MARCH 26//B//GOLD UP $7.00 TO $1733.90//SILVER UP 5 CENTS TO $25.07//GOLD TONNAGE FINALIZES AT COMEX RISING TO 30.13 TONNES//SILVER REMAINS CONSTANT AT 58 MILLION OZ/OPEN INTEREST IN SILVER APRIL REMAINS HIGH INDICATING A 15 MILLION OZ INITIAL STANDING//APRIL GOLD ALSO EXTREMELY HIGH: WE MAY HAVE NORTH OF 130 TONNE STANDING//CORONAVIRUS UPDATES/VACCINE UPDATES//CHINA ENTERS TAIWAN AIRSPACE/GREENSILL FINALLY ENTERS BANKRUPTCY PROTECTION IN NY//CREDIT SUISSE CONTEMPLATING PAYING BACK INVESTORS FOR THEIR LOSSES ($3 BILLION)//TAIWAN DEVELOPING LONG RANGE MISSILES TO HIT MAINLAND CHINA//SUEZ CANAL BLOCKAGE: A HUGE GLOBAL SUPPLY DISRUPTION//ARGENTINA WILL DEFAULT AGAIN FOR THE NTH TIME//AMERICAN INCOME COLLAPSES IN FEB.//TRADE DEFICIT IN THE USA FOR GOODS WIDENS TO $86.7 BILLION DOLLARS//SWAMP STORIES FOR YOU TONIGHT///

GOLD:$1733.90 UP  $7.00   The quote is London spot price

Silver:$25.07 UP  $0.05   London spot price ( cash market)

your data…

 

Closing access prices:  London spot

i)Gold : $1732.80  LONDON SPOT  4:30 pm

ii)SILVER:  $25.07//LONDON SPOT  4:30 pm

PLATINUM AND PALLADIUM PRICES BY KITCO

PLATINIUM  $1177.00 UP $34.00

PALLADIUM: 2594.00 UP $64.00. PER OZ

 

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

end

DONATE

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

COMEX DATA

 
 
 

COMEX DATA

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

receiving today  28/213 

EXCHANGE: COMEX
CONTRACT: MARCH 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,724.900000000 USD
INTENT DATE: 03/25/2021 DELIVERY DATE: 03/29/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 1
072 H GOLDMAN 8
332 H STANDARD CHARTE 19
435 H SCOTIA CAPITAL 30
523 H INTERACTIVE BRO 6
624 H BOFA SECURITIES 35
657 C MORGAN STANLEY 1
661 C JP MORGAN 28
732 C RBC CAP MARKETS 212 1
800 C MAREX SPEC 85
____________________________________________________________________________________________

TOTAL: 213 213
MONTH TO DATE: 9,682

ISSUED: 0

Goldman Sachs:  stopped:  1

 
 

NUMBER OF NOTICES FILED TODAY FOR  MARCH. CONTRACT: 213 NOTICE(S) FOR 21,300 OZ  (0.6625 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  9682 NOTICES FOR 968200 OZ  (30.115 tonnes) 

SILVER//MAR CONTRACT

 

439 NOTICE(S) FILED TODAY FOR 2195,000  OZ/

total number of notices filed so far this month: 11,583 for 57,915,000  oz

BITCOIN MORNING QUOTE  $53,011   UP 850

BITCOIN AFTERNOON QUOTE.:  $53,153  UP 992 DOLLARS .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD UP $7.00  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO  CHANGES IN GOLD INVENTORY AT THE GLD//: 

WITH RESPECT TO GLD WITHDRAWALS: 

GOLD IS “RETURNED” TO THE BANK OF ENGLAND WHO ARE CALLING IN THEIR LEASES: THE GOLD NEVER LEAVES THE B OF E. IN THE FIRST PLACE. THE BANK IS PROTECTING ITSELF IN CASE OF COMMERCIAL FAILURE

THIS IS A MASSIVE FRAUD!!

GLD: 1,043.03 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP 5 CENTS

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 3.253 MILLION OZ WITHDRAWAL FROM THE SLV/

TWO HUGE WITHDRAWALS OF: 2.042 MILLION OZ AT 3 20 PM EST AND ANOTHER AT 5:20:  1.949 MILLION OZ 

THIS SILVER WITHDRAWALS ARE ACTUALLY “RETURNED” TO JPm, AS JPMORGAN CALLS IN ITS LEASES WITH THE SLV FUND.  THE STORY IS THE SAME AS THE BANK OF ENGLAND FOR GOLD ABOVE. THE SILVER (AS DOES GOLD) NEVER LEAVES JPMORGAN’S VAULTS. THEY ARE ALSO CALLING IN THEIR LEASES FOR FEAR OF SOLVENCY ISSUES.

INVENTORY RESTS AT:

: 578.605  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 162.26 UP $0.48 OR  0.30%

XXXXXXXXXXXXX

SLV closing price NYSE 23.24  DOWN $0.04 OR 0.19%

We are now entering options expiry week , with 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. Comex expired at 1:30 pm est today.

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

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A VERY STRONG SIZED 1866 CONTRACTS FROM 158,821 DOWN TO 156,955, AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR  $0.15 LOSS IN SILVER PRICING AT THE COMEX  ON THURSDAY. IT SEEMS THAT THE LOSS IN COMEX OI IS  DUE TO A HUMONGOUS BANKER AND ALGO  SHORT COVERING !//HUGE REDDIT RAPTOR BUYING//.. COUPLED AGAINST A STRONG EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO PROBABLY HAD  ZERO LONG LIQUIDATION AS ALMOST ALL OF THE LOSS  WAS DUE TO BANKER SHORT COVERING  AND A SMALL DECREASE STANDING AT THE COMEX FOR MAR. WE HAD A FAIR NET LOSS IN OUR TWO EXCHANGES OF 541 CONTRACTS  (SEE CALCULATIONS BELOW). 

WE WERE  NOTIFIED  THAT WE HAD A STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 1325,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  0 MAY:  1325 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 1325 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

2020

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.

2021

6.890 MILLION FINAL STANDING FOR JAN 2021

12.020  MILLION OZ FINAL STANDING FOR FEB 2021

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

 

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER TRYING TO LIQUIDATE SILVER’S PRICE …AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT FELL BY $0.15) OUR OFFICIAL SECTOR/BANKERS WERE PROBABLY UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS EVEN THOUGH WE HAD A NET LOSS OF 541 CONTRACTS ON OUR TWO EXCHANGES, THE MAJOR CAUSE WAS DUE TO i)HUMONGOUS BANKER/ALGO SHORT COVERING// WE ALSO HAD  ii)STRONG REDDIT RAPTOR BUYING//.    iii)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A TINY DECREASE IN STANDING FOR COMEX SILVER  // MAR, iv) STRONG COMEX OI LOSS AND iv) ZERO//MINOR 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:

17,397CONTRACTS (FOR 20 TRADING DAY(S) TOTAL 17,397 CONTRACTS) OR 86.985 MILLION OZ: (AVERAGE PER DAY: 8698 CONTRACTS OR 4.349 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR: 86.985 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: 86.985.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: 86.985 MILLION OZ  (DRAMATICALLY SLOWING DOWN AGAIN//FEARS OF EFP CONTRACTS BEING EXERCISED FOR METAL)

RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1866, DESPITE OUR $0.15 LOSS IN SILVER PRICING AT THE COMEX ///THURSDAY .…THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1325 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A SMALL SIZED LOSS OF 541 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR  $0.15 LOSS IN PRICE)//THE DOMINANT FEATURE TODAY WAS THE MASSIVE BANKER SHORTCOVERING.THEY SEE THE TEA LEAVES.

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  1325 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A STRONG SIZED DECREASE OF 1866 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.15 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $25.02 //THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

FOR THE NEW MAR.  DELIVERY MONTH/ THEY FILED AT THE COMEX: 439 NOTICE(S) FOR  2,195,000, OZ OF SILVER.

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

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

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 3743 CONTRACTS TO 478,643,AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE  DECREASE IN COMEX OI OCCURRED WITH OUR FALL IN PRICE  OF $7.10///COMEX GOLD TRADING//THURSDAY. AS IN SILVER WE MUST HAVE HAD STRONG BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION.. WE ALSO HAD A SMALL ADVANCE IN GOLD STANDING  AT THE COMEX RISING TO 30.130 TONNES FOR MARCH..

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $7.10 WITH RESPECT TO THURSDAY’S TRADING

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

WE HAD A SMALL SIZED LOSS  OI 1610 CONTRACTS (5.007 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 2133 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  2133 AND JUNE:  0  ALL OTHER MONTHS ZERO//TOTAL: 2133.  The NEW COMEX OI for the gold complex rests at 478,643. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1610 CONTRACTS: 3743 CONTRACTS DECREASED AT THE COMEX AND 2133 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 1610 CONTRACTS OR 5.007 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (42133) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI  (3743 OI): TOTAL LOSS IN THE TWO EXCHANGES:  1610 CONTRACTS. WE NO DOUBT HAD 1 ) HUGE BANKER SHORT COVERING AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.) SMALL ADVANCE STANDING AT THE GOLD COMEX FOR THE FRONT MAR. MONTH RISING TO 30.130 TONNES)  3) ZERO LONG LIQUIDATION,  /// ;4) FAIR COMEX OI LOSS AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS HAPPENED WITH OUR LOSS IN GOLD PRICE TRADING THURSDAY//$7.10!!. WE HAD  SPREADER LIQUIDATION WHICH TOOK CARE OF THE ENTIRE LOSS AT BOTH EXCHANGES.

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 : 78,085, CONTRACTS OR 7,808,500 oz OR 242.87 TONNES (20 TRADING DAY(S) AND THUS AVERAGING: 3904 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 20 TRADING DAY(S) IN  TONNES: 242.87 TONNES

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

THUS EFP TRANSFERS REPRESENTS 242.97/3550 x 100% TONNES =6.84% 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:.   242.97 TONNES (STRONG AGAIN//EQUAL TO OR MAY SURPASS 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, FELL BY A STRONG SIZED 1866 CONTRACTS FROM 158,836 DOWN TO 157,010 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE STRONG SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) HUGE BANKER SHORT COVERING//ALGO SHORT COVERING//REDDIT RAPTOR BUYING , 2) A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A SMALL DECREASE IN  STANDING FOR SILVER  AT THE COMEX FOR MARCH., AND 4) ZERO//MINOR LONG LIQUIDATION,

EFP ISSUANCE 1325 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: 1325 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1325 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 1811 CONTRACTS AND ADD TO THE 1325 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALL SIZED LOSS OF 486 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 2.705 MILLION  OZ, OCCURRED DESPITE OUR $0.15 LOSS IN PRICE///

 

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

 

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 54.74 PTS OR 1.63%   //Hang Sang CLOSED UP 436.82 PTS OR 1.59%    /The Nikkei closed UP 446.82 POINTS OR 1.56%//Australia’s all ordinaires CLOSED UP 0.58%

/Chinese yuan (ONSHORE) closed DOWN AT 6.5428 /Oil UP TO 59.91 dollars per barrel for WTI and 63.28 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5428. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5420 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 
 
 
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL  BY FAIR SIZED 3743 CONTRACTS TO 479,372 MOVING FURTHER FROM  THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS FAIR COMEX DECREASE OCCURRED WITH OUR LOSS OF $7.10 IN GOLD PRICING THURSDAY’S COMEX TRADING…WE ALSO HAD A SMALL EFP ISSUANCE (2133 CONTRACTS). .

WE HAVE ALSO  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 SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 2133 EFP CONTRACTS WERE ISSUED:  ; FEB// ’21  0 AND APRIL:  2133, JUNE:  0 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2133  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 LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED 1610  TOTAL CONTRACTS IN THAT 2133 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A FAIR SIZED  COMEX OI  OF 3743 CONTRACTS.WE HAVE A HUGE AMOUNT OF GOLD STANDING FOR MARCH  (30.130 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 $7.10)., BUT WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS THE ENTIRE LOSS IN COMEX OI WAS DUE TO SPREADER LIQUIDATION.  THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED A SMALL 2.740 TONNES,  ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR MAR (30.130 TONNES)..I  STRONGLY BELIEVE THAT 0UR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE SMALL LOSS 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 LOSS ON THE TWO EXCHANGES :: 1610 CONTRACTS OR 161,000 OZ OR  5.007  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:  478,643 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 47.86 MILLION OZ/32,150 OZ PER TONNE =  1488 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1488/2200 OR 67.66% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX GOLD TODAY:

260,515 contracts// volume  poor   //

CONFIRMED COMEX VOL. FOR YESTERDAY:  307,823 contracts//  volume:  fair// //most of our traders have left for London

 

MARCH 26 /2021

 
INITIAL STANDINGS FOR MAR COMEX GOLD
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
16,767.162 oz
 
MANFRA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz    NIL
Deposit to the Customer Inventory, in oz
 
 
 
 
 
 
 
nil
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
213  notice(s)
21300 OZ
(0.6625 TONNES
 
No of oz to be served (notices)
5 contracts
(500oz)
 
0.0155 TONNES
 
 
 
Total monthly oz gold served (contracts) so far this month
9682 notices
968,200 OZ
30.115 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 1 withdrawal
 
i) out of Manfra:  16,767.162 oz
 
 
 
 
 
total withdrawals:  16,767.162 oz
 
 
 
 
 
 
 

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

ADJUSTMENTS  2:  A)  dealer to customer

JPMorgan: 98,899.167 oz

Brinks 55,044.038 oz

 
 

The front month of MAR registered a total of 218 CONTRACTS FOR A LOSS OF 14 CONTRACTS. WE HAD 15 NOTICES FILED ON  THURSDAY SO WE GAINED ANOTHER  1 CONTRACT OR AN ADDITIONAL 100 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 SURPRISINGLY SMALL 18,389 CONTRACTS DOWN TO 103,075 CONTRACTS. WE SHOULD HAVE AN EXTREMELY STRONG APRIL DELIVERY MONTH. WE HAVE 3 MORE READING DAYS BEFORE FIRST DAY NOTICE( FORGIVE ME. TO GIVE YOU AN IDEA OF THE STRENGTH OF WHAT WILL STAND,  WE COMPARE THIS YEAR’S OI 103,075 TO LAST YEARS TOTAL 57,868.  WE NOW HAVE THE SAME NUMBER OF DAYS  LEFT BEFORE FIRST DAY NOTICE:  3 IN COMPARING MARCH 2021 TO MARCH 20. LAST YEAR ON THIS DAY 50,085 CONTRACTS ROLLED VS TODAY’S 19,010. WE SHOULD HAVE NORTH OF 130 TONNES OF GOLD STANDING FOR APRIL.THAT MAY BREAK THE BANK!

MAY GAINED 347 CONTRACTS TO STAND AT 956

JUNE GAINED 13,790 CONTRACTS UP TO 306,067

We had 213 notice(s) filed today for 21300 oz

FOR THE MAR 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  1 notices were issued from their client or customer account. The total of all issuance by all participants equates to 15  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 3 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the MAR /2021. contract month, we take the total number of notices filed so far for the month (9682) x 100 oz , to which we add the difference between the open interest for the front month of  (MAR /218 CONTRACTS ) minus the number of notices served upon today 213 x 100 oz per contract) equals 968,700 OZ OR 30.130 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 9642 x 100 oz  + ( 218 OI for the front month minus the number of notices served upon today (213} x 100 oz which equals 968,700 oz standing OR 30.130 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 1 CONTRACTS OR AN ADDITIONAL 100 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 486.89 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 30.130 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  17,955,252.057 oz or 558.48 tonnes
 
 
total weight of pledged:  2,301,674.057 oz or 71.59 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 15,653,578.0  (486,89 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  15,653,587.0 (486.89 tonnes)
 
total eligible gold: 19,352,817.488 oz   (601.98 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 37,308,069.545 oz or 1,160.43 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1034.09 tonnes

A total of 0.52 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 26/2021

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
1,486,074.959 oz
 
CNT
jpmorgan
Loomis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
692,650.342 oz
Delaware
JPMorgan
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
439
 
CONTRACT(S)
(2,195,000 OZ)
 
No of oz to be served (notices)
7 contracts
 35,000 oz)
Total monthly oz silver served (contracts)  11583 contracts

 

57,915,000 oz)

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

total dealer deposits: nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  2 deposits into the customer account (ELIGIBLE ACCOUNT)

i) Into Delaware: 112,662.439 oz
ii) Into JPMorgan:  579,987.913
 
 
 
 
 
 
 
 
 

JPMorgan now has 189.189 million oz of  total silver inventory or 50.87% of all official comex silver. (189.189 million/371.783 million

total customer deposits today: 692,650.342   oz

we had 3 withdrawals:

 
 
i) out of CNT 100,038.390 oz
ii )Out of JPMorgan  785,714.670 oz
iii) Out of Loomis; 600,32.889 oz 
 
 
 
 
 
 
 
 
 
 
 

total withdrawals  1,486,074.949   oz

We had 0 adjustments:

 

 

Total dealer(registered) silver: 127.972-million oz

total registered and eligible silver:  371.783 million oz

a net 793,000 oz leaves the comex silver vaults.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

MARCH saw a LOSS of 6 contracts to stand at 446. We had 3 contracts served on  THURSDAY, so we LOST 3 contracts or an additional 15,000 oz will NOT  stand for delivery in this active delivery month of March. These guys ACCEPTED to  morph into London based forwards as there is no silver metal on side side of the pond so they will try their luck over there. They received an extra fiat bonus for their effort.

April LOST A TINY 68 contracts to stand at 2970. (Many should be rolling to the next month).April numbers refuse to contract (roll).  They are standing resolute !!!! with exercised options we will have north of 15 million oz of silver standing in a very inactive month of April.

May LOST A SMALL 2104 contracts to stand at  124,197 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 85,675 oi contracts still outstanding of May 2020.  This year:  103,075. TODAY’S ROLL 2973 VS LAST YEAR:  5208 CONTRACTS.

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 439 contract(s) FOR  15,000 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  11,583 x 5,000 oz = 57,915,000 oz to which we add the difference between the open interest for the front month of MAR (446) and the number of notices served upon today 439 x (5000 oz) equals the number of ounces standing.

Thus the MAR standings for silver for the MAR/2021 contract month: 11,583 (notices served so far) x 5000 oz + OI for front month of MARCH(446- number of notices served upon today (439) x 5000 oz of silver standing for the Jan contract month .equals 57,950,000 oz. ..VERY STRONG FOR AN ACTIVE MAR MONTH. THIS IS THE SECOND HIGHEST RECORDING OF DELIVERIES EVER FOR ANY MONTH. THE HIGHEST WAS IN JULY 2020: 86.47 MILLION OZ

We lost 3 contracts or an additional  15,000 oz will  stand for delivery as they refused to morph into London based forwards.

TODAY’S ESTIMATED SILVER VOLUME 42,659 CONTRACTS // volume extremely poor// volumes falling off a cliff// very surprisingly small in volume)

FOR YESTERDAY  93,422  ,CONFIRMED VOLUME//strong

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 +0.05% ((MAR 26/2021)

2. Sprott gold fund (PHYS): premium to NAV FALLS TO –1.50% to NAV:   (MAR 26/2021 )

Note: /Sprott physical gold trust is back into POSITIVE/0.05%(MAR 26/2021)

(courtesy Sprott/GATA

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

NAV 18.41 TRADING 17.65//NEGATIVE 4.15

END

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

MARCH 26/WITH GOLD UP $7.00 TODAY? NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1043.03 TONNES

MARCH//25: WITH GOLD DOWN $7.75 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.33 TONNES//GOLD REST AT 1043.03 TONNES

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 26 / GLD INVENTORY 1043.03 tonnes

LAST;  1026 TRADING DAYS:   +109.22 TONNES HAVE BEEN ADDED THE GLD

LAST 926 TRADING DAYS// +  295.46TONNES  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 26/WITH SILVER UP 5 CENTS TODAY: TWO HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.042 MILLION OZ AT 3 PM AND ANOTHER AT 5.20 PM:  1.949 MILLION OZ /INVENTORY RESTS AT 578.605 MILLION OZ

MARCH 25/WITH SILVER DOWN 15 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV; A WITHDRAWAL OF 3.253 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 582.596 MILLION OZ

MARCH 24//WITH SILVER UP 1 CENT TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS 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 26/2021
578.605 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)

LAWRIE WILLIAMS: Russian gold reserves stand pat

Despite our belief that Russia may reinstate gold purchases into its central bank holdings, we also suspect that, as it did ahead of when it ceased buying, it will announce any change in its gold accumulation policy plans well in advance of restarting gold purchases – if indeed it does do so. In its latest announcement on its forex gold reserves, the gold element remained unchanged even after the gold reserve size had been reduced by just over 3 tonnes in January.

We felt at the time that this may have been just an account adjustment and did not signify any change in policy which now seems to have been confirmed by the latest zero change figure. Russia’s gold reserves remain still the world’s 5th largest national holding as reported to the IMF, but it looks as though our prediction that as the country’s balance of payments has improved, due to rising oil and gas prices, that the country might start resuming gold purchases, may have been somewhat premature. Russia’s reported gold reserves thus remain at a fraction over 2,295 tonnes.

At the time Russia suspended its gold purchasing programme back in April 2020, the country’s central bank said this would be kept under review dependent on the situation in the financial markets.

