MARCH 29////ANOTHER HEDGE FUND BLOWN UP (ARCHEGOS) WHICH FOLLOWS LAST WEEK’S GREENSILL//GOLD DOWN $20.00 TO $1713.90//SILVER DOWN 34 CENTS TO $24.73//APRIL SILVER LOOKS LIKE 15.5 MILLION OZ WILL STAND AND GOLD: 120 TONNES OR SO//CORONAVIRUS UPDATES//VACCINE UPDATES//60 MINUTES STATES THAT THE COVID 19 VIRUS PROBABLY CAME FROM WUHAN LAB//WILLIAM ENGDAHL..A MUST READ: WILL A CHINESE REAL ESTATE COLLAPSE CAUSE A GLOBAL MELTDOWN!!//SUEZ CANAL//CONTAINER SHIP FREED BUT BACKLOG WILL TAKE AT LEAST 10 DAYS TO CLEAR//BIDEN TO INTRODUCE HIS $3 TRILLION INFRASTRUCTURE BILL ON WEDNESDAY/SWAMP STORIES FOR YOU TONIGHT///

GOLD:$1713.90 DOWN  $20.00   The quote is London spot price

Silver:$24.73 DOWN  $0.34   London spot price ( cash market)

your data…

 

Closing access prices:  London spot

i)Gold : $1712.20 LONDON SPOT  4:30 pm

ii)SILVER:  $24.66//LONDON SPOT  4:30 pm

PLATINUM AND PALLADIUM PRICES BY KITCO

PLATINIUM  $1171.00 DOWN $11.00

PALLADIUM: 2440.00 DOWN $154. 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

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Today, a second  hedge fund blew up  (Archegos) which follows last week’s Greensill blowup.
And gold does down?
 
 
 

COMEX DATA

 
 
 

COMEX DATA

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

receiving today  0/4

EXCHANGE: COMEX
CONTRACT: MARCH 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,732.200000000 USD
INTENT DATE: 03/26/2021 DELIVERY DATE: 03/30/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
435 H SCOTIA CAPITAL 4
732 C RBC CAP MARKETS 4
____________________________________________________________________________________________

TOTAL: 4 4
MONTH TO DATE: 9,686

ISSUED: 0

Goldman Sachs:  stopped:  0

 
 

NUMBER OF NOTICES FILED TODAY FOR  MARCH. CONTRACT: 4 NOTICE(S) FOR 400 OZ  (0.01244 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  9686 NOTICES FOR 968600 OZ  (30.127 tonnes) 

SILVER//MAR CONTRACT

 

77 NOTICE(S) FILED TODAY FOR 385,000  OZ/

total number of notices filed so far this month: 11,660 for 58,300,000  oz

BITCOIN MORNING QUOTE  $57,960   UP 4637

BITCOIN AFTERNOON QUOTE.:  $57,611  UP 4296 DOLLARS .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD DOWN $20.00  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A HUGE  CHANGES IN GOLD INVENTORY AT THE GLD//:  A WITHDRAWAL OF 6.41 TONNES OF PAPER GOLD FROM 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 ENGLAND IN THE FIRST PLACE. THE BANK IS PROTECTING ITSELF IN CASE OF COMMERCIAL FAILURE

THIS IS A MASSIVE FRAUD!!

GLD: 1,036.62 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER DOWN 34 CENTS

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 0 MILLION OZ  FROM THE SLV/

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

THE 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’S GOLD). THE SILVER NEVER LEAVES JPMORGAN’S VAULTS. THEY ARE CALLING IN THEIR LEASES FOR FEAR OF SOLVENCY ISSUES.

INVENTORY RESTS AT:

: 578.605  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 160.35 UP $1.89 OR  1.16%

XXXXXXXXXXXXX

SLV closing price NYSE 22.40  DOWN $0.32 OR 1.38%

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 SMALL SIZED 454 CONTRACTS FROM 156,955 DOWN TO 156,501, AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR  $0.05 GAIN IN SILVER PRICING AT THE COMEX  ON FRIDAY. 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 TINY 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 HUGE INCREASE STANDING AT THE COMEX FOR MAR. WE HAD A SMALL NET LOSS IN OUR TWO EXCHANGES OF 327 CONTRACT (SEE CALCULATIONS BELOW). 

WE WERE  NOTIFIED  THAT WE HAD A SMALL  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 127,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  0 MAY:  127 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 127 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

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

 

FRIDAY, AGAIN OUR CROOKS USED COPIOUS PAPER TRYING TO LIQUIDATE SILVER’S PRICE …AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT ROSE BY $0.05) OUR OFFICIAL SECTOR/BANKERS WERE PROBABLY UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS EVEN THOUGH WE HAD A NET LOSS OF 287 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 SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A STRONG INCREASE IN STANDING FOR COMEX SILVER  // MAR, iv) SMALL 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:

17,524CONTRACTS (FOR 21 TRADING DAY(S) TOTAL 17,524 CONTRACTS) OR 87.620 MILLION OZ: (AVERAGE PER DAY: 8344 CONTRACTS OR 4.172 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR: 87.620 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: 87.620.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: 87.620 MILLION OZ  (DRAMATICALLY SLOWING DOWN AGAIN//FEARS OF EFP CONTRACTS BEING EXERCISED FOR METAL)

RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 454, DESPITE OUR $0.05 GAIN IN SILVER PRICING AT THE COMEX ///FRIDAY .…THE CME NOTIFIED US THAT WE HAD A TINY SIZED EFP ISSUANCE OF 127 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A SMALL SIZED LOSS OF 287 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR  $0.05 LOSS IN PRICE)//THE DOMINANT FEATURE TODAY WAS THE MASSIVE BANKER SHORTCOVERING.THEY SEE THE TEA LEAVES FORMING AND THEY ARE GETTING OUT OF DODGE IN A BIG WAY.

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  127 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A SMALL SIZED DECREASE OF 414 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED DESPITE OUR $0.05 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $25.07 //FRIDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

FOR THE NEW MAR.  DELIVERY MONTH/ THEY FILED AT THE COMEX: 77 NOTICE(S) FOR  385,000, 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 GOOD SIZED 6215 CONTRACTS TO 472,428,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 DESPITE OUR RISE IN PRICE  OF $7.00///COMEX GOLD TRADING//FRIDAY. 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 AS ALL OF THE LOSS WAS DUE TO SPREADER 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 GAIN IN PRICE OF $7.00 WITH RESPECT TO FRIDAY’S TRADING

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

WE HAD A FAIR SIZED LOSS  OI 4101 CONTRACTS (12.756 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 1777 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  1655 AND JUNE:  122  ALL OTHER MONTHS ZERO//TOTAL: 1777.  The NEW COMEX OI for the gold complex rests at 472,428. 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 4438 CONTRACTS: 6215 CONTRACTS DECREASED AT THE COMEX AND 1777 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 4438 CONTRACTS OR 13.80 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1777) ACCOMPANYING THE GOOD SIZED LOSS IN COMEX OI  (6215 OI): TOTAL LOSS IN THE TWO EXCHANGES:  4101 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) GOOD COMEX OI LOSS AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS HAPPENED WITH OUR GAIN IN GOLD PRICE TRADING FRIDAY//$7.00!!. 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 : 79,862, CONTRACTS OR 7,986,200 oz OR 248.40 TONNES (21 TRADING DAY(S) AND THUS AVERAGING: 3802 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 21 TRADING DAY(S) IN  TONNES: 248.40 TONNES

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

THUS EFP TRANSFERS REPRESENTS 248.40/3550 x 100% TONNES =7.01% 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:.   248.40 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 SMALL SIZED 454 CONTRACTS FROM 157,010 DOWN TO 156,541 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 SMALL SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) HUGE BANKER SHORT COVERING//ALGO SHORT COVERING//REDDIT RAPTOR BUYING , 2) A TINY ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A STRONG INCREASE IN  STANDING FOR SILVER  AT THE COMEX FOR MARCH., AND 4) ZERO//MINOR LONG LIQUIDATION,

EFP ISSUANCE 127 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: 127 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 127 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 454 CONTRACTS AND ADD TO THE 127 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALL SIZED LOSS OF 327 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 1.435 MILLION  OZ, OCCURRED DESPITE OUR $0.05 GAIN IN PRICE///

 

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

 

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 16.97 PTS OR .50%   //Hang Sang CLOSED UP 1.87 PTS OR 0.01%    /The Nikkei closed UP 207.82 POINTS OR 0.71%//Australia’s all ordinaires CLOSED UP 0.38%

/Chinese yuan (ONSHORE) closed DOWN AT 6.5415 /Oil UP TO 61.38 dollars per barrel for WTI and 5.30 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5415. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5474 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 
 
 
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL  BY GOOD SIZED 6215 CONTRACTS TO 472,428 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 GOOD COMEX DECREASE OCCURRED DESPITE OUR GAIN OF $7.00 IN GOLD PRICING FRIDAY’S COMEX TRADINGWE ALSO HAD A SMALL EFP ISSUANCE (1777 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 1777 EFP CONTRACTS WERE ISSUED:  ; FEB// ’21  0 AND APRIL:  1655, JUNE:  122 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1777  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 GOOD SIZED 4438  TOTAL CONTRACTS IN THAT 1777 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A GOOD SIZED  COMEX OI  OF 6215 CONTRACTS.WE HAVE A HUGE AMOUNT OF GOLD STANDING FOR MARCH  (30.205 TONNES) WHICH FOLLOWED FEB (113.424 TONNES)  WHICH FOLLOWED OUR STRONG LEVEL OF JAN 2021 GOLD . ((6.500 TONNES).  

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $7.00)., AND 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 12.756 TONNES,  ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR MAR (30.205 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 :: 4438 CONTRACTS OR  443800 OZ OR  13.80  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:  472,428 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 47.25 MILLION OZ/32,150 OZ PER TONNE =  1469 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1469/2200 OR 66.80% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX GOLD TODAY:

294,495 contracts// volume  fair/raid   //

CONFIRMED COMEX VOL. FOR YESTERDAY:  279,399 contracts//  volume:  fair// //most of our traders have left for London

 

MARCH 29 /2021

 
INITIAL STANDINGS FOR MAR COMEX GOLD
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
131,943.604 oz
 
HSBC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz    NIL
Deposit to the Customer Inventory, in oz
 
 
 
 
 
 
 
12,036.875
oz
jpmorgan
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
4  notice(s)
400 OZ
(001244 TONNES
 
No of oz to be served (notices)
25 contracts
(2500oz)
 
0.0777 TONNES
 
 
 
Total monthly oz gold served (contracts) so far this month
9686 notices
968,600 OZ
30.127 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 1 deposits into the customer account
i) Into JPMorgan:  12,036.875 oz
 
 
TOTAL DEPOSITS:12,036.875 oz (.37 tonnes)
 
 
 
 
 
We had 1 withdrawal
 
i) out of HSBC:  131,943.604 oz
 
 
 
 
 
total withdrawals:  131,943.604 oz  (4.1 tonnes)
 
 
net 3.73 tonnes leaves
 
 
 
 

We had 0  kilobar transactions (0 out of 2 transactions)

ADJUSTMENTS  0: 

 

 
 

The front month of MAR registered a total of 29 CONTRACTS FOR A LOSS OF 189 CONTRACTS. WE HAD 213 NOTICES FILED ON  FRIDAY SO WE GAINED ANOTHER  24 CONTRACT OR AN ADDITIONAL 2400 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 LESS THAN EXPECTED 33,290 CONTRACTS DOWN TO 69,785 CONTRACTS. WE SHOULD HAVE AN EXTREMELY STRONG APRIL DELIVERY MONTH. WE HAVE 2 MORE READING DAYS BEFORE FIRST DAY NOTICE. TO GIVE YOU AN IDEA OF THE STRENGTH OF WHAT WILL STAND,  WE COMPARE THIS YEAR’S OI 69,785 TO LAST YEARS TOTAL 57,868.  WE NOW HAVE THE SAME NUMBER OF DAYS  LEFT BEFORE FIRST DAY NOTICE:  2 IN COMPARING MARCH 2021 TO MARCH 2020. LAST YEAR ON THIS DAY 50,085 CONTRACTS ROLLED VS TODAY’S 33,752. WE SHOULD HAVE NORTH OF 120 TONNES OF GOLD STANDING FOR APRIL.THAT MAY BREAK THE BANK!(EXPECT 31,000 TO LEAVE ON BOTH DAYS LEAVING 38,800)

MAY GAINED 71 CONTRACTS TO STAND AT 1027

JUNE GAINED 25,974 CONTRACTS UP TO 332,041

We had 4 notice(s) filed today for 400 oz

FOR THE MAR 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 4  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 (9686) x 100 oz , to which we add the difference between the open interest for the front month of  (MAR /29 CONTRACTS ) minus the number of notices served upon today 4 x 100 oz per contract) equals 971,100 OZ OR 30.205 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 9686 x 100 oz  + (29 OI for the front month minus the number of notices served upon today (4} x 100 oz which equals 971,100 oz standing OR 30.205 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 CONTRACT 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

351,292.365 PLEDGED  MANFRA 10.92 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:  2,313,193.997 oz                                     71.95 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. 30.205 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:  2,313,193.997 oz or 71.95 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 15,642,058.0  (486,53 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  15,642058.0 (486.53 tonnes)
 
total eligible gold: 19,232,910.759 oz   (598.224 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 37,188,162.816 oz or 1,156.70 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 29/2021

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
173,817.970 oz
 
CNT
HSBC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
989.900 oz
Delaware
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
77
 
CONTRACT(S)
(385,000 OZ)
 
No of oz to be served (notices)
0 contracts
 NIL oz)
Total monthly oz silver served (contracts)  11660 contracts

 

58,300,000 oz)

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

total dealer deposits: nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

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

i) Into Delaware: 989.900
 
 
 
 
 
 
 
 
 
 

JPMorgan now has 189.189 million oz of  total silver inventory or 50.87% of all official comex silver. (189.189 million/371.611 million

total customer deposits today: 692,650.342   oz

we had 2 withdrawals:

 
 
i) out of CNT  53,448.770 oz
ii) Out of HSBC: 120,369.200  oz
 
 
 
 
 
 
 
 

total withdrawals  173,817.970   oz

We had 0 adjustments:

 

 

Total dealer(registered) silver: 127.972-million oz

total registered and eligible silver:  371.611 million oz

a net 172,828 oz leaves the comex silver vaults.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

MARCH saw a LOSS of 369 contracts to stand at 77. We had 439 contracts served on  FRIDAY, so we GAINED 70 contracts or an additional 350,000 oz will stand for delivery in this active delivery month of March. These guys REFUSED to  morph into London based forwards as there is no silver metal on THEIR side side of the pond so they will try their luck over here. 

 

April SURPRISINGLY GAINED A STRONG 100 contracts to stand at 3070. (Many should be rolling to the next month).April numbers refuse to contract (roll) as they are standing resolute !!!! With exercised options we will have north of 15.5 million oz of silver standing in a very inactive month of April.

May LOST A SMALL 1383 contracts to stand at  122,814 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 on the May 2020.  This year:  122,814  still outstanding!!. TODAY’S ROLL 1,350 VS LAST YEAR:  5,208 CONTRACTS. WE HAVE TWO MORE READING DAYS BEFORE FIRST DAY NOTICE.

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 77 contract(s) FOR  385,000 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  11,660 x 5,000 oz = 58,300,000 oz to which we add the difference between the open interest for the front month of MAR (77) and the number of notices served upon today 77 x (5000 oz) equals the number of ounces standing.

Thus the MAR standings for silver for the MAR/2021 contract month: 11,660 (notices served so far) x 5000 oz + OI for front month of MARCH(77- number of notices served upon today (77) x 5000 oz of silver standing for the Jan contract month .equals 58,300,000 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 GAINED 70 contracts or an additional  350,000 oz will  stand for delivery as they refused to morph into London based forwards.

TODAY’S ESTIMATED SILVER VOLUME 53,141 CONTRACTS // volume extremely poor// volumes falling off a cliff// very surprisingly small in volume)

FOR YESTERDAY  46,984  ,CONFIRMED VOLUME/poor

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO +0.05% ((MAR 29/2021)

2. Sprott gold fund (PHYS): premium to NAV FALLS TO –1.50% to NAV:   (MAR 29/2021 )

Note: /Sprott physical gold trust is back into POSITIVE/0.05%(MAR 29/2021)

(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 29/WITH GOLD DOWN $20.00 TODAY//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 6.41 TONNES FROM THE GLD..//INVENTORY RESTS AT 1036.62 TONNES

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

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

MARCH 29 / GLD INVENTORY 1036623 tonnes

LAST;  1027 TRADING DAYS:   +102.81 TONNES HAVE BEEN ADDED THE GLD

LAST 927 TRADING DAYS// +  289.05TONNES  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 29/WITH SILVER DOWN 34 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 578.605 MILLION OZ.

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//

 

XXXXXXXXXXXXXX

SLV INVENTORY RESTS TONIGHT AT

MARCH 26/2021
578.605 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)LAWRIE WILLIAMS:

OR

EGON VON GREYERZ//

OR

Peter Schiff..

Peter Schiff: The Box That The Federal Reserve Is In

 
MONDAY, MAR 29, 2021 – 02:39 PM

Via SchiffGold.com,

Jerome Powell and Janet Yellen testified jointly before the US Senate last week. Inflation was a big topic of conversation. The Fed chair continued to insist that the central can fight inflation if necessary, but that it really isn’t a problem we need to worry about right now. In his podcast, Peter Schiff said the truth is inflation is a problem. And when it comes to dealing with that problem, the Fed is in a box. It will never pick a fight that it can’t win.

The Federal Reserve balance sheet has swelled to a new record of over $7.72 trillion. It was up another $26.1 billion on the week last week. Peter said he expects this number to continue increasing at an even faster rate in the near future.

I would not be surprised to see the balance sheet hit $10 trillion by the end of 2021 because we have a lot of deficit spending in the pipeline and there is no way to pay for it other than the Federal Reserve.”

One of the questions directed toward Powell was about the Federal Reserve’s independence. Powell talked about how important it is. But Peter said the actions of the Fed chair show there’s really no independence at all.

There’s independence in form only, but not in substance. We pretend we have an independent Fed, but in reality, the Fed acts as if it’s just a branch of the US Treasury Department. The fact that both the secretary of the Treasury and the Fed chairman are testifying together shows a degree of cooperation. They’re working together and it seems that they are trying to coordinate their policies.”

The reason the Fed is keeping interest rates so low and expanding its balance sheet is to accommodate the US government as it spends more and more money.

So clearly, the Federal Reserve is acting in concert with the Treasury to advance the Biden agenda, which is exactly what they were doing when Trump was there.”

Ron Paul made a similar point in a recent article, sounding a chilling warning. “Unless the government changes course, America will experience a crisis greater than the Great Depression.”

Peter said this notion of Fed independence is “laughable.”

When you get down to it, none of them really act as if the Fed is independent and none of them are willing to deliver the bitter-tasting medicine that will actually cure the economy of what truly ails it.”

Inflation was also a topic of the Q&A with Powell and Yellen. One senator asked the Fed chair what tools the central bank has if inflation turns out not to be transitory. Powell gave the standard answer, saying the Fed can raise interest rates and shrink the balance sheet by selling Treasuries in the open market.

Yes, those are the tools. The problem is there’s no way they’re going to use the tools.”

It’s a shame nobody asked what would happen to the economy if the Fed did use these tools to fight inflation. Keep in mind, the Fed is currently supporting the US economy and its trillions in deficit spending by keeping interest rates at zero and buying billions in US government bonds. Peter said if the Fed was to reverse this policy to fight inflation, it would spark a massive recession.

In fact, we’d be in a worse recession than the Great Recession of 2008.”

That raises the key question: would the Fed really put the economy in a recession to fight inflation? Peter said he doesn’t think Powell would actually admit that he would do that.

And in fact, I actually think the next recession is going to be caused by inflation. The reason we’re going to slip into recession is because of inflation. Because rising costs are going to put a lot of pressure on businesses to reduce those costs by laying off workers. And rising prices are going to put a lot of pressure on consumers to cut back on their total spending. I mean, they may spend more money because prices are higher, but they’re going to buy less stuff. So, some of those businesses that are selling less stuff are going to have to lay off workers. So, I think inflation can be the reason the economy goes into recession. So, it’s not that, ‘oh, we have this booming economy and we have inflation, and so the economy is so strong and the Fed could raise rates to fight the inflation without interfering with the strong economy.’ It’s my thesis that we’re going to go into recession because of inflation. So, we’re going to have inflation and recession simultaneously — stagflation.”

If the Fed actually does the right thing and uses its tools, it would quite possibly turn that inflationary recession into a full-blown depression.

And what is the Fed and government playbook for an economic downturn? Stimulus! That means more borrowing and spending. How would they pull that off if the Fed is trying to tighten monetary policy to fight inflation? And if they were willing to do the right thing – why not do it now? The longer the Fed waits to normalize monetary policy, the bigger the bubble gets and the more debt the government piles up.

Because the Fed is not willing to do the right thing now, I don’t believe it’s ever going to be willing to do the right thing. So, no matter how high inflation gets, they’re going to make an excuse as to why it’s transitory, or as to why it’s not important, or maybe they’ll find a way to recalculate the numbers so they can pretend that inflation isn’t there. But the one thing they can’t do about inflation is fight it. And when the markets finally figure out the box that the Fed is in — then that’s it.”

President Biden and the Democrats are selling all of this stimulus by claiming the rich will pay for it.

The reality is all of the Biden spending is going to be paid for by the middle class and the poor through inflation. The inflation tax is going to hit every American hard, in particular, the Americans that don’t have a lot of financial assets that will rise with inflation, and that simply have their paychecks and their savings. They are going to get decimated. This is a huge tax. The government is not for free. This government is going to cost a lot of money, and the people who can least afford to pay for it, they’re going to be the ones who are stuck with the bill.”

end

ii) Important gold commentaries courtesy of GATA/Chris Powell

For your interest>>. a rare 1822 half eagle sold for $8.4 million at auction.

Associated Press/GATA

Rare 1822 gold coin fetches $8.4 million at auction, a record for a U.S. coin

 

 

 Section: Daily Dispatches

 

By Ken Ritter
Associated Press
via The Day, New London, Connecticut
Saturday, March 27, 2021

LAS VEGAS — The coin trading world has a new gold standard, after the only known 1822 half eagle $5 piece in private hands sold at auction in Las Vegas for $8.4 million, experts said Friday.

