the Fed’s Barkin, Williams, Daly and Evans, and there’s a pre-recorded speech from ECB President Lagarde on climate change. On the data side, the flash PMIs for March from around the world will be the highlight, but we’ll also get the UK CPI reading for February, the preliminary reading of US durable goods orders for February, and the European Commission’s advance Euro Area consumer confidence reading for March.

3A/ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 44.45 PTS OR 1.30%   //Hang Sang CLOSED DOWN 579.24 PTS OR 2.03%    /The Nikkei closed DOWN 570.40 POINTS OR 2.04%//Australia’s all ordinaires CLOSED UP 0.39%

/Chinese yuan (ONSHORE) closed DOWN AT 6.5218 /Oil DOWN TO 59.12 dollars per barrel for WTI and 62.16 for Brent. Stocks in Europe OPENED ALL RED EXCEPT SPAIN//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5218. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5239 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/HONG KONG BOURSES

Chinese stock markets tumble badly yesterday to their 2021 lows.

(zero hedge)

Chinese Stocks Tumble To 2021 Low, Hong Kong Enters Correction As Central Bank Support Fades

BY TYLER DURDEN
WEDNESDAY, MAR 24, 2021 – 11:21 AM

China’s benchmark stock index extended losses for a second day, closing at a new low for the year after breaching the key 5,000 point threshold. The CSI 300 Index fell 1.6% to close at 4,928.69 points, the lowest level since December 11. It was headed for its steepest monthly loss in more than two years. The drop took losses from this year’s peak to more than 15% amid broader weakness in Asian markets as setbacks to the pandemic recovery weighed on riskier assets.

Materials stocks plunged as much as 5.3%, extending a four-day losing streak on news that China is considering selling aluminum from state reserves to cool prices. Zhejiang Huayou Cobalt declined as much as 8.3%, while Aluminum Corp of China was down 6.1%. Elsewhere, China Fortune Land slumped 8.2% while Yihai Kerry Arawana dropped 6.5%.

The CSI 300 Index has hovered around 5,000 points for much of the past two weeks after it entered a correction. The gauge had consolidated after Chinese state funds stepped in to buy shares during the National People’s Congress. However, China’s Plunge Protection team has been largely missing ever since authorities had moved to soothe investor concerns recently, as what started the year as a world-beating rally unraveled amid official warnings of market excess and the prospect of tighter liquidity, Bloomberg reported.

“The market sentiment has been weak since the Lunar New Year holiday and any bad news would add selling pressure,” said Amy Lin, an analyst at Capital Securities. Concerns over weak sentiment also came against the backdrop of heightened political tensions between Chinese officials and their U.S. and E.U. counterparts.

But while domestic buyers have stepped away from local markets in the absence of explicit backstops from the National Team, foreign investors returned to buying onshore stocks again, scooping up a net $767 million worth of shares via trading links on Wednesday according to Bloomberg calculations.

That said, both domestic and foreign traders offloaded stocks sensitive to the local economy such as Macau casino shares and Hong Kong property developers.

Meanwhile, the MSCI Hong Kong gauge dropped as much as 2.4% to the lowest since Feb, while Hong Kong’s Hang Seng Index entered a technical correction as the city’s temporary suspension of BioNtech vaccinations fueled worries over the pace of its recovery from the pandemic.

Commenting on the recent sharp weakness in the key Asian markets, Bloomberg’s Wes Goodman writes that – surprise – the PBOC and the BOJ may be behind the weakness in Asia stocks.

As Goodman notes, China hasn’t been this frugal in its cash offerings to banks in almost a year, with the People’s Bank of China avoiding net injections of short-term liquidity into the financial system since late last month, increasing concern that access to funds is becoming more difficult.

Meanwhile, the weakness in Japan’s Nikkei which fell for a fourth straight day, was also attributed to the central bank, after the BOJ said last Friday that it’s scrapping its annual target for stock purchases, and would focus its buying on the Topix while leaving the benchmark Nikkei225 alone.

As Goodman concludes, “stocks in both China and Japan had gotten used to these forms from the central banks. Now this backing, while not going away, is ebbing, and that could mean less central bank handholding for equities.”

end

CHINA/USA

My goodness the Biden administration has turned on China …urges collective action against an aggressive China

(zerohedge)

Blinken Urges Collective Action Against ‘Aggressive’ China In First Address To NATO 

 
WEDNESDAY, MAR 24, 2021 – 01:00 PM

Secretary of State Antony Blinken went after China and other “autocratic states” during his first official European engagement Wednesday, addressing a meeting of NATO officials in Brussels. While urging a “collective” response to the China threat, he at the same time told his audience at NATO headquarters that the US doesn’t plan to force allies into an “us-or-them” choice when it comes to confronting Beijing (akin to the US longstanding policy on Iran sanctions in which countries are punished for dealing with Tehran).

“The United States won’t force our allies into an ‘us-or-them’ choice with China,” he said, and emphasized “there’s no question that China’s coercive behavior threatens our collective security and prosperity.” He added: “But that doesn’t mean countries can’t work with China where possible. The United States will. We can’t afford not to – especially on challenges like climate change and health security.”

Via Hurriyet Daily

He had earlier told officials in some introductory remarks upon arriving in Brussels, “Whether it is tackling some of the new challenges like climate or the cyber realm, the rise of autocratic states and the challenges that they pose, we have a profound interest in doing it together, doing it collectively, relying on collective security, and that’s what Nato is all about,” Blinken said. He urged that NATO should be “focused on some of the challenges that China poses to the rules-based international order.”

“We will rely on innovation, not ultimatums,” he said while calling on the West to outcompete with China, as opposed to military confrontation.

In the “us-or-them” part of his speech, and the question of whether allies will be coerced in going along with Washington’s position, he further sought to assure: “We know that our allies have complex relationships with China that won’t always align perfectly with ours. But we need to navigate these challenges together.”

And according to Bloomberg on the question of greater shared defense spending which was so much a theme of the prior Trump administration, Blinken is “is offering some wiggle room to allies that haven’t boosted defense spending as much as the US wants.”

Earlier in the day prior to Blinken’s keynote address, NATO Secretary General Jens Stoltenberg told reporters that the Atlantic military alliance must adapt to the growing “threat” from China, warning that its rise has “dire consequences” for the security of its members. “China is a country that doesn’t share our values,” he emphasized. “They actually try and undermine the international rules-based order.”

To some degree Western allies including the US, UK, European Union, and Canada on Monday demonstrated precisely the kind of “collective” security action that Blinken is calling for in confronting Beijing, given the coordinated rollout of sanctions on select top Chinese officials for human rights abuses in Xinjiang against the Muslim Uighur minority. Beijing has promised to retaliate, which has already included counter-sanctions against an expansive list of EU entities and individuals. 

Likely similar sanctions are imminent against Britain, Canada, and the United States as well, according to prior threats out of China’s Foreign Ministry

end

CHINA/USA/HONG KONG/VACCINE/PFIZER

Hong Kong halts Pfizer vaccinations after finding more than 50 defects.  ie. cracked vials  Remember these vaccines must be stored at -90 degrees F.

(zero hedge)

Hong Kong Halts Pfizer Vaccinations After Finding “More Than 50” Defects Like Cracked Vials

 
WEDNESDAY, MAR 24, 2021 – 07:30 AM

Pfizer and Moderna have been largely quiet since competitor AstraZeneca became embroiled in the latest, and biggest, safety scandal to rock public confidence in the company’s COVID-19 jab, which had been intended to be the workhorse of the WHO’s global vaccination campaign, since it’s cheap and relatively easy to transport and store.

But Pfizer, at least, might soon have to deal with a problem of its own. Because the South China Morning Post reported Wednesday that they had suspended vaccinations using the Pfizer-BioNTech after local frontline staff discovered more than 50 instances of defective packaging, like cracked and leaking vials.

Here’s more from the SCMP.

The city government on Wednesday announced the cancellation of bookings at all 21 community vaccination centres providing the German-made jab “until further notice”. The suspension of the scheme came as Hong Kong recorded 10 new coronavirus cases on Wednesday. Director of Health Dr Constance Chan Hon-yee told a press conference that staff working on Hong Kong’s Covid-19 vaccination programme had previously reported eight incidents of cracked BioNTech vials and 22 air pressure issues resulting in leaks, all of which she said had been relayed to the manufacturer.

A further 16 reports of vial seals being loose or out of position were made, as well as 11 relating to the identification of stains or marks on the exterior of the glass containers.

The broken and otherwise compromised vials were traced back to batch 210102, according to Hong Kong authorities. Out of the 585K-dose batch – the set of doses triggering the suspension until further notice – about a quarter, or 150K, have already been consumed. Hong Kong has at least one other batch available; supply of batch 210104 had not yet been tapped and all of its 758K doses were in storage.

SCMP said local officials found “more than 50” examples of packaging defects in the batch.

“Because of this situation, we made such reports to Fosun, the agent [of the vaccine] in Hong Kong and requested them to follow up with the manufacturer,” Chan said.

“The manufacturer, after receiving our reports, this morning notified Hong Kong in written form that they could not see any problems related to the safety of batch 210102. But they need to conduct a thorough investigation. For the sake of caution, they requested Hong Kong to suspend the use of this batch.”

BioNTech has launched its own investigation into what led to the defects, but said at this point there’s no reason to believe there is any safety risk posed to patients who have received the vaccines.  The probe will focus on how the batch was handled at the vaccination centers, as well as at different stops along the supply chain.

In a statement, Fosun Pharma, which is responsible for distributing the jab in Hong Kong, said the issues were reported by BioNTech on Tuesday night, and the company then notified Hong Kong and Macau of the issues, and in the interests of safety had decided to halt delivery while the issue was being investigated.

Echoing her European peers, Secretary for Food and Health Sophia Chan Siu-chee told the press that the suspension of Pfizer vaccinations was a “precautionary measure.” Unfortunately for residents who had vaccination appointments, many arrived at vaccine centers Wednesday morning to find the centers were closed. Some patients were so angry they refused to leave for a time. However, some of the centers had already injected more patients with doses from the batch on Wednesday.