We had thus been of the opinion that the principal reason that Russia ceased adding to its gold reserves from April 2020 had been a tactic to divert gold sales to the export markets. According to precious metals consultancy, Metals Focus, Russia’s gold production had risen to become the world’s second highest, after China and overtook Australia last year, although it may well have fallen back to third place again in2020 in part due to Covid pandemic interruptions at some operations. The export of gold by the country’s major producers would thereby make up for the fall in the value of the country’s principal export income from the sale of oil and gas – primarily to Europe and China – due to the sharp fall in prices on global markets. More recently oil has clawed back a good proportion of its price fall, thus keeping Russia in a relatively strong current account position – certainly in relation to the U.S. which continues to run a massive balance of payments deficit.

We feel that Russia may resume gold purchases in part to further reduce the position of the U.S. dollar in its foreign exchange holdings. Russia suspects that it may be open to potential blockage of its dollar accounts by a hostile U.S. government which seems to have little compunction in using the dollar’s position as the world’s principal reserve currency as an economic weapon to try and impose its views on the domestic and foreign policies of other nations. This view will not have been helped by a U.S. threat to impose economic sanctions on Germany should the latter go ahead with the import of Russian gas via the controversial NordStream 2 gas pipeline to which the U.S. has always been vehemently opposed.

Russia’s position is likely to be echoed by China which is also uncomfortable with the prospective weaponization of the U.S. dollar given its global financial dominance. However China’s economy continues to revive, and indeed grow, as that of the U.S. appears to be shrinking under the impact of Covid-19. Both Russia and China almost certainly see some kind of global financial reset taking place in the relatively near future and see gold possibly playing a part in any adjustment to what is considered to be the world reserve currency. They see the dollar being replaced in this role perhaps by a basket of currencies on the lines of the SDR, but including gold in its make-up. So, if anything they may well make moves to further boost their gold reserves in the future, which is one of the many positives in gold’s likely future performance.

26 Mar 2021

EGON VON GREYERZ//

 

Peter Schiff..

or

Lawrie Williams

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Your weekend reading material:  Alasdair Macleod…..

Alasdair Macleod: Biden’s last throw of the geopolitical dice

 

 

 Section: Daily Dispatches

 

By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, March 25, 2021

In a continuing cold war, America is already on the back foot. We have yet to see how long it will be before the Biden administration realises its few victories will be unaffordably Pyrrhic, and by merely not responding to American provocation the Chinese/Russian partnership will emerge as the victors.

.

Halford Mackinder’s century-old vision of a Eurasian superstate, based between the Volga and the Yangtse, is becoming reality. Commentators usually fail to understand why; it is not due to military superiority, but down to simple economics. While the US economy suffers a post-lockdown inflationary outcome and an existential crisis for the dollar, China’s economy will boom on the back of increasing domestic consumption, which is an official government objective; and increasing exports, the consequence of America’s stimulation of consumer demand and a soaring budget deficit.

The Chinese-Russian partnership already dominates or controls Mackinder’s World Island, defined as Eurasia and all Africa. South-east Asian nations notionally in the US’s sphere of influence are firmly tied to the partnership’s economy, and the overland and sea silk roads similarly bind the EU and the Indian and Western Pacific Oceans’ states respectively. It amounts to over half the world’s population no longer sharing the economic and currency interests of 328 million Americans.

This article summarises the background to the geopolitical situation facing the Biden administration before concluding that in the current cold war against the combined power of Russia and China, America will fail in its political objectives, not through lack of military power, but due to economic forces. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/goldmoney-insights/biden-s-last-throw…

END

This is a super commentary as Chris Powell challenges mainstream journalist for not understanding the gold manipulation

(Chris Powell/GATA)

Another mainstream journalist purports to explain the gold price without reference to central banks

 

 

 Section: Daily Dispatches

 

Thursday, March 25, 2021

Brett Arends
MarketWatch.com
1211 6th Ave
New York, N.Y. 10036

Dear Mr. Arends:

Regarding your commentary at MarketWatch today, “What’s Up — Or Down — With Gold?” —

https://www.marketwatch.com/story/whats-upor-down-with-gold-11616618248

— I was disappointed that you did not address the constant and even daily but largely surreptitious intervention in the gold market by governments and central banks, which long has been documented by my organization, the Gold Anti-Trust Action Committee Inc.

For example, just this week GATA reported that the Bank of England refuses to answer whether it has resumed leasing gold:

https://gata.org/node/21025

Of course Federal Reserve Chairman Alan Greenspan acknowledged to Congress in 1998 that the objective of gold leasing by central banks is to suppress the price of the monetary metal:

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

GATA reports every month about the gold swaps and leases undertaken surreptitiously by the Bank for International Settlements in its role as gold broker for its member central banks. Our report for February concluded that this intervention in the gold market by the BIS had reached its highest level in history, precisely as the gold price was falling sharply:

https://gata.org/node/21001

In recent weeks the investigative financial journalists Pam and Russ Martens have reported about the huge increase — hundreds of billions of dollars — in the money held by the U.S. Treasury’s Exchange Stabilization Fund, which since 1934 has been authorized by U.S. law to intervene secretly in the gold market and other markets throughout the world without having to account for it even to Congress:

https://gata.org/node/20792

https://gata.org/node/21014

Would so much money have been transferred to the Exchange Stabilization Fund without some plan to use it?

Surreptitious intervention in the gold market by governments and central banks is longstanding international policy documented and summarized by GATA here:

https://gata.org/node/20925

So we question how anyone can purport to explain the gold price without accounting for intervention by governments and central banks and putting critical questions to them.

Of course I would be glad to help you review the documentation if you ever wanted to address the gold price issue seriously.

With good wishes.

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

 END

Craig Hemke and Andrew Maguire discuss the fraud of gold and silver at the comex/futures markets

Hemke and Maguire discuss the fraud of the gold and silver futures markets

 

 

 Section: Daily Dispatches

 

6:20p ET Thursday, March 25, 2021

Dear Friend of GATA and Gold:

Craig Hemke of the TF Metals Report and Sprott Money News today joins London metals trader Andrew Maguire on Kinesis Money’s “Live from the Vault” program, discussing the fraud of the fractional-reserve gold and silver banking system and the gold and silver futures markets.

They agree that the best way of defeating the fraud is to purchase and take delivery of real metal, not to purchase “unallocated” metal or derivatives. 

They also review the soaring physical gold and silver offtake from the New York Commodities Exchange and the possibility that central banks eventually will use gold revaluation to devalue their currencies and the world’s debts.

Hemke credits GATA for documenting the long history of gold price suppression by the official sector.

The discussion is an hour and 12 minutes long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=dSZyUezEobs\

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

end

iii) Other physical stories:

 
 
 
 
 

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

i) Chinese yuan vs USA dollar/CLOSED down at 6.5428 /

//OFFSHORE YUAN:  6.5420   /shanghai bourse CLOSED UP 54.74 pts or 1.63%

HANG SANG CLOSED UP 436.82 pts or 1.59%

2. Nikkei closed up 446.82 pts or 1.56%

3. Europe stocks OPENED ALL GREEN/

USA dollar index UP TO 92.82/Euro RISES TO 1.1781

3b Japan 10 year bond yield: RISES TO. +.08/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.76/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 59.91 and Brent: 63.28

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 RISES TO -.34%/Italian 10 yr bond yield UP to 0.64% /SPAIN 10 YR BOND YIELD UP TO 0.31%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 0.98: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.87

3k Gold at $1724.75 silver at: 25.08   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 30/100 in roubles/dollar) 75.94

3m oil into the 59 dollar handle for WTI and 63 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 109.76 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 .9411 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1086 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

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

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 1.673% early this morning. Thirty year rate at 2.380%

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

6.  TURKISH LIRA:  UP  TO 8.02..

Futures Fade Overnight Surge As Jump In Yields Sparks Market Jitters

 
FRIDAY, MAR 26, 2021 – 08:08 AM

US equity futures and global markets rose this morning, continuing yesterday’s torrid late day surge, as investors looked past supply chain disruptions and focused on the optimistic targets for vaccinations and economic re-openings, after Joe Biden doubled the goal for his vaccination drive even though Covid-19 cases keep rising, and the Federal Reserve freed banks from pandemic restrictions on dividends. Oil rebounded and pushed Treasury yields higher, prompting investors to buy undervalued energy and bank stocks ahead of what is expected to be the fastest economic growth since 1984. Investors awaited key income, spending and inflation data later in the day.

Risk appetite made a comeback across the world on economic-recovery bets, capping a volatile week beset with vaccine-supply disputes, a traffic block on the Suez canal and further deterioration in China’s relations with the West. The renewed optimism helped investors look past another poor 7Y debt auction in the U.S.

“Like a flickering light bulb, the tone of the market has somehow altered from angst to optimism, spurred by President Biden’s doubling of the U.S. vaccine-rollout target and the Fed’s end to pandemic-era dividend cuts,” Nema Ramkhelawan-Bhana, a strategist at Rand Merchant Bank in Johannesburg, wrote in a note. “It’s remarkable how little it takes to shift the mood.”

After the reflation trade faded early this week, it was back with a bang on Friday when inflation jitters appeared to take the upper hand again, because as the 10Y yield jumped 5bps today..

… futures gains were capped and pushed Nasdaq futures back in the red.

At 740 a.m. ET, Dow E-minis were up 129 points, or 0.40%, S&P 500 E-minis were up 7.5 points, or 0.19% and Nasdaq 100 E-minis were down 42.75 points, or 0.33%.

Among the notable premarket movers:

  • Oil giants Exxon, Chevron, Exxon, Marathon Oil, Occidental Petroleum and Devon Energy rose between 0.7% and 2.6% as crude prices gained 2%.
  • Nio dropped about 1% as the Chinese electric vehicle maker said it would halt production for five working days at its Hefei plant due to a shortage in semiconductor chips.
  • Big banks JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley were up between 0.6% and 1.8% in premarket trading.
  • Cruise-line operators Royal Caribbean Cruises Ltd. and Carnival Corp. rose at least 2.9% in premarket trading.

In Europe the Stoxx 600 Index had gained 0.6% by 750 a.m. Eastern Time with miners by far the best performers, after overnight gains on Wall Street as U.S. President Joe Biden doubled his vaccination target for the first 100 days. European equities rose at the end of a volatile week of trading as fresh U.S. vaccine targets boosted optimism about global growth prospects. Value and cyclical shares led broad sector gains in Europe as miners jumped 2.3%, while oil shares also rallied as the Suez Canal blockage continued. Banks outperformed, while health-care rose the least. Stocks in Europe have whipsawed since mid-March on concern over whether the rising virus rate and setbacks in the vaccination program will delay the economic reopening. Still, many market players are bullish about the region’s equities as cheap and cyclical shares gather pace, and the Stoxx 600 is less than 2% away from a record reached in February 2020. “We look set for a decent end to the week,” said Michael Hewson, chief market analyst at CMC Markets. “It has been notable this week that for all the concerns about a slowdown in Europe and a delay to an economic reopening that any dips in European stocks have been fairly shallow ones. This suggests that for all of the concerns about valuations, in Europe at least the appetite for stocks is still there.” The Stoxx 600 is up 5.3% in March and poised for a fourth straight quarterly increase.

Earlier in the session, the MSCI Asia Pacific Index added 1.3%, poised for their biggest advance in over two weeks, driven by gains in technology firms. Consumer discretionary and financials were also among the biggest contributors to the broad rally in the MSCI Asia Pacific Index. Chinese stocks rebounded, with the CSI 300 adding 2.3% after ending Thursday at a new low this year. Shares climbed ahead of earnings reports from the nation’s largest banks due later on Friday. TSMC was the largest single boost to the Asian benchmark, driving gains in Taiwan’s benchmark as well.

Japanese shares were also strong as they advanced for a second day, with electronics and automakers climbing with help from a weaker yen amid optimism over Covid-19 vaccines and after the yen weakened against the dollar. Electronics and auto makers were among the biggest boosts to the Topix index, with all 33 industry groups gaining. SoftBank Group and Advantest were the biggest contributors to the rise in the Nikkei 225. The yen slightly extended its loss through 109 per dollar. Asian stocks rallied broadly, following U.S. peers higher after President Joe Biden announced a new goal of administering 200 million Covid-19 vaccine doses in his first 100 days in office. Meanwhile, the Federal Reserve announced banks that clear stress tests can raise dividends after June 30. Even with two days of strong gains, the Nikkei still finished the week with with a loss of over 2%. Theblue chip gauge dropped below he 30,000 mark last Friday after the Bank of Japan announced a plan to shift its exchange-trade fund purchases to the focus on just the Topix. “It may be difficult for the Nikkei 225 to push above 30,000 without the support of the Bank of Japan,” said Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank. “The Topix currently looks a little on the expensive side, but with time, corporate profits will come out and justify the strength.”

“There is some risk-on trading with Biden announcing a doubling of the vaccination target for his first 100 days in office and German Chancellor Merkel backing down from her plans for a strict five-day lockdown over Easter,” said David Forrester, a currency strategist at Credit Agricole CIB in Hong Kong. “The Fed is also going to lift pandemic-era limits on U.S. bank dividends from mid-year for those banks that pass a stress test”

In rates,Treasuries were cheaper by 5bp at long-end of the curve, follow a wider bear-steepening move in bunds and gilts as European stocks and U.S. futures advance. 10-year Treasury yields around 1.68%, higher by nearly 5bp, with bunds gilts lagging by almost 1bp each; long-end-led losses steepen 2s10s by more than 4bp, 5s30s by nearly 2bp. Core EGBs continued to lose haven bid after Germany March IFO beat expectations. Raft of U.S. data Friday includes February personal income/spending. U.S. swap spreads are widening into the back-up in Treasury yields, led by intermediates. 

In FX, the dollar fell against most Group-of-10 currencies after risk appetite was boosted by a quickening vaccine rollout in the U.S. and the Federal Reserve’s move to lift curbs on dividend payouts. Treasury yields eased after a lackluster seven-year auction, with traders focused on quarter-end flows. Investors are awaiting U.S. employment figures due next week after a report Thursday showed applications for jobless benefits fell to a pandemic-era low last week.

Global equities remain just under record highs as investors consider progress in the fight against Covid-19 and the risks of inflation from heavy stimulus. The U.S. recovery looks on track with latest data showing a bigger-than-forecast drop in weekly jobless claims. Federal Reserve Chair Jerome Powell​ reiterated the U.S. central bank would wait until the economy has “all but fully recovered” to pull back extraordinary monetary support.

To the day ahead now, and US data releases include February’s personal income and personal spending, and the preliminary reading of wholesale inventories for February, along with the final reading of March’s University of Michigan consumer sentiment index. Over in Europe, there’s also the Ifo business climate indicator for March from Germany, Italian consumer confidence for March and UK retail sales for February. Central bank speakers include the ECB’s Rehn and the BoE’s Saunders and Tenreyro, while the virtual summit of EU leaders will continue into today.

Market Snapshot

  • S&P 500 futures up 0.3% to 3,913.00
  • SXXP Index up 0.8% to 426.25
  • MXAP up 1.3% to 204.82
  • MXAPJ up 1.4% to 676.36
  • Nikkei up 1.6% to 29,176.70
  • Topix up 1.5% to 1,984.16
  • Hang Seng Index up 1.6% to 28,336.43
  • Shanghai Composite up 1.6% to 3,418.33
  • Sensex up 1.4% to 49,129.67
  • Australia S&P/ASX 200 up 0.5% to 6,824.23
  • Kospi up 1.1% to 3,041.01
  • Brent futures up 1.7% to $62.97/bbl
  • Gold spot up 0.1% to $1,728.31
  • U.S. Dollar Index down 0.2% to 92.70
  • German 10Y yield up 6 bps to -0.36%
  • Euro up 0.1% to $1.1778

Top Overnight News from Bloomberg

  • European Union leaders gave their guarded support to a plan to restrict vaccine exports after it emerged the bloc sent more shots to the rest of the world than it has given to its own people
  • Efforts to dislodge the massive Ever Given container vessel blocking the Suez Canal will take until at least next Wednesday, longer than initially feared, raising the prospect that the incident will trigger disruptions across global supply chains from oil to grains to cars
  • The downgrade of a major property firm has deepened investor concern about China’s debt- laden real estate sector, as defaults among onshore corporate borrowers surge to a record high.
  • U.K. retail sales posted a modest rebound in February after a brutal start to the year, when a lockdown to contain the coronavirus forced non-essential stores to close.

Quick look at global markets courtesy of Newsquawk

Asia-Pac stocks traded mostly higher following the rebound in the US where small caps atoned for the prior day’s underperformance. ASX 200 (+0.5%) was propped up by strength in telecoms and commodity-related sectors but with upside capped by weakness in defensives and concerns regarding Australia’s ties with its largest trading partner after Chinese industry representatives confirmed that some Australian hay imports were halted and that they are seeking alternative sources, while Nikkei 225 (+1.6%) continued to outperform and reclaimed the 29k level amid a weaker currency and with the JPY-risk dynamic intact. Hang Seng (+1.6%) and Shanghai Comp. (+1.6%) adhered to the positive mood with Xiaomi and Great Wall Motor among the biggest gainers in Hong Kong after news that the smartphone maker plans to make EVs and is in discussions to partner with and use Great Wall Motor’s factory for the production. Attention was also on a deluge of earnings releases including China’s oil majors CNOOC and PetroChina lagged. Finally, 10yr JGBs were relatively flat with demand hampered by the heightened risk appetite and following on from another soft 7-year auction stateside, although the downside in JGBs was stemmed amid the BoJ’s presence in the market for JPY 850bln of JGBs with mostly 1yr-3yr and 5yr-10yr maturities.

Top Asian News

  • Billionaire Mistry’s Family Loses Court Battle in Tata Feud
  • China’s Tariffs on Australian Wine to Last 5 Years as Ties Sour
  • China’s Central Bank Estimates Potential Growth of Under 6%
  • Hong Kong Buyout Firm EmergeVest Said to Plan $250 Million SPAC

European equities (Eurostoxx 50 +0.6%) trade on a firmer footing bringing the Eurostoxx 50 to relatively unchanged levels for the week. Today’s session has seen a preference towards some of the more cyclically-exposed sectors with Basic Resources the clear outperformer, alongside gains in Autos and Oil & Gas names; albeit, gains for the latter have been trimmed alongside a pullback in crude prices. Note, the gains for cyclicals have not come at the expense of Tech/Momentum stocks with the Technology sector in Europe currently firmly in the green despite the US 10yr yield moving back above 1.65%. The latest IFO report from Germany failed to have much sway on indices. However, it is worth noting that the above-expectations report was relatively bullish on the German economy with IFO economists noting that German industry is very strong and order books have filled up. In terms of stock specifics, notable gainers including Smith Group (+6.8%) post-earnings and Maersk (+4.9%) in the wake of ongoing disruptions in the Suez Canal which has led to a surge in shipping costs. To the downside, Burberry (-1.3%) lags peers with the company embroiled in the Xinjiang criticism row, whilst Ocado (-0.6%) is also lower on the session after being downgraded at Berenberg.

Top European News

  • Soaring French Infection Rate Causes Concern in Germany
  • Allianz Agrees to Buy Aviva’s Poland Unit for $2.9 Billion
  • Santander Signals Boost to Profit After Strong Start to Year
  • Ex-Commerzbank CEO’s Fintech SPAC Falls in Amsterdam Debut

In FX, pre-weekend position paring and general consolidation may be contributing to the Greenback’s loss of momentum, but a marked improvement in risk sentiment and the latest recovery in crude prices are also dampening demand for the Dollar that has enjoyed 3 successive winning sessions vs most if not quite all rivals. The DXY closed above a key technical level on Thursday in the form of the 200 DMA that stands around 92.600 today, but could not quite reach 93.000 and chart proponents may have been somewhat disappointed or simply persuaded to take some profit and trim longs. However, the index and Buck remain firm overall ahead of US data including PCE inflation and final Michigan sentiment, with the former meandering between 92.836-684.

  • JPY – No relief for the Yen at the Greenback’s expense at all or Tokyo CPI that was a tad firmer than forecast on balance, as Usd/Jpy continues to rebound through 109.00 and has now posted a new y-t-d high circa 109.55. Moreover, there is little in terms of resistance tech-wise before 110.00 and spot month, Q1 and FY end is yet to come on Monday for the Yen that carries a historically large rebalancing hedge SD for the last day of March.
  • NZD/AUD – Conversely, the mood has improved somewhat down under along with risk appetite, and to the extent that the Kiwi is back near 0.7000 against its US counterpart, while the Aussie has actually reclaimed 0.7600+ status against the backdrop of Westpac’s dovish RBA call for QE to be extended in October at the current Aud 100 bn pace compared to Aud 50 bn previously and China slapping anti-dumping tariffs of up to 218.4$ on wine for 5 years with effect from March 28.
  • GBP/NOK/CAD/EUR – Sterling is fending off an oil-fuelled Norwegian Krona for 3rd spot in the G10 ranks as Cable eyes 1.3900 and Eur/Gbp retests bids/support around 0.8550 due to risk back on impulses and hopes that the UK-EU vaccine stand-off will be resolved before too long. Meanwhile, Eur/Nok is straddling 10.1500, Usd/Cad has retreated through 1.2600 ahead of Canadian budget balances and Eur/Usd has pared declines from the low 1.1760 area that also arrested losses beneath a Fib retracement yesterday to take another look at 1.1800 in wake of an upbeat German Ifo survey slightly tarnished by the RKI’s stark warning of clear signs that the current COVID-19 wave might be more sever than the first.
  • CHF/SEK – The other major laggards, as the Franc pivots 0.9400 vs the Buck and 1.1075 against the Euro post-SNB, while the Swedish Crown rotates either side of 10.1800 and reversed through par vs the single currency and its Scandinavian peer respectively with no real impetus from trade or retail sales data.
  • EM – While the commodity bloc gleans traction from the aforementioned revival in crude, precious and base metals, the Try remains locked in a battle to hold above 8.0000 or deeper lows vs the Usd even though Turkish manufacturing confidence improved in March, as investors continue to shun the Lira on CBRT credibility grounds.