Douglas Mudd, curator and director of the Edward C. Rochette Money Museum in Colorado Springs, Colo., confirmed the coin is one of three of its kind in existence and the auction price Thursday was the highest for a U.S. gold coin struck by the U.S. Mint.

The most expensive U.S. coin ever sold, at $10 million, is a 1794 U.S. “Flowing Hair” silver dollar said to be among the first-ever minted in the fledgling United States.

The 1822 half eagle $5 coin came from the D. Brent Pogue Collection and the buyer wanted to remain anonymous, said Jarrod Holland, spokesman for Stack’s Bowers Galleries, host of the public auction in Las Vegas. He provided a video of the coin. …

… For the remainder of the report and a photograph of the coin:

https://www.theday.com/nationworld-news/20210327/rare-1822-gold-coin-fet…

* * *

 

end

Mexican central bank is suspending production of silver Libertads…..not because of COVID but because of lack of silver.

(Hugo Salinas Price/GATA)

Mexican central bank reported to suspend production of silver Libertads

 

 

 Section: Daily Dispatches

 

12:56p ET Friday, March 26, 2021

Dear Friend of GATA and Gold:

Hugo Salinas Price, president of the Mexican Civic Association for Silver, whose family operates Banco Azteca, reports that the Mexican central bank, the Banco de Mexico, has suspended production of the famous Mexican silver Libertad coin —

https://www.banxico.org.mx/banknotes-and-coins/new-libertad-series-silve…

— attributing the decision to difficulties caused by the coronavirus epidemic.

Banco Azteca long has purchased the Libertad coins from the central bank and sold them to the public, with monthly sales lately reaching 50,000. Now, Salinas Price says, the only Libertads Banco Azteca can obtain are those its customers are willing to sell. 

Of course in recent months the U.S. Mint also has reduced or suspended production of U.S. gold and silver coins, again blaming the virus epidemic.

People familiar with gold and silver price suppression policies of governments and central banks and with the tight conditions in the gold and silver markets suspect that the epidemic is being used as an excuse for decisions by the mints not to enter the market for monetary metals when demand is high, supplies are tight, and increased production of gold and silver coins might drive prices higher and encourage more demand.

GATA has asked the Banco de Mexico for comment.

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

end

Ray Dalio sees a “good probability” that bitcoin gets outlawed as sovereigns are worried about competing money.

(LaRoche/YahooNews/GATA)

Dalio sees ‘good probability’ bitcoin gets outlawed

 

 

 Section: Daily Dispatches

 

By Julia La Roche
Yahoo News, Sunnyvale, California
Wednesday, March 24, 2021

Billionaire investor Ray Dalio, the founder of the $150 billion hedge fund Bridgewater Associates — the world’s largest — made a case that there’s a “good probability” bitcoin could be outlawed, similar to when the U.S. government made it illegal to privately own gold.

As Dalio points out in his upcoming book “The Changing World Order,” the Gold Reserve Act of 1934 made it illegal for individuals to own gold “because government leaders didn’t want gold to compete with money and credit as a storehold of wealth.”

Something similar could happen with bitcoin, which has surged against a backdrop of high levels of debt, low interest rates, a lot of liquidity and stimulus, and investors seeking alternatives to bonds and currencies. At the time of this writing, bitcoin’s price was near $56,559.98, spiking after Elon Musk tweeted that you can use it to buy Teslas.

“Every country treasures its monopoly on controlling the money supply and demand. They don’t want other monies to be operating or competing, because things can get out of control. So I think that it would be very likely that you will have it under a certain set of circumstances outlawed the way gold was outlawed,” Dalio told Yahoo Finance Editor-in-Chief Andy Serwer in an episode of “Influencers with Andy Serwer,” a weekly interview series with leaders in business, politics, and entertainment. …

… For the remainder of the report:

https://finance.yahoo.com/news/ray-dalio-on-bitcoin-and-probability-of-b…

end

Wall Street Silver interviews Chris Powell on defeating gold and silver price suppression

a must view…a good history on the corruption

(GATA) 

Wall Street Silver interviews GATA secretary on defeating gold and silver price suppression

 

 

 Section: Daily Dispatches

 

11:15p ET Sunday, March 28, 2021

Dear Friend of GATA and Gold:

Your secretary/treasurer was interviewed for a half hour Friday by Wall Street Silver founders Ivan Bayoukhi and Lee Justo, discussing the documentation of surreptitious intervention by governments and central banks in the gold and silver markets and how the price suppression can be defeated. 

Also covered are GATA’s history; its somewhat successful lawsuits against the U.S. Federal Reserve, Treasury Department, Bank for International Settlements, and their market-rigging agents; and the refusal of mainstream financial news organizations to report about government-sponsored suppression of monetary metals prices.

The interview can be viewed at YouTube here:

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

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

end

iii) Other physical stories:

A must read.

(John Adams)

Things That Make Me Go Hmmm: Inflation, Crypto, Command Economies, & Gold

 
MONDAY, MAR 29, 2021 – 05:00 AM

Authored by Matthew Piepenburg via GoldSwitzerland.com,

Over the years I’ve written almost ad nauseum about the crazy I see (and saw) around me as a fund manager, family office principal and individual investor.

The list includes: 1) an entire book on the grotesque central bank distortions of free market price discovery, 2) the open (and now accepted) dishonesty on everything from front-running Musk tweets and bogus inflation reporting to COMEX price fixing, 3) the insanity of 100-Year Austrian bonds or just plain negative-yielding bonds going mainstream, 4) the open death of classic capitalism and the rise of economic feudalism, 5) asset bubble hysteria seen in everything from BTC to Tesla; 5) rising social unrest, 6) the serious implications of Yield Curve Controland the gross mispricing of debt that has midwifed the greatest credit binge/bubble in recorded history, and 7) the ignored power of logical delusion that so characterizes the madness of crowds in the current investment era.

In short, there a great deal of things which, as our advisory colleague, Grant Williams, would say: Makes me go hmmm.

Speaking of exceptional team advisors at Matterhorn Asset Management, Ronni Stoeferle recently had a compelling discussion with the equally brilliant, and hitherto deflationary thinker, Russell Napier.

Among the many compelling take-aways from that discussion is the fact that Mr. Napier is now turning inflationary.

As we’ll see below, this broader and structural inflationary pivot, now undeniably on the horizon, has massive (and positive) implications not only for precious metal ownership, but also the very structure of the financial world going forward (negative).

In short, the inflation topic is not just an academic topic nor fodder for podcasters and economic tenure-seekers – it’s a critical signal of the repressive financial world staring us straight in the eyes today and heading toward ever-more financial repressions tomorrow.

Expect Inflation. Period. Full Stop.

In college, I once read that the only certainty is uncertainty. In short, be weary of anyone who says anything is certain.

That said, I am now arguing that inflation is certain. Hmmm.

Why?

Well, I’ve written at length in the recent weeks on the many factors which now make inflation inevitable rather than theoretical. Specifically:

  1. Inflation, based on the hitherto honest rather than current CPI scale, is factually at 9%, not the farcical 2% range. In short, inflation is already here;

  2. Unlimited QE, by definition, means greater money supply, and inflation, by definition, is about precisely that: Increased money supply;

  3. QE for Wall Street (and the embarrassing new reputation of MMT) is slowly being joined by “QE for the people” in the form of unprecedented, “COVID-justified” broad money creation and fiscal deficits to directing money (and the velocity of the same) straight into Main Street, a classic tailwind for rising inflation;

  4. The now openly felt winds of a commodity super cycle is driving commodity prices higher in everything from corn to plywood, all further (and undeniable) tailwinds of increasing inflation;

  5. Finally, and perhaps most importantly, governments around the world have never, not ever, been as deep in debt as they are today, and the only way to dig themselves out of the Grand Canyon of debt in which they and their central banks put themselves (and us) is to now inflate their way out of it. In fact, just last week, the ECB openly confessed as much.

But in case none of the foregoing objective realities has you convinced of inflation’s arrival and growing windspeed, Mr. Napier gives us even more reasons to accept, as well as expect, its, well…certainty.

The Structural Shift Toward Open Inflation: Government Credit Guarantees.

Unknown to many, inflationary forces far stronger than just monetary and fiscal stimulus have been in open and deliberate play by the world’s major governments in the form of government credit guarantees to commercial banks.

This is a critical structural shift.

Why?

As I wrote in Rigged to Fail, central banks have been in bed with commercial banks and broke governments since their not-so immaculate conception.

Governments are all too aware that commercial banks can’t thrive or create credit and loan money at the artificially repressed rates otherwise so crucial to keeping their massive sovereign debt obligations affordable.

By recently guaranteeing bank credit risk in everything from business loans to mortgages, governments are not only aiding and abetting bank survival in a low-rate new abnormal, but are effectively (and slowly) taking greater control of the commercial banking sector.

Such credit guarantees from governments ensure bank money creation to manage everything from housing and the green agenda to consumer and corporate debt needs.

This new direction represents a permanent structural change in the banking system which, despite being largely ignored by the average citizen, will mathematically lead to an even greater expansion in broad money growth, and hence, by definition, a deliberate and now structural as well as global expansion in the inflation rate.

In short, global governments are permanently taking a more centralized role in the global banking system and hence the financial system in which you now sit, wide-eyed to be sure.

The major global markets are now witnessing undeniable and intentional broad money growth—tripling the rate of growth in just the last 6 months.

But What About Interest Rates? Well, Here’s the Kicker…

Of course, everything we learned in school, in both economics and history, suggests that if inflation rises, then rates must rise as well, right?

Well, sadly, in this brave new Orwellian world of government centralization and shameless debt expansion, nothing we learned in school is now much of a guide.

In short: Everything has changed.

Given these grotesque debt levels (compliments of a politician and central banker near you, rather than the COVID excuse), policy makers literally have no choice but to inflate their debt away.

But being the clever little weasels that public policy makers are, they will, of course, make every effort to have their cake and eat it too by deliberately allowing inflation (to get out of debt) yet also repressing the cost of that debt by turning to yield curve controls to artificially repress rates.

Such rate repression is a must, rather than a choice or pundit debate going forward. 

Given current global debt levels (>$280T), naturally high nominal rates would literally kill the markets and governments with the same, rising rate bullet.

That is, if rates were allowed to rise naturally (i.e., in genuine capitalism), the interest expense on government debt would scream way past 50% of GDP in seconds and the party would end in dramatic fashion immediately.

Thus, central banks will kill free market price moves in the bond market. They have no choice.

This is no secret, by the way. Just last week, the ECB so much as confessed this new direction.

In simple speak, the only way to get out of debt is to keep inflation rates above interest rates— and the greater the gap, the faster the road out of debt, something the French (my homeland) have known for centuries…

Of course, this open sham wherein inflation runs higher than nominal yields is also a perfect, textbook setting for negative real rates, which as all gold investors (rather than speculators know), is what I recently described as the ideal setting for a structural bull market in precious metals.

But what about my favorite economists—the Austrian School?

Haven’t those Austrians always warned that the money creation needed to repress yields/rates via artificial bond buying leads inevitably and without fail to currency destruction and a bursting bomb within the financial markets and broader economy?

In short, won’t there be a terrible, terrible price to pay for this new abnormal of rising inflation?

The short answer is “yes,” but the only issue remaining is what flavor of terrible are we talking about?

Austrian School Disaster vs Command Economy Nightmare?

Austria’s Ludwig von Mises warned that all artificially rising bubbles end in catastrophe—including (and depending on the size of the bubbles) hyperinflation, crashing securities markets, and the advent of social, economic and political chaos which always follows the death of paper money. 

Today, of course, such a loss of confidence in paper money is real—from the Austrian school’s warnings to the understanable and rising popularity of alternative crypto currencies like Bitcoin.

Russell Napier, however, doesn’t see such a von Mises-like explosion or BTC solution.

Rather than allow such events, he believes modern “democracies,” now deeper and deeper under the command economy of governments aligned with central bankers (think Yellen at the Treasury and Draghi as Italian PM), will simply take over the economy rather than allow its natural death ala the von Mises forecasting.

So, pick your flavor of policy poison: Either the entire system implodes (ala von Mises), or we enter a Brave New World of command control government wherein capital controls become the new, tragic normal.

Either way, of course, we still face the inevitable slings and arrows of misfortunate-inflation.

Where to Hide from Inflation?

But in a command-control new world, where can investors go to protect themselves from rising inflation?

Well, the regulated big boys in their big banks and other institutions won’t have a lot of choices.

This is because the entire survival of an increasingly centralized, command-control economy (20% of US income now comes from government handouts) rests upon having less rather than more escape routes.

Centralized economies, whose bread and butter is by definition “financial repression,” will never, not ever allow alternative escape hatches or open channels for monetary outflows which might otherwise threaten their needed inflationary agenda or sacred currency.

Instead, they will tighten rather than expand creative and alternative solutions to inflation and dying currencies.

Bad News for Bitcoin

This also means Bitcoin is facing a dark future, for the simple reason that brilliant loopholes like Bitcoin are a direct threat to the centralized world of financial repression and currency control to which we are not only heading, but already experiencing.

One of the key appeals of Bitcoin, for example, is its anonymity profile. This brilliant and revolutionary blockchain move has my greatest intellectual respect, but sadly, centralized governments will not tolerate such tax less “coins” or anonymous ownership.

Bitcoin is simply too scary a threat to increasingly repressive financial systems. In fact, if Bitcoin where to truly succeed as viable currency, governments would truly fail.

Which bet will you want to take?

This is why governments, including at the US Congress, are already submitting legislation to strip BTC of its anonymous profile.

This does not mean an outright ban of the sexy crypto (yet), but such a move will certainly remove much of Bitcoin’s lipstick, price action and investor appeal.

Turning Back to Gold…

As I like to say, all roads, and discussions, turn back to gold, currently biding its time as the ugly girl at the dance as all these structural changes and asset bubble hysterias (including BTC) grab the forever myopic attention of sell-siders, deflationary pundits and bubble-lovers worldwide.

Unlike Bitcoin, however, physical gold held outside an over-regulated, financially repressed command-economic system, does not rely upon anonymity to maintain (and grow) its value.

In the coming years, we will see more and more capital controls imposed on institutions, where sadly, most of the great national wealth (and even “gold”) is held.

At Matterhorn Asset Management, however, we don’t believe in holding gold in commercial banks, for the simple reason that a) such “gold” is not truly “owned” by the banks or even its account holders, and b) those banks are increasingly under the control of governments not depositors.

Instead, the smart money holds real gold, in individual names, stored in real vaults outside of the commercial banking system–typically in a Swiss jurisdiction where privacy rights and capital controls are NOT determined by the central banks in Tokyo, Brussels, London, Beijing or DC…

Gold is a wise investment in an increasingly broken, desperate and hence repressive environment. But how one purchases, owns and secures it is a critical matter.

Individuals going forward will have more freedoms than regulated institutions to hold portions of their wealth outside of such openly and increasingly centralized financial systems.

Fortunately, Matterhorn’s founder, and my friend and colleague, Egon von Greyerz understood this decades before less farsighted “stewards” like Yellen or Draghi took office at a centralized bank or government near you.

Matterhorn Asset Management saw the writing on the global wall when gold was less than $300 an ounce and created an ideal system for acquiring and safeguarding precious metals for the long game not the global putting green.

In short, Mr. von Greyerz created a superior system for acquiring, growing and preserving wealth than the bankers and politicians have since created for the rest of the world, which, as argued above, is sliding ever more toward greater controls and heightened absurdity rather than wider freedoms and effective simplicity.

 
 
 
 

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

i) Chinese yuan vs USA dollar/CLOSED down at 6.5415 /

//OFFSHORE YUAN:  6.5474   /shanghai bourse CLOSED UP 16.97 pts or 0.50%

HANG SANG CLOSED UP 1.87 pts or 0.01%

2. Nikkei closed up 207.82 pts or 0.71%

3. Europe stocks OPENED ALL GREEN/

USA dollar index UP TO 92.79/Euro FALLS TO 1.1777

3b Japan 10 year bond yield: FALLS TO. +.07/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.62/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 61.38 and Brent: 65.10

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.35%/Italian 10 yr bond yield DOWN to 0.63% /SPAIN 10 YR BOND YIELD UP TO 0.29%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 0.98: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.86

3k Gold at $1726.90 silver at: 23.85   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 61 dollar handle for WTI and 65 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 109.62 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 .9398 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1069 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 0.35%

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 1.650% early this morning. Thirty year rate at 2.353%

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

6.  TURKISH LIRA:  UP  TO 8.16..

Futures Rebound Despite Global Margin Call Fears

BY TYLER DURDEN
MONDAY, MAR 29, 2021 – 07:54 AM

After initially dipping as much as -0.7% during the early Asian session on fears that the Archegos margin call crisis which has already cost billions in losses at Nomura and Credit Suisse’s prime brokerage units could spread, futures have stabilized and at last check the Emini was down -0.3% to 3,952 after its remarkable late Friday surge which pushed the S&P just shy of an all time high, while quarter-end is expected to be in focus this week, favoring buying of Treasuries although it is debatable how stocks will trade today.

At the same time, Nasdaq 100 futures erased losses of as much as 1.2% to trade little changed as of 7:30am in New York following revelations that Archegos Capital Management LLC – Bill Hwang’s family office – was behind a $20 billion spree of block trades on Friday, selling Chinese tech giants and U.S. media firms. And with a number of banks exposed to Archegos and losing billions, investors are on edge lookout for signs of contagion.

As noted earlier, Nomura and Credit Suisse warned of significant losses after Archegos defaulted, sending their stocks plunging by near record amounts.

Shares in Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co, Goldman Sachs, Wells Fargo & Co and Morgan Stanley dropped between 0.8% and 3.3% in premarket trading.

As Bloomberg reported this morning, much of the leverage used by Hwang’s Archegos Capital Management was provided by banks including Nomura and Credit Suisse Group through swaps or so-called contracts-for-difference, according to people with direct knowledge of the deals. It means Archegos may never actually have owned most of the underlying securities – if any at all.

Many of the stocks that were hammered on Friday were volatile in early trading, they have since stabilized and ViacomCBS, Discovery and a group of Chinese ADRs were trading mostly higher premarket, reversing earlier declines for some of the names. A ViacomCBS block trade that launched on Sunday has priced at $47 per share, according to a person familiar with the matter, after shares were said to be offered at $46-$47. ViacomCBS Class B shares are up 1.5% to $48.94 premarket, while the less-heavily traded Class A shares are up 6.7%; Class B slumped 27% on Friday. Shares in Discovery Inc rose about 5% after tumbling 27% on Friday, while U.S.-listed shares of Tencent Music rose 4% after nearly halving in value last week. ViacomCBS, Baidu and VIPShop fell between 0.2% and 1.5%.

“This incident reminded markets of the dark side of leverage, likely leading some players to cut their risk exposure near record highs to avoid any serious losses if the selling snowballs,” said Marios Hadjikyriacos, investment analyst at online broker XM in Cyprus.

Wall Street’s main indexes surged over 1% in a late-session rally on Friday as investors looking to rebalance their portfolios at the end of the quarter, piled into economy-linked banks, energy, materials as well as technology names. The Dow and the S&P 500 are less than 1% from their record highs, while the tech-heavy Nasdaq is still about 7.1% from its February all-time high. Investors have been focusing on the strength of the recovery, aided by vaccines, and inflation risks.

The value-intensive Europe appears to have put the Archegos fiasco in the rearvier mirror shockwave as the Stoxx 600 rose for a second day as gains for defensive sectors including food and beverages outweighed losses for cyclical sectors such as banks and travel.

“I don’t necessarily see that we’re going to have a big correction even with these block trades going on in the market,” Carol Pepper, Pepper International chief executive officer and founder, said on Bloomberg TV. “There is not a lot of bad news lurking that’s going to truly cause a major correction at least the next two to three months, therefore your dips are going to be modest.”

Earlier in the session, Asian stocks were also in the green after a mixed day, as tech shares gained while communication services and consumer discretionary stocks declined. Japanese brokerage Nomura Holdings was among the worst performers in Asia, plunging the most on record after warning of significant potential losses from an unnamed U.S. client. The losses are related to Friday’s unwinding of trades by Bill Hwang’s Archegos Capital Management, according to people familiar with the matter. The Topix index climbed 0.5% despite the drag from Nomura. Meanwhile, China’s CSI 300 Index ended the day up 0.2% as analysts called a market bottom. The country’s tech sector saw limited losses despite the selloff on Friday in the U.S., with the Hang Seng Tech index falling 1.8%, as analysts and fund managers saw the rout as a buying opportunity. Baidu shares fell 5% in Hong Kong, while Bilibili dropped on its debut there. Meituan was another laggard on the Asian gauge as the Chinese food-delivery giant slid 7.2%, after warning that it will remain in the red for several more quarters despite record revenues. Markets in India were closed for a holiday.

In rates, Treasuries were off best levels of the day, richer by more than 3bps across long-end of the curve. Treasury 10-year yields are richer by ~2.5bp at around 1.65%, outperforming bunds and gilts by 2bp and 3bp; curve spreads are mostly flatter, 2s10s by ~2bps. No Treasury coupon supply this week, and quarter-end rebalancing is expected to buying of Treasuries

In FX, the Bloomberg Dollar Spot Index advanced as the dollar climbed against most of its Group-of-10 peers, while risk-sensitive currencies fell, led by Scandinavian currencies; the euro fell, trading near its lowest level since November against the greenback.  The pound led G-10 gains with traders focused on key levels in EUR/GBP against the backdrop of U.K.’s vaccination program far outpacing the European Union’s. Britons are being urged to follow the rules or risk a resurgence of the coronavirus as England takes a much-anticipated step toward exiting restrictions that have pummeled the economy and curtailed civil liberties. Commodity currencies were weighed down by a decline in oil prices after the giant container ship blocking the Suez Canal was partially re-floated. The yen was steady and the premium to hedge USD/JPY downside increased as spot is weighed down by deteriorating risk sentiment after Nomura Holdings warned of a “significant” potential loss arising from transactions with an unnamed U.S. client. The Chinese yuan fell to its weakest level since early December as investors sold emerging-market assets with weaker equity futures.