Dr. Luk Che-chung, head of the Hong Kong East Cluster of public hospitals, said the vaccination center in Sai Wan Ho had injected 53 people by the time they received the suspension order. One source told SCMP that the center on Hiu Kwong Street, Kwun Tong, had given the doses to more than 140 people before they were told to stop. Macau, meanwhile, has confirmed that its residents won’t be receiving jabs from the suspect batch.

University of Hong Kong microbiologist, Professor Ho Pak-leung, said there was no need for the public to be too concerned, since the packaging issues likely wouldn’t lead to health complications. “This incident only involves packaging defects instead of safety and quality issues. I believe that the Hong Kong and Macau governments are only taking preventive measures to suspend vaccination.”

But with all the manufacturing issues at vaccine factories in Europe and the West, which have (in part) inspired Europe to halt exports of domestically-produced vaccines, losing a whole batch could have a substantial impact on supplies of the jabs in Hong Kong, which has been vaccinating only about 10K people per day.

It’s also a reminder of just how fragile the global supply chain can be, especially for vaccines like the Pfizer jab which must be shipped and stored at subzero temperatures, an extremely complicated feat.

end
 
TAIWAN//USA// INTEL
Intel declares “war” on Taiwan semiconductor giant TSMC as they now are going to make 

Intel Declares War On Taiwan Semi (Again), And Wall Street Is Delighted

 
WEDNESDAY, MAR 24, 2021 – 09:25 AM

Intel shocked investors late on Tuesday when chip titan Intel revealed it was challenging Taiwan Semiconductor Manufacturing (TSMC) in the contract chipmaking segment with plans to ramp up production capacity and win over Apple and other key global clients from its Asian rival. CEO Pat Gelsinger said that Intel will expand chip production capacity in the U.S. and Europe, and offer “world-class manufacturing services” to woo customers such as Apple and Qualcomm, two key customers of TSMC.

Intel’s entry into the foundry segment – the business of making chips for other companies – comes just over a month after Gelsinger took over as CEO and marks a major strategic shift for the company, which for decades has reserved most of its production capacity for its own use. It also comes as the global tech industry grapples with a severe shortage of semiconductors.

Intel said it plans to spend roughly $20 billion between now and 2024 to build two chip facilities in Arizona. Construction will start immediately and production begin in 2024, according to the company. It will also set up an independent business unit, dubbed Intel Foundry Services, that will report directly to Gelsinger as part of the new growth strategy. The U.S. chip giant said it will continue to expand its production footprints in America, Europe and elsewhere, and will choose locations for that expansion within a year.

Intel’s planned expansion in Arizona will compete directly with TSMC, which will also start construction of a $12 billion plant in the state this year. Both projects are intended to serve U.S. and global clients. TSMC has been the sole iPhone processor maker since 2016, and started to manufacture Apple’s in-house designed CPUs for MacBook computers since last year, while Intel was losing market share. The Taiwanese chip manufacturer also often splits orders with Samsung to produce high-end mobile processors for Qualcomm.

“We are going to some … people like Qualcomm, who might have been more competitive before,” Gelsinger said in an online group interview. “We also will pursue customers like Apple” in a clear declaration of war on the Taiwan semi giant. Intel said it will also target cloud service provider customers – which could refer to players including Google, Amazon and even Alibaba Group Holding, which are all customers of TSMC.

“The strategy that we are laying out is one that actually gives great opportunities to partners, and in some cases, there may be some ‘co-opetition,'” Gelsinger said, referring to a mix of cooperation and competition.

In response to the Intel news, TSMC’s shares closed more than 3% lower on Wednesday following Intel’s announcement that it will enter the foundry business – a segment where the Taiwanese chip manufacturing giant controls more than 50% of the global market. In a corporate bitch slap, TSMC told Nikkei Asia it will not comment on the plans of Intel, which it described as a “longtime customer.”

That said, while Intel has unveiled bold plans, however, analysts say it will not be easy to quickly win over major customers.

“We understand that to regain technology leadership, the new Intel CEO has no choice but to invest more, and entering the foundry business again is an attempt to get more customers to share the cost,” said Mark Li, a veteran semiconductor analyst with Bernstein Research. “However it could be challenging as it needs to catch up on technology development while continuing to attract meaningful customers.”

To be sure, this won’t be Intel’s first attempt at taking on the Taiwan chip giant: Intel previously tried to challenge TSMC in 2016, when the U.S. company counted LG Electronics and others as its customers. Delays to Intel’s production technology starting in late 2018 derailed that earlier attempt.

Last July, Intel pushed back the debut of its most advanced chip tech – the 7-nanometer process technology – to at least late 2023, leaving it trailing key Asian rivals TSMC and Samsung in the battle for semiconductor production leadership. The smaller the nanometer size, the more advanced and powerful the chips.

Li also pointed to potential conflicts of interest and competition as some customers that Intel hopes to serve – such as Amazon, Cisco, Ericsson, Google, IBM and Microsoft – are also developing their own chips. “If Intel builds customized chips for them, that will compete with Intel’s own chip offerings in data center servers and networking equipment,” he said.

Arisa Liu, an analyst with Taiwan Institute of Economic Research, said Intel can expect generous government support for its new strategy. “Intel will surely have government backing, as the country has prioritized semiconductor manufacturing and linked it to national security. … However, it remains to be seen whether Intel can offer cost-efficient solutions to other chipmakers and provide services to different chip developers.”

U.S. Secretary of Commerce Gina M. Raimondo praised Intel’s investment plan in Arizona, saying it will help “preserve U.S. technology innovation and leadership, strengthen U.S. economic and national security.”

In any event, Wall Street was delighted by Intel’s declaration of war on Taiwan Semi, and Intel shares rose 3.2% in premarket trading.

As Bloomberg notes, analysts were largely positive on the company’s ambitions to create a new foundry business, though they cautioned Intel will have to prove itself following unsuccessful past attempts to break into the area. Intel’s disclosure boosted shares in semiconductor equipment stocks, with Applied Materials gaining 4.4% in premarket trading and Lam Research rising 4.3%. Chip-gear makers KLA, Teradyne, MKS Instruments and Entegris could also be active.

Here’s what analysts said about Intel:

Cowen (outperform, PT raised to $81 from $80)

  • The plan for Intel 2.0 is “very ambitious,” question is now on whether company can execute
  • Intel also guided 1Q21 above, but FY21 below consensus
  • While Cowen is constructive on Intel’s IDM 2.0 model and says this is the right direction, execution risks are high and competition is stiff

Citi (neutral, PT $65)

  • “There is almost no chance of the foundry business succeeding since Intel needs foundry people to run a foundry business, and they are not doing that”
  • Removes positive Catalyst Watch on the stock on the expectation that near-term sentiment has peaked

Evercore (in-line, PT $75)

  • There will be many questions about whether Intel can be successful as a foundry given failure in past
  • However, the IBM research & development announcement, along with potential customers mentioned like Qualcomm, Microsoft, Apple, suggests this is a much more serious endeavor

Wedbush (underperform, PT $53)

  • “Pat Gelsinger is doing absolutely the right thing for Intel by reinvesting in the company, but his actions will almost necessarily weigh on earnings and cash flow over the next 2-3 years”
  • Anticipates a stronger Intel will eventually be more competitive with companies like Advanced Micro Devices and TSMC, but expects the shift will take time; would be a buyer on weakness in both those names

KeyBanc (overweight, PT $86)

  • Intel’s initial foundry effort failed a few years back, though its manufacturing footprint and expertise is a “key competitive advantage”
  • If Intel can leverage this into a successful foundry service, KeyBanc believes it could provide a “significant” source of growth
  • Says there is very high demand for foundry services, especially in U.S. and Europe, and there is a “good possibility” of success this time around

Roth Capital Partners (neutral, PT raised to $65 from $60)

  • Intel’s 1Q21 preliminary guidance update is “positive”
  • Broker is “encouraged” that Intel’s new CEO is committed to manufacturing leadership and investment
  • A flexible hybrid fab-foundry supply model and newly formed foundry service business unit will serve the company well

4/EUROPEAN AFFAIRS

COVID RESTRICTIONS/UK

Restrictions to remain in place for years? and they still take the vaccine?

(Watson/Summit News)

COVID Restrictions To Remain In Place For Years, Says UK’s Public Health Official

 
WEDNESDAY, MAR 24, 2021 – 02:00 AM

Authored by Paul Joseph Watson via Summit News,

Despite the UK’s largely successful rollout of the coronavirus vaccine, a public health official says masks and other social distancing restrictions are likely to remain in place for years because the public has become used to them.

Mary Ramsay, the head of immunisation at Public Health England, said the measures would remain in place while other countries complete their vaccination programs, a process likely to take years.

“People have got used to those lower-level restrictions now, and people can live with them, and the economy can still go on with those less severe restrictions in place,”said Ramsay.

“So I think certainly for a few years, at least until other parts of the world are as well vaccinated as we are, and the numbers have come down everywhere, that is when we may be able to go very gradually back to a more normal situation,” she added.

The doctor said that so long as people continue to be infected, the rules won’t be abolished.

Ramsay’s comments once again highlight the fact that the plan never was to get “back to normal.”

Now that Brits have allowed society to be permanently deformed, with polls routinely showing vehement support for lockdown and other pandemic rules, things are never going to be the same again.

Having allowed the precedent that the government can put the entire population under de facto house arrest on a whim, look for the policy to be repeated over and over again with different justifications that have nothing to do with COVID-19.

As we highlighted earlier this month, one of those justifications will be man-made global warming, with climate lockdowns set to become a regular reality.

 end

UK//VACCINE

We knew that this was coming: UK to makes vaccines mandatory for health workers

(Watson/SummitNews)

UK To Make Vaccines Mandatory For Health Workers

 
WEDNESDAY, MAR 24, 2021 – 06:30 AM

Authored by Steve Watson via Summit News,

The UK government will soon force health workers in care homes to take the coronavirus vaccine, a leaked document has suggested.