In commodities, WTI and Brent front month futures have started the last session of the week on the front foot, seeing a continuation of gains, but have since dipped off best levels. Fundamentally, support for prices has come alongside reports that it could take weeks to dislodge the Ever Given container ship from the Suez Canal. The blockage is leading to a squeeze in oil supplies and increasing fears of supply constraints over the coming weeks. Note, gains have been somewhat capped by growing COVID infection rates in Europe and emerging markets, such as Brazil and India. Rising case counts could push back expectations for a summer recovery for jet fuel demand. The May WTI contract trades just below the USD 60.00/bbl handle (vs low 58.32/bbl) whilst its Brent counterpart trades marginally above USD 63.00/bbl (vs low 61.85/bbl). Looking ahead, notable risk events include possible JMMC & OPEC+ source reports ahead of next week’s meeting, where expectations remain that OPEC+ will maintain current production. Note, today’s Baker Hughes Rig Count data is released in the UK today at the earlier time of 17:00GMT. Spot gold has traded choppy, but, like spot silver is firmer on the session alongside a slight pullback in the Dollar. That said, the DXY hit a four-week high yesterday and as such, gold is set for its first weekly decline in three weeks. Spot gold remains just below USD 1,730/oz (vs low USD 1,723/oz) and spot silver is trading around the USD 25.20/oz mark (vs low USD 25.04/oz). In base metals, LME copper follows the broader firmer sentiment and is up on the session and resides in proximity to USD 8,930/t. Additionally, there is growing optimism around the versatile metal amid its faster-than-expected COVID vaccination progress in the US. Lastly, Dalian iron ore is set for its first weekly rise in four weeks, amid declining steel inventories and rising demand in China.

US Event Calendar

  • 8:30am: Feb. Personal Income, est. -7.2%, prior 10.0%
  • 8:30am: Feb. Personal Spending, est. -0.8%, prior 2.4%
  • 8:30am: Feb. PCE Deflator MoM, est. 0.3%, prior 0.3%; PCE Deflator YoY, est. 1.6%, prior 1.5%
  • 8:30am: Feb. PCE Core Deflator MoM, est. 0.1%, prior 0.3%; PCE Core Deflator YoY, est. 1.5%, prior 1.5%
  • 8:30am: Feb. Real Personal Spending, est. -1.0%, prior 2.0%
  • 8:30am: Feb. Retail Inventories MoM, est. 0.8%, prior -0.6%, revised -0.5%; Wholesale Inventories MoM, est. 0.8%, prior 1.3%, revised 1.4%
  • 8:30am: Feb. Advance Goods Trade Balance, est. -$86b, prior -$83.7b, revised -$84.6b
  • 10am: March U. of Mich. 1 Yr Inflation, prior 3.1%; 5-10 Yr Inflation, prior 2.7%
  • 10am: March U. of Mich. Current Conditions, est. 93.1, prior 91.5; Sentiment, est. 83.6, prior 83.0;  Expectations, est. 78.8, prior 77.5

DB’s Jim Reid concludes the overnight wrap

Markets zig-zagged around yesterday like me on the fairways early next week. At lunch time the Stoxx 600 was as much as -1.02% lower before clawing all the way back to nearly flat (-0.07%) by the close. The US followed the trend (-0.92% in early trading) and continued on the path higher after Europe went home before eventually closing +0.52% higher on the day. 20 of the 24 S&P 500 industry groups rose yesterday, while over 80% of all S&P 500 constituents were up. Banks were the best performing industry (+2.28%), followed by other cyclicals such as consumer services (+2.02%), transportation (+1.83%) and autos (+1.58%). Energy stocks (+0.25%) stabilised somewhat even as oil prices fell back over -4% yesterday. Tech stocks struggled even if the NASDAQ managed to recover from an intraday low of -1.35% to end the session up +0.12%. However megacap tech continues to underperform with the NYFANG index down another -2.30% yesterday and now down -4.57% on the week so far.

A focal point in rates was the 7-yr Treasury auction which saw demand fall short of dealer’s expectations as the notes were awarded at 1.30% – 2.5bps higher than just prior to the auction. This was better than last month’s very bad equivalent, but still worse than average. Immediately after 10yr yields rose nearly 2bps and by the close had finished up +2.5bps overall. However this might still put them on track for their biggest weekly decline since last June, having fallen by -9.8bps since the start of the week. The moves came as Fed Chair Powell continued to strike a dovish tone, saying in an interview yesterday that support would be pulled back “when the economy has all but fully recovered”. Nevertheless, market pricing continues to outpace the Fed’s dot plot, with a rate hike fully priced in by Q1 2023, even though the dot plot last week indicated that rates would still be on hold at the end of that year. Over in Europe, sovereign bond yields declined, with those on 10yr bunds (-3.1bps), OATs (-2.7bps) and BTPs (-1.1bps) all moving lower.

Asian markets have taken Wall Street’s lead this morning with the Nikkei (+1.47%), Hang Seng (+1.46%), Shanghai Comp (+1.41%) and Kospi (+1.03) all posting strong gains. Futures on the S&P 500 are up +0.40% while those on the Nasdaq are up +0.61%. Large US banks are extending gains in after hours trading partly helped by the Fed decision to allow those large US banks that clear the next round of stress tests with sufficient capital to resume dividend increases at the end of June. This signals an end to pandemic-era restrictions that dragged on financial stocks last year. JPM (+0.92%), Bank of America (+1.09%), Citigroup (+1.23%) and Wells Fargo (+0.97%) all traded higher in extended trading. Yields on 10y USTs are flattish this morning while those on New Zealand’s 10yrs are up +5.3bps likely on news that the RBNZ will lower its weekly QE target due to lower issuance from the Treasury. Australia’s 10y yields are down -2.5bps. Crude oil prices are trading up c.+1% this morning having fallen around -4% yesterday.

The moves in markets came amidst some strong economic data releases out of the US yesterday where the weekly initial jobless claims for the week through March 20 fell to 684k (vs. 730k expected), which is their lowest level since the pandemic began. Furthermore, the 4-week moving average was also at a post-pandemic low of 736k, as were continuing claims for the week through March 13, which fell to 3.87m (vs. 4m expected). And finally, the latest estimate of Q4 growth was revised up two-tenths, to now show an annualised pace of +4.3%.

Nevertheless, it’s Covid that has partly hampered the recent risk rally, with the data showing a sustained rise in the global case count since mid-February that’s showed no sign of abating thus far, and has led investors to ponder what a renewed bout of restrictions could mean for the world economy. European Commission President von der Leyen yesterday announced that “we’re at the start of the third wave of the pandemic.” In Poland, it was announced that nurseries and preschools would close, as the country reported a fresh record of 34,151 new cases. In turn, this has sent the Polish Zloty to its weakest level against the Euro since 2009. Elsewhere, the Finnish government has submitted a proposal that would see temporary restrictions on movement in the worst-hit areas for 3 weeks, with people only able to leave their homes for essential reasons or outdoor recreation. Meanwhile France extended their lockdown to three additional regions – the Nievre, Rhone and Aube areas – with the government announcing that the newest wave has a higher number of younger people being admitted to hospitals. German Chancellor Merkel also signalled that she would be declaring France a “high-risk Covid Area.” Overnight, French President Macron has said that new measures to contain the epidemic might be needed in the coming weeks and added that “The next few weeks will be tough.”

On the more upbeat side, President Biden announced in his first press conference since becoming President that his administration was upwardly revising its goal of 100m shots within his first 100 days to 200m shots within the same time frame. Supply is expected to pick up in the coming weeks as manufacturers increase shipments, particularly Johnson & Johnson which only received authorisation more recently. The US has administered more than 130mn jabs so far, with 16.5mn coming during the final days of President Trump’s administration. Roughly 13% of the country is fully vaccinated at this time.

President Biden’s press conference otherwise focused on his upcoming long-term economic agenda, which he is expected to unveil next week. He promised a new “paradigm” for the middle class with a focus on expanded support for health care, tax changes aimed at companies and the wealthy, along with a new infrastructure plan. When asked about the filibuster, the measure in the Senate that forces much of the non-fiscal and non-judiciary votes to pass by at least a 60-40 vote margin, President Biden gave his closest endorsement yet to getting rid of the rule, which Republicans argue would make policy much more volatile going forward. Lastly on China, Biden said that China has “an overall goal to become the leading country in the world, the wealthiest country in the world and the most powerful country in the world. That’s not going to happen on my watch, because United States is going to continue to grow and expand.”

Meanwhile at the EU leaders’ summit newly elected Italian Prime Minister Draghi urged other EU leaders to use the bloc’s new rules to make sure that there is an adequate supply of vaccines for the member states. He also endorsed the EC’s plan to curb exports of vaccines and medical equipment, this comes after reports that the EU has exported over 77mn doses vs the 62mn does administered in the region. EC President von der Leyen used slides during the meeting that showed that the EU expects to receive about 100mn jabs in the first quarter of the year and 360mn in the second quarter.

Turning to the Suez Canal, the buildup of congestion has got worse over the last 24 hours as the Ever Given container ship remains stuck in place. In terms of latest, the Suez Canal Authority has said that the Ever Given has been partially re-floated and moved alongside the canal bank. GAC, a Dubai based marine services company has said on its website that “Convoys and traffic are expected to resume as soon as the vessel is towed to another position”. Just as we are about hit print, Bloomberg is reporting that the work to dislodge the container vessel will take until at least Wednesday next week as more time will be needed to dredge sand.

Looking at other markets, it’s clear that the risk reversal over the last few days has been having effects elsewhere, with the dollar strengthening +0.36% to a 4-month high, while the key industrial bellwether of copper (-1.73% yesterday) has seen prices fall to a 1-month low. Bitcoin investors have been hit too, with the cryptocurrency down a further -3.79% yesterday to $52,001, which leaves prices down by c.16% from their intraday peak of $61,742 back on March 13.

To the day ahead now, and US data releases include February’s personal income and personal spending, and the preliminary reading of wholesale inventories for February, along with the final reading of March’s University of Michigan consumer sentiment index. Over in Europe, there’s also the Ifo business climate indicator for March from Germany, Italian consumer confidence for March and UK retail sales for February. Central bank speakers include the ECB’s Rehn and the BoE’s Saunders and Tenreyro, while the virtual summit of EU leaders will continue into today.

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 54.74 PTS OR 1.63%   //Hang Sang CLOSED UP 436.82 PTS OR 1.59%    /The Nikkei closed UP 446.82 POINTS OR 1.56%//Australia’s all ordinaires CLOSED UP 0.58%

/Chinese yuan (ONSHORE) closed DOWN AT 6.5428 /Oil UP TO 59.91 dollars per barrel for WTI and 63.28 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5428. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5420 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA/TAIWAN

This will get China antsy: Taiwan reveals it is mass producing long range missiles that can strike Mainland China

(zerohedge)

Taiwan Reveals It’s Mass Producing Long-Range Missiles That Can Hit Mainland China

 
THURSDAY, MAR 25, 2021 – 08:40 PM

Taiwan’s military has made an extremely rare admission that could hasten China’s efforts to bring the democratic island to heel. A top official acknowledged on Thursday that Taiwan has initiated mass production of long-range missiles capable of striking mainland China

In addition to one missile type now in production, the military said three others are currently in development. The information which is sure to raise alarm bells in Beijing came during testimony by Taiwan’s Defense Minister Chiu Kuo-cheng in front of parliament.

While taking lawmakers’ questions he indicated that putting in place a long-range attack capability is seen as “a priority” by the nation’s armed forces amid a broader modernization and overhaul of its defenses – efforts backed by the United States.

Via SCMP

The key part of the exchange was captured by Reuters as follows:

“We hope it is long-range, accurate, and mobile,” he said, adding research on such weapons by the state-owned National Chung-Shan Institute of Science and Technology had “never stopped.”

Standing next to Chiu, the institute’s deputy director Leng Chin-hsu said one long-range, land-based missile had already entered production, with three other long-range missiles in development.

Leng said it was “not convenient” for him to provide details on how far the missile could fly.

The region is already on edge given what are now weekly and almost daily incursions by Chinese aerial patrols. In the past months this has sometimes included a half-dozen Chinese H-6K strategic bombers or more making aggressive maneuvers in breach of Taiwan’s defense zones. 

The United States as the main supplier of arms to the island has also been condemned by Beijing for violating the ‘One China’ status quo, particularly because of the series of major weapons sales approvals during the last six months of the Trump administration. 

While Biden said Thursday during his first presidential press conference that he “doesn’t want confrontation” with China he’s done little in terms of rolling pack ‘confrontational’ Trump policies – but quite the opposition – he’s arguably actually increased the pressure. 

END

A good commentary by Gordon Chang on the demographics in China

Gordon Chang/National Interest)

The Coming Demographic Collapse Of China

 
THURSDAY, MAR 25, 2021 – 11:40 PM

Authored by Gordon Chang via The National Interest,

China this century is on track to experience history’s most dramatic demographic collapse in the absence of war or disease.

Today, the country has a population more than four times larger than America’s. By 2100, the U.S. will probably have more people than China.

China’s National Bureau of Statistics typically releases population data for the preceding year in early March. This year, NBS delayed its announcement because the central government is scheduled next month to announce preliminary results of the 7th national census, conducted in November and December.

The image of Chinese economic and geopolitical dominance will be severely dented when Beijing releases census data. Xi Jinping may believe “the East is rising and the West is declining”—the money line from one of his speeches late last year—but that view will be exceedingly hard to maintain.

The Chinese take great pride in being part of the world’s most populous state. Beijing reported China’s population in 2019 hit 1.4 billion in 2019, up from 1.39 billion the previous year.

Chinese authorities will undoubtedly report an increase for last year as well. They are on record as believing the country’s population will continue to grow for more than a half decade.

Some are skeptical of China’s total population figures, however. Yi Fuxian of the University of Wisconsin-Madison told The National Interest that China in 2020 likely had a population of 1.26 billion. The noted demographer does not believe the number could have exceeded 1.28 billion.

Why did Yi provide a range? China’s demographic information is notoriously imprecise.

For one thing, officials as a practical matter cannot report births suggesting couples exceeded the current two-child limit.

Moreover, officials also have incentives to report that couples have used up their two-birth quota when they have in fact not done so. National Health and Family Planning Commission officials, Yi told Voice of America, report exaggerated births because real birth numbers, if known, would bolster the case for that body to be scrapped. Municipal governments, local education departments, and hospitals have been overstating China’s numbers for a different reason: to obtain subsidies or maintain budget allocations.

Yi’s estimates look reliable. True, Beijing scrapped the notorious one-child policy, perhaps history’s most ambitious social-engineering project, as of the beginning of 2016 and there was a spurt of births that year, but since then births have fallen every year.

Beijing has not announced births for last year, but early numbers indicate they plummeted from 2019. Births in the household registration—hukou—system plunged 14.9% to 10,035,000 last year. Because births so registered constitute about 80% of total births, He Yafu, a demographer, estimates total births for the country last year came in at 12,540,000.

Yi told me that the number of births for the country was in reality about 8 million and could not have exceeded 10 million.

Again, Yi looks correct. Provinces and other governmental units have reported data ahead of the census, and births were down more than 30% in some locations.

The big issue is China’s trajectory. Official media is cagey about a critical figure, the country’s total fertility rate, generally the number of children per female reaching child-bearing age. The official China Daily reports that Lu Jiehua of Peking University believes the country’s TFR, as the rate is known, “has fallen below 1.7.”

Lu is certainly right about that. The University of Wisconsin’s Yi told TNI that China’s TFR last year was 0.90  and could not have exceeded 1.1. Yi’s estimate is on the low end but is consistent with China Daily’s reporting of 1.05 in 2015.

Replacement TFR for most societies is generally 2.1 although some think China’s replacement rate is actually 2.2 because of higher child mortality.

In any event, China’s population will shrink fast. The Chinese Academy of Social Sciences projects China’s population will halve by 2100 if the TFR drops from 1.6 to 1.3.

China’s TFR, however, is far lower than 1.3. If its TFR stabilizes at 1.2—1.2 would represent a big increase—China will have a population of only 480 million by the end of the century.

If the TFR does not increase from where it is now, the country by then could end up around the 400 million mark. To put this in context, the United States, according to the U.N.’s latest projections, will have a population of 433.9 million in 2100, up from 331.0 million as of last year.

China now has a crisis. “Once it slips below 1.5, a country falls into the trap of low fertility and is unlikely to recover,” said He Yafu to the Communist Party’s Global Times. China is already well below that figure.

Beijing does not believe China’s population will begin to decline until 2028. Some believe it in fact began contracting in 2018, something evident by falling births.

In any event, as the official China Daily stated in December, “the trends are irreversible.”

That’s not good for the People’s Republic of China. As analyst Andy Xie wrote in Hong Kong’s South China Morning Post this month, “Population decline could end China’s civilization as we know it.”

end

Former CDC Director Says COVID-19 Escaped From Wuhan Lab

 
FRIDAY, MAR 26, 2021 – 09:45 AM

Former CDC Director Robert Redfield says that SARS-CoV-2, the virus which causes COVID-19, did not originate from a wet market in Wuhan, China, and instead escaped from a nearby lab which was performing gain-of-function research on bat coronaviruses to make them more easily infect humans.

I do not believe this somehow came from a bat to a human,” Redfield told CNN‘s Sanjay Gupta in an interview set to air Sunday night at 9 p.m. ET. “Normally, when a pathogen goes from a zoonot to human, it takes a while for it to figure out how to become more & more efficient in human to human transmission.”

“It’s only an opinion; I’m allowed to have opinions now,” he added.

When asked how he believes the lab was working to make the virus infect humans more efficiently, he said “Let’s just say, I have a coronavirus, and I’m working on it — most of us in the lab are trying to grow virus. We try to make it grow better and better and better and better, so we can do experiments and figure out about it. That’s the way I put it together.”

Redfield, a virologist picked by former President Trump to lead the Centers for Disease Control, said he believes that the pandemic began as a localized outbreak in Wuhan in September or October of 2019, earlier than the official timeline, and that it spread to every province in China over the ensuing months.

And while the rest of the world was told the only initial Covid-19 cases in China had originated from a wet market in Wuhan, Redfield is confident the evidence suggests that was simply not the case. According to Redfield, even his counterpart at the China CDC, Dr. George Gao, was initially left in the dark about the magnitude of the problem until early January. He described a private phone call he had with Gao in early January 2020, when Gao became distraught and started crying after finding “a lot of cases” among individuals who had not been to the wet market. Gao, Redfield says, “came to the conclusion that the cat was out of the bag.”
 
The initial mortality rates in China were somewhere between “5-10%,” Redfield told me. “I’d probably be cryin’ too,” he added.
The United States wasn’t formally notified of the “mysterious cluster of pneumonia patients” until December 31, 2019. Those were critical weeks and months that countries around the world could’ve been preparing. Dr. Sanjay Gupta via CNN
Redfield says that the notion COVID-19 jumped from a bat to a human doesn’t make “biological sense,” noting to Gupta that he spent his career as a virologist. His opinion differs from that of the World Health Organization, which has called the lab escape theory “extremely unlikely” with no clear evidence.

And of course, CCP-friendly pundits are towing Beijing’s official line by attacking Redfield:

Which, in itself should be enough evidence to question the mainstream narrative.

end
Michael Every on China..
(Michael Every…..)

Rabo: Very Important Developments Are Taking Place In China

 
FRIDAY, MAR 26, 2021 – 10:15 AM

By Michael Every of Rabobank

The Boxer-Shorts Rebellion

Sadly but truthfully, very few Americans know anything about Chinese history. That includes Wall Street’s ‘China’ teams; DC think-tank ‘experts’; and politicians. Equally, a smaller but still overwhelming majority of Chinese people don’t know much about the shorter-but-nuanced history of the US. Most Americans also don’t know much about American history….and most Chinese people don’t know much about Chinese history either. I’ve been lucky enough to live in nine different countries (10 if you count the US via my father as proxy); and not one of them teaches an honest, no-holds-barred evaluation of its own national history. It’s all edited highlights – a bit like social media we spend all day on rather than learning any history.

This matters because aside from the randomness of day-to-day movement of markets – which yesterday bounced to reverse Wednesday’s slump: long live profit-free tech stocks, apparently – if you don’t learn from history then you are damned to repeat it. The only question is if, like the analysts who repeat Marx repeating Hegel repeating that history repeats itself, first as tragedy and then as farce, this time it is going to be tears, or tears of laughter.

In particular, very important developments may be taking place in China. Western sportswear and clothing retailers such as Nike, Adidas, and H&M have all made recent statements they are “concerned about reports of forced labor” in Xinjiang, or have stopped buying cotton from it completely. The Chinese response has been furious: official rhetoric is withering – “China is not to be messed with,” and those who do “will find that we are force to be reckoned with”; social media is filled with nationalist attacks and open calls from celebrities to boycott these firms; and H&M stores in China have suddenly disappeared from search engine location functions.