In commodities, West Texas Intermediate crude slid as much as 2.6% after the Ever Given was refloated in a first step to reopening the Suez Canal to traffic.

Looking at today’s calendar, we get UK February mortgage approvals, M4 money supply, consumer credit, while in the US we justhave the latest Dallas Fed manufacturing activity. Fed’s Waller speaks later. Later this week, U.S. President Joe Biden plans to unveil a further stimulus program with a tilt toward infrastructure. U.S.-China ties are also in focus, after a report that Washington isn’t ready to lift tariffs on Chinese imports in the near future, but may be open to trade talks.

Market Snapshot

  • S&P 500 futures down 0.4% to 3,949
  • STOXX Europe 600 little changed at 427.18
  • MXAP up 0.2% to 205.17
  • MXAPJ little changed at 676.86
  • Nikkei up 0.7% to 29,384.52
  • Topix up 0.5% to 1,993.34
  • Hang Seng Index little changed at 28,338.30
  • Shanghai Composite up 0.5% to 3,435.30
  • Sensex up 1.2% to 49,008.50
  • Australia S&P/ASX 200 down 0.4% to 6,799.49
  • Kospi down 0.2% to 3,036.04
  • Brent futures down 0.4% to $64.29/bbl
  • Gold spot down 0.4% to $1,725.82
  • German 10Y yield up 1 bps to 0.34%
  • Euro down 0.1% to $1.1776
  • U.S. Dollar Index little changed at 92.83

Top Overnight News from Bloomberg

  • Biden will unveil the framework for a major infrastructure-and- jobs program on Wednesday in Pittsburgh, and later in the week offer the first glimpse of his 2022 budget — which promises to redirect federal funds to areas such as climate change and health care
  • Turkish central bank Governor Sahap Kavcioglu said markets shouldn’t take for granted that he’ll cut interest rates as soon as April, when he sets monetary policy for the first time since his surprise appointment
  • Chancellor Angela Merkel threatened to assert federal authority over pandemic measures to help stem the latest surge in Europe’s biggest economy

A quick look at global markets courtesy of Newsquawk

Asia-Pac equity markets eventually traded mostly higher as the region picked up the baton from last week’s late surge on Wall St although upside was capped and sentiment was somewhat choppy with participants tentative heading into quarter-end, as well as Friday’s NFP jobs data and Easter holiday closures. ASX 200 (-0.4%) failed to hold on to opening gains with the index pressured by underperformance in tech and a subdued financial sector, while a 3-day lockdown in the Queensland state capital of Brisbane and China’s final ruling for tariffs of between 116.2%-218.4% on imported wines from Australia clouded risk sentiment. Nikkei 225 (+0.7%) initially outperformed due to the recent JPY weakness and after the upper house of parliament approved a record budget of JPY 106.6tln for fiscal 2021 but with some weak spots including Nomura Holdings after it flagged a USD 2bln charge from losses in its US operations which was said to be linked to the Archegos margin call sell down. Note, gains for the Nikkei were trimmed ahead of the European entrance. Elsewhere, Hang Seng (+0.1%) and Shanghai Comp. (+0.5%) gradually composed themselves after the early choppy price action with sentiment eventually helped by stronger earnings from China’s megabanks including ICBC, CCB and Bocom, while Sinopec is higher despite posting lower profits and reports of the Co. is to acquire stakes in five assets from its parent valued at a total of nearly CNY 7bln. In addition, there was a large surge in Industrial Profits which grew by 178.9% Y/Y for January-February, although like the recent strong trade and activity data for China, it was most likely due to distortions from base effects and there was also some IPO-related disappointment in which Bilibili shares fell as much as 6% in its Hong Kong debut. Finally, 10yr JGBs were lower with prices subdued amid the outperformance in Japanese stocks, recent softness in USTs and with the lack of BoJ purchases in the market today, while the Summary of Opinions from the March meeting didn’t provide any meaningful fresh insights regarding the BoJ’s clarification that long-term yields can move +/-25bps from the 0% target.

Top Asian News

  • Evergrande Sells Online Unit Stake for $2 Billion Before IPO
  • Bilibili Drops in Hong Kong Debut as Tech Shares Lose Shine
  • Turkey Says April Rate Cut Shouldn’t Be Taken for Granted
  • Worst Yuan Selloff in Year Drives Traders Back to Daily Fix

European equities (Eurostoxx 50 +0.4%) have seen a relatively choppy start to the week ahead of quarter-end on Wednesday. From a macro perspective, concerns continue to mount about the impact of a third COVID-19 wave in some Eurozone countries with German Chancellor Merkel not convinced that measures taken thus far will be sufficient in slowing the spread of the virus. Stateside, White House Press Secretary Psaki stated that President Biden plans to split his Build Back Better package into two separate proposals in which the first part involving infrastructure will be unveiled on Wednesday and more details for the second part will be provided later in April. Note, stimulus hopes have not been sufficient enough to provide reprieve for US equity futures with the e-mini S&P down 0.4% and the e-mini Russell 2000 lagging, lower by 0.8%. Back to Europe, sectors are mixed with Food & Beverage, Media and Personal Goods faring better than peers. To the downside, Financials are a notable laggard amid losses in Credit Suisse (-13.8%) after the Co. warned there ‘could be highly significant and material (impact) to Q1 results’ due to a significant US-based hedge fund defaulting on margin calls last week; reports suggest the losses could be in the range of USD 3-4bln. Deutsche Bank (-4.5%) have also taken a hit this morning with reports suggesting the Co. also had exposure to the troubled fund, Archegos, however, sources have noted that Deutsche’s exposure is a fraction of what others hold. Elsewhere, softness can also be seen in other cyclically-exposed names (albeit, to a lesser extent) with Travel & Leisure and Basic Resources posting losses; downside for the latter has acted as a drag on the FTSE 100 (-0.1%). Oil & Gas names sit in mildly negative territory alongside losses in the crude complex after the refloating of the stuck tanker in the Suez Canal.

Top European News

  • Merkel Warns Lenient Regions She May Take Control of Covid Fight
  • BlueBay’s Pound U-Turn Signals U.K. Post-Brexit Pain Starts Now
  • Deliveroo Shaves $1.3 Billion Off Valuation as Investors Revolt
  • Cazoo Agrees $7 Billion SPAC Deal With Dan Och in Blow to London

In FX, the Dollar remains mixed against major counterparts in contrast to gains vs most EM currencies, but gradually rising following relatively rangebound trade as the index nudges a fraction above last week’s 92.917 peak within a tight 92.919-729 band. However, residual positioning for March 31 that coincides with the end of the quarter and 2020/21 financial year could spark more price action and volatility as Monday’s session unfolds, especially in absence of any key data or events, aside from the weekly ECB QE updates and Dallas Fed manufacturing business index. Looking at portfolio rebalancing models, signals are said to be strongest and most bullish for the Buck against the Yen, but Usd/Jpy continues to encounter decent offers into 110.00 and is currently hovering above 109.60 after Japan’s upper house of parliament voted in favour of a record Jpy 106.6 tn budget for the next fiscal year and the latest BoJ Summary of Opinions effectively reiterated policy support due to the adverse impact of COVID-19.

  • CAD/NZD/AUD – Ongoing weakness in oil prices is weighing on the Loonie as Usd/Cad straddles 1.2600 awaiting minor Canadian data tomorrow before monthly GDP and ppi on Wednesday, while the Kiwi is still suffering from NZ Government measures designed to cap house prices in advance of building consents, ironically, with Nzd/Usd sub-0.7000 and Aud/Nzd nudging nearer 109.50 even though the Aussie is softer vs its US rival under 0.7750 in wake of Brisbane beginning a 3-day lockdown.
  • GBP/EUR – The Pound is outperforming as the UK starts stage 2 of PM Johnson’s exit from lockdown, but also as fears over a shortage of vaccines ease with the prospect of Moderna supplies arriving shortly. Cable is holding on to the 1.3800 handle, albeit just and with a large helping hand from the Euro via cross flows that have pushed Eur/Gbp down to a new y-t-d base around 0.8510, while Eur/Usd languishes below 1.1800 between 1.1795-63 parameters amidst downbeat remarks from ECB chief economist Lane and German Chancellor Merkel mulling the use of federal law to tighten pandemic restrictions.
  • CHF – A rise in Swiss sight deposits and domestic banks suggests a return to intervention during SNB quarterly policy review week, but the Franc is a tad firmer vs the Buck and Euro through 0.9400 and 1.1050 respectively ahead of the March KOF indicator on Tuesday.
  • EM – Contrasting performances from the Lira and Yuan, as Usd/Try pares back from 8.1730+ following comments from new CBRT Governor Kavcioglu playing down prospects of a rate reversal at the April 15 meeting or even in the coming months, while Usd/Cnh climbs to circa 6.5700 following a 6.5416 Usd/Cny midpoint fix from the PBoC and more angst between China and the US over trade tariffs and Taiwan. Elsewhere, the Rub, Mxn and Zar are all down with crude, Gold and other commodities irrespective of Russia indicating that it might use some of its wealth fund to buy bullion.

In commodities, WTI and Brent front month futures opened the first session of the week softer, which is in-fitting with Asia’s lead, but have since seen some upside from intra-day lows with Brent now trading flat on the day. Initial pressure came as a result of the Ever-Given container ship being refloated in the Suez Canal. Henceforth, many oil-laden tankers backed up will be free to move, which would see an increase of supply reaching its intended destination and stop the blockage of one of the world’s busiest waterways. Moreover, the anticipated movement of the ship saw an immediate reaction as oil prices moved sharply lower as potential supply fears were curbed. Elsewhere, fundamental drivers remain the same with focus on vaccination progress and lockdown measures. The May WTI contract trades towards the top-end of the USD 60.00/bbl handle (vs low 59.41/bbl) whilst its Brent counterpart trades low USD 64.00/bbl handle (vs low 63.13/bbl). Looking ahead, notable risk events include the JMMC & OPEC+ meetings later in the week, where expectations remain that OPEC+ will maintain lower output levels. Spot gold and silver are both in the red, with more notable losses in the latter alongside USD strength. Spot gold trades around the USD 1,725/oz mark (vs high USD 1,732/oz) and silver sub USD 25/oz (vs high USD 25.08/oz). In base metals, LME copper resides softer in early morning trade after giving back gains seen on Friday. Finally, Chinese steel futures opened the week on a firmer footing, with rebar and hot-rolled coil up more than 3% in the wake of firm domestic industrial & manufacturing activity data.

US Event Calendar

  • 10:30am: March Dallas Fed Manf. Activity, est. 14.5, prior 17.2

Central Banks

  • 11am: Fed’s Waller to Speak at Peterson Institute

DB’s Jim Reid concludes the overnight wrap

As we start the week and the final three days of Q1, investors have been bracing for potential further block trades following a wave of sales on Friday that saw a number of US media companies and Chinese technology firms lose significant ground. Multiple news outlets have cited sources saying that Archegos Capital was behind the trades, with ViacomCBS and Discovery both seeing their largest ever daily declines on Friday, as each fell by more than -27%. The big concern over the weekend was whether more are coming this morning, though overnight in Asia markets seem little impacted by the developments overall, with the Nikkei (+1.13%), Hang Seng (+0.33%), Shanghai Comp (+0.79%) and Kospi (+0.14%) all moving higher. A notable exception to this was Nomura, however, which is the worst performer out of the 225 companies in the Nikkei this morning with a -15.05% decline, after the firm flagged a possible $2 billion loss thanks to transactions with a US client, which Bloomberg reported was tied to the Archegos moves. Nevertheless, US futures are also pointing lower overnight, and those on the S&P 500 are down -0.51% this morning.

The other big developing story overnight is that the Ever Given ship blocking the Suez Canal has been successfully refloated, according to Inchcape Shipping Services, with the ship currently being secured. The news has sent oil prices lower this morning, and WTI (-1.59%) and Brent crude (-1.27%) prices have both fallen in response, even though it isn’t yet apparent how long it’ll take before the container ship can be moved out of the way and the canal cleared for others to pass through. For reference, the ship has been obstructing the route since Tuesday and it’s longer than the Eiffel Tower in length, and a number of container ships have already taken alternative routes and gone round the Cape of Good Hope, even though that adds over a week to the journey time. The big question will now be how long before the Canal is back to normal service, as 12% of global trade goes through this route, and the issue has only added to the existing supply chain disruption thanks to the pandemic.

Looking to the week ahead, the spotlight will remain on the pandemic as investors are becoming increasingly worried at the rising number of cases in multiple regions, which in turn is raising the prospect of further restrictions and limits on economic activity. Europe in particular is facing a potential 3rd wave driven by the new variants, and over the last week we saw the German lockdown extended until April 18 (albeit with a U-turn over the Easter weekend restrictions), more French regions placed under lockdown, and a number of Eastern European countries also moving to toughen up restrictions. The coming days could see further measures announced, with German Chancellor Merkel saying in an interview last night that she could use federal law to take control of the pandemic response from the states. And this isn’t just affecting Europe either, with the Australian city of Brisbane announcing a 3-day lockdown from 5pm local time today due to an outbreak of the UK strain. The newsflow from Europe lately has shown a markedly different situation to the US, which is significantly outpacing the continent in terms of the vaccine rollout, while President Biden last week announced a new goal of 200m vaccine doses in the US within his first 100 days. By the close on Friday the gap between yields on 10yr US Treasuries and German bunds stood at their widest level in more than a year, with a spread of 202bps. More broadly, Covid-19 jitters have been evident elsewhere in financial markets, with oil prices down from their peak at the start of the month in part due to fears of weakening economic demand, whilst the STOXX Travel & Leisure Index in Europe is down by more than 3% since its peak less than 2 weeks ago.

Over in the US, one of the main highlights this week will be on Wednesday, when President Biden is due to deliver a speech unveiling his new infrastructure plan, as part of his “Build Back Better” agenda. We’re obviously yet to get the full details on the exact size and composition of the plan, but multiple outlets have reported that it will be in the $3tn range, with part of the cost offset via tax increases. In terms of what measures to expect, his campaign plans included a lot of emphasis on sustainability and the transition to a greener economy, while the tax measures he outlined included raising the corporate tax rate from 21% to 28%, along with higher income taxes on those earning more than $400,000. After that, the next step will be to turn the proposals into legislation, but as our US economists wrote in the world outlook, such a plan won’t win sufficient support from Republicans, so will need to go through the reconciliation process that allows legislation to pass the Senate with just a simple majority. This is what happened with the $1.9tn American Rescue Plan that Biden signed earlier this month, and they expect it to be passed along party lines in late summer or Q4.

Staying on the US, this Friday will also see the release of the March jobs report, where our economists are expecting a +800k increase in nonfarm payrolls as many states reopen or scale back lockdown measures, and this would be the strongest monthly job growth since August. Furthermore, they’re expecting that the unemployment rate will fall to a post-pandemic low of 6.0%. This would come against the backdrop of some decent labour market data out of the US recently, with the weekly initial jobless claims for the week through March 20 falling to a post-pandemic low of 684k. Nevertheless, even if the +800k growth in nonfarm payrolls were realised, that would still leave the total number of nonfarm payrolls more than 8.6m beneath its pre-Covid-19 pandemic peak, and this shortfall is something that Fed Chair Powell has been emphasising, which just shows the distance there’s still to go before the economic damage from the pandemic is repaired.

Elsewhere, the main data highlight will likely be the release of the manufacturing PMIs from around the world on Thursday. The flash releases we’ve already seen have been incredibly strong, with the numbers for both Germany (66.6) and the Euro Area (62.4) coming in at all-time highs, while the US was also at a decent 59.0. An interesting question will be whether the strength in the price gauges we saw in the flash PMIs will be reflected in other countries too, since that would add further support to the idea that inflationary pressures are building in multiple regions. The other data release of note from Europe will be the March flash inflation prints, with the Euro Area number coming out on Wednesday. Our European economists expect headline HICP to pick up to +1.4% yoy, and core inflation to rise to +1.2%.

To recap last week now, risk assets had reached new highs by Friday as the seemingly relentless rise in global bond yields took a breather following their steep climb. The S&P 500 rose +1.57% on the week, closing at a record high following a +1.66% gain on Friday – which also marked the largest single day move for three weeks. The weekly move was driven by cyclicals as financials, industrials, and energy stocks gained while technology stocks continued to underperform. The NASDAQ fell back -0.58% on the week even with a strong Friday gain (+1.24%), while the highly concentrated megacap NYFANG index lost -4.04% over the course of the week and is now down -0.43% YTD. European stocks somewhat shrugged off worries of further shutdowns as the STOXX 600 gained +0.85% over the five days to reach a post-pandemic high, with the German DAX (+0.88%) outperforming other bourses slightly.

Over in rates, 10yr Treasury yields finished the week -4.9bps lower (+3.9bps Friday) at 1.672% – bringing an end to a run of 7 consecutive weekly moves higher. The move was driven by lower real yields (-10.1bps), which overcame increasing inflation expectations (+5.1bps), which themselves reached new heights. Indeed, 10yr breakevens closed at 2.36% on Friday, their highest level since 2013. The rally in rates was seen across the curve as 30yr yields fell -5.7bps on the week and shorter-dated 5y yields fell back -1.9bps. In Europe, there was a similar move lower over the week, with 10yr bund yields down -5.2bps last week and gilts dropping -8.1bps. The moves in European sovereign debt came as weekly data showed the ECB’s net purchases under their Pandemic Emergency Purchase Programme (PEPP) rose to €21.1bn in the week to March 19, which was the fastest pace since December.

In terms of data from last Friday, the US personal income and spending releases for February showed a pullback after the $600 stimulus check in January and ahead of the anticipated March spike from the current round of checks. Incomes were down -7.1% (-7.2% expected) in February, following a +10.1% rise in January, while spending fell -1.0% (-0.8% expected) after January’s upwardly revised +3.4% increase. The final reading of the University of Michigan’s consumer sentiment index for March rose to a one-year high of 84.9, up from the initial 83.0 reading earlier this month. Under the surface a gauge of expectations rose 9 points to 79.7 – the largest one-month advance since 2009. Meanwhile in Europe, the Ifo business expectations indicator for March from Germany rose to 100.4 (95.0 expected), the highest level in almost three years. Italian consumer confidence for March actually fell back, however, dropping to 100.9 from the prior month’s 101.4 reading. Lastly, UK retail sales excluding fuel for February rose +2.4% mom (+1.7% expected), though down -1.1% yoy.

3A/ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 16.97 PTS OR .50%   //Hang Sang CLOSED UP 1.87 PTS OR 0.01%    /The Nikkei closed UP 207.82 POINTS OR 0.71%//Australia’s all ordinaires CLOSED UP 0.38%

/Chinese yuan (ONSHORE) closed DOWN AT 6.5415 /Oil UP TO 61.38 dollars per barrel for WTI and 5.30 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5415. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5474 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA/TAIWAN//PHILIPPINES

Philippines alarmed as more than 200 Chinese ships are massing in disputed waters

(zerohedge)

Philippines Alarmed By More 200 Chinese Ships Massing In Disputed Waters

 
FRIDAY, MAR 26, 2021 – 10:40 PM

If nothing else, the blockage of the Suez Canal by a massive container ship has served as an unwelcome reminder that chokepoints to global trade like the Straits of Hormuz, the Straits of Malacca and the Straits of Gibraltar represent geopolitical risks that have perhaps haven’t been fully appreciated by investors.

 

Source: Chatham House

Of course, vulnerabilities to global trade extend beyond these narrow chokepoints.

Take, for example, the South China Sea. The United Nations Conference on Trade and Development estimates that roughly 80% of global trade by volume and 70% by value is transported by sea. Of that volume, 60% of maritime trade passes through Asia, with the South China Sea carrying an estimated one-third of global shipping. Under President Trump, the US Navy intensified to check growing Chinese naval power in the area.  And just the other day, a US spy plane flew closer to China’s coast than ever before.

Well, in a concerning sign that tensions might be about to come to a head in the region, Reuters reports that Philippines leader Rodrigo Duterte has complained to Chinese ambassador about Chinese naval forces that have been massing in the area. In recent days, international concern has grown over what the Philippines has described as a “swarming and threatening presence” of more than 200 Chinese vessels that it believes were manned by China’s maritime militia. The boats were moored at the Whitsun Reef within Manila’s 200-mile exclusive economic zone.

Brunei, Malaysia, the Philippines, Taiwan, China and Vietnam have competing territorial claims in the South China Sea. But China has pointedly ignored all these claims, instead viewing the South China Sea as something that belongs exclusively to Beijing. China shocked the world in 2016 when it ignored an international court ruling validating the Philippines’ claims to the sea. Since then, tensions over the conflicting claims have complicated relations between the two Pacific powers.

China’s claims have put pro-Beijing leader Duterte in “an awkward spot,” according to Reuters. China’s embassy in Manila has reportedly said the ships were fishing ships taking shelter in rough seas. But visuals like the video clip above appear to contradict this.

China’s maritime assertiveness has put Duterte in an awkward spot throughout his presidency due to his controversial embrace of Beijing and reluctance to speak out against it.

He has instead accused close ally the United States of creating conflict in the South China Sea.

China’s embassy in Manila did not respond to a request for comment on Duterte’s meeting.

On Wednesday it said the vessels at Whitsun Reef were fishing boats taking refuge from rough seas. A Philippine military spokesman said China’s defence attache had denied there were militia aboard.

Vietnam, which is also a party to the overlapping territorial claims, has also complained about China’s presence. Foreign Ministry spokeswoman Le Thi Thu Hang on Thursday said the Chinese vessels at the reef had infringed on its sovereignty.

“Vietnam requests that China stop this violation and respect Vietnam’s sovereignty,” Hang told a regular briefing.

A Vietnamese coastguard vessel had been moored near the area on Thursday, according to ship tracking data.

The story hasn’t made much of a mark in the American press. But if Chinese ships keep massing in the area, investors might start asking themselves whether cementing Beijing’s control of the disputed waters could be a preamble to something much more concerning – like a move against Taiwan, perhaps?

END
Gordon Chang: Chinese official Lijian:  there is “a strong smell of gunpowder” as the Americans and Chinese met in Anchorage.
(Gordon Chang)

Is China Calling For Civilizational War Against America & The West?