In the wake of low numbers of care workers taking the shot, the government is looking to make it compulsory for all those who work in adult care homes.

In London, only a quarter of staff who work in such facilities have opted to take the shot, while the number is closer to half in other parts of the country, according to NHS figures.

The London Telegraph reports that in response, the government submitted a paper to the Covid-19 Operations Cabinet sub-committee last week suggesting mandatory vaccines for such workers.

There are approximately 1.5 million people working in the sector in the UK. They would all be required to take the vaccine or face losing their jobs.

The paper, written by the Department of Health and Social Care is titled ‘Vaccination as a condition of deployment in adult social care and health setting’, and notes that the government’s Scientific Advisory Group for Emergencies (SAGE) suggests that 80% of workers need to be vaccinated for care homes to be deemed safe.

It reads “The Prime Minister and the Secretary of State [for Health] have discussed on several occasions the progress that is being made to vaccinate social care workers against Covid-19 and have agreed – in order to reach a position of much greater safety for care recipients – to put in place legislation to require vaccinations among the workforce.”

The paper also notes that any mandate for vaccines among care workers could trigger an ‘exodus’ or workers, and could even lead to many human rights lawsuits. 

The government has consistently said that it will not make vaccines mandatory in the UK, however this leak is at odds with that pledge.

So another conspiracy ‘theory’ becomes conspiracy ‘fact’…

All of which brings a whole new meaning to the phrase, “trust, we’re from the government and we’re here to help.”

END
ITALY/ASTRAZENECA

Italy “Finds” Stash Of 29MM AstraZeneca Jabs As EU Moves To Block Vaccine Exports

 
WEDNESDAY, MAR 24, 2021 – 12:20 PM

As if the EU vaccination rollout wasn’t already chaotic enough, officers from a Italian law-enforcement agency have discovered 29MM doses of the AstraZeneca COVID jab at a factory in the town of Anagni.

Over the past couple of weeks, the European Commission has threatened to halt AstraZeneca vaccine exports from European factories until member states receive all of the doses they were promised by AstraZeneca, which has struggled with manufacturing issues in certain European factories, notably one in the Netherlands. In a last-minute burst of diplomacy, the UK Sources said the UK government was keen to offer support and expertise at the AstraZeneca vaccine production plant in the Netherlands, which is run by the subcontractor Halix, to help scale up production.

The Anagni plant is run by US company Catalent, a subcontractor that takes vaccine drug substance from other AstraZeneca suppliers and uses it to produce finished doses, which it then hands over to AstraZeneca to ship wherever the company has existing orders. In addition to the safety snafu caused by a handful of cases of rare blood clots, Brussels has slammed the drugmaker for failing to meet its commitments to EU members.

Doses were found languishing in the Anagni facility, which is located not far (about 70km) from the Italian capital of Rome. Some greeted the news with groans, as it appeared to be evidence of incompetence in Brussels. On social media, some wondered how so many doses could be misplaced?

According to a statement from an AstraZeneca company spokesman, 16MM of the doses were slated for Europe, while the rest were earmarked for the WHO’s COVAX program. They disputed the notion that the doses were due to be shipped somewhere else. The company added that the doses were manufactured outside the EU, but were sent to the Anagni facility for a quality control overview, after which they will be released to their respective destinations.

“It is incorrect to describe this as a stockpile. The process of manufacturing vaccines is very complex and time consuming. In particular, vaccine doses must wait for quality control clearance after the filling of vials is completed,” the company spokesman insisted.

As the FT explains, France and other EU member states are furious that factories across Europe have been exporting millions of doses to foreign markets while the EU has seemingly received no doses from elsewhere.

“Europe doesn’t want to be a useful idiot in all this,” the French official said, insisting that the EU was not targeting the UK but rather trying to ensure that AstraZeneca — which has cut planned delivery targets — fulfilled its commitments to the EU. “We have no interest or desire to have a permanent bilateral polemic with the UK, but we are dealing with the facts,” the official said. “Millions of doses have been exported to the UK, and no doses have been exported in the other direction…Justice demands that we can call for reciprocity.”

The EU Commission published draft legislation detailing changes to its export rules. As we explained in a preview yesterday, Brussels will impose new guidelines to try and ensure “reciprocity” – ie that the EU imports as many jabs as it exports – with any countries that receive jabs made in the EU. The whole controversy started as a spat with the UK, as EU Commission head Ursula von der Leyen first threatened to cut off nearly all supplies to the former EU member state.

“We have to ensure timely and sufficient vaccine deliveries to EU citizens,” von der Leyen said in a statement. “The EU is the only major Organization for Economic Cooperation and Development producer that continues to export vaccines at large scale to dozens of countries, but open roads should run in both directions.”

When EU leaders hold a summit on Thursday, they’re expected to proclaim that the “situation remains serious” and that “restrictions, including non-essential travel, must therefore be upheld,” according to an EU document seen by Bloomberg. Speaking to reporters in Brussels, European Commission Executive Vice President Valdis Dombrovskis said “th most important thing at this crucial moment is to stabilize and accelerate the delivery of vaccines.”

So far, the only vaccine exports blocked by the EU have been 250,000 AstraZeneca doses from Italy destined for Australia.

END

GERMANY/USA/RUSSIA/NORSTREAM2

The hatred towards Russia continues as Biden picks up where Trump left off: he threatens sanctions on Germany for the NordStream 2 pipeline

(zerohedge)

Picking Up Where Trump Left Off, Biden Threatens Sanctions On Germany For Nord Stream 2

 
WEDNESDAY, MAR 24, 2021 – 04:15 AM

Like on many other fronts, most especially China and surprisingly even Iran (which has also left tensions in Iraq at boiling-point), the Biden White House appears content to continue Trump’s unbending policy stance on the Russia to Germany Nord Stream-2 pipeline. It was of course the Trump administration that unleashed a series of punitive measures targeting any Western company that attempts to complete work on the project, which did serve to stall its completion, which is said to be at least over 90% constructed. 

And now on Tuesday Secretary of State Antony Blinken is threatening Germany with new Biden administration sanctions over the project. Blinken was cited in US-funded RFERL (RadioFreeEurope) as saying it remains “against the European Union’s own interests” and publication emphasized he “warned Berlin of possible sanctions over the project.”

“President (Joe) Biden has been very clear, he believes the pipeline is a bad idea, bad for Europe, bad for the United States, ultimately it is in contradiction to the EU’s own security goals,” Blinken said while meeting with NATO Secretary-General Jens Stoltenberg in Brussels.

The publication noted that “Blinken said he will warn his German counterpart Heiko Maas of possible sanctions at their first face-to-face meeting on March 23.”

Washington has vehemently opposed the ambitious project for years as it believes it “punishes” key Eastern European allies like Ukraine in bypassing them altogether as a conventional transit point for Russia to Europe gas delivery, and thus deprives them of badly needed energy transit fees:

Blinken mentioned a U.S. law that required the United States to impose sanctions on companies participating in the Nord Stream 2 project, which he said “has the potential to undermine the interests of Ukraine, Poland, and a number of close partners and allies.”

Germany meanwhile has vowed to see the project through, even after some major European pipelaying companies bowed out due to US sanctions, which even targeted their executives should they continue to participate. 

At the start of 2021 Russia energy giant Gazprom issued a report estimating that only 6% of the pipeline remains till completion. This is equal to about 150kim, which Russia has vowed to see through to finish.

While prior US sanctions have been shrugged off, though sometimes with temporary stoppages, Gazprom and Russian officials have recently sounded the alarm over the growing “risk” that the project could be suspended altogether if more Washington sanctions are piled on.

GERMANY/LOCKDOWNS

Lockdowns cancelled after German citizens furious!

(zerohedge)

Merkel Cancels Draconian Easter Lockdown Amid Backlash From Furious Germans

 
WEDNESDAY, MAR 24, 2021 – 08:45 AM

One day after imposing a 5-day ultra-strict lockdown set to take effect over Easter weekend (presumably to head off any holiday-inspired spread), German Chancellor Angela Merkel has abandoned the plan, though Germany is still planning to extend its current restrictions through April 18.

Merkel is dropping the plan after it inspired an intense public backlash and resistance by politicians in the opposition and Merkel’s coalition, anonymous sources reportedly told Bloomberg. Merkel informed the leaders of Germany’s 16 states in a video call on Wednesday morning that she was dropping the five-day lockdown, which would have closed all businesses. Even supermarkets would have been forced to limit operations.

The planned restrictions also prohibited private gatherings of more than five adults from two different households, and required Easter services at German churches to be conducted virtually, angering Germans who already spent their Christmas holiday isolated from family members. During a meeting earlier this week, Germany’s local leaders reluctantly assented to the Chancellor’s plan.

“I take full responsibility for this misjudgement,” Merkel told the state leaders. Asking forgiveness for the plan, she said that the shutdown was “created with the best of intentions” but it’s strictures are simply unable to be implemented.

Many within Merkel’s ruling Christian-Democrat-led coalition applauded her decision. Bavarian Premier Markus Soder said that he respected the chancellor’s change of heart, while pointing out that the proposed restrictions had faced questions over their legality, RT reports.

Merkel faced a barrage of criticism over the measures, including a ban on church services, which was particularly controversial.

Clergy, and even Interior Minister Horst Seehofer, a longtime political ally, urged the chancellor to reconsider. Some state leaders even proclaimed that they would not abide by the rule.

Saxony’s Prime Minister Michael Kretschmer said that his state would not prevent churches from holding in-person services.

Before the U-turn, Merkel had insisted that the 5-day ultra-restrictive lockdown was necessary to prevent a “third wave” of COVID from worsening in Europe.

Other European countries, including France and the Netherlands, have revived or extended their lockdowns (or at least announced their intentions to do so).