Yes, we’ve seen similar Chinese moves against foreign products before. Some Aussie agri exports are currently locked out; South Korean soap operas and Norwegian salmon have been in the past; and back in 2012 there were major anti-Japanese boycotts and protests due to the geopolitical backdrop. Yes, those earlier storms passed: but that was arguably a very different China, at least in the eyes of the West, and according to its own combative rhetoric. Indeed, ‘Wolf Warrior’ diplomacy –in the past few days alone– has seen massively growing skepticism about China’s direction from Western diplomatic, military, and even businesses elites.

The problem is now on both sides. In China, the 2012 protests were quashed by the government, but this time round the Communist Youth League is actively trolling, and the diplomacy is blaring. The question in the minds of some who have read history is if this a – non-violent – replay of the anti-foreigner Boxer Rebellion rather than just a Boxer-Shorts Rebellion. In the West, the firms involved face a stark choice: stick to their professed social values and lose the China market, or accept China gets to dictate what they worry about – even when it reaches the alleged level of forced labour and genocide…and then try to explain corporate mottos like “Just Do It”. Could this even escalate to the level of the 2022 Olympics so we see the Para- and Parallel games? Probably not – but if it did, China has stated any boycotting countries will be sanctioned, dragging even more firms in. The risk is that this backdrop could accelerate existing moves towards decoupling of the global economy, which had been expected to be focused on semiconductors, but may now be on Lycra, sneakers, and socks and underwear value-packs too.

In short, yet again we see the underlying dynamic of hard choices having to be made by those who don’t want to make themwhich we have been flagging as a logically-inevitable risk since 2017.

Markets should really be paying more attention. Not because of the hit to the stock-price of the selection of firms involved now, but because of the patterns one can see in history. True, these very often say nothing at all – unless you are a believer in dialectical materialism, which China’s Politburo officially is. Yet when one sees Hong Kongers who want to leave are being told their new British National Overseas (BNO) passports are not accepted documents allowing holders to make early withdrawal of their MPF retirement savings – hence one has to leave one’s MPF behind if one exits; and that Hong Kong is asking countries not to recognise BNO passports at all; where would one think a *possible* ‘historical dialectic’ could go next in a worst-case scenario? This is no kind of forecast at all: just stressing that rather than tracking headlines like a torch on a dark wall, one needs to look at current developments alongside longer-run trends and historical parallels to try to frame possible tail-risk scenarios.

Which, as noted, the US is not very good at. What is the US realistically aiming at vs. China, some ask? And how does one get there if one doesn’t have a clear vision of it? Well, President Biden just gave his first media press conference, and in it stressed he expects “extreme competition” with China. For Western sportswear firms, this is not what they have in mind with the phrase. Indeed:

  • Biden repeated former-President Trump’s claim that China’s ambition of becoming the wealthiest and most powerful country in the world is “not going to happen under my watch –which requires a host of US measures from geopolitics to trade to capital flows (as the SEC pushes ahead with regulations forcing Chinese firms to de-list in the US) to the USD to achieve– and will naturally be seen as a policy of containment by China;

  • The US will aim to counter China’s rise by increasing investment in science and research – which necessarily means science, education, tech, and supply-chain decoupling if so; and

  • The US will continue to call out China in an “unrelenting way” on human rights violations – which we already see will only amplify and accelerate existing decoupling trends, and place other Western countries in the same hot-seat.

So boxing gloves (and shorts) on. Indeed, China has just put sanctions on some British parliamentarians, who join their EU counterparts; Russia and China are cuddling up; so is North Korea; and so is Iran – which just fired a missile that damaged an Israeli ship. (That as Israeli PM Netanyahu narrowly failed to win the parliamentary majority he needed to halt his ongoing criminal trial in a fourth successive election against that legal backdrop, potentially making a risk-averse leader more bellicose.) At least the Suez Canal is already blocked so we don’t have to worry about that.

But I have to end with the Fed. They have enough challenges to deal with now that they face a K-shaped recovery, and are targeting inflation, and unemployment, and social justice: now add a Cold War they can’t afford to lose to that list. Against such a backdrop, they have decided that US banks can start share buybacks again as soon as the end of Q2. Because nothing helps heal a broken society and propel a war economy quite like financialization and a stock market bubble.

I told you

 

Americans don’t read their own history. Happy Friday!

end

CHINA/UK

China slaps retaliatory sanctions on UK MP’s.  It is about time to stop all business with China

(zerohedge)

China Slaps Retaliatory Sanctions On UK MPs Over Xinjiang “Lies”

 
FRIDAY, MAR 26, 2021 – 01:10 PM

Entirely as expected and just on the heels of its retaliatory punitive measures slapped on the European Union this week, China’s Foreign Ministry has announced new sanctions against the United Kingdom for its joining multiple countries led by the United States in imposing human rights related sanctions on Beijing officials, particularly related to abuse and persecution of Xinjiang’s Muslim Uighur population. This resulted in the UK promptly summoning China’s Charge d’Affaires in the hours after the announcement. 

The countermeasures target nine UK individuals and four entities, notably Britain’s chairman of the foreign affairs committee Tom Tugendhat alongside other “anti-China” MPs and scholars. They were identified as having “spread lies and rumors about China’s Xinjiang region,” according to state media. 

“As of today, the individuals concerned and their immediate family members are prohibited from entering the mainland, Hong Kong and Macao of China. Their property in China will be frozen, and Chinese citizens and institutions will be prohibited from doing business with them. China reserves the right to take further measures,” the foreign ministry stated on Friday (local time).

The sanctioned individuals were identified as follows:

Beijing sanctioned nine persons, among them Tom Tugendhat, Iain Duncan Smith, Neil O’Brien, David Alton, Tim Loughton, Nusrat Ghani, Helena Kennedy, Geoffrey Nice and Joanne Nicola Smith Finley. The four entities that were subjected to Beijing sanctions are the China Research Group, the Conservative Party Human Rights Commission, the Uyghur Tribunal and the Essex Court Chambers.

State-run Global Times slammed the behavior of the above-named as constituting “serious interference in China’s internal affairs and sovereignty” which has ultimately been “detrimental” to diplomacy.

The UK government had earlier described the necessity of its coordinated sanctions actions done with the EU, US, and Canada in a statement: “Acting together sends the clearest possible signal that the international community is united in its condemnation of China’s human rights violations in Xinjiang and the need for Beijing to end its discriminatory and oppressive practices in the region.”

China’s immediate response was to earlier call the Xinjiang allegations, which center on China’s network of ‘reeducation’ camps and labor prisons, a mere “a pretext for interfering in China’s internal affairs and frustrate China’s development.”

“People of all ethnic groups in Xinjiang, including the Uyghurs, enjoy each and every constitutional and lawful right. The fact that Xinjiang residents of various ethnic groups enjoy stability, security, development and progress, makes it one of the most successful human rights stories,” Chinese Foreign Ministry spokeswoman Hua Chunying had claimed in an official statement.

China’s Global Times is now indicating that Canada is next on China’s retaliation target list, after multiple members of Canadian parliament have been extremely vocal in calling for greater punishment against Beijing, including the Boycotting of the 2022 Beijing Olympics. 

end
CHINA/TAIWAN
Not good: Chinese bombers make their largest ever incursion into Taiwan air space. A strong message to clueless Biden:
(zerohedge)

Chinese Bombers Make “Largest Ever” Incursion Into Taiwan’s Air Space In Dramatic ‘Message To West’

 
FRIDAY, MAR 26, 2021 – 03:05 PM

In what’s clearly a well-timed and glaring “message” not only aimed at Taiwan but especially at its Western backers amid this week’s continuing sanctions tit-for-tat with Beijing, Taiwan’s military is reporting on Friday the “largest ever” incursion by China’s air force

While in the past months the PLA aerial patrols have grown bigger and more frequent – sometimes coming every week and often involving eight or a dozen or possibly even fifteen combined Chinese fighters and bombers – Friday’s incursion involved a record-setting twenty PLA military aircraft. This is by far the largest ever recorded, since Taipei began publicly releasing data on the incursions.

Twenty Chinese military aircraft entered Taiwan’s air defense identification zone on Friday, in the largest incursion yet reported by the island’s defence ministry and marking a dramatic escalation of tension across the Taiwan Strait,” Reuters reports.

Illustrative image

Such a large force is being described as “unusual” by Taiwan’s Defense Ministry. It confirmed the location of the aircraft and published select images in an official statement.

Crucially the incursion in the democratic island’s southwest defense zone included four nuclear-capable H-6K bombers being escorted by smaller fighter jets. 

“The presence of so many Chinese combat aircraft on Friday’s mission – Taiwan said it was made up of four nuclear-capable H-6K bombers and 10 J-16 fighter jets, among others – was unusual and came as the island’s air force suspended all training missions after two fighter jet crashes this week,” Reuters continued.

Aside from this week’s sanctions escalation involving coordinated action of the US, UK, EU, and Canada on Monday over alleged ‘genocide’ and widespread human rights abuses in Xinjiang province, this latest bomber incursion comes a day after Taiwan’s defense chief admitted the island has initiated mass production of long-range missiles capable of striking mainland China.

Friday’s largest ever recorded incursion is without doubt the mainland’s “answer” to Taiwan’s boasting over its missile developments and ambitions.

While Biden said Thursday during his first presidential press conference that he “doesn’t want confrontation” with China he’s done little in terms of rolling pack ‘confrontational’ Trump policies – but quite the opposition – he’s arguably actually increased the pressure. 

This means there’s a great likelihood the Pentagon will send a destroyer through the contested Taiwan Strait once again in a bit of ‘counter-messaging’ as China ramps up its flights. And on up the escalation ladder we go…

end

4/EUROPEAN AFFAIRS

UK//

(Bloomberg/Meakin)

and special thanks to Doug C for sending this to us.

BOE Flags Risk of Illiquidity in Fragile Government Bond Markets

The Bank of England flagged instances of illiquidity as a broader risk to the financial system after a rout in some government bond markets pushed yields higher.

A pedestrian passes the Bank of England in London.
A pedestrian passes the Bank of England in London.
 
 

The comments in a routine assessment of threats to the financial system indicate concerns at the central bank that Governor Andrew Bailey has sought to play down. The bank’s Financial Policy Committee found that vulnerabilities in the market remain almost a year after they first emerged during a rout at the start of the coronavirus pandemic.

 
 

In recent appearances, Bailey has said that while officials are watching a surge in bond yields carefully, so far they viewed it as consistent with an improvement in economic outlook. The summary of the FPC’s March 18 meeting agreed with that assessment, but also highlighted risks to liquidity that were exposed by the sell off in debt markets in March 2020.

 
 

“In February, the fragile nature of liquidity in some government bond markets had been evident during a period where advanced economy government bond yields had risen markedly,” the BOE report said. “The FPC judged that recent experience showed the fundamental vulnerabilities in market functioning that had been exposed during the ‘dash for cash’ remained and could amplify any further repricing.”

 
 

The central bank noted recent weak demand from non-dealers at U.S. Treasury auctions after a disastrous sale last month that helped push yields to a higher plane. Bonds have sold off around the globe in recent weeks, pushing U.K. yields to the highest levels since before the pandemic.

The European Central Bank confronted the shift with a vow to speed up its own asset purchase program. BOE officials gave tacit approval to the increase in yields, declining to intervene in the market in their last decision on monetary policy on March 18.

BOE policy makers also discussed:

  • How online shopping and working from home will change the structure of the economy.
  • The panel saw risks from weaker earnings prospects and insolvencies that are likely to rise from their current very low levels
  • The FPC released details of previous discussions about the implications of a disorderly Brexit for open-ended commercial real estate funds. The group had been briefed that some may have to be suspended, as they were after the 2016 referendum, but opted to keep this out of the record until after the transition in case the comments themselves increased the risk

END

UK

Super news for the UK and the EU and the UK finally are near a landmark deal on financial regulation

Cable Rallies As EU, UK Near Landmark Deal On Financial Regulation

 
FRIDAY, MAR 26, 2021 – 12:00 PM

Cable rallied Friday afternoon on the news that, days after striking a reciprocity deal to ensure adequate supplies of COVID jabs for EU member states, London and Brussels are on the cusp of a high-level agreement on a new regulatory framework for financial regulation that could revive London-based firms’ access to European markets.

Investors have been closely watching for news about the deal on financial regulation, which was left out of the original Brexit trade deal, and has been seen as  a major risk for the British financial services industry, which has already suffered a wave of defections as foreign firms have moved more of their European workforce to within the EU (Dublin and Warsaw have been two popular locations).

According to Bloomberg, which broke the news, the two sides are proposing “a joint forum for discussing regulations and sharing information.” In its current form, the forum would lead to “informal consultations concerning decisions to adopt, suspend or withdraw equivalence,” according to the draft. “Equivalence” is a hot-button issue and anathema to Brexiteers, who are averse to ceding any regulatory control to Brussels.

The pound rallied against the euro on the news, and against the dollar as well.

Since the start of the year, London-based firms have been blocked from operating in the block as Brexit officially took effect following the end of the transition period. The European Commission told EU ministers at a meeting earlier this week that the proposal is based on the framework the EU currently has with the U.S., according to a diplomatic note seen by Bloomberg. A spokesman for 10 Downing Street said “talks are taking place between officials and we won’t be giving a running commentary whist they are ongoing.”

However, whether the deal will lead to more cooperation remains unclear. The two sides could still reject that approach in favor of increased independence.

In other news, during a video summit on Thursday, EU leaders gave lukewarm support to a plan to better control the exports of shots to the rest of the world, as European Commission head tweeted that Brussels was acting to ensure Europeans receive their “fair share” of new jabs.

In keeping with this decision, a vaccine factory in the Netherlands at the center of the spat over AstraZeneca jabs between London and Brussels has been given the go ahead by the European Medicines Agency to begin supplying Astra jabs to the EU, after European leaders asked the company to fulfill the rest of the EU’s order of jabs, which have been plagued by production delays. The EMA said on Friday that the Leiden factory, run by subcontractor called Halix, had finally been approved for production and export of AstraZeneca’s vaccine, bringing the total number of factories making the vaccine in Europe to four, per the FT.

At the same time, Norway has joined nearby Denmark in extending its halt on AstraZeneca jabs, the latest sign that a paucity of vaccine supplies isn’t the only obstacle to boosting the vaccination rate.

end

UK/CREDIT SUISE/GREENSILL

Credit Suisse is now considering repaying furious clients for their losses at Greenstill.  The tally will be $3 billion

(zerohedge)

Credit Suisse Considers Repaying Furious Clients As Greensill Losses Tally $3 Billion

 
FRIDAY, MAR 26, 2021 – 05:45 AM

After scrapping some senior bonuses, suspending several top executives and replacing the head of its asset management unit (where trade-finance funds co-managed with Greensill Capital were managed), Credit Suisse apparently has the money to toss overworked junior bankers a $20K ‘second bonus’. But the bank’s virtue-signaling when it comes to its treatment of junior bankers (currently a hot topic in the public discourse thanks to a handful of exhausted Goldman analysts) might not look so generous after its clients see their total losses from the collapse of the aforementioned funds.

According an exclusive report in the Financial Times arriving just one week after the Swiss bank published its 2020 annual report – in which the Swiss bank claimed in a section addressing the Greensill collapse that “Credit Suisse’s priority remains the recovery of funds for CSAM’s investors” – CS executives have tabulated its client losses at a whopping $3 billion, on some $10 billion in assets in the funds, which were stocked with assets structured by Greensill. After gating the funds on March 1, CS has reportedly returned more than $3 billion to its clients, with another $1 billion promised. Reuters reported that more than $1 billion in cash is left in the funds. But after spending the last three weeks trying to unwind a complex series of contracts underpinning the fund’s assets, the bank has determined that many of the firms financed by Greensill are unable, or unwilling, to make good on their debts.

Urs Rohner, Chairman of the Board of Directors and Thomas Gottstein, Chief Executive Officer.

The funds were marketed to CS’s “professional” – ie institutional – clients as low-risk vehicles, and now Credit Suisse is in the uncomfortable position of telling some of its most valuable clients, including wealthy individuals in the Middle East and pension funds in Switzerland (the bank’s backyard), that the funds it marketed as low risk vehicles that helped grease the wheels of international trade were actually stocked with claims on future sales of companies like GFG Alliance, Sanjeev Gupta’s steel empire, which owes $1.3 billion. SoftBank-backed construction startup Katerra is reportedly on the hook for $400MM.

Unfortunately for CS, as it goes about trying to collect on the money owed, there are several major creditors that are “dragging their heels” on repaying the Credit Suisse funds, according to a person briefed on the process of recovering the assets.

“I would stress that is the theoretical maximum,” said a person involved in the discussions. “I still expect losses to be much lower…It could be a long process though.”

In the long term, once courts have had an opportunity to adjudicate the avalanche of lawsuits, executives believe they might be able to cut that loss down to $1.5 billion. But that seems like a big “if”. At any rate, the final tally of losses might not be known for months, or years.

With these lucrative relationships hanging by a thread, Bloomberg reports that the internal investigation being carried out by the board is looking into top executives’ role in the trade-finance business.

Directors are reviewing the way in which supply chain finance funds were sold to investors, including its own wealth management clients, and how the bank managed conflicts of interest and a business relationship with Lex Greensill that spanned three divisions, one of the people said. The bank has reactivated a special crisis committee — led by chairman Urs Rohner and the heads of the audit and risk committees — to oversee the issues surrounding Greensill, according to its annual report.

Bloomberg reported that the investigation will examine CEO Thomas Gottstein’s role in the Greensill business. To be sure, even if the bank does find some culpability on Gottstein’s part, dumping a second CEO overboard within the span of 18 months isn’t exactly a good look. And at any rate, the bank’s clients probably wouldn’t care either way. Heads on platters aren’t going to put money back in their pockets.

But with the risk of losing billions of dollars in business over the episode, Credit Suisse is reportedly considering doing just that: Citing four sources from within the bank, Reuters reported that Credit Suisse is considering reimbursing some of the customers.

Switzerland’s second-largest bank this month closed around $10 billion of supply-chain finance funds that bought notes from Greensill. Of this, $3.1 billion has so far been repaid and more than $1.2 billion in cash remains in the funds, leaving more than $5 billion outstanding.

While Credit Suisse hopes more can be salvaged, the fact it is considering making investors in the funds good underscores concern that the debacle could see ultra-rich customers turn their back on it, three of the people said.

“Money is going to flow,” one person with direct knowledge of the discussions within the bank told Reuters. “Investors will get compensation. That’s unavoidable. It’s going to hurt.”

The total cost has yet to be determined, but “there is a proposal on the table to take over about 50% of the losses.”

While the report might just be a trial balloon, we can’t help but wonder how its shareholders might feel. Investment banks are supposed to rip clients’ faces off. Covering a third party’s duly deserved losses might set a dangerous precedent.

END
UK/USA Greensill
It finally happened; Greensill files Chapter ll bankruptcy protection in New York
(zerohedge)

Greensill Capital files for bankruptcy protection in New York

March 25

(Reuters) – British fund Greensill Capital on Thursday filed for Chapter 11 bankruptcy protection in New York, days after it filed for insolvency in Britain.

Greensill began to unravel earlier this month when its main insurer stopped providing credit insurance on $4.1 billion of debt in portfolios it had created for clients including Swiss bank Credit Suisse.

The company listed estimated assets between $10 million and $50 million, according to the New York court filing.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE/USA

SPUTNIK reports USA cargo ship carrying 350 tonnes of military equipment docking in Ukraine’s main port of Odessa

(Sputnik)

 

KIEV (Sputnik) – A US cargo ship docked in Ukraine’s Odessa port carrying 350 tonnes of military equipment and vehicles for the country’s armed forces, local media reported on Thursday.

The cargo ship under the American flag entered the port on Wednesday evening, Dumskaya news agency said. Among 350 tonnes worth of military equipment, the ship carried 35 HMMWV military trucks for Ukraine’s armed forces.

All equipment is expected to be unloaded by mid-Friday, the news agency stated.

Earlier in March, the US Department of Defence announced additional $125 million package for the Ukraine Security Assistance Initiative to cover training, equipment, and advisory support. The remaining $150 million appropriated by Congress will be provided to Ukraine in 2021 once Pentagon certifies the country’s progress on key defense reforms.

In total, the US has committed over $2 billion in security assistance to Ukraine since 2014.

END

RUSSIA//

Navalny claims he is being tortured in Russian’s notoriously harsh prison in Moscow.

(zerohedge)

Navalny Claims He’s Being Tortured In “Notoriously Harsh” Russian Prison

 
THURSDAY, MAR 25, 2021 – 10:40 PM

Supporters of jailed Kremlin critic Alexei Navalny say his health has rapidly deteriorated since being transferred to a Russian prison east of Moscow to serve out his two-and-a-half year sentence handed down by a court in February for violating parole related a prior 2014 suspended sentence.

The New York Times previously described of the facility he was sent to, identified as “Penal Colony No. 2” – which also goes by the initials IK2 – as “notoriously harsh”.

 

Entrance to “Penal colony IK-2” via TASS

Navalny himself is now accusing prison authorities of “deliberate denial of due medical assistance” in order to ensure his suffering, in a letter released to his website via his lawyers.

“My condition has worsened. I feel acute pain in my right leg, and I feel numbness in its lower part,” Navalny wrote. “I have trouble walking.” His lawyer Olga Mikhailova added to this in televised remarks this week, saying that his condition is “extremely unfavorable”. She said, “Everyone is afraid for his life and health.”