 
FRIDAY, MAR 26, 2021 – 10:20 PM

Authored by Gordon Chang via The Gatestone Institute,

There was a “strong smell of gunpowder” when American and Chinese diplomats met in Anchorage beginning March 18. That’s according to Zhao Lijian of China’s foreign ministry, speaking just hours after the first day of U.S.-China talks concluded.

“Gunpowder” is one of those words Beijing uses when it wants others to know war is on its mind.

The term is, more worryingly, also especially emotion-packed, a word Chinese propagandists use when they want to rile mainland Chinese audiences by reminding them of foreign — British and white — exploitation of China in the Opium War period of the 19th century. China’s Communist Party, therefore, is now trying to whip up nationalist sentiment, rallying the Chinese people, perhaps readying them for war.

More fundamentally, Beijing is, with the gunpowder reference and others, trying to divide the world along racial lines and form a global anti-white coalition.

There was more than just a whiff of gunpowder in Alaska. The foreign ministry’s Zhao blamed the U.S. side for exceeding the agreed time limit for opening remarks from Secretary of State Antony Blinken and National Security Advisor Jake Sullivan. Blinken and Sullivan overran their allotted four minutes by… 44 seconds.

The Party’s Global Times called the two presentations “seriously overtime.” The foreign ministry’s Zhao said the overrun prompted the Chinese side to launch into its two presentations, which lasted 20 minutes and 23 seconds, well over their allotted four minutes.

Yang Jiechi, China’s top diplomat, and his subordinate, Foreign Minister Wang Yi, were mostly reading from prepared texts, suggesting that much of their remarks — in reality a tirade — was planned well in advance.

There were, in addition to the diplomats’ obviously rehearsed expressions of outrage and Zhao’s incendiary comments, a third element to the campaign: a propaganda blast against policies Beijing said were racist. The primary target is America.

“Everything Washington talks about is centered on the U.S., and on white supremacy,” the Global Times, controlled by the Party, stated in an editorial on March 19, referring to the darker skin tones of America’s “few allies” in the region.

Furthermore, the race-based narrative appears in a series of recent Communist Party propaganda pieces indirectly portraying China as the protector of Asians in the U.S. For instance, the Global Times on March 18 ran a piece titled “Elite U.S. Groups Accomplices of Crimes Against Asian Americans.”

Beijing has played the race card in North America for some years. China, for example has tried to divide Canada along racial lines. Lu Shaye, when he was Beijing’s ambassador to Canada, railed against “Western egotism and white supremacy” in an unsuccessful attempt in early 2019 to win the immediate release of Meng Wanzhou, the chief financial officer of Huawei Technologies, detained by Canadian authorities pending extradition proceedings instituted by the Trump Justice Department.

Significantly, Yang Jiechi in Anchorage pointedly mentioned Black Lives Matter protests in his opening remarks on Thursday, continuing China’s race-based attack on America.

China’s regime continues to talk about China’s rise, but now Beijing’s propaganda line is shifting in ominous ways. Ruler Xi Jinping’s new narrative is that China is leading the “East.” In a landmark speech he gave at the end of last year, he stated “the East is rising and the West is declining.”

This theme evokes what Imperial Japan tried to do with its notorious Greater East Asia Co-Prosperity Sphere, beginning in the 1930s, an attempt to unite Asians against whites.

Racial divisions bring us to Samuel Huntington’s The Clash of Civilizations and the Remaking of World Order“In the post-Cold War world, the most important distinctions among peoples are not ideological, political, or economic,” the late Harvard political scientist wrote. “They are cultural.”

Analysts and academics have severely criticized Huntington’s seminal 1996 book, yet whether or not this work is fundamentally flawed, Xi Jinping is in fact trying to remake the world order by leading “the East” in a civilizational struggle with “the West.”

Mao Zedong, Xi’s hero, saw China leading Africa and the peoples of Asia against the West, so Xi’s notion of global division is nothing new, but Mao’s successors for the most part dropped such racially charged talk as they sought to strengthen their communist state with Western cash and technology.

Deng Xiaoping, Mao’s mostly pragmatic successor, counseled China to “hide capabilities, bide time.” Xi, however, believes China’s time has come in part because, he feels, America is in terminal decline.

Xi’s conception of the world is abhorrent and wrong, but Americans do not have the luxury of ignoring him. They and others must recognize that in Xi’s mind, race defines civilization and civilization is the world’s new dividing line.

Xi is serious. In January, he told his fast-expanding military it must be ready to fight “at any second.” That month, the Party’s Central Military Commission took from the civilian State Council the power to mobilize all of society for war.

Militant states rarely prepare for conflict and then back down. For China’s Communist Party, there is a smell of gunpowder around the world, as Xi is triggering a clash of civilizations — and races.

end

CHINA/TAIWAN/USA

US Believes China “Flirting” With Taiwan Takeover: It’s “Closer Than Most Think”

 
SUNDAY, MAR 28, 2021 – 06:00 PM

A weekend report in Financial Times suggests the world is closer than ever to witnessing a major conflict flare up over Taiwan. Multiple alarming quotes from top American defense officials included in the report reveal that Washington fears China is now in the process of planning a takeover of the US-backed democratic island.

Ironically the report was published shortly on the heels of the Chinese Air Force’s largest ever incursion into Taiwan’s air space Friday, which saw a whopping 20 aircraft, including four long-range bombers, breach the country’s southwest defense zone. FT concludes based on the US officials interviewed for the report that the Biden administration now sees Beijing as actively “flirting with the idea of seizing control of Taiwan as President Xi Jinping becomes more willing to take risks to boost his legacy.”

Getty Images

Such a scenario would force Washington’s hand — it would have to decide to either go to war on behalf of its tiny ally halfway across the world against the massive and formidable People’s Liberation Army (PLA) — or sit back and watch from the sidelines somewhat helplessly.

“China appears to be moving from a period of being content with the status quo over Taiwan to a period in which they are more impatient and more prepared to test the limits and flirt with the idea of unification,” one senior US official was cited in the report as saying.

The pessimistic assessment was reportedly based on the Biden admin monitoring Chinese military movements and behavior over the prior two months.

The official stated that Xi sees this as a crucial part of his legacy moving forward. The Chinese president “sees capstone progress on Taiwan as important to his legitimacy and legacy,” the official was quoted further as saying. “It seems that he is prepared to take more risks,” the official said.

This appears to also be the assessment of Admiral John Aquilino, who’s been tapped to head US forces in the Pacific. He testified before the Senate Armed Services Committee this past week week that the threat to Taiwan “is much closer to us than most think,” according to CNN

He told the briefing of Beijing’s hostile intentions for asserting control over Taiwan that it’s now “their No. 1 priority.”

Interestingly, Aquilino actually suggested that the recent prediction of a “within 6 years” takeover timeframe earlier this month stated by outgoing Indo-Pacom commander Adm Philip Davidson was too conservative. “My opinion is that this problem is much closer to us than most think and we have to take this on,” Aquilino said.

And then there’s the assessment of top White House Asia official Kurt Campbell, who concludes, “…nowhere have we seen more persistent and determined activities than the military, diplomatic and other activities directed at Taiwan.” However, it should be noted that FT emphasized that Taiwan’s government and military leadership itself doesn’t share this assessment of any ‘imminent’ invasion threat in the works — or if so they’re at least not willing to state it openly.

The following is a must read.  First Robert H’s email to me and then terrific commentary from famed author

William Engdahl

(William Enghadl/RobertH)

Will a China Real Estate Collapse Trigger the Global Meltdown? |

 
 
 
 
 
 
Take time to browse this as it is a harbinger of severe credit issues on the horizon, likely erupting in China and spreading out from there.

 

I have written in the past that roughly $24 trillion in new debt has been incurred due to lockdowns and the  like over the virus. And that is debt that is acknowledged, what the real number is is likely higher.

Yes, I know debt is simply an accounting put out to the future but do consider China has a more leveraged real estate market than anyone else funded by debt. Wisely, China is trying to change course by changing over from a mercantile export economy to one of consumption like America. One slight problem exists. Chinese home owners are dangerously in debt on highly inflated real estate and want more to play the game of rising real estate to create wealth. While China needs them to spend money on domestic buying to offset declining demand for the goods it exports as global consumption of Chinese originated  goods is in decline.

It is also interesting that in recent months many Chinese diaspora have booked one way flights on short notice back to China. As one wonders if their spending ability is not ordered to be domestic as opposed to international. What makes this even more intriguing is those who departed have been away for measured time with no return dates. Look to see China do deals where they can fund infrastructure in foreign lands to use as balance enhancement to offset their own problems of a lack of internal consumption And thus in time gain leverage over other  economies when those countries run into problems. It is classic of their efforts in Africa.

If history teaches anything it is that when time are good you are less caring about quality and want quantity while when things get difficult, quality ranks higher. Better to have one Rolex than many cheap watches for all occasions.

While we can watch the blockage in the Suez Canal at a detached distance, we should keep in mind that it accounts for 10% of ship traffic and commerce movement. Imperiled inventory will be the credit waves that flow out from this that bear watching. Especially when it comes to China exports delayed by the Ship blockage. Because in reality what has happened is a brake on the velocity of credit and actual movement of goods causing not just price increases but strain on liquidity. Delayed inventory is inventory that costs and cannot be invoiced creating a receivable. And each day inventory sits in transit is a direct charge to someone’s credit line.

This has the makings of a credit crunch that will snap through the system sapping liquidity from balance sheets. And thus putting a monkey wrench in the Chinese economic shift as they will now have to support a credit problem with banks already overstretched and having loans that are suspect in many cases. And loans against real estate assets that are more than speculative in value.

If capital flows reverse out of China in days ahead they might be the center of a credit seize up that can become global.’

 

Will a China Real Estate Collapse Trigger the Global Meltdown? |

by William Engdahl

https://journal-neo.org/2021/03/26/will-a-china-real-estate-collapse-trigger-the-global-meltdown/

END
It is taking a while but now most of the world knows that the COVID 19 virus came from the Wuhan lab and the WHO report is a whitewash
 
(Watson/Summit//news)

“CCP’s Useful Idiots”: U.S. Rep Slams WHO COVID-Origin Whitewash Report

 
MONDAY, MAR 29, 2021 – 10:05 AM

Authored by Steve Watson via Summit News,

Republican Representative Lee Zeldin has blasted the World Health Organisation as China’s “useful idiots” after a draft version of its investigation into the origins of the coronavirus outbreak was revealed to have dismissed the lab leak theory as ‘extremely unlikely’.

Zeldin slammed China for “covering up to the world the pandemic’s origins” and called for a real independent investigation:

The WHO report repeats the often touted CCP explanation that the virus was likely transmitted to humans by animals, and did not come from a lab.

WHO officials have stated that the report will be officially released in the coming days:

 

The notion that the virus came from a ‘wet market’ in Wuhan discounts the fact that cases were reported before localised outbreaks close to the market.

Last week, Dr. Robert Redfield, the former director of the U.S. Centers for Disease Control and Prevention under President Trump declared that he believes the virus originated in a lab in Wuhan, China.

It’s a theory that is supported by top US National Security officials in the US and Britain, as well as scores of virologists and other scientists.

A prominent German scientist with the University of Hamburg released findings in February of a year long study that concludes the most likely cause of the coronavirus pandemic was a leak from the Wuhan Institute of Virology.

As we highlighted last month, after spending months trying to negotiate the visit, WHO officials largely absolved China of blame for the COVID-19 pandemic after visiting a virus lab in Wuhan for just 3 hours.

end
 
Now 60 minutes states that COVID may have been leaked from Wuhan lab
(zerohedge)

“60 Minutes” Reports COVID May Have Leaked From Wuhan Lab, Slams “Curated” WHO Report

 
MONDAY, MAR 29, 2021 – 12:20 PM

Roughly one year ago, Zero Hedge was “permanently” banned from Twitter for daring to suggest that the novel coronavirus outbreak rocking the globe might have originated with a lab called the Wuhan Institute of Virology, a Level 4 Biosafety facility where scientists were – as fate would have it – researching coronaviruses, including viruses gleaned from bats.

When Chinese authorities identified a massive “wet market” in the city as ground zero for infections, suggesting the virus originated with some of market’s wares, which including live civets and bats, considered delicacies by many Chinese, it was a scientist who first pointed out the lab’s proximity to the market, and noted the likelihood that the virus had probably leaked from the lab via an unsuspecting scientists.

What followed was a barrage of US media stories claiming the lab leak hypothesis was “unsubstantiated” and a “conspiracy theory”. NPR went so far as to publish a piece quoted a handful of scientists (almost all of whom had deep financial and professional ties to China) talking up China’s lab-security protocols and dismissing the theory as completely baseless. Yet, reporting since then has confirmed official complaints about safety at the lab.

Yet, here we are, one year later, and after at least two attempts to send teams of WHO scientists to investigate the origins of the virus, no foreigners were ever allowed to freely investigate.

Despite this, the team compiled a report on the origins of the coronavirus – a report that essentially confirms the “official narrative” that was reported early last year: that the virus likely originated in bats with an unknown “intermediary” (some have suggested a civet) likely transferring it to humans. The report, which was reviewed and, according to reports, heavily censored by Chinese authorities, insists that a lab leak was “extremely unlikely,” according to an advanced copy leaked to the AP.

Well, after taking Beijing’s word for it (with a few notable exceptions) for the last year, the American press is finally showing some skepticism about the virus’s origins. Case in point: on Sunday night, CBS’s “60 Minutes” ran a feature story questioning the offiicial narrative about the virus’s origins, citing the latest delay of the WHO report (which, again, was leaked last night), as suspicious.

Lesley Stahl interviewed Jamie Metzl, who complained Friday that the report was “compromised”, and Wuhan Lab-affiliate Peter Daszak, as she poked holes in the official narrative more efficiently than any mainstream reporter we have seen.

Metzl started by claiming that the WHO “investigation” was completely useless, comparing it to a “study tour” where scientists only saw “what the CCP wanted them to see.”

Jamie Metzl: I wouldn’t really call what’s happened now an investigation. It’s essentially a highly-chaperoned, highly-curated study tour.

Lesley Stahl: Study tour?

Jamie Metzl: Study tour. Everybody around the world is imagining this is some kind of full investigation. It’s not. This group of experts only saw what the Chinese government wanted them to see.

As 60 Minutes points out, Metzl, a former NSC official in the Clinton administration and member of a WHO advisory committee on genetic engineering, is one of more than two dozen scientists and officials (including virologists) who signed an open letter earlier this month calling for a new investigation to return to China. Obviously, at this point, Beijing has had more than a year to effectuate a cover-up.

During their converstaion, Metzl explained just how much control Beijing has had over what the investigators saw and weren’t allowed to see.

Jamie Metzl: We would have to ask the question, “Well, why in Wuhan?” To quote Humphrey Bogart, “Of all the gin joints in all the towns in all the world, why Wuhan?” What Wuhan does have is China’s level four virology institute, with probably the world’s largest collection of bat viruses, including bat coronaviruses.

Lesley Stahl: I had seen that the World Health Organization team only spent 3 hours at the lab.

Jamie Metzl: While they were there they didn’t demand access to the records and samples and key personnel.

That’s because of the ground rules China set with the WHO, which has never had the authority to make demands or enforce international protocols.

Jamie Metzl: It was agreed first that China would have veto power over – over who even got to be on the mission. Secondly –

Lesley Stahl: And WHO agreed to that.

Jamie Metzl: WHO agreed to that. On top of that, the WHO agreed that in most instances China would do the primary investigation.

And then just share its findings –

Lesley Stahl: No.

Jamie Metzl: – with these international experts. So these international experts weren’t allowed to do their own primary investigation.

Lesley Stahl: Wait. You’re saying that China did the investigation and showed the results to the committee and that was it?

Jamie Metzl: Pretty much that –

Lesley Stahl: Whoa.

Metzl followed this up with a powerful comparison: Imagine if the US had let the Soviets run an international investigation into Chernobyl? Metzl added: despite evidence of past deadly lab leaks in China, Metzl said no one on the team was trained to identify signs of a lab leak.

Also, while the team went on a four-week mission, two of those weeks were spent holed up at this hotel in quarantine. Once out, they had some tense exchanges with their counterparts, a team of Chinese experts, over their refusal to provide raw data. If the virus originated in animals, the key unanswered question is: how did the virus travel the thousand miles from the bat caves in southern China to Wuhan?

Unsurprisingly, the WHO team thinks it has an alternative explanation for this that doesn’t involve a lab leak. Infected animals were simply captured at farms near the bat caves, and shipped the stock to the Huanan market in Wuhan.

To argue the other side, 60 Minutes brought in Peter Daszak, a member of the WHO team. Daszak has close ties to Chinese labs, and has frequently appeared in the American press to argue against the leak narrative. But after several minutes of equivocating, Stahl forced Daszak to admit the incontrovertible truth: that the WHO has no real evidence to disprove the lab leak. Essentially, the team is just taking China’s word for it, according to Daszak. What choice did they have?

What’s more, Daszak said Chinese government “minders” were in the room with the investigators at all times.

Peter Daszak: We met with them. We said, “Do you audit the lab?” And they said, “Annually.” “Did it you audit it after the outbreak?” “Yes.” “Was anything found?” “No.” “Do you test your staff?” “Yes.” No one was–

Lesley Stahl: But you’re just taking their word for it.

Peter Daszak: Well, what else can we do? There’s a limit to what you can do and we went right up to that limit. We asked them tough questions. They weren’t vetted in advance. And the answers they gave, we found to be believable– correct and convincing.

Lesley Stahl: But weren’t the Chinese engaged in a cover-up? They destroyed evidence, they punished scientists who were trying to give evidence on this very question of the origin.

Peter Daszak: Well, that wasn’t our task to find out if China had covered up the origin issue.

Lesley Stahl: No, I know. I’m just saying doesn’t that make you wonder?

Peter Daszak: We didn’t see any evidence of any false reporting or cover-up in the work that we did in China.

Lesley Stahl: Were there Chinese government minders in the room every time you were asking questions?

Peter Daszak: There were Ministry of Foreign Affairs staff in the room throughout our stay. Absolutely. They were there to make sure everything went smoothly from the China side.

Lesley Stahl: Or to make sure they weren’t telling you the whole truth and nothing but the truth–

Peter Daszak: You sit in a room with people who are scientists and you know what a scientific statement is and you know what a political statement is. We had no problem distinguishing between the two.

To be sure, Metzl acknowledged that the WHO theory is “plausible,” and that his own theory has some holes (“it’s incomplete” he says, adding that he would need more data from Beijing, which the CCP has been reluctant to turn over). But most importantly, Daszak has a conflict of interest, Metzl said, because of his long-time collaboration with the Wuhan lab.

“60 Minutes” also interviewed Matt Pottinger, the former Trump Administration national security official and head of Asia policy who has been one of the most vocal skeptics of the official narrative. Beijing didn’t share the genetic sequences of the virus from the WIV. Pottinger also said Beijing had ordered scientists to destroy all viral samples.

Now, none of that is in itself evidence that the virus leaked from the lab. But it’s a clear sign that a major cover-up has taken place. And the US media’s unwillingness (until now) to reckon with that has been difficult to explain.

4/EUROPEAN AFFAIRS

EU//

Lockdowns post mortem….

(courtesy Dr Daniel Lacalle)

The Eurozone Weakness: Much More Than COVID

 
MONDAY, MAR 29, 2021 – 06:30 AM

Authored by Daniel Lacalle,

If we looked at most investment bank outlook reports for 2021, one of the main consensus themes was a strong conviction on a rapid and robust eurozone recovery. They were wrong.

This week, Capital Economics joined other analysts and downgraded the eurozone growth, highlighting “We now think that the euro-zone economy will recover more slowly than we previously anticipated, growing by about 3% this year and 4.5% in 2022. Meanwhile, euro-zone government bond yields seem unlikely to fall much further, and with Treasury yields set to increase significantly, we expect the widening yield gap to cause the euro to weaken against the US dollar”.

This wave of downgrades, which includes the OECD and European Central Bank estimates, comes with the same-old and tired upgrade of next year’s expectations, which will likely be downgraded again further down the line.

Most politicians blame the eurozone weakness on the pandemic and the slow vaccine roll out. It is partially true. None of those two factors are detached from one of the main traits that makes the eurozone consistently disappoint in growth and crisis periods: massive bureaucracy.

The slow vaccine roll-out of the eurozone is evident in Bloomberg Economics’ Covid-19 resilience ranking and Our World In Data vaccines administered per 100 people falling significantly below Israel, Chile, the United States or the United Kingdom, despite the eurozone economies having the highest levels of public healthcare spending in the world. The reason why the eurozone lags in vaccinations comes from a bureaucratic and slow process in the approval and purchase of vaccines.

The European Union delayed unnecessarily the approval of vaccines that had already been tested and confirmed by US and UK health authorities, but also implemented a rigid, complicated, and tedious process in reaching commercial agreements with the vaccine supplying companies. Unfortunately, instead of recognising the mistakes made, politicians decided to start a blame war accusing Astra Zeneca and other companies of not fulfilling contracts, something that has been disproven numerous times but is further delaying the vaccination efforts.

The Financial Times highlighted that “the EU’s faltering vaccination campaign has been hamstrung by botched central procurement process, supply shortfalls, logistical hurdles and excessive risk aversion from some national medical regulators”. The European political elite was so proud of its healthcare system and centralized procurement process that failed to understand the importance of time and efficiency in this pandemic. While the UK has now administered 48.5 vaccine doses per 100 people and the US 40.8, the EU has only managed 14.9 according to Our World In Data.

The eurozone’s economic problem do not come from just a slow vaccination, but overly aggressive lockdownsBetween October and November, Europe’s leading economies decided to shut down the economy aggressively to prevent an increase in cases. Despite France’s extremely severe lockdown, one of the most aggressive in the world, daily new confirmed cases per 100 people went from 250 cases at the beginning of October to 522 as of March 26th. Daily new cases rose rapidly and fell in the month of November but have risen steadily since January. In Italy, new cases went from 70 in October to 369 by March 26th. In Germany, from 117 to 179 in the same period. In all of them, daily new cases have steadily risen since bottoming in January even with severe lockdowns.  Shutting down the economy for prolonged periods of time generates long-term side effects in jobs and growth that will likely hurt the recovery and create important social challenges. We cannot forget that the eurozone still had an unemployment rate of 8.3% and more than seven million furloughed jobs at the end of February.