In Germany, some areas of the country have begun to slowly reopen, while the German government has implemented a plan that would reverse the easing of restrictions if weekly cases per 100K residents rises above 100. Germany has remained in varying degrees of lockdown for roughly a year now, as the prolonged restrictions, originally described as temporary, sparked a string of demonstrations from frustrated citizens.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/EU

Ties between Russia and the EU have been unilaterally destroyed

(zerohedge)

Moscow Declares “No Relations” With EU As Brussels Has Unilaterally “Destroyed” Ties

 
WEDNESDAY, MAR 24, 2021 – 02:45 AM

On the defensive following the latest wave of Western sanctions targeting the two countries, Russia and China are lashing out. Russian Foreign Minister Sergey Lavrov held a press conference to address the spiraling tensions while standing alongside his Chinese counterpart Wang Yi as a show of unity against Western attacks following a meeting in Guilin, China.

This month the European Union (in coordination with the US and others) slapped Navalny-related “human rights violations” sanctions on multiple top Russian officials, while on Monday anti-China sanctions were announced over the Uighur crackdown. And somewhat underreported on the same day were EU sanctions against two Russian officials for “persecuting gay and lesbian people in the southern Russian region of Chechnya.”

Lavrov on Tuesday issued his fiercest words yetdeclaring the EU has “destroyed” Russia’s ability to have relations with Brussels. He said “there are no relations with the EU as an organization. The entire infrastructure of these relations has been destroyed by unilateral decisions made from Brussels.”

 

Via Russian Foreign Ministry, TASS

However, he did emphasize that while relations with the bloc are essentially non-existent, a handful of individual countries are still seeking positive ties with Moscow as they remain “guided by their national interests.” 

“If and when Europeans decide to eliminate these anomalies in contacts with their largest neighbor, of course, we will be ready to build up these relations based on equality,” Russia’s top diplomat added. 

Lavrov went so far as to threaten the breaking off of any diplomatic contact with the EU altogether if it begins attempting to hit “sensitive parts of the economy” with punitive measures, adding the caveat that “of course we do not want to isolate ourselves from living in the world, but we must be ready for this. If you want peace, prepare for war.

Standing alongside Lavrov, Wang Yi Chinese Foreign Minister similarly rejected outside criticisms and attacks on both governments

Wang sharply criticized coordinated sanctions against Beijing by the EU, Britain, the US and Canada over human rights abuses against Uyghur Muslims in China’s far western Xinjiang region.

“Countries should stand together to oppose all forms of unilateral sanctions,” Wang said. “These measures will not be embraced by the international community.”

Lavrov said Russia and China both viewed the US as seeking to rely on Cold War military alliances to undermine the “international legal architecture.”

Interestingly, Lavrov highlighted that Moscow and Beijing see Washington as attempting to strengthen the West’s Cold War military alliances ultimately to undermine developing multi-polarity and the “international legal architecture”.

By the time of the Tuesday joint Russia-China press conference, Beijing had retaliated with sanctions of its own on no less than ten European officials and four institutions charged with “damaging China’s interests”.

end

UKRAINE/TURKEY/USA/RUSSIA

How Russia’s former allies are evading the dollar trap (unlike Turkey)

(Tom Luongo)

Evading The Dollar Trap

 
WEDNESDAY, MAR 24, 2021 – 05:00 AM

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

This report from RT from last week is the kind of thing that feels like a press release from Russia.  It’s to let everyone know that whatever happens next the Russians are prepared for it.

The key to understanding what’s happening here is the following:

Within the Eurasian Union, consisting of former Soviet republics Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan, trade using foreign currencies such as the US dollar and Euro hasdropped to around a quarter of transactions.

With Russia coming forward internally, capable now of building and supporting a commercial airplane industry, their relationships across central Asia and transacting in local currencies becomes a ‘rising tide lifts all boats’ situation with Russia as the central node.

This is the multi-polar world in microcosm, a central Asia trading independently of the West’s banking system. This is the essence of evading the dollar trap, building a stronger regional economy.

To that end Russia’s commitment to building a much bigger IT economy also bears noting. Today’s Press Review from Tass is quite a wealth of information.

According to Vedomosti, in the near future, the document will be submitted to the Prime Minister to be signed. According to IDC, in 2020 the volume of Russia’s IT market reached $24.18 bln. So, in 2024, if the plans of the Ministry of Digital Technologies are implemented, its volume will approach the $50 bln mark.

Couple this with the revolution happening in crypto, to bring banking and savings services to the unbanked, and I see a massive groundswell happening over the next ten years if this is allowed to continue.

Which is why, of course, it won’t be.

It’s why FOMC Chair Jerome Powell is out there trashing Bitcoin while capital flees the pronouncements of half-clueless/half-rapacious (a dangerous combination to say the least) central bankers.

What I’m worried about now is an all-out attempt to start a war in Ukraine which forces Russia’s hand there.  It’s an election year in Russia.  Putin’s handling of a crisis in the Donbass will be critical to what happens next.  This is why the Navalny cult of personality they are desperate to create is so important. 

Watch the headlines out of Ukraine carefully.  They are becoming more and more disturbing with Turkish drones and artillery flooding the contact line between Ukraine and the Donbass. EU/Russian relations are now ‘officially’ at an ‘all-time low’ as they are with the U.S. after Biden’s ridiculous statement on ABC last week.

Herr Schwab of the World Economic Forum will not be denied until someone finally puts him in his place. His Great Reset must be obeyed. And the Russians are making very clear that they will keep preparing for the worst while hoping for the best. NATO will have to make the first move because Putin’s strategy is asymmetric.

I expect Erdogan in Turkey will act as the West’s proxy.

And, unfortunately, that ultimately means a sincere loss of potency in the U.S. military. In other words provocations won’t cut it, actions will and when, not if, Ukraine attacks later this year we’ll find out who’s bluffing whom. I don’t doubt our ability on the battlefield, I doubt our will to risk it against a major military power like Russia and Europe’s will to host the conflict.

In the meantime, foreign investment into Russia improves despite sanctions and threats (thanks, I think to capital flight from an intentionally dysfunctional Europe) which is building a much different financial foundation than the one built exclusively on oil and gas exports during the early years of Putin’s rule out of sheer necessity.

That is the path to evading the next phase of attack, diversifying trade and investment out of dollars and euros. As I talked about over the weekend, it looks to me the Fed is intentionally strengthening the dollar to foment global chaos.

 END

Robert H to me:

Russian  tanks are moving through Belarus toward the border of Poland and Lithuania, it is quite an explicit message to NATO

More NATO advisers on ground in Ukraine now.
If war comes it will be soon to avoid the mud of spring. 
Complete madness ! 
I will imagine that should actual hostilities break out watch for China to move on Taiwan. 
And markets will go nuts 
 
end
 
 
AND THEN THIS:
 

Belarus

 
 
 
 
 
 
 
25,000 + troops on the move to it’s western borders, Russia has with active radar a extended no fly zone over Belarus with Russian jets on a very short ready status.. like airborne within minutes
Whether both sides are tested each other’s response times in preparation for some thing imminent or down the road is not entirely clear
Russian/Belarusian exercises should have ended on Sunday while NATO exercises are ongoing
I cannot believe that Ukraine is dumb enough to attempt self destruction by attacking Russia even with western prodding
Situation bears being aware of, but perhaps it will turn  out to be a nothing burger
end

6.Global Issues

ISRAEL/ INDIACOVID VACCINE/ORAL
Testing on first oral vaccine in June//Oramed Pharmaceuticals in conjunction with India based Premas
(ZEROHEDGE)
 

“Like Taking A Vitamin Pill” – World’s First Oral COVID Vaccine Nears Human Trials

 
TUESDAY, MAR 23, 2021 – 11:05 PM

For the first time since the pandemic, a COVID vaccine in pill form is set to enter the first phases of clinical trials within months.

The company working on the drug (a JV of Israeli-American Oramed Pharmaceuticals and India-based Premas Biotech), announced in a press release that it hopes to begin the first phase of clinical trials for its drug Oravax in humans by June.

Oral vaccines are an option being assessed for “second-generation” vaccines, which are designed to be more scalable, easier to administer, and simpler to distribute.

An oral vaccine could “potentially [enable] people to take the vaccine themselves at home,” Nadav Kidron, CEO of Oramed, said in the release.

The capsules would become particularly useful if COVID-19 vaccines are eventually “recommended annually like the standard flu shot,” he added. 

Prabuddha Kundu, co-founder of Premas Biotech, told Indian media that administering the vaccine would be “like taking a vitamin pill” and that “we are more than 100% sure that the technology works and is promising.”

Results from the preliminary animal tests would soon be published in a scientific journal, he added.

The news comes as Pfizer announces the beginning of human trials of a new anti-viral pill to treat the coronavirus that could be used at the first sign of illness.

If it succeeds in trials, the pill could be prescribed early on in an infection to block viral replication before patients get very sick. The drug binds to an enzyme called a protease to keep the virus from replicating. Protease-inhibiting medicines have been successful in treating other types of viruses, include HIV and Hepatitis C.

Among major drugmakers, Merck & Co. has one of the few coronavirus pills that is far along in human testing. Its experimental antiviral drug molnupiravir works by a different mechanism than the Pfizer drug and is in late-stage human trials.

However, ‘pillifying’ the vaccine will make it easier to convince people to take the X doses per year we all ‘need’ for the rest of our lives.

One word: Soma

“Swallowing half an hour before closing time, that second dose of soma had raised a quite impenetrable wall between the actual universe and their minds.”

END
 
NEW ZEALAND
Failed auction causes the Kiwi currency to plunge along with yields on their 10 yr bond
(zero hedge)

Kiwi QE Fail: NZ Bond Yields Plunge After Failed QE Operation

 
WEDNESDAY, MAR 24, 2021 – 08:14 AM

The small nation of New Zealand, with its highly experimental central bank has been increasingly in the news lately, and one day after we reported that the kiwi tumbled after the government targeted housing speculators to burst a “dangerous” bubble (giving the central bank leeway to keep rates lower for longer and depressing the currency), on Wednesday it was the turn of New Zealand 10Y Yields to plunge, after a failed QE operation saw 10Y NZ bonds slide by a whopping 17bps dragging the NZDUSD further from about 0.7170 this time yesterday to about 0.6870 this morning.