Navalny himself is alleging a deliberate policy to deprive him of medicines prescribed by his doctor, as well as sleep. “Essentially I am being tortured through sleep deprivation,” he additionally complained in the letter.

Some international headlines are running with this, now claiming the 44-year old outspoken Putin critic who previously alleged the Russian president ordered his poisoning with nerve agent last August is being literally tortured as part of his confinement. However, The Associated Press presents the height of the claims as follows:

Navalny blamed his health problems on prison officials failing to provide the right medicines and refusing to allow his doctor to visit him behind bars. He also complained in a second letter that the hourly checks a guard makes on him at night amounted to sleep deprivation torture.

The prison where’s he being kept is being further described

Earlier this month, Navalny was moved to a prison colony in Pokrov in the Vladimir region, 85 kilometers (53 miles) east of Moscow. The facility stands out among Russian penitentiaries for its particularly strict regime that includes routines like standing at attention for hours.

 

Via AP/NY Times

Russia’s Federal Penitentiary Service (FSIN) has denied the accusations meanwhile, responding that he’s currently in “satisfactory” condition. 

“According to the results of the examination, his state of health was assessed as stable and satisfactory,” the FSIN said.

On Thursday the Kremlin also addressed what it previously said is a propaganda war surrounding the jailed dissident being waged by the West: “The condition of convicts and people who are serving time in correctional institutions is being monitored by their administrations. That’s their job,” spokesman Dmitry Peskov told a press briefing. 

More protests are expected across Russian cities in the wake of the new reports. Navalny and his supporters have tried to keep his case in the international spotlight after the story fell out of headlines amid revelations he had in past years issued fiercely anti-immigrant statements which were widely seen as xenophobic.

END
IRAN/AFRICA
Iran hopes to expand its oil influence in Africa through extension of the Basra-Aqaba pipeline. 
(Simon Watkins/OilPrice.com)

Iran Looks To Expand Oil Influence In Africa Through New Pipeline

 
FRIDAY, MAR 26, 2021 – 05:00 AM

Authored by Simon Watkins via OilPrice.com,

Iraq remains the key cover through which Iran transports its oil to the rest of the world, as has been well-documented by OilPrice.com, so the news last week that Iraqi and Egyptian officials have discussed the possibility of extending the Basra-Aqaba pipeline to Egypt as this would be “an important addition and a new outlet for Iraqi oil exports to North Africa” (according to representatives of the two negotiating teams) should be read in this light.

It should also be read in terms of the overall strategy for the expansion of influence of Iran – backed by China in the wide-ranging 25-year deal – not just across the Shia crescent of power in the Middle East but into eastern and northern Africa as well. A key to this expansion is the roll out of an integrated network, based around oil, gas, and electricity supplies, that allows for not just the installation of permanent infrastructure linking one country to another but also for the on-site presence of permanent ‘technical and security’ personnel, many of which are already – or will be – Iranian and Chinese. This alliance is also the other option for countries in the region to the U.S.-Israel-led ‘relationship normalisation deals’ currently being touted as a core method by which to stop Iran’s increasing regional influence, subscribed to so far by the UAE, Bahrain, and Morocco.

Jordan was always a natural contender to be drawn into the alternative Iran-led alliance, given its strong historical anti-Israeli bias. Jordan’s current king, Abdullah II, is the son of King Hussein, a key leader in the 1967 Six-Day War waged by Jordan, Syria, Egypt, and Iraq, against Israel, and then a supporter of the 1973 Yom Kippur War, also again involving Egypt and Syria, principally, fighting Israel, although it also involved expeditionary forces from a wide range of Arab states, including Jordan and Iraq. Egypt, for its part, although flirting with the U.S. over the years for monetary gain primarily and since 2014 for the U.S.’s assistance in shoring up the power of former field marshal and now President, Abdel Fattah el-Sisi, has long regarded itself as being a leader of the Arab world, along with Syria.

Slightly shifting this pro-Arab ideology to a point where it coincides in large part with the ideas involved in the Shia crescent is seen as a not insurmountable objective in Tehran. Iran is already either directly (through its foreign intelligence and military organisations) or indirectly (through its proxy paramilitary groups) highly active in the Shia crescent areas of Syria, Yemen, Iraq, and Lebanon. Softer pressure is being added through financing deals on offer from China (or Russia) for states teetering on the margins of this alliance that are struggling economically from the after-effects of two oil price wars in less than five years and the demand destruction effect of the COVID-19 pandemic or from general economic mismanagement.

These include, from the Russian sideAzerbaijan (75 per cent Shia and a Former Soviet Union State) and Turkey (25 per cent Shia and furious at not being accepted fully into the European Union), although others remained longer-term targets, including Bahrain (75 per cent Shia), and Pakistan (up to 25 Shia and a home to sworn-U.S. enemies Al Qaeda and the Taliban).

From the Chinese side, these include any country on or adjoining its land or maritime routes in its ‘One Belt, One Road’ (OBOR) program, notably in the Middle East, Oman and Jordan.

Securing Jordan in this alliance was the initial aim of the oil deal that was resuscitated recently by Iraq. The deal might appear innocuous enough, with the formal announcement of the extension of a previous contract that had lapsed at the end of December for Jordan to import crude oil from Iraq. Jordan’s Energy Minister, Hala Zawati, stated in July of last year that the Kingdom would resume imports of at least 10,000 barrels per day (bpd) of Iraq crude oil via tankers at a discount of US$16 to the Brent price, reflecting the transport costs and quality differential. These supplies came from Baiji in Iraq direct to the Jordan Petroleum Refinery Company (JPRC), constituting around seven per cent of Jordan’s daily demand. The original deal that had been struck in 2006 mandated a discount to Brent of US$18 pb, on the basis that Jordan bore the transport costs between Kirkuk in northern Iraq and Zarqa in the Kingdom and presaged a broader build-out of energy ties between the two countries.

However, underpinning this agreement were broader discussions about the future relationship between Jordan and Iraq and these resulted in a contract being signed last year to connect the electric power grids of the two countries. By extension, this will provide a direct link between Jordan and Iran, which recently signed a two-year deal with Iraq to supply it with electricity, the longest such deal signed between the two countries. In this context, just a month or so before Iraq Prime Minister, Mustafa al-Kadhimi’s visit to Washington last year, Iran’s Energy Minister, Reza Ardakanian, stated that Iran and Iraq’s power grids have become fully synchronised to provide electricity to both countries by dint of the new Amarah-Karkheh 400-KV transmission line stretching over 73 kilometres. This also ‘paves the way for increasing energy exports to Iraq in the near future, from the current 1,361 megawatts per day now’, he said. He added that Iranian and Iraqi dispatching centres were fully connected in Baghdad, the power grids were seamlessly interlinked, and that Iran had signed a three-year co-operation agreement with Iraq ‘to help the country’s power industry in different aspects’. At the same time, it was announced by the Iranian Electrical Power Equipment Manufacturing and Provision Company that Iran’s electricity exports to other neighbouring countries in the previous Iranian calendar year (ended on 19 March 2020) reached over 8 billion kilowatt-hours (kWh), a mean average increase of 27.6 per cent year-on-year. In the meantime, Iraq’s Electricity Minister, Majid Mahdi Hantoush, announced that not only is Iraq currently working on connecting its grid with Jordan’s electricity networks through a 300-kilometre-line – a project that will be finished within two years –  but also plans have been finalised for the completion of Iraq’s electricity connection with Egypt within the next three years. This, in turn, he added, would be part of the overall project to establish a joint Arab electricity market.

Running in parallel with these pan-Arab plans are the ongoing pipeline initiatives that build out from the original idea for the Basra-Aqaba route spanning around 1,700 km, and do not include Israel land or sea territory. December 2019 saw an announcement from Iraq’s Oil Ministry that it had completed the prequalifying process for companies interested in participating in the pipeline project, with the first phase of the project including the installation of a 700-km pipeline with a capacity of 2.25 million barrels within the Iraqi territories. The second phase includes the installation of a 900-km pipeline in Jordan between Haditha and Aqaba, with a capacity of one million barrels. For Iran, this allows another alternate Iraq/Iraq oil export line to the historically vulnerable Strait of Hormuz route, to add to the current plans for the Guriyeh-Jask pipeline and plans to roll out a pipeline to Syria as well. It will also provide another ‘cover’ route for Iranian oil disguised as Iraqi oil, which can then be shipped easily both West and East. There are a number of options for this Iraq-Aqaba-Egypt pipeline route, even the favoured ones that avoid any Israeli land or sea threats, including a very short route following the same ground as one of the Arab Gas Pipeline flows: from Aqaba to Taba, and then if required up north to Arish and then west to Port Said.

end

SYRIA/USA

Robert H to me:

“A good example of human and capital waste, where hegemony politics reduced a country and people to ruin destroying their ability to contribute to global prosperity to satisfy an agenda that created wartime profits for a few at the expense of many.
Libya was destroyed with vengeance throwing back a nation that served to block migration from North Africa to Europe. Gone is their ability to feed themselves or positively contribute to global society. The human slave market closed by Qaddafi in Tripoli is now open. 
As we approach Passover and Easter one might think we as a species might remind ourselves of what progress, if any, have we made towards goodwill towards our fellow brothers and sisters on and in the journey of life. 
There is irony in watching the ship called “evergreen” stuck in the Sues Canal at this time of the year. People are missing the impact as it goes well beyond simple trade as the Suez Canal has long been used as a smuggler’s road of human trafficking. And since roughly 10% of trade dollar value moves through the canal one might calculate the cost being held up for time; as to accurately see the cost, ponder the daily compounding cost of all traffic inbound stuck behind the ship and who is affected and how.
This goes well beyond a few extra days at sea”. 

 

Cheers

 

Robert
 
end

SAUDI ARABIA/HOUTHIS

Video Shows Saudi Red Sea Oil Terminal Ablaze After Fresh Drone Attack

 
FRIDAY, MAR 26, 2021 – 12:15 PM

Video has emerged of the aftermath of yet another Yemeni Houthi drone and missile attack on oil facilities in Saudi Arabia. A Houthi military statement has since confirmed it was behind the sabotage operation targeting key Saudi sites.

In the early hours of Friday a statement from the Saudi Oil Ministry confirmed that an oil terminal on the kingdom’s Red Sea coast was struck by bomb-laden drones out of Yemen

As a result an oil terminal in Jizan, which lies just north of the Saudi-Yemen border, was engulfed in fire but which left no casualties. As cited in state-run SPA, a Saudi spokesman condemned the “cowardly attack against vital installations”.

The statement further underscored that these ongoing and ramped-up attacks, multiple of which have occurred within just the past month, “not only target the Kingdom, but also petroleum exports, the stability of energy supply to the world, freedom of world trade, as well as the global economy.”

Unconfirmed social media videos which circulated in the aftermath showed flames shooting high over the Jizan facility. 

The port city has actually been targeted many times, and has a new high-tech refinery which is described as follows: “Jizan is home to a new refinery and port facilities for the energy giant Saudi Arabian Oil Co. The refinery, with a capacity of 400,000 barrels a day, sent its first shipment abroad last year.”

As MarketWatch notes: “Benchmark Brent crude BRNK21, 3.54% rose to over $62 a barrel in early trading Friday after the attack. Energy prices have risen recently off growing demand as coronavirus vaccinations increase and Egypt’s Suez Canal remains closed due to a massive container ship wedged across the vital waterway.”

Later in the day Yemen’s Houthis took responsibility for the Jizan attack while also claiming others in a broader and “successful” multi-pronged operation…

As we detailed at the start of this week, the Saudi military announced it’s taking additional steps to protect its oil installations. It initiated within past days the “Confrontation 4” joint exercises which were geared specifically toward raising “readiness” to thwart future “terrorist attacks” on Saud energy and resource infrastructure.

This comes as fears grow that another major “Iran-sponsored attack” on Saudi oil processing sites, such as occurred with the major 2019 Abqaiq–Khurais attack, could cause the price of crude to skyrocket. 

end

6.Global Issues

SUEZ CANAL/BLOCKAGE

Suez Canal crisis is morphing to a huge global supply mess

(zerohedge)

Suez Canal Crisis Morphs Into Global Supply Chain Wrecking Ball 

 
FRIDAY, MAR 26, 2021 – 07:30 AM

The world got another wake-up call this week about the overreliance on complex, just-(not)-in-time global supply chains. As of Friday, the massive containership, “Ever Given,” remains stuck in the canal, unable to be refloated, paralyzing the world’s most important shipping lane. Ever Given is one of the world’s largest containerships, with approximately 20,000 shipping containers of goods, and it has paralyzed one of the world’s most importantly shipping lanes – a vital linkage between Asian factories and customers in Europe and the US. 

 

Reuters reports the Suez Canal Authority (SCA) is looking forward to cooperating with the US to refloat the stranded containership that has blocked the canal since Tuesday. 

“The Suez Canal Authority (SCA) values the offer of the United States of America to contribute to these efforts, and looks forward to cooperating with the US in this regard,” it said in a statement.

Shoei Kisen, the Japanese owner of the ship blocking the Suez Canal, aims to dislodge the vessel from the canal bank by Saturday. But as Bloomberg reports, the process to refloat the ship could “take until at least next Wednesday.” 

Peter Berdowski, CEO of Dutch company Boskalis who has been tasked with dislodging the vessel, warned Ever Given “could be stuck in the canal for weeks.” 

So actual timelines on when the vessel will be unstuck are unclear. The blockage is wreaking havoc across global supply chains, and crude prices were higher on Friday morning on mounting fears the containership will be stuck for much longer than initially anticipated. Since the containership got stuck on Tuesday, crude prices have been chopping around 57-handle to 61-handle. 

On Friday, tugboats and suction dredger crews worked around the vessel’s front hull to remove sediment. The task to refloat the 200,000-ton ship may involve removing containers to lessen the vessel’s weight. 

Since Tuesday, tugs and diggers have been unsuccessful in attempting to refloat the stranded vessel. As hundreds of ships pile up on either end of the canal entrances – A.P. Moller-Maersk A/S and Hapag-Lloyd AG have instructed their vessels to take alternative routes to avoid the canal. Vessels have been instructed to reroute around the Cape of Good Hope. 

The canal is one of the world’s most important shipping lanes, with 12% of global trade and 8% of liquefied natgas traverse the canal and nearly two million oil barrels each day. Every day the canal is blocked, it halts about $9.6 billion of trade.

“The number of ships loaded with billions of dollars worth of goods waiting to traverse the canal has risen to more than 300,” according to Bloomberg data.

Reeling from the blockage, marine freight rates are surging this week as companies race to find alternative shipping lanes. 

According to Bloomberg, the cost to ship a 40-ft. container from China to Europe has risen to $8,000, up 4x year-over-year. Suezmax vessels, which carry about 1 million barrels of crude, are now chartering for approximately $17,000 per day, the most since summer 2020. 

Reuters notes the Black Sea to Mediterranean fuel shipping rates rose this week as traders attempt to bypass the blocked Suez canal.

On top of an already stretched global supply chain, manufacturers in Asia are already preparing for extended shipping delays due to the blockage. To get an idea of some of the goods that flow through the canal from the East to West, cargo aboard an HMM Co. vessel moored outside the canal is carrying frozen beef, paper, beer, auto components, chocolate, furniture, frozen pork, and other goods. 

Other reports include Caterpillar Inc. is facing shipping delays because of the canal blockage and is considering air freight for certain parts. 

Mark Ma, owner of Seabay International Freight Forwarding Ltd., a company that handles Chinese goods including toys, pillows and mattresses sold on Amazon, has 20 to 30 containers stuck in the canal. 

“If it can’t be resumed in a week, it will be horrible,” said Ma. “We will see freight fares spike again. The products are delayed, containers can’t return to China and we can’t deliver more goods.”

More reports indicate at least 10 LNG vessels from the Middle East with end destinations in Europe have been delayed. 

“Even if the route is liberated within one week, there is a large queue of cargoes lining up to cross the canal,” said Carlos Torres Diaz, Rystad’s head of gas and power markets. “The return to normal flow will take some time.”

The knock on effects of the blockage is rippling through the global supply chain and is the “worst-case scenario” for global trade. 

END
 

7. OIL ISSUES

Compared to gold/silver manipulation, this  is miniscule

(Geiger/OilPrice.com) 

end

8 EMERGING MARKET ISSUES

Don’t Cry for me Argentina!! Argentina warns it will default again for the nth time.

(zerohedge)

“We Don’t Have The Money”: Argentina Warns It Will Default Again

 
 
THURSDAY, MAR 25, 2021 – 10:00 PM

There are three certainties in life: death, taxes and Argentina defaults.

And while we have seen a lot of the first in the past year, Biden is making sure we will see much more of the second in coming years, it was Argentina’s president Cristina Fernandez de Kirchner who said on Wednesday that we are about to have one more of the third.

Speaking at an event in Buenos Aires, CFK said that Argentina is unable to repay its $45 billion debt with the International Monetary Fund – the same fund that came to Argentina’s rescue in 2018 to fund the country’s latest default – under current negotiating conditions for one simple reason: “we can’t pay because we don’t have the money to pay,” she said adding that the IMF’s conditions are “unacceptable” diminishing the possibility of an agreement with the country’s largest creditor.

In the speech, CFK was flanked by Axel Kicillof, the governor of Buenos Aires Province and her son Maximo. She called on the opposition to help seek better terms from the fund since they are responsible for taking on the debt under former President Mauricio Macri.

“We are not saying to not pay the debt,” Fernandez de Kirchner said, when in reality that’s precisely what she was saying. “Our political group was the only one that paid the debts of all the other governments. We should make an effort, the ruling party and the opposition, to give us a longer term and a different interest rate on a debt that others have contracted.”

CFK’s comment, first reported by Bloomberg, came come after discussions between Economy Minister Martin Guzman and IMF Managing Director Kristalina Georgieva in Washington on Tuesday that what was described by both sides as a “very good meeting” although in retrospect, they were not so good.

The hardline stance from Fernandez de Kirchner, who battled with creditors during her eight years in office from 2007 to 2015, may help bury the already diminished prospects for a deal to get done before key midterm elections in October. President Alberto Fernandez leads a broad Peronist coalition, and Fernandez de Kirchner comes from a more radical but important left-wing group.

“Key players in the government’s coalition would prefer to be perpetually at war with the Fund,” said Benjamin Gedan, director of the Argentina Project at the Wilson Center, a Washington-based think tank. “That attitude is not productive and complicates the economy minister’s efforts to negotiate a new program.”

Meanwhile, the IMF remains completely toothless in protecting its capital, much of which comes from US taxpayers. While IMF negotiators prefer to hash out a deal with Argentina as soon as possible to put the country back on a path to growth, the Fund knows it can’t force the nation’s hand, Bloomberg sources said.

There is another reason why Argentina is preparing for another default: the alternative is the political suicide known as austerity. CFK is already facing a narrowing political path as the Oct. 24 vote approaches. Announcing an agreement with the Fund, which would include further fiscal austerity pledges, would hurt the ruling coalition’s standing in a country where the IMF is usually blamed for its recurrent economic crisis.

Meanwhile, as Bloomberg notes, Argentina faces an economic minefield… and all the downside of MMT, i.e., helicopter money. 

The country is just emerging from three years of recession, inflation is projected to hit nearly 50% this year and unemployment is in the double digits. The government’s $65 billion debt restructuring with private creditors last year didn’t boost its credibility, and the bonds are now in junk territory again. The country has no access to foreign credit, forcing it to print money.

Now seeking its 22nd IMF program since 1956, Argentina’s fraught history with the lender includes its 2001 financial crisis, when painful budget cuts urged by the Fund failed to avert an economic collapse and debt default. The record agreement in 2018, which failed to lift the economy, also translated into more austerity that led Argentines to vote out a pro-business government and elect Fernandez.

“It’s not totally unexpected, this is an electoral year and she is delivering the message to their voting base, and we should expect more of the same from her,” said BBVA strategist William Snead in an interview from New York.

Argentine dollar bonds maturing in 2030 fell 0.9 cents on the dollar to 34.15 cents on Wednesday. The bonds edged lower after Fernandez de Kirchner’s comments. Argentina restructured its debt with bondholders last year and is still trying to reschedule payments with the Washington-based lender. Argentina’s CDS jumped to the highest level since the country emerged from default last year, rising 1 percentage point to an upfront cost of 39 percentage points, indicating that a near-term default is virtually assured.