Massive stimulus plans have been implemented, with the European Central Bank increasing its balance sheet to 63% of the eurozone GDP vs the Fed at 36%, and money supply growing at a 12% annualized rate in the euro area. Fiscal stimulus is also enormous, with fiscal impulse and liquidity measures ranging between 10% (Spain) to 50% of GDP (Germany) in the main economies.

It is important to note that it is not just how much is spent, but where and when. A significant part of the fiscal stimulus in Spain, France, Italy, and Germany has been targeted at maintaining current government spending, and the measures to support businesses have only been decisive in Germany and France. However, large, and decisive measures to support businesses may fail as prolonged lockdowns lead to an insolvency crisis and inevitably a relevant part of those support mechanisms will zombify the economy, especially as this was an important risk that already existed in the eurozone before Covid-19, according to the Bank of International Settlements.

We cannot forget that the eurozone recovery might be to go back to a weak situation, which was evident before Covid-19. Germany was on the verge of recession at the end of 2019 and France and Italy were delivering zero growth in the last quarter. The eurozone slowdown was, in fact, a widespread concern for 2020 despite all the liquidity and fiscal measures implemented, negative rates, massive repurchases of sovereign bonds by the ECB and a now forgotten Juncker Plan that was launched as the most important investment program in the European Union a few years before the pandemic and whose results were disappointing to say the least.

The Eurozone has enormous potential and could become a global leader in the exit from the crisis and attraction of investment. To achieve it, it needs to take urgent measures to reduce bureaucracy, unlock job and business creation potential and reduce damaging taxation. The time to do it is now.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE/USA

This was brought to your attention by Robert H with an email to me.

Very dangerous//Biden is nuts. Crimea has always been Russian from the 18th Century.

(zerohedge)

US Makes Large Military Hardware Delivery To Ukraine’s Army After Biden Pledged “Crimea is Ukraine”

 
SATURDAY, MAR 27, 2021 – 09:55 AM

Russian state sources are alleging that Washington under the Biden administration is ramping up military aid to Ukraine after local media observed a US cargo ship delivering 350 tonnes of military equipment – including tactical vehicles – to Ukraine’s Odessa port.

Local media reported the delivery which began late Wednesday and which is said to still be in process Friday. Ukraine’s Dumskaya news agencysaid the American vessel carried at least 35 US military humvees for Ukrainian national forces

 

File image, via Defence Blog

“Dry-cargo ship Ocean Glory under the American flag entered the port of Odessa last night,” the report indicated.

“The bulk carrier Ocean Glory specializes in military transportation. Built in 2015, length 171 meters, width 25 meters, deadweight about 20 thousand tons,” it added according to a translation.

The delivery follows last year’s US DoD announcement of an additional $125 million military assistance package for Ukraine (unveiled in March) which involves equipment, training, and military advisory support, with an additional $150 million waiting for Congressional and Pentagon approval. 

 

Dumskaya news agency said the “Ocean Glory” vessel made the military hardware delivery.

Recall that a little over a month after Biden taking office, the White House issued an official communique commemorating “Russia’s illegal invasions of Ukraine” – as the statement put it.

“The United States continues to stand with Ukraine and its allies and partners today, as it has from the beginning of this conflict. On this somber anniversary, we reaffirm a simple truth: Crimea is Ukraine,” the Biden administration said on Feb.26.

“The United States does not and will never recognize Russia’s purported annexation of the peninsula, and we will stand with Ukraine against Russia’s aggressive acts.”

Needless to say the Kremlin has been monitoring US equipment deliveries through Odessa port very closely as concerns grow over Biden’s Russia and China-centric foreign policy, which has seen additional pressure ramping up fast on both countries, including fresh sanctions against Kremlin officials of late and vows of impending cyber-attacks in retaliation for alleged US election ‘interference’.

end

TURKEY

Is Turkey the new islamic superpower?

(Courtesy Meiotti/Gatestone)

Erdoganistan: The New Islamic Superpower?

 
MONDAY, MAR 29, 2021 – 02:00 AM

Authored by Giulio Meotti via The Gatestone Institute,

“It was a very special day, July 24 [2020],” said France’s leading expert on Islam, Gilles Kepel.

“It was pilgrimage time to Mecca and, due to the pandemic, no one was there! It was the anniversary of the Treaty of Lausanne, the origin of modern Turkey within its current borders. Erdogan was about to twist the arm of the secular Ataturk, who had turned the old Hagia Sophia basilica into a museum that he had donated ‘to humanity’. Erdogan… turned it back into a mosque”.

This was the moment, remarked Kepel – who just published a new book, “Le Prophète et la Pandémie” [“The Prophet and the Pandemic“] — that Turkish President Recep Tayyip Erdogan became the new leader of the umma, or global Islamic community. “Erdogan is trying to appear as the champion of Islam, just like Ayatollah Khomenei in 1989”.

Both Khomeini and Erdogan seem to have been committed to erasing secularism and ties with Western culture from their respective countries; to heading a battle against Saudi Arabia for supremacy of the Islamic world and to re-Islamizing their societies. Veiled women, for instance was rarely seen in Tehran before Khomeini, and Erdogan reintroduced it into Turkish society.

The Iranian mullahs were also able to impose on the international arena the use of the word “Islamophobia”, but now it is Turkey that is leading the ideological persecution of the “Islamophobes”. Under the auspices of Turkish diplomat Volkan Bozkir, President of the 75th Session of the United Nations General Assembly, the UN just celebrated the “International Day against Islamophobia” and Secretary General Antonio Guterres himself strongly denounced an “epidemic of Islamophobia“. Erdogan was promoting his global campaign of victimization by “Islamophobia”, while in fact it is the critics of extremist Islam who are in danger and frequently killed.

This grotesque and shameful conference was organized by the Organisation of Islamic Cooperation (OIC), an entity made up of 56 mainly Muslim countries, plus “Palestine”. In the OIC, states such as Pakistan punish “blasphemy” with death; Saudi Arabia flogs and jails liberal bloggers such as Raif Badawi, and Turkey fills its jails with writers and journalists, to mention just a few of members.

On that July 24, in 2020,, Erdogan challenged Europe and the West by re-appropriating what had been, for a thousand years, the largest church in Eastern Christianity. The lack of response on the part of the West most likely convinced him that the moment was right. No one paid attention or countered the act.

Unlike Iran and Saudi Arabia, Turkey is a democracy. It is in talks with the European Union about its possible membership; it is pampered in Washington; it is the second-largest army in NATO, and stands as Asia’s gateway to Europe.

The Financial Times (FT) has dedicated a series of analyses to Erdogan’s grand plan for hegemony. In Africa, for the past 15 years, for instance, the Turkish president has spearheaded a mega-relaunch of his alliances. Since 2009, Turkey has increased the number of embassies there from 12 to 42. Erdogan has even been a frequent visitor, making trips to more than 20 capitals. The government has set itself the goal over the next few years of doubling Turkey’s trade volume with Africa to $50 billion, about a third of its current trade with the European Union.

Turkey has also chosen the Balkans as a battlefield — “the region,” according to the FT, “is symbolically very important, since much of it was ruled by Istanbul during the Ottoman Empire”. Then, there is Europe:

“Several European countries have voiced concern over activity by Turkey’s intelligence service on their soil and the use of state-trained Turkish imams to spy on the diaspora”.

Erdogan’s goal in Europe seems to be to use the Turkish diaspora as a political instrument of pressure on states (in particular Germany, France, Austria, Belgium and Holland) and as the base for his hegemony.

In the Caucasus, Turkey supported Azerbaijan’s war against Armenia in Nagorno-Karabakh presumably to create a Turkic-Islamic corridor between Azerbaijan, Turkey and other Muslim countries. Erdogan also apparently makes use of mercenaries. The Indian media reported a contingent sent to Kashmir to support Pakistan. Turkey has also previously used “Sadat” mercenaries against the Armenians, as well as in the Libyan and Syrian civil wars.

In the latest issue of the Reveue des deux mondes, the French philosopher Michel Onfray remarked that there is a clash of civilizations and that Erdogan now leads the Islamist side. “It began in 1989 with the fatwa against Salman Rushdie,” he wrote.

“No Western country reacted except with words – as if they thought a verbal spell might work! With the beheading of Professor Samuel Paty it is this Judeo-Christianity that is being attacked — in Armenia, Islam is attacking the oldest Christianity in Europe …. Europe is afraid of Erdogan and his ability to cause damage. This Tamerlane in the making threatens, insults, attacks, [and] supports those who threaten us, insult us and attack us”.

That, Onfray continues, was the meaning of the Turkish aggression against Karabakh:

“Armenia is being attacked by Azeris and Muslim Turks who want its total disappearance. It is the result of a war of civilizations. What is happening in this country, which is the cradle of Christian civilization, is what awaits us here, in the tomb of the Judeo-Christian civilization itself. The battle lost in Armenia is the first of a war waged in the West against the Judeo-Christian civilization”.

Erdogan has not even tried to hide his ideological vision. “The crescent and star embellish the skies of Karabakh now thanks to the efforts of our Azerbaijani brothers and sisters”, the Turkish president proclaimed after the war. “The Azerbaijani flag flies proudly over Nagorno-Karabakh as a symbol of our martyrs’ valor”.

One of Erdogan’s advisors, the retired Turkish general Adnan Tanrıverdi, who founded the mercenary agency “Sadat”, articulated the vision of a unified Islamic superpower. His Justice Defenders Strategic Studies Center called it “Asrica“, the union of Africa and Asia, 61 countries whose capital is Istanbul and under the aegis of this “Erdoganistan”. They include 12 countries of the Middle East, namely Bahrain, United Arab Emirates, Palestine, Iraq, Qatar, Kuwait, Lebanon, Syria, Saudi Arabia, Oman, Jordan and Yemen; eight in Central Asia, Azerbaijan, Kazakhstan, Kyrgyzstan, the Turkish Republic of Northern Cyprus, Uzbekistan, Tajikistan, Turkey and Turkmenistan; four in the Near East, namely Afghanistan, Bangladesh, Iran and Pakistan; three in Southeast Asia, Brunei, Indonesia and Malaysia; six in North Africa, namely Algeria, Chad, Morocco, Libya, Egypt and Tunisia; six in East Africa, including Djibouti, Eritrea, Comoros, Mozambique, Somalia and Sudan; ten in northwestern Africa and South America, ie Western Sahara, Gambia, Guinea, Guinea Bissau, Mali, Mauritania, Senegal, Sierra Leone, Guyana and Suriname; eight in South West Africa, namely Benin, Burkina Faso, Gabon, Cameroon, Niger, Nigeria and Togo; and four in Europe, Albania, Bosnia-Herzegovina, Kosovo and Macedonia.

Turkey evidently wants to be a great neo-Ottoman Emipire and the only one capable of leading the Muslim world. The conversion of Hagia Sophia into a mosque seems to have been intended as a watershed in Islamic history that heralds the establishment of a powerful league of Muslim nations to face the West under the Turkish leadership.

Three seas surround Turkey: the Eastern Mediterranean, the Black Sea and the Aegean Sea. Turkey recently launched a large naval exercise. The Turkish Ministry of Defense announced that 82 warships, 17 naval aviation craft, amphibious forces, air force units and special operations teams engaged in exercises that ended on March 8.

“Blue Homeland” — Mavi Vatan in Turkish — is the geopolitical concept that marks Erdogan’s agenda for the coming years. Conceived by nationalist Admiral Cem Gurdeniz, it is the “diplomacy of drills and warships” that pursues “the return of Turkey to the sea, the union between Anatolia and the eastern Mediterranean”. The goal is clear: to control the sea, to control energy resources and to impose its influence. Erdogan announced that it will no longer be called “Aegean”, but the “sea of ​​islands”.

Ankara is on a collision course with Greece and Cyprus over who has the right to exploit the eastern Mediterranean’s oil and gas deposits. “They will understand that Turkey has the political, economic and military power to tear up immoral maps and imposed documents,” Erdogan said.

Turkey has problems with Cyprus, which, unlike the Turks, belongs to the European Union but not to NATO. Turkey, which invaded the island in 1974, remains the only country to recognize Turkish-occupied Northern Cyprus as a state. The Republic of Cyprus, which is majority-Greek Cypriot, wants to make deals with foreign energy companies, while Turkey, to the island’s north, wants economic rights in the waters that Cyprus considers its own.

While the new sultan extends his influence to Syria, Libya and the Caucasus, he also extends it within the Mediterranean. For pacifist Europe, that sea only exists when it comes to bringing in migrants.

President Erdogan, in an official visit to Paris on January 5, 2018, proceeded to launch this provocative phrase to the leaders of the French Council for Muslim worship: “The Muslims of France are under my protection”. Those were the first lines of an inquiry by the France’s Journal du Dimanche. Several reports sent to the Elysée Palace by the Directorate General for Internal Security (DGSI), which the newspaper was able to consult, reveal the scope, forms and objectives of a “real infiltration strategy” through networks managed by the Turkish embassy and the Turkish spy agency, the MIT. “They act mainly within the Turkish immigrant population, but also through Muslim organizations and also recently in local political life, through the support given to elected officials”.

“These actions have different objectives,” commented the journalist Mohamed Sifaoui.

“First, to improve the image of the Turkish regime in the diaspora and in French society. Then, to defend Erdogan’s image at all costs. And finally, of course, the spread of an Islamist vision of Islam”.

Sifaoui cites as an example the latest charter wanted by French President Emmanuel Macron, the charter of principles present in the law that strengthens “republican principles,” and is currently being examined by Parliament:

“It was not signed by the two Turkish federations, at the request of Ankara, because it is a charter that recalls the fundamental principles important for the Republic and which the Turkish regime clearly opposes… What the Turkish regime is doing is using its diaspora as a Trojan horse.”

The Brookings Institution wrote in 2019:

According to the [French] ministry of interior, 151 imams have been sent by Turkey (which has undertaken a spate of religious outreach to Muslims across Europe over the past decade)…”

Just as Turkey controls 400 mosques out of 2,500 in France. It is Ahmet Ogras, apparently close to Erdogan, who for two years occupied the symbolic position of president of the French Council for Muslim Worship — as Turkish voters in France are generally more pro-Erdogan than in Turkey. During the presidential elections of 2014, Erdogan won 66% of the votes cast by Turkish citizens in France, compared to only 51.79% in Turkey. First- and second-generation Turkish immigrants in France continue to watch Turkish television, which is extremely submissive to Erdogan’s power. In French public schools, 180 teachers, directly appointed by Ankara, are responsible for teaching the Turkish language.

These efforts make up the great project of conquest by Erdogan the Islamizer.

Erdogan recently withdrew Turkey from an international treaty on preventing violence against women. With this decision, it seems that the president is determined to increase impunity around murder of women and “honor killings”, which common in Turkey.

In Erdogan’s Turkey, school textbooks have been rewritten to refer to Jews and Christians as gavur, “infidels,” according to a new study published by the Institute for Monitoring Peace and Cultural Tolerance in School Education (IMPACT-se). Earlier Turkish textbooks referred to the members of the two religions as the “peoples of the Book”. “School books have been used as a weapon in Erdogan’s attempts to Islamise Turkish society and to trace back to a nostalgic era of Turkish domination,” wrote IMPACT-se’s CEO, Marcus Sheff.

These are some of the findings of the study: Jihad was introduced in textbooks and transformed into the “new normal”, with martyrdom in battle glorified. Ethno-nationalist religious goals of neo-Ottomanism and pan-Turkism are taught. Therefore, Islam is described as a political issue, with science and technology used to further its goals. There is an emphasis on concepts such as “Turkish world domination” and “Turkish or Ottoman ideal of world order”. According to the curriculum, the “Turkish basin” extends from the Adriatic Sea to Central Asia. The curriculum adopts an anti-American stance, and shows sympathy for the motives of ISIS and al-Qaeda. Turkey takes anti-Armenian and pro-Azerbaijani positions. The identity and cultural needs of the Kurdish minority continue to be largely neglected. The pogroms of 1955 against the Greek community in Istanbul are ignored.

At schools, during the term of Erdogan, maps showing Turkish power have appeared. Reference is made to the “Turkish heritage from the Adriatic Sea to the Great Wall of China”: “Turkish cultural artifacts can be seen in a vast region, starting with the countries of Central and East Asia, such as China and Mongolia, and extends to Herzegovina and Hungary…”

“We are a large family of 300 million people from the Adriatic to the Great Wall of China,” Erdogan said in a speech from Moldova.

Europe, the US, NATO and the Free World might start worrying. Erdogan seems aiming to be the new Islamist wolf in sheep’s clothing.

end

6.Global Issues

SUEZ CANAL BLOCKAGE/MORE GLOBAL TRADE DISRUPTION

Expect at least 10 days for normal shipping to resume after Suez blockage. 

(zerohedge)

At Least 10 Days For Normal Shipping To Resume After Suez Blockage Removed: Vortexa

 
FRIDAY, MAR 26, 2021 – 04:40 PM

With global supply chains on the edge of fraying, we just got more bad news moments ago when Bloomberg reported that efforts to dislodge the container vessel blocking the Suez Canal will take until at least Wednesday, a longer effort than initially feared, leading to even more disruption to global supply chains for everything from oil to grains to cars.

And while rescue efforts had initially been expected to last only a couple of days, the task of re-floating the 200,000-ton ship Ever Given, which is still firmly wedged across the vital maritime trade route, will require about a week of work and potentially longer, Bloomberg sources – who curiously wished to remain anonymous – said. 

Yet even it the ship is moved in less time, Arthur Richier from Vortexa had some more bad news: according to the senior freight analyst, the resumption of normal shipping through the Suez Canal will likely take a minimum of 10 days after a huge ship is moved and the artery is unblocked.

There is a backlog of about 300 vessels currently and with every passing hour, the gridlock will only increase. Vessels headed to the Suez Canal are already changing course as it could take days to refloat Ever Given. 

Refinitiv data shows LNG tanker Pan Americas deviated from its route in the Atlantic Ocean on Mar. 24, likely due to Suez’s developments. The tanker appears to be headed around the Cape of Good Hope. 

Here are the main flows that Vortexa believes will be affected by the blockage:

  • Middle Eastern sour crude flows to Europe, although some oil can go through Sumed and potentially Israeli pipelines
  • Lighter and sweet crude from the Caspian and North Africa that go to Asian destinations as well as partly to the U.S.
  • Middle distillates and biodiesel destined for Europe and gasoline/blending components for the U.S.
  • Naphtha from Russia for Asian petchem producers, fuel oil from ARA/Russia, for bunkering in Singapore/East of Suez
  • U.S. LPG and ethane exports to Asia, especially India

The good news is that according to Vortexa “it’s questionable whether the missing fuel oil, naphtha and other light ends will really have impact in Asia in the short-term” as it “could be balanced by growing pressure on the regional middle distillate market that already sees record volumes in transit; may result in VLCC bookings to Europe around the Cape of Good Hope”, although as we will note in a follow up report, JPMorgan’s Kolanovic disagrees.

 

END
 
SUEZ CANAL/MONDAY MORNING
80% PARITALLY REFLOATED
(zerohedge)
 

Megaship Blocking Suez Canal “80% Partially Refloated” 

 
MONDAY, MAR 29, 2021 – 07:11 AM

The Ever Given container ship, stuck in the southern part of the Suez Canal, has been partially refloated, according to Egypt Today Magazine. Tugboat efforts will continue Monday around high tide to clear the blockage in one of the world’s most important shipping lanes. Ever Given has been paralyzed in the canal for nearly a week as more than 450 ships are queued up, waiting to transit the vital shipping lane while others have rerouted around the Cape of Good Hope

A statement by the Suez Canal Authority (SCA) said the container ship has “responded to the pulling and towing maneuvers.” We reported Sunday at least 14 tugboats and a dredging vessel have worked around the clock for days to move the Ever Given. SCA gave no timeline when the canal would reopen since the vessel is only partially refloated. 

Egypt Today Magazine, using VesselFinder, shows Ever Given’s positioning has changed. The vessel’s bow is positioned more into the channel than ever before. 

The local news agency tweeted a video of the salvage team blaring their foghorns in jubilation after the vessel was partially refloated. 

VesselFinder shows Ever Given’s trajectory has dramatically shifted into the channel.

SCA confirmed on Monday Ever Given changed its course and is “80% refloated after it was partially freed.” 

Egypt Today Magazine notes tugboats have led to the vessel’s partial refloating, and the stern is now 102 meters away from the bank of the canal. There will be additional maneuvers later today once high tide arrives to fully refloat the vessel and position it in the middle of the channel. 

As a result of the positive news, crude prices retreated, with Brent crude futures dipping as much as 1.5%. 

Peter Berdowski, chief executive officer of Boskalis Westminster, the salvage team’s parent company, told Bloomberg with the vessel partially refloated, the stern of the ship is “still very stuck in the mud.” 

“Putting the rear end of the ship afloat was the easy part,” Berdowski said to Dutch NPO Radio. “The challenging part will be the front of the ship. Now, we will start working at the front.”

There are still no timelines when the vessel will be fully refloated. More than 450 ships have been stuck around the canal, waiting to transit the canal. Global supply chains have already been affected as some vessels have rerouted around the Cape of Good Hope. 

Even when Ever Given is refloated – the backlog of vessels, 450 and counting, would mean that it would take at least ten days to resume normal activity in the canal, meaning the Suez crisis is not over. 

 

Source: Bloomberg 

“It’s one thing to refloat the ship, and it’s another thing to clear the canal of traffic completely,” Hugo De Stoop, CEO of oil-shipping firm Euronav, said to Bloomberg Television. “Whatever has been accumulated so far will take time to clear. Tentative timeline is probably two to three weeks, because the Suez canal was used probably at full capacity.”

With the vessel partially refloated, and once high tide returns, the vessel’s own propulsion system might be used in conjunction with the dozen-plus tugboats. 

The good news is that the worst-case scenario of unloading the vessel might be avoided. As JPMorgan’s Marko Kolanovic told clients last week, any reloading of the vessel risks “ship breaking.” 