The chaos broke out early on Wednesday local time when the RBNZ announced that its QE buying operation failed to find enough offers to meet target of NZ$220MM buying just NZ$152MM. The shortfall came from the Apr 2025 issue, where of the NZ$92MM in offers, just NZ$52m accepted vs target NZ$120MM/

The news sent N.Z. 10-year bond yields fall as much as 17bps, with short-end rate hike pricing continuing to unravel in a continuation of Tuesday’s move after fresh measures to cool rising housing prices were introduced. There are now just around 20bps hikes priced by the end of 2022 versus 35bps on Monday

The AUDUSD was dragged down in sympathy with it. New plans to curb property markets by PM Ardern may have also been a contributing factor, but as ING muses, “maybe investors are becoming more reluctant to part with bonds at these yields?”

END

Michael Every on the day’s big stories

(Michael Every)

Rabo: Central Banks Can Stop A 1937 Or A 1929… They Are Powerless To Stop A 1789 Or A 1939

 
WEDNESDAY, MAR 24, 2021 – 02:55 PM

By Michael Every of Rabobank

“Correct Their False Path”

Yesterday’s market movements were clearly risk off. Key bond yields were lower; equities were lower; oil was lower; and the USD was higher, except against JPY. One can stoically say “stochastic”, but there was no obvious trigger for this shift in sentiment. It wasn’t as if higher bond yields pushed stocks down; it wasn’t as if higher energy prices pushed everything else down either.

Some of the financial commentary this morning is trying to explain that assets were out of line with reality: Never! I already pointed out a key indicator of “inflarted” asset valuations this week. It also says that stimulus can’t just go on forever. Really? That’s not the meme we have been sold for months, or the one central banks are still adamantly sticking to. In short, the simple message is that markets had to “correct their false path” *shrug*. Logically, one could argue that there are key risk-off drivers out there, however:

  • Germany is going into further lockdown until at least 18 April, warning of a whole “new pandemic”, and meaning a third of 2021 is a write-off. This underlines the degree to which the virus is still out there despite markets pricing for full global health for months;

  • Hong Kong has made clear it won’t be removing lockdown until 50% of the population are vaccinated (it’s now around 5%), and the UK –way ahead on vaccinations– says foreign summer holidays probably aren’t going to happen;

  • New Zealand’s targeting of housing investment via taxes is a harbinger that populism is not actually going to be popular with all markets…and housing may be an easy target;

  • US Treasury Secretary Yellen was yesterday also stressing the need for tax hikes;

  • Massive market volatility in Turkey, despite its endogenous origins, could still spill over into the broader EM complex if it escalates. It again underlines politics can rain on the market parade; and

  • The Suez Canal is blocked by a giant Chinese vessel, and there doesn’t seem to be a plumber.

Naturally, markets or algos will soon remember that vaccines in pill form are being floated; HK is just HK and NZ is only NZ; Cornwall and Devon are lovely; taxes are for the little people; Turkey is Turkey; and there is always a cheap plumber in a globalised economy. Yet where market correction and reality overlap is that “correct their false path” is also the message China just delivered to the German ambassador. Allow me to unpack the implications of this.

China’s aggressive counter-sanctions imposed on the EU over the latter’s largely-symbolic sanctions China were not imposed on the UK, US, or Canada. This was either oversight or deliberate. If oversight, expect further Chinese actions and a souring of global relations – and a drift to a deterioration in trade and capital flows markets despise. If deliberate, China is picking out the EU as a weak link, and focusing on Germany in the belief its corporates are the best leverage to prompt Europe to ‘see the error of its ways’ (i.e., standing at the back and saying ‘Yeah’ while the US and Australia shout, and Australia and Canada take the punches). In which case, China does not understand that even in the EU, politics can trump economics. Spines are now stiffened, and the European parliament has made clear it will not pass the China investment deal while its own members (and their families) are under sanction. Yet Beijing is extremely unlikely to blink: and so we again risk souring global relations snowballing into a deterioration in trade and capital flows.

History, like markets until the last few weeks, seems to be happening on fast forward: and I reiterate this matters far more than markets grasp.

Commentary correctly points out the S&P just had its best 12-months since 1936, where it rose 27.9%; they also point out what happened in 1937, where it collapsed 38.6%. Is this episode going to be repeated? It seems extremely unlikely central banks are going to repeat that particular error –premature policy tightening– to precipitate a similar crash. So all is well then? Not really.

While central banks can stop a 1937 or a 1929, they are powerless to stop a 1789 or a 1939 or a Cold War: and 1937 being a year closer to 1939 is arguably the more worrying analogy as geopolitical tensions escalate. We just saw another US defence official warning about the risk of hot war over Taiwan, for example. Moreover, tech giant Intel is about to boost US semiconductor production via a USD20bn pair of new Arizona plants. Yes, we have a major supply squeeze in the industry all of a sudden, but plants take time to come on line: and what does the firm now see that the economics/market forces of where plants are located didn’t seem to make clear to it until recently? Back in July 2020 Intel was considering outsourcing production to other firms and countries (such as Taiwan).

I am not saying the market is suddenly pricing for the geopolitical backdrop: it clearly isn’t – even if it will react to individual events and individual firms reacting to it. Indeed, the retort I often get is that markets in general don’t even know *how* to price for this kind of thing at all, so don’t even try. To which, in a Taleb-ian sense, ask yourself: “How often would you and yours eat in a family restaurant with a reputation for being bombed?” – even if the steak frites are to die for. Of course, as we already see, not eating out means lower interest rates anyway, so perhaps there really isn’t a problem!

In short, one can worry about central banks tightening, and that would certainly see markets correct their false path;

One can worry about central banks not tightening, and that would see markets on an even falser path;

Yet one should worry most about the geopolitics of “correct their false path” – and that central banks are not able to do a thing about the path of history, wherever it is leading us.

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

 

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

Euro/USA 1.1831 DOWN .0009 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 /RED EXCEPT SPAIN

USA/JAPAN YEN 108.68 UP 0.168 (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 1.3709   DOWN   0.0022  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2578 DOWN .0011 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  WEDNESDAY morning in Europe, the Euro FELL BY 9 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1831 Last night Shanghai COMPOSITE DOWN 44.45 PTS OR 1.30% 

//Hang Sang CLOSED DOWN 579.24 PTS OR 2.03% 

/AUSTRALIA CLOSED UP 0,39%// EUROPEAN BOURSES ALL RED EXCEPT SPAIN

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED EXCEPT SPAIN

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 579.24 PTS OR 2.03% 

/SHANGHAI CLOSED DOWN 44.45 PTS OR 1.30% 

Australia BOURSE CLOSED UP 0.39%

Nikkei (Japan) CLOSED DOWN 590.40  POINTS OR 2.04%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1729.75

silver:$25.24-

Early WEDNESDAY morning USA 10 year bond yield: 1.625% !!! DOWN 1 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.329 DOWN 1  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 92.47 UP 13 CENT(S) from  TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing  WEDNESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.16% DOWN 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.08.%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.28%//DOWN 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.60 DOWN 1 points in basis points yield from yesterday./

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

GERMAN 10 YR BOND YIELD: FALLS TO –.35% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 0.95% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY

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

Euro/USA 1.1835  DOWN     .0005 or 5 basis points

USA/Japan: 108.87 UP .352 OR YEN DOWN 35  basis points/

Great Britain/USA 1.3718 DOWN .0013 POUND DOWN 13  BASIS POINTS)

Canadian dollar UP 40 basis points to 1.2549

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan  ,CNY: closed    ON SHORE  (DOWN)..6.5246

 

THE USA/YUAN OFFSHORE:  6.5244  (YUAN DOWN)..

 

TURKISH LIRA:  7.91  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.08%

Your closing 10 yr US bond yield UP 1 IN basis points from TUESDAY at 1.638 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.343 UP 1 in basis points on the day

Your closing USA dollar index, 92.50 UP 16  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 8.82  0.23%

German Dax :  CLOSED DOWN 66/46 POINTS OR .45%

Paris Cac CLOSED UDOWN 0.62 POINTS 0.01%

Spain IBEX CLOSED UP 16.50 POINTS or 0.20%

Italian MIB: CLOSED UP 78.12 POINTS OR 0.32%

WTI Oil price; 37.40 12:00  PM  EST

Brent Oil: 39.75 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    76.39  THE CROSS LOWER BY 0.02 RUBLES/DOLLAR (RUBLE HIGHER BY 2 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.35 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 :  60.78//

BRENT :  64.02

USA 10 YR BOND YIELD: … 1.616..down 1 basis points…

USA 30 YR BOND YIELD: 2.308 down 2 basis points..

EURO/USA 1.1868 ( DOWN 26   BASIS POINTS)

USA/JAPANESE YEN:108.68 UP .120 (YEN DOWN 12 BASIS POINTS/..

USA DOLLAR INDEX: 92.58 UP 25 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3686 DOWN 45  POINTS

the Turkish lira close: 7.93

the Russian rouble 76.48   DOWN 0.07 Roubles against the uSA dollar. (DOWN 7 BASIS POINTS)

Canadian dollar:  1.2577 UP 12 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.35%

The Dow closed DOWN 3.09 POINTS OR 0.01%

NASDAQ closed DOWN 218.91 POINTS OR 1.68%


VOLATILITY INDEX:  21.28 CLOSED UP .78

LIBOR 3 MONTH DURATION: 0.201%//libor dropping like a stone

USA trading today in Graph Form

Tech Wrecks As Bitcoin, Black Gold, & The Buck Burst Higher

 
WEDNESDAY, MAR 24, 2021 – 04:00 PM

Global supply-chain fragility was once again exposed as a giant container ship got stuck sideways in the Suez Canal (through which a major percentage of global trade and energy supply flows).