END

 

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

Euro/USA 1.1781 UP .0004 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 /ALL GREEN

USA/JAPAN YEN 109.76 UP 0.582 (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 1.3761  UP   0.0015  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2572 DOWN .0032 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro ROSE BY 4 basis points, trading now ABOVE the important 1.08 level RISING to 1.1781 Last night Shanghai COMPOSITE UP 54.74 PTS OR 1.63% 

//Hang Sang CLOSED DOWN 18.53 PTS OR .07% 

/AUSTRALIA CLOSED UP 0.58%// EUROPEAN BOURSES ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES ALL  GREEN

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 436.82 PTS OR 1.59% 

/SHANGHAI CLOSED UP 54.74 PTS OR 1.63% 

Australia BOURSE CLOSED UP 0.58% 

Nikkei (Japan) CLOSED UP 446.82  POINTS OR 1.56%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1727.25

silver:$25.11-

Early FRIDAY morning USA 10 year bond yield: 1.673% !!! UP 5 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.380 UP 3  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 92.82 UP 29 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.17% DOWN 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.08.%  UP 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.29%//UP 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.61 UP 3 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: RISES TO –.35% IN BASIS POINTS ON THE DAY//

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

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1799  UP     .0024 or 24 basis points

USA/Japan: 109.68 UP .503 OR YEN DOWN 50  basis points/

Great Britain/USA 1.3801 UP .0054 POUND UP 54  BASIS POINTS)

Canadian dollar UP 33 basis points to 1.2572

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (DOWN).. 6.5414

THE USA/YUAN OFFSHORE:  6.750  (YUAN DOWN)..6.5403

TURKISH LIRA:  8.04  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.08%

Your closing 10 yr US bond yield UP 3 IN basis points from THURSDAY at 1.6580 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.355 UP 0 in basis points on the day

Your closing USA dollar index, 92.72 UP 20  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 5./09  0.81%

German Dax :  CLOSED UP 121.88 POINTS OR .83%

Paris Cac CLOSED UP 26.09 POINTS 0.44%

Spain IBEX CLOSED UP 79.90 POINTS or 0.95%

Italian MIB: CLOSED UP 157.15 POINTS OR 0.65%

WTI Oil price; 61.10 12:00  PM  EST

Brent Oil: 64.48 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    75.87  THE CROSS LOWER BY 0.37 RUBLES/DOLLAR (RUBLE HIGHER BY 37 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.34 FOR THE 10 YR BOND 1.00 PM EST EST

END

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

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

WTI CRUDE OILPRICE 4:30 PM : 58.39//

BRENT :  61.75

USA 10 YR BOND YIELD: … 1.681..up 5 basis points…

USA 30 YR BOND YIELD: 2.378 up 3 basis points..

EURO/USA 1.1799 ( UP 24   BASIS POINTS)

USA/JAPANESE YEN:109.64 UP .458 (YEN DOWN 46 BASIS POINTS/..

USA DOLLAR INDEX: 92.72 UP 19 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3789 UP 42  POINTS

the Turkish lira close: 8.10

the Russian rouble 75.68   up 0.57 Roubles against the uSA dollar. (up 57 BASIS POINTS)

Canadian dollar:  1.2577 UP 28 BASIS pts

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

The Dow closed UP 300.72 POINTS OR 1.39%

NASDAQ closed UP 198.61 POINTS OR 1.55%


VOLATILITY INDEX:  19.38 CLOSED DOWN .43

LIBOR 3 MONTH DURATION: 0.193%//libor dropping like a stone

USA trading today in Graph Form

Media & Momo Meltdown, Small Caps & SPACs Slammed As Bonds & The Buck Bounce

 
FRIDAY, MAR 26, 2021 – 04:02 PM

Small Caps were clubbed like a baby seal this week, but thanks to last hour total meltup…

…the rest of the US majors ended the week green…

But under the surface, something violent is happening…

“Most Shorted” stocks suffered their worst week since October, despite Thursday’s big squeeze effort…

Source: Bloomberg

Cathie Wood had another bad week with ARKK down almost 10% to its lowest weekly close since early November

It wasn’t just US tech, there was a major liquidation in a number of China tech stocks this week…

And media stocks were monkeyhammered (this was the biggest weekly drop in media stocks since March 2020)

This all had the smell of a major media/tech fund liquidation. ViacomCBS was a total shitshow…

Momentum stocks melted down…

Source: Bloomberg

SPACs dumped…

Source: Bloomberg

On the week, Staples outperformed as Discretionary dumped and Energy stocks changed their mind faster than Fauci…

Source: Bloomberg

The put-call ration rose significantly this week as the gamma-squeezers have apparently left the building for now…

Source: Bloomberg

Treasury yields were lower across the curve this week led by the long-end…

Source: Bloomberg

Is the pullback in Small Caps relative to Big-Tech implying that rates have peaked for now?

Source: Bloomberg

1.60% remains a key level for 10Y yields…

Source: Bloomberg

The dollar ramped back up to early March highs, screaming higher after the Powell puke last week…

Source: Bloomberg

Cryptos were down for the second week in a row, mainly due to the big puke on Weds…

Source: Bloomberg

Bitcoin puked back near $50k this week before finding a bid…

Source: Bloomberg

Commodities were very mixed on the week, but all ended lower against the stronger dollar, with silver suffering the most…

Source: Bloomberg

And just look at the chaos in crude this week as the Suez blockage interacted with European demand fears…

Silver slumped back below $25 during the week, below the Reddit Raiders lows…

Finally, COVID vaccinations are re-accelerating in US and EU…

Source: Bloomberg

And while cases are up modestly (are PCR tests picking up spike proteins from the mRNA vaccines?), death rates continue to tumble…

Source: Bloomberg

And, it would appear that stuff is getting serious and Powell and his pals are gonna have to accelerate the pumping once again as sideways is not up… and that just will not do for today’s ‘guru’ stock traders…

Source: Bloomberg

a)Market trading/LAST NIGHT/USA

 
 

b)MARKET TRADING/USA//Non farm payrolls

 
 

ii)Market data/USA

Big news!: American incomes collapsed by the most on record in February

(zerohedge)

Americans’ Income Collapsed By Most On Record In February

 
FRIDAY, MAR 26, 2021 – 08:38 AM

After the extreme surge in income and spending in January (as government handouts gushed across the nation), analysts expected February to see some give back (more on the income side than on the spending side) – they were right.

  • Americans’ income fell 7.1% MoM in February (-7.2% exp) vs the 10.1% (revised up) rise in January.

  • Americans’ spending fell 1.2% MoM in February (-1.0% exp) vs the 3.0% (big upward revision) jump in January.

Source: Bloomberg

That is the largest MoM decline in Americans’ income on record.

On a year-over-year basis, spending remains lower and while income growth tumbled, it is still up 4.3% YoY…

Source: Bloomberg

Wages fizzled (so it;s a good job we got all that free money from Washington eh?)…

  • private sector wages +0.5%, down from 1.6%

  • government wages -2.7%, down from -2.3%

All of which means the savings rate tumbled from 19.8% in Jan to 13.% in Feb

… as the Dec stimulus was spent but ahead of the March Biden stimulus.

What would the US ‘economy’ be without trillions of handouts from our overlords?

21% of all income was in handouts from the government, down from 26.9% in January…

Just wait for this to explode to record highs after the latest stimulus bill handouts hit the data.

end

U Michigan sentiment surges to the highest level since March 20. Inflation outlooks however is at a 6 year high

(UMichigan//Sentiment)

 

UMich Sentiment Surges To Highest Since March 2020, Inflation Outlook At 6-Year High

 
FRIDAY, MAR 26, 2021 – 10:08 AM

UMich Sentiment survey was expected to have accelerated higher from its preliminary February print and it did, notably more than forecast. The headline sentiment jumped to 84.9 (from 83.0 flash and from 76.8 in Jan).

The gauge of current conditions rose to 93 from a February reading of 86.2, while a measure of expectations increased 9 points to 79.7.

Source: Bloomberg

That is the highest level since March 2020, right before the collapse in confidence.

A gauge of the economic outlook over the next year jumped 25 points to a one-year high of 108 in March.Buying conditions for durable goods climbed, with the university’s gauge also advancing to a one-year high.

Source: Bloomberg

The passage of the latest round of federal aid is also spurring confidence among the lowest third of incomes…

Source: Bloomberg

Consumers’ outlook for inflation over the longer term climbed to an almost six-year high.

Source: Bloomberg

The reestablishment of an inflationary psychology will not occur immediatelyBuy-in-advance psychology preceded actual inflation by about two years prior to 1980, with the lead time more variable and with no resurgence in the low inflation era.

Finally, we note that confidence among Republicans upticked in February, after four straight months lower…

Source: Bloomberg

end

This is huge: a trade deficit in Feb of $86.7 billion. This is a negative data point to GDP calculations. 

U.S. trade deficit in goods widens 2.5% to $86.7 billion in February

March 26, 2021 at 8:45 a.m. ET

MarketWatch

Deficit should keep expanding as U.S. growth strengthens

The numbers: The trade deficit in goods widened 2.5% to $86.7 billion in February, the Commerce Department said Friday.

Economists expected the deficit to expand this year as the U.S. economy outpaces other advanced economies.

Advanced figures also showed wholesale inventories rose 0.5% in February while retail inventories were flat.

What happened: Both imports and exports declined in February, with the drop in exports coming in at a faster pace. The decline in exports was led by consumer goods and agricultural products. The decline in imports was widespread including autos and consumer goods.

The government will release overall trade figures for February on April 7.

Big picture: Projections of stronger growth in the U.S. this year should help foreign producers, said Federal Reserve Vice Chairman Richard Clarida on Thursday. “I would be remiss if I did not highlight that if these projections for U.S. economic activity are realized, rising U.S. imports will serve as an important source of external demand to the rest of the world this year and beyond,” Clarida said.

The trade sector has been struggling with bottlenecks at major U.S. ports like Los Angeles, and faces new uncertainty with the blockage of the Suez Canal this week

 

end.

iii) Important USA Economic Stories

Federal agency investigation Biden’s order to stop border wall construction

(Phillips/EpochTimes)

Federal Agency Investigating Biden’s Order To Stop Border Wall Construction

 
THURSDAY, MAR 25, 2021 – 05:40 PM

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

The Government Accountability Office (GAO) confirmed reports it is investigating President Joe Biden’s move in January to freeze construction of the border wall along the U.S.-Mexico border.

 

President Joe Biden delivers remarks in Washington on March 15, 2021. (Kevin Lamarque/Reuters)

Former President Donald Trump, who made border wall construction a key 2016 campaign promise, started building the wall amid legal battles and fights with Congress. On his first day in office, Biden used his executive authority to stop building the wall even after Congress approved $1.4 billion for the measure as part of a $900 billion stimulus package bill to offset losses incurred by the COVID-19 pandemic in December.

Politico first reported that GAO would now launch an inquiry into whether the Biden administration had violated any laws by freezing construction, which would contravene the Constitution’s law that allows Congress alone to allocate funds.

A spokesperson for the watchdog agency confirmed the report, telling The Epoch Times on Wednesday, “Yes, we received a congressional request for a legal opinion on the matter and we have accepted that request.” The exact nature of the GAO investigation was not disclosed.

Some senators, who spoke to Politico, noted that Biden was a member of the Senate for decades and should know the rules.

“He was in the Congress a long time,” Sen. Roy Blunt (R-Mo.) told the political news website. “He knows it’s the Congress’s job to authorize how the money is spent and the president’s job to spend it efficiently.”

The president suspended construction on his first day in office, on Jan. 20, and also rescinded several other Trump-era immigration rules. Biden termed the border wall wasteful spending.

“Like every nation, the United States has a right and a duty to secure its borders and protect its people against threats. But building a massive wall that spans the entire southern border is not a serious policy solution,” Biden said in his order. “It is a waste of money that diverts attention from genuine threats to our homeland security.”

 

A caterpillar parks between fences at a reinforced section of the U.S.-Mexico border fencing in eastern Tijuana, Baja California state, Mexico, on Jan. 20, 2021. (Guillermo Arias/AFP via Getty Images)

The president’s order further stipulated that “no more American taxpayer dollars” should be “diverted to construct a border wall,” adding the federal government would conduct “a careful review of all resources appropriated or redirected to construct a southern border wall.”

Meanwhile, more than 60 Republican House lawmakers and four GOP senators wrote to GAO on Tuesday.

“We are writing to be added as co-requesters of a March 17, 2021 letter, signed by 40 United States Senators, requesting the Government Accountability Office’s legal opinion on the actions of the Biden Administration to suspend border wall construction and to order a freeze of funds provided by Congress for that purpose, which we believe violated the Impoundment Control Act,” the lawmakers said in a letter to the GAO.

Republicans have seized on Biden’s immigration orders, including the president’s support of a pathway to citizenship for 11 million illegal immigrants living in the United States, and said the orders are responsible for the surge along the U.S.-Mexico border. White House officials, including Homeland Security Secretary Alejandro Mayorkas, have said Trump left Biden a broken immigration system and they’re working to fix it.

The border crisis “is the result of President Trump’s dismantlement of the safe and orderly immigration processes that were built over many, many years by presidents of both parties,” Mayorkas said in a TV interview Sunday.

But Trump, in a rare interview this week with Fox News, said Biden is actively working to “destroy” the United States with his orders.

You can’t take millions of people, they’ll have millions of people before this mess is over,” Trump said. “We want people to come in, but they have to be able to help our country. They have to come in through merit and they have to come in legally,” the former commander-in-chief remarked.

END

BORDER MESS:

HHS reveals thousands of unaccompanied minors have tested positive for COVID 19.  Seems like what happened when Chinese individuals took plane trips from Wuhan to the USA in Oct2019- Jan 2020 and that flooded the USA with COVID cases.

(zerohedge)

HHS Reveals Thousands Of Unaccompanied Minors Have Tested Positive For COVID-19

 
THURSDAY, MAR 25, 2021 – 06:40 PM

A Department of Health and Human Services (HHS) whistleblower has revealed to Axios that nearly 2,900 unaccompanied minors have tested positive for COVID-19 after arriving at US government shelters over the past year, according to Axios.

Of those who tested positive, just 3% are currently in isolation after arrival, according to the report, which suggests that the numbers highlight “the staggering challenges in trying to manage a child migration crisis during a pandemic, while weighing human rights and child welfare concerns against immigration laws.”

And while COVID-19 minimally affects children, it’s possible they may transmit the virus to HHS employees. Perhaps more notable is that the Biden Administration’s fear mongering over the ongoing scourge of COVID – requiring us all to make great sacrifices in order to ‘flatten the curve’ and ‘stop the spread’ appears to exclude any effort to stop, or refuse, migrants who bring the virus into the United States.

More via Axios:

  • About 7.4% of tests given to unaccompanied minors in the past year turned out positive, according to HHS’s stats.

  • “The positivity rate in general is what was anticipated, and planning has resulted in robust response,” HHS spokesperson Mark Weber told Axios. There are more than 200 facilities in 22 states.

  • But the positivity rate has been higher — about 10% — at the Carrizo Springs shelter in Texas, opened last month as the first overflow shelter to be used by the Biden administration.

  • Youth are tested upon arrival, Weber said, and those who test positive are taken to a negative-pressure medical isolation bed on site and get around-the-clock care. Carrizo Springs has 180 nurses, doctors and medical personnel, 12 epidemiologists and two public health experts.

 Since March 24, 2020, HHS conducted 38,932 COVID-19 tests on unaccompanied minors entering federal facilities. Of that, 2,897 had lab-confirmed diagnoses, while 2,578 have recovered and moved out of medical isolation according to the agency. There are currently 319 unaccompanied children in medical isolation.

After crossing the border, unaccompanied minors are first placed in border patrol stations for processing. Customs and Border Protection does not test migrants while in their custody, relying on local public health agencies, nongovernmental organizations and HHS. -Axios

Meanwhile, the Biden administration plans on opening a second facility to house migrant children in Texas after reaching capacity at other facilities. The new shelter in Carrizo Springs, Texas, will be able to house an additional 500 children, and may accommodate semi-permanent living situations in the future.

According to a HHS official, the facility will open as soon as “is ready to safely receive children,” COVID-19 and all.

END

 

(McMaken/Mises)

The Role Of COVID Lockdowns In 2020’s Homicide Surge

 
 
THURSDAY, MAR 25, 2021 – 09:40 PM

Authored by Ryan McMaken via The Mises Institute,

Twenty twenty was an unpleasant year for so many reasons. It was a year of riots, unemployment, and the trend in overall rising mortality continued unabated.

Homicides also increased.

In fact, in preliminary homicide data, it looks like homicides increased a lot in 2020.

According to the FBI’s Preliminary Uniform Crime Report for the first half of 2020, “murder and nonnegligent manslaughter offenses increased 14.8%, and aggravated assault offenses were up 4.6%.”

If the second half of 2020 proves to be about the same as the first half, then the nationwide homicide rate for 2020 will have risen from 5 per 100,000 in 2019 to 5.8 per 100,000 in 2020. That’s a big increase, and puts 2020’s total at the highest rate recorded in fifteen years, matching 2006’s rate of 5.8 per 100,000.

Some other data, however, suggests the year-end numbers for 2020 will be even worse than that. Homicides look to be up more than 20 percent during the fall of 2020 compared to the previous year. Thus, the increase from 2019 to 2020 may prove to be one of the largest increases in homicide in more than fifty years.

Source: FBI, “Crime in the US” report2020 preliminary report.

Meanwhile, homicides in certain cities increased by far worse rates. Year-over-year increases of 30 percent or more were common in 2020, and this wasn’t limited to only large cities.

In data posted by researcher Jeff Asher, total year-over-year homicides through September 2020 were up in a wide range of locations: up 55 percent in Chicago, up 54 percent in Boston, up 38 percent in Denver, and up 105 percent in Omaha.

What Caused the Surge?

It’s much easier to count homicides than to determine the events and phenomena driving trends in homicides. It’s never a good idea to attribute changes in homicide totals to any single cause.

Nonetheless, we can hazard some guesses.

If we’re going to ask ourselves what might have caused such an unusually large rise in homicide, we ought to look for unusual events.

Most obvious among these, of course, are the stay-at-home orders, business closures, and lockdowns that have occurred since March of last year. These are pretty unusual things.

Although it is considered somewhat heretical to point out that lockdowns can produce significant negative societal side effects, the connection to violent behavior is so undeniable that this is now openly admitted.

For example, in a recent interview with The Atlantic, sociologist Patrick Sharkey discusses some of the likely causes of 2020’s surge in violence, stating:

Last year, everyday patterns of life broke down. Schools shut down. Young people were on their own. There was a widespread sense of a crisis and a surge in gun ownership. People stopped making their way to institutions that they know and where they spend their time. That type of destabilization is what creates the conditions for violence to emerge.

When asked if “idle time” caused by lockdowns was somehow connected to rising homicides, Sharkey continued:

It’s not just idle time but disconnection. That might be the better way to talk about it. People lost connections to institutions of community life, which include school, summer jobs programs, pools, and libraries. Those are the institutions that create connections between members of communities, especially for young people. When individuals are not connected to those institutions, then they’re out in public spaces, often without adults present. And while that dynamic doesn’t always lead to a rise in violence, it can.

The connection between a lack of community institutions and social dysfunction is well known by sociologists.

Last year, when looking at the role the stay-at-home orders might have had on the summer’s riots, I wrote:

As much as lockdown advocates may wish that human beings could be reduced to creatures that do nothing more than work all day and watch television all night, the fact is that no society can long endure such conditions.

Human beings need what are known as “third places.” …

As described by a Brookings Institution report, these third places include churches, parks, recreation centers, hairdressers’ shops, gyms, and even fast-food restaurants.

Yet, the lockdown advocates, in a matter of a few days, cut people off from their third places and insisted, in many cases, that this would be the “new normal” for a year or more.

These third places cannot simply be shut down—and the public told to just forget about them indefinitely—without creating the potential for violence and other antisocial behavior.

Few of these places exist for the explicit purpose of reducing violence, although they tend to have this effect. But during the government-mandated lockdowns, some organizations specifically devoted to violence prevention were shut down and, as noted by law professor Tracey Meares, the pandemic has prevented many antiviolence programs from operating. These programs, however, require “a great deal of a face-to-face contact, typically, among service providers and the folks who are most likely to both commit these offenses and be the victims of them,” Meares says. “And it’s a lot harder to do that when people can’t meet in person.”

Of course, it’s not that these people just can’t meet in person, as if it were physically impossible to do so. It’s that in many places they are legally prohibited from doing so. This means even the most urgent cases were neglected and put on the back burner because policymakers made a decision to ignore the realities of violent crime in order to obsess over covid risks.

And this is a point that must be made repeatedly. “The pandemic” isn’t what caused the widespread destruction of social institutions that are key in increasing social cohesion and preventing violence. Government edicts did this. Certainly, given fears over covid infection, it stands to reason that many people would have elected to stay home, and that important social institutions would have functioned at reduced capacity even without government mandates.

However, what government mandates did was prevent people from even using their own discretion, which means even the most at-risk, isolated, and emotionally volatile people—the people who need these institutions the most—were cut off from important resources.

Also important in understanding homicides is the fact covid lockdowns have increased domestic violence; as Sharkey notes, “Intimate-partner violence increased in 2020.” Again, advocates for stay-at-home orders have used their bizarrely extreme preoccupation with covid deaths as an excuse to insist it is “worth it” to keep women and children locked up with their abusers. Homicides have increased as a result in many cases. 

The Role of Police in Lockdown Enforcement

The lockdowns aren’t the only factors behind rising crime, of course. Another factor in the rising homicide rate is likely the decline of the public’s trust in police institutions.

The reputations of police and police organizations appear to have gone into significant decline in recent years as police encounters are increasingly being recorded and made public—thus exposing police abuse and what at least appears to be police abuse.

These events have been connected to rising rates of violent crime. As noted by both Sharkey and by crime historian Randolph Roth, the public’s trust in government institutions—which certainly includes police—can impact a community’s willingness to turn to violence in personal interactions.

In other words, antipolice sentiment is regarded as a likely indirect cause of growing homicide rates. This declining trust manifested itself in last summer’s riots, but the origins of the riots predate both the riots and the George Floyd case.

But even when we look to the role of police agencies’ status within communities, we find that the stay-at-home orders and lockdowns again play a role.