END
COROAVIRUS UPDATE//GLOBE//VACCINE UPDATE

COVID Spread Worsens For 5th Week As India Tops 12MM Cases; England’s Reopening Begins

 
MONDAY, MAR 29, 2021 – 01:40 PM

While the biggest COVID-19 story on Monday was the new CDC director’s unhinged warning about her feelings of “impending doom” during a virtual house briefing, it’s worth noting that the pace of new COVID cases globally has been accelerating for five weeks as a new wave.

First off, the CDC has extended the pandemic eviction moratorium, set to expire Wednesday, until June 30. The news follows reports that Moderna has now shipped another 100MM COVID jabs to the US government. The news coincides with the CDC’s report that the pace of US vaccinations has exceeded 3MM doses per day for the past three days. The US is nearing 145MM COVID vaccinations, nearly 5x the number of confirmed COVID cases in the US (just shy of 30.3MM).

Outside the US and Europe, India and Brazil (the new global leader in new virus cases and virus-linked deaths) have drawn attention for their resurgent outbreaks, though the state of the two country’s responses is very, very different.

On Monday, India reported its has reported its worst single-day increase in COVID-19 cases since October, taking the tally to more than 12MM for the first time ever.

A total of 68,020 new coronavirus cases were reported in the last 24 hours, the health ministry said. It was the highest daily rise since Oct. 11. Daily deaths rose by 291 on Monday and the virus has so far killed 161,843 people in the country.

India has been reporting a spike in cases – above the 60,000 mark – for three consecutive days, though Monday’s rise was still below September’s peak of more than 90,000 cases a day. Sunday’s numbers also marked the sixth consecutive day that the country has reported a new record high for 2021.

India’s worst affected state, Maharashtra, is considering imposing a strict lockdown this week and has already tightened travel restrictions and imposed night curfew in a bid to put a lid on rising cases of infections.

Threatening to make matters worse, Hindus across India are celebrating Holi, even as states in the country have tried to restrict gatherings, citing concerns that they could stoke even more viral spread.

In Europe, as German Chancellor Angela Merkel threatens to impose new restrictions like a curfew, the Slovenian government moved to reinstate coronavirus restrictions as infections and hospitalizations rise.

“We’re in a race against time,” said Prime Minister Janez Jansa during a press conference on Sunday, announcing that public life in the country will essentially be suspended between April 1 and 12.

The UK has of course presided over a much more successful vaccine-rollout program than Europe, and as a result, people in England are now allowed to meet outdoors in groups of up to six or two households (with social distancing), as the country officially started easing COVID-related restrictions on Monday. The country has been in full national lockdown since Jan. 4, after a mutant COVID strain believed to be more infectious was isolated in the southeastern part of the country.

Outdoor sports facilities such as tennis courts, swimming pools and golf course will reopen.

While weddings can now continue, they are still only allowed to a maximum of six attendees.

As the ‘stay at home’ level restrictions expires, UK Prime Minister Boris Johnson is urging caution as cases elsewhere in Europe continue to grow.

“I know how much people have missed the camaraderie and competition of organized sport, and how difficult it has been to restrict physical activities — especially for children,” Johnson said.

“I know many will welcome the increased social contact, with groups of 6 or two households now also able to meet outdoors,” he added.

While it is the most significant easing in England since schools returned on March 8, many businesses remain shuttered.

END

Bill Blain on the huge stories over the weekend and this morning
(Bill Blain)

Bill Blain: Brace, Brace, Brace

 
MONDAY, MAR 29, 2021 – 08:17 AM

Authored by Bill Blain via MorningPorridge.com,

“The supreme art of war is to subdue the enemy without fighting.”

You could not make this up; an unimaginably complex WW3 Techno-thriller unfolding as markets stumble and global supply chains hover on the edge of anarchy. On the other hand, maybe that’s just the way it was planned.

I am not one for conspiracy theories. But… this morning… If I was a writer of trashy global-techno-World War 3 pulp fiction, and proposed the following scenario where the global economy lurches into an unprecedented period of instability – nobody would believe me:

1)    Global Supply Chains, weakened and struggling after a year of global pandemic, plus a growing shortage of microchips holding back multiple industrial sectors, are plunged into new crisis by a puff of wind causing a box-ship to skite sideways and block the Suez Canal, trapping East-West Trade.

2)    Unstable and over-priced Global Markets are spooked into a frenzy late on a quiet Friday night by the largest margin calls ever ($20 bln plus) as an Asian “family office” dumps billions of dollars of stock into the market. Collateral damage spreads, as other financial firms, (inevitably including Credit Suisse (Switzerland’s very own Deutsche Bank), and Nomura), announce material losses.

3)    As global central banks struggle to restore real growth, while trying to hold interest rates low and support commerce, and acutely conscious of how a market crash could crush global confidence – things suddenly get more difficult as confidence in equity valuations takes a massive knock.

4)    Geopolitical stability wobbles after China lashes back at US criticism in Alaska, and then surprises Europe with sanctions and push back on trade deal – when many has expected China to attempt to reach out to Europe – even as it reaches out to pariah states including Iran, Myanmar and Turkey.

5)    Rumours abound of imminent China action to seize Taiwan – and the potential impotence of US fleets from the Gulf to the Pacific are targeted by long range Chinese carrier-killer missiles – further destabilising markets.

6)    Cyber-attacks across western economies, first uncovered at Solar Wind, but possibly undiscovered elsewhere, raise questions as to how much the West’s digital and financial infrastructure has been compromised.

What happens next?

On the basis I am an optimist, and things are never as bad as we fear, I think it all settles. Who knows? But I suspect one thing is going to become very apparent. China has crossed the Rubicon and will now longer be a rule taker. The rules have changed. China has demands.

What’s different in the above scenario is that it doesn’t necessarily lead to a hot-war. The Beijing leadership see benefit in trade, engagement and the global economy to deliver its pact of prosperity to the Chinese population. They may conclude China’s done enough to achieve its’ strategic economic objectives; parity with the west, and economic primacy across Asia.  Whether the mood turns hot or cold rather depends on how the West responds to the apparent nullification of the USA’s military hegemony achieved by China’s new missile technologies.

These new missiles are a known unknown. The latest versions of the D-26 Carrier-Killer are apparently based on the Tibetan Plateau and can take out US Carriers from the Gult to New Zealand – making any defence of Taiwan look an extremely risky call. Sending the UK’s carrier strike group into the region later this year looks… challenging.

And suddenly you are wide awake and wondering just how crazy this suddenly got…..

*  *  *

On Sunday I spoke with one of my old racing yacht crew who is now doing extremely well in Global Shipping. I asked if there was anything we were not being told, or what the real story of the ship blocking the Suez was. He was cagey but told me.. “If you need Garden Furniture, buy it today.”

This morning it looks like the Suez has been uncorked – the boat has been shifted – but I was asking because I reckon slowing global trade by sending it the long way round Africa isn’t just about miles and time – it’s finding the ships capable and seaworthy for the longer trip, and bunkering them accordingly. It’s not just a matter of a longer voyage. Suddenly everyone wants Air Freighters.

The key-thing is what happened on the Suez demonstrates is just how easy it would be to block the bottlenecks of global trade. Everything from consumer tat to chips would be stressed.

After Archegos Capital, the family office of tiger-cub and convicted insider Bill Hwang was forced to sell more than $20 bln of stocks in a series of block trades on Friday, this morning – its looking likely to be a risk-off day. Block equity-trades stemming from the margin-calls on Archegos will have sent the market’s spidey senses a’tingle. Who is next?

There will be flows back into the relative safety and comfort of bonds – even if they do yield nothing. In bonds there is truth, and I suspect today will confirm it’s all about fear. Over the past 10-years artificially low rates have eroded the relationship – telling investors low rates are a reason to take risk. Its low rates that have supported today’s frankly insane stock market valuations. Risk is very real again.

While Gold might be on the agenda, I’m not so sure about Bitcoin. The Chinese have made it quite clear they will digitise the Yuan.

Today’s moves will likely also reflect a Q1 rebalancing of bonds vs equities holdings– which have been distorted by the relative yields on asset classes. But I suspect it will just be the start of a trend. Just how big has unregulated leverage in the shadow banking system of investment firms become? How could it unravel impact markets? Or maybe it will be illiquidity as the next duck tumbles and no one is prepared to buy?

Today won’t be much fun for anxious central bankers.

It’s not going to be much fun for the politicians either as they look realise just how vulnerable the West is to a new economic shock, even as we’re still being floored by the self-inflicted economic harm of the Pandemic.

Western Economies are dependent on long exterior global supply chains to fuel demand for more and more consumer goods. We’ve become comfortable to click and deliver being satisfied from China. Stuck in lockdown we’ve heard disembodied voices warning of economic catastrophe, but we’ve been cocooned from the economic reality, relying on governments assurances they can prop up the Covid ravaged economy with subsidy and furloughs. Destabilise our supply lines, and the threat is a run on everything – potentially making last year’s pandemic panic look tame.

Meanwhile, dissent is all the rage across the west, whether it’s the right-wing complaining about their civil liberties, smaller nations demanding independence, or gender and race issues coming to the fore and exposing the inequality and division of society. All of these divisions are fed on a rich oxygen-mix of social media, and targeted with fake news aiming to deepen division. Everyone has a cause, and everyone believes what they want to, but nobody listens. Western society has never been this unstable, polarised and disunited.

Chalk up another win to China.

China’s leaders are satisfied. Their position is secure. China’s economy is exposed to supply chains, but is based on interior lines (and pretty much brand new infrastructure) – better able to weather and internalise a global trade-storm. Its’ society is homogenous and willing to buy the greater prosperity/state control trade off. National pride hasn’t been compromised by the pernicious effects of Wokery.

The economy of the West is bought into the promises of technological change and addressing the environment. Markets are soaring on the back of expectations of increased technological adoption, with a few successes spurring thousands of highly speculative copycats – witness the insane boom in SPACs. But the reality is economies have become increasingly bureaucratic, stultified by regulation, and held back by political gridlock and polarisation. Infrastructure is old and tired. Key skills and capacities have been lost.

Let me present a tiny example – speciality steels. Without speciality steels for the fine work of tech, the economy will ultimately wither and die. We are now entirely beholden to external steel. The UK government put plans to restore mining the key element of steel in the UK on hold. Without metallurgical coal – you can’t make steel. Fact. The UK prefers its steel to be made in China with Australian met. coal so it can say it’s tough on cutting carbon. The facts are simple – make the steel here, less carbon miles and more high quality jobs.. Or…

But, the risks are not just in terms of physical supply chains. The digital economy is even more important and potentially even less protected. We’ve largely remained unaware of just how vulnerable we are. The cyber-attacks on SolarWinds last year may reveal the Trojan Horse is already in the city.

The degree of interconnectedness in the global economy is extraordinary. All the major financial institutions used SolarWinds’ Orion platform. The hackers got into SolarWinds and were able to install malicious code into software updates, accessing thousands of clients’ confidential information. We still have no idea how deep the hack goes. Increasingly companies release its not a matter of understanding their own vulnerability, but the vulnerability of all their suppliers, and hence, the whole digital supply chain.

So… what happens next?

Do the Chinese explode a couple of massive nuclear missiles in space to take down global positioning, communications and spy satellites with an EMP pulse, alongside a simultaneous cyber-attack to crash the Western Financial System, plunging us into limbo? How would Central Banks cope with the resultant market meltdown? What would happen if even a small part of the global payments system crashed?

Sometimes it easier to not over think it.. and just hope it was just coincidence… hope is never a strategy.

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

MYNAMAR (BURMA)

UN states that there is “mass murder” after 114 protester deaths on Saturday.

(Kenny Sancil?commonDreams.org)

UN Decries “Mass Murder” After 114 Single-Day Protester Deaths In Myanmar

 
SUNDAY, MAR 28, 2021 – 03:30 PM

Authored by Kenny Stancil via CommonDreams.org,

While Myanmar’s military celebrated Armed Forces Day on Saturday with a parade through the capital, the ruling junta’s security forces killed more than 100 people elsewhere throughout the country in the deadliest crackdown on peaceful pro-democracy protesters since last month’s coup.

According to Myanmar Nowsoldiers and police had killed at least 114 people, including children, nationwide as of 9:30 pm on Saturday in Myanmar. “The military celebrated Armed Forces Day by committing mass murder against the people it should be defending,” said Tom Andrews, the United Nations special rapporteur on the situation of human rights in Myanmar. “The Civil Disobedience Movement is responding with powerful weapons of peace.”

 

Via AFP

“It’s past time,” Andrews added, “for the world to respond in kind with and for the people of Myanmar.” Saturday’s brutal massacre, which came just one day after a regional human rights group reported that the total death toll since the military regime seized power on February 1 had climbed to 328, was widely condemned by diplomats around the world. “This bloodshed is horrifying,” said US Ambassador Thomas Vajda. “Myanmar’s people have spoken clearly: they do not want to live under military rule.”

The European Union’s delegation to Myanmar tweeted: “This 76th Myanmar Armed Forces Day will stay engraved as a day of terror and dishonor. The killing of unarmed civilians, including children, are indefensible acts.” British foreign secretary Dominic Raab said that “today’s killing of unarmed civilians, including children, marks a new low. We will work with our international partners to end this senseless violence, hold those responsible to account, and secure a path back to democracy.”

In a statement issued Thursday, Andrews had warned that “conditions in Myanmar are deteriorating, but they will likely get much worse without an immediate robust, international response in support of those under siege.”

“It is imperative that the international community heed the recent call of U.N. Secretary-General António Guterres for a ‘firm, unified international response,'” Andrews said. “To date, however, the limited sanctions imposed by member states do not cut the junta’s access to revenue that help sustain its illegal activities, and the slow pace of diplomacy is out of step with the scale of the crisis.” Andrews noted that “the incremental approach to sanctions has left the most lucrative business assets of the junta unscathed. It needs to be replaced by robust action that includes a diplomatic offensive designed to meet the moment.”

“Without a focused, diplomatic solution, including the hosting of an emergency summit that brings together Myanmar’s neighbors and those countries with great influence in the region, I fear the situation of human rights in Myanmar will further deteriorate as the junta increases the rate of murders, enforced disappearances, and torture,” he said.

Andrews’ fears were realized Saturday as the military escalated its use of lethal violence against anti-coup demonstrators and other civilians. “They are killing us like birds or chickens, even in our homes,” resident Thu Ya Zaw told Reuters in the central town of Myingyan. “We will keep protesting regardless… We must fight until the junta falls.”

The resolve of pro-democracy protesters is evident. According to Al Jazeera, citizens defied a “military warning that they could be shot ‘in the head and back'” in order to take to “the streets of Yangon, Mandalay and other towns.” Kyaw Win, the director of the Burma Human Rights Network in the United Kingdom, told BBC News that the military had shown it had “no limits, no principles.” Win added, “It’s a massacre, it’s not a crackdown anymore.”

In his statement released prior to Saturday’s wholesale killing, Andrews emphasized that “it is critical that the people of Myanmar… the duly elected illegally deposed parliamentarians who make up the Committee Representing Pyidaungsu Hluttaw, and opposition leaders and activists see that the international community is working towards a diplomatic solution in support of the peaceful Civil Disobedience Movement.”

“This combined course of action—domestic peaceful resistance, sustained pressure, and international diplomatic momentum—will have a greater chance for success than taking up arms,” Andrews continued, “and will save untold numbers of lives.”

“Member states have an opportunity to demonstrate this alternative, but the window in which this can be achieved is closing rapidly,” he said, adding: “I fear that the international community has only a short time remaining to act.” That warning has become even more urgent since it was first shared.

 
END

 

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

Euro/USA 1.1777 DOWN .0013 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 109.62 UP 0.120 (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 1.3841  UP   0.0021  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2591 UP .0033 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  MONDAY morning in Europe, the Euro FELL BY 13 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1777 Last night Shanghai COMPOSITE UP 16,87 PTS OR 0.50% 

//Hang Sang CLOSED UP 1.87 PTS OR .01% 

/AUSTRALIA CLOSED DOWN 0.38%// EUROPEAN BOURSES ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES ALL  GREEN

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 1.87 PTS OR 0.01% 

/SHANGHAI CLOSED UP 16.97 PTS OR 0.50% 

Australia BOURSE CLOSED DOWN 0.38% 

Nikkei (Japan) CLOSED UP 207.82  POINTS OR 0.71%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1726.50

silver:$24.85-

Early MONDAY morning USA 10 year bond yield: 1.650% !!! DOWN 3 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.353 DOWN 3  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 92.79 UP 2 CENT(S) from  FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

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And now your closing  MONDAY NUMBERS 1: 00 PM

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

JAPANESE BOND YIELD: +.07.%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.32%//UP 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.65 UP 3 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 33 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.32% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 0.97% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.1781  DOWN     .0009 or 9 basis points

USA/Japan: 109.72 UP .210 OR YEN DOWN 21  basis points/

Great Britain/USA 1.3792 UP .0023 POUND UP 23  BASIS POINTS)

Canadian dollar DOWN 37 basis points to 1.2596

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The USA/Yuan,  CNY: closed    ON SHORE  (DOWN).. 6.5697

THE USA/YUAN OFFSHORE:  6.750  (YUAN DOWN)..6.5739

TURKISH LIRA:  8.19  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.07%

Your closing 10 yr US bond yield UP 0 IN basis points from FRIDAY at 1.682 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.394 UP 1 in basis points on the day

Your closing USA dollar index, 92.82 UP 6  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 4.42 OR  0.07%

German Dax :  CLOSED UP 68.78 POINTS OR .47%

Paris Cac CLOSED UP 26.70 POINTS 0.45%

Spain IBEX CLOSED DOWN 6.10 POINTS or 0.07%

Italian MIB: CLOSED UP  28.14 POINTS OR 0.12%

WTI Oil price; 61.10 12:00  PM  EST

Brent Oil: 64.55 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    75.71  THE CROSS LOWER BY 0.14 RUBLES/DOLLAR (RUBLE HIGHER BY 14 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.32 FOR THE 10 YR BOND 1.00 PM EST EST

END

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

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

WTI CRUDE OILPRICE 4:30 PM : 61.52//

BRENT :  65.03

USA 10 YR BOND YIELD: … 1.716..up 3 basis points…

USA 30 YR BOND YIELD: 2.418 up 3 basis points..

EURO/USA 1.1767 ( DOWN 22   BASIS POINTS)

USA/JAPANESE YEN:109.79 UP .289 (YEN DOWN 46 BASIS POINTS/..

USA DOLLAR INDEX: 92.92 UP 15 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3764 DOWN 4  POINTS

the Turkish lira close: 8.200

the Russian rouble 75.62   up 0.22 Roubles against the uSA dollar. (up 22 BASIS POINTS)

Canadian dollar:  1.2591 UP 33 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.32%

The Dow closed UP 98.49 POINTS OR 0.30%

NASDAQ closed DOWN 56.70 POINTS OR 0.55%


VOLATILITY INDEX:  21.03 CLOSED UP 2.17

LIBOR 3 MONTH DURATION: 0.199%//libor dropping like a stone

USA trading today in Graph Form

Cryptos Jump, Small Caps Dump As ‘Archegeddon’ Hits Banks, Bonds, & Bullion

 
 
MONDAY, MAR 29, 2021 – 04:01 PM

It’s Margin Madness…

Ever Given was freed, but Archegos anxiety provided just enough uncertainty to spook investors about where the next hit is coming from…“… be first, be smartest, or cheat… sell it all…”

Futures opened weak and stayed so throughout the Asia session as investors sold first and thought later amid Bill Hwang’s bloodbath (and contagion chatter). Europe brought some buying as the machines managed to get futures back to unch just in time for the US cash open which sparked a big puke (led by Small Caps). Stocks then bounced at the EU close, faded, and then ramped again as Morgan Stanley said it had no more blocks to sell. That bounce did not last as headlines hit into the last hour of Wells Fargo selling blocks. But… in an echo of Friday, everything went vertical in the last half hour… The Dow ended the biggest gainer, Small Caps were ugly, ending at the lows of the day despite the attempted bounce…

China tech stocks lost the ground they gained in the last hour manic-buying from Friday…

Hwang’s horde of over-levered stocks extended losses today…

Source: Bloomberg

ViacomCBS – which was clubbed like a baby seal on Friday – saw no dead cat bounce and lost further ground…

Defensives dominated price action today (but again everything reversed at the EU close)…

Source: Bloomberg

US Bank stocks were ugly (MS, WFC worst on the day extending their losses from Friday)..

Source: Bloomberg

But the real anxiety was in broker CDS…

Source: Bloomberg

With Credit Suisse 1Y risk exploding (this is where derivatives counterparty risk managers would focus their hedges)

Source: Bloomberg

Amid this shitshow, cryptos were bid (safe haven) with Bitcoin back above $58,000…

Source: Bloomberg

And Ethereum outperforming, spiking near $1850…

Source: Bloomberg

While cryptos were bid, bonds were battered – even as stocks sank and quarter-end rebalancing flows should have been supportive. Some suggested the sales were more liquidations as funds sold anything liquid to meet margin calls (the velocity and urgency of the move suggests that or major rate-locks ahead of some serious issuance)…Selling surges hit at the European open, the US open and after MS said block sales were done…

Source: Bloomberg

10Y Yields spiked back above 1.70%…

Source: Bloomberg

The dollar was a mess today, chopping around but ending marginally higher vs its fiat peers…

Source: Bloomberg

Oil prices remained in their recent range, tumbling on the good news that the Ever Given was freed and the Suez Canal was reopened, but a dip near $60 in WTI sparked a sudden buying urge among ‘traders’…

Gold was dumped early on too (at the US cash open) which again had the smell of forced liquidation flows…

Silver tumbled back below $25, near that spike low liquidation we saw earlier in the week…

Finally, it’s definitely time to panic – according to the CDC – who took one look at this chart and warned all Americans of “impending doom”…

Source: Bloomberg

President Biden urged some states to pause reopening… just don’t tell him about Texas!

Source: Bloomberg

a)Market trading/this morning/USA

Prime Brokers Pounded: Credit Suisse, Nomura Crash On Archegos Margin Call Shockwave

BY TYLER DURDEN
SUNDAY, MAR 28, 2021 – 08:53 PM

Update (615am ET): Just around the time Nomura closed down 16.3%, its biggest drop on record after warning it faces around $2 billion in prime brokerage losses (see below) tied to a single US client – the now infamous Archegos tiger cub hedge fund – Swiss banking giant, Credit Suisse, was also swept up in the Archegos vortex after the Swiss bank said it faces a potentially “highly significant” loss from a U.S. hedge fund client defaulting on margin calls, sending the Swiss bank’s share plunging as much as 16%, the most since March last year and wiping out all 2021 gains.