Still could have been worse…

The possibility of 13-15-day delays if tankers are forced to ‘go around’ sparked a panic-bid in crude oil (despite significant crude builds). This was WTI’s best day since early Nov (the vaccine headlines)…

The dollar was also bid, back to 2-week highs…

Source: Bloomberg

And bitcoin surged overnight, back above $57, but faded late on as the dollar extended gains…

Source: Bloomberg

Small Cap and Big-Tech stocks were clubbed like a baby seal…

On the week, it’s a Small Cap collapse (down over 6%) as all the other majors revert back to unch (Nasdaq and Small Caps are red for March now)…

Ugly days for hedgies’s favorite holdings as “Most Shorted” stocks also tanked…

Source: Bloomberg

Cruise Lines crashed back to earth after CDC guidelines were extended to Nov…

Source: Bloomberg

Cathie Wood’s Empire continued to collapse again…

GME was monkeyhammered down 30% today after the earnings call failed to inspire…

INTC had a wild ride today, from overnight exuberance to utterly dumped by the close…

So tech is now wrecking as bond yields tumble?

Source: Bloomberg

Bonds rollercoastered (bid during Asia, dumped during Europe, bid during US), but ended lower in yield on the day (10Y -2bps)…

Source: Bloomberg

This is the 3rd daily yield drop in a row, the longest streak since Dec 14th…

Source: Bloomberg

Commodities were mixed with crude surging (see above) as copper dipped and PMs were flat.

Source: Bloomberg

Finally, US Macro Surprise Index data has tumbled to its weakest since early June this week…

Source: Bloomberg

And in case you wondered why stonks have basically gone nowhere for a while, it’s The Fed stupid (and their central bank peers)…

Source: Bloomberg

Time to crank up the printing press once more because ‘stable’ asset prices is not good enough.

END

a)Market trading/LAST NIGHT/USA

 
 

b)MARKET TRADING/USA//Non farm payrolls

 
 

ii)Market data/USA

Seems everything shut down in Feb: today durable goods

(zerohedge)

Durable Goods Orders Unexpectedly Tumble In February

 
WEDNESDAY, MAR 24, 2021 – 08:36 AM

After a surprisingly large jump (+3.4% MoM) in January, analysts expected slower growth in preliminary February data but instead it tumbled 1.1% MoM (+0.5% MoM exp). This is the first drop since April and slows the annual gain to +2.3% YoY (which of course will explode next month against March plunge comps).

Source: Bloomberg

These are orders – so are not affected per se by any global supply chain disruptions.

Core capital goods orders, a category that excludes aircraft and military hardware and is seen as a barometer of business investment, dropped 0.8% after an upwardly revised 0.6% gain.

And Capital Goods Shipments non-defense also dropped for the first time since April.

Source: Bloomberg

There could be some weather-related impacts but this is not a good sign for an economy which is supposedly ‘recovering’.

end
Stagflation + inflation with new growth
(zerohedge)

Stagflation Strikes As PMIs Signal Slowing Production, Soaring Costs

 
WEDNESDAY, MAR 24, 2021 – 09:57 AM

Despite ongoing weakness in ‘hard’ data, preliminary US ‘soft’ survey data from Markit showed that both the Manufacturing and Services side of the economy improved (albeit marginally) in March.

  • The Services PMI registered 60.0 in March, up from 59.8 in February to signal the strongest service sector output expansion since July 2014.

  • The Manufacturing PMI printed 59 in March, up from 58.6 in February, just below January’s cycle high.

Source: Bloomberg

On the manufacturing side, new orders rise to 60.8 vs 57.4 in Feb. (the highest reading since June 2014) and the ninth consecutive month of expansion.

But the big headlines were all about inflation… and its catastrophic:

Service Costs Soaring:

Reports of ongoing supply chain issues led to marked hikes in input costs across the service sector during March.

The rate of input price inflation was the sharpest since data collection began in late-2009. Firms were able to partially pass higher costs through to clients, however, as selling prices rose at the fastest pace on record.

Manufacturing Costs Soaring:

Amid substantial supplier shortages and input delays, manufacturing firms registered the fastest rise in input costs for a decade in March.

At the same time, firms sought to partially pass greater input prices through to clients, with the rate of charge inflation the sharpest on record. 

Commenting on the PMI data, Chris Williamson, Chief Business Economist at IHS Markit, said:

Another impressive expansion of business activity in March ended the economy’s strongest quarter since 2014. The vaccine roll-out, the reopening of the economy and an additional $1.9 trillion of stimulus all helped lift demand to an extent not seen for over six years, buoying growth of orders for both goods and services to multi-year highs.

“Producers were increasingly unable to keep pace with demand, however, due mainly to supply chain disruptions and delays. Higher prices have ensued, with rates of both input cost and selling price inflation running far above anything previously seen in the survey’s history.”

Adjusted for seasonal factors, the IHS Markit Flash U.S. Composite PMI Output Index posted 59.1 in March, down slightly from 59.5 in February, to signal the second-fastest private sector upturn for six years.

Finally, it is increasingly clear that stagflation is here:

“firms sought to partially pass greater input prices through to clients, with the rate of charge inflation the sharpest on record.

“firms commonly reported slower output growth due to a lack of raw materials to fulfil new orders. The rate of production growth was the slowest since last October.”

Of course, The Fed will shrug this off as “transitory” – it’s not, as we detailed here – or merely blame it on climate change!?

end

Lousy 5 year auction today portends an awful 7 yr auction tomorrow:  last month that auction sparked turmoil in the bond market

(zerohedge)

Lousy 5Y Auction Flashes Red Ahead Of Tomorrow’s Critical 7-Year

 
WEDNESDAY, MAR 24, 2021 – 01:14 PM

After yesterday’s massive 2Y auction went swimmingly, nerves were soothed ahead of tomorrow’s closely watched 7Y “bellybuster” auction because, as a reminder, it was the catastrophic 7Y auction that sparked turmoil in the bond market.

But maybe that was a bit premature because moments ago the US Treasury sold a record $61BN in five year paper…

… in what could best be described as a subpar auction.

The auction stopped at what was once seen as a red-line for 5Y paper, 0.850%, tailing the When Issued 0.847% by a somewhat concerning 0.3bps. Putting the lousy 1pm performance in context, this was the 4th auction in the last 5 when the 5Y has tailed.

The bid to cover was a modest improvement from last month’s 2.24 (which like today, took place just before the disastrous 7Y auction), but was just below the six-auction average of 2.38.

The internals were also disappointing: the Indirects took down 58.1%, which was one percent higher than February but below the 59.2% recent average. And with Directs taking down more (like in yesterday’s 2Y auction), allotted 16.6% of the auction, up from 14.4% last month and above the 15.4% average, Dealers were left holding a quarter of the auction, right in line with the six-auction average and modestly below last month’s 28.6%.

Overall, this was a decidedly uglier auction than yesterday’s 2Y, and one which all else equal, suggests that tomorrow’s critical 7Y auction could face some significant headwinds, especially if the rates selloff observed today which pushed the 10Y from 1.59% to 1.64% accelerates.

iii) Important USA Economic Stories

BORDER MESS

Here is a detailed account on what is going on at the border with respect to the retention centres.

(Cuthbertson/EpochTimes)

“Our Defenses Are Down” – Border Agent Gives ‘Insider’ Account Of Over-Crowded Facilities

 
TUESDAY, MAR 23, 2021 – 10:05 PM

Authored by Charlotte Cuthbertson via The Epoch Times,

The family-unit holding cells smell like urine and vomit. Fights break out in the unaccompanied-minor cells. Scabies, lice, the flu, and COVID-19 run rampant.

Up to 80 individuals are squeezed into each 24- by 30-foot cell, and there aren’t enough mattresses for everyone. Sheets of plastic divide the rooms.

“Any diseases that are in there, it’s being kept in there, like a petri dish. The smell is overwhelming,” a Border Patrol agent said, describing the conditions in a facility in south Texas.

The agent, Carlos (not his real name), spoke to The Epoch Times on condition of anonymity, for fear of repercussions.

Border Patrol agents on the front lines are getting so frustrated that they’re now risking their livelihoods to reveal what’s really going on in the illegal immigrant processing facilities.

One or two agents are left to control 300 to 500 people during a shift. No agent wants to report physical or sexual assaults between the aliens because they’ll get blamed for “letting it happen.” They’re also forced to separate a child from an extended family member because he or she is not a biological parent.

The number of unaccompanied minors—children under 18 who arrive without a parent—is buckling the system. The law requires Border Patrol to prioritize unaccompanied minors and transfer them to the Department of Health and Human Services within 72 hours.

“We’re getting them out of here as quickly as possible, but we are so overwhelmed right now,” Carlos said.

“It used to be easy to get them out in 72 hours. Not anymore. They’re staying here for 10, 12 days. It’s horrible.”

So far this fiscal year (from Oct. 1, 2020), Border Patrol has apprehended more than 29,000 unaccompanied children crossing the border illegally. In all of fiscal 2020, just over 33,000 were apprehended, according to Customs and Border Protection (CBP) statistics.

This year’s numbers are on a trajectory to surpass the 2019 crisis numbers, when 80,634 minors were apprehended.

CBP declined to provide the number of unaccompanied minors currently being held. “In general, CBP does not provide daily in-custody numbers, as they are considered operationally sensitive because CBP’s in-custody numbers fluctuate on a constant basis,” CBP spokesman Nate Peeters wrote in an email to The Epoch Times on March 23.

Health and Human Services confirmed on March 23 that its Office of Refugee Resettlement is holding approximately 11,350 children.

CBP and Health and Human Services have opened several extra facilities to deal with the influx, with the latest being the San Diego Convention Center.

Carlos confirmed that the majority of unaccompanied minors coming across the border already have parents or family members in the United States.

“Everybody that shows up here – even if it’s a 3-year-old kid with no one around – they all have an address on them. And they’ll give it to you: ‘Here’s my address; this is where you are sending me,’” Carlos said.

“And that’s what we do. This is the way we are being played.”

Most of the unaccompanied minors come from the Central American countries of Honduras, Guatemala, and El Salvador.