It is the police, after all, who have been responsible for enforcing government orders to wear masks, close businesses, and avoid gatherings. Throughout 2020, police have been a central in harassing churchgoersbeating up nonviolent citizens for not “social distancing,” and arresting women for not wearing masks. Police have also arrested business owners and shut down their businesses. And then there was the case of a six-year-old girl who was taken from her mother because the mother wasn’t wearing a mask when she dropped her daughter off at school. Who will be providing the regime’s muscle when it comes to separating this child from her mother? Naturally, it will be the police.

Although the police have continued to enjoy uncritical support from the “Back the Blue” movement, more reasonable people can only tolerate so much when it comes to police who willingly attack and arrest people for the noncrimes of using their own private property or not wearing a mask on a public sidewalk.

Reversing the Damage Done in 2020

It’s unclear at this point if reversing policies that caused a year of community destruction can quickly undo the damage. In any case, however, the responsible thing to do is end any and all policies that keep churches, community centers, and meeting spaces closed. The police must be out of the business of roughing people up in the name of social distancing. The politicians’ obsession with isolating people must end.

end

My goodness: $9 billion SPAC deal for this bankrupt operation

(WeWork/zerohedge)

WeWork To Go Public In $9 Billion SPAC Deal 18 Months After IPO Collapse

 
FRIDAY, MAR 26, 2021 – 08:19 AM

Update (0810ET): WeWork CEO Sandeep Mathrani kicked off a closely watched interview with CNBC by claiming that WeWork was approached by BowX, not the other way around. “Sometimes you don’t pick the path, the path picks you,” he said.

He went on to reiterate WeWork’s goal of achieving profitability “by the end of this year.”

Ranadivé then laid out what could be described as the bull case for WeWork: “if they stay the current path…the opportunity that I see…they could become “the middleware” platform for commercial real estate. Using technology to optimize business…this tsunami that’s coming where just about every company in the world is booking flex space…WeWork’s clients are the companies of the future.”

In other words, a bet on WeWork isn’t a bet that the commercial real estate market will bounce back, but a bet that the legacy of the pandemic will permanently shift how companies approach their CRE needs. Circling back to Mathrani, the CEO said the company was already seeing “green shoots” in cities like New York and San Francisco.

* * *

At long last, the company that once promised to “elevate global consciousness” is finally going public…at a tiny fraction of its original valuation.

Roughly 18 months after WeWork’s planned IPO collapsed, effectively killed by a stream of leaks about its rapidly-sinking private valuation (which bottomed out around $10 billion, down from a $47 billion peak), the office-space rental company will soon make its debut on the public markets thanks to the SPAC boom.

Days after leaked reports offered a glimpse into WeWork’s pandemic-era financials, the SoftBank-backed private company has reached a deal with BowX Acquisition Corp (where basketball legend Shaq serves as an advisor/pitchman), to take the company public in a $9 billion deal (that figure includes the value of WeWork’s remaining debt).

As we learned the other day, WeWork actually saw its losses shrink in 2020 compared with the prior year after cutting its operating expenses to the bone as it shuttered office spaces around the world and laid off staff.

WSJ added that WeWork would also raise $1.3 billion, including $800MM in a so-called private investment in public equity, or PIPE, from Insight Partners, funds managed by Starwood Capital Group, Fidelity Management and other investors.

WeWork became infamous for its claims about “elevating the world’s consciousness”, a mission statement featured in its original IPO prospectus thanks to former CEO/co-founder Adam Neumann, who was pushed out of the company (with a juicy billion-dollar golden parachute) after investors and investment banks turned on him for insisting that control of the company be concentrated within his family, something the firm’s would-be backers were unwilling to stomach.

For any interested parties, here’s a link to the BowX prospectus.

The deal is hardly a surprise. A few days ago, Bloomberg’s Matt Levine pointed out that, according to details leaked to the press, the WeWork deal with BowX would actually be a “de-SPAC” deal. In other words, while BowX might be taking WeWork public, it stands to reap a swift exit as WeWork is lining up major institutional investors to invest in the parallel “Private Investment in Public Equity” – or PIPE – vehicle.

Here’s the other point. This is a “de-SPAC merger,” in which WeWork will merge with BowX, take its $483 million, and become a public company. It is natural to emphasize the SPAC here: It is a SPAC deal, that is the mechanism that WeWork would use to go public, and the SPAC and its sponsor would play a major role in both the deal to go public and WeWork’s future as a public company.

But I wouldn’t emphasize it too much. If this deal goes through, more than half the money WeWork raises will come not from the SPAC but from the parallel “private investment in public equity,” or PIPE, transaction that it does with big institutional investors. WeWork is apparently out on the road now, with a pitchbook, explaining to big institutional investors why it’s a good investment at a $9 billion valuation. Eventually that will work, or not; it will find buyers at that price, or it will have to lower the price, or it will have to give up on the deal and stay private. Or else demand – from these big institutional investors in these private meetings – will be so strong that WeWork will be able to upsize the deal and raise more money, or it will be able to raise the price and go public at a $12 billion valuation or whatever.

At the top of the hour, WeWork CEO Sandeep Mathrani and Vivek Ranadivé, BowX founder and owner of the NBA’s Sacramento Kings and founder of Tibco Software, will appear on CNBC to answer questions about the deal.

END
USA Sweden/China
H and M spat explodes with China as H and M removed from their internet
(zerohedge)

H&M Disappears From China’s Internet As Xinjiang Spat Explodes

 
FRIDAY, MAR 26, 2021 – 11:15 AM

Yesterday we discussed why western Corporations are terrified to confront China, even if it means losing on those all-important virtue signaling brownie points which are all that matter in Western society today: as a reminder, the stock of H&M, Nike and Adidas came under fire on Chinese social media on Thursday after Beijing’s propaganda offensive against Swedish fashion brand H&M sparked by the company’s expression of concern about labor conditions in Xinjiang. The sportswear companies were the latest to be caught up in a backlash prompted by a government call to stop foreign brands from tainting China’s name as internet users found statements they had made in the past on Xinjiang.

On Friday, as the Xinjiang spat escalated, China showed just how easy it is for Western companies to literally disappear when outlets belonging to Sweden’s H&M (Hennes & Mauritz AB) – the fashion retailer that found itself at the center of an escalating spat over human rights in Xinjiang – did not to show up on Apple Maps and Baidu Maps searches in China.

As Bloomberg reportsusers in Beijing reported that any searches for H&M in either Apple Maps on the iPhone or Baidu Maps returned no resultwhile competing retailers, such as Uniqlo outlets, continued showing as usual. A similar search in Google Maps showed over a dozen H&M locations in the capital or its vicinity, though that service is only accessible to locals via the use of a VPN that skirts a state ban on products from Google.

Apple sources its mapping data in China from AutoNavi Software – owned by Alibaba Group Holding Ltd. – while Baidu collects its own.

The disappearance of H&M’s physical stores from online maps came after the retailer was removed from Alibaba’s e-commerce platform earlier this week as the controversy escalated, according to Bloomberg.

The company was blasted by China’s Communist Youth League and the People’s Liberation Army Wednesday after social-media users dug out an undated statement about accusations of forced labor in the region’s cotton-picking industry.  Realizing that losing one biggest sources of revenue is far more important than empty virtue signaling to impress a handful of teenage liberal snowflakes, the statement has been since removed from H&M’s website as of Friday.

According to Bloomberg it’s unclear who’s driving the removal of H&M stores from mapping apps, which are operated by privately run enterprises that have recently come under increased scrutiny from regulators, although one can have a pretty safe guess of where the order comes from: China has a vast apparatus for censoring online content and its so-called Great Firewall restricts access to websites and apps from global companies like Facebook and Twitter. Social media is policed, with posts about controversial topics blocked or restricted from view.

Realizing that it in its pursuit to become an authoritarian state on par with China, the US has been scrambling to recreate China’s success in censoring anything it finds objectionable.

Commenting on China’s sudden crackdown on western brands – which comes in the aftermath of last week’s disastrous Alaska summit with the Biden admin, this morning Rabobank’s Michael Every had this to say:

Yes, we’ve seen similar Chinese moves against foreign products before. Some Aussie agri exports are currently locked out; South Korean soap operas and Norwegian salmon have been in the past; and back in 2012 there were major anti-Japanese boycotts and protests due to the geopolitical backdrop. Yes, those earlier storms passed: but that was arguably a very different China, at least in the eyes of the West, and according to its own combative rhetoric. Indeed, ‘Wolf Warrior’ diplomacy –in the past few days alone– has seen massively growing scepticism about China’s direction from Western diplomatic, military, and even businesses elites.

The problem is now on both sides. In China, the 2012 protests were quashed by the government, but this time round the Communist Youth League is actively trolling, and the diplomacy is blaring. The question in the minds of some who have read history is if this a –non-violent– replay of the anti-foreigner Boxer Rebellion rather than just a Boxer-Shorts Rebellion. In the West, the firms involved face a stark choice: stick to their professed social values and lose the China market, or accept China gets to dictate what they worry about – even when it reaches the alleged level of forced labour and genocide…and then try to explain corporate mottos like “Just Do It”. Could this even escalate to the level of the 2022 Olympics so we see the Para- and Parallel games? Probably not – but if it did, China has stated any boycotting countries will be sanctioned, dragging even more firms in. The risk is that this backdrop could accelerate existing moves towards decoupling of the global economy, which had been expected to be focused on semiconductors, but may now be on Lycra, sneakers, and socks and underwear value-packs too.

In short, yet again we see the underlying dynamic of hard choices having to be made by those who don’t want to make them: which we have been flagging as a logically-inevitable risk since 2017.

But we digress: unlike the US, where the middle class is encumbered with massive debt, China’s hundreds of millions of consumers are far more desirable to companies like H&M. It’s also why – as we said yesterday – the kind of hollow virtue signaling that Americans are bombarded with every day – has no place in China which has zero tolerance for such empty indications of corporate “virtue”. It’s why foreign brands have, in recent years, had to contend with a more assertive China and its ability to mobilize its 1.4 billion consumers. Lotte Group was among a number of South Korean corporations that took a sales hit or had their stores shut down after China objected to its neighbor’s 2016 decision to deploy a U.S missile defense system. Other companies have also run afoul in the market for infractions like identifying Hong Kong and Taiwan as countries rather than Chinese territories, or for perceived insults to China.

end

iv) Swamp commentaries

Election integrity is being boycotted in Georgia as furious democrats react as Gov. Kemp signs the “Election Integrity” bill

(zerohedge)

“Boycott Georgia” – Furious Dems React As Gov. Kemp Signs “Election Integrity” Bill

 
FRIDAY, MAR 26, 2021 – 07:00 AM

Democrats are furious after Georgia Gov. Brian Kemp last night signed an election bill that requires strengthening voting rules in the Peach State by limiting the number of ballot drop boxes, establishing photo ID requirements for absentee voters, and prohibiting distribution of food and drinks to voters waiting in line.

Just an hour before the signing, the GOP-controlled Georgia General Assembly passed the bill on a party-line vote as Democrats, including elected representatives from around the state, gathered to protest. The backlash was intense, and during the scuffle, at least one lawmaker was arrested, with video of her being led away by police going viral.

The bill is just one of dozens being considered in state capitols around the country in the wake of last year’s presidential election, where signs of irregularities in states like PA, MI and even GA were repeatedly ignored by Democrats. Recently, the Washington Post recanted a story where it claimed that President Trump had personally pressured Georgia election officials, drawing a heated response from Trump himself.

According to a summary from the Hill, the bill includes sweeping changes to the state’s voting rules and procedures.

It would require voters to provide a driver’s license or state-issued ID card number to request and submit absentee ballots, and it would curtail the use of ballot drop boxes, limiting their placement to early-voting locations and making them accessible only while the precinct is open.

The legislation also gives the Georgia State Elections Board the ability to effectively take over county elections boards in areas that it determines are in need of oversight. The secretary of state would also be removed as chair of the State Elections Board, a proposal that critics say would strip the state’s top elections official of a key power.

The bill also takes aim at the state’s absentee-ballot request period, setting the deadline for voters to request absentee ballots at 11 days before an election. It also calls for prohibiting people from giving food or drinks to voters waiting in line to cast their ballots.

Democrats slammed the bill, and others like it that are circulating in other states, as retaliation to the GOP’s recent string of losses in critical Senate races (along with the presidential race, as we noted above). Twin victories for Democrats in GA special elections on Jan. 5 helped stoke support for the law, as Democrats relied on aggressive get-out-the-vote campaigns, absentee voting and millions in out-of-state dollars to clinch narrow victories for Raphael Warnock and Jon Ossoff.

Stacey Abrams, former gubernatorial candidate who has burnished her reputation as a national “voting rights” advocater, predicted a swift passage for the bill, accusing Republican lawmakers of trying to limit public review and awareness of the proposals.

During the chaotic protests held at the capitol Thursday evening as lawmakers in the assembly passed the bill, Georgia State Representative Park Cannon was arrested during a protest at the state capitol last night.

Per the Hill, Cannon was cuffed Thursday after she repeatedly knocked on Gov. Kemp’s office door while he signed the bill.

After the arrest, Sen. Warnock visited Cannon in her holding cell at the Fulton County jail, and told reporters during an impromptu briefing out front that her arrest shouldn’t have happened. “She did not deserve this,” he said, adding that she was “shaken” by what happened.

Calls to boycott the state of Georgia – a playbook used by progressives a few years back after North Carolina passed a “transphobic” bathroom bill – have already started circulating on twitter.

We imagine these calls will be amplified Friday morning by a legion of social media influencers urging their followers to join the boycott.

END

Parler turns the table on Big Tech’s Jan 6 conspiracy theory

(ONeil/PJMeida.com)

Parler Just Flipped Big Tech’s Jan 6th Conspiracy Theory On Its Head

 
FRIDAY, MAR 26, 2021 – 08:47 AM

Authored by Tyler O’Neil via PJMedia.com,

In the days after the Capitol riot on January 6, 2021, Big Tech moved against a conservative alternative social media platform, Parler, based on the premise that the rioters has used Parler to plan the attack on the Capitol and that Parler had failed in its responsibility to prevent such coordination. Based on this narrative, Apple and Google removed Parler from their app stores and Amazon removed Parler’s internet hosting. Yet on Thursday, Parler flipped the narrative on its head.

On Thursday, Parler sent a response to the House Committee on Oversight and Reform’s request for documents regarding the riot, the company explained in a press release. In that response, Parler revealed that it had “proactively developed an open line of communication with the Federal Bureau of Investigation (FBI) in the fall of 2020 and referred violent content and incitement from Parler’s platform over 50 times before January 6th. Parler also warned the FBI about specific threats of violence being planned for the events at the Capitol on January 6th.”

In its letter, Parler said that the company recognizes “legal limits to free speech” and that its policies “have always prohibited threats of violence and incitement on its platform.”

The letter details Parler’s efforts “to flag and remove unlawful speech from its platform that was not protected by the First Amendment.” It also notes that of the 270 charging documents filed by the Department of Justice, 80 percent of social media references involved Big Tech platforms like Facebook, Twitter, and Instagram. “Only 5% referred to Parler.”

The letter goes on to explain that Parler accumulated over 15 million users by January 2021 and its app was the most downloaded app at the Apple App Store and the Google U.S. Play Store on January 8, 2021.

The company’s press release connected the dots.

“Big Tech rivals Facebook and Twitter saw Parler as a viable threat and ganged up with Amazon and others to de-platform and destroy the Company. Big Tech has been effectively scapegoating Parler for the riots at the Capitol, but Parler’s revelations today show that the Company acted responsibly to try and stop the violence at the Capitol on January 6th,” the press release concluded.

Along with the letter and the press release, Parler provided the emails alerting the FBI to incitements to violence on Parler’s social media platform. The company repeatedly warned its FBI contact about the potential for violence on January 6.

In one email, Parler forwarded a message from a user who called for “an armed force of American Patriots 150,000… prepared to react to the congressional events of January 6th … And follow what the Declaration of Independence has dictated to do in situations of absolute despotism.”

“One more from same account. More where this came from. Concerned about Wednesday,” a Parler employee wrote to the FBI contact on January 2, the Saturday before the events of Wednesday, January 6.

Contrary to the Big Tech narrative, Parler did its due diligence and reported threats of violence to the FBI in advance of the Capitol riot. These actions, coupled with the fact that Parler only appeared in 5 percent of the DOJ’s charging documents, completely flips the Big Tech narrative on its head. The Capitol rioters did coordinate on Parler, in part, but they also did so on other social media platforms.

Parler was not negligent in its duty to remove incitements to violence, as Amazon, Apple, and Google claimed. In fact, it removed those incitements and altered the FBI about them. Parler may not have been perfect in this regard, but the company had been proactive before the Capitol riot.

“There is no truth to the absurd conspiracy theories that have been put forth by Big Tech and its media allies to unfairly malign the company and which were referenced in the Committee’s Letter,” Parler said, according to the letter.

“Contrary to what has been reported, and as explained in more detail below: the company is and always has been American-owned and controlled; Parler has never engaged in any collusion with ‘the Russians’; and Parler never offered President Donald J. Trump an ownership interest in the company.”

Internet Accountability Project (IAP) President Mike Davis summed up the situation well.

“When Twitter targets conservatives – including President Trump – Big Tech shills tell us to ‘build our own Twitter.’ So Parler did. Then trillion-dollar monopolists Google and Apple – running their duopoly/cartel – kicked Parler out of the app stores. Then trillion-dollar monopolist Amazon kicked Parler off the internet,” Davis recounted.

“The stated reason for Google, Amazon, and Apple’s anticompetitive conspiracy was that Parler promoted the violence at the January 6th protests at the Capitol. But we’ve learned today that was a bogus, pretextual excuse by three trillion-dollar Big Tech monopolists (Google, Apple, and Amazon) to kill a competitor of Twitter (another Big Tech monopolist),” Davis declared. “Indeed, we now know that in the days and weeks leading up to January 6th, Parler made over 50 referrals of violent content to the FBI, including specific threats of violence being planned at the Capitol.”

“Now we know the truth, which is Big Tech used Parler as a scapegoat to destroy a startup company that was a viable threat to their social media dominance,” the IAP president concluded.

While Parler withdrew its original January federal lawsuit against Amazon, it filed a new lawsuit in Washington State court, alleging defamation and breach of contract.

Former President Donald Trump has announced he will launch his own social media platform, which will apparently compete with Twitter and Facebook, as well as conservative alternatives like Gab and Parler.

end
Biden’s first Presser… most mortem
(zerohedge)

Biden Post-Mortem: Cheat-Sheets & A Trip Into An Alternate Reality

 
FRIDAY, MAR 26, 2021 – 09:25 AM

RealClearPolitics’ Philip Wegmann noted, reflecting on yesterday’s first ‘meet the press moment’ for Joe Biden, that the new president started with good news. Joe Biden told reporters assembled at the White House for his first official press conference that he now expects 200 million doses of the COVID vaccine will be administered by the end of his first 100 days in office. And that’s not all.

He expects the majority of K-8 students will soon be back in the classroom. He announced that more than 100 million Americans have cashed their $1,400 relief checks. He was pleased to report that unemployment is down and economic growth projections are up.

There was more work to do, certainly, Biden admitted, “but I can say to you, the American people, help is here and hope is on the way. Now, I’ll be happy to take your questions.”

And with that brief victory lap, the global pandemic that has taken some 547,000 lives in this country alone was quickly forgotten, at least by Biden’s media interlocutors. The president was confronted instead with questions about voting rights, the situation at the southern border, his plans for the 2024 campaign, the Senate filibuster rule, the lack of bipartisanship on Capitol Hill, American troops remaining in Afghanistan, and more.

It was exactly one hour and two minutes of a certain sort of normal — very different from that of the last four years. The press didn’t shout, and the president didn’t yell or call the reporters names. But the return to normal came courtesy of the same old Biden. For anyone not already familiar, it was an introduction to the 78-year-old politician in all his long-winded, sometimes meandering, gaffe-prone glory.

Biden insisted the surge in illegal immigrants is not the result of a change in policy, despite the fact that he publicly placed a 100-day moratorium on deportations, reaffirmed his commitment to “Dreamers,” and halted construction of the border wall — all on his first day in office. No, the challenge on the border, the situation his administration has refused to call a crisis, he said, is just the normal cyclical course of events.

The question of immigration reform finally funneled down to the filibuster, and then things went a little sideways for the new president:

“Let’s deal with the [filibuster] abuse first,” Biden said, noting that he wouldn’t oppose certain changes, like making senators filibustering actually hold the floor and keep talking until they no longer can. But while the president said he agrees the procedure is “a relic of the Jim Crow era,” he does not support abolishing it just yet.

“I’m going to say something outrageous,” the president said before noting something he repeated again and again on the campaign trail: “I’ve never been particularly poor at calculating how to get things done in the United States Senate.”

Then came a word-salad:

“The best way to get something done, if you hold near and dear to you that you like to be able to … anyway, we’re ready to get a lot done.”

And finally, in the same answer, was a warning to Republicans:

“If we have to, if there’s complete lockdown and chaos as a consequence of the filibuster, then we’ll have to go beyond what I’m talking about.”

The White House press corps was not in the mood to push back Thursday. Left unsaid was the fact that, according to the RealClearPolitics average of the presidential approval ratings, Biden has yet to unite the country. While 53% of the public likes the job he is doing, 43% does not.

There were plenty of other questions. Most didn’t lend themselves to the victory lap that the White House would have liked to take on vaccine distribution or stimulus checks. Biden was asked what he thought of Republican efforts at the state level to overhaul voting laws and include new restrictions. He said they were “pernicious” and “un-American” and “sick.” The effort in Georgia, he said in one strained metaphor, “makes Jim Crow look like Jim Eagle.”