While the actual loss number was not defined, estimates pegged it in the $2-3 billion ballpark, and one commentator said that “Credit Suisse $CS lost its entire year profit because it is out-smart by Goldman aka the Sharks on the street and by a One Day.”

“While at this time it is premature to quantify the exact size of the loss resulting from this exit, it could be highly significant and material to our first quarter results,” the bank said in an emailed statement, without naming the fund, although the name was quite clear.

Credit Suisse also said it was in the process of exiting positions after the client default.

The loss comes at an awkward time for Credit Suisse, as the Greensill matter is still far from being resolved, and Credit Suisse faces “yet another issue that has the potential to result in a material impact on its results,” Vontobel analyst Andreas Venditti wrote in a note

“There’s yet another problem case,” Zuercher Kantonalbank analyst Georg Marti writes in a note. “Although CEO Gottstein spoke at a recent conference of an excellent start to 2021, the first-quarter results are already overshadowed by the Greensill affair with potential losses that still need to be clarified. Now there is also this hedge fund matter.”

Credit Suisse CEO Thomas Gottstein had vowed to start the year with a clean slate, but is now seeing the firm play a central role in a major financial blow up for the second time in weeks. At the beginning of the month, the bank roiled investors by suspending — and then deciding to liquidate — $10 billion of supply chain finance funds it managed with Greensill.

Even before that incident, the firm had contended with a large write down on its stake in hedge fund York Capital, a hit related to a long-standing legal case into residential mortgage-backed securities and incidents of surveillance into former executives, Bloomberg reported.

As we said last night, while the turmoil has so far had only a limited impact on broader financial markets, banks and people familiar with the matter indicated the unwinding of Archegos-related bets may have further to go. Credit Suisse and other lenders are still in the process of exiting positions, the bank said in a statement on Monday that didn’t mention Archegos by name. Morgan Stanley was shopping a large block of ViacomCBS shares on Monday morning, with Bloomberg reporting that the ViacomCBS Block of 45MM shares priced at $47 each, a small discount to the premarket price of $48.23.

Other lenders are also embroiled in Archegos. Deutsche Bank has some exposure, though it hasn’t yet incurred any losses and is still managing the portfolio, according to a person with knowledge of the matter. Meanwhile Goldman Sachs – which reportedly was the first prime broker to break ranks and make a margin call on Archegos – is telling shareholders and clients that any losses it faces from Archegos are likely to be immaterial.

* * *

Earlier:

Back in May 2016, Japanese mega-bank Nomura, announced that it had suffered its biggest-ever loss in history (of a rather tame by Western standards $40 million) from a single client, and which it then quickly blamed on an “incompetent” bond trader.  Fast forward to today, when Nomura just suffered a far, far greater loss from a single client, this one is anything but boring.

Early on Monday local time, Nomura Holdings said it may have incurred a “significant loss” arising from transactions with a U.S. client.
The estimated amount of the claim against the client is about $2 billion based on market prices as of March 26, the Japanese brokerage said in a statement. The estimate is “subject to change depending on unwinding of the transactions and fluctuations in market prices.”

Nomura is currently evaluating the extent of the possible loss and the impact it could have on its consolidated financial results.
The Japanese brokerage also canceled plans to sell dollar-denominated bonds.

The news, incomplete as it may be, was enough to send Nomura stock crashing 15%, wiping out all March gains, and the biggest one day drop in a decade.

While it wasn’t immediately clear if Nomura’s loss is linked to the spectacular margin call at Tiger Cub Bill Hwang’s Archegos Capital which we noted earlier (accurately noting that the unwind is probably not yet done), the two are almost certainly linked especially as some have noted that in the case of Nomura, the bank owned some $10MM shares in Chinese tech firm GSX which imploded, via leveraged swaps to clients. Since GSX was one of the firms aggressively dumped by Hwang, one can see how the house of cards, having crippled Prime Brokers, may be spreading down the investment bank foodchain next.

Meanwhile, as we asked earlier, the real question is whether the liquidation of the handful of highly concentrated stocks is over, or whether the selling cascade is only just starting.

One thing we do know: as of Sunday night, the seller was not done yet, as this Bloomberg headline confirms:

  • *VIACOMCBS HOLDER SAID TO OFFER 45M SHR BLOCK VIA MORGAN STANLEY

Some more details:

Morgan Stanley was shopping a large block of ViacomCBS Inc. shares on Sunday, according to a person familiar with the matter, the latest in a flurry of block trades that began before the weekend.

About 45 million shares were offered Sunday on behalf of an undisclosed holder, the person said. The media giant was also the subject of at least one large block trade on Friday through Goldman Sachs, a person familiar with the matter told Bloomberg at the time.

Incidentally, just last Monday, ViacomCBS sold $3BN in common and preferred stock, including 20mm shares of VIAC stock at $85. With the stock now trading at roughly 50% of this price, the company should immediately announce a 20MM shares (or more) stock buyback to i) take advantage of the plunge in the price and ii) to contain investor panic due to one shareholder’s forced liquidation. Indeed, moments ago, Tencent just announced a $1BN share buyback to offset just this liquidation-driven drop in the stock price.

And while we wait for that to happen at VIAC, DISCA and other, we still have two big questions: i) is Archegos still dumping, or is this now a fellow Hedge funders who was also margined out on a similar portfolio, and ii) just how bad is the pain – as more prime brokers issue urgent margin calls – and how widespread will the liquidation chain stretch…

end
The real story behind the collapse of Archegos:  Contracts for differences..another derivative
(zerohedge)

CFDs – The Dirty Little Secret Behind The Collapse Of Archegos

 
MONDAY, MAR 29, 2021 – 08:59 AM

Stop us if you’ve heard this one before – Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives… until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner.

The bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business – so-called contracts-for-differences (CFDs).

As Bloomberg reports, much of the leverage used by Hwang’s Archegos Capital was provided by banks including Nomura and Credit Suisse – who have most recently admitted huge losses – as CFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings (far in excess of the 5% stakes that require regulatory reporting).

Crucially, as Bloomberg notes, this means Archegos may never actually have owned most of the underlying securities – if any at all – as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).

What makes the situation worse is that Archegos reportedly took positions in these CFDs with various prime brokers – and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client’s exposures with prime broker Y… which in this case was huge.

The leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.

CFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges. This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.

As Bloomberg notes, regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors, with the European Securities and Markets Authority in 2018 restricting the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders… but not for hedge fund managers who are “sophisticated”?

But, banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities (driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).

In the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years with total exposure topping $50 billion. And bear in mind, this is not ‘leverage’ in the old-fashioned sense (i.e. banks allow you buy X-times the amount of stocks relative to your capital); this is purely synthetic – the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.

And as we noted at the beginning, this has the potential to be much more systemic as the losses created by Archegos’ margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days…

Source: Bloomberg

Mohammed El-Erian told CNBC this morning that “It seems to be a one-off … for now, it looks contained. And that’s a good thing.” But added “what we don’t want is a pile-up.”

We look forward to the Congressional hearings on this.

 

b)MARKET TRADING/USA//THIS AFTERNOON

Liquidation – Bonds, Bullion, & Big-Tech Stocks All Being Dumped

 
MONDAY, MAR 29, 2021 – 10:06 AM

Step 1: Put on pants

Step 2: Sell everything

Step 3: Think…

That appears to be the plan this morning as everything is being sold amid the Archegos anxiety in a reach for liquidity.

Big tech is getting hammered…

Bonds are being dumped…

And bullion is puking back near $1700…

And where it stops, nobody knows.

The only thing that is bid right now is bitcoin…

END
 
LATE AFTERNOON:
 

Small Caps Are Puking, Erase Friday’s Panic-Buying Ramp

 
 
MONDAY, MAR 29, 2021 – 11:04 AM

Friday’s ridiculous last hour ramp in Russell 2000 has been erased as weakness across US equities has been focused in the Small Caps…

All the indices have been dumped since the cash open…

But Small Caps appear to have stalled again at key resistance…

Which just happens to be the 50-day moving-average…

But don’t worry, SEC says it is “monitoring” the situation.

ii)Market data/USA

end.

iii) Important USA Economic Stories

SALEM OREGON

Antifa, heavily armed clash with the ultra right Proud Boys at the Oregon state capital, Salem

(zerohedge)

“Heavily Armed” Antifa Protestors Clash With Proud Boys At Oregon State Capitol 

 
MONDAY, MAR 29, 2021 – 08:40 AM

Oregon Public Broadcasting (OPB) reported Sunday a small group of Proud Boys and Trump supporters clashed with more than 100 anti-fascist counterprotesters at Oregon State Capitol. The far-right group organized the protest several days leading up to Sunday, saying they would be at the state capitol building to support “freedom.” 

Sunday was the first time in months that the two opposing sides have clashed in Oregon. 

Salem Police Department posted a series of tweets warning about a “public safety” risk of “150-200” anti-fascist counterprotesters at the capitol who were “heavily armed.” The anti-fascist were considered “counterprotesters.” 

Police told anti-fascist protesters they were participating in an illegal demonstration. “Failure to do so may result in arrest,” police said over loudspeakers. 

Footage of Antifa flags was present at the rally. 

A crowd-controlling police unit was dispatched to the capitol complex to mediate anti-fascist counterprotesters. 

Things quickly got out of hand when Proud Boys and Trump supporters showed up in their trucks. Counterprotesters smashed their vehicle windows with blunt objects. 

Alleged shots of Proud Boys at the capitol building.

Counterprotesters pummeled Trump supporters’ trucks with objects. 

Antifa members destroyed another Trump supporter’s truck. 

One Trump supporter pulled a gun on Antifa following damage to his truck. 

“Antifa gathered in Salem, Ore. in a pre-planned riot. They wore ballistic vests & carried guns, bats, shields & gasmasks. They assaulted drivers on the road by throwing paint & rocks,” tweeted Andy Ngô.

Eventually, Ngô said police and troopers pushed Antifa rioters away from the streets where they were “assaulting drivers.”

OPB said several arrests were made in the anti-fascist group Sunday.

As for the “peace and unity,” which President Biden promised in January during his inauguration speech appears a distant dream at the moment. America is still traveling down a dangerous path towards continued clashes by both extreme political fringes. 

end

CORONAVIRUS UPDATE//USA

Fearmongering!.

“Right Now I’m Scared” – CDC Director Chokes Back Tears As She Fearmongers “Impending Doom”

 
MONDAY, MAR 29, 2021 – 11:38 AM

In a stunningly emotional outburst during this morning’s COVID-19 Response press conference, new CDC Director Rochelle Walensky went “off-script” (though if one watches here eyes it appears she is very much reading a script) to warn the public about her “impending doom” following a rise in COVID cases and hospitalizations.

The seven-day average of hospital admissions with confirmed or suspected Covid-19 increased in 25 states plus the nation’s capital and Puerto Rico last week, compared with same period a week earlier, according to U.S. Department of Health and Human Services data through Saturday.

The most dramatic surge has come in Michigan, with admissions up 50%, to an average of 379 a day. The next-worst momentum was in South Dakota, where daily admissions rose by 40% to an average of 28.

“I’m going to reflect on the recurring feeling I have of impending doom,” Walensky said, appearing to hold back tears.

“We do not have the luxury of inaction. For the health of our country, we must work together now to prevent a fourth surge.”

“Right now, I’m scared,” Walesky exclaimed.

Here is what Walensky is freaking out about… (could that simply be a rise in testing around Spring Break as responsible Americans check their health before traveling? Or is it remnants of the vaccines being picked up by the RT-PCR tests being run at 35 Ct?)

Source: Bloomberg

Of course, Fauci knows why:

“I think the reason we’re seeing this plateauing and the increase that I hope doesn’t turn into a surge is because we are really doing things prematurely right now with regard to opening up.”

Walesky implored Americans to mask up, socially distance, etc., etc. as she is worried about a new wave “if rules are lifted” too soon…

“I’m speaking today not necessarily as your CDC director, but as a wife, as a mother, as a daughter to ask you to just please hold on a little while longer,”

Finally, just in case you were wondering, here’s what is happening in Texas since all those federally-mandated restrictions were lifted…

Source: Bloomberg

This level of fearmongering is disgusting and disingenuous and the American people are growing more and more insensitive to such evocations.

Walensky said she is speaking with governors tomorrow to address the rise in cases.

“We’re essentially pleading with people even though we have an urge particularly with the warm weather to just cut loose,” NIAID director Anthony Fauci said.

Does the Biden administration really need to fearmonger about COVID to such a degree to distract from the border crisis?

end
INSANITY: Biden to float another $3 trillion plan on Wednesday  (infrastructure)
(zerohedge)

Biden To Float $3 Trillion Plan Wednesday As Moderate Dems Push Back On Tax Hikes To Pay For It

 
MONDAY, MAR 29, 2021 – 03:00 PM

President Biden is about to introduce two separate components of what is expected to be a $3 trillion infrastructure plan, White House Press Secretary Jen Psaki told Fox News on Sunday.

The first part of the “Build Back Better” plan – which Biden will float on Wednesday – is expected to focus on rebuilding ‘roads and railways,’ while the second part which will be released “in just a couple of weeks” will focus on “social infrastructure” funding, including childcare and healthcare.

On Monday, the New York Times reported that Biden advisers recommended splitting the $3 trillion plan into two components, which may make it easier to gain much-needed GOP support given Democrats’ narrow majorities in both chambers of Congress. The Times also reports that $1 trillion may be devoted largely to ‘building and repairing physical infrastructure’ with an emphasis on climate change.

The second component of the $3 trillion plan would include proposals such as free community college and universal prekindergarten, and will “will address a lot of issues that American people are struggling with,” according to Psaki (via CNBC).

Talk of Biden’s next big push on the economy comes just weeks after the president signed a $1.9 trillion Covid-19 relief bill, which included funding for vaccine distribution as well as stimulus payments for most Americans.

The coronavirus legislation was passed without any Republican support via a special congressional mechanism known as budget reconciliation. The nearly-$2 trillion package was funded by federal borrowing.

The White House hasn’t said whether it will use reconciliation to pass legislation related to its infrastructure agenda, though it seems likely that separating the two parts of the plan is aimed at avoiding the streamlined process for at least one bill. -CNBC

Meanwhile, Psaki warned that Biden’s plan may require tax increases – though she declined to elaborate.

“The total package we’re still working out, but he’s going to introduce some ways to pay for that, and he’s eager to hear ideas from both parties as well,” she said.

And moderate Democrats aren’t so sure about that.

According to Axios, at least two moderate Democratic Senators required to pass a GOP-opposed tax hike, Joe Manchin (WV) and Kyrsten Sinema (AZ), are already pushing back against some of the tax hikes needed to pay for the infrastructure package and other measures. In the House, Speaker Nancy Pelosi (D-CA) can lose just three Democratic votes if Republicans are unified in their opposition.

More via Axios:

  • Over the past week, Axios has been interviewing moderate Democratic House members. Several are skeptical about Biden’s tax-and-spend plans, and some were willing to say so on the record.

    What they’re saying: A leader of the House Democrats’ moderate faction, Rep. Josh Gottheimer of New Jersey, said he worries about tax increases that could slow economic recovery and drive residents out of his state.

  • We need to be careful not to do anything that’s too big or too much in the middle of a pandemic and an economic crisis,” he said.
  • While he wants to see the overall package before commenting on specific tax rates, he said, “It’s got to be responsible and both parties need to be at the table. This can’t just be jammed through without input and consideration from the other side.”
  • Gottheimer, who co-chairs the bipartisan Problem Solvers Caucus, said he won’t even consider Biden’s tax proposals unless the president agrees to reinstate the State and Local Tax (SALT) deduction capped under former President Trump worth tens of billions every year. “Simply put,” Gottheimer said, “no SALT, no dice.”
  • Rep. Tom Suozzi (D-N.Y.) also told Axios: “I’m not voting for any changes in the tax code unless we reinstate SALT as part of the deal.”

Moderate House Democrat Scott Peters (CA) says he’s fine with a smaller corporate tax hike of less than Biden’s 28%, saying he thinks “Republicans overshot” when Trump lowered the corporate tax rate from 35% to 21%. “I think that 25% is fine,” said Peters, adding “It doesn’t disadvantage our companies, and in turn our employees, workers…I think 25% is the right spot.

In a statement to Axios, Psaki said “We know there will be a range of views on how we get there, but we look forward to working with a broad coalition of members on the critical priorities of the president’s plan: creating good jobs and making America more competitive — paid for without any tax increase on people making less than $400,000 a year.”

Of course, for those paying attention – that’s $400,000 year combined, meaning individuals making over $200,000 per year could also be hit with increases.

end

iv) Swamp commentaries

Border staffer blocks Ted Cruz form taking video at the border.

(Jack Phillips/EpochTimes)

Biden Staffer Blocks Ted Cruz From Taking Video At Border Facility

 
SUNDAY, MAR 28, 2021 – 08:30 PM

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

Sen. Ted Cruz (R-Texas) said he was told by a Biden administration staffer that he could not record a video at a Border Patrol facility along the U.S.-Mexico border.

Please give dignity to the people. Please give dignity to the people. … Please respect the people, the rules,” the so-called staffer told Cruz while blocking the camera with her face, according to a video he showed Fox News.

So you work for the commissioner, you’re a senior adviser, you were hired two weeks ago and you’re instructed to ask us to not have any pictures taken here because the political leadership at DHS does not want the American people to know it,” Cruz said in response to the official.

 

Sens. Ted Cruz (R-Texas), Thom Tillis (R-N.C.), and Susan Collins (R-Maine) are seen at an unspecified location near the Rio Grande River in Texas, on March 26, 2021. (Courtesy of Sen. Ted Cruz)

She did not disclose her identity, and The Epoch Times has contacted the Department of Homeland Security (DHS) for comment.

The staffer then told him:

“Please don’t treat the people as such,” to which Cruz responded that “your policies are unfortunately trying to hide them.”

“I understand that you were instructed,” Cruz said.

“I respect them, and I want to fix this situation, and the administration that you work for is responsible for these conditions.”

Cruz and more than a dozen Republican senators went to the border last week, with many describing overcrowded and severe conditions in facilities used to hold unaccompanied minors—children who unlawfully enter the country without an adult.

In recent weeks, Republicans have blamed President Joe Biden’s administration for the surge in illegal immigration, although Biden in a press conference said such surges are routine and blamed the previous administration for the humanitarian conditions on the border.

The senator also posted photos that the “Biden administration doesn’t want the American people to see,” according to a tweet that included images of a crowded illegal immigrant facility in Donna, Texas—near the border.

This is why they won’t allow the press. This is the CBP facility in Donna, Texas. This is a humanitarian and a public health crisis,” Cruz tweeted.

Journalists will be eventually allowed to go to the border to film Border Patrol facilities after they have been largely denied access, according to White House press secretary Jen Psaki in a Sunday interview.

Some Democrats whose districts lie on the border have said Biden needs to take action immediately to deal with the situation.

Rep. Henry Cuellar (D-Texas) told CBS News on Sunday that numerous family units who crossed the border illegally have been released into the United States without a notice to appear in court.

“They’re supposed to appear, show up, maybe in 60 days, report to an ICE office,” he said. “This is unprecedented.”

end
Courtesy the Beltway…
special thanks to robert H for highlighting this to us:

Pelosi’s Son BUSTED, Ukraine Scandal Explodes- Democrat Party In Shambles

 
 

They sure covered this one up quickly!

– Hunter Biden move over.

 

Now Nancy Pelosi’s son may be looking to take center stage with the Ukraine controversy.

Paul Pelosi, Jr. spent time in Ukraine in 2017.

“BOOM: Nancy Pelosi’s son Paul Pelosi Jr. (who went to Ukraine in 2017) was a board member of Viscoil and executive at its related company NRGLab, which DID ENERGY Business in UKRAINE!

 

And Nancy Pelosi appeared in a promotional video for the company!”

 

 

What in the hell?

BOTH Biden’s and Pelosi’s sons have strong ties to Ukraine?

Who goes to Ukraine?

I’m sure most people reading this have sent their sons to Ukraine at some point.

I’m probably just being paranoid.

(Washington Free Beacon) The Securities and Exchange Commission (SEC) charged a company co-founded by Paul Pelosi Jr. with fraud on Wednesday after learning that two convicted criminals were running the business.

Paul Pelosi Jr., the son of House Minority Leader Nancy Pelosi (D., Calif.), was the president and chief operating officer of Natural Blue Resources Inc., an investment company he cofounded that focuses on “environmentally-friendly” ventures.

The SEC charged four individuals with fraud, including former New Mexico Gov. Toney Anaya, and suspended trading in the company’s stock. Pelosi owned over 10 million shares in the company in 2009.

She SEC said Wednesday the company was “secretly controlled” by James E. Cohen and Joseph Corazzi, both of whom had previous fraud convictions.

[…]

The SEC suspended trading in Natural Blue stock. A notice filed in the Federal Register on Wednesday by Jill M. Peterson, assistant secretary of the SEC, revealed that the company has not filed any periodic reports, which are required by law, with the SEC in four years.

“It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Natural Blue Resources, Inc. because it has not filed any periodic reports since the period ended September 30, 2010,” Peterson said, in the order announcing suspension of trading.

The Free Beacon reported that Pelosi was still listed with The New Mexico Office of the Secretary of State Business Service Division as the president of Natural Blue at the time it filed the report.

The New Mexico Office of the Secretary of State Business Service Division had designated Natural Blue as a company “not in good standing.”

From Patrick Howley at National File:

House Speaker Nancy Pelosi’s son Paul Pelosi Jr. visited Ukraine in 2017 to meet with government officials in connection to a business initiative. Now, unearthed records reveal that Paul Pelosi Jr. was an executive of a gas industry company that did business in Ukraine – and his mother Nancy Pelosi was featured in one of the company’s promotional videos.

Paul Pelosi Jr. travelled to Kiev, Ukraine in July 2017 in his capacity as executive director of the Corporate Governance Initiative, a position that he accepted months earlier in February 2017. Pelosi Jr. said that he was in Ukraine to discuss a youth soccer partnership with the government.