“We’re dealing with a different culture who’s not afraid to send all their kids under the age of five, knowing they’re going to get raped, knowing they’re going to get killed,” Carlos said.

“You talk to the adults or the teenagers and they’ll tell you, ‘They raped three or four girls, and they kicked them off the trains.’ They’re going to die.”

Two-thirds of migrants traveling through Mexico report experiencing violence during the journey, including abduction, theft, extortion, torture, and rape, according to Doctors Without Borders (MSF), which has been providing medical and mental health care for migrants and refugees in Mexico since 2012.

Almost 1 in 3 women surveyed by MSF said they had been sexually abused during their journey—60 percent through rape.

Border Patrol agents apprehend about two dozen illegal immigrants in Penitas, Texas, on March 11. 2021. (Charlotte Cuthbertson/The Epoch Times)

Families Released

A new directive from the Biden administration is allowing for family units to be released into the interior of the United States without a notice to appear—the paperwork that states the date an illegal immigrant must turn up in court to plead their case.

“There’s no repercussions. I’m not even going to give you a court date. You don’t even have to show up at court if you don’t want to. It’d be nice, but you don’t have to. That word gets out immediately. And I mean overnight,” Carlos said.

He said it’s now common knowledge that if you bring a child, you’ll be quickly released into the United States. They’re being transported all over the country, but popular destinations include Houston, New York, and California, as well as Maryland and Washington, D.C.

“They’ll put them in a hotel for a couple of days until their flight is ready to fly them to where they are going. That’s tax dollars,” Carlos said.

“There’s no end in sight. The people that we’re apprehending are warning us of the larger caravans that are on their way.”

He said President Joe Biden’s rollback of the Trump administration’s border policies is the direct cause of the surge.

“One hundred and ten percent. They were already ready before Biden was even in office. They knew that the doors were going to be open. And now we’ve got a point where we cannot stop it,” he said.

The administration hasn’t allowed media to access the processing facilities and, according to agents, it’s even requiring that agents in the field move illegal aliens they apprehend onto private land to process them.

“Keep trying until you find us on a public road. But we’ve been instructed to move all the traffic onto ranches to make sure there’s no public eye,” an agent said.

Biden’s strict on that. Trump was a different story. This administration is a no-go on media, I’m guessing because they don’t want to let the word out on what’s going on here on the border—to make him look good.”

Carlos said the agency has stopped dropping illegal immigrants off directly at bus stations now. “We were given strict orders from Washington, D.C., that that ceases—it’s drawing too much attention,” he said.

Now they drop the illegal immigrants nearby or at a local NGO facility near the bus station, he said.

The administration hasn’t yet called the current situation a crisis, and Biden said on March 21 that he’ll visit the border “at some point.”

Illegal border crossers, mostly from Central America, are dropped off by Customs and Border Protection at a bus station in the border city of Brownsville, Texas, on March 15, 2021. (CHANDAN KHANNA/AFP via Getty Images)

‘Our Defenses Are Down’

Morale among Border Patrol agents has plummeted, Carlos said. “The attrition rate right now is ridiculous,” he said. “We don’t want to work for the Border Patrol anymore. It’s not the Border Patrol.”

During the Trump era, agents felt “empowered” to do their jobs, he said. “Whatever deals he made, everything was working just fine. Now we’ve got this trash.”

As agents get moved to deal with the increase in family units and unaccompanied minors, the smuggling organizations and cartels move drugs and other individuals through other, unpatrolled areas.

“Our manpower is being depleted because we need to go babysit these people, move them as fast as possible to release them into the country,” Carlos said.

“It’s ridiculous. We have no backup. We’re losing more than we’re catching. And it’s no secret.

“Our defenses are down. So if there’s anybody that we should be worried about, they know this is the time to come in. They know it.”

end
 
Sheer nonsense@!! Biden states that the migrant surge began under Trump.  To solve this dilemma he is now putting Kamala Harris in charge of the border crisis
(zerohedge)

Biden Says Migrant Surge Began Under Trump, Puts Harris In Charge Of Border Crisis

 
WEDNESDAY, MAR 24, 2021 – 03:14 PM

President Biden on Wednesday claimed without evidence that “This new surge we’re dealing with now started with the last administration,” referring to the crisis at the southern border, in what appears to be a full court press with the assistance of MSM surrogates to blame Trump for what’s going on.

If, by that, he meant the surge started moments after the MSM called the election for Biden on November 3rd, he may be technically correct – however as one can see below, the surge started in earnest last month.

 

Via CBP

That said, NBC News has Biden’s back, and front – reporting within minutes of Biden’s blame-game thathis transition team ‘sounded the alarm’ to the Trump administration on the need to increase shelter space for migrant children, which they expected to be crossing the border in large numbers – “but the Trump administration didn’t take action until just days before the inauguration,” according to two Biden transition officials.

“They were sitting on their hands,” said one anonymous Biden transition official, adding that it was “incredibly frustrating.”

The Biden transition team made its concerns about a lack of shelter space known to Trump officials both at the Department of Health and Human Services and the Department of Homeland Security, laying out the need to open an influx shelter in Carrizo Springs, Texas, and to issue what’s known as a “request for assistance” that would start the process of surveying new sites for expanded shelters, according to the transition officials. -NBC News

See how this works?

And if the Biden transition team knew the US government was ill-prepared to handle an ‘expected’ surge, why did Biden sign a pro-migrant Executive Order on day one?

Biden, meanwhile, is putting Vice President Kamala Harris in charge of the border crisis, senior administration officials announced on Wednesday.

Harris, who found something amusing about visiting the border earlier this week, will “lead efforts with Mexico, Guatemala, Honduras and El Salvador to manage the flow of unaccompanied children and migrant families arriving at the border in numbers not seen since a surge in 2019,” according to Axios.

Starting today, the Northern Triangle nations and Mexico will know there was one senior official dedicated to this effort. To be very clear, this is an important task,” a senior administration official told reporters during a conference call held just an hour before a White House event with Biden, Harris, DHS Security Secretary Alejandro Mayorkas, and HHS Secretary Xavier Becerra. 

More via Axios:

The announcement and high-level meeting, coming the same day the White House arranged a trip for senior aides and member of Congress to South Texas, illustrated the breadth of the administration’s efforts to get control of the problem.

  • Republicans say Biden is to blame for refusing to reinstate a Trump-era policy to expel unaccompanied minors, as well as more accommodating language the president’s own press secretary concedes is connected to the administration’s humanitarian values.

What they’re saying: “President Biden said during the transition, whatever the most urgent need, he would turn to the vice president,” one of the three officials briefing reporters said, “and today he is turning to the vice president.”

  • The first goal will be stemming the flow of illegal migrants to the U.S.
  • In a broader context, Harris also will work on establishing a strategic partnership with the Central American countries “based on respect and shared values,” another official said.
  • The work will be conducted with the understanding that “these countries are our friends and our neighbors. They are members of our shared community of the Americas and within the western hemisphere.”

*  *  *

So it’s Trump’s fault and Kamala is on itGot it.

Meanwhile… one can only imagine how the press would react if they were ushered out like this after a Trump ‘discussion’ on immigration.

end
 
Short seller Hindenburg Research strikes again on Lordstown Motors showing during a commercial shoot, the Endurance truck breaking down.
(zerohedge)

Lordstown Motors Shares Plunge After Hindenburg Research Strikes Again 

 
WEDNESDAY, MAR 24, 2021 – 03:19 PM

Shares of Lordstown Motors plunged on Wednesday after short-seller Hindenburg Research published pictures of the company’s Endurance truck breaking down ahead of a commercial last summer. 

“We received behind-the-scenes photos from a shoot ahead of the July 2020 commercial for the $RIDE Endurance. At the time, the company was 3 months from going public and claimed it would be delivering trucks to fleets “in early 2021,”” tweeted Hindenburg. 

One of the pictures shows the Endurance being taken away with a rollback tow truck. 

Hindenburg continued: “An onlooker explained that the Endurance broke down on the road mid-shoot, with workers struggling to push it onto a truck before calling a tow truck. The deal to take $RIDE public was announced on August 3rd, just 2 business days after the release of the commercial.” 

Shares of Lordstown Motors are down more than 8% this afternoon.

Earlier this month, Hindenburg published a report titled “The Lordstown Motors Mirage: Fake Orders, Undisclosed Production Hurdles, And A Prototype Inferno,” which accused the company of “fake orders.” 

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

Maybe Hindenburg is onto something here… 

end

iv) Swamp commentaries

 
 

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

Merkel Imposes Easter Lockdown, Extends Curbs [until April 18] in German Setback
“We are now in a very, very serious situation,” Merkel said at a news conference that started just after 2:30 a.m. in Berlin. “The case numbers are rising exponentially and intensive-care beds are filling up again,” she said, adding that the number of infections must come down to allow the country’s vaccination campaign to start taking effect… The impact of the resurgent pandemic is reverberating through the economy. Germany aims to borrow 240.2 billion euros ($286 billion) this year, officials said on Monday. The government is taking on just over 60 billion euros more debt than initially planned as it boosts spending to support lockdown-hit companies and fund increased testing and other measures…
https://finance.yahoo.com/news/merkel-agrees-lockdown-extension-pandemic-155002309.html

AstraZeneca’s U.S. coronavirus vaccine trial data may have been ‘outdated,’ ‘incomplete,’ NIH agency says – Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, told The Washington Post on Sunday, before new questions were raised by the monitors, “The data look good. The numbers don’t lie.”  After the monitors raised a yellow flag, Fauci said on Tuesday morning that it was “really what you call an unforced error because the fact is this is very likely a very good vaccine.”
    Speaking on ABC’s “Good Morning America” Fauci said, “This kind of thing does, as you say, do nothing but really cast some doubt about the vaccines and maybe contribute to the hesitancy.”…
https://www.thegazette.com/subject/news/nation-and-world/astrazenecas-us-coronavirus-vaccine-trial-data-may-have-been-outdated-incomplete-nih-agency-says-20210323

@CNBCJulianna: AstraZeneca says data cut-off was Feb 17. Intends to issue results of primary analysis within 48 hours. Preliminary assessment suggests results are consistent with interim analysis.
https://astrazeneca.com/content/astraz/media-centre/press-releases/2021/update-following-statement-by-niaid-on-azd1222-us-phase-iii-trial-data.html

US New Home Sales Fall to Nine-Month Low Following Bad Weather
Purchases of new single-family homes decreased 18.2% — the sharpest decline since July 2013 — to a 775,000 annualized pace from an upwardly revised 948,000 rate in the prior month, government data showed Tuesday. The median forecast called for an 870,000 pace. Sales dropped in all regions across the U.S…  https://www.bloombergquint.com/business/u-s-new-home-sales-plunged-during-month-of-inclement-weather

Fed’s Powell tells lawmakers inflation risk remains low – BBG

Powell, Yellen and Brainard voiced concern about climate change.  When will someone ask these clowns to explain what the Fed is going to do to effectively fight climate change?