As the conference wore on, Nebojsa Malic notes in an excellent RT op-ed, that Biden started rambling more and more.

On Afghanistan, he said the decision to miss the May 1 withdrawal deadline was “tactical” (the actual talking point is “logistical”), then said “if we leave,” only to correct himself to “we will leave, the question is when.”

On China, he said the US doesn’t seek confrontation but competition – before going off on a tangent about a civilizational clash of “autocracies” and “democracies” that will shape the world for years to come. When asked about gun control, he gave a lengthy, rambling answer about… infrastructure.

It was at that point I had a sudden flash of recognition: I’m watching Taravangian, on one of his bad days.

The character from the prolific fantasy author Brandon Sanderson’s door-stopper saga ‘The Stormlight Archive’ had made a bargain with a supernatural power – to save humanity, he says. As a result, he wakes up feeling different every morning: either a genius or a barely functioning idiot, with his sense of compassion inversely proportional to his intelligence.

As with every analogy, this one isn’t perfect. But after Thursday, President Kamala Harris looks like something that will happen sooner, rather than later.

As Stephen Lendman raged following what he called “a charade of a presser,” Biden showed the world yesterday that he is too cognitively impaired to carry out the duties of the office he was selected, not elected, to hold.

Biden has lost touch with reality, affairs of state handled by others in his name – including contacts with foreign leaders by unelected president-in-waiting Kamala Harris.

Biden needed cheat sheet notes to answer questions…

…including names and images of reporters to know who asked questions.

How much longer this charade can go on is an open question.

If not for establishment media keeping things under wraps, it would have been publicly exposed long before last November’s selection process.

All the while, hardliners in charge of his regime’s domestic and foreign policy are running wild.

They’re inflicting enormous harm on ordinary Americans — notably by pushing seasonal flu-renamed covid mass-jabbing with toxic drugs — and heightening tensions by threats against China, Russia and other nations free from US control.

The deplorable state of America today is disturbing and frightening.

Things shifted from a billionaire, bombastic, reality TV president to a hollow one.

The self-styled world’s leading nation is a laughing stock on the global stage — a hugely dangerous one with nukes and other WMDs it used before and may again.

The New York Post said “Biden seem(ed) confused during” his first presser.

He “repeatedly los(t) his train of thought…forgetting questions (asked) and relying heavily on cue cards from a binder he brought along.”

Asked about the state of US infrastructure, he said it ranks 85th in the world.

After checking cheat sheet notes, he corrected himself, saying the US ranks 13th globally.

NY Post editors called his first presser “a trip into an alternate reality.” 

“In fact after fact, his statements were either grossly misleading or downright false.”

“New photos reveal several cheat sheets used by” Biden…including one with the headshots and names of reporters he planned to call on.”

He “only took questions from a list of journalists whose names and outlets he read from a cue card.” 

“A photo of the card shows circled numbers around select reporters.”

At the end of the presser charade, he said “but folks, I’m going” — exiting without permitting one or more follow-up questions.

Separately the Post said “GOP leaders rip(ped) Biden’s ‘hard to watch’ first presser — maybe his last after Thursday’s gaffe-filled fiasco.

Questions appeared as scripted as unacceptable answers.

According to former White House press secretary Sean Spicer:

Biden “took 30 (including follow ups) questions from 10 friendly reporters for 59 minutes covering 5 subjects.”

Fellow former White House press secretary Kayleigh McEnany tweeted:

“Right out of the gate, the White House press corps” showed support for Joe Biden.

“Would have been nice if they would have routinely shown that level of respect for” Trump.

Wall Street Journal editors called some of Biden’s remarks “dishonest.”

He’s acting as “prime minister of the Pelosi-Schumer” regime.

Fox News slammed Thursday’s charade, saying “(i)f Joe Biden is not capable of doing the job, he shouldn’t be in the job.”

Sean Hannity called him “dazed and confused…(a) pathetic and embarrassing” performance.

“(W)ho is running the (White House) show,” he asked?

“Is it (Kamala) Harris? Is it chief of staff Ron Klain? Is it Schumer? Is it Pelosi?” 

“Is it Barack Obama? Is it Susan Rice?” 

“Because it’s certainly not the frail, the weak, and the cognitively struggling guy we all witnessed today.”

An RT op-ed accused the White House press corps of “sycophantic…boot-licking.”

An early March Rasmussen poll found that around half of Americans don’t think Biden is physically or mentally capable of conducting affairs of state.

Given his deteriorated state, he’s likely unaware of what’s being done by others in his name.

end

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

The King Report March 26, 2021 Issue 6476 Independent View of the News
 Stocks slide as Fed’s Powell hints at taper in asset purchases
Initial jobless claims fell to pandemic low of 684,000
   “As we make substantial further progress toward our goals, we’ll gradually roll back the amount of Treasurys and mortgage-backed securities we’ve bought,” Powell told NPR’s “Morning Edition.”…
https://www.foxbusiness.com/markets/stocks-powell-fed-asset-purchases

 

Transcript: NPR’s Full Interview with Fed Chairman Jerome Powell
https://www.npr.org/2021/03/25/980868555/transcript-nprs-full-interview-with-fed-chairman-jerome-powell

Powell made an obvious and innocuous remark – and stocks as well as commodities tumbled.  You can image what will occur if/when a taper appears.  The decline commenced at 7:20 ET, about 8 to 9 minutes after Powell’s NPR interview began.

Q4 GDP Grow More Than Expected…; Finance Was Biggest Contributor to Q4 Real GDP
4.3%…4.1% expected…Personal consumption rose 2.3% in 4Q after rising 41% prior quarter; this number was below the consensus exp of 2.4% and down by 0.1% from the 2nd estimate…Personal consumption contributed 1.58% of the final number, down from the 1.61% second estimate… Fixed Investment was 3.04% of the 4.32% GDP print, down from 3.12% in the previous estimate…  
    Profits of domestic nonfinancial corporations decreased 3.4% after increasing 44.3%. Profits of domestic financial corporations increased 3.7 percent after increasing 2.6 percent. Profits from the rest of the world decreased 0.2%after increasing 13.4%…
https://www.zerohedge.com/markets/q4-gdp-grow-more-expected-final-revision-finance-was-biggest-contributor-q4-real-gdp

Oil, gasoline and copper tumbled on Thursday.  Wednesday’s oil rally was a one-day wonder rally instigated by the massive, grounded ship that is blocking the Suez Canal.

Traders, of course, bought the early decline in the US.  A bottom appeared at 9:52 ET; the ensuing rally peaked at 10:09 ET.  ESMs and stocks then declined to new lows at 10:55 ET.  Naturally, the rally into the European close materialized.  ESMs and stocks plodded higher until 13:15 ET.

Bonds declined early in the US ahead of a 7-year note auction.  Bonds tumbled in the afternoon because the auction of $62B of 7-year notes went poorly: 1.3% yield for 1.25% coupon, 1.275% expected.

Stocks declined during Biden’s presser – details below.  But ESMs and stocks jumped to session highs on this: Biden to unveil $3 trillion infrastructure plan in Pittsburgh next week https://trib.al/P34OOOc

Bloomberg @business: Toilet paper could be the next victim of world’s container crunch as the biggest producer of wood pulp, the key raw material, is warning about possible supply snags https://t.co/Yf3CpD183l

Yesterday, Biden held his first press solo conference as president.

@KamVTV: Biden handpicked reporters allowed into press room. All other WH reporters are outside.  

@AP: President Joe Biden doubles vaccine goal to 200 million shots in his first 100 days in office, given the current pace of injections

@disclosetv: Biden calls reporters of selected media outlets from a prepared list in his first press conference since he took office.

Video of Biden bumbling and calling a reporter from his list:
https://twitter.com/OldRowOfficial/status/1375144829714374665

A picture of Biden with a cheat sheet of pictures of reporters to call!
https://twitter.com/JackPosobiec/status/1375215017155567617

New photos show cheat sheets used by Biden during his first press conference
https://nypost.com/2021/03/25/biden-used-cheat-sheet-during-his-first-press-conference/

@TocRadio: We’re 3 question(ers) into @POTUS’ press conference — Biden appears to be picking reporters from a list… hard to imagine everyone in the room will get one in today unfortunately

@politicalelle: Always a good look when the President has a list of reporters he’s allowed to call on as he stumbles through these answers. Good grief, this is bad.

W Bush Press Sec @AriFleischer: Are you kidding me?  Biden is flipping through a typed, multi-page document, which i bet are Qs & As.  I’ve never seen a POTUS bring one of those to a news conference. Is he really that weak that he needs a study guide?… It looks like he’s reading from his Qs & As on North Korea.  No one does this. How weak is this guy?

OAN’s @GretaLWall: Biden on surge of illegal immigrants at the southern border: “I guess I should be flattered that they’re coming because I’m a nice guy.”  Biden claims “Nothing has changed. It happens every single solitary year. It always increases at this time of year.”  Says “vast majority” of those coming to the border are “being sent back.”  Biden stops himself mid-sentence, “am I giving too much detail? I’ll stop there.”…
    Biden says he told Xi “we’re not looking for confrontation although we know there will be steep competition…. we will insist China play by international rules… we’re gonna deal with China effectively”

@CIS_org: Biden blames Mexico for the influx of migrants saying, “Mexico is refusing to take them back.

@jennfranconews: Biden says “he doesn’t know” when the media will have full access to migrant detention facilities along the U.S.-Mexico border.

@disclosetv: Biden (78) says the US should return to the type of filibuster that existed “when I came to the Senate 120 years ago.” [It’s sad that no one knows if he was joking.]

@JimDeMint: Biden just complained about historic number of filibusters in Senate last year… by Democrats. [Reportedly Dems did 250 filibusters last year]

@RaheemKassam: Joe Biden keeps forgetting what he is saying, and trails off into, “uhh… anyway…”

@LisaMarieBoothe: Pretty sad that he needs reporters to help him finish his sentences.

@ForAmerica: Joe Biden’s brain broke.    https://twitter.com/ForAmerica/status/1375142289404755974

@AmyJacobson: What the heck is going on here?  [Joe wanders from the podium and mic]
https://twitter.com/AmyJacobson/status/1375154941556367370

@BorisEP: MUST WATCH. Harrowing. [Asked about guns, Joe loses tract, pivots to infrastructure!]
https://twitter.com/BorisEP/status/1375164184900550656

GOP @RepGosar: @JoeBiden is literally reading notes…

@Quicktake: President Biden says that he expects Vice President Harris to remain on his ticket in 2024 but scoffs at a question about whether he thinks he’ll run against former President Trump. “I have no idea if there will be a Republican Party.” [There won’t be if Dems codify vote fraud!]

@RyanGirdusky: Biden: “Most of you live in DC, but think about your hometowns… I don’t know where you’re from… but how many kids in schools can’t drink the water?”

GOP @RepDanBishop: Amazing indeed and not surprising. @POTUS’s pre-approved, friendly media stuck to the script, giving Biden a pass. No tough questions or follow ups, but Democrat talking points all around. Just as we saw in the last election.

@AriFleischer: It’s kind of amazing that Biden could say the filibuster is racist, yet not a single WH reporter followed up by asking if it was racist when Biden and Obama filibustered.

@SteveGuest: Fox News’ Chris Wallace: “I was also struck by the fact that it seemed on every foreign policy question… [Joe Biden] went to his briefing book… and was reading obviously White House guidance, White House talking points. Covering Ronald Reagan for 6 years, I never saw that.”

In First Biden Presser, Compliant Corrupt Taxpayer-Funded Media [PBS] Ask if He’s Just Too ‘Moral’ and ‘Decent’ https://thefederalist.com/2021/03/25/in-first-biden-presser-compliant-corrupt-taxpayer-funded-media-ask-if-hes-just-too-moral-and-decent/#.YFzfGjGgwyM.twitter

Reporters fail to ask Biden about COVID, reopening schools, Boulder shooting, Russia at first press conference [Or his stumbles on the stairs to Air Force One]
https://www.foxnews.com/media/biden-press-conference-no-questions-boulder-shooting-covid-schools

Biden lies, and the media doesn’t question it: Goodwin
Three big things stood out in President Biden’s first press conference.
1. The leader of the free world is often lost at sea and says many things that are blatantly false.
2. The media is in the tank and cannot be trusted to hold him accountable.
3. Because of Nos. 1 and 2, America is headed for serious trouble…
    Regarding his agenda, a report that Biden sees himself as the new FDR gives credence to the idea that he’s all in for every big, crazy idea left-wings Dem can cook up…
https://nypost.com/2021/03/25/biden-lies-and-the-media-doesnt-question-it-goodwin/

Biden’s New Deal: Re-engineering America, quickly
President Biden recently held an undisclosed East Room session with historians that included discussion of how big is too big — and how fast is too fast — to jam through once-in-a-lifetime historic changes to America…  https://www.axios.com/biden-filibuster-agenda-history-05be3812-6ee0-414b-ae71-b6dfa37d8df4.html

NY Post: Biden seems confused at times during first official press conference
President Biden appeared to repeatedly lose his train of thought…https://trib.al/xUw4OaM

You can discount some of the above comments; they are from Biden antagonists.  However, what do Putin, XI, Kim and other world leaders think about Biden and his capabilities?

GOP Rep @laurenboebert: A President with cognitive decline is a national security risk. It’s time to stop dancing around that.

@EmeraldRobinson: The story of Biden’s first press conference is really about America’s corporate media. It protected Biden from scrutiny in 2020. Now it’s stuck protecting him for the next four years -which is an impossible task.  And they know it.

@JackPosobiec: Pelosi says it is her right to seat and unseat any Member of Congress she wants
https://twitter.com/JackPosobiec/status/1375193633285103629

The Fed balance sheet grew $26.116B last week (as of Wed.).  https://www.federalreserve.gov/releases/h41/current/

After the close, the Fed announced that banks can resume dividends & buybacks on June 30.  The afternoon surge yesterday could have been some entities, once again, acting on non-public info!

The strongest S&P Sector yesterday?  Financials, +1.57%   The Bank Stock Index soared 2.82%!  Someone always knows ahead of time! Will the SEC or Fed investigate this?  Puhlease!!!

Secret Service inserted itself into case of Hunter Biden’s gun
    Secret Service agents approached the owner of the store where Hunter bought the gun and asked to take the paperwork involving the sale… The gun store owner refused to supply the paperwork, suspecting that the Secret Service officers wanted to hide Hunter’s ownership of the missing gun in case it were to be involved in a crime…
   The Secret Service says it has no record of its agents investigating the incident, and Joe Biden, who was not under protection at the time, said through a spokesperson he has no knowledge of any Secret Service involvement…the alleged involvement of the Secret Service remains a mystery…
    POLITICO obtained copies of the Firearms Transaction Record and a receipt for the gun dated Oct. 12, 2018.  Hunter responded “no” to a question on the transaction record that asks, “Are you an unlawful user of, or addicted to, marijuana or any depressant, stimulant, narcotic drug, or any other controlled substance?” Five years earlier, he had been discharged from the Navy Reserve after testing positive for cocaine, and he and family members have spoken about his history of drug use…
https://www.politico.com/news/2021/03/25/sources-secret-service-inserted-itself-into-case-of-hunter-bidens-gun-477879

 

@JackPosobiec: Hunter Biden lied on his 4473 in 2018, got a gun, then his brother’s widow that he was doing drugs with stole it, tossed it in a trash can near a high school and it went missing, and the cops and feds came in to clean everything up.  No charges filed on anyone…

Though Politico leans left, the MSM is again ignoring an incendiary Hunter Biden story.  Substitute ‘Donald Trump Jr.’ for ‘Hunter Biden’ in the above story and the MSM would react much differently.

Durbin Breaks Senate Rules to Ram Through Radical Biden Pick Who May Have Lied During Confirmation Hearing [If the GOP attempted a fraction of what Dems are doing…]
https://thefederalist.com/2021/03/25/durbin-breaks-senate-rules-to-ram-through-radical-biden-pick-who-may-have-lied-during-confirmation-hearing/

City of Oakland Mayor is branded racist for giving families of color $500 a month if they earn under $59,000 with no rules on how they spend it – but offering poor white families nothing
One commenter labeled it ‘pure racism’. ‘Is this even legal?… [This is patently unconstitutional.]
https://www.dailymail.co.uk/news/article-9399137/Oakland-California-exclude-white-families-living-poverty-500-month-checks.html

The brazen and blatant attempt to nullify the US Constitution by the leftists that run Joe Biden is hitting new highs almost daily.  The MSM is mum and so are most of the GOPe.  If you can get away with rigging a presidential election, ‘Weekend at Bernie’s Biden’s’, two bogus impeachments and Deep State crimes, you will be very bold in usurping laws, standards, ethics, and the Constitution!

Biden Administration Urges Supreme Court to Let Cops Enter Homes and Seize Guns Without a Warrant   https://www.forbes.com/sites/nicksibilla/2021/03/23/biden-administration-urges-supreme-court-to-let-cops-enter-homes-and-seize-guns-without-a-warrant/?sh=69302fb02829

Sen. Barack Obama in 2005 vigorously defending the filibuster, which he now decries as a “Jim Crow relic”:  https://twitter.com/Schneider_CM/status/1375177889373691910

CNN Chiron shows what the US MSM and left have become: Investigation: Shooter Was Factually Arabic But Morally White  https://twitter.com/yohiobaseball/status/1375104464609275906/photo/1

@stillgray: Strange how no one in the legacy media seems interested in talking about the Boulder shooter today and have gone back to talking about the guy who shot up those Asian brothels.

Army to Allow Long Ponytails in All Uniforms, Top Enlisted Leader Says
https://www.military.com/daily-news/2021/03/25/army-allow-long-ponytails-all-uniforms-top-enlisted-leader-says.html

Yale psychiatrist says she was fired for calling Trump and supporters mentally ill https://trib.al/p4U9pLn

Democrats’ Operative Got Secret Internet Connection at Wisconsin Election Center, Emails Show
A veteran Democratic operative intricately involved in Green Bay’s November election was given access to “hidden” identifiers for the internet network at the hotel convention center where ballots were counted, according to emails obtained by Wisconsin Spotlight…
https://www.dailysignal.com/2021/03/23/democrats-operative-got-secret-internet-connection-at-wisconsin-election-center-emails-show/

@RaheemKassam: The conservative base should make it contingent that for Trump to come back he must pledge to never hire the globalists and his Democrat son in law back with him this time.

For years, we warned that even if one despises Trump, which is understandable on multiple fronts, one must understand that DJT was the only thing preventing a socialist and Establishment remake of the US.

However, the case against Trump in 2020 is very strong because he never drained the swap and made horrible staffing decisions, reportedly at the insistence of Jared & Ivanka.  He did not remove Obama, Clinton, Establishment stooges and NeverTrumpers from the swap or his staff/inner circle.  The list of Trump’s disastrous hires is long; we will spare you the tedium of reading the list.  But many were instrumental in his impeachments, numerous investigations, leaking, and the refusal to drain the swap or hold those that plotted against the president accountable.

How did the American republic collapse?  Gradually, then suddenly!  How many Americans understand what was done to elect Biden, the ‘weekend at Bidens’ scam that the MSM and Dems are perpetrating on the USA and how Democrats are trying to codify one-party, Bolshevik rule?

 
end

Let us close out the week with this offering courtesy of Greg Hunter

(Greg Hunter)

Covid Vaccine Lies, More YouTube Covid Censorship, Economic Update

By Greg Hunter’s USAWatchdog.com (WNW 473 3.26.2021)

Just about everything we have been told about Covid is a lie or lies by omission.  We are told the Vaccine is the only way to beat Covid.  We are also told there are no other treatments available. Those are lies.  We are not told that the so-called vaccine is “experimental” and that all these so-called vaccines were only approved on an emergency basis.  We are not told that these vaccines permanently alter your DNA with genetic engineering and that vaccine manufacturers have zero liability if you are permanently injured or die from a shot.  Also, manufacturers of these so-called vaccines and the medical community have no idea what the effects will be in the short or long term. This makes what is going on today around America, with vaccine centers to push an unproven medical test, a huge reckless risk.  Instead of giving the public actual information for “informed consent,” an idea that came out of the 1947 Nurnberg trials of Nazis, we have what I call “misinformed consent” based on lies, fraud and fear.  The Nazis would be proud.

YouTube has taken down another lifesaving video about the “wonder drug” called Ivermectin.  This is an anti-viral drug that is decades old.  It’s been proven safe with little downside risk when treating and preventing Covid19.  Dr. Pierre Kory testified in the Senate about repurposing Ivermectin and the “mountains of evidence showing the miraculous effectiveness of Ivermectin.”  The public is not allowed to hear alternatives to experimental vaccines.  As I said last week, debates and alternative scientific information is NOT allowed.  YouTube has taken down the Senate testimony of Dr. Kory (But you can watch it here) to censor any and all scientific alternatives to vaccines.

The economy is getting better—NOT.  Another 684,000 initial unemployment claims were reported this week.  Some financial experts are excited because it was not more than 700,000 claims.  Not what I would consider a cause for celebration.  Also, a huge cargo ship is blocking a major shipping choke point, and that is causing big economic problems in an already fragile global economy.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 3.26.2021.

(To Donate to USAWatchdog.com Click Here)

 

To all our Jewish friends out there, I wish you a very Happy Passover week

 

I will see you MONDAY night.

Leave a Reply

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

WordPress.com Logo

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

Google photo

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

Twitter picture

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

Facebook photo

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

Connecting to %s

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