The American Mirror, which flagged Pelosi Jr.’s appearance in 2017, preserved a clip of Pelosi Jr. on the Ukrainian station following the video’s removal from YouTube.

SURPRISE! THAT TWEET WAS REMOVED! 

2017 — What’s really going on here? Nancy Pelosi’s son in Ukraine to talk about “soccer”? pic.twitter.com/LCnF93Rgnc

— The American Mirror (@American_Mirror) September 27, 2019

On March 5, 2013, NRGLab New Technology posted two videos on Youtube. One video opened with a clip of Nancy Pelosi discussing energy-efficient technology, followed by a direct-to-camera statement from her son Paul Pelosi Jr., filmed in Washington, D.C. in 2010.

“My name’s Paul Pelosi. Of course I’m on the board of Viscoil. And Viscoil is here today to talk about accelerating the future. It’s about using cars in a more efficient manner. It’s about utilizing natural resources, whether it be electricity, or gas, or fossil fuels in a more efficient way. And Viscoil is a part of that solution,” Paul Pelosi Jr. said in the video.

 

Big Name Dems (and their offspring) are really piling up now with this Ukraine controversy.

 

Paul Pelosi Jr. co-founded the company Natural Blue Resources, which the SEC charged with securities fraud in 2014.

Let us know what you think in the comments below! Hat Tp: AFF

end

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

Americans’ Income Collapsed by Most [7.1% m/m] on Record in February
https://www.zerohedge.com/markets/americans-income-collpsed-most-record-february

U.S. consumer spending fell by the most in 10 months in February… dropped 1.0% last month amid a broad decline in purchases of goods, the Commerce Department said on Friday…
https://www.reuters.com/article/idUSKBN2BI1SM

A slow economic recovery threatens to turn more companies in the industries worst hit by the pandemic into so-called zombies, according to a report by the Bank for International Settlements https://t.co/yLMYFQFtMF

China is worried American stimulus could result in large outflows of hot money
The term refers to capital that rushes across borders in the hopes of making a quick profit… Yi Huiman, China’s top securities regulator, has begun calling for strict controls on hot money… In explaining the concern, Li Daokui, a former member of the Chinese central bank’s monetary policy committee, pointed to the U.S.’s $1.9 trillion pandemic relief package… Risk emanating from the U.S. was a subject Guo [CCP Sec.] broached… he was “very worried” about bubbles building up in American and European financial markets and what the implication would be for China if they burst…  https://t.co/KDkCzyL7Xe

Op-ed in WSJ: Beijing Targets American Business – The U.S. and China’s Communist Party are strategic and ideological competitors. CEOs have to decide which side they want to help win.
    Beijing’s message is unmistakable: You must choose. If you want to do business in China, it must be at the expense of American values. You will meticulously ignore the genocide of ethnic and religious minorities inside China’s borders; you must disregard that Beijing has reneged on its major promises—including the international treaty guaranteeing a “high degree of autonomy” for Hong Kong; and you must stop engaging with security-minded officials in your own capital unless it’s to lobby them on Beijing’s behalf   https://www.wsj.com/articles/beijing-targets-american-business-11616783268

Former CDC chief Redfield says he thinks COVID-19 originated in a Chinese lab http://reut.rs/2NUSc5C

Fauci downplays possibility that COVID leaked from Chinese lab his agency helped finance
https://justthenews.com/politics-policy/coronavirus/fauci-downplays-possibility-covid-leaked-chinese-lab-his-agency-helped

Psaki: White House already eyeing next COVID relief bill [To be unveiled on Friday per Biden]
Democrats are currently proposing an infrastructure and jobs spending bill, which may cost as much as $3 trillion. Meanwhile, the Congressional Budget Office projected the national debt is expected to double in the next 30 years. Currently, it stands at more than $28 trillion…
https://www.oann.com/psaki-white-house-already-eyeing-next-covid-relief-bill/

Why is self-anointed ‘devote Catholic’ Biden announcing a political initiative on Good Friday?

Goldman Sold $10.5 Billion of Stocks in Block-Trade Spree [on Friday]
Part of an extraordinary spree of selling that erased $35 billion from the values of bellwether stocks ranging from Chinese technology giants to U.S. media conglomerates… The Wall Street bank sold $6.6 billion worth of shares of Baidu Inc., Tencent Music Entertainment Group and Vipshop Holdings Ltd. before the market opened in the U.S, according to an email to clients seen by Bloomberg News…
https://www.bloomberg.com/news/articles/2021-03-27/goldman-sold-10-5-billion-of-stocks-in-block-trade-spree

Archegos Fallout Begins: Nomura Crashes 15% after Reporting Record $2BN Loss from “Transactions with US Client” [Who else has exposure, and how much?]
https://www.zerohedge.com/markets/archegos-fallout-nomura-crashes-after-reporting-record-2bn-loss-transactions-us-client

Amid setbacks, prosecutors abandon some claims in U.S. Capitol riot cases
Prosecutors made some serious claims after the deadly U.S. Capitol attack, saying they had evidence rioters planned to kill elected officials… But the Justice Department has since acknowledged in court hearings that some of its evidence concerning the riot…is less damning than it initially indicated
   “They are trying to build the most horrendous cases they can because the public wants it – and this is politicizing criminal justice,”…
https://www.reuters.com/article/us-usa-capitol-arrests-justice/amid-setbacks-prosecutors-abandon-some-claims-in-u-s-capitol-riot-cases-idUSKBN2BG30C

Parler says it warned the FBI more than 50 TIMES about violent content in the build-up to the Capitol riot – including rumors of an ‘armed force’ [Did someone want violence to occur?  We can’t forget the images of Capitol police welcoming and leading protestors into the Capitol!]  Parler has said it warned the FBI more than 50 times about violent content on its platform in the weeks leading up to the January 6 MAGA mob riot at the US Capitol, including rumors of an ‘armed force’ on the day of the attack…  https://www.dailymail.co.uk/news/article-9406235/Parler-referred-violent-content-FBI-50-TIMES-leading-January-6-riot.html

Where is GOP Outrage Over Justice Department’s Capitol Probe?
The U.S. government now holds political prisoners in jail in the nation’s capital, and the party that purports to stand for freedom, liberty, and rule of law refuses to defend them.
     Early on, Republicans joined Democrats in overhyping the events of January 6… But many Americans—more than 300 have been arrested so far with promises of more to come—face spurious accusations that are destroying their lives…. Jessica Watkins… the Ohio bar owner was arrested January 18 and initially charged with three counts related to her involvement in the Capitol breach.  She is one of the nearly 100 Americans that Michael Sherwin’s office detained prior to Inauguration Day in a display of what he called “shock and awe” to deter people from protesting Biden’s swearing-in ceremony on January 20. “It worked because we saw through media posts that people were afraid to come back to D.C. because…if we go there, we’re gonna get charged,” Sherwin boasted in his “60 Minutes” interview… [This is Stalinism!!!  What if Dems protesting Trump were incarcerated?]
     Due process has been tossed; the disparity between how January 6 defendants are treated versus the treatment of “peaceful protestors” last summer is on full display
https://amgreatness.com/2021/03/25/where-is-gop-outrage-over-justice-departments-capitol-probe/

The implications of the above stories are monumental.  Dems, the MSM and RINOs gaslighted Americans about the insurrection for political purposes and to implement their agendas.

House Chamber Getting Kevlar-Reinforced Bulletproof Doors https://t.co/zZM9NCr2zF

Politico: Members of Congress will now be allowed to hire bodyguards with campaign funds, according to a new ruling from the Federal Election Commission… “I’ve never thought of us as a country where the leadership of the country had to be surrounded by armed guards and needed to keep the public at arm’s length at all times,” said Commissioner Ellen Weintraub…
https://www.politico.com/news/2021/03/25/fec-allows-campaign-spending-bodyguards-478056

@charliekirk11: Congress is now allowed to use campaign funds to hire bodyguards.  So let me get this straight: they want you to send them money so they can be protected by guns…while they work to take your guns away?

After the riots in which a church by the WH was burned and scores of Secret Service agents were injured keeping rioters from the WH (reportedly Trump was taken to the WH bunker out of fear for his safety), Dems and their MSM stooges didn’t invoke ‘insurrection’.  They didn’t demand more police or troops in DC.  They did the opposite.  They demanded that troops should not be employed, and the rioters were mostly peaceful demonstrators.  So, why are Dems now so concerned about their personal safety in DC?

Don’t Send U.S. Military to Protests, Hill Democrats Warn Trump [more lib double standards!]
https://www.npr.org/2020/06/02/868338367/dont-send-u-s-military-to-protests-hill-democrats-warn-trump

Dems know what they did to unseat Trump and they know Biden’s cognitive state.  They fear that once the scams unravel (Biden replaced and/or more vote fraud evidence appears) the masses could revolt.

The Feds’ Bogus Violent Extremists – The idea that there are Jihadi-like cells of domestic terrorists attempting a violent overthrow of the U.S. government is unproven propaganda.
    Further, telling the world America’s biggest menace exists within our own borders is an invitation to our foreign enemies to act badly. Who, by the way, is watching the real terrorists? Meanwhile, an immigration, national security, and public health crisis rapidly is unfolding…
https://amgreatness.com/2021/03/22/the-feds-bogus-violent-extremists/

Joe Biden nominates swing vote Sen. Joe Manchin’s wife for plum $160K job
https://www.washingtontimes.com/news/2021/mar/26/joe-biden-nominates-swing-vote-sen-joe-manchins-wi/

White House appears to scrub Biden gaffe from transcript after calling Afghan president wrong name – also appeared to question legitimacy of Afghan president, whose election the US has recognized
https://www.foxnews.com/politics/white-house-biden-gaffe-transcript-afghan-president

@ByronYork: Press flattery backfire in Biden newser. Reporter tells Biden: ‘The perception of you that got you elected–as a moral, decent man–is the reason why a lot of immigrants are coming to this country and entrusting you with unaccompanied minors.’
    How nice! First-class flattery. But Biden rejected it, because it conflicted with his (false) explanation of border crisis. Instead, he repeatedly claimed border influx was nothing new, had happened same way over and over in past.  That allowed Biden to claim that current influx has nothing to do with him or his policies. It’s the weather! It’s conditions in the home countries! It’s not because of anything I’ve done!
    But all that required Biden to stiff-arm some serious flattery — you’re such a moral, decent man — from a press that appears unconcerned about its reputation for obsequiousness. Link: An embarrassing day for the White House press corps.   https://t.co/rIFF81VQKv

Trump says the press asked softball questions during President Biden’s press conference https://t.co/wGvhfySJMi

@TheBabylonBee: White House Press Corps Wears New Cheerleading Uniforms to Press Briefing https://t.co/PMXmORxhDY

Biden official asked GOP senators visiting border to delete photos from facilities – Braun and 18 of his Republican colleagues, including Sen. Ted Cruz, R-Texas inspected the holding center this week
https://www.foxnews.com/politics/biden-official-asked-gop-senators-visiting-border-delete-photos

@ColumbiaBugle: @TuckerCarlson’s Monologue On Woke Leadership In The Military
“If you’re wondering whether our military leadership has gone woke, you can consider that question settled for good. The Pentagon is now the Yale faculty lounge but with cruise missiles, & that should concern you.” https://t.co/pC4A87dlY8

Hunter Biden texts contradict claims Secret Service wasn’t involved in gun case
“She stole the gun out of my trunk lock box and threw it in a garbage can full to the top at Jansens [sic]. Then told me it was my problem to deal with,” Hunter wrote.  “Then when the police the FBI the secret service came on the scene she said she took it from me because she was scared I would harm myself due to my drug and alcohol problem and our volatile relationship and that she was afraid for the kids.”  The Jan. 29, 2019, message adds: “Really not joking the cop kept me convinced that Hallie was implying she was scared of me.”… https://trib.al/dVU9gb2

It’s ‘Common Sense’ to Prosecute Hunter Biden for His Gun Crimes
“Why, given that we are not bothering to prosecute people who lie about being eligible to own guns, is Joe Biden so keen to add new gun-control laws to the books?”  Over and over again, Joe Biden and his party insist that we need to add more bureaucracy into the gun-buying process. Indeed, were “universal background checks” to be imposed upon the 37 states that have thus far declined to add them, Form 4473 would be a part of every single gun transaction — including, in many cases, wholly non-commercial transactions… It is a federal felony to lie on Form 4473. Joe Biden supports this. It is a federal felony to possess a gun while one is a drug addict. Joe Biden supports this. It is a federal felony to bring a firearm within one thousand feet of a school. Joe Biden not only supports this, he wrote the law
https://www.nationalreview.com/corner/its-common-sense-to-prosecute-hunter-biden-for-his-gun-crimes/

Senators seek answers on Hunter Biden gun incident
The senators are asking for records from the Secret Service, the FBI and the Bureau of Alcohol, Tobacco, Firearms and Explosives… [GOP’s Grassley & Johnson]
https://www.politico.com/newsletters/playbook-pm/2021/03/26/senators-seek-answers-on-hunter-biden-gun-incident-492264

Rep. Jim Jordan @Jim_Jordan: If the majority chooses to end the filibuster, if they choose to change the rules and put an end to Democratic debate, then the fighting and the bitterness and the gridlock will only get worse.”  -Then-Senator Barack Obama, 2005.

@royalpratt: [Chicago] Mayor Lori Lightfoot earned more than $350,000 from her old law firm during first year in office, tax return shows. Her office hasn’t explained why, even though @chicagotribune has been regularly asking for 46 days. She left Mayer Brown in 2018.
https://www.chicagotribune.com/politics/ct-lori-lightfoot-tax-returns-20210326-4lpflwtm4ffdnjktxyh2uxrrgy-story.html
    @EWoodhouse7: Pretty easy to lock down your city and tell people to “stay home, save lives” when you double-dipped during your first year in office as Mayor.

It is not our intention to turn this missive into musings from local police plotters.  We are trying to illustrate that the liberal initiatives of the ‘60s led to massive socialism, the denunciation of police (where ‘pigs’ begat), rioting, and later, soaring urban crime.  The huge injection of socialism led to inflation as well as cultural and societal degeneration.  The US has regressed to the state of the late ‘60s/early ‘70s.

In the early ‘60s Dr. Martin Luther King Jr. and his associates led peaceful demonstration and protests that were met with disturbing violence, mostly in the South, but in some northern cities as well.  The nightly news regularly teemed with videos of blacks being attacked by police, racists, and police dogs.  The vast majority of America was disgusted with the inhumane treatment.  The abject violence forced Americans to contemplate the decades of Jim Crow segregation and the centuries of brutal oppression that blacks suffered.  America swung hard to the left; allowing LBJ to implement his Great Society programs. 

Eventually, as Democrat Senator and Ambassador Daniel Patrick Moynihan warned, LBJ’s programs “steadily disintegrated” the black family structure.  By 1967, the US stopped using silver in its coinage due to soaring inflation.  French President de Galle requested that the US sent France’s gold back to them.  By the ’68 election, crime was the major issue.  By the early ‘70s, urban plight and flight was a major problem.  Nixon closed the US gold window in 1971.  Things remained unsavory until the ‘80s.

Now, the left, abetted by the media, is fomenting hate and racial division by exploiting incidents involving blacks and police.  Dems and the media are trying to use the early ‘60s playbook to install even more socialism and control.  The hatred for the Vietnam War greatly boosted the left in the ‘60s.  The societal situation and issues now are not remotely tantamount to what was present in the early ‘60s. 

The black urban community is in crisis and a solution is needed ASAP.  More socialism is not the solution.  In fact, more socialism will negatively impact other minorities – and whites – in the same way.

The illegitimacy ratio… has expanded rapidly for both whites and blacks since the beginning of the War on Poverty in 1965.  Among whites, the out-of-wedlock birth rate has risen from 4 percent of all births in 1965 to 23.6 percent of births 1995.  Among blacks 69.9 percent of births were out-of-wedlock in 1995, up from 28 percent in 1965. [71% 2017, pre Yale]
https://people.uvawise.edu/pww8y/Supplement/-ConceptsSup/SocStructure/02Family/Births/UnderstandRiseIllegit.html

Daniel P. Moynihan: “The steady expansion of welfare programs can be taken as a measure of the steady disintegration of the Negro family structure over the past generation in the United States.”

Crime is the major issue that divides blacks from whites and other minorities – even though blacks are most impacted by crime.  Ex-US AG Eric Holder in 2009 said the United States remains “a nation of cowards” on racial issues.  But the left will not allow a fair discussion about the factors causing crime because it is largely leftist policies that created the conditions that foster crime.

Leftists have convinced officials and some blacks that they should go soft on criminals and hard on cops.  Both sides are extrapolating the actions of the few (criminals, bad cops) to the majority.  Until crime and law enforcement issues are resolved there will be division & animosity.  Until the issues that cause crime are resolved, there can be no solution to the crime and law enforcement issues.

Leftist policies and legal officials’ negligence have unleashed in the largest violent crime increase in decades.  This exacerbates racial tensions and isolates further the underclass. 

In 2020 America experienced a terrible surge in murder. Why?
Chicago… murders increased by 56% from 2019—nearly three times as many victims as in all of Italy. … American cities saw the biggest rise in homicides in decades, currently estimated at 30% in a single year. That would be the highest annual increase in more than 50 years. In New York City, murders were up by 45%. In the Bay Area around San Francisco, they rose by 36%. In Washington, DC, they climbed by 19%… Small towns and even rural counties experienced smaller yet sizeable increases in murder rates (see chart)…  https://www.economist.com/united-states/2021/03/27/in-2020-america-experienced-a-terrible-surge-in-murder-why

Adisclosetv: At least 22 people were shot, two killed, in weekend violence across Chicago…

NYPD officers are no longer protected from civil lawsuits after city council passes police reform legislation – Where are these City Council members? Safe at home, hiding behind their screens and dreaming up new ways to give criminals a free pass. It won’t get better unless New Yorkers shame the politicians into doing their job.”…  https://www.cnn.com/2021/03/25/us/nyc-police-reform-nypd/index.html

Baltimore will no longer prosecute drug possession, prostitution, low-level crimes
A pandemic experiment in criminal justice reform takes hold in one of America’s most violent cities.
https://www.nbcnews.com/news/us-news/baltimore-will-no-longer-prosecute-drug-possession-prostitution-low-level-n1262209

AP: California Supreme Court has ordered judges to free suspects who can’t afford to pay cash bail 

Los Angeles agency votes for $36M police funding boost as crime surges
The city council voted last July to slash $150 million from the LAPD budget…  https://trib.al/UUCun9s

Rising violence in Philadelphia leads to calls for DA Krasner’s ousting
https://www.oann.com/rising-violence-in-philadelphia-leads-to-calls-for-da-krasners-ousting/

Retired Philly cops want to ‘counter-punch’ George Soros for boosting Larry Krasner in the 2017 DA race   https://www.inquirer.com/politics/clout/philadelphia-district-attorney-larry-krasner-george-soros-retired-cops-20200807.html

A few weeks ago, Dems and the media made crimes against Asians the latest cause celebre because they thought that it abetted wokism.  In their haste to politicize racial attacks, they forgot about reality.

Two Girls, 13 and 15, Accused of Deadly Armed Carjacking [Uber Eats driver] in Southeast DC…
https://www.nbcwashington.com/news/local/two-girls-13-and-15-accused-of-deadly-armed-carjacking-in-southeast-dc-sources-say/2617427/

@toddstarnes: One of the thugs steps over his dead body demanding her cell phone. And yet the politicians and pundits will ignore this savage crime.

@OrangePartisan: Washington DC is occupied by 5,000 troops. There a man is robbed and murdered in front of a gaggle of soldiers, who refuse to intervene and fail to render the victim aid as he lies twitching on the ground.  All the brass’ chest-beating about ‘readiness’ was undone by that video

@OGA_Ron: The lack of any positive action, other than filming the attack puts the national guard troops in a very bad light. The lack of any sort of statement only exacerbates the situation.

@T_S_P_O_O_K_Y: The National Guard in DC apparently are there for show

DC mayor takes heat for sharing ‘preventing auto thefts’ video amid silence on Mohammad Anwar’s death  [Due to the ensuing outrage, she deleted the tweet.] https://t.co/wtPcRVhTZM

@JimHansonDC: There has been a massive increase in armed carjackings in DC. They passed a police “reform” bill after #BLM riots & pressure cutting funding & changing priorities incl fewer arrests.  Now criminals are emboldened.  Citizens deserve better

@AnnCoulter: Two Asian actors offered a $25k reward for information about the assault on a 91-year-old Asian … “[Teen Vogue’s] Kim Tran criticized them both for failing to understand ‘why it’s problematic to offer 25k for information about a Black man in Oakland.’”  https://t.co/48TaqvkVkj

@EricMMatheny: An FBI that ignores signs of anti-American sentiment from a Syrian immigrant (who later went on to murder 10 Americans) but will assign a special detail for a garage door pull is an agency that operates based on optics and woke standards with no regard for actual law enforcement.

San Francisco to give artists [“rooted in a historically marginalized community”] $1,000 a month in no-strings-attached cash   https://t.co/S4miwoqGIB

@justin_hart: 2019: Nike stops selling “controversial” shoe with Betsy Ross flag
2021: Nike selling Lil Nas “Satan Shoes” with a drop of blood in them and baphomet symbol.
https://twitter.com/justin_hart/status/1375915864743014403

@ClayTravis: Nike canceled a July 4th sneaker with the first American flag on the back, but it has now released a Satan inspired sneaker with a limited edition size of 666. Satire is truly dead:
https://www.outkick.com/the-lil-nas-x-satan-nikes-good-to-go-but-remember-when-betsy-ross-flag-was-an-issue/

WaPo: ‘Vaccine passports’ are on the way, but developing them won’t be easy
https://www.msn.com/en-us/news/politics/e2-80-98vaccine-passports-e2-80-99-are-on-the-way-but-developing-them-won-e2-80-99t-be-easy/ar-BB1f39Cc

@charliekirk11: Democrats want to force you to have a ‘vaccine passport’ but don’t support voter ID.  How does that make sense?

@TheBabylonBee: Wife Screams as Car 5 Miles in Front of You Slows Down Slightly 

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

 

I will see you TUESDAY night.

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