Fed’s Brainard: Climate Change Is Already Imposing Substantial Economic Costs
https://www.wsj.com/articles/feds-brainard-climate-change-is-already-imposing-substantial-economic-costs-11616520320

ESMs and stocks fell sharply near the end of the dastardly duo’s testimony, which we warned was likely.

This might be the reason for the sudden decline: Fed’s Kaplan says he is among policymakers expecting rate hike in 2022 http://reut.rs/3vUCSY0

The afternoon decline stalled from 13:05 until 14:10 ET.  ESMs then tanked after the VIX Fix.  The tumble ended with the commencement of the last-hour upward manipulation attempt.  The rally ended within 7 minutes; ESMs and stocks tanked to new session lows.  A modest rally appeared at 15:50 ET.

USPS seeks 3-cent increase for first-class mail (to 49 cents) [Is this 6.5% hike transitory, Jerome?]
https://finance.yahoo.com/news/usps-seeks-3-cent-increase-151425272.html

Oil tumbled 6.17% on fear that Europe’s lockdowns will reduce demand.  Other industrial commodities also declined sharply.  The dollar soared, which forced precious metals lower.

250 CEOs and execs express ‘alarm’ over what could become the largest tax hike in New York history    https://www.cnbc.com/2021/03/23/250-ceos-and-execs-express-alarm-over-largest-tax-hike-in-new-york-history.html
Did the CIA pressure Yemen to release al-Qaeda propagandist Anwar al-Awlaki?
In the calls, the former CIA director can be heard pressuring Saleh to release a detained individual involved in Al Qaeda’s bombing attacks on USS Cole in October of 2000, which left 17 dead and 37 injured…George Tenet is the second-longest serving director of the CIA. Originally appointed by Bill Clinton, he oversaw the Bush administration’s response to the September 11 attacks
Tenet told 9/11 investigators that he had not met with President Bush in the month prior to the attacks, but was later corrected by a CIA spokesman that same evening, who said he did.  A CIA Inspector General inquiry accused Tenet of failing to do enough to prevent the attacks…
    Tenet was “too busy schmoozing with foreign leaders… that he forgot that his job was to manage the intelligence community,” former CIA analyst Ray McGovern has said…
    Al-Awlaki’s name increasingly surfaced in connection to high-profile terrorist attacks on Western targets…The following year [2011], the CIA liquidated al-Awlaki with a drone strike, thus silencing a former agency asset…  https://thegrayzone.com/2021/03/22/cia-yemen-al-qaeda-anwar-al-awlaki/  [How bad is the CIA?]

NC Election Official Admits She Changed Laws, Calls Them “Rules”: Do Trump Supporters Get Equal Protection? [Where is the GOP on the numerous reports of 2020 vote fraud/illegalities?]
https://djhjmedia.com/kari/nc-election-official-admits-she-changed-laws-calls-them-rules-do-trump-supporters-get-equal-protection/

@MrAndyNgo: The suspect in the Boulder, Colo. mass shooting where 10 were murdered has been identified as Ahmad al-Issa. He was first described as a white male. His social media, which is now deleted, show he was a religious Muslim who posted frequently about “Islamophobia.”  Ahmad al-Issa, the suspect in the Boulder, Colo. mass shooting, has had his social media removed. What posts some manage to see & screenshot show he identified as a Muslim & had grievances against Trump, US refugee settlement & Islamophobia   https://twitter.com/MrAndyNgo/status/1374388189633208323

Obama on Boulder shooting: ‘Disaffection, racism and misogyny’ drives killings https://trib.al/JQgyQYT

@DailyMail: Boulder gunman, 21, is a wrestling fanatic with history of ‘paranoia’ and mental illness
https://www.dailymail.co.uk/news/article-9393985/Boulder-gunman-wrestling-fanatic-moved-Syria-three.html

The US has a mental health crisis; but officials are loath to address it.

President Biden: “We can ban assault weapons and high-capacity magazines in this country once again. I got that done when I was a senator. It passed, it was the law for the longest time and it brought down these mass killings. We should do it again.” https://cbsn.ws/3f8mE7q

@bennyjohnson: Biden again refuses to answer questions from the Press.
https://twitter.com/bennyjohnson/status/1374408189043568640

@MorningAnswer: Biden says he “won’t speculate” as to what happened in Colorado… 98% of gun violence is committed with a handgun. Reinstating the “assault weapons” ban will do nothing to reduce gun violence. A DOJ report that came out after the end of the last ban said as much.

GOP Rep @mtgreenee: Colorado has everything the left has asked for…Universal Background Checks; Red Flag gun seizure laws; “Hi-capacity” magazine bans…

Sen. Kennedy: U.S. has ‘idiot control problem’ not gun control problem, calls on Congress to enforce existing laws & slams bills targeting Second Amendment
https://www.oann.com/sen-kennedy-u-s-has-idiot-control-problem-not-gun-control-problem-calls-on-congress-to-enforce-existing-laws-slams-bills-targeting-second-amendment/

@disclosetv: FBI failed (again): Boulder shooting suspect Ahmad Al-Issa was known by the bureau before killing 10 with an assault rifle he bought one week ago, according to law enforcement officials

Migrant crisis forces Arizona border town to declare ‘state of emergency’
https://www.foxbusiness.com/politics/migrant-crisis-arizona-border-town-to-declare-state-of-emergency

@SenTomCotton: The left wants to let illegal aliens in because their home countries are violent.  But murder rates in Democrat-run cities like Baltimore are higher than El Salvador, Honduras, & Guatemala.  There’s no reason migrants shouldn’t move to safer parts of their own countries instead

Democratic Sen. Tammy Duckworth vows to stall Biden nominees over lack of Asians [Race 24/7] https://trib.al/ZJPyWP2

@WhitlockJason: The key race dividers are provided solid information and they act in concert. Racial influencers with 1+ million followers get tipped on what to promote. Example: Massage parlor shooting in Atlanta. It’s all organized. It’s not remotely organic or authentic.

Fifteen people, three fatally, were shot in Chicago on Monday.  No MSM coverage, no Biden remarks, no lowering of the WH flag to half past, no calls for a solution – all because Chicago deaths are contra to their narratives and cannot be used for political advantage.

Let us close with this interview of Bill Holter with Greg Hunter

The Losses are Hidden – Bill Holter

By  On March 23, 2021

Precious metals expert and financial writer Bill Holter has been predicting the financial system is going to go down sooner than later. He says the signs are the lies being told to the public to try to hold the system together. Holter explains, “If you look at everything, nothing is natural. Everything is contrived. We are lied to about pretty much everything 24/7. . . . They lied about everything regarding Covid. They have lied about the election. They are lying about the unemployment rate. They are lying about inflation. They are lying about the true amount of total debt outstanding. They are lying about everything. And one other tidbit, 36% of all dollars outstanding have been created now, were created in the last 12 months. Oh, and the Fed is no longer going to publish M2. . . . How can you make a business decision if you don’t know how much money is outstanding?”

This leads us to all the digital dollars sloshing around and Crypto currencies. Holter says, “Crypto currencies are a perceived exit from the system. They are perceived as a safe haven. If Bitcoin, which is nothing but digital air, can become $65,000 per unit, what can something real become worth?  What these crypto currencies are doing is illustrating a debasement of all the fiat currencies.”

Bill Holter says big loses in the financial world are being hidden from the public. Take real estate, for example.  Holter points out, “The average mall in the United States is appraised 60% lower than it was a year ago. That’s a 60% drop. It’s now worth 40%. There is debt on these things they owe. These malls were not bought, built and created out of cash. They were created with credit. So, now, the underlying collateral has crumbled, but because the bankruptcies, foreclosures and evictions have a moratorium on them, from single family homes all the way up to the malls, you are not actually getting to see the real pricing. The devastation has happened, but it’s not become public–yet. 11 million houses across the country are behind on their mortgage payments—11 million houses. . . . Putting that moratorium on means all that does is hide what really happened. . . . The central banks have become the buyers of last resort. . . . If it were not for the central banks (printing massive amounts of money), it would be game over. It’s not natural for the central banks to do what they are doing, but they have to because the system cannot survive without life support. This economy is a patient that has been on life support for more than 12 years.”

In closing, Holter says, “I have no idea on the timing. Could it be in April?  Yes, and it could be tomorrow. It is mathematical that the system will implode because there is more debt outstanding than can ever be repaid. That tells you there has to be a default. Either a default of non-payment or, the more likely and more politically acceptable, just smoke the currencies. Make the debt payable by devaluing them by 40% or 90%. Currencies are going to get smoked.”

Join Greg Hunter as he goes One-on-One with financial writer and precious metals expert Bill Holter of JSMineset.com.

The Losses are Hidden – Bill Holter

https://www.lemetropolecafe.com/pfv.cfm?pfvID=16747

-END-

 

Well that is all for today

I will see you FRIDAY night.

3 comments

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

    Like

Leave a Reply

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

WordPress.com Logo

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

Google photo

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

Twitter picture

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

Facebook photo

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

Connecting to %s

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